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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82.
|
[Bitcoin Technical Analysis for 2015-06-15]
Volume: 19912100, RSI (14-day): 59.87, 50-day EMA: 233.74, 200-day EMA: 254.45
[Wider Market Context]
Gold Price: 1185.30, Gold RSI: 48.18
Oil Price: 59.52, Oil RSI: 51.63
[Recent News (last 7 days)]
A massive wave of startups is coming to crush the big banks: Wave crashing (Reuters/Rafael Marchante) Startups are chipping into every line of business big banks enjoyed leading up to the financial crisis. The banks know it. A recent Goldman Sachs report suggested that $4.7 trillion of the financial-services industry’s business is jeopardized smaller competitors. Online brokerages threaten banks’ broker-dealer businesses. Wealth management apps have sprung up to claim millennials that are distrustful of big money managers. Personal-finance startups are helping consumers balance their checkbooks online. Refinancing startups are taking advantage of cheap debt to offer students better rates on loans . All of it is taking bit business away from banks. And the biggest firms on Wall Street are employing all sorts of tactics to defend their top line from invasions taking place on both coasts. Virtually every big bank has invested in startups. Increasingly, seed-stage ventures and accelerators have been formed as Wall Street firms snap up a piece of hundreds of pre-IPO companies. After launching its first finch incubator in Tel Aviv in 2013, by the end of 2014 Citi Ventures had expanded accelerator efforts to Spain, Germany, Singapore, Brazil, and the US. Barclays Accelerator operates in two countries, in part thanks to TechStars’ management expertise. Even Capital One has an accelerator of its own, Capital One Labs. Wells Fargo has backed a handful of startups through its accelerator. One has the potential to help big banks get slimmer on staffing. Kasisto is a platform for financial institutions providing clients virtual personal assistants. And Bank of America has sponsored tech accelerators in New York, London, and Charlotte. Commerce.Innovated is another accelerator run by Silicon Valley Bank and MasterCard. Hardeep Walia, Motif Investing CEO (Hardeep Walia, Motif Investing CEOCourtesy Hardeep Walia) Sometimes banks wind up jointly investing in the same startup, like Motif Investing , an online broker. Both JP Morgan and Goldman Sachs backed that platform. Story continues JP Morgan also backed Square, along with numerous big banks’ investment arms. (Morgan Stanley joined in that investment, as well.) And even Morgan Stanley, which has had a relatively muted presence in the investing scene, has struck deals to back companies like the messaging platform Perzo and Eris Exchange. Eris sells interest-rate-swap futures. Goldman Sachs also backed Square, along with other big startups. Other deals for the bank have included Kensho, a market-data-analytics firm. Goldman is even backing Bitcoin startups. Some view it as Wall Street finally acknowledging that customer acquisition requires their not being deaf to Silicon Valley. Others think it is less about changing culture than it is about suppressing competition. “Because we’re a not a retail bank, we view all disruption opportunities as being great,” Reetika Grewal, head of payments strategy and solutions at Silicon Valley Bank said. She works with Commerce.Innovated. But not everyone does. We spoke with a number of players in the startup space, as well as Wall Street veterans. Here’s what they had to say: “Banks are looking towards earlier stage investments and opportunities,” says one investor who has worked with banks on deals. “Even if they don’t take equity in the companies but rather use the accelerator as a way to understand the innovation going on outside of their walls, it's totally worth it. The investment is relatively minuscule in relation to the insight they'll gain." “One of the reasons some firms may be eager to do more early stage deals is that banks are being regulated out of building larger stakes in pre-IPO companies,” a banking-sector source said. He referred to this in the broader scope of post-crisis regulation like the Dodd Frank Reform and Consumer Protection Act. It requires that banks either fund outside investments entirely with their own money, or with 3% of client funds. That, the source said, makes it very difficult for banks to participate in late-stage investing. One investor notes that part of banks’ strategy of backing early stage companies is to reap future business . “[Banks] have always tried to service early tech companies as much as possible as lead generation,” one Silicon Valley source said. "There’s this appetite for credit that banks can’t satisfy,” the investor said. "Banks either need to build competing products or invest in new ones.” “Banks are finally admitting they don't have it all figured out,” says another investor in the space. NOW WATCH: Google opens up a 21,000-square-foot campus in South Korea for startups More From Business Insider DIMON: 'We are creating generations of citizens who will never have a chance' DIMON: 'The United States of America is truly an exceptional country,' but 'something is wrong' Morgan Stanley just named a Wall Street legend as the head of a new group || A massive wave of startups is coming to crush the big banks: (Reuters/Rafael Marchante)Startups are
chippinginto every line of business big banks enjoyed leading up to the financial crisis.
The banks know it. A recentGoldman Sachs report suggestedthat $4.7 trillion of the financial-services industry’s business is jeopardized smaller competitors.
Online brokerages threaten banks’ broker-dealer businesses.Wealth management appshave sprung up to claim millennials that are distrustful of big money managers.
Personal-finance startups are helping consumers balance their checkbooks online. Refinancing startups are taking advantage of cheap debt tooffer students better rates on loans.
All of it is taking bit business away from banks.
And the biggest firms on Wall Street are employing all sorts of tactics to defend their top line from invasions taking place on both coasts.
Virtually every big bank has invested in startups. Increasingly, seed-stage ventures and accelerators have been formed as Wall Street firms snap up a piece of hundreds of pre-IPO companies.
After launching its first finch incubator in Tel Aviv in 2013, by the end of 2014 Citi Ventures had expanded accelerator efforts to Spain, Germany, Singapore, Brazil, and the US. Barclays Accelerator operates in two countries, in part thanks to TechStars’ management expertise. Even Capital One has an accelerator of its own, Capital One Labs.
Wells Fargo has backed a handful of startups through its accelerator. One has the potential to help big banks get slimmer on staffing.Kasistois a platform for financial institutions providing clients virtual personal assistants. And Bank of America hassponsoredtech accelerators in New York, London, and Charlotte. Commerce.Innovated is another accelerator run by Silicon Valley Bank and MasterCard.
(Hardeep Walia, Motif Investing CEOCourtesy Hardeep Walia)
Sometimes banks wind up jointly investing in the same startup, likeMotif Investing, an online broker.Both JP Morgan and Goldman Sachs backed that platform.
JP Morgan also backed Square, along with numerous big banks’ investment arms. (Morgan Stanley joined in that investment, as well.)
And even Morgan Stanley, which has had a relatively muted presence in the investing scene, has struck deals to back companies like the messaging platform Perzo and Eris Exchange. Eris sells interest-rate-swap futures.
Goldman Sachs also backed Square, along with other big startups. Otherdeals for the bankhave included Kensho, a market-data-analytics firm. Goldman is evenbacking Bitcoin startups.
Some view it as Wall Street finally acknowledging that customer acquisition requires their not being deaf to Silicon Valley.Others think it is less about changing culture than it is about suppressing competition.
“Because we’re a not a retail bank, we view all disruption opportunities as being great,” Reetika Grewal,head of payments strategy and solutions at Silicon Valley Bank said. She works with Commerce.Innovated.
But not everyone does. We spoke with a number of players in the startup space, as well as Wall Street veterans. Here’s what they had to say:
• “Banks are looking towards earlier stage investments and opportunities,”says one investor who has worked with banks on deals. “Even if they don’t take equity in the companies but rather use the accelerator as a way to understand the innovation going on outside of their walls, it's totally worth it.The investment is relatively minuscule in relation to the insight they'll gain."
• “One of the reasons some firms may be eager to do more early stage deals is that banks are being regulated out of building larger stakes in pre-IPO companies,”a banking-sector source said. He referred to this in the broader scope of post-crisis regulation like the Dodd Frank Reform and Consumer Protection Act. It requires that banks either fund outside investments entirely with their own money, or with 3% of client funds. That, the source said, makes it very difficult for banks to participate in late-stage investing.
• One investor notes thatpart of banks’ strategy of backing early stage companies is to reap future business. “[Banks] have always tried to service early tech companies as much as possible as lead generation,” one Silicon Valley source said.
• "There’s this appetite for credit that banks can’t satisfy,”the investor said. "Banks either need to build competing products or invest in new ones.”
• “Banks are finally admitting they don't have it all figured out,”says another investor in the space.
NOW WATCH:Google opens up a 21,000-square-foot campus in South Korea for startups
More From Business Insider
• DIMON: 'We are creating generations of citizens who will never have a chance'
• DIMON: 'The United States of America is truly an exceptional country,' but 'something is wrong'
• Morgan Stanley just named a Wall Street legend as the head of a new group || Edible Marijuana Products Get The 'Okay' In Canada: In 2009, a Canadian baker named Owen Smith was charged with trafficking and unlawful possession of marijuana for using cannabis oil to bake pot cookies. Smith was later acquitted, but a larger question loomed as to whether or not dispensaries in Canada should allow medical marijuana to be delivered in ways other than smoking. Edibles Allowed Six years later, Canada's Supreme Court has ruled that medical marijuana can come in all forms, including cannabis oil which can be baked into food products. The ruling reflects the changing culture of marijuana use, which has shifted from a focus on smoking to ingesting, which is considered "healthier." Encouraging Growth In Edibles Market The ruling in Canada is likely to spur on the blossoming edibles market, which has taken off in U.S. states like Colorado, where recreational marijuana use is legal. Now, medical marijuana patients suffering from conditions like epilepsy and HIV will have access to everything from pot-laced brownies to marijuana-infused tea. Related Link: Marijuana's Tax Problem Still Safety Concerns While the Canadian Supreme Court's decision is intended to protect patients who use the drug to manage their symptoms, many worry that the growing edibles market is becoming increasingly dangerous. Although strict regulations typically require marijuana-laced products to include clear warning labels and child-proof packaging, the number of accidental marijuana exposures in young children has been on the rise. Not only are children being rushed to the emergency room after unknowingly consuming a THC-laced treat, but some say adults are also at risk. Because ingesting marijuana as a food product can sometimes delay the effects, people are more likely to overdose from having too many servings. See more from Benzinga Google Takes To The Streets To Solve Cities' Problems Could Bitcoin Save Athens? Net Neutrality Rules Go Into Effect Today: Here's How It Could Affect You © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Edible Marijuana Products Get The 'Okay' In Canada: In 2009, a Canadian baker named Owen Smith was charged with trafficking and unlawful possession of marijuana for using cannabis oil to bake pot cookies.
Smith was later acquitted, but a larger question loomed as to whether or not dispensaries in Canada should allow medical marijuana to be delivered in ways other than smoking.
Edibles Allowed
Six years later, Canada's Supreme Court hasruledthat medical marijuana can come in all forms, including cannabis oil which can be baked into food products. The ruling reflects the changing culture of marijuana use, which has shifted from a focus on smoking to ingesting, which is considered "healthier."
Encouraging Growth In Edibles Market
The ruling in Canada is likely to spur on the blossoming edibles market, which has taken off in U.S. states like Colorado, where recreational marijuana use is legal. Now, medical marijuana patients suffering from conditions like epilepsy and HIV will have access to everything from pot-laced brownies to marijuana-infused tea.
Related Link:Marijuana's Tax Problem
Still Safety Concerns
While the Canadian Supreme Court's decision is intended to protect patients who use the drug to manage their symptoms, many worry that the growing edibles market is becoming increasingly dangerous.
Although strict regulations typically require marijuana-laced products to include clear warning labels and child-proof packaging, the number of accidental marijuana exposures in young children has been on the rise.
Not only are children being rushed to the emergency room after unknowingly consuming a THC-laced treat, but some say adults are also at risk. Because ingesting marijuana as a food product can sometimes delay the effects, people are more likely to overdose from having too many servings.
See more from Benzinga
• Google Takes To The Streets To Solve Cities' Problems
• Could Bitcoin Save Athens?
• Net Neutrality Rules Go Into Effect Today: Here's How It Could Affect You
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Bitcoin Save Athens?: After the International Monetary Fund turned its back on debt negotiations with Greece on Thursday, many began to worry that the nation's efforts to appease creditors while reversing austerity cuts would prove to be fruitless. With a €1.5 billion payment due at the end of this month, Greece is running out of time to release the bailout funding it needs to stay afloat. Digital Currency To The Rescue? Greek Finance Minister Yanis Varoufakis jokingly tweeted that the nation would adopt bitcoin if no deal was made on April Fool's day; but two-and-a-half months later with no agreement made, some analysts say that a cryptocurrency could be a viable solution . Digi-Drachma Some believe that Greece could create a digital currency backed by the nation's assets which would be used to maintain public sector salaries and pensions. The currency, dubbed "digi-drachma" would free up the nation's remaining euros for loan repayments and allow Athens to continue functioning without making any more unpopular austerity cuts. Related Link: Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising ECB Considers The Possibility During debt negotiations, the European Central Bank considered a similar situation in which the nation paid its workers using IOUs. This idea was parallel to the one Varoufakis outlined in his April Fool's blog post; he said a digital currency, called FT coin, could be based on future tax revenue. Just A Band-Aid? The digital currency scenario might get Athens through its next loan repayment, but many say it would be a temporary fix for the nation's larger problem— debt. Greece's economy has been unable to sustain the nation's massive debt, so without some kind of reform, this problem is likely to repeat itself. This has been the issue at the center of the nation's bailout talks as eurozone creditors want to see Greece stand on its own rather than leaning on bailout money in the years to come. See more from Benzinga Net Neutrality Rules Go Into Effect Today: Here's How It Could Affect You Will E-Cigarettes Replace Traditional Cigarettes? Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Bitcoin Save Athens?: After the International Monetary Fund turned its back on debt negotiations with Greece on Thursday, many began to worry that the nation's efforts to appease creditors while reversing austerity cuts would prove to be fruitless.
With a €1.5 billion payment due at the end of this month, Greece is running out of time to release the bailout funding it needs to stay afloat.
Digital Currency To The Rescue?
Greek Finance Minister Yanis Varoufakis jokinglytweetedthat the nation would adopt bitcoin if no deal was made on April Fool's day; but two-and-a-half months later with no agreement made, some analysts say thata cryptocurrency could be a viable solution.
Digi-Drachma
Some believe that Greece could create a digital currency backed by the nation's assets which would be used to maintain public sector salaries and pensions. The currency, dubbed "digi-drachma" would free up the nation's remaining euros for loan repayments and allow Athens to continue functioning without making any more unpopular austerity cuts.
Related Link:Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising
ECB Considers The Possibility
During debt negotiations, the European Central Bank considered a similar situation in which the nation paid its workers using IOUs. This idea was parallel to the one Varoufakis outlined in his April Fool's blog post; he said a digital currency, called FT coin, could be based on future tax revenue.
Just A Band-Aid?
The digital currency scenario might get Athens through its next loan repayment, but many say it would be a temporary fix for the nation's larger problem— debt. Greece's economy has been unable to sustain the nation's massive debt, so without some kind of reform, this problem is likely to repeat itself.
This has been the issue at the center of the nation's bailout talks as eurozone creditors want to see Greece stand on its own rather than leaning on bailout money in the years to come.
See more from Benzinga
• Net Neutrality Rules Go Into Effect Today: Here's How It Could Affect You
• Will E-Cigarettes Replace Traditional Cigarettes?
• Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Bitcoin Save Athens?: After the International Monetary Fund turned its back on debt negotiations with Greece on Thursday, many began to worry that the nation's efforts to appease creditors while reversing austerity cuts would prove to be fruitless.
With a €1.5 billion payment due at the end of this month, Greece is running out of time to release the bailout funding it needs to stay afloat.
Digital Currency To The Rescue?
Greek Finance Minister Yanis Varoufakis jokinglytweetedthat the nation would adopt bitcoin if no deal was made on April Fool's day; but two-and-a-half months later with no agreement made, some analysts say thata cryptocurrency could be a viable solution.
Digi-Drachma
Some believe that Greece could create a digital currency backed by the nation's assets which would be used to maintain public sector salaries and pensions. The currency, dubbed "digi-drachma" would free up the nation's remaining euros for loan repayments and allow Athens to continue functioning without making any more unpopular austerity cuts.
Related Link:Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising
ECB Considers The Possibility
During debt negotiations, the European Central Bank considered a similar situation in which the nation paid its workers using IOUs. This idea was parallel to the one Varoufakis outlined in his April Fool's blog post; he said a digital currency, called FT coin, could be based on future tax revenue.
Just A Band-Aid?
The digital currency scenario might get Athens through its next loan repayment, but many say it would be a temporary fix for the nation's larger problem— debt. Greece's economy has been unable to sustain the nation's massive debt, so without some kind of reform, this problem is likely to repeat itself.
This has been the issue at the center of the nation's bailout talks as eurozone creditors want to see Greece stand on its own rather than leaning on bailout money in the years to come.
See more from Benzinga
• Net Neutrality Rules Go Into Effect Today: Here's How It Could Affect You
• Will E-Cigarettes Replace Traditional Cigarettes?
• Greek Banks Struggle To Handle Deposit Outflows With Default Fears Rising
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || A bitcoin start-up has made exchanging currency free: A bitcoin (:BTC=) start-up has launched a service that will allow people to carry out foreign exchange transactions for free, dodging the expensive commission often charged by major financial institutions. Bitreserve, a company founded last year by CNET and salesforce.com co-founder Halsey Minor, allows people to convert bitcoin into normal currencies and precious metals. The start-up used to charge a 0.45 percent commission for bitcoin-to-dollar transactions, but has now cut its fees entirely. The move is likely to give it an edge in the hotly contested "fintech" market where a number of companies such as U.K.-based Transferwise are contesting the currency transfer and mobile payments space. Users of the platform will be able to make currency exchanges in eight major currencies: euros, dollars, pounds, yuan, yen, pesos, rupees, swiss francs. People will also have the ability to convert the currencies into gold, silver, platinum and palladium, depending on the market price. Bitreserve offers the mid-market rate for currencies. "Those in society who can least afford it have to spend so much for things that are so commonplace," Anthony Watson, president and chief operating officer of Bitreserve, told CNBC by phone. "If you look at a Mexican immigrants, they send approximately $30 billion home every year and they pay just under $3 billion for the privilege of sending that money home. That is 10 percent and that is disgusting." Bitreserve's service comes with a catch however - you have to own bitcoin to use the service in order to make an initial deposit and then convert it to another asset. Plus, when users receive money, they can only spend it in bitcoin. This could put it at a disadvantage to other companies that allow people to sign up with bank accounts and send money for still a small commission. One use case of such a technology is remittances, which reached $436 billion in 2014, according to the World Bank. Since its inception in October 2014, Bitrserve has been responsible for $14.5 million worth of transactions globally, according to its website. Story continues But not all experts agree that a free model is sustainable in the currency exchange business. "No business that offers its services for free can do so sustainably over a long period of time without other revenue sources," Stan Stalnaker, board member of the Digital Asset Transfer Authority, a self-regulating body for digital currencies, told CNBC by email. Read More This is why bitcoin won't go away anytime soon "The real question, in an age of free transactions, is about business models - what other products and services can Bitreserve launch that it will charge for, and how successful will that be on the back of very low cost remittances?" Watson said the company was looking to partner with traditional financial institutions to allow people to move the money into traditional bank accounts, as well as retailers so people can buy items using regular currencies. "We are in conversation across the world with not only banks but different financial services providers. We are talking to a myriad of companies. We don't see ourselves as a threat to banks we see ourselves as complimenting what they do," Watson, the former Nike CIO, said. Another use of Bitreserve's technology is to store bitcoin in a stable currency like the U.S. dollar. "A lot of people are putting money on reserve and moving it into currency and moving bitcoin into a stable form of currency. Bticoin bounces around like a jack rabbit," Watson added. A number of companies such as Coincove and ArtaBit are offering similar services, but only allowing people to send bitcoin to converted to one currency. More From CNBC CNBC.com News Page CNBC.com Blogs Page CNBC.com Earnings Central || A bitcoin start-up has made exchanging currency free: A bitcoin(:BTC=)start-up has launched a service that will allow people to carry out foreign exchange transactions for free, dodging the expensive commission often charged by major financial institutions.
Bitreserve, a company founded last year by CNET and salesforce.com co-founder Halsey Minor, allows people to convert bitcoin into normal currencies and precious metals. The start-up used to charge a 0.45 percent commission for bitcoin-to-dollar transactions, but has now cut its fees entirely.
The move is likely to give it an edge in the hotly contested "fintech" market where a number of companies such as U.K.-based Transferwise are contesting the currency transfer and mobile payments space.
Users of the platform will be able to make currency exchanges in eight major currencies: euros, dollars, pounds, yuan, yen, pesos, rupees, swiss francs. People will also have the ability to convert the currencies into gold, silver, platinum and palladium, depending on the market price. Bitreserve offers the mid-market rate for currencies.
"Those in society who can least afford it have to spend so much for things that are so commonplace," Anthony Watson, president and chief operating officer of Bitreserve, told CNBC by phone.
"If you look at a Mexican immigrants, they send approximately $30 billion home every year and they pay just under $3 billion for the privilege of sending that money home. That is 10 percent and that is disgusting."
Bitreserve's service comes with a catch however - you have to own bitcoin to use the service in order to make an initial deposit and then convert it to another asset. Plus, when users receive money, they can only spend it in bitcoin.
This could put it at a disadvantage to other companies that allow people to sign up with bank accounts and send money for still a small commission.
One use case of such a technology is remittances, which reached $436 billion in 2014, according to the World Bank. Since its inception in October 2014, Bitrserve has been responsible for $14.5 million worth of transactions globally, according to its website.
But not all experts agree that a free model is sustainable in the currency exchange business.
"No business that offers its services for free can do so sustainably over a long period of time without other revenue sources," Stan Stalnaker, board member of the Digital Asset Transfer Authority, a self-regulating body for digital currencies, told CNBC by email.
Read MoreThis is why bitcoin won't go away anytime soon
"The real question, in an age of free transactions, is about business models - what other products and services can Bitreserve launch that it will charge for, and how successful will that be on the back of very low cost remittances?"
Watson said the company was looking to partner with traditional financial institutions to allow people to move the money into traditional bank accounts, as well as retailers so people can buy items using regular currencies.
"We are in conversation across the world with not only banks but different financial services providers. We are talking to a myriad of companies. We don't see ourselves as a threat to banks we see ourselves as complimenting what they do," Watson, the former Nike CIO, said.
Another use of Bitreserve's technology is to store bitcoin in a stable currency like the U.S. dollar.
"A lot of people are putting money on reserve and moving it into currency and moving bitcoin into a stable form of currency. Bticoin bounces around like a jack rabbit," Watson added.
A number of companies such as Coincove and ArtaBit are offering similar services, but only allowing people to send bitcoin to converted to one currency.
More From CNBC
• CNBC.com News Page
• CNBC.com Blogs Page
• CNBC.com Earnings Central || 5 trades on Costolo's Twitter departure: The timing of Twitter(NYSE: TWTR)'s leadership shake-up bodes well for investors looking to buy into the stock, CNBC "Fast Money" traders said.
Embattled Twitter CEO Dick Costolo will step down on July 1, the company announced Thursday. Co-founder and former CEO Jack Dorsey will take over on an interim basis until the position is filled.
"It is interesting. I do think there is change here that is needed that opens the door," said trader Karen Finerman, who noted that she would consider taking a stake in Twitter.
Many investors and analysts have called for a change amid a sluggish run for Twitter's stock. The company has struggled to expand its user base and grow revenue through advertising and other streams. But Dorsey said in a conference call Thursday that Costolo's departure did not reflect the company's near-term results.
Read MoreAfter CEO exit, Twitter says no strategy change
Still, traders felt the stock has room to climb higher; it closed Thursday below $36 per share. Investors should stay long in the stock using $35 as a stop, trader Guy Adami said.
Twitter will likely rise during Dorsey's interim tenure, trader Brian Kelly added. Trader Dan Nathan-who owns Twitter stock-said he would stick with the name.
Adami added that regardless of whether Facebook(NASDAQ: FB)will see a flood of advertisers or other business after Twitter's shake-up, it stands to move higher. The stock closed Thursday just below $82 per share.
Read MoreTwitter employees flood Twitter with tweets for @dickc
Disclosures:
Brian Kelly
Brian Kelly is long DXGE, BTC=, BBRY, U.S. dollar and oil. He is short Australian dollar, Canadian dollar, euro, yen and yuan. Today he entered into short euro. Today he closed out his short U.S. 30-year bonds and short DAX.
Dan Nathan
Dan is long SPY June put fly, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, WMT June call fly, LVS July Aug put spread, TWTR Sept call spread, GRRO June put fly and CAT July/August put spread. He is short SO Aug calls. Today, he bought CAT July/August put spreads.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS calls, URI calls and SPY puts. Her firm is short IWM, SPY, MDY and M calls. Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
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• Personal Finance || 5 trades on Costolo's Twitter departure: The timing of Twitter (NYSE: TWTR) 's leadership shake-up bodes well for investors looking to buy into the stock, CNBC "Fast Money" traders said. Embattled Twitter CEO Dick Costolo will step down on July 1, the company announced Thursday. Co-founder and former CEO Jack Dorsey will take over on an interim basis until the position is filled. "It is interesting. I do think there is change here that is needed that opens the door," said trader Karen Finerman, who noted that she would consider taking a stake in Twitter. Many investors and analysts have called for a change amid a sluggish run for Twitter's stock. The company has struggled to expand its user base and grow revenue through advertising and other streams. But Dorsey said in a conference call Thursday that Costolo's departure did not reflect the company's near-term results. Read More After CEO exit, Twitter says no strategy change Still, traders felt the stock has room to climb higher; it closed Thursday below $36 per share. Investors should stay long in the stock using $35 as a stop, trader Guy Adami said. Twitter will likely rise during Dorsey's interim tenure, trader Brian Kelly added. Trader Dan Nathan-who owns Twitter stock-said he would stick with the name. Adami added that regardless of whether Facebook (NASDAQ: FB) will see a flood of advertisers or other business after Twitter's shake-up, it stands to move higher. The stock closed Thursday just below $82 per share. Read More Twitter employees flood Twitter with tweets for @dickc Disclosures: Brian Kelly Brian Kelly is long DXGE, BTC=, BBRY, U.S. dollar and oil. He is short Australian dollar, Canadian dollar, euro, yen and yuan. Today he entered into short euro. Today he closed out his short U.S. 30-year bonds and short DAX. Dan Nathan Dan is long SPY June put fly, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, WMT June call fly, LVS July Aug put spread, TWTR Sept call spread, GRRO June put fly and CAT July/August put spread. He is short SO Aug calls. Today, he bought CAT July/August put spreads. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS calls, URI calls and SPY puts. Her firm is short IWM, SPY, MDY and M calls. Karen Finerman is on the board of GrafTech International. Guy Adami Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || GoCoin(TM) and Ziftr(R) Announce Merger Agreement to Offer Merchants a Richer Digital Currency Payment and Loyalty Experience for Their Customers: SANTA MONICA, CA--(Marketwired - Jun 10, 2015) - International blockchain payment platformGoCoinand mobile wallet, eCommerce loyalty and credit card processing companyZiftrtoday announced they have reached an agreement to proceed with strategic merger discussions. Together, the team and technology is equipped to swiftly surpass Coinbase and BitPay in the digital currency space and aggressively take on Stripe as a hybrid traditional and digital currency payments powerhouse with a built-in customer loyalty program.
GoCoin is the world's #3 blockchain payment processor and the only major player processing Litecoin, Dogecoin, Tether and new experimental coins in addition to Bitcoin. With more than 7,500 merchants and a healthy pipeline of over 500 new signups monthly, GoCoin has attracted marquee brands like PayPal, RE/MAX UK, Shopify, CheapAir, eGifter and top Bitcoin mining companies Bitfury, Zoomhash, Hashpros and KnCminer. Based in Los Angeles, GoCoin has gained recent traction with entertainment companies such as Lionsgate Films, and additional entertainment and ticketing industry companies live in test markets before announcing a broader offering.
Ziftr is a veteran eCommerce company that recently launchedziftrPAY™, a cryptocurrency and credit card payment platform and customer loyalty program that tokenizes credit card information to allow for highly secure transactions. In addition to ziftrPAY, Ziftr has createdziftrCOIN™, a digital coupon coin designed for use as part of a customer loyalty program, andziftrWALLET™, a mobile multi cryptocurrency wallet. ziftrCOIN and ziftrWALLET were both designed to provide an incentive for shopping with digital currency. Whether consumers pay with credit cards or digital currency, they receive "cash back" in their mobile wallets.
"When consumers ask 'what's in it for me?', Bitcoin has a serious adoption problem," said Steve Beauregard, founder and CEO of GoCoin. "Loyalty points play a key role in a consumer's choice of payment method, and with the ziftrCOIN loyalty platform integrated into the ziftrWALLET, I believe we can finally give consumers the right experience to choose digital currencies over cards at checkout."
Merchants that offer digital currency as a payment method have long sought better solutions to engage their customers and encourage them to use this low-cost, highly secure alternative to credit card payments. Together, GoCoin and Ziftr will offer one platform to meet these demands.
"Ziftr has many of the necessary assets to accelerate mainstream adoption of digital currency, so merging with GoCoin and gaining access to its rapidly growing network of merchants gives our combined altcoin-friendly company the power to truly disrupt the $20 trillion global payments market. Our platform will allow merchants of all sizes to benefit from the transparency and efficiency of blockchain payments by giving them a better solution than what's currently available," said Bob Wilkins, CEO of Ziftr.
About Ziftr®
Established in 2008 and based in Milford, New Hampshire, Ziftr is revolutionizing the shopping experience by bringing cryptocurrency into the mainstream for both consumers and merchants. To accomplish this goal, Ziftr has developed the following tools and applications: ziftrCOIN, a digital coin that functions like a coupon; ziftrPAY, a next-generation cryptocurrency/credit card payment platform and customer loyalty program; ziftrWALLET, a multicoin digital wallet; and ziftrSHOP, a worldwide online marketplace where consumers will be able to conduct transactions using credit cards and cryptocurrency.
Ziftr is a product of myVBO®, a full-service design, marketing and development company that helps businesses turn their ambitions into realities.
For more information about Ziftr, visitwww.ziftr.com.
About GoCoin™
A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to accept Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout. Founded in July 2013, GoCoin has received over $2 million in funding led by Bitcoin Shop, Inc. (OTCQB:BTCS) and maintains offices in Singapore, London, Douglas and Santa Monica.
For more information about GoCoin, visithttp://www.gocoin.com.
DisclaimerAll statements in this release, other than statements of historical facts that address future ziftrCOIN availability, or developments that the ziftrCOIN expects are forward looking statements. Although the Corporation believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market volatility; continued availability of capital, financing and personnel; government regulation and laws; and general economic, market or business conditions. || GoCoin(TM) and Ziftr(R) Announce Merger Agreement to Offer Merchants a Richer Digital Currency Payment and Loyalty Experience for Their Customers: SANTA MONICA, CA--(Marketwired - Jun 10, 2015) - International blockchain payment platform GoCoin and mobile wallet, eCommerce loyalty and credit card processing company Ziftr today announced they have reached an agreement to proceed with strategic merger discussions. Together, the team and technology is equipped to swiftly surpass Coinbase and BitPay in the digital currency space and aggressively take on Stripe as a hybrid traditional and digital currency payments powerhouse with a built-in customer loyalty program. GoCoin is the world's #3 blockchain payment processor and the only major player processing Litecoin, Dogecoin, Tether and new experimental coins in addition to Bitcoin. With more than 7,500 merchants and a healthy pipeline of over 500 new signups monthly, GoCoin has attracted marquee brands like PayPal, RE/MAX UK, Shopify, CheapAir, eGifter and top Bitcoin mining companies Bitfury, Zoomhash, Hashpros and KnCminer. Based in Los Angeles, GoCoin has gained recent traction with entertainment companies such as Lionsgate Films, and additional entertainment and ticketing industry companies live in test markets before announcing a broader offering. Ziftr is a veteran eCommerce company that recently launched ziftrPAY™ , a cryptocurrency and credit card payment platform and customer loyalty program that tokenizes credit card information to allow for highly secure transactions. In addition to ziftrPAY, Ziftr has created ziftrCOIN™ , a digital coupon coin designed for use as part of a customer loyalty program, and ziftrWALLET™ , a mobile multi cryptocurrency wallet. ziftrCOIN and ziftrWALLET were both designed to provide an incentive for shopping with digital currency. Whether consumers pay with credit cards or digital currency, they receive "cash back" in their mobile wallets. "When consumers ask 'what's in it for me?', Bitcoin has a serious adoption problem," said Steve Beauregard, founder and CEO of GoCoin. "Loyalty points play a key role in a consumer's choice of payment method, and with the ziftrCOIN loyalty platform integrated into the ziftrWALLET, I believe we can finally give consumers the right experience to choose digital currencies over cards at checkout." Story continues Merchants that offer digital currency as a payment method have long sought better solutions to engage their customers and encourage them to use this low-cost, highly secure alternative to credit card payments. Together, GoCoin and Ziftr will offer one platform to meet these demands. "Ziftr has many of the necessary assets to accelerate mainstream adoption of digital currency, so merging with GoCoin and gaining access to its rapidly growing network of merchants gives our combined altcoin-friendly company the power to truly disrupt the $20 trillion global payments market. Our platform will allow merchants of all sizes to benefit from the transparency and efficiency of blockchain payments by giving them a better solution than what's currently available," said Bob Wilkins, CEO of Ziftr. About Ziftr® Established in 2008 and based in Milford, New Hampshire, Ziftr is revolutionizing the shopping experience by bringing cryptocurrency into the mainstream for both consumers and merchants. To accomplish this goal, Ziftr has developed the following tools and applications: ziftrCOIN, a digital coin that functions like a coupon; ziftrPAY, a next-generation cryptocurrency/credit card payment platform and customer loyalty program; ziftrWALLET, a multicoin digital wallet; and ziftrSHOP, a worldwide online marketplace where consumers will be able to conduct transactions using credit cards and cryptocurrency. Ziftr is a product of myVBO®, a full-service design, marketing and development company that helps businesses turn their ambitions into realities. For more information about Ziftr, visit www.ziftr.com . About GoCoin™ A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to accept Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout. Founded in July 2013, GoCoin has received over $2 million in funding led by Bitcoin Shop, Inc. ( OTCQB : BTCS ) and maintains offices in Singapore, London, Douglas and Santa Monica. For more information about GoCoin, visit http://www.gocoin.com . Disclaimer All statements in this release, other than statements of historical facts that address future ziftrCOIN availability, or developments that the ziftrCOIN expects are forward looking statements. Although the Corporation believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market volatility; continued availability of capital, financing and personnel; government regulation and laws; and general economic, market or business conditions. || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 /MarilynJean Media Interactive (MJMI) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion.
Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015.
Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months."
A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 /MarilynJean Media Interactive (MJMI) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion.
Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015.
Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months."
A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.qb) Announces Entry into Bitcoin and Crypto-Currency Space: HENDERSON, NV / ACCESSWIRE / June 10, 2015 / MarilynJean Media Interactive ( MJMI ) announced today it has expanded its operations into the crypto-currency market with a focus on bitcoin. The Company announced plans to pursue several verticals within the space including operation of a Bitcoin Exchange where users will be able to buy and sell bitcoins, as well as other popular crypto-currencies, and exchange their holdings into a range of international currencies. The Company is also developing plans to partner with a manufacturer of bitcoin Automated Teller Machines (ATMs) whose operation it plans to integrate directly with its trading platform allowing for a seamless, end to end solution for trading and currency conversion either online or in person at an ATM. The current market capitalization of bitcoins in circulation exceeds $3 billion. Simultaneously, the company is also planning to use its developing expertise and network in the bitcoin space to participate in the multi-billion dollar currency remittance market. The company plans to use the combination of a bitcoin exchange and ATMs to facilitate ultra-low-cost international remittance services. The World Bank projects global remittances to exceed $450 billion in 2015. Peter Janosi, the company's president said: "With major players across virtually every industry making big bets on crypto-currencies, and bitcoin in particular, we believe our timing is optimal to enter this exciting space. We look forward to updating our shareholders with our progress in building the company's expertise and partnerships in the industry over the coming months." A crypto-currency is a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. Story continues Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting." Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK). MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive View comments || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Getting mobile with Bitcoin: This article, Getting mobile with Bitcoin , originally appeared on TechRepublic.com . If you haven't heard of Bitcoin, you might be living on another planet. It's a cryptographic-based currency which isn't actually printed or minted but exists solely in electronic (digital) form. The advantages to Bitcoin are that it is internationally-based (no currency exchange or other fees) and used, it is not subject to laws or regulation from one individual entity, and it can purchase goods or services from businesses and fellow consumers. Bitcoins can be converted into any local currency via exchange rates (at the time of this writing one bitcoin is worth $237.47 in U.S. dollars). You can even generate your own bitcoins through a process called "mining" whereby special high-speed computer systems run software to verify a set of bitcoin transactions (known as a "blockchain"). The more work these systems contribute to this effort, the more bitcoins can be earned (however there is a finite number of bitcoins that the world can generate; approximately 21 million). Bitcoins are generally stored in and utilized by an application or mobile wallet. Two such examples are Bitcoin Wallet for Android and Bither for iOS , either of which can be used to obtain, use, sell and track Bitcoins: figurea.jpg Image: Google Play The concept of Bitcoin Wallet is the same as any other mobile payment system; Bitcoins are accessed via a centralized account (not actually stored on the device per se, meaning your device isn't required nor must be powered up for someone to send you Bitcoins). The app is just a front end to manage the Bitcoins. As it enters its sixth year of existence, the Bitcoin has rolled forward with steady momentum and its popularity continues to grow. As is usually the case with technological advancements, new possibilities are also arising for those savvy enough to stay ahead of the curve. Entire industries are springing up around Bitcoin and one such example involves a merger between two companies called The Bitcoin Shop and Spondoolies-Tech. Story continues The Bitcoin Shop (aka "BTCS") provides Bitcoin (and other digital currency) transaction verification services. It's goal is to build a universal platform for digital currency to provide a single point of access for users to engage in their ecosystem. Consequently, BTCS is investing $1.5m in a transaction verification server manufacturer named Spondoolies-Tech Ltd (aka "Spondoolies"). The motivation behind the merger is to "create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources." I spoke with Charles Allen, CEO of BTCS to find out more about Bitcoin and the details of the BTCS-Spondoolies merger. Scott Matteson: "How do Bitcoin mobile apps work (specifically via Bitcoin Shop's context)?" Charles Allen: "Bitcoin Shop ("BTCS") does not currently have a mobile app. However many digital companies offer iPhone and Android compatible apps most of which are bitcoin wallets or price feeds." SM: "What is the advantage of Bitcoin over traditional currency?" CA: "There are many advantages of Bitcoin compared to fiat currency. Below are some key differentiators: Highly divisible compared to fiat currencies Globally transferable - e.g. in the current system, money can be sent around the world in a matter of days via wires but this is costly for small transactions and slow in today's age. With bitcoin, for example, one can send their bitcoins from anywhere (e.g., from the Japan to the U.S.) instantly for free. Scarce - the supply of bitcoin is predetermined so inflation is factored in. Not government issued - with fiat currencies in a fractional reserve system there is a real risk that a country will make poor decisions over time and devalue their currency." SM: "What security controls are in place to protect customers and vendors/suppliers/businesses (ties into the transaction verification equipment)?" CA: "Apart from sourcing servers and building our data center, customers / suppliers / vendors are not directly involved in the BTCS' operations so I'm not sure the question is relevant to our transaction verification services operations." SM: "Can you elaborate on what to expect from the Bitcoin Shop/Spondoolies merger?" CA: "The digital currency ecosystem is similar to the Internet in 1995, i.e. very few companies are generating revenue. As a combined company, we plan to build a fully integrated transaction verification services business, which will be our revenue and profit engine (similar to Google with advertising) as we explore and develop other blockchain technologies. Spondoolies recently announced 2014 revenue of $28 million, and we believe our fully integrated mining efforts should allow us as combined company to continue to grow revenue and earnings and capture additional margin. Further BTCS has an 83,000 square foot facility to expand mining operations into." SM: "What is the future of Bitcoin?" CA: "Bitcoin - and more importantly blockchain technologies - have the ability to fundamentally change the world in the same way the Internet did. The 'genie is out of the bottle' and it is likely not going away." SM: "Why are hackers/ransomware/cyber-criminals so interested in being paid in Bitcoin?" CA: "Bitcoin is essentially digital cash, and once you have it, you own it. The downside is that every transaction is recorded on the blockchain, so identities can be associated to public addresses, meaning owners of stolen bitcoins can be found. In the long run, bitcoin is a poor means for cybercrime, as there is a public ledger of who owns what." SM: "Can you elaborate a bit more on how BTCS performs transaction verification services?" CA: "Please watch video #1 and video #2 for the best details. BTCS runs ASIC servers (see video #1) in a repurposed 83,000 square foot manufacturing facility in NC - see video #3 (it is now filled with servers, so we are working on an updated video). 93% of our equipment is currently manufactured by Spondoolies." SM: "Can you also elaborate on the Spondoolies server product and how they are specifically tailored towards transaction verifications?" CA: "Currently we do not manufacture ASIC servers. Spondoolies is one of only 4-5 companies that manufacture ASICS servers. There are many companies that run data centers with ASIC servers but very few that manufacture them. The big competitors to Spondoolies are Bitmain, Bitfury, and KNC Miner. However, all of these companies are involved in the design, manufacturing and deployment of ASIC servers. Pre-merger, BTCS is engaged in the deployment of ASIC servers and not the design and manufacturing of them, while Spondoolies is engaged in the design and manufacturing of ASIC servers and not the deployment. As a merged entity, we will be fully integrated similar to Bitmain, Bitfury, and KNC Miner and be able to capture the margin on both sides. To put this in perspective, Spondoolies achieved $28m in revenue in 2014 and many of their customers have had a tremendous return on investment (depending on when they started and their cost structure)." SM: "Can you walk me (briefly) through how a transaction involving Bitcoin via BTCS will work at present? Same question for after the merger (if different)?" CA: "The transaction verification services process is not a business-to-consumer endeavor. We simply maintain the network and are rewarded by the network for doing so. Consumers / users of bitcoin never directly engage with us." SM: "Can you tell me a little more about blockchain technology and how it applies to BTCS? CA: "Bitcoin is based on blockchain technology ( see video #2). Many technologies are being built upon Bitcoin's blockchain and we are a participant in securing the blockchain through our transaction verification services business (or often referred to as mining). In our opinion, this is the core of the technology as well as the cash cow in the business. Many bitcoin companies are "pre-revenue" and will be for years to come. To draw a parallel, Google's cash cow is advertising, hence, they have yet to pollute the elegant and simplistic search interface. Yet they experiment with all sorts of other technologies many of which fail i.e. Glass, Answers, iGoogle, etc. and some that succeed i.e. Maps, Android etc. We believe as a merged company, fully integrated mining / transaction services will be our cash cow which catapults our business to the next level and allows us to venture into other Hopefully you've found this discussion engaging and it has helped advance your understanding of the Bitcoin environment. I'd like to thank Mr. Allen for the time he spent on the topic with me. See also: 5 Bitcoin and finance startups to watch from DEMO 2014 Pay with Bitcoin: 10 of the most interesting places to spend it 10 things you should know about Bitcoin and digital currencies 10 mobile payment systems you need to know || Marijuana Regulations Questioned As Number Of Exposed Children Rises: As marijuana becomes a legal drug in more U.S. states, regulators are struggling to catch up with the growing number of issues that come with a new market.
Political, social and health-related issues have all been in the spotlight when it comes to marijuana, but a newstudyby the Nationwide Children's Hospital proves that there is more to consider when it comes to legal weed.
Exposure On The Rise
The study showed that over the past seven years, marijuana exposure among young children rose by 145.7 percent. During that same time period, states with legal marijuana laws saw that figure rise by more than 600 percent.
Even more concerning was data that showed that the majority of those children were less than three years old.
Related Link:Evolving Regulations Make Marijuana Edibles A Difficult Industry To Navigate
Edibles To Blame?
One major reason for the rise in accidental exposure among children has been the advent of edible marijuana products.
As the typical pot user is often a non-smoker, ingestibles are on the rise. More companies continue to release edible ways to feel the psychoactive effects of THC. Brownies, cookies and even breath mints are sold laced with THC, and young children are unable to detect the difference between an everyday treat and one containing marijuana.
Better Packaging
The study suggests that regulators in states where marijuana is legal haven't been able to keep up with the growing number of risks surrounding the drug.
Though most states require marijuana products to be clearly labeled in child-proof packaging, many feel that more effort needs to be made in educating consumers on the dangers of accidental marijuana exposure among children.
Image Credit: Public Domain
See more from Benzinga
• Bitcoin Theft Isn't Reserved For Hackers
• Netflix Dives Deeper Into Europe Despite Murky Waters
• Beverage Makers Hope To Ride The Craft Beer Wave
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
$233.90 at 07:00 UTC [24h Range: $230.94 - $235.00 Volume: 4711 BTC] || In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $1,543.09 #bitcoin #btc || $235.94 at 21:00 UTC [24h Range: $231.00 - $237.09 Volume: 9914 BTC] || In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $1,396.37 #bitcoin #btc || In the last 10 mins, there were arb opps spanning 18 exchange pair(s), yie...
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250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25.
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[Bitcoin Technical Analysis for 2021-11-16]
Volume: 46844335592, RSI (14-day): 44.77, 50-day EMA: 59100.10, 200-day EMA: 48833.25
[Wider Market Context]
Gold Price: 1853.60, Gold RSI: 63.80
Oil Price: 80.76, Oil RSI: 49.57
[Recent News (last 7 days)]
Marathon Digital Holdings, Inc. Prices Upsized $650.0 Million Convertible Senior Notes Offering: LAS VEGAS, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (Nasdaq: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, today announced the pricing of its offering of $650,000,000 aggregate principal amount of 1.00% convertible senior notes due 2026 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $500,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on or about November 18, 2021, subject to the satisfaction of customary closing conditions. Marathon also granted the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $97,500,000 principal amount of notes.
The notes will be senior, unsecured obligations of Marathon and will accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. The notes will mature on December 1, 2026, unless earlier repurchased, redeemed or converted. Before June 1, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events and during specified periods. From and after June 1, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Marathon will settle conversions of notes by paying or delivering, as applicable, cash, shares of its common stock or a combination thereof, at Marathon’s election. The initial conversion rate is 13.1277 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $76.17 per share of common stock. The initial conversion price represents a premium of approximately 37.5% over the last reported sale price on the Nasdaq Capital Market of $55.40 per share of Marathon’s common stock on November 15, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the notes) occurs, Marathon will, in certain circumstances, increase the conversion rate for a specified time for holders who convert their notes in connection with that make-whole fundamental change.
The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Marathon’s option at any time, and from time to time, on or after December 6, 2024 and on or before the 21st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Marathon’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Marathon calls any or all notes for redemption, holders of notes called for redemption may convert their notes during the related redemption conversion period, and any such conversion will also constitute a “make-whole fundamental change” with respect to the notes so converted.
If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, holders may require Marathon to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
Marathon estimates that the net proceeds from the offering will be approximately $633.2 million (or approximately $728.2 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. Marathon intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines.
The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.
About Marathon
Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Forward-looking statements represent Marathon’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Marathon’s business, including those described in periodic reports that Marathon files from time to time with the SEC. Marathon may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Marathon does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Contact Information
Charlie SchumacherTelephone: 800-804-1690Email: [email protected] || Marathon Digital Holdings, Inc. Prices Upsized $650.0 Million Convertible Senior Notes Offering: LAS VEGAS, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (Nasdaq: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, today announced the pricing of its offering of $650,000,000 aggregate principal amount of 1.00% convertible senior notes due 2026 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $500,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on or about November 18, 2021, subject to the satisfaction of customary closing conditions. Marathon also granted the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $97,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Marathon and will accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. The notes will mature on December 1, 2026, unless earlier repurchased, redeemed or converted. Before June 1, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events and during specified periods. From and after June 1, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Marathon will settle conversions of notes by paying or delivering, as applicable, cash, shares of its common stock or a combination thereof, at Marathon’s election. The initial conversion rate is 13.1277 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $76.17 per share of common stock. The initial conversion price represents a premium of approximately 37.5% over the last reported sale price on the Nasdaq Capital Market of $55.40 per share of Marathon’s common stock on November 15, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the notes) occurs, Marathon will, in certain circumstances, increase the conversion rate for a specified time for holders who convert their notes in connection with that make-whole fundamental change. Story continues The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Marathon’s option at any time, and from time to time, on or after December 6, 2024 and on or before the 21st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Marathon’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Marathon calls any or all notes for redemption, holders of notes called for redemption may convert their notes during the related redemption conversion period, and any such conversion will also constitute a “make-whole fundamental change” with respect to the notes so converted. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, holders may require Marathon to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. Marathon estimates that the net proceeds from the offering will be approximately $633.2 million (or approximately $728.2 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. Marathon intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin or bitcoin mining machines. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Marathon Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. Forward-Looking Statements This press release includes forward-looking statements, including statements regarding the completion of the offering and the expected amount and intended use of the net proceeds. Forward-looking statements represent Marathon’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Marathon’s business, including those described in periodic reports that Marathon files from time to time with the SEC. Marathon may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Marathon does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. Contact Information Charlie Schumacher Telephone: 800-804-1690 Email: [email protected] || First Mover Asia: Bitcoin Falls Slightly in Soft Trading; Launch of VanEck Futures ETF Coming Soon: Good morning, Here’s what’s happening this morning: Market Moves: Bitcoin declines slightly in soft trading. Technician’s take: Upside momentum is slowing, although pullbacks remain limited. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $63,939, -1.1% Ether ( ETH ): $4,576, -0.3% Market moves Bitcoin was slipping in digital-asset markets, down 0.7% over the past 24 hours, and seemed to be establishing a new range in the low $60,000s. The blockchain network’s much-anticipated Taproot upgrade did little to provide an immediate market jolt, despite the hopes of some bullish analysts. The next catalyst could come from the launch Tuesday of the VanEck Bitcoin Strategy ETF – the first bitcoin futures exchange-traded fund to go live since the well-received debuts of ProShares and Valkyrie bitcoin futures ETFs a few weeks ago. “This week we see another bitcoin futures ETF begin to trade, and the inflows will be telling,” Matt Blom, head of sales and trading at the crypto firm Eqonex, wrote Monday in a newsletter. “Strong demand will allow the market to settle, absorb the weaker hands and move back towards Bitcoin’s ATH and a $70,000 print.” In traditional markets, oil prices were under pressure, around $81 a barrel for the U.S. benchmark, amid speculation President Joe Biden might increase the pace of selling from the U.S. Strategic Petroleum Reserve. Treasury yields rose on bets the U.S. Federal Reserve may have to accelerate its withdrawal of monetary stimulus, perceived to be a negative for bitcoin. On the inflation front, some investors speculated Biden might use his summit with Chinese President Xi Jinping to roll back some tariffs imposed under former President Donald Trump. And traders in the U.S. will look closely at the latest report on U.S. retail sales to gauge the health of consumers – and how they’re responding to prices rising at the fastest pace in three decades. Story continues “We seem set for higher, long-term inflation rates, but not runaway inflation, which is a very bad backdrop for society, but a very good backdrop for continued strength in all risk assets, like digital assets,” Jeff Dorman, chief investment officer of Arca Funds, wrote Monday. Technician’s take Bitcoin Pullback Could Stabilize Around $60K Support Bitcoin four-hour price chart (Damanick Dantes/CoinDesk, TradingView) Bitcoin (BTC) is consolidating after buyers failed to sustain a price bounce over the weekend. The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000 support zone. The relative strength index ( RSI ) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week. For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours. Important events 10:30 a.m. HGT/SGT (2:30 a.m. UTC): Speech by Philip Lowe, governor of the Reserve Bank of Australia 12:30 p.m. HGT/SGT (4:30 a.m. UTC): Japan Tertiary Industry Index (Sept. MoM) 3:45 p.m. HGT/SGT (7:45 a.m. UTC): France Consumer Price Index (Oct. YoY/MoM) 9:30 p.m. HGT/SGT (1:30 p.m. UTC): U.S. Retail Sales (Oct. MoM) 10:15 p.m. HGT/SGT (2:15 p.m. UTC): U.S. Industrial Production (Oct. MoM) On CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV: Bitcoin Taproot Upgrade Activated, Opening Door to New Features, Animoca Brands Joins Forces With K-pop Agency and More “First Mover” hosts received insider analysis from CoinDesk Managing Editor for Technology Christie Harkin as Bitcoin’s taproot upgrade now that it was officially activated. Could this upgrade improve the blockchain’s privacy, scalability and security? Bitcoin’s move suggests more upside. Gritt Trakulhoon, an analyst for Titan, provided his market analysis. Plus, Hong Kong-based prominent non-fungible token (NFT) investor Animoca Brands joined forces with a K-pop agency to launch NFTs featuring artists. Animoca Brands CEO Robby Yung shared more details. Latest headlines Crypto Venture Firm Paradigm Announces $2.5B Fund, Industry’s Largest VanEck to Launch Bitcoin Futures ETF ‘XBTF’ Next Week After SEC Rejects Spot Offering Quant Hedge Fund Two Sigma Hiring Crypto Operations Manager MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze Longer reads Crypto Is for the Dissidents and Disenfranchised ‘Probably Nothing’: Why People Still Hate Crypto Tether, Bitcoin and Chinese Commercial Paper at Scale Why Axie Infinity Caught Fire in the Philippines || First Mover Asia: Bitcoin Falls Slightly in Soft Trading; Launch of VanEck Futures ETF Coming Soon: Good morning, Here’s what’s happening this morning:
Market Moves:Bitcoin declines slightly in soft trading.
Technician’s take:Upside momentum is slowing, although pullbacks remain limited.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $63,939, -1.1%
Ether (ETH): $4,576, -0.3%
Bitcoin was slipping in digital-asset markets, down 0.7% over the past 24 hours, and seemed to be establishing a new range in the low $60,000s.
The blockchain network’s much-anticipated Taproot upgrade did little to provide an immediate market jolt, despite the hopes of some bullish analysts.
The next catalyst could come from the launch Tuesday of the VanEck Bitcoin Strategy ETF – the first bitcoin futures exchange-traded fund to go live since the well-received debuts of ProShares and Valkyrie bitcoin futures ETFs a few weeks ago.
“This week we see another bitcoin futures ETF begin to trade, and the inflows will be telling,” Matt Blom, head of sales and trading at the crypto firm Eqonex, wrote Monday in a newsletter. “Strong demand will allow the market to settle, absorb the weaker hands and move back towards Bitcoin’s ATH and a $70,000 print.”
In traditional markets, oil prices were under pressure, around $81 a barrel for the U.S. benchmark, amid speculation President Joe Biden might increase the pace of selling from the U.S. Strategic Petroleum Reserve. Treasury yields rose on bets the U.S. Federal Reserve may have to accelerate its withdrawal of monetary stimulus, perceived to be a negative for bitcoin.
On the inflation front, some investors speculated Biden might use his summit with Chinese President Xi Jinping to roll back some tariffs imposed under former President Donald Trump. And traders in the U.S. will look closely at the latest report on U.S. retail sales to gauge the health of consumers – and how they’re responding to prices rising at the fastest pace in three decades.
“We seem set for higher, long-term inflation rates, but not runaway inflation, which is a very bad backdrop for society, but a very good backdrop for continued strength in all risk assets, like digital assets,” Jeff Dorman, chief investment officer of Arca Funds, wrote Monday.
Bitcoin Pullback Could Stabilize Around $60K Support
Bitcoin (BTC) is consolidating after buyers failed to sustain a price bounce over the weekend.
The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000supportzone.
The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.
For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.
10:30 a.m. HGT/SGT (2:30 a.m. UTC): Speech by Philip Lowe, governor of the Reserve Bank of Australia
12:30 p.m. HGT/SGT (4:30 a.m. UTC): Japan Tertiary Industry Index (Sept. MoM)
3:45 p.m. HGT/SGT (7:45 a.m. UTC): France Consumer Price Index (Oct. YoY/MoM)
9:30 p.m. HGT/SGT (1:30 p.m. UTC): U.S. Retail Sales (Oct. MoM)
10:15 p.m. HGT/SGT (2:15 p.m. UTC): U.S. Industrial Production (Oct. MoM)
In case you missed it,here are the most recent episodes of“First Mover”onCoinDesk TV:
Bitcoin Taproot Upgrade Activated, Opening Door to New Features, Animoca Brands Joins Forces With K-pop Agency and More
“First Mover” hosts received insider analysis from CoinDesk Managing Editor for Technology Christie Harkin as Bitcoin’s taproot upgrade now that it was officially activated. Could this upgrade improve the blockchain’s privacy, scalability and security? Bitcoin’s move suggests more upside. Gritt Trakulhoon, an analyst for Titan, provided his market analysis. Plus, Hong Kong-based prominent non-fungible token (NFT) investor Animoca Brands joined forces with a K-pop agency to launch NFTs featuring artists. Animoca Brands CEO Robby Yung shared more details.
Crypto Venture Firm Paradigm Announces $2.5B Fund, Industry’s Largest
VanEck to Launch Bitcoin Futures ETF ‘XBTF’ Next Week After SEC Rejects Spot Offering
Quant Hedge Fund Two Sigma Hiring Crypto Operations Manager
MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital
DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze
Crypto Is for the Dissidents and Disenfranchised
‘Probably Nothing’: Why People Still Hate Crypto
Tether, Bitcoin and Chinese Commercial Paper at Scale
Why Axie Infinity Caught Fire in the Philippines || First Mover Asia: Bitcoin Falls Slightly in Soft Trading; Launch of VanEck Futures ETF Coming Soon: Good morning, Here’s what’s happening this morning:
Market Moves:Bitcoin declines slightly in soft trading.
Technician’s take:Upside momentum is slowing, although pullbacks remain limited.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $63,939, -1.1%
Ether (ETH): $4,576, -0.3%
Bitcoin was slipping in digital-asset markets, down 0.7% over the past 24 hours, and seemed to be establishing a new range in the low $60,000s.
The blockchain network’s much-anticipated Taproot upgrade did little to provide an immediate market jolt, despite the hopes of some bullish analysts.
The next catalyst could come from the launch Tuesday of the VanEck Bitcoin Strategy ETF – the first bitcoin futures exchange-traded fund to go live since the well-received debuts of ProShares and Valkyrie bitcoin futures ETFs a few weeks ago.
“This week we see another bitcoin futures ETF begin to trade, and the inflows will be telling,” Matt Blom, head of sales and trading at the crypto firm Eqonex, wrote Monday in a newsletter. “Strong demand will allow the market to settle, absorb the weaker hands and move back towards Bitcoin’s ATH and a $70,000 print.”
In traditional markets, oil prices were under pressure, around $81 a barrel for the U.S. benchmark, amid speculation President Joe Biden might increase the pace of selling from the U.S. Strategic Petroleum Reserve. Treasury yields rose on bets the U.S. Federal Reserve may have to accelerate its withdrawal of monetary stimulus, perceived to be a negative for bitcoin.
On the inflation front, some investors speculated Biden might use his summit with Chinese President Xi Jinping to roll back some tariffs imposed under former President Donald Trump. And traders in the U.S. will look closely at the latest report on U.S. retail sales to gauge the health of consumers – and how they’re responding to prices rising at the fastest pace in three decades.
“We seem set for higher, long-term inflation rates, but not runaway inflation, which is a very bad backdrop for society, but a very good backdrop for continued strength in all risk assets, like digital assets,” Jeff Dorman, chief investment officer of Arca Funds, wrote Monday.
Bitcoin Pullback Could Stabilize Around $60K Support
Bitcoin (BTC) is consolidating after buyers failed to sustain a price bounce over the weekend.
The cryptocurrency is displaying signs of upside exhaustion on the charts, which suggests further downside is likely, albeit limited toward the $57,000-$60,000supportzone.
The relative strength index (RSI) on the four-hour chart (see above, featured image) registered an oversold signal on Nov. 12, although buyers quickly took profits around the $66,000 resistance level. The RSI is currently neutral, which means a period of consolidation could persist this week.
For now, upside momentum is slowing on the daily chart, indicating risk of a pullback into Asian trading hours.
10:30 a.m. HGT/SGT (2:30 a.m. UTC): Speech by Philip Lowe, governor of the Reserve Bank of Australia
12:30 p.m. HGT/SGT (4:30 a.m. UTC): Japan Tertiary Industry Index (Sept. MoM)
3:45 p.m. HGT/SGT (7:45 a.m. UTC): France Consumer Price Index (Oct. YoY/MoM)
9:30 p.m. HGT/SGT (1:30 p.m. UTC): U.S. Retail Sales (Oct. MoM)
10:15 p.m. HGT/SGT (2:15 p.m. UTC): U.S. Industrial Production (Oct. MoM)
In case you missed it,here are the most recent episodes of“First Mover”onCoinDesk TV:
Bitcoin Taproot Upgrade Activated, Opening Door to New Features, Animoca Brands Joins Forces With K-pop Agency and More
“First Mover” hosts received insider analysis from CoinDesk Managing Editor for Technology Christie Harkin as Bitcoin’s taproot upgrade now that it was officially activated. Could this upgrade improve the blockchain’s privacy, scalability and security? Bitcoin’s move suggests more upside. Gritt Trakulhoon, an analyst for Titan, provided his market analysis. Plus, Hong Kong-based prominent non-fungible token (NFT) investor Animoca Brands joined forces with a K-pop agency to launch NFTs featuring artists. Animoca Brands CEO Robby Yung shared more details.
Crypto Venture Firm Paradigm Announces $2.5B Fund, Industry’s Largest
VanEck to Launch Bitcoin Futures ETF ‘XBTF’ Next Week After SEC Rejects Spot Offering
Quant Hedge Fund Two Sigma Hiring Crypto Operations Manager
MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital
DOGE Users Seethe Over Binance’s 2-Week Withdrawal Freeze
Crypto Is for the Dissidents and Disenfranchised
‘Probably Nothing’: Why People Still Hate Crypto
Tether, Bitcoin and Chinese Commercial Paper at Scale
Why Axie Infinity Caught Fire in the Philippines || European Equities: Eurozone GDP Numbers in Focus ahead of U.S Retail Sales: French HICP (MoM) (Oct) Final
French CPI (MoM) (Oct) Final
Italian CPI (MoM) (Oct) Final
Eurozone GDP (YoY) (Q3) 2nd Estimate
Eurozone GDP (QoQ) (Q3) 2nd Estimate
Eurozone Core CPI (YoY) (Oct) Final
Eurozone CPI (YoY) (Oct) Final
Eurozone CPI (MoM) (Oct) Final
German PPI (MoM) (Oct)
It was a relatively bullish start to the week for the European majors on Monday.
The CAC40 rose by 0.52% to lead the way, with the DAX30 and the EuroStoxx600 gaining 0.34% and 0.28% respectively, however. While the gains were modest, it was record highs on the day.
Economic data from China provided support to riskier assets ahead of the European open.
In October, industrial production rose by 3.5%, year-on-year, which was up from 3.1% in September. Economists had forecast a 3.0% increase.
Retail sales figures were also upbeat, with sales rising by 4.9% year-on-year versus a forecasted 3.6%. In September, retail sales had increased by 4.4%. The pickup in spending came with the unemployment rate holding steady at 4.9%.
Upbeat trade data for the Eurozone also provided support, with ECB President Lagarde towing the dovish line also market positive.
Trade data for the Eurozone was in focus early in the European session.
In September, the Eurozone’s trade surplus widened from a revised €3.50bn to €7.30bn.
According toEurostat,
• Compared with September 2020, exports of goods to the rest of the world increased by 10% to €209.3bn.
• Imports jumped by 21.6% to €202.0bn.
• Intra-euro area trade rose to €191.5bn, which was up 16.4% compared with Sep-2020.
Salient points from theECB President’s speechincluded:
• GDP is expected to exceed its pre-pandemic level around the end of the year.
• Growth momentum is moderating to some extent owing to supply bottlenecks and the rise in energy prices.
• Although the duration of supply constraints is uncertain, they are likely to persist for several months and gradually ease only during 2022.
• Overall, the ECB continues to foresee inflation in the medium-term remaining below the new symmetric 2% target.
• Despite current inflation surge, the outlook for inflation, remains subdued. This means that the 3 conditions needing to be satisfied are very unlikely to be met next year.
Manufacturing sector activity was in focus late in the European session.
In November, the NY Empire State Manufacturing Index increased from 19.8 to 30.9.
According to theNovember Survey,
• New orders and shipments posted substantial increases, with unfilled orders rising.
• Delivery times were significantly longer.
• Employment grew at its fastest pace on record, and the average workweek increased.
• The prices paid index held near its record high, while the prices received index hit a new high.
• Firms remained optimistic that conditions would improve over the next 6-months, though optimism weakened.
For the DAX:It was a bullish day for the auto sector on Monday.ContinentalandDaimlerled the way, rising by 1.07% and by 1.12% respectively, withBMWgaining 0.44%.Volkswagenrose by just 0.01%, however.
It was also a bullish day for the banks.Deutsche Bankincreased by 0.49%, withCommerzbankrallying by 2.26%.
From the CAC, it was also a bullish day for the banks.BNP Paribasjumped by 3.29%, withSoc GenandCredit Agricoleending the day up by 1.79% and 0.39% respectively.
It was a mixed day for the French auto sector, however.Stellantis NVrose by 0.09%, whileRenaultslipped by 0.25%.
Air France-KLMeked out a 0.12% gain, withAirbus SErising by 1.69%.
It was back into the green for theVIXon Monday.
Partially reversing a 7.76% slide on Friday, the VIX rose by 1.23% to end the day at 16.49.
The S&P500 ended the day flat, while the Dow and the NASDAQ both ended the day with 0.04% losses.
It’s a relatively busy day ahead on the Eurozone’seconomic calendar. Finalized October inflation figures for France and Italy will be in focus along with 2ndestimate GDPs for the Eurozone.
Expect any revisions to the GDP numbers to have the greatest influence.
From the U.S, October retail sales will also have an impact on the European majors later in the day.
With inflationary pressures picking up, a slide in spending would raise concerns over the resilience of the U.S economic recovery and the FED’s stance on inflation.
Away from the economic calendar, commodity prices will also need tracking.
In the futures markets, at the time of writing, the Dow Mini was up by 14 points.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
• Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2021
• European Equities: Eurozone GDP Numbers in Focus ahead of U.S Retail Sales
• ASX200: Futures Point South with the RBA Meeting Minutes in Focus this Morning
• VanEck’s Bitcoin Futures ETF to Start Trading Tomorrow Following Spot ETF Rejection
• The Crypto Daily – Movers and Shakers – November 16th, 2021
• What are Lending Protocols? The Rise of DeFi Lending || European Equities: Eurozone GDP Numbers in Focus ahead of U.S Retail Sales: Economic Calendar Tuesday, 16 th November French HICP (MoM) (Oct) Final French CPI (MoM) (Oct) Final Italian CPI (MoM) (Oct) Final Eurozone GDP (YoY) (Q3) 2nd Estimate Eurozone GDP (QoQ) (Q3) 2nd Estimate Wednesday, 17 th November Eurozone Core CPI (YoY) (Oct) Final Eurozone CPI (YoY) (Oct) Final Eurozone CPI (MoM) (Oct) Final Friday, 19 th November German PPI (MoM) (Oct) The Majors It was a relatively bullish start to the week for the European majors on Monday. The CAC40 rose by 0.52% to lead the way, with the DAX30 and the EuroStoxx600 gaining 0.34% and 0.28% respectively, however. While the gains were modest, it was record highs on the day. Economic data from China provided support to riskier assets ahead of the European open. In October, industrial production rose by 3.5%, year-on-year, which was up from 3.1% in September. Economists had forecast a 3.0% increase. Retail sales figures were also upbeat, with sales rising by 4.9% year-on-year versus a forecasted 3.6%. In September, retail sales had increased by 4.4%. The pickup in spending came with the unemployment rate holding steady at 4.9%. Upbeat trade data for the Eurozone also provided support, with ECB President Lagarde towing the dovish line also market positive. The Stats Trade data for the Eurozone was in focus early in the European session. In September, the Eurozone’s trade surplus widened from a revised €3.50bn to €7.30bn. According to Eurostat , Compared with September 2020, exports of goods to the rest of the world increased by 10% to €209.3bn. Imports jumped by 21.6% to €202.0bn. Intra-euro area trade rose to €191.5bn, which was up 16.4% compared with Sep-2020. ECB President Lagarde Salient points from the ECB President’s speech included: GDP is expected to exceed its pre-pandemic level around the end of the year. Growth momentum is moderating to some extent owing to supply bottlenecks and the rise in energy prices. Although the duration of supply constraints is uncertain, they are likely to persist for several months and gradually ease only during 2022. Overall, the ECB continues to foresee inflation in the medium-term remaining below the new symmetric 2% target. Despite current inflation surge, the outlook for inflation, remains subdued. This means that the 3 conditions needing to be satisfied are very unlikely to be met next year. Story continues From the U.S Manufacturing sector activity was in focus late in the European session. In November, the NY Empire State Manufacturing Index increased from 19.8 to 30.9. According to the November Survey , New orders and shipments posted substantial increases, with unfilled orders rising. Delivery times were significantly longer. Employment grew at its fastest pace on record, and the average workweek increased. The prices paid index held near its record high, while the prices received index hit a new high. Firms remained optimistic that conditions would improve over the next 6-months, though optimism weakened. The Market Movers For the DAX: It was a bullish day for the auto sector on Monday. Continental and Daimler led the way, rising by 1.07% and by 1.12% respectively, with BMW gaining 0.44%. Volkswagen rose by just 0.01%, however. It was also a bullish day for the banks. Deutsche Bank increased by 0.49%, with Commerzbank rallying by 2.26%. From the CAC , it was also a bullish day for the banks. BNP Paribas jumped by 3.29%, with Soc Gen and Credit Agricole ending the day up by 1.79% and 0.39% respectively. It was a mixed day for the French auto sector, however. Stellantis NV rose by 0.09%, while Renault slipped by 0.25%. Air France-KLM eked out a 0.12% gain, with Airbus SE rising by 1.69%. On the VIX Index It was back into the green for the VIX on Monday. Partially reversing a 7.76% slide on Friday, the VIX rose by 1.23% to end the day at 16.49. The S&P500 ended the day flat, while the Dow and the NASDAQ both ended the day with 0.04% losses. The Day Ahead It’s a relatively busy day ahead on the Eurozone’s economic calendar . Finalized October inflation figures for France and Italy will be in focus along with 2 nd estimate GDPs for the Eurozone. Expect any revisions to the GDP numbers to have the greatest influence. From the U.S, October retail sales will also have an impact on the European majors later in the day. With inflationary pressures picking up, a slide in spending would raise concerns over the resilience of the U.S economic recovery and the FED’s stance on inflation. Away from the economic calendar, commodity prices will also need tracking. The Futures In the futures markets, at the time of writing, the Dow Mini was up by 14 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2021 European Equities: Eurozone GDP Numbers in Focus ahead of U.S Retail Sales ASX200: Futures Point South with the RBA Meeting Minutes in Focus this Morning VanEck’s Bitcoin Futures ETF to Start Trading Tomorrow Following Spot ETF Rejection The Crypto Daily – Movers and Shakers – November 16th, 2021 What are Lending Protocols? The Rise of DeFi Lending || Bitfarms Reports Record Q3 2021 Revenues, Up 22% from Q2 2021 and 559% from Q3 2020: - Grew Revenues to $44.8 Million, Up from $6.8 Million in Q3 2020 - Achieved Record Profitability with Net Income of $23.7 Million, Up from a Net Loss of $4.8 Million in Q3 2020 This news release constitutes a designated news release for the purposes of the Companys prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021. TORONTO, Ontario and BROSSARD, Québec, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. ( NASDAQ: BITF // TSXV: BITF ), a global Bitcoin self-mining company, reported its financial results for the quarter ended September 30, 2021. All financial references are in US dollars. During Q3 2021, Bitfarms mined 1,051 Bitcoin (BTC), up 38% from 759 BTC in Q2 2021, and reduced the average cost of BTC production* to $6,900/BTC, down 23% from $9,000/BTC in Q2 2021. Strong growth in production with lower costs of production and favorable Bitcoin market conditions contributed to record quarterly revenues and record profitability in the third quarter of 2021, said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. In fact, we delivered positive earnings from ongoing operations, even while continuing to invest heavily in growth and to scale the business. Bitfarms is building a truly global enterprise by focusing on strategic opportunities to cost effectively leverage our expertise and gain market share. As of today, we have increased our hashrate to over 2 Exahash per second (EH/s) and expanded our production capacity to 106 Megawatts (MW) in Canada and the U.S., with an additional 298 MW in development underway in Canada, Paraguay and Argentina. We are confident we will create additional shareholder value as we continue our efforts to achieve our computational goals of 3 EH/s by March 31, 2022, and 8 EH/s by December 31, 2022, added Grodzki. Q3 2021 Financial Highlights Increased total revenues to a record $44.8 million, up 22% from Q2 2021. Achieved record net income of $23.7 million, or $0.13 per fully diluted share, compared to a net loss of $3.7 million, or $0.02 per basic share, in Q2 2021. Increased gross mining margin** to 82%, up from 79% in Q2 2021. Reported EBITDA** of $41.8 million and EBITDA margin** of 93%, up from $2.8 million and 7% in Q2 2021. Improved Adjusted EBITDA** to $31.9 million and Adjusted EBITDA margin** to 71%, up from $23.8 million and 65% in Q2 2021. Ended the third quarter with total liquidity of $144.5 million comprised of $43.3 million in cash and 2,312 BTC valued at approximately $101.2 million based upon a Bitcoin price of approximately $43,800 as reported by Coinmarketcap.com at September 30, 2021. Story continues *Represents the direct cost of Bitcoin based on the total electricity costs and hosting costs related to the Mining of Bitcoin, excluding electricity consumed by hosting clients, divided by the total number of Bitcoin mined. **Gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS financial measures and should be read in conjunction with, and should not be viewed as alternatives to or replacements of, measures of operating results and liquidity presented in accordance with IFRS and refer readers to reconciliations of Non-IFRS measures included in the Companys MD&A. Recent Operating Highlights Purchased a 24 MW facility in Washington State, U.S., in November 2021 and entered a memorandum of understanding to co-develop up to an additional 75 MW Reached an agreement in September 2021 with the City of Sherbrooke, Québec, to fully develop 96 MW on an expedited basis. Installed latest noise reduction technology and farm designs to significantly reduce sound levels at Sherbrooke and at other farm locations. Expanded the farm in Cowansville, Québec, from 4 MW to 17 MW in October 2021. Commenced construction of: 210 MW facility in Argentina; 10 MW facility in Paraguay; and 78 MW on two new farms in Sherbrooke, Québec. Achieved by November 12, 2021, as compared to September 30, 2021: 2.0 EH/s hashrate, up from 1.5 EH/s; 106 MW in production on 6 farms, up from 69 MW on 5 farms; and 298 MW under construction on 4 farms, up from 267 MW on 3 farms. 2,780 BTC held and valued at approximately $178.4 million at a market price of $64,200/BTC as of November 12, 2021 as quoted on Coinmarketcap.com. At-the-Market (ATM) Program Update During the third quarter, under the ATM program initiated on August 16, 2021, through September 30, 2021, the Company issued 6.3 million common shares in exchange for net proceeds of $35.2 million at an average share price of approximately $5.75 USD. Subsequent to quarter end, from October 1, 2021 through November 12, 2021, an additional 12.4 million common shares were issued under the ATM in exchange for net proceeds of $72.6 million at an average share price of approximately $6.06 USD. As of November 12, 2021, a total of $111.3 million, including commissions, has been raised under the ATM. The ATM program has been an important source of capital for Bitfarms, providing flexibility to pursue our business plan and fund strategic growth opportunities, said Jeffrey Lucas, CFO of Bitfarms. We have used the ATM judiciously to support our recent acquisition in Washington state, initiate construction in Paraguay and Argentina, fund miner deliveries in the third and fourth quarters for Quebec and Washington, and make payment commitments on 48,000 miners scheduled for delivery in 2022. While the ATM will continue to have a role in our overall financing strategy, it is expected to be part of a broader range of financing options including non-dilutive sources of capital that leverage the Companys growing base of BTC and mining equipment, added Lucas. Financial Results for the Quarter ended September 30, 2021 In Q3 2021, the Company generated record revenues of $44.8 million, up $38.0 million, or 559%, compared to Q3 2020. In Q3 2021, Bitfarms generated record quarterly mining revenues of $43.5 million, up 617% from $6.1 million in Q3 2020. Q3 2021 gross mining profit and gross mining margin were $35.4 million and 82%, compared to $1.6 million and 26% in Q3 2020, respectively. The increases were primarily attributable to increases in the Companys hashrate, macro events in China, and higher average Bitcoin prices in Q3 2021 when compared to Q3 2020. Average cost of production per Bitcoin decreased to $6,900 in Q3 2021, compared to $7,500 in Q3 2020. Operating income improved to $34.1 million, compared to a loss of $3.4 million in Q3 2020. During Q3 2021, the Company recorded a gain of $13.9 million on the revaluation of Bitcoin holdings as of September 30, 2021 and $1.9 million on the reversal of impairment charges on earlier generation miners and existing infrastructure. Net income improved to $23.7 million in Q3 2021, compared to a net loss of $4.8 million, which includes $0.6 million loss on the disposition of miners in Q3 2020. EBITDA and EBITDA margin increased to $41.8 million and 93%, up from an EBITDA loss of $0.3 million and -4%, in Q3 2020, respectively. Q3 2021 Adjusted EBITDA was $31.9 million, resulting in an Adjusted EBITDA margin of 71%, compared to $365,000 and 5% in Q3 2020, respectively. At September 30, 2021, the Company held $43.3 million in cash and $101.2 million in Bitcoin for total liquidity of $144.5 million. During Q3 2021, the Company issued 6.3 million common shares under its ATM program for gross proceeds of $36.5 million, or $35.2 million net of commissions, at an average share price of $5.75 USD. In August 2021, 5.4 million warrants were exercised, resulting in proceeds of $16.3 million. Conference Call Management will host a conference call and live webcast with accompanying presentation today, Monday, November 15, 2021, at 5:30 p.m. ET to review the financial results. Following managements formal remarks there will be a question-and-answer session where management will address pre-submitted questions. The live webcast and presentation can found here . The presentation can also be downloaded from the investors section of the website www.bitfarms.com . Registered participants received their dial in number upon registration and can dial directly into the call without delay. Those without internet access or unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Bitfarms call. A webcast replay of the call will be available here commencing approximately one hour after the end of the call through November 14, 2022. A telephonic replay of the call will be available through November 22, 2021 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada (toll free) 855-669-9658 and using access code 10161109. About Bitfarms Ltd. Founded in 2017, Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and company-owned electrical engineering and installation services to deliver high operational performance and uptime. Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market. Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each Canadian facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play Bitcoin mining company audited by a Big Four audit firm. To learn more about Bitfarms events, developments, and online communities: Website: www.bitfarms.com http://www.facebook.com/bitfarms/ https://twitter.com/Bitfarms_io http://www.instagram.com/bitfarms/ http://www.linkedin.com/company/bitfarms/ Cautionary Statement Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements (collectively, forward-looking information) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and U.S. securities laws. The information in this release regarding expectations in respect to its expansion plans (including computational goals), anticipated mining capacity and receipt of new miners, and about other future plans and objectives of the Company are forward-looking information. Other forward-looking information includes, but is not limited to, information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the potential resulting significant negative impact on the Companys operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment for cryptocurrency in the applicable jurisdictions. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as expects, or does not expect, is expected, anticipates or does not anticipate, plans, budget, scheduled, forecasts, estimates, believes or intends or variations of such words and phrases or stating that certain actions, events or results may or could, would, might or will be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the global economic climate; dilution; the Companys limited operating history; future capital needs and uncertainty of additional financing including the Companys ability to utilize the Companys at-the-market offering (the ATM Program) and the prices at which the Company may sell Common Shares in the ATM Program as well as capital market conditions in general; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; dilution in relation to the ATM Program and from other equity issuances; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors that could impact future results of the business of Bitfarms include, but are not limited to: the construction and operation of blockchain infrastructure may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions, the ability to complete current and future financings, any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Companys filings on www.SEDAR.com including the annual information form for the year ended December 31, 2020, filed on April 7, 2021. The Company has also assumed that no significant events occur outside of Bitfarms normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts Investor Relations: LHA Investor Relations David Barnard +1 415-433-3777 [email protected] US Media: YAP Global Mia Grodsky, Account Executive [email protected] Québec Media: Ryan Affaires publiques Valérie Pomerleau, Public Affairs and Communications [email protected] Bitfarms Ltd. Consolidated Results of Operations (Unaudited) (U.S.$ in thousands except where indicated) Three months ended Nine months ended For the periods ended as indicated Sep. 30 2021 Sep. 30 2020 $ Change % Change Sep. 30 2021 Sep. 30 2020 $ Change % Change Revenues Cost of sales 44,774 15,306 6,795 7,827 37,979 7,479 559% 96% 109,893 37,758 23,379 23,250 86,514 14,508 370% 62% Gross profit (loss) Gross margin 29,468 66 % (1,032) (15%) 30,500 - nm - 72,135 66 % 129 1% 72,006 - nm - General and administrative expenses 10,884 1,809 9,075 502% 24,310 5,985 18,325 306% Loss (gain) on disposition of digital assets 177 - 177 100% 152 (23) 175 761% Loss (gain) on revaluation of digital assets (13,893 ) - (13,893) (100%) 992 - 992 100% Loss (gain) on disposition of PP&E 70 557 (487) (87%) (95 ) 1,264 (1,359) (108%) Impairment reversal on property plant and equipment (1,860 ) - (1,860) (100%) (1,860 ) - (1,860) (100%) Operating income (loss) Operating margin 34,090 76 % (3,398) (50%) 37,488 - nm - 48,636 44 % (7,097) (30%) 55,733 - 785% - Net financial expenses (income) (616 ) 1,363 (1,979) (145%) 23,936 3,930 20,006 509% Net income (loss) before income taxes Income tax expense (recovery) 34,706 10,973 (4,761) - 39,467 10,973 829% 100% 24,700 12,247 (11,027) (112) 35,727 12,359 324% nm Net income (loss) 23,733 (4,761) 28,494 598% 12,453 (10,915) 23,368 214% Basic earnings (loss) per share 0.14 (0.06) - - 0.08 (0.13) - - Diluted earnings (loss) per share 0.13 (0.06) - - 0.08 (0.13) - - Gross mining profit (1) 35,448 1,593 33,855 nm 85,782 8,322 77,460 931% Gross mining margin (1) 82 % 26% - - 80 % 38% - - EBITDA (1) 41,755 (274) 42,029 nm 41,472 1,973 39,499 nm EBITDA margin (1) 93 % (4%) - - 38 % 8% - - Adjusted EBITDA (1) 31,859 365 31,494 nm 75,387 4,463 70,924 nm Adjusted EBITDA margin (1) 71 % 5% - - 69 % 19% - - 1 Gross mining profit, Gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin, are non-IFRS performance measures; please refer to the Non-IFRS Financial Performance Measures section of this MD&A. Reconciliation of Consolidated Net Income (loss) to EBITDA and Adjusted EBITDA (U.S.$ in thousands except where indicated) Three months ended Nine months ended For the periods ended as indicated Sep. 30 2021 Sep. 30 2020 $ Change % Change Sep. 30 2021 Sep. 30 2020 $ Change % Change Net income (loss) before tax 34,706 (4,761) 39,467 829% 24,700 (11,027) 35,727 324% Interest expense 788 1,563 (775) (50%) 2,583 4,348 (1,765) (41%) Depreciation expense 6,261 2,924 3,337 114% 14,189 8,652 5,537 64% EBITDA 41,755 (274) 42,029 nm 41,472 1,973 39,499 nm Share based payment 5,787 534 5,253 984% 12,549 1,798 10,751 598% Loss (gain) on revaluation of digital assets (13,893 ) - (13,893) (100%) 992 - 992 100% Impairment reversal on property plant and equipment (1,860 ) - (1,860) (100%) (1,860 ) - (1,860) (100%) Financial expenses and other 70 105 (35) (33%) 22,234 692 21,542 nm Adjusted EBITDA 31,859 365 31,494 nm 75,387 4,463 70,924 nm Calculation of Gross Mining Profit & Gross Mining Margin for the Cryptocurrency Mining Segment (U.S. $ in thousands except where indicated) Three months ended Nine months ended For the periods ended as indicated Sep. 30 2021 Sep. 30 2020 $ Change % Change Sep. 30 2021 Sep. 30 2020 $ Change % Change Revenues Cost of sales 43,459 14,189 6,065 7,366 37,394 6,823 617% 93% 106,674 34,933 21,678 21,932 84,996 13,001 392% 59% Gross profit (loss) Depreciation and amortization 29,270 6,178 (1,301) 2,894 30,571 3,284 nm 113% 71,741 14,041 (254) 8,576 71,995 5,465 nm 64% Gross mining profit Gross mining margin 35,448 82 % 1,593 26% 33,855 - nm - 85,782 80 % 8,322 38% 77,460 - 931% - Gross mining profit is defined as Gross profit excluding depreciation and amortization and other minor items included in cost of sales for the Backbone segment of the Company. "Gross mining margin is defined as the percentage obtained when dividing Gross mining profit by Revenues for the Backbone segment of the Company. || Bitfarms Reports Record Q3 2021 Revenues, Up 22% from Q2 2021 and 559% from Q3 2020: - Grew Revenues to $44.8 Million, Up from $6.8 Million in Q3 2020 –- Achieved Record Profitability with Net Income of $23.7 Million, Up from a Net Loss of $4.8 Million in Q3 2020 –
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.
TORONTO, Ontario and BROSSARD, Québec, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSXV: BITF), a global Bitcoin self-mining company, reported its financial results for the quarter ended September 30, 2021. All financial references are in US dollars. During Q3 2021, Bitfarms mined 1,051 Bitcoin (BTC), up 38% from 759 BTC in Q2 2021, and reduced the average cost of BTC production* to $6,900/BTC, down 23% from $9,000/BTC in Q2 2021.
“Strong growth in production with lower costs of production and favorable Bitcoin market conditions contributed to record quarterly revenues and record profitability in the third quarter of 2021,” said Emiliano Grodzki, Bitfarms Founder and Chief Executive Officer. “In fact, we delivered positive earnings from ongoing operations, even while continuing to invest heavily in growth and to scale the business.
“Bitfarms is building a truly global enterprise by focusing on strategic opportunities to cost effectively leverage our expertise and gain market share. As of today, we have increased our hashrate to over 2 Exahash per second (EH/s) and expanded our production capacity to 106 Megawatts (MW) in Canada and the U.S., with an additional 298 MW in development underway in Canada, Paraguay and Argentina. We are confident we will create additional shareholder value as we continue our efforts to achieve our computational goals of 3 EH/s by March 31, 2022, and 8 EH/s by December 31, 2022,” added Grodzki.
Q32021FinancialHighlights
• Increased total revenues to a record $44.8 million, up 22% from Q2 2021.
• Achieved record net income of $23.7 million, or $0.13 per fully diluted share, compared to a net loss of $3.7 million, or $0.02 per basic share, in Q2 2021.
• Increased gross mining margin** to 82%, up from 79% in Q2 2021.
• Reported EBITDA** of $41.8 million and EBITDA margin** of 93%, up from $2.8 million and 7% in Q2 2021.
• Improved Adjusted EBITDA** to $31.9 million and Adjusted EBITDA margin** to 71%, up from $23.8 million and 65% in Q2 2021.
• Ended the third quarter with total liquidity of $144.5 million comprised of $43.3 million in cash and 2,312 BTC valued at approximately $101.2 million based upon a Bitcoin price of approximately $43,800 as reported by Coinmarketcap.com at September 30, 2021.
*Represents the direct cost of Bitcoin based on the total electricity costs and hosting costs related to the Mining of Bitcoin, excluding electricity consumed by hosting clients, divided by the total number of Bitcoin mined.
**Gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS financial measures and should be read in conjunction with, and should not be viewed as alternatives to or replacements of, measures of operating results and liquidity presented in accordance with IFRS and refer readers to reconciliations of Non-IFRS measures included in the Company’s MD&A.
RecentOperatingHighlights
• Purchased a 24 MW facility in Washington State, U.S., in November 2021 and entered a memorandum of understanding to co-develop up to an additional 75 MW
• Reached an agreement in September 2021 with the City of Sherbrooke, Québec, to fully develop 96 MW on an expedited basis.Installed latest noise reduction technology and farm designs to significantly reduce sound levels at Sherbrooke and at other farm locations.
• Expanded the farm in Cowansville, Québec, from 4 MW to 17 MW in October 2021.
• Commenced construction of:210 MW facility in Argentina;10 MW facility in Paraguay; and78 MW on two new farms in Sherbrooke, Québec.
• Achieved by November 12, 2021, as compared to September 30, 2021:2.0 EH/s hashrate, up from 1.5 EH/s;106 MW in production on 6 farms, up from 69 MW on 5 farms; and298 MW under construction on 4 farms, up from 267 MW on 3 farms.2,780 BTC held and valued at approximately $178.4 million at a market price of $64,200/BTC as of November 12, 2021 as quoted on Coinmarketcap.com.
At-the-Market(ATM)ProgramUpdateDuring the third quarter, under the ATM program initiated on August 16, 2021, through September 30, 2021, the Company issued 6.3 million common shares in exchange for net proceeds of $35.2 million at an average share price of approximately $5.75 USD. Subsequent to quarter end, from October 1, 2021 through November 12, 2021, an additional 12.4 million common shares were issued under the ATM in exchange for net proceeds of $72.6 million at an average share price of approximately $6.06 USD. As of November 12, 2021, a total of $111.3 million, including commissions, has been raised under the ATM.
“The ATM program has been an important source of capital for Bitfarms, providing flexibility to pursue our business plan and fund strategic growth opportunities,” said Jeffrey Lucas, CFO of Bitfarms. “We have used the ATM judiciously to support our recent acquisition in Washington state, initiate construction in Paraguay and Argentina, fund miner deliveries in the third and fourth quarters for Quebec and Washington, and make payment commitments on 48,000 miners scheduled for delivery in 2022. While the ATM will continue to have a role in our overall financing strategy, it is expected to be part of a broader range of financing options including non-dilutive sources of capital that leverage the Company’s growing base of BTC and mining equipment,” added Lucas.
Financial ResultsfortheQuarterendedSeptember30,2021In Q3 2021, the Company generated record revenues of $44.8 million, up $38.0 million, or 559%, compared to Q3 2020.
In Q3 2021, Bitfarms generated record quarterly mining revenues of $43.5 million, up 617% from $6.1 million in Q3 2020. Q3 2021 gross mining profit and gross mining margin were $35.4 million and 82%, compared to $1.6 million and 26% in Q3 2020, respectively. The increases were primarily attributable to increases in the Company’s hashrate, macro events in China, and higher average Bitcoin prices in Q3 2021 when compared to Q3 2020.
Average cost of production per Bitcoin decreased to $6,900 in Q3 2021, compared to $7,500 in Q3 2020.
Operating income improved to $34.1 million, compared to a loss of $3.4 million in Q3 2020. During Q3 2021, the Company recorded a gain of $13.9 million on the revaluation of Bitcoin holdings as of September 30, 2021 and $1.9 million on the reversal of impairment charges on earlier generation miners and existing infrastructure. Net income improved to $23.7 million in Q3 2021, compared to a net loss of $4.8 million, which includes $0.6 million loss on the disposition of miners in Q3 2020. EBITDA and EBITDA margin increased to $41.8 million and 93%, up from an EBITDA loss of $0.3 million and -4%, in Q3 2020, respectively. Q3 2021 Adjusted EBITDA was $31.9 million, resulting in an Adjusted EBITDA margin of 71%, compared to $365,000 and 5% in Q3 2020, respectively.
At September 30, 2021, the Company held $43.3 million in cash and $101.2 million in Bitcoin for total liquidity of $144.5 million. During Q3 2021, the Company issued 6.3 million common shares under its ATM program for gross proceeds of $36.5 million, or $35.2 million net of commissions, at an average share price of $5.75 USD. In August 2021, 5.4 million warrants were exercised, resulting in proceeds of $16.3 million.
ConferenceCall
Management will host a conference call and live webcast with accompanying presentation today, Monday, November 15, 2021, at 5:30 p.m. ET to review the financial results. Following management’s formal remarks there will be a question-and-answer session where management will address pre-submitted questions.
The live webcast and presentation can foundhere. The presentation can also be downloaded from the investors section of the websitewww.bitfarms.com. Registered participants received their dial in number upon registration and can dial directly into the call without delay. Those without internet access or unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Bitfarms call.
A webcast replay of the call will be availableherecommencing approximately one hour after the end of the call through November 14, 2022. A telephonic replay of the call will be available through November 22, 2021 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada (toll free) 855-669-9658 and using access code 10161109.
AboutBitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On February 24, 2021, Bitfarms was honoured to be announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.
Bitfarms has a diversified production platform with five industrial scale facilities located in Québec. Each Canadian facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts. Bitfarms is currently the only publicly traded pure-play Bitcoin mining company audited by a Big Four audit firm.
To learn more about Bitfarms’ events, developments, and online communities:
Website:www.bitfarms.com
http://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttp://www.instagram.com/bitfarms/http://www.linkedin.com/company/bitfarms/
CautionaryStatement
Trading in the securities of the Company should be considered highly speculative. Nostock exchange, securities commission or other regulatory authority has approved ordisapprovedtheinformationcontainedherein.NeithertheTSXVentureExchangenoritsRegulation Services Provider (as that term is defined in the policies of the TSX VentureExchange), Nasdaq, or any other securities exchange or regulatory authority acceptsresponsibilityfortheadequacyoraccuracyofthisrelease.
Forward-LookingStatements
This news release contains certain “forward-looking information” and “forward-lookingstatements”(collectively,“forward-lookinginformation”)thatarebasedonexpectations,estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and U.S. securities laws. The information in thisrelease regarding expectations in respect to its expansion plans (including computational goals), anticipated miningcapacity and receipt of new miners, and about other future plans and objectives of theCompanyareforward-lookinginformation.Otherforward-lookinginformationincludes,butis not limited to, information concerning: the intentions, plans and future actions of theCompany, as well as Bitfarms’ ability to successfully mine digital currency, revenueincreasing as currently anticipated, the ability to profitably liquidate current and futuredigitalcurrencyinventory,volatilityofnetworkdifficultyanddigitalcurrencypricesandthepotentialresultingsignificantnegativeimpactontheCompany’soperations,theconstruction and operation of expanded blockchain infrastructure as currently planned,and theregulatoryenvironmentfor cryptocurrencyinthe applicablejurisdictions.
Anystatementsthatinvolvediscussionswithrespecttopredictions,expectations,beliefs,plans, projections, objectives, assumptions, future events or performance (often but notalwaysusingphrasessuchas“expects”,or“doesnotexpect”,“isexpected”,“anticipates”or“doesnotanticipate”,“plans”,“budget”,“scheduled”,“forecasts”,“estimates”,“believes”or“intends”orvariationsofsuchwordsandphrasesorstatingthatcertainactions,eventsorresults“may”or“could”,“would”,“might”or“will”be takentooccurorbeachieved)arenotstatementsofhistoricalfactandmaybeforward-lookinginformationandareintendedtoidentifyforward-lookinginformation.
Thisforward-lookinginformationisbasedonassumptionsandestimatesofmanagementof the Company at the time they were made, and involves known and unknown risks,uncertainties and other factors which may cause the actual results, performance orachievementsoftheCompanytobemateriallydifferentfromanyfutureresults,performanceorachievementsexpressedorimplied bysuchforward-lookinginformation.Suchfactorsinclude,amongothers,risksrelatingto:theglobaleconomicclimate;dilution;theCompany’slimitedoperatinghistory;futurecapitalneedsanduncertaintyofadditionalfinancing including the Company’s ability to utilize the Company’s at-the-market offering(the “ATM Program”) and the prices at which the Company may sell Common Shares inthe ATM Program as well as capital market conditions in general; the competitive natureoftheindustry;currencyexchangerisks;theneedfortheCompanytomanageitsplannedgrowth and expansion;the effectsof product development and needfor continuedtechnology change; protection of proprietary rights; the effect of government regulationand compliance on the Company and the industry; network security risks; the ability ofthe Company to maintain properly working systems; reliance on key personnel; globaleconomic and financial market deterioration impeding access to capital or increasing thecost of capital; dilution in relation to the ATM Program and from other equity issuances;andvolatilesecuritiesmarketsimpactingsecuritypricingunrelatedtooperatingperformance.Inaddition,particularfactorsthatcouldimpactfutureresultsofthebusinessof Bitfarms include, but are not limited to: the construction and operation of blockchaininfrastructuremaynotoccurascurrentlyplanned,oratall;expansionmaynotmaterializeas currently anticipated, or at all; the digital currency market; the ability to successfullymine digital currency; revenue may not increase as currently anticipated, or at all; it maynot be possible to profitably liquidate the current digital currency inventory, or at all; adeclineindigitalcurrencypricesmayhaveasignificantnegativeimpactonoperations;anincreaseinnetworkdifficultymayhaveasignificantnegativeimpactonoperations;thevolatilityofdigitalcurrencyprices;theanticipatedgrowthandsustainabilityofhydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions,the ability to complete current and future financings, any regulations or laws that willpreventBitfarmsfromoperatingitsbusiness;historicalpricesofdigitalcurrenciesandtheabilitytominedigitalcurrenciesthatwillbeconsistentwithhistoricalprices;aninabilitytopredictandcounteracttheeffectsofCOVID-19onthebusinessoftheCompany,includingbutnotlimitedtotheeffectsofCOVID-19onthepriceofdigitalcurrencies,capitalmarketconditions, restriction on labour and international travel and supply chains; and, theadoption or expansion of any regulation or law that will prevent Bitfarms from operatingits business, or make it more costly to do so.For further information concerning theseand other risks and uncertainties, refer to the Company’s filings onwww.SEDAR.comincluding the annual information form for the year ended December 31, 2020, filed onApril7,2021.TheCompanyhasalsoassumedthatnosignificanteventsoccuroutsideofBitfarms’ normal course of business. Although the Company has attempted to identifyimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedin forward-looking statements, there may be other factors that cause results not to be asanticipated, estimated or intended. There can be no assurance that such statements willprovetobeaccurateasactualresultsandfutureeventscoulddiffermateriallyfromthoseanticipated in such statements. Accordingly, readers should not place undue reliance onany forward-looking information. The Company undertakes no obligation to revise orupdateanyforward-lookinginformationother thanasrequiredbylaw.
Contacts
Investor Relations:
LHAInvestorRelationsDavid Barnard+1 [email protected]
USMedia:
YAPGlobalMia Grodsky, Account [email protected]
QuébecMedia:
RyanAffairespubliquesValérie Pomerleau, Public Affairs and [email protected]
[{"BitfarmsLtd. ConsolidatedResultsofOperations(Unaudited)": ""}, ["(U.S.$ in thousands except where indicated)", "Threemonthsended", "Ninemonthsended"], ["For the periods ended as indicated", "Sep. 302021", "Sep. 302020", "$Change", "%Change", "Sep.302021", "Sep.302020", "$Change", "%Change"], ["RevenuesCost of sales", "44,77415,306", "6,7957,827", "37,9797,479", "559%96%", "109,89337,758", "23,37923,250", "86,51414,508", "370%62%"], ["Gross profit (loss)Gross margin", "29,46866%", "(1,032)(15%)", "30,500-", "nm-", "72,13566%", "1291%", "72,006-", "nm-"], ["General and administrative expenses", "10,884", "1,809", "9,075", "502%", "24,310", "5,985", "18,325", "306%"], ["Loss (gain) on disposition of digital assets", "177", "-", "177", "100%", "152", "(23)", "175", "761%"], ["Loss (gain) on revaluation of digital assets", "(13,893)", "-", "(13,893)", "(100%)", "992", "-", "992", "100%"], ["Loss (gain) on disposition of PP&E", "70", "557", "(487)", "(87%)", "(95)", "1,264", "(1,359)", "(108%)"], ["Impairment reversal on property plant and equipment", "(1,860)", "-", "(1,860)", "(100%)", "(1,860)", "-", "(1,860)", "(100%)"], ["Operating income (loss)Operating margin", "34,09076%", "(3,398)(50%)", "37,488-", "nm-", "48,63644%", "(7,097)(30%)", "55,733-", "785%-"], ["Net financial expenses (income)", "(616)", "1,363", "(1,979)", "(145%)", "23,936", "3,930", "20,006", "509%"], ["Net income (loss) before income taxesIncome tax expense (recovery)", "34,70610,973", "(4,761)-", "39,46710,973", "829%100%", "24,70012,247", "(11,027)(112)", "35,72712,359", "324%nm"], ["Net income (loss)", "23,733", "(4,761)", "28,494", "598%", "12,453", "(10,915)", "23,368", "214%"], ["Basic earnings (loss) per share", "0.14", "(0.06)", "-", "-", "0.08", "(0.13)", "-", "-"], ["Diluted earnings (loss) per share", "0.13", "(0.06)", "-", "-", "0.08", "(0.13)", "-", "-"], ["Gross mining profit(1)", "35,448", "1,593", "33,855", "nm", "85,782", "8,322", "77,460", "931%"], ["Gross mining margin(1)", "82%", "26%", "-", "-", "80%", "38%", "-", "-"], ["EBITDA(1)", "41,755", "(274)", "42,029", "nm", "41,472", "1,973", "39,499", "nm"], ["EBITDA margin(1)", "93%", "(4%)", "-", "-", "38%", "8%", "-", "-"], ["Adjusted EBITDA(1)", "31,859", "365", "31,494", "nm", "75,387", "4,463", "70,924", "nm"], ["Adjusted EBITDA margin(1)", "71%", "5%", "-", "-", "69%", "19%", "-", "-"]]
1Gross mining profit, Gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin, are non-IFRS performance measures; please refer to the Non-IFRS Financial Performance Measures section of this MD&A.
[["", "", ""], ["(U.S.$ in thousands except where indicated)", "Threemonthsended", "Ninemonthsended"], ["For the periods ended as indicated", "Sep.302021", "Sep.302020", "$Change", "%Change", "Sep.302021", "Sep.302020", "$Change", "% Change"], ["Net income (loss) before tax", "34,706", "(4,761)", "39,467", "829%", "24,700", "(11,027)", "35,727", "324%"], ["Interest expense", "788", "1,563", "(775)", "(50%)", "2,583", "4,348", "(1,765)", "(41%)"], ["Depreciation expense", "6,261", "2,924", "3,337", "114%", "14,189", "8,652", "5,537", "64%"], ["EBITDA", "41,755", "(274)", "42,029", "nm", "41,472", "1,973", "39,499", "nm"], ["Share based payment", "5,787", "534", "5,253", "984%", "12,549", "1,798", "10,751", "598%"], ["Loss (gain) on revaluation of digital assets", "(13,893)", "-", "(13,893)", "(100%)", "992", "-", "992", "100%"], ["Impairment reversal on property plantand equipment", "(1,860)", "-", "(1,860)", "(100%)", "(1,860)", "-", "(1,860)", "(100%)"], ["Financial expenses and other", "70", "105", "(35)", "(33%)", "22,234", "692", "21,542", "nm"], ["Adjusted EBITDA", "31,859", "365", "31,494", "nm", "75,387", "4,463", "70,924", "nm"]]
[{"Calculation of Gross Mining Profit & Gross Mining Margin for the Cryptocurrency Mining Segment": ""}, ["(U.S. $ in thousands except where indicated)", "Threemonthsended", "Ninemonthsended"], ["For the periods ended as indicated", "Sep.302021", "Sep.302020", "$Change", "%Change", "Sep.302021", "Sep.302020", "$Change", "%Change"], ["RevenuesCost of sales", "43,45914,189", "6,0657,366", "37,3946,823", "617%93%", "106,67434,933", "21,67821,932", "84,99613,001", "392%59%"], ["Gross profit (loss)Depreciation and amortization", "29,2706,178", "(1,301)2,894", "30,5713,284", "nm113%", "71,74114,041", "(254)8,576", "71,9955,465", "nm64%"], ["Gross mining profitGross mining margin", "35,44882%", "1,59326%", "33,855-", "nm-", "85,78280%", "8,32238%", "77,460-", "931%-"]]
“Gross mining profit” is defined as Gross profit excluding depreciation and amortization and other minor items included in cost of sales for the Backbone segment of the Company. "Gross mining margin” is defined as the percentage obtained when dividing Gross mining profit by Revenues for the Backbone segment of the Company. || What Taproot Could Mean for Bitcoin Investors: Over the weekend, bitcoin enthusiasts huddled around their screens as they waited for miners to mine Bitcoin block 709,632 . The block was mined sometime around midnight EST and, with it, three highly anticipated technological upgrades to Bitcoin were officially implemented into the protocol. Collectively, these three upgrades are referred to as “Taproot.” In short, Taproot is designed to improve Bitcoin’s security, privacy and efficiency. The expected benefits of the upgrade includes: Consolidation of all types of bitcoin transaction outputs into a singular Taproot output that will improve privacy by making different types of transactions indistinguishable Improved Bitcoin programmability Enhanced data efficiency by using a more efficient signature algorithm and transaction structuring method Boosted security due to the addition of a new signature scheme, making it a dual-signature blockchain There are a few potential drawbacks to the upgrade, but they’re minimal in the face of the benefits and only reveal themselves if Taproot is only partially adopted by network participants ( only 54% of Bitcoin nodes enforce Taproot right now, a number which has ticked up in recent days). Read the full report, The Investor’s Perspective on the Bitcoin Taproot Upgrade , here. There are also a few misconceptions of what Taproot means for network participants, stakeholders and ultimately investors, the main one being that Taproot enables flexible smart contracting capabilities that will rival the most popular smart contract blockchain, Ethereum. Before Taproot, Bitcoin did have native smart contract capabilities because Bitcoin transactions could be programmed to time payments when certain constraints are met or missed. One of the most popular implementations of Bitcoin smart contracts is the Lightning Network, which is being used in El Salvador to enable bitcoin-denominated commerce. However, in general, transactions involving Bitcoin contracts are data-heavy and bad for privacy. Story continues With Taproot, on-chain smart contracts are more viable by breaking up the execution of Bitcoin scripts. In addition, Taproot improves the usability of what are known as Discreet Log Contracts (DLC) which can be used to construct more complicated Bitcoin smart contracts. However, the implication that Taproot will make Bitcoin a smart contracting blockchain is misplaced. Read more: How Bitcoin’s Taproot Upgrade Will Improve Its Tech Stack Instead the two main takeaways for users, stakeholders and investors from the Taproot upgrade include: Bitcoin proves it is a technology that can upgrade in the face of widespread consensus, which is difficult to achieve. With this, as the “bitcoin the asset” narrative is gaining mainstream popularity, the “Bitcoin the technology” narrative is hot on its heels; not to replace it, but to augment it. Taproot lays the groundwork and foundation for potentially interesting use cases down the road that developers can build on – both from a protocol-wide level and a company-by-company level. In short, while the Taproot upgrade is a monumental part of the history of Bitcoin, there is still work to be done. A relatively popular cartoon that surfaces around important times in Bitcoin’s history, such as around the halving, does a great job showing this. The cartoon shows a stick figure with a serious look on its face, hunched over a computer watching Bitcoin blocks being mined. When the miners mine block 709,632, the stick figure raises some fireworks above its head. After that, it’s back to seriously watching the blockchain. IYKYK 🥕 https://t.co/TIiCSzv3dn pic.twitter.com/cdISlcyrOK — Mining Memo (@miningmemo) November 14, 2021 In general, the community celebrated block 709,632 with brief fireworks, but then it was back to work. Tick tock, another block. || What Taproot Could Mean for Bitcoin Investors: Over the weekend, bitcoin enthusiasts huddled around their screens as they waited for miners to mine Bitcoin block 709,632 . The block was mined sometime around midnight EST and, with it, three highly anticipated technological upgrades to Bitcoin were officially implemented into the protocol. Collectively, these three upgrades are referred to as “Taproot.” In short, Taproot is designed to improve Bitcoin’s security, privacy and efficiency. The expected benefits of the upgrade includes: Consolidation of all types of bitcoin transaction outputs into a singular Taproot output that will improve privacy by making different types of transactions indistinguishable Improved Bitcoin programmability Enhanced data efficiency by using a more efficient signature algorithm and transaction structuring method Boosted security due to the addition of a new signature scheme, making it a dual-signature blockchain There are a few potential drawbacks to the upgrade, but they’re minimal in the face of the benefits and only reveal themselves if Taproot is only partially adopted by network participants ( only 54% of Bitcoin nodes enforce Taproot right now, a number which has ticked up in recent days). Read the full report, The Investor’s Perspective on the Bitcoin Taproot Upgrade , here. There are also a few misconceptions of what Taproot means for network participants, stakeholders and ultimately investors, the main one being that Taproot enables flexible smart contracting capabilities that will rival the most popular smart contract blockchain, Ethereum. Before Taproot, Bitcoin did have native smart contract capabilities because Bitcoin transactions could be programmed to time payments when certain constraints are met or missed. One of the most popular implementations of Bitcoin smart contracts is the Lightning Network, which is being used in El Salvador to enable bitcoin-denominated commerce. However, in general, transactions involving Bitcoin contracts are data-heavy and bad for privacy. Story continues With Taproot, on-chain smart contracts are more viable by breaking up the execution of Bitcoin scripts. In addition, Taproot improves the usability of what are known as Discreet Log Contracts (DLC) which can be used to construct more complicated Bitcoin smart contracts. However, the implication that Taproot will make Bitcoin a smart contracting blockchain is misplaced. Read more: How Bitcoin’s Taproot Upgrade Will Improve Its Tech Stack Instead the two main takeaways for users, stakeholders and investors from the Taproot upgrade include: Bitcoin proves it is a technology that can upgrade in the face of widespread consensus, which is difficult to achieve. With this, as the “bitcoin the asset” narrative is gaining mainstream popularity, the “Bitcoin the technology” narrative is hot on its heels; not to replace it, but to augment it. Taproot lays the groundwork and foundation for potentially interesting use cases down the road that developers can build on – both from a protocol-wide level and a company-by-company level. In short, while the Taproot upgrade is a monumental part of the history of Bitcoin, there is still work to be done. A relatively popular cartoon that surfaces around important times in Bitcoin’s history, such as around the halving, does a great job showing this. The cartoon shows a stick figure with a serious look on its face, hunched over a computer watching Bitcoin blocks being mined. When the miners mine block 709,632, the stick figure raises some fireworks above its head. After that, it’s back to seriously watching the blockchain. IYKYK 🥕 https://t.co/TIiCSzv3dn pic.twitter.com/cdISlcyrOK — Mining Memo (@miningmemo) November 14, 2021 In general, the community celebrated block 709,632 with brief fireworks, but then it was back to work. Tick tock, another block. || What Taproot Could Mean for Bitcoin Investors: Over the weekend, bitcoin enthusiasts huddled around their screens as they waited for miners to mine Bitcoin block 709,632 . The block was mined sometime around midnight EST and, with it, three highly anticipated technological upgrades to Bitcoin were officially implemented into the protocol. Collectively, these three upgrades are referred to as “Taproot.” In short, Taproot is designed to improve Bitcoin’s security, privacy and efficiency. The expected benefits of the upgrade includes: Consolidation of all types of bitcoin transaction outputs into a singular Taproot output that will improve privacy by making different types of transactions indistinguishable Improved Bitcoin programmability Enhanced data efficiency by using a more efficient signature algorithm and transaction structuring method Boosted security due to the addition of a new signature scheme, making it a dual-signature blockchain There are a few potential drawbacks to the upgrade, but they’re minimal in the face of the benefits and only reveal themselves if Taproot is only partially adopted by network participants ( only 54% of Bitcoin nodes enforce Taproot right now, a number which has ticked up in recent days). Read the full report, The Investor’s Perspective on the Bitcoin Taproot Upgrade , here. There are also a few misconceptions of what Taproot means for network participants, stakeholders and ultimately investors, the main one being that Taproot enables flexible smart contracting capabilities that will rival the most popular smart contract blockchain, Ethereum. Before Taproot, Bitcoin did have native smart contract capabilities because Bitcoin transactions could be programmed to time payments when certain constraints are met or missed. One of the most popular implementations of Bitcoin smart contracts is the Lightning Network, which is being used in El Salvador to enable bitcoin-denominated commerce. However, in general, transactions involving Bitcoin contracts are data-heavy and bad for privacy. Story continues With Taproot, on-chain smart contracts are more viable by breaking up the execution of Bitcoin scripts. In addition, Taproot improves the usability of what are known as Discreet Log Contracts (DLC) which can be used to construct more complicated Bitcoin smart contracts. However, the implication that Taproot will make Bitcoin a smart contracting blockchain is misplaced. Read more: How Bitcoin’s Taproot Upgrade Will Improve Its Tech Stack Instead the two main takeaways for users, stakeholders and investors from the Taproot upgrade include: Bitcoin proves it is a technology that can upgrade in the face of widespread consensus, which is difficult to achieve. With this, as the “bitcoin the asset” narrative is gaining mainstream popularity, the “Bitcoin the technology” narrative is hot on its heels; not to replace it, but to augment it. Taproot lays the groundwork and foundation for potentially interesting use cases down the road that developers can build on – both from a protocol-wide level and a company-by-company level. In short, while the Taproot upgrade is a monumental part of the history of Bitcoin, there is still work to be done. A relatively popular cartoon that surfaces around important times in Bitcoin’s history, such as around the halving, does a great job showing this. The cartoon shows a stick figure with a serious look on its face, hunched over a computer watching Bitcoin blocks being mined. When the miners mine block 709,632, the stick figure raises some fireworks above its head. After that, it’s back to seriously watching the blockchain. IYKYK 🥕 https://t.co/TIiCSzv3dn pic.twitter.com/cdISlcyrOK — Mining Memo (@miningmemo) November 14, 2021 In general, the community celebrated block 709,632 with brief fireworks, but then it was back to work. Tick tock, another block. || Bitcoin creator Satoshi Nakamoto now 15th richest person in the world: Satoshi Nakamoto , the pseudonymous creator of bitcoin , is now the 15th wealthiest person in the world after the cryptocurrency s recent price rally. Nakamotos net worth is estimated to be up to $73 billion, with crypto holdings in the region of 750,000 to 1.1 million BTC. This ranks them above Walmart heirs Jim and Rob Walton, as well as Mexican entrepreneur Carlos Slim. Follow our live coverage of the crypto market The price of bitcoin hit a new all-time high earlier this month above $68,000 following an increase of more than 300 per cent over the last year. One prominent prediction model has forecast it could rise above $100,000 before the end of the year, which would see Nakamoto ascend to the top 10 of the worlds wealthiest, with a net worth on a par with investor Warren Buffett. Nakamoto described their vision for a peer-to-peer digital currency in a white paper in 2008, before launching bitcoin a few months later in January 2009. After collaborating with other developers on the project for nearly two years, Nakamoto withdrew and has not been active online for over a decade. Several bitcoin wallets that are believed to belong to Nakamoto also remain untouched, with their contents rising in value by more than 10 million per cent since they were last used. The mystery surrounding Nakamotos true identity remains unresolved, though circumstantial evidence points to several potential candidates. Early crypto pioneer Hal Finney was the first person to ever receive bitcoin through an online transaction and numerous attempts were made to link his online activity to Nakamotos. He denied being the cryptocurrencys creator and refused to speculate on who it might be until his death from amyotrophic lateral sclerosis (ALS) in August 2014. A high-profile Newsweek cover story in March 2014 claimed to have unmasked the inventor of bitcoin, claiming that Japanese-American computer scientist Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication. Story continues That same year, a book by financial author Dominic Frisby singled out Nick Szabo as bitcoins creator , pointing to his writing style and the fact he designed a pre-curser to bitcoins electronic cash system. Mr Szabo denied the claims, tweeting: Not Satoshi, but thank you. In 2015, Australian programmer Craig Wright claimed to be Satoshi Nakamoto but was broadly greeted with scepticism from senior figures within the crypto industry. A few days after proclaiming himself the inventor of bitcoin, Mr Wright retracted his claim and posted an apology to his website. I believed that I could put the years of anonymity and hiding behind me, he wrote. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Mr Wright and jointly used the pseudonym Satoshi Nakamoto in 2008 to publish bitcoins white paper. Read More How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising 200-times faster than bitcoin Bitcoin halal? Muslims in Indonesia told not to buy as crypto declared haram || Bitcoin creator Satoshi Nakamoto now 15th richest person in the world: Satoshi Nakamoto , the pseudonymous creator of bitcoin , is now the 15th wealthiest person in the world after the cryptocurrency s recent price rally. Nakamotos net worth is estimated to be up to $73 billion, with crypto holdings in the region of 750,000 to 1.1 million BTC. This ranks them above Walmart heirs Jim and Rob Walton, as well as Mexican entrepreneur Carlos Slim. Follow our live coverage of the crypto market The price of bitcoin hit a new all-time high earlier this month above $68,000 following an increase of more than 300 per cent over the last year. One prominent prediction model has forecast it could rise above $100,000 before the end of the year, which would see Nakamoto ascend to the top 10 of the worlds wealthiest, with a net worth on a par with investor Warren Buffett. Nakamoto described their vision for a peer-to-peer digital currency in a white paper in 2008, before launching bitcoin a few months later in January 2009. After collaborating with other developers on the project for nearly two years, Nakamoto withdrew and has not been active online for over a decade. Several bitcoin wallets that are believed to belong to Nakamoto also remain untouched, with their contents rising in value by more than 10 million per cent since they were last used. The mystery surrounding Nakamotos true identity remains unresolved, though circumstantial evidence points to several potential candidates. Early crypto pioneer Hal Finney was the first person to ever receive bitcoin through an online transaction and numerous attempts were made to link his online activity to Nakamotos. He denied being the cryptocurrencys creator and refused to speculate on who it might be until his death from amyotrophic lateral sclerosis (ALS) in August 2014. A high-profile Newsweek cover story in March 2014 claimed to have unmasked the inventor of bitcoin, claiming that Japanese-American computer scientist Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication. Story continues That same year, a book by financial author Dominic Frisby singled out Nick Szabo as bitcoins creator , pointing to his writing style and the fact he designed a pre-curser to bitcoins electronic cash system. Mr Szabo denied the claims, tweeting: Not Satoshi, but thank you. In 2015, Australian programmer Craig Wright claimed to be Satoshi Nakamoto but was broadly greeted with scepticism from senior figures within the crypto industry. A few days after proclaiming himself the inventor of bitcoin, Mr Wright retracted his claim and posted an apology to his website. I believed that I could put the years of anonymity and hiding behind me, he wrote. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Mr Wright and jointly used the pseudonym Satoshi Nakamoto in 2008 to publish bitcoins white paper. Read More How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising 200-times faster than bitcoin Bitcoin halal? Muslims in Indonesia told not to buy as crypto declared haram || Bitcoin creator Satoshi Nakamoto now 15th richest person in the world: Satoshi Nakamoto , the pseudonymous creator of bitcoin , is now the 15th wealthiest person in the world after the cryptocurrency s recent price rally. Nakamotos net worth is estimated to be up to $73 billion, with crypto holdings in the region of 750,000 to 1.1 million BTC. This ranks them above Walmart heirs Jim and Rob Walton, as well as Mexican entrepreneur Carlos Slim. Follow our live coverage of the crypto market The price of bitcoin hit a new all-time high earlier this month above $68,000 following an increase of more than 300 per cent over the last year. One prominent prediction model has forecast it could rise above $100,000 before the end of the year, which would see Nakamoto ascend to the top 10 of the worlds wealthiest, with a net worth on a par with investor Warren Buffett. Nakamoto described their vision for a peer-to-peer digital currency in a white paper in 2008, before launching bitcoin a few months later in January 2009. After collaborating with other developers on the project for nearly two years, Nakamoto withdrew and has not been active online for over a decade. Several bitcoin wallets that are believed to belong to Nakamoto also remain untouched, with their contents rising in value by more than 10 million per cent since they were last used. The mystery surrounding Nakamotos true identity remains unresolved, though circumstantial evidence points to several potential candidates. Early crypto pioneer Hal Finney was the first person to ever receive bitcoin through an online transaction and numerous attempts were made to link his online activity to Nakamotos. He denied being the cryptocurrencys creator and refused to speculate on who it might be until his death from amyotrophic lateral sclerosis (ALS) in August 2014. A high-profile Newsweek cover story in March 2014 claimed to have unmasked the inventor of bitcoin, claiming that Japanese-American computer scientist Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication. Story continues That same year, a book by financial author Dominic Frisby singled out Nick Szabo as bitcoins creator , pointing to his writing style and the fact he designed a pre-curser to bitcoins electronic cash system. Mr Szabo denied the claims, tweeting: Not Satoshi, but thank you. In 2015, Australian programmer Craig Wright claimed to be Satoshi Nakamoto but was broadly greeted with scepticism from senior figures within the crypto industry. A few days after proclaiming himself the inventor of bitcoin, Mr Wright retracted his claim and posted an apology to his website. I believed that I could put the years of anonymity and hiding behind me, he wrote. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Mr Wright and jointly used the pseudonym Satoshi Nakamoto in 2008 to publish bitcoins white paper. Read More How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising 200-times faster than bitcoin Bitcoin halal? Muslims in Indonesia told not to buy as crypto declared haram || Dollar, Euro Down as Investors Await U.S. Retail Sales Data: By Gina Lee Investing.com – The dollar was up on Tuesday morning in Asia, while the Euro fell to a 16-month low, as investors await U.S. retail sales data. A strong reading could pressurize the U.S. Federal Reserve to hike rates. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.02% to 95.427 by 10:37 PM ET (3:37 AM GMT). The USD/JPY pair inched up 0.07% to 114.19. The AUD/USD pair gained 0.23% to 0.7361, with the Reserve Bank of Australia (RBA) releasing the minutes from its November meeting earlier in the day. “The risks are tilted towards AUD/USD weakness today given the large gap between market pricing for rate hikes in 2022 and RBA rhetoric,” said Commonwealth Bank of Australia (OTC:CMWAY) analyst Joe Capurso. The NZD/USD pair edged up 0.19% to 0.7060. The USD/CNY pair edged down 0.17% to 6.3715, as U.S President Joe Biden and his Chinese counterpart Xi Jinping kicked off a virtual summit . The GBP/USD pair incheded up 0.10% to 1.3432. Bank of England Governor Andrew Bailey said to a parliamentary committee that he was “very uneasy” about inflation, which caused the euro’s fall to its steepest slide against the pound in six months. Overnight the EUR/USD tumbled below $1.14 for the first time since July 2021 as the number of COVID-19 cases in Europe rise. European Central Bank (ECB) President Christine Lagard pushed back on the need to tame inflation, telling European Union lawmakers, “if we were to take any tightening measures now, it could cause far more harm than it would do any good.” "We expect the cautiousness of the ECB on policy to limit recovery prospects for the euro against the dollar in the coming months," Rabobank senior FX strategist Jane Foley told Reuters. "Our current mid-2022 forecast of EUR/USD at $1.14 is looking outdated... we will be revising our forecasts later in the week." “In our view, the forecasts point to decent data, which following last week's acceleration in the U.S. consumer price index could increase bets over a hike by the Fed as soon as the tapering process is over,” JFD Group head of research Charalambos Pissouros said in a note. Story continues Meanwhile, U.S. retail sales figures will be released later in the day, and Monday's NY Empire State Manufacturing Index was a stronger-than-expected 30.90 in November. The Eurozone consumer price index is due on Wednesday. Related Articles Dollar, Euro Down as Investors Await U.S. Retail Sales Data Explainer: Bitcoin goes through major upgrade. Here is what it means Dollar at 16-month peak as focus turns to retail sales data || Dollar, Euro Down as Investors Await U.S. Retail Sales Data: By Gina Lee
Investing.com – The dollar was up on Tuesday morning in Asia, while the Euro fell to a 16-month low, as investors await U.S. retail sales data. A strong reading could pressurize the U.S. Federal Reserve to hike rates.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.02% to 95.427 by 10:37 PM ET (3:37 AM GMT).
The USD/JPY pair inched up 0.07% to 114.19.
The AUD/USD pair gained 0.23% to 0.7361, with theReserve Bank of Australia (RBA)releasing the minutes from its November meeting earlier in the day. “The risks are tilted towards AUD/USD weakness today given the large gap between market pricing for rate hikes in 2022 and RBA rhetoric,” said Commonwealth Bank of Australia (OTC:CMWAY) analyst Joe Capurso.
The NZD/USD pair edged up 0.19% to 0.7060.
The USD/CNY pair edged down 0.17% to 6.3715, as U.S President Joe Biden and his Chinese counterpart Xi Jinping kicked off avirtual summit.
The GBP/USD pair incheded up 0.10% to 1.3432.
Bank of England Governor Andrew Bailey said to a parliamentary committee that he was “very uneasy” about inflation, which caused the euro’s fall to its steepest slide against the pound in six months. Overnight the EUR/USD tumbled below $1.14 for the first time since July 2021 as the number of COVID-19 cases in Europe rise.
European Central Bank (ECB) President Christine Lagard pushed back on the need to tame inflation, telling European Union lawmakers, “if we were to take any tightening measures now, it could cause far more harm than it would do any good.”
"We expect the cautiousness of the ECB on policy to limit recovery prospects for the euro against the dollar in the coming months," Rabobank senior FX strategist Jane Foley told Reuters.
"Our current mid-2022 forecast of EUR/USD at $1.14 is looking outdated... we will be revising our forecasts later in the week."
“In our view, the forecasts point to decent data, which following last week's acceleration in the U.S.consumer price indexcould increase bets over a hike by the Fed as soon as the tapering process is over,” JFD Group head of research Charalambos Pissouros said in a note.
Meanwhile, U.S. retail sales figures will be released later in the day, and Monday'sNY Empire State Manufacturing Indexwas a stronger-than-expected 30.90 in November. The Eurozoneconsumer price indexis due on Wednesday.
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Dollar, Euro Down as Investors Await U.S. Retail Sales Data
Explainer: Bitcoin goes through major upgrade. Here is what it means
Dollar at 16-month peak as focus turns to retail sales data || Tesla rival Rivian overtakes Volkswagen as value tops $140bn: Rivian electric vehicle Tesla IPO - Michael M. Santiago/Getty Images More than 2m people find new jobs as “Great Resignation” gathers pace FTSE 100 slips 0.3pc; Wall Street rises on strong retail sales JP Morgan sues Tesla over Elon Musk's tweets Ben Marlow: Shell's HQ move is a slap in the face for Remainers and the Dutch Sign up here for our daily business briefing newsletter Electric vehicle startup Rivian has surged past Volkswagen to become the world’s third most valuable car manufacturer. The Tesla rival has seen its shares more than double since its stock market debut last week. A 10pc rise in sales on Tuesday pushed its market capitalisation to $143.5bn (£107bn). This means Rivian is now more valuable than German car giant Volkswagen and ranks in third place globally, behind only Tesla and Toyato. It’s also by far the biggest US company with no sales. 06:49 PM Wrapping up That's all from us today – thanks for following along! Here's a recap of some of our top stories: Rolling blackouts threaten Europe this winter National security concerns spark investigation of chip designer's $40bn takeover deal Two million workers find new jobs as 'Great Resignation' gathers pace JP Morgan sues Tesla over Elon Musk's tweets 06:26 PM SSE 'considers sale' of stake in power network division SSE is said to be mulling the sale of a stake in its electricity network assets as it tries to fend off pressure from activist investor Elliott Investment Manager. The energy giant is also considering a move to increase capital expenditures in its renewables business, Bloomberg report. The plans could be unveiled as part of a strategy update due on Wednesday. 06:16 PM Peloton jumps on $1bn share buyback Peloton share price fitness - Shannon Stapleton Peloton has jumped as much as 15pc after it announced plans to buy back $1bn (£744m) in shares, helping to assuage investor jitters after a grim forecast earlier this month. The fitness group had slumped 45pc after slashing its revenue forecast by up to $1bn and revising down subscriber growth estimates amid a post-pandemic slump. Story continues But shares rose as high as $54.45 on Tuesday, marking the biggest intraday gains since March. The share buyback is Peloton's first since it went public in 2019. 05:40 PM Activision tumbles on report boss knew about misconduct Activision Blizzard Call of Duty - AP Photo/Activision Shares in Activision Blizzard tumbled 5.6pc this afternoon following reports its chief executive was aware of sexual misconduct claims at the company for years and had himself been accused of mistreatment. A Wall Street Journal report outlines allegations of rape, adding that boss Bobby Kotick had been informed but failed to report them to the board. It also cites settlements where Mr Kotick himself was accused of misconduct by several women. The video game group, which makes titles such as Call of Duty, has lost about a quarter of its value since a California government agency sued the company for sexual harassment and discrimination in July. Mr Kotick is being investigated by regulators. A spokeswoman for Activision told the WSJ: “Kotick would not have been informed of every report of misconduct at every Activision Blizzard company, nor would he reasonably be expected to have been updated on all personnel issues.” 05:24 PM FTSE 100 closes lower The FTSE 100 has ended the day in the red after being dragged down by AstraZeneca and consumer goods groups. The blue-chip index fell 0.3pc to 7,326 points, with pharmaceutical firms Astra and GlaxoSmithKline dropping 4.1pc and 1.9pc respectively. British American Tobacco , Reckitt Benckiser and Unilever , which all make significant chunks of money in the US, also dragged the index lower after the pound gained ground. Vodafone was the biggest riser, gaining 4.8pc after it reported strong profit growth in the first half. The domestically-focused FTSE 250 fell 0.4pc despite data showing the labour market withstood the end of the furlough scheme. 05:14 PM Premier League chairman poised to resign Newcastle Premier League chairman Gary Hoffman - Newcastle United via Getty Images The chairman of the Premier League is said to be on the brink of handing in his resignation following a backlash from clubs over the handling of Newcastle United's Saudi-led takeover. Sky News reports that Gary Hoffman, who took up the role just 18 months ago, could announce his departure as soon as this week after coming under increasing pressure to step aside. It follows weeks of turbulence at the top-flight league over its decision to approve the £305m takeover of Newcastle by a consortium led by Saudi Arabia's sovereign wealth fund. A string of clubs have complained that they were not closely informed about the sale process, while some have argued that the deal should have been blocked altogether because of the Saudi regime's poor record on human rights. Mr Hoffman, a former Barclays executive who also chairs Monzo, became Premier League chairman in June 2020. Since then he's been faced with a raft of challenges, including the pandemic, an effort to slim down the league to 19 clubs and the disastrous European Super League saga. 04:59 PM Turkey's troubled lira tumbles lower The Turkish lira suffered one of its biggest falls of the year on Tuesday and hit fresh record lows as its troubles show no signs of abating. The lira fell by nearly 4pc to 10.36 to the dollar before clawing back some of its losses ahead of a meeting on Thursday at which the central bank is expected to lower interest rates for the third successive month. Turkey's central bank – ostensibly independent – has bowed to repeated pressure from President Recep Tayyip Erdogan to lower rates to help stimulate growth. The move has fuelled rapid economic expansion, but also pushed inflation to almost 20pc and caused the lira to lose more than a quarter of its value against the dollar this year. 04:50 PM Mr Kipling targets exceedingly large US market Mr Kipling Premier Foods US cherry bakewell cake slice - REUTERS/Phil Noble/Illustration/File Photo Mr Kipling will start selling its cherry bakewells and cake slices in the US as it looks to win over American cake lovers. Parent company Premier Foods, which also owns brands including Ambrosia and Bisto, said it will trial the move into the US and expand cake sales in Canada following a successful trial. But bosses also warned that British customers should expect price increases as inflation takes a bite out of the company's profit margins. Chief executive Alex Whitehouse said: We're seeing import cost inflation across the board on a wide range of ingredients. The last resort for us is to put through price increases but, inevitably, that is where we're going to end up but we're not sharing what we're likely to pass on to our customers at this point. 04:42 PM Walmart lifts forecasts despite supply pressures Walmart US retail - NICHOLAS KAMM/AFP via Getty Images In further signs of retail success from the US this afternoon, Walmart has ramped up its forecasts for sales and profits for the crucial Christmas trading period. The retail behemoth is expecting a boost from surging demand for toys and clothes over the festive period, even as supply chain troubles hit its margins in the third quarter. Walmart forecast like-for-like sales in the US to be more than 6pc higher for the full year, up from its previous forecast of between 5pc and 6pc. Adjusted profit is expected to be around $6.40 per share up from a previous range of $6.20 to $6.35. Walmart said that it had hired over 200,000 new store and supply chain workers to tackle the holiday rush. Chief executive Doug McMillon added: "We have the people, the products, and the prices to deliver a great holiday season for our customers and members." 04:25 PM LV blasts Royal London's 'grenade' takeover approach LV, which is in the throes of a controversial private equity takeover, has accused its rival Royal London of lobbing in a "hand grenade" to try to disrupt its agreed £530m sale. The 178-year-old mutual insurer, formerly known as Liverpool Victoria, rejected an approach by Royal London and accused it of trying to derail a deal with Bain Capital just a week before a key vote. LV said the proposal from Royal London would see the business split up and result in redundancies and possible closures among its three sites in Bournemouth, Exeter and Hitchin. Chief executive Mark Hartigan said he was "disappointed" with the timing of Royal London's move and urged members to back Bain's deal. He told PA the latest proposal was a "hand grenade to disrupt the process". LV revealed that Royal London's original bid was £540m – £10m higher than Bain's offer. But it still rebuffed the approach and said Bain's was the only formal offer on the table. 04:13 PM Two more energy suppliers go bust Two more energy suppliers have joined the ever-expanding list of failures as soaring wholesale gas prices continue to wreak havoc. Dorset-based Neon Reef – which positioned itself as a green energy supplier – said it was ceasing to trade, leaving 30,000 domestic electricity customers high and dry. It comes just weeks after regulator Ofgem ordered Neon Reef and six other suppliers to pay £17.9m in outstanding renewables fees by the end of October of face losing their licences. Meanwhile Social Energy Supply, which specialised in social housing, has collapsed with 5,500 customers. 03:58 PM Rival bidder swoops on Blue Prism The battle for control of British software company Blue Prism has taken a new twist with a US tech business preparing to trump a £1.1bn private equity offer just days before a vote on the deal. My colleague James Titcomb has the details: Aim-listed Blue Prism said SS&C, a financial technology company based in Connecticut, has approached Blue Prism about a £12 a share offer that would value it at £1.2bn. The company said it had postponed a shareholder vote on a previous £11.25-a-share offer from private equity group Vista, scheduled to be held on Friday, due to the new potential bid. The vote on Vista’s offer had been recommended by the board but was expected to be close, with activist investor Coast Capital leading a group of shareholders vocally opposing the sale. Vista had said it planned to merge Blue Prism with a rival company, Tibco, resulting in hundreds of job losses that were expected to be felt largely by the British company’s employees. Shares rose more than 10pc to £12.40, above the possible SS&C bid, suggesting investors are hoping that a further higher offer will come in. Blue Prism specialises in "robotic process automation", in which software takes care of repetitive clerical tasks. Read more on this story: US takeover of British tech firm Blue Prism in doubt 03:52 PM Imperial Brands promises second year of shake-up Imperial Brands tobacco Gauloises - REUTERS/Leonhard Foeger/File Photo/File Photo Imperial Brands has vowed that 2022 will be another year of change as higher tobacco prices helped boost its profits. The maker of Davidoff, Gauloises and Golden Virginia saw its pre-tax profits jump to £3.2bn, up from £2.2bn last year, thanks largely to the £1.1bn sale of its premium cigar business. Stripping out the impact of the sale, underlying earnings were up 4.8pc. Chief executive Stefan Bomhard said it had been a year of "significant change", with more to come in 2021-22 as the group continues to refocus on so-called next generation alternatives to cigarettes. The group said 2022 "will be a year of further reorganisation and change as we strengthen our foundations for the future". Investors seem unimpressed, however, with shares dipping 1.5pc. 03:38 PM Boost for US economy as retail sales pick up pace The American economy as been given a much-needed boost ahead of Christmas as new data showed retail sales surged in October. Retail sales rose 1.7pc last month, building on a 0.8pc increase in September and marking the third consecutive month of gains. Compared to last October, sales were up a huge 16.3pc. The upbeat data suggests rising inflation is yet to dampen spending. It could also reflect an earlier start to festive shopping as Americans try to avoid shortages. It adds to strong employment figures in October and an acceleration of service sector activity – all of which are hinting at an improved recovery for the US economy after growth slumped in the third quarter. The data helped push up US stocks, with the Dow Jones, S&P 500 and Nasdaq opening 0.5pc, 0.3pc and 0.2pc higher respectively. 02:37 PM National security concerns spark investigation of Arm takeover Nadine Dorries - REUTERS/Henry Nicholls Ministers have ordered the competition watchdog to launch an in-depth investigation into the $40bn (£30bn) sale of Cambridge technology company Arm to the US giant Nvidia, my colleague James Titcomb writes. Nadine Dorries, the Culture Secretary, told the Competition and Markets Authority (CMA) to begin a “phase 2” investigation on both competition and national security grounds. The move is the latest setback to the sale of one of Britain’s most successful technology companies, which has faced vocal opposition from parts of the tech industry. Ms Dorries said: “Arm has a unique place in the global technology supply chain and we must make sure the implications of this transaction are fully considered." The Culture Secretary has the power to block deals on national security grounds, while the CMA itself can stop them if they are regarded as a threat to competition. More details here . 02:15 PM German decision "could push Nord Stream 2 opening to late 2022" The decision by German regulators to pause the approval of Russia's Nord Stream 2 gas pipeline could push its opening back to the second half of next year, one analyst has predicted. Officials at the Bonn-based Federal Network Agency (Bundesnetzagentur) said they were suspending the certification of the 760-mile link because the consortium behind it needed to form a company under EU law to secure an operating licence. Trevor Sikorski, of Energy Aspects, told Reuters that this move would "push back expected timelines quite a bit" as it was not clear how long it would take to do what regulators are asking for. He said the first flows through the pipeline now look very unlikely in the first half of 2022. Nord Stream 2 said it had been notified by the regulator about the certification decision. "We are not in a position to comment on the details of the procedure, its possible duration and impacts on the timing of the start of the pipeline operations," the company added. 01:26 PM US drugs giant Pfizer inks deal to supply Covid pills to developing countries Pfizer has struck a licensing agreement to allow generic drug manufacturers to produce cheap versions of its new Covid-19 pill for developing countries. In a statement, the US company said it had inked the deal with the United Nations-backed Medicines Patent Pool to license the experimental pill once it is authorized by regulators. It will then be supplied by generic companies that can supply it to more than 90 countries that account for roughly 53pc of the world population, helping to bolster access to a new defence against the virus. Pfizer said it won’t get any royalties from sales in many of the countries. The company, which is also behind a successful Covid jab, found that its new pill reduced the risk of hospitalisation and death by 89pc in trials with high-risk patients. It is applying for emergency authorization in the US and aims to do so in other countries soon. Charles Gore, executive director of the Medicines Patent Pool, said: "These are potentially life-saving drugs. "The sooner we can get it out there, the more people who won’t need to go to the hospital and won’t die.” 12:35 PM Boeing wins Indian 737 Max order 737 Max Boeing has won an order for 72 of its 737 Max jets at the Dubai Airshow. Akasa Air, a Mumbai-based carrier, will start taking delivery of the planes from mid-2022. The deal is worth $9bn at list prices and lets Boeing make a dent an Indian market dominated by arch rival Airbus. Akasa chief executive, Vinay Dube, says: “India is one of the fastest-growing aviation markets in the world, with an unaparalleled potential. We are already witnessing a strong recovery in air travel, and we see decades of growth ahead of us.” Akasa plans to take on budget carriers including SpiceJet and market leader IndiGo. 12:11 PM Hiring now: Vacancies by sector Who is hiring? This breakdown of vacancies by sector gives an idea of which industries are suffering the biggest shortages of workers: 12:10 PM Who will be the next Fed chairman? Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard - REUTERS/Ann Saphir Wall Street is eagerly awaiting a decision from the White House on who the next chairman of the Federal Reserve will be. Joe Biden, the US President, is said to have interviewed two potential candidates, with a decision expected "imminently", according to Bloomberg. The contenders are incumbent Jerome Powell, pictured right, and Fed governor Lael Brainard, pictured left. Mr Powell, a Republican, was appointed by Donald Trump in 2018. His rival, Ms Brainard, is the high-flying economist who served under Barack Obama as his main emissary on international finance. She is regarded by some Democrats as being a better fit than Mr Powell with the President's economic agenda, having previously been a leading proponent of tighter regulation in Wall Street. The choice of Fed chairman is seen as critical because a more dovish candidate may decide to wait longer before raising interest rates. However, experts say it is not clear if there is much of a policy difference between the two on that subject. 11:51 AM Stories in graphs: The Great Resignation and rising vacancies Following the release of labour market stats this morning, you can see the story of the "Great Resignation" and the surge in vacancies playing out in these graphs from our data team: 11:32 AM Biden's bill bashes Bitcoin with new tax rules Cryptocurrencies are sliding today, with Bitcoin dropping below $60,000 and Ether at its lowest levels this month. Bitcoin, the largest digital token, dipped by more than 8pc to $58,661 and second-ranked Ether tumbled more than 10pc. Overall the value of the global crypto market has fallen by about 10pc to $2.7 trillion in the past 24 hours, according tracker CoinGecko. Analysts believe the drop is linked to new tax disclosure rules for owners of digital currencies, which are part of the mammoth $1.2 trillion infrastructure bill just signed into law by US President Joe Biden . Bloomberg has this: Technical indicators had suggested the strong run of late across the notoriously volatile market was due for a pause. Some analysts also attributed the dip to new tax-reporting requirements for digital currencies that are part of the infrastructure bill, which President Joe Biden signed into law Monday. “We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact, a social-trading platform. Hughes also cited concerns about China continuing its regulatory crackdown. The country will study the option of levying punitive power prices for companies that are involved in cryptocurrency mining, National Development and Reform Commission spokeswoman Meng Wei said at a press conference. Bitcoin has more than doubled in value this year, while Ether is up about sixfold. 11:22 AM The Great Resignation: How 2m handed in their notice over the summer More than two million people found a new job over the summer as the “Great Resignation” gathers pace and workers reassess their post-Covid options. Official figures show that almost one million moved from one job to another in the three months to September, my colleague Tim Wallace reports. They were joined by another 589,000 people who were previously unemployed but found a job over the quarter, as well as more than 600,000 who were previously "inactive" - neither in work nor looking for work - and found employment. Read more here . 11:13 AM Explained: Russia's Nord Stream 2 gas pipeline Owned by Russian state gas company Gazprom, the Nord Stream 2 pipeline runs from Russia to Germany under the Baltic Sea. The 760-mile link has been built at a cost of €9.5bn (£8bn) and could potentially meet one third of Europe's gas needs, according to Gazprom. But it has long been controversial because it will allow Russia to bypass Ukraine when sending gas to European markets. Critics, including the UK and the US, are also concerned that it risks increasing the Continent's reliance on Russian gas. In recent weeks, Russia has been accused of withholding gas supplies from Europe to put pressure on Germany to approve the pipeline, which has been built but is awaiting final approval. Gas is in short supply globally and gas prices in Britain and Europe have climbed as much as six-fold, pushing 19 UK household energy suppliers out of business since September and causing household bills to rise. But Boris Johnson yesterday warned European leaders that they must choose between “mainlining” Russian gas and defending peace in Ukraine . 11:01 AM British gas prices leap 10pc higher on Russian pipeline delay British wholesale gas prices have jumped 10pc higher this morning after the approval of Russia's new pipeline was delayed, my colleague Rachel Millard writes. The surge followed a decision by German regulators to temporarily suspend certification of the controversial Nord Stream 2 link. Wholesale gas prices in Britain leapt 10p to £2.25 per therm on news of the suspension this morning, tracking similar jumps in European markets. Britain does not import much gas directly from Russia, but does import from Europe which gets about 40pc of its gas from Russia. In a brief statement, regulators in Germany said they were suspending the certification after Nord Stream 2 decided to set up a subsidiary to run the Germany part of the pipeline, which now needed to be formed under German law. “The Bundesnetzagentur [regulator] concluded that it would only be possible to certify an operator of the Nord Stream 2 pipeline if that operator was organised in a legal form under German law,” they said. “The subsidiary must then fulfil the requirements of an independent transmission operator as set out in the German Energy Industry Act.” 10:50 AM Why has Germany suspended Nord Stream 2's approval? Vladimir Putin has been pressuring Germany to approve Nord Stream 2, which will allow Russia to bypass existing pipelines through Ukraine. But today regulators in Berlin suspended the approvals process because the project does not meet German and EU laws requiring pipeline operators to be separately owned from energy suppliers. Nord Stream has chosen to address this by setting up a new subsidiary company in Germany to operate the pipeline. Justin Huggler has more on the story here . 10:40 AM Rishi takes a dig at the Guardian The Chancellor, Rishi Sunak, has been poking fun at the Guardian over one of the newspaper's front pages last year. He says it hasn't "aged well" in light of today's labour market figures... 📉Unemployment down for nine months in a row 💼Record numbers of people in work 🤝100,000 young people in Kickstart jobs Proud that this 👇 didn't age well. #PlanForJobs https://t.co/Xn99EwyAaL — Rishi Sunak (@RishiSunak) November 16, 2021 10:28 AM Wagamama owner shares surge Shares in the the Restaurant Group have surged after the owner of casual dining chains including Wagamama and Chiquito raised its profit guidance following reporting better-than-expected sales. In a brief trading update, the company said it had "traded well" since September with like-for-like sales compared to 2019 outperforming the rest of the market. Restaurant Group now expects adjusted profit of between £73m to £79m. Shares rose by almost a fifth to 94p, but are still a long way off their 533p high of 2015. 10:18 AM Fortnite developer: Introduce a "universal" app store Fortnite, made by Epic Games Smartphone users should be able to access a single, universal app store, regardless of whether their handsets are made by Apple or Google, a top gaming boss has said. Tim Sweeney, chief executive of Epic Games, the developed behind popular title Fortnite, renewed his attacks on the two tech giants as his firm's legal battle with them rumbled on. Speaking in Seoul he said: What the world really needs now is a single store that works with all platforms. Right now software ownership is fragmented between the iOS App Store, the Android Google Play marketplace, different stores on Xbox, PlayStation, and Nintendo Switch, and then Microsoft Store and the Mac App Store. Epic has been locked in a legal fight with Apple and Google for more than a year over how they handle payments. The developer forced a confrontation by releasing a version of Fortnite that included its own payment system, circumventing those run by the tech firms. Its game was subsequently removed from both Apple's App Store and Google's Play Store for breaching their rules, prompting Sweeney’s company to sue the two operators. Apple and Google say the fees they charge on purchases via their mobile marketplaces help provide security for users and a global audience for developers. 09:53 AM Problems the UK does not have: a lack of jobs Simon French, chief economist at Panmure Gordon, tweets this following this morning's labour market stats: Single month UK jobs data even stronger than the headline (4.3%) with the unemployment rate down to 3.9% in September - lower than at the start of the pandemic. Whatever problems the UK economy has, creating employment is not one of them! — Simon French (@shjfrench) November 16, 2021 09:48 AM Party time at Diageo as drinks giant predicts double-digit sales growth Diageo - Jeff J Mitchell/Getty Images Drinks group Diageo has today said it expects organic net sales to grow by double digits in the first half of the year, as customers spend more on high-end brands. It prompted shares of the world's largest spirits maker to rise by as much as 3.4pc and hit a new record of 3,948 pence in morning trading. Issuing guidance ahead of its capital markets day, the Johnnie Walker whisky and Tanqueray gin maker said it expects organic net sales growth of at least 16pc in the first half of its 2022 financial year, ending June 30, and for organic operating profit growth to be ahead of sales growth. The pandemic has been a boon to the FTSE 100 firm as locked down consumers stocked up on alcohol and beers and traded up to more premium versions due to higher savings. Russ Mould, investment director at AJ Bell, said it was "party time" for the company: Currently helping Diageo is the fact that people have been eager to get out and socialise following lockdowns. We could have seen a big chunk of the nation decide they no longer wanted to congregate in crowded places, but so far, the signs have been very encouraging for the drinks sector. Pubs and bars are filling up again, and nightclubs are also getting back on their feet. This is providing momentum for Diageo’s earnings and what would help next is a removal of more travel restrictions, as that could pave the way for a recovery in duty-free spirits sales. 09:27 AM Today in Telegraph Money As always, there's plenty going on in the world of money and my colleagues on the Telegraph's personal finance team have the latest. Here's a round-up of their top stories today: Women are having to save £210 more every month than men to get the same lifestyle in retirement HM Revenue & Customs has spent millions of pounds of taxpayer money on home office gadgets for staff Rents are rising at the fastest rate in more than a decade 09:19 AM Pound up, FTSE down after unemployment falls The bigger-than-expected drop in unemployment this morning has sent the pound up against the dollar but the FTSE 100 is down. Traders have been spurred into action by the labour market stats because analysts believe they make an interest rate rise more likely. That would potentially make the UK a more attractive place for foreign investors to put their money, with sterling up 0.3pc to $1.35 this morning. However, at the same time, a stronger pound means British companies that make lots of money abroad will get less when they repatriate foreign earnings. This will be one factor pushing the Footsie - an index made up of big, multinational firms - 0.16pc lower this morning. 09:03 AM Return of office workers lifts LandSec property values Piccadilly Lights in the West End, London, owned by LandSec - David Parry/PA Wire Elsewhere today, Land Securities, the UK’s biggest office and retail landlord, has reported an increase in the value of its portfolio for the first time since the Brexit vote six years ago. The firm, which owns the Piccadilly Lights, said its properties rose in value to £11bn in the six months to September 30, up from £10.8bn a year earlier. It came as the firm reported "steadily rising office utilisation" and said the further easing of international travel restrictions would help lift footfall in cities. In September, office occupancy peaked at 66pc of pre-pandemic levels, LandSec said. Shares in the company are up by 2.5pc this morning, at 727.9p. 08:52 AM Labour stats "make interest rates rise more likely" There’s plenty of reaction to this morning’s labour market figures, with analysts seeming to agree that falling unemployment will put more pressure on the Bank of England to hike interest rates. Susannah Streeter , senior investment and markets analyst, Hargreaves Lansdown, says: Fears that a big chunk of furloughed staff would lose their positions led to the Bank of England holding off an interest rate rise at the last meeting. But the jobs queues are getting shorter, as the big fight for staff continues, with the unemployment rate coming in at 4.3pc, a notch lower than forecast. The governor of the Bank of England Andrew Bailey says he’s uneasy about rising inflation and the jobs figures are another indicator that there could be a fresh sugar rush of higher wages. If the jam sandwich of sticky prices shows little sign of easing, it looks increasingly likely the Bank will raise rates. Laith Khalaf , head of investment analysis at AJ Bell, says: As we approach Christmas, it’s extremely positive news that unemployment is so low. It’s less good news for employers that vacancies remain at record highs, which shows that many businesses are still struggling to attract staff as we approach the busy festive period. The big economic question is whether the jobs squeeze is going to worsen inflationary pressures, as employers try to outbid each other for workers. These latest job figures will be digested by the powers that be on Threadneedle Street and will solidify the case for an interest rate rise. Given the shakiness of some of the current data, the Bank of England will probably wait until February to make its move though. Michael Hewson , chief market analyst at CMC Markets UK, says: If Bank of England governor Andrew Bailey was serious when he said he was looking at UK labour market data for clues as to whether to raise rates, then today’s unemployment data is giving him fewer excuses not to act with a modest rate increase next month. This of course assumes you can believe anything he and the MPC say on the matter. His assertion yesterday that he feels uneasy about high levels of inflation won’t have been eased by today’s latest labour market data. What is more concerning is why this uncertainty over a rate rise even exists at all, and that is entirely down to the inability of the Bank of England to stick to a particular narrative. The Bank of England has been utterly woeful in recent years in guiding market expectations, unlike the Federal Reserve which generally has been much more consistent. 08:18 AM Chancellor hails unemployment fall as "testament to furlough success" Chancellor Rishi Sunak - JEFF OVERS/BBC/AFP via Getty Images Rishi Sunak , the Chancellor, has hailed the drop in unemployment this morning as the final proof that the Government's jobs-protecting furlough scheme did what it was intended to do. The unprecedented scheme, which ran from March 2020 to September 2021, saw the state pay a share of the wages for private sector staff who otherwise were at risk of losing their jobs during the pandemic. It came at a total cost of nearly £70bn to taxpayers. But in the first month after the end of furlough - October - firms added 160,000 staff to their payrolls, according to the Office for National Statistics , suggesting few staff were laid off after exiting furlough. Mr Sunak said: Today’s numbers are testament to the extraordinary success of the furlough scheme and welcome evidence that our Plan for Jobs has worked. We know how vital keeping people in good jobs is, both for them and for our economy – which is why it’s fantastic to see the unemployment rate falling for 9 months in a row and record numbers of people moving into employment. Our Plan for Jobs is at the heart of our vision for a stronger economy for the British people, with schemes like Kickstart and Sector Based Work Academies continuing to create opportunities for people up and down the country. 08:05 AM Labour stats: What does this mean for interest rates? Speaking to MPs yesterday, the Governor of the Bank of England once again suggested an interest rates rise could be on the cards as policymakers fret about rising inflation. But Andrew Bailey was also at pains to point out that what is happening in the labour market "really is the crucial part of it". This is because hiking interest rates too soon could hit struggling firms with extra costs, triggering a wave of redundancies. "We have not seen enough of that story post-furlough scheme," Mr Bailey added. With this morning's figures, however, some of that fog is starting to lift - and it may increase expectations of a rate rise next month when the Bank's Monetary Policy Committee meets. Michael Hewson, chief market analyst at CMC Markets UK, points out that another data release is due in December, just before the MPS meets. However, Mr Hewson disagrees with Mr Bailey's contention that holding rates at record lows this month was a "close call": 7-2 is not a close call, and one can’t help feeling that while [Mr Bailey] may have been in favour of a modest rate rise, it has been suggested he wasn’t able to convince enough members of the MPC to do the same and decided to go with the majority. 07:53 AM The Great Resignation continues If you have moved jobs this year, you're far from alone. That's the message from the Office for National Statistics this morning, which suggests the pandemic phenomenon dubbed "the Great Resignation" is borne out in figures. This has seen masses of employees reassess their working lives, hand in their notices and l eave for pastures new. The ONS says total job-to-job moves totalled a record 979,000 from July to September, "largely driven by resignations rather than dismissals". The quarterly increase in employment was driven by a record high net flow from unemployment to employment. Total job-to-job moves also increased to a record high, largely driven by resignations rather than dismissals, during the July to September 2021 period. 07:35 AM UK firms add 160,000 to payrolls Good morning. British employers added 160,000 workers to their payrolls in October, official figures have revealed. It was the first month after the end of the Government's job-protecting furlough scheme. At the same time, the unemployment rate for July to September fell to 4.3pc, down by 0.5pc compared to a year earlier, the Office for National Statistics said. 5 things to start your day 1) Shell plan to quit Netherlands is 'vote of confidence' in UK Firm says unified structure will help to 'accelerate switch to net zero' 2) Andrew Bailey 'incredibly uneasy' at surging prices Bank of England Governor expects inflationary pressures to be temporary depending on whether they feed into wages. 3) Tesla deliveries hit by missing parts as shortages bite Some customers find their vehicles lack phone charging stations and USB ports as crisis catches up with Elon Musk's electric car giant. 4) AstraZeneca hits production milestone of 2bn Covid jab doses British pharmaceutical giant is the first company in the West to hit the number as it prepares to begin profiting from its jab. 5) Supply chain crisis threatens Britain's £1 trillion export target Boris Johnson's goal of £1 trillion in exports by 2034 is "ambitious" given the pandemic's disruption, analysts warn. What happened overnight In early trade, Hong Kong led gains with tech firms building on a recent advance as concerns about China's recent crackdown on the sector ease. Shanghai, Singapore, Seoul and Taipei also rose, though there were losses in Sydney, Wellington, Manila and Jakarta. Coming up today Corporate: Imperial Brands, Land Securities Group (full-year results) ; Homeserve, Intermediate Capital Group, Premier Foods, Vodafone, Ninety One (interims) Economics: Unemployment (UK) , GDP (EU) || Tesla rival Rivian overtakes Volkswagen as value tops $140bn: Rivian electric vehicle Tesla IPO - Michael M. Santiago/Getty Images More than 2m people find new jobs as “Great Resignation” gathers pace FTSE 100 slips 0.3pc; Wall Street rises on strong retail sales JP Morgan sues Tesla over Elon Musk's tweets Ben Marlow: Shell's HQ move is a slap in the face for Remainers and the Dutch Sign up here for our daily business briefing newsletter Electric vehicle startup Rivian has surged past Volkswagen to become the world’s third most valuable car manufacturer. The Tesla rival has seen its shares more than double since its stock market debut last week. A 10pc rise in sales on Tuesday pushed its market capitalisation to $143.5bn (£107bn). This means Rivian is now more valuable than German car giant Volkswagen and ranks in third place globally, behind only Tesla and Toyato. It’s also by far the biggest US company with no sales. 06:49 PM Wrapping up That's all from us today – thanks for following along! Here's a recap of some of our top stories: Rolling blackouts threaten Europe this winter National security concerns spark investigation of chip designer's $40bn takeover deal Two million workers find new jobs as 'Great Resignation' gathers pace JP Morgan sues Tesla over Elon Musk's tweets 06:26 PM SSE 'considers sale' of stake in power network division SSE is said to be mulling the sale of a stake in its electricity network assets as it tries to fend off pressure from activist investor Elliott Investment Manager. The energy giant is also considering a move to increase capital expenditures in its renewables business, Bloomberg report. The plans could be unveiled as part of a strategy update due on Wednesday. 06:16 PM Peloton jumps on $1bn share buyback Peloton share price fitness - Shannon Stapleton Peloton has jumped as much as 15pc after it announced plans to buy back $1bn (£744m) in shares, helping to assuage investor jitters after a grim forecast earlier this month. The fitness group had slumped 45pc after slashing its revenue forecast by up to $1bn and revising down subscriber growth estimates amid a post-pandemic slump. Story continues But shares rose as high as $54.45 on Tuesday, marking the biggest intraday gains since March. The share buyback is Peloton's first since it went public in 2019. 05:40 PM Activision tumbles on report boss knew about misconduct Activision Blizzard Call of Duty - AP Photo/Activision Shares in Activision Blizzard tumbled 5.6pc this afternoon following reports its chief executive was aware of sexual misconduct claims at the company for years and had himself been accused of mistreatment. A Wall Street Journal report outlines allegations of rape, adding that boss Bobby Kotick had been informed but failed to report them to the board. It also cites settlements where Mr Kotick himself was accused of misconduct by several women. The video game group, which makes titles such as Call of Duty, has lost about a quarter of its value since a California government agency sued the company for sexual harassment and discrimination in July. Mr Kotick is being investigated by regulators. A spokeswoman for Activision told the WSJ: “Kotick would not have been informed of every report of misconduct at every Activision Blizzard company, nor would he reasonably be expected to have been updated on all personnel issues.” 05:24 PM FTSE 100 closes lower The FTSE 100 has ended the day in the red after being dragged down by AstraZeneca and consumer goods groups. The blue-chip index fell 0.3pc to 7,326 points, with pharmaceutical firms Astra and GlaxoSmithKline dropping 4.1pc and 1.9pc respectively. British American Tobacco , Reckitt Benckiser and Unilever , which all make significant chunks of money in the US, also dragged the index lower after the pound gained ground. Vodafone was the biggest riser, gaining 4.8pc after it reported strong profit growth in the first half. The domestically-focused FTSE 250 fell 0.4pc despite data showing the labour market withstood the end of the furlough scheme. 05:14 PM Premier League chairman poised to resign Newcastle Premier League chairman Gary Hoffman - Newcastle United via Getty Images The chairman of the Premier League is said to be on the brink of handing in his resignation following a backlash from clubs over the handling of Newcastle United's Saudi-led takeover. Sky News reports that Gary Hoffman, who took up the role just 18 months ago, could announce his departure as soon as this week after coming under increasing pressure to step aside. It follows weeks of turbulence at the top-flight league over its decision to approve the £305m takeover of Newcastle by a consortium led by Saudi Arabia's sovereign wealth fund. A string of clubs have complained that they were not closely informed about the sale process, while some have argued that the deal should have been blocked altogether because of the Saudi regime's poor record on human rights. Mr Hoffman, a former Barclays executive who also chairs Monzo, became Premier League chairman in June 2020. Since then he's been faced with a raft of challenges, including the pandemic, an effort to slim down the league to 19 clubs and the disastrous European Super League saga. 04:59 PM Turkey's troubled lira tumbles lower The Turkish lira suffered one of its biggest falls of the year on Tuesday and hit fresh record lows as its troubles show no signs of abating. The lira fell by nearly 4pc to 10.36 to the dollar before clawing back some of its losses ahead of a meeting on Thursday at which the central bank is expected to lower interest rates for the third successive month. Turkey's central bank – ostensibly independent – has bowed to repeated pressure from President Recep Tayyip Erdogan to lower rates to help stimulate growth. The move has fuelled rapid economic expansion, but also pushed inflation to almost 20pc and caused the lira to lose more than a quarter of its value against the dollar this year. 04:50 PM Mr Kipling targets exceedingly large US market Mr Kipling Premier Foods US cherry bakewell cake slice - REUTERS/Phil Noble/Illustration/File Photo Mr Kipling will start selling its cherry bakewells and cake slices in the US as it looks to win over American cake lovers. Parent company Premier Foods, which also owns brands including Ambrosia and Bisto, said it will trial the move into the US and expand cake sales in Canada following a successful trial. But bosses also warned that British customers should expect price increases as inflation takes a bite out of the company's profit margins. Chief executive Alex Whitehouse said: We're seeing import cost inflation across the board on a wide range of ingredients. The last resort for us is to put through price increases but, inevitably, that is where we're going to end up but we're not sharing what we're likely to pass on to our customers at this point. 04:42 PM Walmart lifts forecasts despite supply pressures Walmart US retail - NICHOLAS KAMM/AFP via Getty Images In further signs of retail success from the US this afternoon, Walmart has ramped up its forecasts for sales and profits for the crucial Christmas trading period. The retail behemoth is expecting a boost from surging demand for toys and clothes over the festive period, even as supply chain troubles hit its margins in the third quarter. Walmart forecast like-for-like sales in the US to be more than 6pc higher for the full year, up from its previous forecast of between 5pc and 6pc. Adjusted profit is expected to be around $6.40 per share up from a previous range of $6.20 to $6.35. Walmart said that it had hired over 200,000 new store and supply chain workers to tackle the holiday rush. Chief executive Doug McMillon added: "We have the people, the products, and the prices to deliver a great holiday season for our customers and members." 04:25 PM LV blasts Royal London's 'grenade' takeover approach LV, which is in the throes of a controversial private equity takeover, has accused its rival Royal London of lobbing in a "hand grenade" to try to disrupt its agreed £530m sale. The 178-year-old mutual insurer, formerly known as Liverpool Victoria, rejected an approach by Royal London and accused it of trying to derail a deal with Bain Capital just a week before a key vote. LV said the proposal from Royal London would see the business split up and result in redundancies and possible closures among its three sites in Bournemouth, Exeter and Hitchin. Chief executive Mark Hartigan said he was "disappointed" with the timing of Royal London's move and urged members to back Bain's deal. He told PA the latest proposal was a "hand grenade to disrupt the process". LV revealed that Royal London's original bid was £540m – £10m higher than Bain's offer. But it still rebuffed the approach and said Bain's was the only formal offer on the table. 04:13 PM Two more energy suppliers go bust Two more energy suppliers have joined the ever-expanding list of failures as soaring wholesale gas prices continue to wreak havoc. Dorset-based Neon Reef – which positioned itself as a green energy supplier – said it was ceasing to trade, leaving 30,000 domestic electricity customers high and dry. It comes just weeks after regulator Ofgem ordered Neon Reef and six other suppliers to pay £17.9m in outstanding renewables fees by the end of October of face losing their licences. Meanwhile Social Energy Supply, which specialised in social housing, has collapsed with 5,500 customers. 03:58 PM Rival bidder swoops on Blue Prism The battle for control of British software company Blue Prism has taken a new twist with a US tech business preparing to trump a £1.1bn private equity offer just days before a vote on the deal. My colleague James Titcomb has the details: Aim-listed Blue Prism said SS&C, a financial technology company based in Connecticut, has approached Blue Prism about a £12 a share offer that would value it at £1.2bn. The company said it had postponed a shareholder vote on a previous £11.25-a-share offer from private equity group Vista, scheduled to be held on Friday, due to the new potential bid. The vote on Vista’s offer had been recommended by the board but was expected to be close, with activist investor Coast Capital leading a group of shareholders vocally opposing the sale. Vista had said it planned to merge Blue Prism with a rival company, Tibco, resulting in hundreds of job losses that were expected to be felt largely by the British company’s employees. Shares rose more than 10pc to £12.40, above the possible SS&C bid, suggesting investors are hoping that a further higher offer will come in. Blue Prism specialises in "robotic process automation", in which software takes care of repetitive clerical tasks. Read more on this story: US takeover of British tech firm Blue Prism in doubt 03:52 PM Imperial Brands promises second year of shake-up Imperial Brands tobacco Gauloises - REUTERS/Leonhard Foeger/File Photo/File Photo Imperial Brands has vowed that 2022 will be another year of change as higher tobacco prices helped boost its profits. The maker of Davidoff, Gauloises and Golden Virginia saw its pre-tax profits jump to £3.2bn, up from £2.2bn last year, thanks largely to the £1.1bn sale of its premium cigar business. Stripping out the impact of the sale, underlying earnings were up 4.8pc. Chief executive Stefan Bomhard said it had been a year of "significant change", with more to come in 2021-22 as the group continues to refocus on so-called next generation alternatives to cigarettes. The group said 2022 "will be a year of further reorganisation and change as we strengthen our foundations for the future". Investors seem unimpressed, however, with shares dipping 1.5pc. 03:38 PM Boost for US economy as retail sales pick up pace The American economy as been given a much-needed boost ahead of Christmas as new data showed retail sales surged in October. Retail sales rose 1.7pc last month, building on a 0.8pc increase in September and marking the third consecutive month of gains. Compared to last October, sales were up a huge 16.3pc. The upbeat data suggests rising inflation is yet to dampen spending. It could also reflect an earlier start to festive shopping as Americans try to avoid shortages. It adds to strong employment figures in October and an acceleration of service sector activity – all of which are hinting at an improved recovery for the US economy after growth slumped in the third quarter. The data helped push up US stocks, with the Dow Jones, S&P 500 and Nasdaq opening 0.5pc, 0.3pc and 0.2pc higher respectively. 02:37 PM National security concerns spark investigation of Arm takeover Nadine Dorries - REUTERS/Henry Nicholls Ministers have ordered the competition watchdog to launch an in-depth investigation into the $40bn (£30bn) sale of Cambridge technology company Arm to the US giant Nvidia, my colleague James Titcomb writes. Nadine Dorries, the Culture Secretary, told the Competition and Markets Authority (CMA) to begin a “phase 2” investigation on both competition and national security grounds. The move is the latest setback to the sale of one of Britain’s most successful technology companies, which has faced vocal opposition from parts of the tech industry. Ms Dorries said: “Arm has a unique place in the global technology supply chain and we must make sure the implications of this transaction are fully considered." The Culture Secretary has the power to block deals on national security grounds, while the CMA itself can stop them if they are regarded as a threat to competition. More details here . 02:15 PM German decision "could push Nord Stream 2 opening to late 2022" The decision by German regulators to pause the approval of Russia's Nord Stream 2 gas pipeline could push its opening back to the second half of next year, one analyst has predicted. Officials at the Bonn-based Federal Network Agency (Bundesnetzagentur) said they were suspending the certification of the 760-mile link because the consortium behind it needed to form a company under EU law to secure an operating licence. Trevor Sikorski, of Energy Aspects, told Reuters that this move would "push back expected timelines quite a bit" as it was not clear how long it would take to do what regulators are asking for. He said the first flows through the pipeline now look very unlikely in the first half of 2022. Nord Stream 2 said it had been notified by the regulator about the certification decision. "We are not in a position to comment on the details of the procedure, its possible duration and impacts on the timing of the start of the pipeline operations," the company added. 01:26 PM US drugs giant Pfizer inks deal to supply Covid pills to developing countries Pfizer has struck a licensing agreement to allow generic drug manufacturers to produce cheap versions of its new Covid-19 pill for developing countries. In a statement, the US company said it had inked the deal with the United Nations-backed Medicines Patent Pool to license the experimental pill once it is authorized by regulators. It will then be supplied by generic companies that can supply it to more than 90 countries that account for roughly 53pc of the world population, helping to bolster access to a new defence against the virus. Pfizer said it won’t get any royalties from sales in many of the countries. The company, which is also behind a successful Covid jab, found that its new pill reduced the risk of hospitalisation and death by 89pc in trials with high-risk patients. It is applying for emergency authorization in the US and aims to do so in other countries soon. Charles Gore, executive director of the Medicines Patent Pool, said: "These are potentially life-saving drugs. "The sooner we can get it out there, the more people who won’t need to go to the hospital and won’t die.” 12:35 PM Boeing wins Indian 737 Max order 737 Max Boeing has won an order for 72 of its 737 Max jets at the Dubai Airshow. Akasa Air, a Mumbai-based carrier, will start taking delivery of the planes from mid-2022. The deal is worth $9bn at list prices and lets Boeing make a dent an Indian market dominated by arch rival Airbus. Akasa chief executive, Vinay Dube, says: “India is one of the fastest-growing aviation markets in the world, with an unaparalleled potential. We are already witnessing a strong recovery in air travel, and we see decades of growth ahead of us.” Akasa plans to take on budget carriers including SpiceJet and market leader IndiGo. 12:11 PM Hiring now: Vacancies by sector Who is hiring? This breakdown of vacancies by sector gives an idea of which industries are suffering the biggest shortages of workers: 12:10 PM Who will be the next Fed chairman? Federal Reserve Chairman Jerome Powell and Fed Governor Lael Brainard - REUTERS/Ann Saphir Wall Street is eagerly awaiting a decision from the White House on who the next chairman of the Federal Reserve will be. Joe Biden, the US President, is said to have interviewed two potential candidates, with a decision expected "imminently", according to Bloomberg. The contenders are incumbent Jerome Powell, pictured right, and Fed governor Lael Brainard, pictured left. Mr Powell, a Republican, was appointed by Donald Trump in 2018. His rival, Ms Brainard, is the high-flying economist who served under Barack Obama as his main emissary on international finance. She is regarded by some Democrats as being a better fit than Mr Powell with the President's economic agenda, having previously been a leading proponent of tighter regulation in Wall Street. The choice of Fed chairman is seen as critical because a more dovish candidate may decide to wait longer before raising interest rates. However, experts say it is not clear if there is much of a policy difference between the two on that subject. 11:51 AM Stories in graphs: The Great Resignation and rising vacancies Following the release of labour market stats this morning, you can see the story of the "Great Resignation" and the surge in vacancies playing out in these graphs from our data team: 11:32 AM Biden's bill bashes Bitcoin with new tax rules Cryptocurrencies are sliding today, with Bitcoin dropping below $60,000 and Ether at its lowest levels this month. Bitcoin, the largest digital token, dipped by more than 8pc to $58,661 and second-ranked Ether tumbled more than 10pc. Overall the value of the global crypto market has fallen by about 10pc to $2.7 trillion in the past 24 hours, according tracker CoinGecko. Analysts believe the drop is linked to new tax disclosure rules for owners of digital currencies, which are part of the mammoth $1.2 trillion infrastructure bill just signed into law by US President Joe Biden . Bloomberg has this: Technical indicators had suggested the strong run of late across the notoriously volatile market was due for a pause. Some analysts also attributed the dip to new tax-reporting requirements for digital currencies that are part of the infrastructure bill, which President Joe Biden signed into law Monday. “We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact, a social-trading platform. Hughes also cited concerns about China continuing its regulatory crackdown. The country will study the option of levying punitive power prices for companies that are involved in cryptocurrency mining, National Development and Reform Commission spokeswoman Meng Wei said at a press conference. Bitcoin has more than doubled in value this year, while Ether is up about sixfold. 11:22 AM The Great Resignation: How 2m handed in their notice over the summer More than two million people found a new job over the summer as the “Great Resignation” gathers pace and workers reassess their post-Covid options. Official figures show that almost one million moved from one job to another in the three months to September, my colleague Tim Wallace reports. They were joined by another 589,000 people who were previously unemployed but found a job over the quarter, as well as more than 600,000 who were previously "inactive" - neither in work nor looking for work - and found employment. Read more here . 11:13 AM Explained: Russia's Nord Stream 2 gas pipeline Owned by Russian state gas company Gazprom, the Nord Stream 2 pipeline runs from Russia to Germany under the Baltic Sea. The 760-mile link has been built at a cost of €9.5bn (£8bn) and could potentially meet one third of Europe's gas needs, according to Gazprom. But it has long been controversial because it will allow Russia to bypass Ukraine when sending gas to European markets. Critics, including the UK and the US, are also concerned that it risks increasing the Continent's reliance on Russian gas. In recent weeks, Russia has been accused of withholding gas supplies from Europe to put pressure on Germany to approve the pipeline, which has been built but is awaiting final approval. Gas is in short supply globally and gas prices in Britain and Europe have climbed as much as six-fold, pushing 19 UK household energy suppliers out of business since September and causing household bills to rise. But Boris Johnson yesterday warned European leaders that they must choose between “mainlining” Russian gas and defending peace in Ukraine . 11:01 AM British gas prices leap 10pc higher on Russian pipeline delay British wholesale gas prices have jumped 10pc higher this morning after the approval of Russia's new pipeline was delayed, my colleague Rachel Millard writes. The surge followed a decision by German regulators to temporarily suspend certification of the controversial Nord Stream 2 link. Wholesale gas prices in Britain leapt 10p to £2.25 per therm on news of the suspension this morning, tracking similar jumps in European markets. Britain does not import much gas directly from Russia, but does import from Europe which gets about 40pc of its gas from Russia. In a brief statement, regulators in Germany said they were suspending the certification after Nord Stream 2 decided to set up a subsidiary to run the Germany part of the pipeline, which now needed to be formed under German law. “The Bundesnetzagentur [regulator] concluded that it would only be possible to certify an operator of the Nord Stream 2 pipeline if that operator was organised in a legal form under German law,” they said. “The subsidiary must then fulfil the requirements of an independent transmission operator as set out in the German Energy Industry Act.” 10:50 AM Why has Germany suspended Nord Stream 2's approval? Vladimir Putin has been pressuring Germany to approve Nord Stream 2, which will allow Russia to bypass existing pipelines through Ukraine. But today regulators in Berlin suspended the approvals process because the project does not meet German and EU laws requiring pipeline operators to be separately owned from energy suppliers. Nord Stream has chosen to address this by setting up a new subsidiary company in Germany to operate the pipeline. Justin Huggler has more on the story here . 10:40 AM Rishi takes a dig at the Guardian The Chancellor, Rishi Sunak, has been poking fun at the Guardian over one of the newspaper's front pages last year. He says it hasn't "aged well" in light of today's labour market figures... 📉Unemployment down for nine months in a row 💼Record numbers of people in work 🤝100,000 young people in Kickstart jobs Proud that this 👇 didn't age well. #PlanForJobs https://t.co/Xn99EwyAaL — Rishi Sunak (@RishiSunak) November 16, 2021 10:28 AM Wagamama owner shares surge Shares in the the Restaurant Group have surged after the owner of casual dining chains including Wagamama and Chiquito raised its profit guidance following reporting better-than-expected sales. In a brief trading update, the company said it had "traded well" since September with like-for-like sales compared to 2019 outperforming the rest of the market. Restaurant Group now expects adjusted profit of between £73m to £79m. Shares rose by almost a fifth to 94p, but are still a long way off their 533p high of 2015. 10:18 AM Fortnite developer: Introduce a "universal" app store Fortnite, made by Epic Games Smartphone users should be able to access a single, universal app store, regardless of whether their handsets are made by Apple or Google, a top gaming boss has said. Tim Sweeney, chief executive of Epic Games, the developed behind popular title Fortnite, renewed his attacks on the two tech giants as his firm's legal battle with them rumbled on. Speaking in Seoul he said: What the world really needs now is a single store that works with all platforms. Right now software ownership is fragmented between the iOS App Store, the Android Google Play marketplace, different stores on Xbox, PlayStation, and Nintendo Switch, and then Microsoft Store and the Mac App Store. Epic has been locked in a legal fight with Apple and Google for more than a year over how they handle payments. The developer forced a confrontation by releasing a version of Fortnite that included its own payment system, circumventing those run by the tech firms. Its game was subsequently removed from both Apple's App Store and Google's Play Store for breaching their rules, prompting Sweeney’s company to sue the two operators. Apple and Google say the fees they charge on purchases via their mobile marketplaces help provide security for users and a global audience for developers. 09:53 AM Problems the UK does not have: a lack of jobs Simon French, chief economist at Panmure Gordon, tweets this following this morning's labour market stats: Single month UK jobs data even stronger than the headline (4.3%) with the unemployment rate down to 3.9% in September - lower than at the start of the pandemic. Whatever problems the UK economy has, creating employment is not one of them! — Simon French (@shjfrench) November 16, 2021 09:48 AM Party time at Diageo as drinks giant predicts double-digit sales growth Diageo - Jeff J Mitchell/Getty Images Drinks group Diageo has today said it expects organic net sales to grow by double digits in the first half of the year, as customers spend more on high-end brands. It prompted shares of the world's largest spirits maker to rise by as much as 3.4pc and hit a new record of 3,948 pence in morning trading. Issuing guidance ahead of its capital markets day, the Johnnie Walker whisky and Tanqueray gin maker said it expects organic net sales growth of at least 16pc in the first half of its 2022 financial year, ending June 30, and for organic operating profit growth to be ahead of sales growth. The pandemic has been a boon to the FTSE 100 firm as locked down consumers stocked up on alcohol and beers and traded up to more premium versions due to higher savings. Russ Mould, investment director at AJ Bell, said it was "party time" for the company: Currently helping Diageo is the fact that people have been eager to get out and socialise following lockdowns. We could have seen a big chunk of the nation decide they no longer wanted to congregate in crowded places, but so far, the signs have been very encouraging for the drinks sector. Pubs and bars are filling up again, and nightclubs are also getting back on their feet. This is providing momentum for Diageo’s earnings and what would help next is a removal of more travel restrictions, as that could pave the way for a recovery in duty-free spirits sales. 09:27 AM Today in Telegraph Money As always, there's plenty going on in the world of money and my colleagues on the Telegraph's personal finance team have the latest. Here's a round-up of their top stories today: Women are having to save £210 more every month than men to get the same lifestyle in retirement HM Revenue & Customs has spent millions of pounds of taxpayer money on home office gadgets for staff Rents are rising at the fastest rate in more than a decade 09:19 AM Pound up, FTSE down after unemployment falls The bigger-than-expected drop in unemployment this morning has sent the pound up against the dollar but the FTSE 100 is down. Traders have been spurred into action by the labour market stats because analysts believe they make an interest rate rise more likely. That would potentially make the UK a more attractive place for foreign investors to put their money, with sterling up 0.3pc to $1.35 this morning. However, at the same time, a stronger pound means British companies that make lots of money abroad will get less when they repatriate foreign earnings. This will be one factor pushing the Footsie - an index made up of big, multinational firms - 0.16pc lower this morning. 09:03 AM Return of office workers lifts LandSec property values Piccadilly Lights in the West End, London, owned by LandSec - David Parry/PA Wire Elsewhere today, Land Securities, the UK’s biggest office and retail landlord, has reported an increase in the value of its portfolio for the first time since the Brexit vote six years ago. The firm, which owns the Piccadilly Lights, said its properties rose in value to £11bn in the six months to September 30, up from £10.8bn a year earlier. It came as the firm reported "steadily rising office utilisation" and said the further easing of international travel restrictions would help lift footfall in cities. In September, office occupancy peaked at 66pc of pre-pandemic levels, LandSec said. Shares in the company are up by 2.5pc this morning, at 727.9p. 08:52 AM Labour stats "make interest rates rise more likely" There’s plenty of reaction to this morning’s labour market figures, with analysts seeming to agree that falling unemployment will put more pressure on the Bank of England to hike interest rates. Susannah Streeter , senior investment and markets analyst, Hargreaves Lansdown, says: Fears that a big chunk of furloughed staff would lose their positions led to the Bank of England holding off an interest rate rise at the last meeting. But the jobs queues are getting shorter, as the big fight for staff continues, with the unemployment rate coming in at 4.3pc, a notch lower than forecast. The governor of the Bank of England Andrew Bailey says he’s uneasy about rising inflation and the jobs figures are another indicator that there could be a fresh sugar rush of higher wages. If the jam sandwich of sticky prices shows little sign of easing, it looks increasingly likely the Bank will raise rates. Laith Khalaf , head of investment analysis at AJ Bell, says: As we approach Christmas, it’s extremely positive news that unemployment is so low. It’s less good news for employers that vacancies remain at record highs, which shows that many businesses are still struggling to attract staff as we approach the busy festive period. The big economic question is whether the jobs squeeze is going to worsen inflationary pressures, as employers try to outbid each other for workers. These latest job figures will be digested by the powers that be on Threadneedle Street and will solidify the case for an interest rate rise. Given the shakiness of some of the current data, the Bank of England will probably wait until February to make its move though. Michael Hewson , chief market analyst at CMC Markets UK, says: If Bank of England governor Andrew Bailey was serious when he said he was looking at UK labour market data for clues as to whether to raise rates, then today’s unemployment data is giving him fewer excuses not to act with a modest rate increase next month. This of course assumes you can believe anything he and the MPC say on the matter. His assertion yesterday that he feels uneasy about high levels of inflation won’t have been eased by today’s latest labour market data. What is more concerning is why this uncertainty over a rate rise even exists at all, and that is entirely down to the inability of the Bank of England to stick to a particular narrative. The Bank of England has been utterly woeful in recent years in guiding market expectations, unlike the Federal Reserve which generally has been much more consistent. 08:18 AM Chancellor hails unemployment fall as "testament to furlough success" Chancellor Rishi Sunak - JEFF OVERS/BBC/AFP via Getty Images Rishi Sunak , the Chancellor, has hailed the drop in unemployment this morning as the final proof that the Government's jobs-protecting furlough scheme did what it was intended to do. The unprecedented scheme, which ran from March 2020 to September 2021, saw the state pay a share of the wages for private sector staff who otherwise were at risk of losing their jobs during the pandemic. It came at a total cost of nearly £70bn to taxpayers. But in the first month after the end of furlough - October - firms added 160,000 staff to their payrolls, according to the Office for National Statistics , suggesting few staff were laid off after exiting furlough. Mr Sunak said: Today’s numbers are testament to the extraordinary success of the furlough scheme and welcome evidence that our Plan for Jobs has worked. We know how vital keeping people in good jobs is, both for them and for our economy – which is why it’s fantastic to see the unemployment rate falling for 9 months in a row and record numbers of people moving into employment. Our Plan for Jobs is at the heart of our vision for a stronger economy for the British people, with schemes like Kickstart and Sector Based Work Academies continuing to create opportunities for people up and down the country. 08:05 AM Labour stats: What does this mean for interest rates? Speaking to MPs yesterday, the Governor of the Bank of England once again suggested an interest rates rise could be on the cards as policymakers fret about rising inflation. But Andrew Bailey was also at pains to point out that what is happening in the labour market "really is the crucial part of it". This is because hiking interest rates too soon could hit struggling firms with extra costs, triggering a wave of redundancies. "We have not seen enough of that story post-furlough scheme," Mr Bailey added. With this morning's figures, however, some of that fog is starting to lift - and it may increase expectations of a rate rise next month when the Bank's Monetary Policy Committee meets. Michael Hewson, chief market analyst at CMC Markets UK, points out that another data release is due in December, just before the MPS meets. However, Mr Hewson disagrees with Mr Bailey's contention that holding rates at record lows this month was a "close call": 7-2 is not a close call, and one can’t help feeling that while [Mr Bailey] may have been in favour of a modest rate rise, it has been suggested he wasn’t able to convince enough members of the MPC to do the same and decided to go with the majority. 07:53 AM The Great Resignation continues If you have moved jobs this year, you're far from alone. That's the message from the Office for National Statistics this morning, which suggests the pandemic phenomenon dubbed "the Great Resignation" is borne out in figures. This has seen masses of employees reassess their working lives, hand in their notices and l eave for pastures new. The ONS says total job-to-job moves totalled a record 979,000 from July to September, "largely driven by resignations rather than dismissals". The quarterly increase in employment was driven by a record high net flow from unemployment to employment. Total job-to-job moves also increased to a record high, largely driven by resignations rather than dismissals, during the July to September 2021 period. 07:35 AM UK firms add 160,000 to payrolls Good morning. British employers added 160,000 workers to their payrolls in October, official figures have revealed. It was the first month after the end of the Government's job-protecting furlough scheme. At the same time, the unemployment rate for July to September fell to 4.3pc, down by 0.5pc compared to a year earlier, the Office for National Statistics said. 5 things to start your day 1) Shell plan to quit Netherlands is 'vote of confidence' in UK Firm says unified structure will help to 'accelerate switch to net zero' 2) Andrew Bailey 'incredibly uneasy' at surging prices Bank of England Governor expects inflationary pressures to be temporary depending on whether they feed into wages. 3) Tesla deliveries hit by missing parts as shortages bite Some customers find their vehicles lack phone charging stations and USB ports as crisis catches up with Elon Musk's electric car giant. 4) AstraZeneca hits production milestone of 2bn Covid jab doses British pharmaceutical giant is the first company in the West to hit the number as it prepares to begin profiting from its jab. 5) Supply chain crisis threatens Britain's £1 trillion export target Boris Johnson's goal of £1 trillion in exports by 2034 is "ambitious" given the pandemic's disruption, analysts warn. What happened overnight In early trade, Hong Kong led gains with tech firms building on a recent advance as concerns about China's recent crackdown on the sector ease. Shanghai, Singapore, Seoul and Taipei also rose, though there were losses in Sydney, Wellington, Manila and Jakarta. Coming up today Corporate: Imperial Brands, Land Securities Group (full-year results) ; Homeserve, Intermediate Capital Group, Premier Foods, Vodafone, Ninety One (interims) Economics: Unemployment (UK) , GDP (EU) || Riot Blockchain Reports Record Third Quarter 2021 Financial Results, Current Operational and Financial Highlights: CASTLE ROCK, Colo., Nov. 15, 2021 (GLOBE NEWSWIRE) --Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” “Riot Blockchain” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and hosting, reported financial results for the three month period ended September 30, 2021. The unaudited financial statements are available on Riot’swebsiteandhere.
“We are extremely pleased to report another quarter of record financial results,” said Jason Les, CEO of Riot. “These results demonstrate the continuous financial and operational improvements that management is focused on delivering for shareholders. Riot’s technology-focused, vertically integrated strategy significantly de-risks the Company’s future growth plans. Additionally, it enhances future capital efficiencies as technological improvements, such as industrial-scale immersion technologies, are systematically incorporated into future hash rate deployments. With these strengths of Riot at play, the future financial opportunities for the Company are exciting.”
Third Quarter 2021 and Recent Financial Highlights
Riot continues to attain significant milestones and position itself for future opportunities, driven by its focus on Bitcoin mining.
• Increased total revenue by 2,532% to a record $64.8 million for the three-month period ended September 30, 2021, as compared to $2.5 million for the same three-month period in 2020.
• Increased mining revenue by 2,099% to a record $53.6 million for the three-month period ended September 30, 2021, as compared to $2.4 million for the same three-month period in 2020.
• Increased mining revenue margin, computed as cryptocurrency mining net of cost of revenues of cryptocurrency mining (exclusive of depreciation and amortization), to 76% for the three-month period ended September 30, 2021, as compared to 47% for the same three-month period in 2020.
• Increased mining revenue margin by 6% on a sequential quarter-over-quarter basis to 76% for the third quarter of 2021, as compared to 70% in the second quarter of 2021.
• Increased BTC production by 482% to a record 1,292 Bitcoin during the three-month period ended September 30, 2021, as compared to 222 Bitcoin during the same three-month period in 2020.
• Increased BTC production by 91% on a sequential quarter-over-quarter basis, with 1,292 BTC mined in the third quarter of 2021, as compared to 675 BTC mined in the second quarter of 2021.
• Produced a net loss of $15.3 million for the three-month period ended September 30, 2021, as compared to a net loss of $1.7 million for the same three-month period in 2020. Net loss for the quarter was significantly impacted by non-cash stock-based compensation expense of $36.0 million and a non-cash, unrealized loss of $11.2 million on marketable equity securities.
• Reported $37.6 million in Adjusted EBITDA for the three-month period ended September 30, 2021, as compared to a net loss of $0.4 in Adjusted EBITDA for the same three-month period in 2020.
• Substantially all of the current assets as of September 30, 2021, totaling $179.0 million, are highly liquid. As of October 31, 2021, the Company’s unaudited BTC balance stood at 3,995 BTC, all of which were produced by its mining operations.
• The average BTC price used to calculate Riot’s third-quarter 2021 mining revenues was approximately $41,837.
• Subsequent to September 30, 2021, the Company successfully completed its previously announced $600 million ATM equity offering (“ATM Offering”).
Third Quarter 2021 Financial Results
Mining revenue margin was $40.6 million (76% of mining revenue), which compares to $1.1 million (47% of mining revenue) for the same three-month period in 2020. The improvements in revenue and mining revenue margin were primarily due to increases in the price of Bitcoin, combined with the greater number and higher efficiencies of the new generation miners currently being deployed, net of increases in the difficulty index associated with solving Bitcoin mining algorithms.
Selling, general, and administrative ("SG&A") expenses increased to $40.3 million, as compared to $2.0 million for the same three-month period in 2020. $36.0 million was attributable to non-cash stock-based compensation, primarily from the Company’s performance RSU program, introduced during the quarter. Net of stock-based compensation, SG&A expenses increased to $4.3 million compared to $1.5 million for the same three-month period in 2020, which was primarily due to increased personnel as a result of the Company’s rapid growth.
Taking into account the year-over-year $40.6 million increase in quarterly mining revenue margin relative to the year-over-year $2.8 million increase in SG&A expenses net of stock-based compensation, the Company is demonstrating increasing positive operating leverage and growing economies of scale.
Net loss for the quarter ended September 30, 2021, was $15.3 million, or ($0.16) per share, as compared to a net loss of $1.7 million, or $(0.04) per share, in the same three-month period in 2020. Net loss for the quarter was significantly impacted by non-cash stock-based compensation expense of $36.0 million and a non-cash, unrealized loss of $11.2 million on marketable equity securities.
Adjusted EBITDA for the quarter ended September 30, 2021, was $37.6 million, as compared to an Adjusted EBITDA loss of $0.4 million for the same three-month period in 2020.
Third Quarter 2021 and Recent Operational Highlights
• Increased deployed hash rate capacity by 63%, from 1.6 EH/s to 2.6 EH/s.
• Subsequent to September 30, 2021, deployed approximately 1,600 S19J Pro Antminers at Whinstone and increased hash rate capacity to 2.8 EH/s.
• Deployed approximately 9,500 S19 Pro Antminers (110 TH) at Whinstone.
• As of October 31, 2021, the Company had 27,270 miners deployed and 11,500 S19J Pro Antminers in the process of being shipped.
• Initiated and made substantial progress on a 400 megawatt (“MW”) expansion at Whinstone, with four buildings totaling approximately 240,000 square feet currently under construction.
• Announced 200 MW of the 400 MW infrastructure expansion is committed to utilizing immersion-cooling technology in Bitcoin mining, which is expected to host approximately 46,000 S19 Antminers from Riot’s already-purchased miner fleet.
• Subsequent to September 30, 2021, completed a $54 million purchase order with Bitmain Technologies Limited (“Bitmain”) for 9,000 S19j Pro (100 TH/s) miners, with an anticipated delivery and deployment schedule set for May 2022 through October 2022.
Hash Rate Growth
By Q4 2022, Riot anticipates a total self-mining hash rate capacity of 8.6 EH/s, not including any expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure and assuming full deployment of approximately 90,150 Antminer ASICs. Approximately 95% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment, the Company’s total self-mining fleet is expected to consume approximately 284 MW of energy. In addition to the Company’s self-mining operations, Riot’s Whinstone Facility hosts approximately 200 MW of institutional Bitcoin mining clients.
ATM Offering
As previously disclosed on August 31, 2021, the Company filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to $600 million of the Company’s common stock from time to time through the ATM Offering. Subsequent to September 30, 2021, the Company completed the ATM Offering and received the total $600 million in gross proceeds less commissions and offering expenses from the sale of approximately 19.9 million shares of common stock. Net proceeds will be used to continue accelerating Riot’s growth as well as for general corporate purposes and further strengthening the Company’s balance sheet.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot’s headquarter is located in Castle Rock, Colorado, and the Whinstone Facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visitwww.RiotBlockchain.com.
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements due to various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations, and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements include, but are not limited to: unaudited estimates of BTC production; our future hash rate growth (EH/s); our expected schedule of new miner deliveries; our ability to successfully deploy new miners; MW capacity under development; the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our other filings with the SEC, including, but not limited to the additional risk factors set forth in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021, copies of which may be obtained from the SEC’s website atwww.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.
For further information, please contact:
Riot Blockchain, Inc.Media Contact:Trystine [email protected]
Investor Contact:Phil [email protected] ext. 110SOURCE: Riot Blockchain, Inc.
Non-U.S. GAAP Measures of Financial Performance
In addition to consolidated U.S. GAAP financial measures, Riot reviews the non-GAAP financial measure, “Adjusted EBITDA.” Adjusted EBITDA is a financial measure defined as our EBITDA, adjusted to eliminate the effects of certain non-cash and / or non-recurring items, that do not reflect our ongoing strategic business operations. EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is EBITDA further adjusted, for certain income and expenses, management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as impairments of cryptocurrencies, gain or losses on sales of cryptocurrencies, derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items.
We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making such adjustments.
Adjusted EBITDA is provided in addition to, and should not be considered to be a substitute for, or superior to, the comparable measure under U.S. GAAP. Further, Adjusted EBITDA should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with U.S. GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Riot’s results as reported under U.S. GAAP.
Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for historical periods are presented in the table below.
Riot Blockchain, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial Information
(Unaudited; in thousands)
[["", "", "2021", "", "", "", "2020", ""], ["Net income (loss)", "$", "(15,343", ")", "", "$", "(1,717", ")"], ["Interest (income) expense", "", "(40", ")", "", "", "(12", ")"], ["Depreciation and amortization", "", "12,207", "", "", "", "1,267", ""], ["EBITDA", "$", "(3,176", ")", "", "$", "(462", ")"], ["Non-cash/non-recurring operating expense:", "", "", ""], ["Stock-based compensation expense", "", "36,023", "", "", "", "467", ""], ["Acquisition-related costs", "", "552", "", "", "", "-", ""], ["Change in fair value of derivative asset (gain) loss", "", "(7,228", ")", "", "", "-", ""], ["Change in fair value of contingent consideration (gain) loss", "", "259", "", "", "", "-", ""], ["Realized (gain) on sale/exchange of cryptocurrencies", "", "(65", ")", "", "", "(385", ")"], ["Unrealized loss on marketable equity securities", "", "11,151", "", "", "", "-", ""], ["(Gain) loss on sale of equipment", "", "-", "", "", "", "5", ""], ["Other (income) expense", "", "85", "", "", "", "2", ""], ["Other revenue, (income) expense items:", "", "", ""], ["License fees", "", "(25", ")", "", "", "(25", ")"], ["Adjusted EBITDA", "$", "37,576", "", "", "$", "(398", ")"]]
[Social Media Buzz]
None available.
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60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97.
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[Bitcoin Technical Analysis for 2017-03-29]
Volume: 298457984, RSI (14-day): 45.92, 50-day EMA: 1077.28, 200-day EMA: 896.51
[Wider Market Context]
Gold Price: 1253.40, Gold RSI: 64.98
Oil Price: 49.51, Oil RSI: 47.63
[Recent News (last 7 days)]
SEC denies a second application to list bitcoin product: By Trevor Hunnicutt NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency. The SEC announced in a filing its decision denying Intercontinental Exchange Inc's NYSE Arca exchange the ability to list and trade the SolidX Bitcoin Trust, an exchange-traded product (ETP) that would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron Winklevoss and Tyler Winklevoss. "The Commission believes that the significant markets for bitcoin are unregulated," the SEC said in its filing, echoing language from its decision earlier this month on the application by CBOE Holdings Inc's Bats exchange to list The Bitcoin ETF proposed by the Winklevoss brothers. On Friday, Bats asked the SEC to review its decision not to allow that fund to trade. "We are reviewing the SEC's order and evaluating our next steps," said Daniel H. Gallancy, chief executive officer of SolidX Partners Inc, a U.S. technology company that provides blockchain services. NYSE did not immediately respond to a request for comment. Bitcoin had scaled to a record of more than $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. But after denial of the Winklevoss-proposed ETF, the digital currency's price plunged as much as 18 percent. It has rebounded partially since then and was at $1,041 on Tuesday, roughly unchanged from the previous day. Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. There is one remaining bitcoin ETP proposal awaiting a verdict from the SEC. Grayscale Investments LLC's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application last year. (Reporting by Trevor Hunnicutt; Additional reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Cynthia Osterman) || SEC denies a second application to list bitcoin product: By Trevor Hunnicutt NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency. The SEC announced in a filing its decision denying Intercontinental Exchange Inc's NYSE Arca exchange the ability to list and trade the SolidX Bitcoin Trust, an exchange-traded product (ETP) that would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron Winklevoss and Tyler Winklevoss. "The Commission believes that the significant markets for bitcoin are unregulated," the SEC said in its filing, echoing language from its decision earlier this month on the application by CBOE Holdings Inc's Bats exchange to list The Bitcoin ETF proposed by the Winklevoss brothers. On Friday, Bats asked the SEC to review its decision not to allow that fund to trade. "We are reviewing the SEC's order and evaluating our next steps," said Daniel H. Gallancy, chief executive officer of SolidX Partners Inc, a U.S. technology company that provides blockchain services. NYSE did not immediately respond to a request for comment. Bitcoin had scaled to a record of more than $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. But after denial of the Winklevoss-proposed ETF, the digital currency's price plunged as much as 18 percent. It has rebounded partially since then and was at $1,041 on Tuesday, roughly unchanged from the previous day. Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. There is one remaining bitcoin ETP proposal awaiting a verdict from the SEC. Grayscale Investments LLC's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application last year. (Reporting by Trevor Hunnicutt; Additional reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Cynthia Osterman) || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.
The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling theSEC said:
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.
Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.
2017 has been a volatile year for bitcoin.
The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First,China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they wereblocking customer withdrawals.
But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF.
Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a "hard fork" that would split the currency in two.
Bitcoin has been the top-performing currency every year since 2010, aside from 2014.
A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin tanks below $1,000
• Bitcoin spikes above $1,000
• Bitcoin tumbles below $1,000 || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.
The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling theSEC said:
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.
Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.
2017 has been a volatile year for bitcoin.
The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First,China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they wereblocking customer withdrawals.
But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF.
Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a "hard fork" that would split the currency in two.
Bitcoin has been the top-performing currency every year since 2010, aside from 2014.
A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin tanks below $1,000
• Bitcoin spikes above $1,000
• Bitcoin tumbles below $1,000 || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: Bitcoin (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip) Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF. The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday. The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation. In its ruling the SEC said : "As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (ETPs) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPsagreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this marketthe Commission does not find the proposed rule change to be consistent with the Exchange Act." Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF. Story continues 2017 has been a volatile year for bitcoin. The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First, China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they were blocking customer withdrawals . But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF. Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a " hard fork " that would split the currency in two. Bitcoin has been the top-performing currency every year since 2010, aside from 2014. A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known. Bitcoin (Investing.com) NOW WATCH: 7 mega-billionaires who made a fortune last year More From Business Insider Bitcoin tanks below $1,000 Bitcoin spikes above $1,000 Bitcoin tumbles below $1,000 || Flow Mobile Top Up Made Easy with Scotiabank: MIAMI, FL--(Marketwired - Mar 28, 2017) - Adding credit to your mobile phone has never been easier if you are a Flow and Scotiabank customer. Both companies have partnered to provide Mobile Top Up -- a solution that allows customers to add credit to their phones directly from their Scotiabank online and mobile banking accounts, or from any Scotiabank ATM across the Caribbean. Having access to Mobile Top Up means Flow customers no longer have to wait in long lines or rely on a phone card to stay connected. Now, Flow customers who use Scotiabank for their banking needs, can top up their phones virtually anytime and anywhere in the region. "We're happy to have teamed up with Scotiabank to integrate their banking with our mobile phone services," said Garry Sinclair, Caribbean President, C&W Communications, operators of the retail brand Flow. "We're always looking for new and convenient ways to enhance our customers' experience and make their lives easier. With this fast and simple Mobile Top Up service we're doing just that -- providing customers with an innovative option to always stay connected, hassle free," Sinclair added. Mobile Top Up is available in all of Flow Caribbean markets with mobile services. For more information please visit www.discoverflow.co . About Scotiabank Scotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened its first office in Kingston, Jamaica to support the trade of rum sugar and fish. This was the first time a Canadian bank had opened a branch outside the U.K. or the U.S. Scotiabank had a branch in Kingston before the Bank opened a branch in Toronto, Canada, where the Bank's Executive Offices are now located. Some 120 plus years later, Scotiabank is the leading bank in the Caribbean and Central America, with operations in 25 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four five of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador. Story continues About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Flow Mobile Top Up Made Easy with Scotiabank: MIAMI, FL--(Marketwired - Mar 28, 2017) - Adding credit to your mobile phone has never been easier if you are aFlowandScotiabankcustomer. Both companies have partnered to provideMobile Top Up-- a solution that allows customers to add credit to their phones directly from their Scotiabank online andmobile bankingaccounts, or from any Scotiabank ATM across the Caribbean.
Having access toMobile Top Upmeans Flow customers no longer have to wait in long lines or rely on a phone card to stay connected. Now, Flow customers who use Scotiabank for their banking needs, can top up their phones virtually anytime and anywhere in the region.
"We're happy to have teamed up with Scotiabank to integrate their banking with our mobile phone services," said Garry Sinclair, Caribbean President, C&W Communications, operators of the retail brand Flow. "We're always looking for new and convenient ways to enhance our customers' experience and make their lives easier. With this fast and simpleMobile Top Upservice we're doing just that -- providing customers with an innovative option to always stay connected, hassle free," Sinclair added.
Mobile Top Upis available in all of Flow Caribbean markets with mobile services. For more information please visitwww.discoverflow.co.
About ScotiabankScotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened its first office in Kingston, Jamaica to support the trade of rum sugar and fish. This was the first time a Canadian bank had opened a branch outside the U.K. or the U.S. Scotiabank had a branch in Kingston before the Bank opened a branch in Toronto, Canada, where the Bank's Executive Offices are now located.
Some 120 plus years later, Scotiabank is the leading bank in the Caribbean and Central America, with operations in 25 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four five of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador.
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Bitcoin is taking off: Bitcoin is up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another b itcoin ETF, on or before March 30. The SolidX Bitcoin ETF is expected to suffer the same fate as the Wiklevoss twins' bitcoin ETF , which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF because it did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest." Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a " hard fork " that would split bitcoin in two. Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year. Bitcoin (Investing.com) NOW WATCH: 7 mega-billionaires who made a fortune last year More From Business Insider Bitcoin spikes above $1,000 Bitcoin tanks below $1,000 Bitcoin is roaring back || Bitcoin is taking off: Bitcoinis up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.
TheSolidX Bitcoin ETF is expected to suffer the same fate as theWiklevoss twins' bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF becauseit did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a "hard fork" that would split bitcoin in two.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin spikes above $1,000
• Bitcoin tanks below $1,000
• Bitcoin is roaring back || Bitcoin is taking off: Bitcoinis up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.
TheSolidX Bitcoin ETF is expected to suffer the same fate as theWiklevoss twins' bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF becauseit did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a "hard fork" that would split bitcoin in two.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin spikes above $1,000
• Bitcoin tanks below $1,000
• Bitcoin is roaring back || How New Short Squeeze ETF Can Juice Returns: It’s easy to love the premise of the just-launchedActive Alts Contrarian ETF (SQZZ). Wefirst startedwriting about it 2014, for Pete’s sake: an ETF that deliberately invests in individual stocks that are so out of favor, they’ve been shorted to the point where the mythical short squeeze might occur.
The idea is that a stock can get so over-shorted that any positive news causes so much pain to short-sellers that they give up and cover their shorts, driving the price up even further.
It’s always fun to be right on something like this, and to be the guy who zigs when the market zags. The challenge, of course, is you have to be more right than the short-sellers. With SQZZ now in the market, I thought it would be interesting to look at what the fund (which is 100% actively managed) is actually doing right now, and whether it’s poised to deliver on the premise.
First: About Squeezes
For a stock to experience a big pop, you need to have a few things:
1. A lot of people shorting it
2. A news event precipitating the squeeze
The first is relatively easy to suss out. Quick and dirty, I ran the short interest on all the NYSE stocks, and you can get a quick list of the stocks people really seem to hate. There are two easy ways to look at it. One is by how much of the float is actually short:
The other is by how much is short relative to an average day’s trading volume:
This latter number is sometimes referred to as “days-to-trade” because it implies, for instance, that it will take 60 normal trading days to unwind the 4 million shares of Tootsie Roll that are currently short.
When a company hits top 10 on both of these lists, you know you’ve got a real winner in the hate-race. Here, Vivint Solar takes the cake, being both 43% short and taking 31 days to theoretically trade out.
So what about the news factor? Well, there are some obvious things that can make a short’s day very, very bad: Earnings can beat, the company is announced as a takeover target, and so on.
The most recent example I can think of was the day Oprah Winfrey announced she was taking a 10% stake in Weight Watchers in October 2015. The stock was an astonishing 74% short before the announcement, and the stock shot up over 300% as the shorts ran for the doors.
Not Just Being Right
Taking the other side of the short-sellers bet has a side benefit: If you own a pile of stocks that everyone hates in an ETF, you can often make good money loaning that stock out to short-sellers who will continue the hate.
Mechanically, if I own Weight Watchers in my fund, I can make it available for a short-seller to borrow. In return for loaning him my stock, he gives me collateral (generally cash). I take that cash and invest it in something super safe, like a money market fund.
If the security is something boring, like Caterpillar—which nobody really hates—I might give some of that interest I get from the money market fund back to the person who borrowed my shares. For instance, someone borrows my CAT shares, I invest the cash collateral they give me in a money market fund paying 0.85%, and I agree to “rebate” 0.65% back to the borrower (that is in fact CAT’s rebate right now, according to my friends at FactSet).
Not Riskless, But Self-Contained
I pocket, on average, 0.20% over the course of the year for doing this, and if I ever need that CAT back immediately, well, I can recall it at any time. There’s some small risk the borrower will be a deadbeat, but then I have all his cash (generally 104% of the value of the stock loaned), so I can just go buy more. It’s not riskless, but it’s pretty self-contained.
But imagine someone comes to me wanting my Weight Watchers stock. Well, since 36% of the float is already short, it’s probably pretty hard to borrow, so instead of rebating them some of my money market interest, I can actually demand they pay me. In the case of Weight Watchers, the rebate is currently reported as being -10.59%, meaning the lender is paid 10.59% of the amount lent by the borrower
At the extreme, funds with much-hated stock generate real money from this activity. TheGuggenheim Solar ETF (TAN)has consistently held some of the most hated stocks in the market. As of the fund’s last filing (August 2016), 39% of the fund was out on loan. And the fund earned 3.26% in the 12 months prior, presumably all from lending, since essentially no solar company pays a meaningful dividend. In 2012, they earned over 7% from this.
And What About SQZZ?
So in fact, there are two ways for SQZZ to make money. First, they can just plain get it right (or be lucky) and catch numerous short squeezes in the portfolio, giving them the chance for significant capital appreciation. At the same time, they can loan out these hated stocks and earn significant income, but if the fund is sitting on cash, that’s not going to happen.
With all that in mind, what does the fund actually own?
Two things immediately leap out at me here ...
First, the fund is 75% in cash. It’s actively managed, so they can do whatever they like, but it strikes me as a pretty-low-conviction start. Of course, next week, the fund could be fully invested, but SQZZ just launched, so it may be that they’re legging into their positions slowly. But for the moment, investors are paying a very hefty expense ratio (1.95%, making it one of the most expensive ETFs on the market) for a giant slug of cash. Sure, that gives the active fund manager flexibility, but if he sits on it for a year, it’s painful.
Second, many of the securities here don’t meet any traditional definition of “hated.” There’s Weight Watchers in here, but we also have firms like Oritani Financial, a $750 million regional bank in New Jersey, with just 4% of the float sold short, and that currently has a rebate higher than Disney or Apple. I’m not a bank analyst—maybe there’s some hidden story here that the manager is counting on coming to light. Or maybe they’re just convinced it’s been oversold the past year. But it’s hard to see how it’s going to get “squeezed” or how it’s going to generate any additional income.
And what about GE? I’m just not convinced GE is a short-squeeze candidate, with 1% short and two days to trade. I’m not even sure it counts as contrarian, when it’s just 10% under its eight-year high. And with a P/E of 29, I can’t even really come up with a “chronically undervalued/oversold” argument.
All About The Manager
It’s true with any new ETF idea, the proof will always be in the performance, but in this case, I think that’s doubly so. It’s not the case that SQZZ is a proxy-trade for heavily shorted stocks. It’s not an index fund chasing “shortness” as a factor for investors to make pure contrarian bets.
Instead, this is a purely active fund that happens to make contrarian bets that might or might not have anything to do with actual structural short squeezes. I wish them nothing but luck, but investors thinking this was a kind of formulaic bet on squeezes really need to look carefully—and at 1.95%, you better be pretty convinced the manager’s going to shoot the lights.
Note: I actually did call to get some reaction today, but as of this writing, they hadn’t returned any calls.
At the time of writing, the author held no positions in the securities mentioned. You can contact Dave Nadig [email protected].
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Permalink| © Copyright 2017ETF.com.All rights reserved || How New Short Squeeze ETF Can Juice Returns: Its easy to love the premise of the just-launched Active Alts Contrarian ETF (SQZZ) . We first started writing about it 2014, for Petes sake: an ETF that deliberately invests in individual stocks that are so out of favor, theyve been shorted to the point where the mythical short squeeze might occur. The idea is that a stock can get so over-shorted that any positive news causes so much pain to short-sellers that they give up and cover their shorts, driving the price up even further. Its always fun to be right on something like this, and to be the guy who zigs when the market zags. The challenge, of course, is you have to be more right than the short-sellers. With SQZZ now in the market, I thought it would be interesting to look at what the fund (which is 100% actively managed) is actually doing right now, and whether its poised to deliver on the premise. First: About Squeezes For a stock to experience a big pop, you need to have a few things: A lot of people shorting it A news event precipitating the squeeze The first is relatively easy to suss out. Quick and dirty, I ran the short interest on all the NYSE stocks, and you can get a quick list of the stocks people really seem to hate. There are two easy ways to look at it. One is by how much of the float is actually short: The other is by how much is short relative to an average days trading volume: This latter number is sometimes referred to as days-to-trade because it implies, for instance, that it will take 60 normal trading days to unwind the 4 million shares of Tootsie Roll that are currently short. When a company hits top 10 on both of these lists, you know youve got a real winner in the hate-race. Here, Vivint Solar takes the cake, being both 43% short and taking 31 days to theoretically trade out. So what about the news factor? Well, there are some obvious things that can make a shorts day very, very bad: Earnings can beat, the company is announced as a takeover target, and so on. Story continues The most recent example I can think of was the day Oprah Winfrey announced she was taking a 10% stake in Weight Watchers in October 2015. The stock was an astonishing 74% short before the announcement, and the stock shot up over 300% as the shorts ran for the doors. Not Just Being Right Taking the other side of the short-sellers bet has a side benefit: If you own a pile of stocks that everyone hates in an ETF, you can often make good money loaning that stock out to short-sellers who will continue the hate. Mechanically, if I own Weight Watchers in my fund, I can make it available for a short-seller to borrow. In return for loaning him my stock, he gives me collateral (generally cash). I take that cash and invest it in something super safe, like a money market fund. If the security is something boring, like Caterpillarwhich nobody really hatesI might give some of that interest I get from the money market fund back to the person who borrowed my shares. For instance, someone borrows my CAT shares, I invest the cash collateral they give me in a money market fund paying 0.85%, and I agree to rebate 0.65% back to the borrower (that is in fact CATs rebate right now, according to my friends at FactSet). Not Riskless, But Self-Contained I pocket, on average, 0.20% over the course of the year for doing this, and if I ever need that CAT back immediately, well, I can recall it at any time. Theres some small risk the borrower will be a deadbeat, but then I have all his cash (generally 104% of the value of the stock loaned), so I can just go buy more. Its not riskless, but its pretty self-contained. But imagine someone comes to me wanting my Weight Watchers stock. Well, since 36% of the float is already short, its probably pretty hard to borrow, so instead of rebating them some of my money market interest, I can actually demand they pay me. In the case of Weight Watchers, the rebate is currently reported as being -10.59%, meaning the lender is paid 10.59% of the amount lent by the borrower At the extreme, funds with much-hated stock generate real money from this activity. The Guggenheim Solar ETF (TAN) has consistently held some of the most hated stocks in the market. As of the funds last filing (August 2016), 39% of the fund was out on loan. And the fund earned 3.26% in the 12 months prior, presumably all from lending, since essentially no solar company pays a meaningful dividend. In 2012, they earned over 7% from this. And What About SQZZ? So in fact, there are two ways for SQZZ to make money. First, they can just plain get it right (or be lucky) and catch numerous short squeezes in the portfolio, giving them the chance for significant capital appreciation. At the same time, they can loan out these hated stocks and earn significant income, but if the fund is sitting on cash, thats not going to happen. With all that in mind, what does the fund actually own? Two things immediately leap out at me here ... First, the fund is 75% in cash. Its actively managed, so they can do whatever they like, but it strikes me as a pretty-low-conviction start. Of course, next week, the fund could be fully invested, but SQZZ just launched, so it may be that theyre legging into their positions slowly. But for the moment, investors are paying a very hefty expense ratio (1.95%, making it one of the most expensive ETFs on the market) for a giant slug of cash. Sure, that gives the active fund manager flexibility, but if he sits on it for a year, its painful. Second, many of the securities here dont meet any traditional definition of hated. Theres Weight Watchers in here, but we also have firms like Oritani Financial, a $750 million regional bank in New Jersey, with just 4% of the float sold short, and that currently has a rebate higher than Disney or Apple. Im not a bank analystmaybe theres some hidden story here that the manager is counting on coming to light. Or maybe theyre just convinced its been oversold the past year. But its hard to see how its going to get squeezed or how its going to generate any additional income. And what about GE? Im just not convinced GE is a short-squeeze candidate, with 1% short and two days to trade. Im not even sure it counts as contrarian, when its just 10% under its eight-year high. And with a P/E of 29, I cant even really come up with a chronically undervalued/oversold argument. All About The Manager Its true with any new ETF idea, the proof will always be in the performance, but in this case, I think thats doubly so. Its not the case that SQZZ is a proxy-trade for heavily shorted stocks. Its not an index fund chasing shortness as a factor for investors to make pure contrarian bets. Instead, this is a purely active fund that happens to make contrarian bets that might or might not have anything to do with actual structural short squeezes. I wish them nothing but luck, but investors thinking this was a kind of formulaic bet on squeezes really need to look carefullyand at 1.95%, you better be pretty convinced the managers going to shoot the lights. Note: I actually did call to get some reaction today, but as of this writing, they hadnt returned any calls. At the time of writing, the author held no positions in the securities mentioned. You can contact Dave Nadig at [email protected] . Recommended Stories How New Short Squeeze ETF Can Juice Returns Swedroe: Private Equity Adds Risk, Little Return How Hedge Funds Use ETFs Bitcoin ETFs For Dummies The Most Interesting New Gold ETF Since GLD Permalink | © Copyright 2017 ETF.com. All rights reserved || 3 ETFs For Surprise Drop In The Dollar: One of the most prominent consensus calls heading into 2017 was that the U.S. dollar would head higher during the year.
Wall Street analysts were nearly unanimous in their expectation that a Donald Trump presidency would spell only good news for the greenback thanks to stronger growth expectations and higher interest rates.
As is often the case, the consensus expectation has proven to be off the mark, at least during the first part of the year. After peaking at a 14-year high late last year, the U.S. Dollar Index has steadily dropped during the first quarter of 2017, and was last trading down 3% year-to-date.
Last week's failure by Republicans to pass a health care bill through the House of Representatives was the latest setback for the buck, which had rallied four-straight years, measured by the popular U.S. Dollar Index.
Under The Dollar Index Hood
That index is heavily influenced by the euro-dollar (EUR/USD) foreign exchange rate, which has a 57.6% weighting in the index basket. That's followed by the dollar-yen (USD/JPY) at 13.6%; the pound-dollar (GBP/USD) at 11.9%; and a few others with smaller weights.
[{"Currency": "Euro (EUR)", "Weight": "57.6%"}, {"Currency": "Japanese Yen (JPY)", "Weight": "13.6%"}, {"Currency": "British Pound (GBP)", "Weight": "11.9%"}, {"Currency": "Canadian Dollar (CAD)", "Weight": "9.1%"}, {"Currency": "Swedish Krona (SEK)", "Weight": "4.2%"}, {"Currency": "Swiss Franc (CHF)", "Weight": "3.5%"}]
Of course, there are plenty of other currency pairs outside of those in the U.S. Dollar Index basket. The Mexican peso, for example, is up nearly 10% against the greenback after falling to a record low around the time of Trump's inauguration in January.
It could be that the peso is rallying simply because it fell too far and too fast. Or it could be that Trump's policies haven't proven to be as detrimental to the Mexican economy as feared. In any case, the point is that currencies across the board are climbing against the dollar, an unexpected development that investors should pay attention to.
Here are three ETFs that are poised to benefit if the dollar continues to slide:
WisdomTree Emerging Currency Fund (CEW)
TheWisdomTree Emerging Currency Fund (CEW)provides exposure to an equal-weighted basket of 15 emerging market currencies and their money market rates. If the dollar decline goes on, emerging market currencies are likely to be some of the biggest beneficiaries.
CEW's basket includes the aforementioned Mexican peso, the Brazilian real, the Indian rupee and the Chinese yuan, among others.
CEW invests in forward contracts and doesn't pay regular dividends, but it has a chunky implied yield of 4.8%. Year-to-date, the fund is up 5.2% after returning 4.1% last year.
YTD Return For CEW, US Dollar Index
SPDR Gold Trust (GLD)
Widely regarded as a dollar hedge, gold has delivered on its promise this year. TheSPDR Gold Trust (GLD)is up 9% year-to-date, and stands at its highest levels of the year just as the dollar drops to its lowest levels of the year.
That's no coincidence. The 120-day correlation between gold prices and the U.S. Dollar Index is about -0.62, the tightest level since 2012 (a correlation of +1 means the two always move in the same direction, while a correlation of -1 means the two always move in opposite directions).
If this correlation holds, GLD will continue to be one of the best anti-dollar ETFs available for investors.
YTD Return For GLD, US Dollar Index
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC)
TheVanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC)is the second-largest emerging market bond ETF on the market, with $3 billion in assets under management, but it's often been overshadowed by the $9.8 billioniShares JP Morgan USD Emerging Markets Bond ETF (EMB).
If the dollar keeps dropping, that could change. The main difference between EMLC and EMB is that the latter invests in dollar-denominated emerging market bonds, while the former invests in local-currency emerging market bonds.
When the dollar is rising―as it's mostly done during the last few years―EMB will have superior returns to EMLC as depreciating emerging market currencies take a bite out of returns for the local-currency fund.
But if the dollar drops, the opposite will be the case. Appreciating emerging market currencies will add to the returns for EMLC. That's what's happened so far this year, with EMLC up 6.8%, compared to 4% for EMB. If the downturn in the greenback has more room to run, expect more outperformance for EMLC.
YTD Returns For EMB, EMLC
Contact Sumit Roy [email protected]
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• The Most Interesting New Gold ETF Since GLD
• Swedroe: The Nuts & Bolts Of Currencies
Permalink| © Copyright 2017ETF.com.All rights reserved || 3 ETFs For Surprise Drop In The Dollar: One of the most prominent consensus calls heading into 2017 was that the U.S. dollar would head higher during the year. Wall Street analysts were nearly unanimous in their expectation that a Donald Trump presidency would spell only good news for the greenback thanks to stronger growth expectations and higher interest rates. As is often the case, the consensus expectation has proven to be off the mark, at least during the first part of the year. After peaking at a 14-year high late last year, the U.S. Dollar Index has steadily dropped during the first quarter of 2017, and was last trading down 3% year-to-date. Last week's failure by Republicans to pass a health care bill through the House of Representatives was the latest setback for the buck, which had rallied four-straight years, measured by the popular U.S. Dollar Index. Under The Dollar Index Hood That index is heavily influenced by the euro-dollar (EUR/USD) foreign exchange rate, which has a 57.6% weighting in the index basket. That's followed by the dollar-yen (USD/JPY) at 13.6%; the pound-dollar (GBP/USD) at 11.9%; and a few others with smaller weights. Currency Weight Euro (EUR) 57.6% Japanese Yen (JPY) 13.6% British Pound (GBP) 11.9% Canadian Dollar (CAD) 9.1% Swedish Krona (SEK) 4.2% Swiss Franc (CHF) 3.5% Of course, there are plenty of other currency pairs outside of those in the U.S. Dollar Index basket. The Mexican peso, for example, is up nearly 10% against the greenback after falling to a record low around the time of Trump's inauguration in January. It could be that the peso is rallying simply because it fell too far and too fast. Or it could be that Trump's policies haven't proven to be as detrimental to the Mexican economy as feared. In any case, the point is that currencies across the board are climbing against the dollar, an unexpected development that investors should pay attention to. Here are three ETFs that are poised to benefit if the dollar continues to slide: Story continues WisdomTree Emerging Currency Fund (CEW) The WisdomTree Emerging Currency Fund (CEW) provides exposure to an equal-weighted basket of 15 emerging market currencies and their money market rates. If the dollar decline goes on, emerging market currencies are likely to be some of the biggest beneficiaries. CEW's basket includes the aforementioned Mexican peso, the Brazilian real, the Indian rupee and the Chinese yuan, among others. CEW invests in forward contracts and doesn't pay regular dividends, but it has a chunky implied yield of 4.8%. Year-to-date, the fund is up 5.2% after returning 4.1% last year. YTD Return For CEW, US Dollar Index SPDR Gold Trust (GLD) Widely regarded as a dollar hedge, gold has delivered on its promise this year. The SPDR Gold Trust (GLD) is up 9% year-to-date, and stands at its highest levels of the year just as the dollar drops to its lowest levels of the year. That's no coincidence. The 120-day correlation between gold prices and the U.S. Dollar Index is about -0.62, the tightest level since 2012 (a correlation of +1 means the two always move in the same direction, while a correlation of -1 means the two always move in opposite directions). If this correlation holds, GLD will continue to be one of the best anti-dollar ETFs available for investors. YTD Return For GLD, US Dollar Index VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) The VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is the second-largest emerging market bond ETF on the market, with $3 billion in assets under management, but it's often been overshadowed by the $9.8 billion iShares JP Morgan USD Emerging Markets Bond ETF (EMB) . If the dollar keeps dropping, that could change. The main difference between EMLC and EMB is that the latter invests in dollar-denominated emerging market bonds, while the former invests in local-currency emerging market bonds. When the dollar is rising―as it's mostly done during the last few years―EMB will have superior returns to EMLC as depreciating emerging market currencies take a bite out of returns for the local-currency fund. But if the dollar drops, the opposite will be the case. Appreciating emerging market currencies will add to the returns for EMLC. That's what's happened so far this year, with EMLC up 6.8%, compared to 4% for EMB. If the downturn in the greenback has more room to run, expect more outperformance for EMLC. YTD Returns For EMB, EMLC Contact Sumit Roy at [email protected] Recommended Stories 3 ETFs For Surprise Drop In The Dollar Emerging Market Local Debt ETFs Shine Big Bitcoin ETF Decision Coming Today, Or Maybe Not The Most Interesting New Gold ETF Since GLD Swedroe: The Nuts & Bolts Of Currencies Permalink | © Copyright 2017 ETF.com. All rights reserved || USD/CNH Patterns to Watch after PBOC Talks on U.S.- China Relationship: DailyFX.com - This daily digest focuses on Yuan rates, major Chinese economic data, market sentiment, new developments in China’s foreign exchange policies, changes in financial market regulations, as well as market news typically available only in Chinese-language sources. - The USD/CNH is testing a major support. Watch key levels next. - The PBOC Governor addressed on investment negotiations between China and the U.S. - Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides and watch DailyFX webinars . To receive reports from this analyst, sign up for Renee Mu’ distribution list . Yuan Rates USD/CNH Patterns to Watch after PBOC Talks on U.S.- China Relationship Prepared by Michael Boutros . USDCNH is testing the monthly opening-range lows with key support seen at the 61.8% retracement of the January rally at 6. 8391 . The pair has been trading within the confines of a well-defined descending pitchfork formation with the upper median-line parallel highlighting resistance & near-term bearish invalidation at 6.8839 - note that this level also converges on the February high. The near-term focus remains weighted to the downside while below this region with a break lower targeting confluence support at 6.8048 where the 61.8% extension of the decline off the yearly high converges on the 50-line of the operative slope. Subsequent support targets at 6.7765-6.7818 (38.2% retracement & the 2017 opening-range low). From a trading standpoint we’ll favor fading strength while below the upper parallel with a break of the range lows targeting subsequent support objectives. Market News PBOC News : China’s Central Bank. - China’s Central Bank released the full text of Governor Zhou Xiaochuan’s speech at Boao Forum this weekend. “China has been conducting negotiations on a bilateral investment treaty with the U.S., though some of the talks have been suspended. China is waiting for the new U.S. government to decide how to move forward on these talks”, according to the Governor. Mr. Zhou also said that “if the U.S. adopts valued added tax [on imported goods], China welcomes; however, implementing a border adjustment tax is controversial.” Story continues This indicates that the outlook of trade and investment between the two countries still has some uncertainty. This may not be good news for the Chinese economy, as it has already experienced slow growth in exports and imports. - The PBOC announced on Monday that it has hosted a supervision work conference last week for cross-border Yuan business and set targets for the 2017: the regulator will guide the development of offshore Yuan markets and promote cross-border Yuan business to develop in a healthy way. The Chinese regulator has been strengthening oversight on cross-border Yuan transactions and this is likely continue to be the case in 2017. As of March 27th, the “Big Three” Chinese Bitcoin trading platforms, BTCChina, OKCoin and Huobi, have not yet removed restrictions on Bitcoin withdrawals, which came into effect following a series of inspections on illegal cross-border transactions launched by the PBOC. Sina News : China’s most important online media source, similar to CNN in the US. They also own a Chinese version of Twitter, called Weibo, with around 200 million active users monthly. - In the first two months of 2017, China’s state-owned enterprises (SOEs) made a profit of 201.86 billion Yuan, rising +40.3% compared to the same period last year, according to China’s statistics bureau. In specific, oil, petrochemical, coal and steel industries that experienced major losses last year, all reported gains this January and February. This is likely driven by soaring energy prices. On the other hand, machinery and electricity companies reported significant drops in profits, likely led by the same reason - higher energy costs . To receive reports from this analyst, sign up for Renee Mu’ distribution list . original source DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from IG . || USD/CNH Patterns to Watch after PBOC Talks on U.S.- China Relationship: DailyFX.com -
This daily digest focuses on Yuan rates, major Chinese economic data, market sentiment, new developments in China’s foreign exchange policies, changes in financial market regulations, as well as market news typically available only in Chinese-language sources.
- The USD/CNH is testing a major support. Watch key levels next.
- The PBOC Governor addressed on investment negotiations between China and the U.S.
-Looking for more trade ideas? Review DailyFX’s2017 Trading Guidesand watchDailyFX webinars.
To receive reports from this analyst,sign up for Renee Mu’ distribution list.
Yuan Rates
Prepared byMichael Boutros.
USDCNH is testing the monthly opening-range lows with key support seen at the 61.8% retracement of the January rally at6.8391. The pair has been trading within the confines of a well-defined descending pitchfork formation with the upper median-line parallel highlighting resistance & near-term bearish invalidation at6.8839-note that this level also converges on the February high.
The near-term focus remains weighted to the downside while below this region with a break lower targeting confluence support at6.8048where the 61.8% extension of the decline off the yearly high converges on the 50-line of the operative slope. Subsequent support targets at6.7765-6.7818(38.2% retracement & the 2017 opening-range low). From a trading standpoint we’ll favor fading strength while below the upper parallel with a break of the range lows targeting subsequent support objectives.
Market News
PBOCNews:China’s Central Bank.
-China’s Central Bank released the full text of Governor Zhou Xiaochuan’s speech at Boao Forum this weekend. “China has been conducting negotiations on a bilateral investment treaty with the U.S., though some of the talks have been suspended. China is waiting for the new U.S. government to decide how to move forward on these talks”, according to the Governor.
Mr. Zhou also said that “if the U.S. adopts valued added tax [on imported goods], China welcomes; however, implementing a border adjustment tax is controversial.”
This indicates that the outlook of trade and investment between the two countries still has some uncertainty. This may not be good news for the Chinese economy, as it has already experienced slow growth in exports and imports.
- The PBOC announced on Monday that it has hosted a supervision work conference last week for cross-border Yuan business and set targets for the 2017: the regulator will guide the development of offshore Yuan markets and promote cross-border Yuan business to develop in a healthy way.
The Chinese regulator has been strengthening oversight on cross-border Yuan transactions and this is likely continue to be the case in 2017. As of March 27th, the “Big Three” Chinese Bitcoin trading platforms, BTCChina, OKCoin and Huobi, have not yet removed restrictions on Bitcoin withdrawals, which came into effect following a series of inspections on illegal cross-border transactions launched by the PBOC.
Sina News: China’s most important online media source, similar to CNN in the US. They also own a Chinese version of Twitter, called Weibo, with around 200 million active usersmonthly.
- In the first two months of 2017, China’s state-owned enterprises (SOEs) made a profit of 201.86 billion Yuan, rising +40.3% compared to the same period last year, according to China’s statistics bureau. In specific, oil, petrochemical, coal and steel industries that experienced major losses last year, all reported gains this January and February. This is likely driven by soaring energy prices. On the other hand, machinery and electricity companies reported significant drops in profits, likely led by the same reason -higher energy costs.
To receive reports from this analyst,sign up for Renee Mu’ distribution list.
original source
DailyFXprovides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts fromIG. || What you need to know on Wall Street right now: Donald Trump (Donald Trump.Getty Images) Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Barclays, the 300-year-old British financial institution, is doubling down on investment banking in the US . "Our narrative needs to be: ' We are a top, fifth-ranked firm in the US' investment banking market — period ,'" John Miller, who is head of Barclays' corporate and investment bank in the Americas, recently told Business Insider. Elsewhere on Wall Street, hedge fund traders from a legendary desk at Goldman Sachs have lost billions of dollars . And the statue of the "Fearless Girl" will stare down the Wall Street bull for another year . The GOP's Obamacare replacement plan got pulled from a vote in the House on Friday, putting markets on edge. Here's what you need to know: How "Trumpcare" went up in flames — and why it should worry the GOP about the future Wall Street already knows how to spin Trumpcare's ugly collapse — but it's missing the point There's a reason why it's "been decades since significant tax reform has passed" Here's the next hill Trump, Ryan and House Republicans could die on Here's who has the most to lose if the government starts negotiating drug prices In markets news, one of Wall Street's favorite Trump trades is rewarding investors that bet against it . Hospital stocks are popping after the demise of "Trumpcare." Wall Street is getting one of its biggest calls of the year all wrong . In economics, Treasury Secretary Mnuchin says AI taking US jobs is "50-100 more years" away — but it's already beginning to happen . And seeing how the highest and lowest-earners spend their money will make you think differently about "rich" vs "poor." In deal news, Okta priced its IPO and hopes to hit a $2 billion valuation . And Elevate Credit, an online lender that focuses on riskier borrowers, is headed for an initial public offering . And in tech, t he No.1 investment bank advising Snap on its IPO is projecting massive growth for the company . T he YouTube advertiser boycott will cost Google $750 million , according to one analyst. And a Bitcoin civil war is threatening to tear the digital currency in two — here's what you need to know Story continues Lastly, take a look i nside the exclusive New York gym where Hugh Jackman, Victoria's Secret models and Wall Streeters work out . Here are the top Wall Street headlines from the past 24 hours. Saudi Arabia sweetens huge Aramco IPO with tax cut - Saudi Arabia's government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company's initial public offer of shares next year, which is expected to be the world's largest equity sale. Brexit is already hurting London's reputation as a financial centre - London has seen its standing as a financial center slip as Britain prepares to trigger its departure from the European Union, according to a survey released on Monday, although rival European cities still lag far behind. Tesla is about to confront dueling best- and worst-case scenarios, and anything could happen - Tesla is preparing for its biggest year ever. Whole Foods is facing its worst nightmare after an unexpected threat stole millions of customers - Whole Foods is losing millions of customers to what was once an unthinkable threat: Kroger. This cocktail brought the "original American whiskey" back from the dead - Whiskey is experiencing a huge comeback in America. The Trump era is ushering in a "more is more" design renaissance in America - The Trump aesthetic is far from subtle. We got a peek inside a $20 million apartment in the latest skyscraper to dramatically alter Manhattan's skyline - Madison Square Park Tower is changing Manhattan's skyline. The 65-story glass skyscraper is the tallest in its Flatiron District neighborhood, and because of various zoning laws surrounding it, its fantastic views will never be obstructed. More From Business Insider What you need to know on Wall Street right now What you need to know on Wall Street right now What you need to know on Wall Street right now || What you need to know on Wall Street right now: (Donald Trump.Getty Images)Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Barclays, the 300-year-old British financial institution, isdoubling down on investment banking in the US.
"Our narrative needs to be: 'We are a top, fifth-ranked firm in the US' investment banking market — period,'"John Miller, who is head of Barclays' corporate and investment bank in the Americas,recently told Business Insider.
Elsewhere on Wall Street, hedge fund traders from alegendary desk at Goldman Sachs have lost billions of dollars. And the statue of the "Fearless Girl"will stare down the Wall Street bull for another year.
TheGOP's Obamacare replacement plan got pulled from a vote in the Houseon Friday, putting markets on edge. Here's what you need to know:
• How "Trumpcare" went up in flames — and why it should worry the GOP about the future
• Wall Street already knows how to spin Trumpcare's ugly collapse — but it's missing the point
• There's a reason why it's "been decades since significant tax reform has passed"
• Here's the next hill Trump, Ryan and House Republicans could die on
• Here's who has the most to lose if the government starts negotiating drug prices
In markets news, one of Wall Street's favorite Trump tradesis rewarding investors that bet against it. Hospital stocks arepopping after the demise of "Trumpcare."Wall Street is gettingone of its biggest calls of the year all wrong.
In economics, Treasury Secretary Mnuchin says AI taking US jobs is "50-100 more years" away —but it's already beginning to happen. And seeing how the highest and lowest-earnersspend their money will make you think differently about "rich" vs "poor."
In deal news,Okta priced its IPO andhopes to hit a $2 billion valuation. AndElevate Credit, an online lender that focuses on riskier borrowers,is headed for an initial public offering.
And in tech, the No.1 investment bank advising Snap on itsIPO is projecting massive growth for the company. TheYouTube advertiser boycott will cost Google $750 million, according to one analyst. And a Bitcoin civil war is threatening to tear the digital currency in two —here's what you need to know
Lastly, take a look inside the exclusive New York gym whereHugh Jackman, Victoria's Secret models and Wall Streeters work out.
Here are the top Wall Street headlines from the past 24 hours.
Saudi Arabia sweetens huge Aramco IPO with tax cut-Saudi Arabia's government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company's initial public offer of shares next year, which is expected to be the world's largest equity sale.
Brexit is already hurting London's reputation as a financial centre-London has seen its standing as a financial center slip as Britain prepares to trigger its departure from the European Union, according to a survey released on Monday, although rival European cities still lag far behind.
Tesla is about to confront dueling best- and worst-case scenarios, and anything could happen-Tesla is preparing for its biggest year ever.
Whole Foods is facing its worst nightmare after an unexpected threat stole millions of customers-Whole Foods is losing millions of customers to what was once an unthinkable threat: Kroger.
This cocktail brought the "original American whiskey" back from the dead-Whiskey is experiencing a huge comeback in America.
The Trump era is ushering in a "more is more" design renaissance in America-The Trump aesthetic is far from subtle.
We got a peek inside a $20 million apartment in the latest skyscraper to dramatically alter Manhattan's skyline-Madison Square Park Toweris changing Manhattan's skyline. The 65-story glass skyscraper is the tallest in its Flatiron District neighborhood, and because of various zoning laws surrounding it, its fantastic views will never be obstructed.
More From Business Insider
• What you need to know on Wall Street right now
• What you need to know on Wall Street right now
• What you need to know on Wall Street right now || Coin Citadel Shareholder Update: LOS ANGELES, CA / ACCESSWIRE / March 27, 2017 / Coin Citadel (OTC PINK: CCTL), announces that it is diligently working on finalizing a transaction to substantially increase our Bitcoin inventory and add substantial value to our current assets. At the same time, we are searching for additional opportunities in the Bitcoin sector that can add revenue and value to our core business model, and ultimately, to our shareholders. We are also pursuing merger and acquisition opportunities outside of our current business model with a view toward eventually evolving into a holding company with diversified assets involved in multiple markets, thus minimizing our exposure to market fluctuations within a single sector. The company's long-term outlook on Bitcoins is bullish. With more opportunities and acquisitions to make, the more valuable the company will be. Additionally we are working on bringing the company back to current status on OTCmarkets.com. We also want to open other lines of communication with our shareholders, through social media such as Twitter, and Facebook. Please be on the lookout for news, filings, and other updates coming shortly. Effective March 22, 2017, An incredited investor and the "Company", entered into a 3a10 for the claim amount of $197,500.00. Forward-Looking Statement: Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation. Story continues Contact: Bill Schaefer, CEO 562-453-7643 SOURCE: Coin Citadel || Coin Citadel Shareholder Update: LOS ANGELES, CA / ACCESSWIRE / March 27, 2017 /Coin Citadel(OTC PINK: CCTL), announces that it is diligently working on finalizing a transaction to substantially increase our Bitcoin inventory and add substantial value to our current assets. At the same time, we are searching for additional opportunities in the Bitcoin sector that can add revenue and value to our core business model, and ultimately, to our shareholders. We are also pursuing merger and acquisition opportunities outside of our current business model with a view toward eventually evolving into a holding company with diversified assets involved in multiple markets, thus minimizing our exposure to market fluctuations within a single sector.
The company's long-term outlook on Bitcoins is bullish. With more opportunities and acquisitions to make, the more valuable the company will be. Additionally we are working on bringing the company back to current status on OTCmarkets.com. We also want to open other lines of communication with our shareholders, through social media such as Twitter, and Facebook.
Please be on the lookout for news, filings, and other updates coming shortly.
Effective March 22, 2017, An incredited investor and the "Company", entered into a 3a10 for the claim amount of $197,500.00.
Forward-Looking Statement:Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact:
Bill Schaefer, CEO562-453-7643
SOURCE:Coin Citadel
[Social Media Buzz]
#Bitcoin -0.43%
Ultima: R$ 3500.00 Alta: R$ 3584.00 Baixa: R$ 3471.00
Fonte: Foxbit || 1 #BTC (#Bitcoin) quotes:
$1036.81/$1038.02 #Bitstamp
$1037.04/$1038.00 #BTCe
⇢$-0.98/$1.19
$1036.02/$1046.94 #Coinbase
⇢$-2.00/$10.13 || 964.586 Eur | +0.58% | Kraken | 30/03/17 00:03 #Bitcoin || #bitcoin #miner Bitmain Antminer S7-LN ASIC Bitcoin Miner @ 2.7TH/s with Power Supply Free Ship $350.00 http://ift.tt/2njbgYF pic.twitter.com/JrmT0G0gyA || #bitcoin #miner Bitmain AntMiner S7 4.73TH/s Bitcoin Mine...
|
1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07.
|
[Bitcoin Technical Analysis for 2021-01-18]
Volume: 49511702429, RSI (14-day): 60.34, 50-day EMA: 28789.02, 200-day EMA: 18295.69
[Wider Market Context]
None available.
[Recent News (last 7 days)]
From 230% Growth To 34.20% Fall: Best And Worst Performing Cryptocurrencies Of The Week: Bitcoin (BTC) and Ethereum (ETH) may get the most attention among digital currencies, but they do not necessarily show the biggest price movements. Bitcoin, the leading cryptocurrency, was trading at $36,562.08 just prior to publication of this article, having lost 1.23% in a week amid volatility. It went from $36,568.53 on Jan. 11 to $39,966.41 on Jan. 13, to the current trading price. Ethereum, the leading altcoin and second cryptocurrency by market capitalization, started the week at $1,088.53, peaked at $1,286 on Jan. 16, and was trading at $1,257.26 at the time of publishing. Now let’s have a look at the cryptocurrencies with the highest and lowest performances during the past week, which some much wider swings. Best Performing Cryptocurrencies 1. HedgeTrade (HEDG) , ranked 55 on CoinMarketCap (CMC), has had the biggest growth of the week — 230.23%. The cryptocurrency started the week at $0.4582 and began growing on Jan. 14, reaching a high of $2 for the week on Jan. 15. It was trading at $1.57 at time of publishing, with a market capitalization of $542,388,901. 2. Voyager Token (VGX) has seen 140.28% growth this week. Ranked at 88 among the 8,265 coins listed on CMC, it opened the week at $0.5183 and was trading at $1.05 at publication time. 3. Curve Dao Token (CRV) started the week with $0.6216 on Jan. 11 and was at $1.68 as of publication time, gaining 129.57% in seven days. Ranked 75th, its current capitalization is $324,767,576. Worst Performing Cryptocurrencies 1. Kin (KIN) has lost 34.20% over the week, falling from $0.00005563, Jan. 11, to $0.0000419 at publishing time. With a current market cap of $63,738,26, it is ranked 164 on CMC. 2. Bitcoin Diamond (BCD) , with no affiliation to Bitcoin Core (BTC), has gone down from $0.9427 at the start of the week to $0.7339 at press time, having lost 31.97% of its price. It is ranked at 111. 3. Holo (HOT) , ranked 118th, went from $0.0008916 to $0.0007111 in a week, for a fall of 28.26%. Story continues Photo by Napendra Singh on Unsplash . See more from Benzinga Click here for options trades from Benzinga Newport Resident Offers M To City Council To Find Hard Drive With 7,500 Bitcoins 'You're A Fool' Who Will 'Lose Everything' If You Take On Debt To Invest In Crypto, Mark Cuban Says © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || From 230% Growth To 34.20% Fall: Best And Worst Performing Cryptocurrencies Of The Week: Bitcoin (BTC) and Ethereum (ETH) may get the most attention among digital currencies, but they do not necessarily show the biggest price movements. Bitcoin, the leading cryptocurrency, was trading at $36,562.08 just prior to publication of this article, having lost 1.23% in a week amid volatility. It went from $36,568.53 on Jan. 11 to $39,966.41 on Jan. 13, to the current trading price. Ethereum, the leading altcoin and second cryptocurrency by market capitalization, started the week at $1,088.53, peaked at $1,286 on Jan. 16, and was trading at $1,257.26 at the time of publishing. Now let’s have a look at the cryptocurrencies with the highest and lowest performances during the past week, which some much wider swings. Best Performing Cryptocurrencies 1. HedgeTrade (HEDG) , ranked 55 on CoinMarketCap (CMC), has had the biggest growth of the week — 230.23%. The cryptocurrency started the week at $0.4582 and began growing on Jan. 14, reaching a high of $2 for the week on Jan. 15. It was trading at $1.57 at time of publishing, with a market capitalization of $542,388,901. 2. Voyager Token (VGX) has seen 140.28% growth this week. Ranked at 88 among the 8,265 coins listed on CMC, it opened the week at $0.5183 and was trading at $1.05 at publication time. 3. Curve Dao Token (CRV) started the week with $0.6216 on Jan. 11 and was at $1.68 as of publication time, gaining 129.57% in seven days. Ranked 75th, its current capitalization is $324,767,576. Worst Performing Cryptocurrencies 1. Kin (KIN) has lost 34.20% over the week, falling from $0.00005563, Jan. 11, to $0.0000419 at publishing time. With a current market cap of $63,738,26, it is ranked 164 on CMC. 2. Bitcoin Diamond (BCD) , with no affiliation to Bitcoin Core (BTC), has gone down from $0.9427 at the start of the week to $0.7339 at press time, having lost 31.97% of its price. It is ranked at 111. 3. Holo (HOT) , ranked 118th, went from $0.0008916 to $0.0007111 in a week, for a fall of 28.26%. Story continues Photo by Napendra Singh on Unsplash . See more from Benzinga Click here for options trades from Benzinga Newport Resident Offers M To City Council To Find Hard Drive With 7,500 Bitcoins 'You're A Fool' Who Will 'Lose Everything' If You Take On Debt To Invest In Crypto, Mark Cuban Says © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto Long & Short: No, Bitcoin Is Not in a Bubble: To think that such a festive concept, one that evokes both sophistication and childlike wonder, could become so financially charged …
Last week, Bank of America Securities chief investment strategist Michael Hartnettsaid in a notethatbitcoinlooks like “the mother of all bubbles.”
Harnett seems to be using the strength and speed of bitcoin’s price rise as the base for his diagnosis, as if that is the main feature of a financial bubble. It isn’t.
Related:Blockchain Bites: Goldman Sachs Investigates Crypto Custody, Solving the Blockchain 'Trilemma'
Continuing the misuse of the word, in a notequoted on Bloombergthis week, investment management firm Man Group said: “Every time a bitcoin bubble bursts, another grows back to replace it … This very frequency makes the bitcoin narrative somewhat atypical relative to the great bubbles of the past.”
This is less irritating in that Man Group recognizes that bitcoin is “atypical” – but it also seems to believe that bitcoin is a bubble. It’s not.
To see why, let’s pull out our financial dictionaries:
Investopedia: “During a bubble, assets typically trade at a price, or within a price range, that greatly exceeds the asset’s intrinsic value (the price does not align with the fundamentals of the asset).”
Related:Blockchain Bites: Coinbase Wants to Crowdsource Asset Listings; What's Up With Tether's Bank?
Nasdaq: “A market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset.”
Wikipedia: “A situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as [an asset that trades] at a price or price range that strongly exceeds the asset’s intrinsic value.”
Do you see the common thread? An asset is in a bubble when its price increase isunrelated to its intrinsic or fundamental value.
What is bitcoin’s intrinsic value? Nobody yet knows. We’re looking at a still young technology that is evolving alongside the demand for it. The technology’s future use cases are still unclear, as is its place in the financial ecosystem. And bitcoin’s unique investment characteristics and unfamiliar metrics make it impossible to apply traditional valuation techniques. Many have opinions as to its fundamental value, but you only need to look at thewiderangeto realize they are based on unestablished theories and untested logic.
So, anyone saying that bitcoin is in a “bubble” is making a judgement call on its intrinsic value. But they never (not that I’ve seen, anyway) share their calculations or even reveal the number that they’re thinking of.
Maybe these analysts and commentators are using the term “bubble” in the social sense?
Economist Robert Schillerdefines a speculative bubbleas a “social epidemic whose contagion is mediated by price movements.” Those of us that spend time on Twitter or YouTube may be nodding in recognition. But Schiller specifies “epidemic” (an unfortunate metaphor in 2020-21), which implies mainstream participation. The cacophony of bitcoin maximalists and altcoin enthusiasts is far from mainstream.
AQR Capital Management co-founder Cliff Asness gets it.In a 2014 paperwritten for the CFA Institute, he said: “The word ‘bubble,’ even if you are not an efficient market fan (if you are, it should never be uttered outside the tub), is very overused.”
Suds aside, he goes on to add: “Whether a particular instance is a bubble will never be objective; we will always have disagreement ex ante and even ex post. But to have content, the term bubble should indicate a pricethat no reasonable future outcome can justify.” (my emphasis)
Most professional investors allocating part of their portfolios to bitcoin are doing so to hedge against the scenario of currency debasement, which seems less and less unreasonable. How do you put a price on that?
What is the “fundamental value” of a good that does not fall in value along with the underlying currency, that does not suffer the consequences of a weak economy, and that cannot be co-opted to provide profit for a select and powerful few? What is the “intrinsic value” of a technology that also allows for the auditable, immutable and censorship-resistant sharing of information? How do you assign a baseline price level to a cryptographic token that embodies all of this, and can also be used as a payment innovation as well as a seizure-resistant emergent store of value?
For bitcoin to be in a bubble, its price movements need to be unrelated to its underlying value. Given the astonishing increase in the global supply of dollars at a time of stagnating demand due to widespread pandemic-induced recessions, and the likely emergence of recovery-fueled inflation which will be difficult to control, it could be argued that bitcoin’s underlying value as a potential offset to the ensuing economic chaos is rapidly increasing. It could be argued that bitcoin’s price movements arecatching upto its underlying value.
It could also be argued that bitcoin is the anti-bubble, that its price is going up because of bubbles elsewhere in the economy. Many investors are buying bitcoin in response to what they see as a massive sovereignbond bubble, which they believe the government will try to deflate by printing money.
And as for equities, the blistering market valuations of tech companies are to a large degree dependent on low interest rates which could head up fast should the bond bubble burst. This would make “alternatives” such as bitcoin even more attractive.
To get a feel for bitcoin’s anti-bubble nature, try to imagine what its “fundamental value” would be if we had central banks that did not print money, governments that kept balanced accounts and no fear at all of MMT, financial repression or any kind of populist uprisings. In this scenario, demand and price would be much lower than they are today.
So, before we accuse bitcoin of being in a bubble, before we imply that its current price in no way reflects its potential utility in a chaotic and increasingly uncertain world, let’s ask ourselves where we think the drivers of bitcoin’s utility are heading.
None of this means that bitcoin’s price won’t fall – it might, and if it does, it might do so quickly. The likelihood of that is for each investor to decide.
It does mean, however, that we need to examine more than just recent price movements. A strong return does not automatically deserve “bubble” designation. Bubbles are not about prices – they’re about price relative to value.
Labels matter, and what’s coming is going to be confusing enough without charged words misrepresenting new concepts.
– Noelle
Wheninstitutional investorspraise the current macro environment as being “perfect” for bitcoin, we listen. After all, low rates, a declining dollar, and inflation fears cause investors to deploy low-yielding cash into higher-yielding assets such as gold and bitcoin.
But do these investors go back to the drawing board when BTC plunges more than 20% just as the 10-year Treasury yield breaches 1%? I’m starting to question if the macro narrative of ongoing Fed support suppressing yields and boosting market speculation still holds.
Just like the Fed, investment managers care more about real yields (adjusted to remove the effects of inflation) rather than nominal yields. The fact that real yields are still negative means the inflation outlook is muted. The Fed will continue monetary easing until it sees a meaningful pickup in growth and inflation, which supports the base case for bitcoin as a speculative asset.
And what about bitcoin as a hedge against inflation?
Some might say there’s no evidence of inflation running wild just yet. But market participants would disagree as they position ahead of economic data. We can see this in breakeven rates (a market-based measure of inflation expectations) which exceeded 2% this week.
(The above chart shows the US 10-year real yield struggling to chase inflation expectations higher, which should keep the Fed active – supporting the macro case for bitcoin. )
To be fair, volatility metrics such as Treasury swaption premiums show no hedging bias for a significant move higher or lower in rates. This means volatility in the rates market remains very low, suggesting that investors are not yet demanding greater reward for rising interest rate (or inflation) risk.
So, where can investors find such a reward? Bitcoin. The cryptocurrency is attracting greater institutional flows because it yields high returns compared to traditional assets. Bitcoin’s high relative return compensates investors for volatility and inflation risk.
As long as the Fed keeps the punchbowl flowing, the speculative quest for high returns will continue. It’s a goldilocks environment for bitcoin as an asset class.
– Damanick
· “We have been watching it for a longish time, and our judgement is that it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold. Yes, it is a seemingly non-sensical asset – but one that makes absolute sense for how we see the world.” – excerpt from a beautifully written and thoughtfulinvestor letter from Jonathan Ruffer, chairman ofRuffer Investment Company
· “Every time a Bitcoin bubble bursts, another grows back to replace it … This very frequency makes the Bitcoin narrative somewhat atypical relative to the great bubbles of the past.” –Man Groupinvestment note
· “In our view, given their high volatility and the size of their past drawdowns, cryptocurrencies might be attractive to speculative investors, but they are neither a suitable alternative to safe-haven assets nor do they necessarily contribute to portfolio diversification.” –strategists atUBS Asset Management
· “I don’t even know enough to say this with confidence, but I will still say that I’m somewhat cynical that someone is going to come up with a really good valuation model for what the right price.” –Cliff Asness, co-founder of AQR Capital Management,in a Bloomberg interview
· Speaking on CNBC’s The Coin Rush on Tuesday, Goldman Sachs’ global head of commodities research,Jeff Currie,said the cryptocurrency market“is becoming more mature” but still has a way to go, and that he thought that approximately 1% of the current bitcoin market cap was attributable to institutional investors.
In hislatest investor memo,Oak Tree Capital founderHoward Marksreveals that his son “thankfully owns a meaningful amount for our family.” He goes on to say: “In the case of cryptocurrencies, I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position. … Thus, I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. In the spirit of open-mindedness, I’m striving to learn.”
According to sources,Goldman Sachsisconsidering launching a crypto custody service.TAKEAWAY:I remember back in the early days, we used to say that Goldman Sachs getting into the crypto business would be the tipping point for institutions. Years later, even with other significant legacy institutions already offering digital asset services, it would still be a very big deal, as it would be the strongest signal yet that Wall Street is interested. It would also trigger a scramble to catch up from other traditional financial institutions, and would incentivize professional fund managers to at least get better informed.
This week, Reuters reported that the incoming Biden administrationis expected to nameGary Gensler, a Washington and Wall Street veteran who has closely studied the cryptocurrency field, as chairman of the U.S. Securities and Exchange Commission.TAKEAWAY:This is very good news for the crypto industry. Gensler has experience in capital markets, academia and public administration. He served as chairman of the U.S. Commodity Futures Trading Commission (CFTC), as a key financial regulator for former President Obama, and in the Treasury Department during the Clinton administration. More recently, he taught ablockchain and crypto assets courseat MIT, has spoken at several crypto conferences, and evenpenned an op-ed for usin 2019. Gensler sees blockchain as a “catalyst for change,” and seems to have a nuanced understanding of how crypto assets work and the impact they can have on capital markets. This nomination is likely to rekindle the market’s expectation that a bitcoin ETF will get approved this year. (See former CFTC official Jeff Bandman’stake on the reported nomination here.)
Crypto custodianAnchoragehas secured conditional approvalfor a national trust charterfrom the U.S. Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S.TAKEAWAY:The U.S. now hasthreecrypto-native banks, up from precisely zero just a few months ago (crypto exchangeKrakenwas awarded a special purpose depository institution– SPDI – charter by the state of Wyoming last September, and crypto bankAvantigot one a month later). There are notable differences between the three that are worth pointing out. As a national trust, Anchorage cannot accept deposits, which means that it does not automatically get access to the Fed discount window and payment system. It does, however, make Anchorage a Qualified Custodian under U.S. Securities and Exchange Commission (SEC) rules, and adds another crypto piece to the regulated financial institution puzzle. The more “authorized” financial companies there are in the crypto industry, the greater the level of institutional trust.
New York-based crypto exchangeBakkt, backed by NYSE parent ICE,will become a publicly listed companyvia a merger with a special purpose acquisition company (SPAC) sponsored by Victory Park Capital.TAKEAWAY:The expected valuation is $2.1 billion, for a pre-product, pre-revenue business.According to a presentationby the Bakkt team to the SEC, the firm expects the size of the cryptocurrency market to reach $3 trillion in 2025 – in other words, it will more than triple in five years.
Gemini Trust, the cryptocurrency exchange and custodian founded by twins Tyler and Cameron Winklevoss,could soon go public,according to a Bloomberg report.TAKEAWAY:It looks like 2020 will see a number of crypto market infrastructure companies go public. There’s Bakkt mentioned above, and other rumored possibilities areCoinbase, BlockFi,eToro, and I’m probably missing a couple. This is great news for us analysts, as we’re excited about getting a look at detailed financials for some of the largest platforms in the industry. It’s also good news for the industry, as these listings are likely to attract mainstream investor attention, as well as give investors an alternative path to cryptocurrency exposure.
Over $3 billionflowed into the productsof crypto asset managerGrayscale Investmentsin Q4 2020, according toits latest report(Grayscale is owned by DCG, also the parent of CoinDesk). Over 90% of this came from institutional investors, mainly asset managers.TAKEAWAY:The report also showed that the Q4 inflows accounted for almost 60% of the year’s total, in spite of most of its funds being closed to new investment for the last 10 days of the year, which highlights the acceleration of institutional interest in crypto assets. Furthermore, the weight of institutional inflow in the mix was notably higher in Q4 vs. the year as a whole. Almost 90% of inflows went into the firm’s bitcoin trust GBTC.
Grayscalehasreopened some of the fundsit closed to new investment in December of last year, including the bitcoin trust (GBTC) and the digital large cap fund (GDLC).TAKEAWAY:Since Grayscale was responsible for much of the bitcoin purchases in the fourth quarter last year, the reopening could be taken as good news for the market – a buyer that had temporarily left is coming back in.
A prospectus for a newbitcoin exchange-traded fund(ETF)has been filedby Arxnovum Investments Inc. with the Ontario Securities Commission (OSC) in Canada.TAKEAWAY:With renewed attention on a potential bitcoin ETF approval in the U.S., the OSC’s actions here could set a precedent – a bitcoin ETF trading on a neighbouring stock exchange could kindle the competitive spirit and help the SEC realize that other jurisdictions are leading the way in financial innovation; on the other hand, a rejection by the OSC could send a signal to the SEC that there’s no hurry.
3iq Corp’s bitcoin fund, listed as QBTC.U on the Toronto Stock Exchange,has reached over CA$1 billion(US$785 million) in market capitalization.TAKEAWAY:This level of growth in an exchange-trade fund that was originally listed in Toronto in April of last year, and on the Gibraltar Stock Exchange in September, underscores the demand for listed bitcoin vehicles.
The bitcoin exchange-traded productBTCE, which started trading on Deutsche Börse’s Xetra exchangein June 2020, nowalso trades on Swiss stock exchange SIX.TAKEAWAY:The Financial Timesreported this weekthat, BTCE’s daily trading volumes on Xetra averaged €57 million in the first 11 days of January, up from a daily average in December of €15.5 million, which points to surging demand in Europe for listed bitcoin products. The SIX listing takes the number of ETPs trading on the Swiss exchange up to 34, and, according to the exchange, turnover in cryptocurrency products reached CHF 1.1 billion ($1.24 billion) in 2020. This is still tiny in the overall picture (the exchangereported 2020 turnoverof over CHF 1.7 trillion, or almost $2 trillion), but if BTCE’s trend on Xetra is anything to go by, that figure is likely to substantially higher in 2021.
The number offinancial advisersallocating crypto to client portfoliosreached almost 10%in 2020, an increase of almost 50% compared to 2019.TAKEAWAY:This is according to a recent survey carried out by crypto fund manager Bitwise and financial media site ETF Trends (you cansee the full report on our Research Hub), which got input from almost 1,000 registered financial advisers. 81% of whom reported that they had received a question from a client about crypto in the past 12 months. This highlights the imperative for financial advisers to atleastbe able to answer questions about crypto assets – they are doing a disservice to their clients if they can’t, and dismissing something because it’s not easy to understand goes against the ethics of the profession.
Crypto trading platformCrossTowerislaunching a capital markets deskfor institutional clients.TAKEAWAY:This encapsulates two trends we’ve been seeing build up over the past year: 1) the emergence of institutional-grade crypto market services, which widens choice and deepens the comfort level of institutional investors in the crypto markets, and 2) the bundling of crypto-related services and the gradual consolidation of the industry into a few firms that do many things, prime broker-style. Expanding from its spot exchange and over-the-counter (OTC) trading desk, CrossTower now offers digital asset lending, trade financing, structured products and trade execution across multiple venues.
Digital asset managerNYDIG– which earlier this weekannounced the acquisitionof crypto data firm Digital Assets Data – ispartnering with banking technology provider Movento offer plugins for banks that want to launch bitcoin products.TAKEAWAY:This is yet another indication that traditional financial institutions are gearing up to enter the crypto asset market, either through custody services, trading platforms, payments or a combination thereof. In an online survey of more than 2,000 U.S. consumers shared exclusively with CoinDesk, NYDIG found that 80% of bitcoin holders would move their crypto to a bank if it had secure storage. Of those same holders, 71% would switch their primary bank account if a bank offered bitcoin-related products and 81% would be interested in buying bitcoin through their bank.
Asset management firmArcahasclosed a $10 million Series A roundof funding led by RRE Ventures.TAKEAWAY:Arca is one of the more innovative crypto fund managers in the industry. Not only does it manage its crypto fund, but it is also pushing the envelope in terms of financial products and fund management. In 2019, it filed a prospectus with the Securities and Exchange Commission (SEC) Friday for a bond fundwhose shares would be tokenizedon theethereumblockchain. In 2020, it championed the concept of“tokenholder activism,”pushing decentralized exchange and prediction market platform Gnosis to stick to its original mission or return funds to investors. It will be interesting to see what it does with the funds raised in the latest round.
Thisreport by Bloombergon theArctic’s first bitcoin mining facilitynot only has gorgeous photos; it also reminds us that bitcoin does not just exist in cyberspace, and it is not a pure technology play. It has an industrial side, too.TAKEAWAY:The report also reminds us that theheavy power consumption of bitcoinmining is not an industry-killer, as many early critics insisted it would be.
Speaking of mining, Minnesota-basedCompute Northand New York-basedFoundry Digital(owned by DCG, also the parent of CoinDesk)have partnered to providea “turnkey” hosted mining solution which allows investors to purchase hosted machines through either company.TAKEAWAY:This is a step towards turning bitcoin mining into an investment option with fewer barriers (such as finding a location, buying the machines, etc.). It could also serve as the basis for other types of financial products, such as mining-based collateral and hedging derivatives. Crypto investing is not just about buying an asset and watching the price move.
Babel Financeisletting bitcoin mining firmsput up their machines as loan collateral in exchange for significantly better lending terms than those offered for crypto asset collateral.TAKEAWAY:This offers a glimpse at the growing sophistication of the mining industry in China, and the emergence of leveraged operations. On the one hand, more leverage means more risk. On the other hand, leverage will allow for faster industry growth, which leads to even more secure blockchain networks, which leads to more financial inflows, and so on in a virtuous circle.
The venture arm of U.S. cryptocurrency exchangeCoinbaseparticipated in the seed roundof mining software and services company Titan, which in December announced what will reportedly be thefirst enterprise-grade bitcoin mining poolin North America.TAKEAWAY:This echoes the trend mentioned above of crypto mining facilities being packaged as investment opportunities, and Coinbase’s endorsement of the potential makes it an even more intriguing area to watch.
Las Vegas-based bitcoin mining companyMarathon Patent Group(MARA) has entered into a securities purchase agreement with institutional investors for the registered offering of 12.5 million shares of common stock at $20 per share, toraise $250 million.TAKEAWAY:CEO Merrick Okamoto told CoinDesk in an email he intends to use the funds to, among other things, purchase more mining machines and expand facilities amid the ongoing “arms race” as manufacturers struggle to keep pace with demand. The increased activity in “mining as a business” is largely attributable to the rising bitcoin price, which directly affects mining profitability. It also has to do with the growing sophistication we mentioned above, with advances in mining technology that are impacting the economics, and with the growing global competition, which is good for the industry as a whole.
Panama-based crypto derivatives exchangeDeribit, the largest options exchange in the industry,has already recorded approximately25% of last year’s entire bitcoin options trading volume.TAKEAWAY:This is astonishing growth that underlines the market’s growing maturity. The growth is not limited to Deribit, although it is consolidating its position as segment leader. Open interest (OI) across all crypto options exchanges has exploded from just over $520 million a year ago (16% of the OI of bitcoin futures) to over $8.3 billion (66%of the OI of bitcoin futures!) today.
Bitcoin minersselling their holdings is often used to explain market dips, and this weekwas no different– but thedata doesn’t support that theory.TAKEAWAY:The transparency of on-chain data allows us to track outflows from known bitcoin miner addresses to known exchange addresses. This shows that miner outflows to exchanges have been trending down. True, this doesn’t catch off-exchange activity, and the overall balance at mining addresses is down to early 2020 levels, according to the data. But accounts from mining pools support the conclusion that miners are more likely to be selling fewer BTC into the rally, rather than dumping and causing the price to fall.
• Crypto Long & Short: No, Bitcoin Is Not in a Bubble
• Crypto Long & Short: No, Bitcoin Is Not in a Bubble || Crypto Long & Short: No, Bitcoin Is Not in a Bubble: To think that such a festive concept, one that evokes both sophistication and childlike wonder, could become so financially charged … Last week, Bank of America Securities chief investment strategist Michael Hartnett said in a note that bitcoin looks like “the mother of all bubbles.” Harnett seems to be using the strength and speed of bitcoin’s price rise as the base for his diagnosis, as if that is the main feature of a financial bubble. It isn’t. Related: Blockchain Bites: Goldman Sachs Investigates Crypto Custody, Solving the Blockchain 'Trilemma' Continuing the misuse of the word, in a note quoted on Bloomberg this week, investment management firm Man Group said: “Every time a bitcoin bubble bursts, another grows back to replace it … This very frequency makes the bitcoin narrative somewhat atypical relative to the great bubbles of the past.” This is less irritating in that Man Group recognizes that bitcoin is “atypical” – but it also seems to believe that bitcoin is a bubble. It’s not. Words matter To see why, let’s pull out our financial dictionaries: Investopedia : “During a bubble, assets typically trade at a price, or within a price range, that greatly exceeds the asset’s intrinsic value (the price does not align with the fundamentals of the asset).” Related: Blockchain Bites: Coinbase Wants to Crowdsource Asset Listings; What's Up With Tether's Bank? Nasdaq : “A market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset.” Wikipedia : “A situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as [an asset that trades] at a price or price range that strongly exceeds the asset’s intrinsic value.” Do you see the common thread? An asset is in a bubble when its price increase is unrelated to its intrinsic or fundamental value . Story continues What is bitcoin’s intrinsic value? Nobody yet knows. We’re looking at a still young technology that is evolving alongside the demand for it. The technology’s future use cases are still unclear, as is its place in the financial ecosystem. And bitcoin’s unique investment characteristics and unfamiliar metrics make it impossible to apply traditional valuation techniques. Many have opinions as to its fundamental value, but you only need to look at the wide range to realize they are based on unestablished theories and untested logic. So, anyone saying that bitcoin is in a “bubble” is making a judgement call on its intrinsic value. But they never (not that I’ve seen, anyway) share their calculations or even reveal the number that they’re thinking of. Social concepts Maybe these analysts and commentators are using the term “bubble” in the social sense? Economist Robert Schiller defines a speculative bubble as a “social epidemic whose contagion is mediated by price movements.” Those of us that spend time on Twitter or YouTube may be nodding in recognition. But Schiller specifies “epidemic” (an unfortunate metaphor in 2020-21), which implies mainstream participation. The cacophony of bitcoin maximalists and altcoin enthusiasts is far from mainstream. AQR Capital Management co-founder Cliff Asness gets it. In a 2014 paper written for the CFA Institute, he said: “The word ‘bubble,’ even if you are not an efficient market fan (if you are, it should never be uttered outside the tub), is very overused.” Suds aside, he goes on to add: “Whether a particular instance is a bubble will never be objective; we will always have disagreement ex ante and even ex post. But to have content, the term bubble should indicate a price that no reasonable future outcome can justify .” (my emphasis) Most professional investors allocating part of their portfolios to bitcoin are doing so to hedge against the scenario of currency debasement, which seems less and less unreasonable. How do you put a price on that? What is the “fundamental value” of a good that does not fall in value along with the underlying currency, that does not suffer the consequences of a weak economy, and that cannot be co-opted to provide profit for a select and powerful few? What is the “intrinsic value” of a technology that also allows for the auditable, immutable and censorship-resistant sharing of information? How do you assign a baseline price level to a cryptographic token that embodies all of this, and can also be used as a payment innovation as well as a seizure-resistant emergent store of value? For bitcoin to be in a bubble, its price movements need to be unrelated to its underlying value. Given the astonishing increase in the global supply of dollars at a time of stagnating demand due to widespread pandemic-induced recessions, and the likely emergence of recovery-fueled inflation which will be difficult to control, it could be argued that bitcoin’s underlying value as a potential offset to the ensuing economic chaos is rapidly increasing. It could be argued that bitcoin’s price movements are catching up to its underlying value. The anti-bubble It could also be argued that bitcoin is the anti-bubble, that its price is going up because of bubbles elsewhere in the economy. Many investors are buying bitcoin in response to what they see as a massive sovereign bond bubble , which they believe the government will try to deflate by printing money. And as for equities, the blistering market valuations of tech companies are to a large degree dependent on low interest rates which could head up fast should the bond bubble burst. This would make “alternatives” such as bitcoin even more attractive. To get a feel for bitcoin’s anti-bubble nature, try to imagine what its “fundamental value” would be if we had central banks that did not print money, governments that kept balanced accounts and no fear at all of MMT, financial repression or any kind of populist uprisings. In this scenario, demand and price would be much lower than they are today. So, before we accuse bitcoin of being in a bubble, before we imply that its current price in no way reflects its potential utility in a chaotic and increasingly uncertain world, let’s ask ourselves where we think the drivers of bitcoin’s utility are heading. None of this means that bitcoin’s price won’t fall – it might, and if it does, it might do so quickly. The likelihood of that is for each investor to decide. It does mean, however, that we need to examine more than just recent price movements. A strong return does not automatically deserve “bubble” designation. Bubbles are not about prices – they’re about price relative to value. Labels matter, and what’s coming is going to be confusing enough without charged words misrepresenting new concepts. – Noelle Macro currents When institutional investors praise the current macro environment as being “perfect” for bitcoin, we listen. After all, low rates, a declining dollar, and inflation fears cause investors to deploy low-yielding cash into higher-yielding assets such as gold and bitcoin. But do these investors go back to the drawing board when BTC plunges more than 20% just as the 10-year Treasury yield breaches 1%? I’m starting to question if the macro narrative of ongoing Fed support suppressing yields and boosting market speculation still holds. Just like the Fed, investment managers care more about real yields (adjusted to remove the effects of inflation) rather than nominal yields. The fact that real yields are still negative means the inflation outlook is muted. The Fed will continue monetary easing until it sees a meaningful pickup in growth and inflation, which supports the base case for bitcoin as a speculative asset. And what about bitcoin as a hedge against inflation? Some might say there’s no evidence of inflation running wild just yet. But market participants would disagree as they position ahead of economic data. We can see this in breakeven rates (a market-based measure of inflation expectations) which exceeded 2% this week. (The above chart shows the US 10-year real yield struggling to chase inflation expectations higher, which should keep the Fed active – supporting the macro case for bitcoin. ) To be fair, volatility metrics such as Treasury swaption premiums show no hedging bias for a significant move higher or lower in rates. This means volatility in the rates market remains very low, suggesting that investors are not yet demanding greater reward for rising interest rate (or inflation) risk. So, where can investors find such a reward? Bitcoin. The cryptocurrency is attracting greater institutional flows because it yields high returns compared to traditional assets. Bitcoin’s high relative return compensates investors for volatility and inflation risk. As long as the Fed keeps the punchbowl flowing, the speculative quest for high returns will continue. It’s a goldilocks environment for bitcoin as an asset class. – Damanick Chain Links Investors talking: · “We have been watching it for a longish time, and our judgement is that it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold. Yes, it is a seemingly non-sensical asset – but one that makes absolute sense for how we see the world.” – excerpt from a beautifully written and thoughtful investor letter from Jonathan Ruffer , chairman of Ruffer Investment Company · “Every time a Bitcoin bubble bursts, another grows back to replace it … This very frequency makes the Bitcoin narrative somewhat atypical relative to the great bubbles of the past.” – Man Group investment note · “In our view, given their high volatility and the size of their past drawdowns, cryptocurrencies might be attractive to speculative investors, but they are neither a suitable alternative to safe-haven assets nor do they necessarily contribute to portfolio diversification.” – strategists at UBS Asset Management · “I don’t even know enough to say this with confidence, but I will still say that I’m somewhat cynical that someone is going to come up with a really good valuation model for what the right price.” – Cliff Asness , co-founder of AQR Capital Management, in a Bloomberg interview · Speaking on CNBC’s The Coin Rush on Tuesday, Goldman Sachs’ global head of commodities research, Jeff Currie , said the cryptocurrency market “is becoming more mature” but still has a way to go, and that he thought that approximately 1% of the current bitcoin market cap was attributable to institutional investors. In his latest investor memo, Oak Tree Capital founder Howard Marks reveals that his son “thankfully owns a meaningful amount for our family.” He goes on to say: “In the case of cryptocurrencies, I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position. … Thus, I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. In the spirit of open-mindedness, I’m striving to learn.” Takeaways: According to sources, Goldman Sachs is considering launching a crypto custody service . TAKEAWAY: I remember back in the early days, we used to say that Goldman Sachs getting into the crypto business would be the tipping point for institutions. Years later, even with other significant legacy institutions already offering digital asset services, it would still be a very big deal, as it would be the strongest signal yet that Wall Street is interested. It would also trigger a scramble to catch up from other traditional financial institutions, and would incentivize professional fund managers to at least get better informed. This week, Reuters reported that the incoming Biden administration is expected to name Gary Gensler , a Washington and Wall Street veteran who has closely studied the cryptocurrency field, as chairman of the U.S. Securities and Exchange Commission. TAKEAWAY: This is very good news for the crypto industry. Gensler has experience in capital markets, academia and public administration. He served as chairman of the U.S. Commodity Futures Trading Commission (CFTC), as a key financial regulator for former President Obama, and in the Treasury Department during the Clinton administration. More recently, he taught a blockchain and crypto assets course at MIT, has spoken at several crypto conferences, and even penned an op-ed for us in 2019. Gensler sees blockchain as a “catalyst for change,” and seems to have a nuanced understanding of how crypto assets work and the impact they can have on capital markets. This nomination is likely to rekindle the market’s expectation that a bitcoin ETF will get approved this year. (See former CFTC official Jeff Bandman’s take on the reported nomination here .) Crypto custodian Anchorage has secured conditional approval for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S. TAKEAWAY: The U.S. now has three crypto-native banks, up from precisely zero just a few months ago (crypto exchange Kraken was awarded a special purpose depository institution – SPDI – charter by the state of Wyoming last September, and crypto bank Avanti got one a month later ). There are notable differences between the three that are worth pointing out. As a national trust, Anchorage cannot accept deposits, which means that it does not automatically get access to the Fed discount window and payment system. It does, however, make Anchorage a Qualified Custodian under U.S. Securities and Exchange Commission (SEC) rules, and adds another crypto piece to the regulated financial institution puzzle. The more “authorized” financial companies there are in the crypto industry, the greater the level of institutional trust. New York-based crypto exchange Bakkt , backed by NYSE parent ICE, will become a publicly listed company via a merger with a special purpose acquisition company (SPAC) sponsored by Victory Park Capital. TAKEAWAY: The expected valuation is $2.1 billion, for a pre-product, pre-revenue business. According to a presentation by the Bakkt team to the SEC, the firm expects the size of the cryptocurrency market to reach $3 trillion in 2025 – in other words, it will more than triple in five years. Gemini Trust , the cryptocurrency exchange and custodian founded by twins Tyler and Cameron Winklevoss, could soon go public, according to a Bloomberg report. TAKEAWAY: It looks like 2020 will see a number of crypto market infrastructure companies go public. There’s Bakkt mentioned above, and other rumored possibilities are Coinbase , BlockFi, eToro , and I’m probably missing a couple. This is great news for us analysts, as we’re excited about getting a look at detailed financials for some of the largest platforms in the industry. It’s also good news for the industry, as these listings are likely to attract mainstream investor attention, as well as give investors an alternative path to cryptocurrency exposure. Over $3 billion flowed into the products of crypto asset manager Grayscale Investments in Q4 2020, according to its latest report (Grayscale is owned by DCG, also the parent of CoinDesk). Over 90% of this came from institutional investors, mainly asset managers. TAKEAWAY: The report also showed that the Q4 inflows accounted for almost 60% of the year’s total, in spite of most of its funds being closed to new investment for the last 10 days of the year, which highlights the acceleration of institutional interest in crypto assets. Furthermore, the weight of institutional inflow in the mix was notably higher in Q4 vs. the year as a whole. Almost 90% of inflows went into the firm’s bitcoin trust GBTC. Grayscale has reopened some of the funds it closed to new investment in December of last year, including the bitcoin trust (GBTC) and the digital large cap fund (GDLC). TAKEAWAY: Since Grayscale was responsible for much of the bitcoin purchases in the fourth quarter last year, the reopening could be taken as good news for the market – a buyer that had temporarily left is coming back in. A prospectus for a new bitcoin exchange-traded fund (ETF) has been filed by Arxnovum Investments Inc. with the Ontario Securities Commission (OSC) in Canada. TAKEAWAY: With renewed attention on a potential bitcoin ETF approval in the U.S., the OSC’s actions here could set a precedent – a bitcoin ETF trading on a neighbouring stock exchange could kindle the competitive spirit and help the SEC realize that other jurisdictions are leading the way in financial innovation; on the other hand, a rejection by the OSC could send a signal to the SEC that there’s no hurry. 3iq Corp ’s bitcoin fund, listed as QBTC.U on the Toronto Stock Exchange, has reached over CA$1 billion (US$785 million) in market capitalization. TAKEAWAY: This level of growth in an exchange-trade fund that was originally listed in Toronto in April of last year, and on the Gibraltar Stock Exchange in September, underscores the demand for listed bitcoin vehicles. The bitcoin exchange-traded product BTCE , which started trading on Deutsche Börse’s Xetra exchange in June 2020 , now also trades on Swiss stock exchange SIX . TAKEAWAY: The Financial Times reported this week that, BTCE’s daily trading volumes on Xetra averaged €57 million in the first 11 days of January, up from a daily average in December of €15.5 million, which points to surging demand in Europe for listed bitcoin products. The SIX listing takes the number of ETPs trading on the Swiss exchange up to 34, and, according to the exchange, turnover in cryptocurrency products reached CHF 1.1 billion ($1.24 billion) in 2020. This is still tiny in the overall picture (the exchange reported 2020 turnover of over CHF 1.7 trillion, or almost $2 trillion), but if BTCE’s trend on Xetra is anything to go by, that figure is likely to substantially higher in 2021. The number of financial advisers allocating crypto to client portfolios reached almost 10% in 2020, an increase of almost 50% compared to 2019. TAKEAWAY: This is according to a recent survey carried out by crypto fund manager Bitwise and financial media site ETF Trends (you can see the full report on our Research Hub ), which got input from almost 1,000 registered financial advisers. 81% of whom reported that they had received a question from a client about crypto in the past 12 months. This highlights the imperative for financial advisers to at least be able to answer questions about crypto assets – they are doing a disservice to their clients if they can’t, and dismissing something because it’s not easy to understand goes against the ethics of the profession. Crypto trading platform CrossTower is launching a capital markets desk for institutional clients. TAKEAWAY: This encapsulates two trends we’ve been seeing build up over the past year: 1) the emergence of institutional-grade crypto market services, which widens choice and deepens the comfort level of institutional investors in the crypto markets, and 2) the bundling of crypto-related services and the gradual consolidation of the industry into a few firms that do many things, prime broker-style. Expanding from its spot exchange and over-the-counter (OTC) trading desk, CrossTower now offers digital asset lending, trade financing, structured products and trade execution across multiple venues. Digital asset manager NYDIG – which earlier this week announced the acquisition of crypto data firm Digital Assets Data – is partnering with banking technology provider Moven to offer plugins for banks that want to launch bitcoin products. TAKEAWAY: This is yet another indication that traditional financial institutions are gearing up to enter the crypto asset market, either through custody services, trading platforms, payments or a combination thereof. In an online survey of more than 2,000 U.S. consumers shared exclusively with CoinDesk, NYDIG found that 80% of bitcoin holders would move their crypto to a bank if it had secure storage. Of those same holders, 71% would switch their primary bank account if a bank offered bitcoin-related products and 81% would be interested in buying bitcoin through their bank. Asset management firm Arca has closed a $10 million Series A round of funding led by RRE Ventures. TAKEAWAY: Arca is one of the more innovative crypto fund managers in the industry. Not only does it manage its crypto fund, but it is also pushing the envelope in terms of financial products and fund management. In 2019, it filed a prospectus with the Securities and Exchange Commission (SEC) Friday for a bond fund whose shares would be tokenized on the ethereum blockchain. In 2020, it championed the concept of “tokenholder activism,” pushing decentralized exchange and prediction market platform Gnosis to stick to its original mission or return funds to investors. It will be interesting to see what it does with the funds raised in the latest round. This report by Bloomberg on the Arctic’s first bitcoin mining facility not only has gorgeous photos; it also reminds us that bitcoin does not just exist in cyberspace, and it is not a pure technology play. It has an industrial side, too. TAKEAWAY: The report also reminds us that the heavy power consumption of bitcoin mining is not an industry-killer, as many early critics insisted it would be. Speaking of mining, Minnesota-based Compute North and New York-based Foundry Digital (owned by DCG, also the parent of CoinDesk) have partnered to provide a “turnkey” hosted mining solution which allows investors to purchase hosted machines through either company. TAKEAWAY: This is a step towards turning bitcoin mining into an investment option with fewer barriers (such as finding a location, buying the machines, etc.). It could also serve as the basis for other types of financial products, such as mining-based collateral and hedging derivatives. Crypto investing is not just about buying an asset and watching the price move. Babel Finance is letting bitcoin mining firms put up their machines as loan collateral in exchange for significantly better lending terms than those offered for crypto asset collateral. TAKEAWAY: This offers a glimpse at the growing sophistication of the mining industry in China, and the emergence of leveraged operations. On the one hand, more leverage means more risk. On the other hand, leverage will allow for faster industry growth, which leads to even more secure blockchain networks, which leads to more financial inflows, and so on in a virtuous circle. The venture arm of U.S. cryptocurrency exchange Coinbase participated in the seed round of mining software and services company Titan, which in December announced what will reportedly be the first enterprise-grade bitcoin mining pool in North America. TAKEAWAY: This echoes the trend mentioned above of crypto mining facilities being packaged as investment opportunities, and Coinbase’s endorsement of the potential makes it an even more intriguing area to watch. Las Vegas-based bitcoin mining company Marathon Patent Group (MARA) has entered into a securities purchase agreement with institutional investors for the registered offering of 12.5 million shares of common stock at $20 per share, to raise $250 million . TAKEAWAY: CEO Merrick Okamoto told CoinDesk in an email he intends to use the funds to, among other things, purchase more mining machines and expand facilities amid the ongoing “arms race” as manufacturers struggle to keep pace with demand. The increased activity in “mining as a business” is largely attributable to the rising bitcoin price, which directly affects mining profitability. It also has to do with the growing sophistication we mentioned above, with advances in mining technology that are impacting the economics, and with the growing global competition, which is good for the industry as a whole. Panama-based crypto derivatives exchange Deribit , the largest options exchange in the industry, has already recorded approximately 25% of last year’s entire bitcoin options trading volume. TAKEAWAY: This is astonishing growth that underlines the market’s growing maturity. The growth is not limited to Deribit, although it is consolidating its position as segment leader. Open interest (OI) across all crypto options exchanges has exploded from just over $520 million a year ago (16% of the OI of bitcoin futures) to over $8.3 billion ( 66% of the OI of bitcoin futures!) today. Bitcoin miners selling their holdings is often used to explain market dips, and this week was no different – but the data doesn’t support that theory . TAKEAWAY: The transparency of on-chain data allows us to track outflows from known bitcoin miner addresses to known exchange addresses. This shows that miner outflows to exchanges have been trending down. True, this doesn’t catch off-exchange activity, and the overall balance at mining addresses is down to early 2020 levels, according to the data. But accounts from mining pools support the conclusion that miners are more likely to be selling fewer BTC into the rally, rather than dumping and causing the price to fall. Related Stories Crypto Long & Short: No, Bitcoin Is Not in a Bubble Crypto Long & Short: No, Bitcoin Is Not in a Bubble || Crypto Long & Short: No, Bitcoin Is Not in a Bubble: To think that such a festive concept, one that evokes both sophistication and childlike wonder, could become so financially charged …
Last week, Bank of America Securities chief investment strategist Michael Hartnettsaid in a notethatbitcoinlooks like “the mother of all bubbles.”
Harnett seems to be using the strength and speed of bitcoin’s price rise as the base for his diagnosis, as if that is the main feature of a financial bubble. It isn’t.
Related:Blockchain Bites: Goldman Sachs Investigates Crypto Custody, Solving the Blockchain 'Trilemma'
Continuing the misuse of the word, in a notequoted on Bloombergthis week, investment management firm Man Group said: “Every time a bitcoin bubble bursts, another grows back to replace it … This very frequency makes the bitcoin narrative somewhat atypical relative to the great bubbles of the past.”
This is less irritating in that Man Group recognizes that bitcoin is “atypical” – but it also seems to believe that bitcoin is a bubble. It’s not.
To see why, let’s pull out our financial dictionaries:
Investopedia: “During a bubble, assets typically trade at a price, or within a price range, that greatly exceeds the asset’s intrinsic value (the price does not align with the fundamentals of the asset).”
Related:Blockchain Bites: Coinbase Wants to Crowdsource Asset Listings; What's Up With Tether's Bank?
Nasdaq: “A market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset.”
Wikipedia: “A situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as [an asset that trades] at a price or price range that strongly exceeds the asset’s intrinsic value.”
Do you see the common thread? An asset is in a bubble when its price increase isunrelated to its intrinsic or fundamental value.
What is bitcoin’s intrinsic value? Nobody yet knows. We’re looking at a still young technology that is evolving alongside the demand for it. The technology’s future use cases are still unclear, as is its place in the financial ecosystem. And bitcoin’s unique investment characteristics and unfamiliar metrics make it impossible to apply traditional valuation techniques. Many have opinions as to its fundamental value, but you only need to look at thewiderangeto realize they are based on unestablished theories and untested logic.
So, anyone saying that bitcoin is in a “bubble” is making a judgement call on its intrinsic value. But they never (not that I’ve seen, anyway) share their calculations or even reveal the number that they’re thinking of.
Maybe these analysts and commentators are using the term “bubble” in the social sense?
Economist Robert Schillerdefines a speculative bubbleas a “social epidemic whose contagion is mediated by price movements.” Those of us that spend time on Twitter or YouTube may be nodding in recognition. But Schiller specifies “epidemic” (an unfortunate metaphor in 2020-21), which implies mainstream participation. The cacophony of bitcoin maximalists and altcoin enthusiasts is far from mainstream.
AQR Capital Management co-founder Cliff Asness gets it.In a 2014 paperwritten for the CFA Institute, he said: “The word ‘bubble,’ even if you are not an efficient market fan (if you are, it should never be uttered outside the tub), is very overused.”
Suds aside, he goes on to add: “Whether a particular instance is a bubble will never be objective; we will always have disagreement ex ante and even ex post. But to have content, the term bubble should indicate a pricethat no reasonable future outcome can justify.” (my emphasis)
Most professional investors allocating part of their portfolios to bitcoin are doing so to hedge against the scenario of currency debasement, which seems less and less unreasonable. How do you put a price on that?
What is the “fundamental value” of a good that does not fall in value along with the underlying currency, that does not suffer the consequences of a weak economy, and that cannot be co-opted to provide profit for a select and powerful few? What is the “intrinsic value” of a technology that also allows for the auditable, immutable and censorship-resistant sharing of information? How do you assign a baseline price level to a cryptographic token that embodies all of this, and can also be used as a payment innovation as well as a seizure-resistant emergent store of value?
For bitcoin to be in a bubble, its price movements need to be unrelated to its underlying value. Given the astonishing increase in the global supply of dollars at a time of stagnating demand due to widespread pandemic-induced recessions, and the likely emergence of recovery-fueled inflation which will be difficult to control, it could be argued that bitcoin’s underlying value as a potential offset to the ensuing economic chaos is rapidly increasing. It could be argued that bitcoin’s price movements arecatching upto its underlying value.
It could also be argued that bitcoin is the anti-bubble, that its price is going up because of bubbles elsewhere in the economy. Many investors are buying bitcoin in response to what they see as a massive sovereignbond bubble, which they believe the government will try to deflate by printing money.
And as for equities, the blistering market valuations of tech companies are to a large degree dependent on low interest rates which could head up fast should the bond bubble burst. This would make “alternatives” such as bitcoin even more attractive.
To get a feel for bitcoin’s anti-bubble nature, try to imagine what its “fundamental value” would be if we had central banks that did not print money, governments that kept balanced accounts and no fear at all of MMT, financial repression or any kind of populist uprisings. In this scenario, demand and price would be much lower than they are today.
So, before we accuse bitcoin of being in a bubble, before we imply that its current price in no way reflects its potential utility in a chaotic and increasingly uncertain world, let’s ask ourselves where we think the drivers of bitcoin’s utility are heading.
None of this means that bitcoin’s price won’t fall – it might, and if it does, it might do so quickly. The likelihood of that is for each investor to decide.
It does mean, however, that we need to examine more than just recent price movements. A strong return does not automatically deserve “bubble” designation. Bubbles are not about prices – they’re about price relative to value.
Labels matter, and what’s coming is going to be confusing enough without charged words misrepresenting new concepts.
– Noelle
Wheninstitutional investorspraise the current macro environment as being “perfect” for bitcoin, we listen. After all, low rates, a declining dollar, and inflation fears cause investors to deploy low-yielding cash into higher-yielding assets such as gold and bitcoin.
But do these investors go back to the drawing board when BTC plunges more than 20% just as the 10-year Treasury yield breaches 1%? I’m starting to question if the macro narrative of ongoing Fed support suppressing yields and boosting market speculation still holds.
Just like the Fed, investment managers care more about real yields (adjusted to remove the effects of inflation) rather than nominal yields. The fact that real yields are still negative means the inflation outlook is muted. The Fed will continue monetary easing until it sees a meaningful pickup in growth and inflation, which supports the base case for bitcoin as a speculative asset.
And what about bitcoin as a hedge against inflation?
Some might say there’s no evidence of inflation running wild just yet. But market participants would disagree as they position ahead of economic data. We can see this in breakeven rates (a market-based measure of inflation expectations) which exceeded 2% this week.
(The above chart shows the US 10-year real yield struggling to chase inflation expectations higher, which should keep the Fed active – supporting the macro case for bitcoin. )
To be fair, volatility metrics such as Treasury swaption premiums show no hedging bias for a significant move higher or lower in rates. This means volatility in the rates market remains very low, suggesting that investors are not yet demanding greater reward for rising interest rate (or inflation) risk.
So, where can investors find such a reward? Bitcoin. The cryptocurrency is attracting greater institutional flows because it yields high returns compared to traditional assets. Bitcoin’s high relative return compensates investors for volatility and inflation risk.
As long as the Fed keeps the punchbowl flowing, the speculative quest for high returns will continue. It’s a goldilocks environment for bitcoin as an asset class.
– Damanick
· “We have been watching it for a longish time, and our judgement is that it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold. Yes, it is a seemingly non-sensical asset – but one that makes absolute sense for how we see the world.” – excerpt from a beautifully written and thoughtfulinvestor letter from Jonathan Ruffer, chairman ofRuffer Investment Company
· “Every time a Bitcoin bubble bursts, another grows back to replace it … This very frequency makes the Bitcoin narrative somewhat atypical relative to the great bubbles of the past.” –Man Groupinvestment note
· “In our view, given their high volatility and the size of their past drawdowns, cryptocurrencies might be attractive to speculative investors, but they are neither a suitable alternative to safe-haven assets nor do they necessarily contribute to portfolio diversification.” –strategists atUBS Asset Management
· “I don’t even know enough to say this with confidence, but I will still say that I’m somewhat cynical that someone is going to come up with a really good valuation model for what the right price.” –Cliff Asness, co-founder of AQR Capital Management,in a Bloomberg interview
· Speaking on CNBC’s The Coin Rush on Tuesday, Goldman Sachs’ global head of commodities research,Jeff Currie,said the cryptocurrency market“is becoming more mature” but still has a way to go, and that he thought that approximately 1% of the current bitcoin market cap was attributable to institutional investors.
In hislatest investor memo,Oak Tree Capital founderHoward Marksreveals that his son “thankfully owns a meaningful amount for our family.” He goes on to say: “In the case of cryptocurrencies, I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position. … Thus, I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. In the spirit of open-mindedness, I’m striving to learn.”
According to sources,Goldman Sachsisconsidering launching a crypto custody service.TAKEAWAY:I remember back in the early days, we used to say that Goldman Sachs getting into the crypto business would be the tipping point for institutions. Years later, even with other significant legacy institutions already offering digital asset services, it would still be a very big deal, as it would be the strongest signal yet that Wall Street is interested. It would also trigger a scramble to catch up from other traditional financial institutions, and would incentivize professional fund managers to at least get better informed.
This week, Reuters reported that the incoming Biden administrationis expected to nameGary Gensler, a Washington and Wall Street veteran who has closely studied the cryptocurrency field, as chairman of the U.S. Securities and Exchange Commission.TAKEAWAY:This is very good news for the crypto industry. Gensler has experience in capital markets, academia and public administration. He served as chairman of the U.S. Commodity Futures Trading Commission (CFTC), as a key financial regulator for former President Obama, and in the Treasury Department during the Clinton administration. More recently, he taught ablockchain and crypto assets courseat MIT, has spoken at several crypto conferences, and evenpenned an op-ed for usin 2019. Gensler sees blockchain as a “catalyst for change,” and seems to have a nuanced understanding of how crypto assets work and the impact they can have on capital markets. This nomination is likely to rekindle the market’s expectation that a bitcoin ETF will get approved this year. (See former CFTC official Jeff Bandman’stake on the reported nomination here.)
Crypto custodianAnchoragehas secured conditional approvalfor a national trust charterfrom the U.S. Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S.TAKEAWAY:The U.S. now hasthreecrypto-native banks, up from precisely zero just a few months ago (crypto exchangeKrakenwas awarded a special purpose depository institution– SPDI – charter by the state of Wyoming last September, and crypto bankAvantigot one a month later). There are notable differences between the three that are worth pointing out. As a national trust, Anchorage cannot accept deposits, which means that it does not automatically get access to the Fed discount window and payment system. It does, however, make Anchorage a Qualified Custodian under U.S. Securities and Exchange Commission (SEC) rules, and adds another crypto piece to the regulated financial institution puzzle. The more “authorized” financial companies there are in the crypto industry, the greater the level of institutional trust.
New York-based crypto exchangeBakkt, backed by NYSE parent ICE,will become a publicly listed companyvia a merger with a special purpose acquisition company (SPAC) sponsored by Victory Park Capital.TAKEAWAY:The expected valuation is $2.1 billion, for a pre-product, pre-revenue business.According to a presentationby the Bakkt team to the SEC, the firm expects the size of the cryptocurrency market to reach $3 trillion in 2025 – in other words, it will more than triple in five years.
Gemini Trust, the cryptocurrency exchange and custodian founded by twins Tyler and Cameron Winklevoss,could soon go public,according to a Bloomberg report.TAKEAWAY:It looks like 2020 will see a number of crypto market infrastructure companies go public. There’s Bakkt mentioned above, and other rumored possibilities areCoinbase, BlockFi,eToro, and I’m probably missing a couple. This is great news for us analysts, as we’re excited about getting a look at detailed financials for some of the largest platforms in the industry. It’s also good news for the industry, as these listings are likely to attract mainstream investor attention, as well as give investors an alternative path to cryptocurrency exposure.
Over $3 billionflowed into the productsof crypto asset managerGrayscale Investmentsin Q4 2020, according toits latest report(Grayscale is owned by DCG, also the parent of CoinDesk). Over 90% of this came from institutional investors, mainly asset managers.TAKEAWAY:The report also showed that the Q4 inflows accounted for almost 60% of the year’s total, in spite of most of its funds being closed to new investment for the last 10 days of the year, which highlights the acceleration of institutional interest in crypto assets. Furthermore, the weight of institutional inflow in the mix was notably higher in Q4 vs. the year as a whole. Almost 90% of inflows went into the firm’s bitcoin trust GBTC.
Grayscalehasreopened some of the fundsit closed to new investment in December of last year, including the bitcoin trust (GBTC) and the digital large cap fund (GDLC).TAKEAWAY:Since Grayscale was responsible for much of the bitcoin purchases in the fourth quarter last year, the reopening could be taken as good news for the market – a buyer that had temporarily left is coming back in.
A prospectus for a newbitcoin exchange-traded fund(ETF)has been filedby Arxnovum Investments Inc. with the Ontario Securities Commission (OSC) in Canada.TAKEAWAY:With renewed attention on a potential bitcoin ETF approval in the U.S., the OSC’s actions here could set a precedent – a bitcoin ETF trading on a neighbouring stock exchange could kindle the competitive spirit and help the SEC realize that other jurisdictions are leading the way in financial innovation; on the other hand, a rejection by the OSC could send a signal to the SEC that there’s no hurry.
3iq Corp’s bitcoin fund, listed as QBTC.U on the Toronto Stock Exchange,has reached over CA$1 billion(US$785 million) in market capitalization.TAKEAWAY:This level of growth in an exchange-trade fund that was originally listed in Toronto in April of last year, and on the Gibraltar Stock Exchange in September, underscores the demand for listed bitcoin vehicles.
The bitcoin exchange-traded productBTCE, which started trading on Deutsche Börse’s Xetra exchangein June 2020, nowalso trades on Swiss stock exchange SIX.TAKEAWAY:The Financial Timesreported this weekthat, BTCE’s daily trading volumes on Xetra averaged €57 million in the first 11 days of January, up from a daily average in December of €15.5 million, which points to surging demand in Europe for listed bitcoin products. The SIX listing takes the number of ETPs trading on the Swiss exchange up to 34, and, according to the exchange, turnover in cryptocurrency products reached CHF 1.1 billion ($1.24 billion) in 2020. This is still tiny in the overall picture (the exchangereported 2020 turnoverof over CHF 1.7 trillion, or almost $2 trillion), but if BTCE’s trend on Xetra is anything to go by, that figure is likely to substantially higher in 2021.
The number offinancial advisersallocating crypto to client portfoliosreached almost 10%in 2020, an increase of almost 50% compared to 2019.TAKEAWAY:This is according to a recent survey carried out by crypto fund manager Bitwise and financial media site ETF Trends (you cansee the full report on our Research Hub), which got input from almost 1,000 registered financial advisers. 81% of whom reported that they had received a question from a client about crypto in the past 12 months. This highlights the imperative for financial advisers to atleastbe able to answer questions about crypto assets – they are doing a disservice to their clients if they can’t, and dismissing something because it’s not easy to understand goes against the ethics of the profession.
Crypto trading platformCrossTowerislaunching a capital markets deskfor institutional clients.TAKEAWAY:This encapsulates two trends we’ve been seeing build up over the past year: 1) the emergence of institutional-grade crypto market services, which widens choice and deepens the comfort level of institutional investors in the crypto markets, and 2) the bundling of crypto-related services and the gradual consolidation of the industry into a few firms that do many things, prime broker-style. Expanding from its spot exchange and over-the-counter (OTC) trading desk, CrossTower now offers digital asset lending, trade financing, structured products and trade execution across multiple venues.
Digital asset managerNYDIG– which earlier this weekannounced the acquisitionof crypto data firm Digital Assets Data – ispartnering with banking technology provider Movento offer plugins for banks that want to launch bitcoin products.TAKEAWAY:This is yet another indication that traditional financial institutions are gearing up to enter the crypto asset market, either through custody services, trading platforms, payments or a combination thereof. In an online survey of more than 2,000 U.S. consumers shared exclusively with CoinDesk, NYDIG found that 80% of bitcoin holders would move their crypto to a bank if it had secure storage. Of those same holders, 71% would switch their primary bank account if a bank offered bitcoin-related products and 81% would be interested in buying bitcoin through their bank.
Asset management firmArcahasclosed a $10 million Series A roundof funding led by RRE Ventures.TAKEAWAY:Arca is one of the more innovative crypto fund managers in the industry. Not only does it manage its crypto fund, but it is also pushing the envelope in terms of financial products and fund management. In 2019, it filed a prospectus with the Securities and Exchange Commission (SEC) Friday for a bond fundwhose shares would be tokenizedon theethereumblockchain. In 2020, it championed the concept of“tokenholder activism,”pushing decentralized exchange and prediction market platform Gnosis to stick to its original mission or return funds to investors. It will be interesting to see what it does with the funds raised in the latest round.
Thisreport by Bloombergon theArctic’s first bitcoin mining facilitynot only has gorgeous photos; it also reminds us that bitcoin does not just exist in cyberspace, and it is not a pure technology play. It has an industrial side, too.TAKEAWAY:The report also reminds us that theheavy power consumption of bitcoinmining is not an industry-killer, as many early critics insisted it would be.
Speaking of mining, Minnesota-basedCompute Northand New York-basedFoundry Digital(owned by DCG, also the parent of CoinDesk)have partnered to providea “turnkey” hosted mining solution which allows investors to purchase hosted machines through either company.TAKEAWAY:This is a step towards turning bitcoin mining into an investment option with fewer barriers (such as finding a location, buying the machines, etc.). It could also serve as the basis for other types of financial products, such as mining-based collateral and hedging derivatives. Crypto investing is not just about buying an asset and watching the price move.
Babel Financeisletting bitcoin mining firmsput up their machines as loan collateral in exchange for significantly better lending terms than those offered for crypto asset collateral.TAKEAWAY:This offers a glimpse at the growing sophistication of the mining industry in China, and the emergence of leveraged operations. On the one hand, more leverage means more risk. On the other hand, leverage will allow for faster industry growth, which leads to even more secure blockchain networks, which leads to more financial inflows, and so on in a virtuous circle.
The venture arm of U.S. cryptocurrency exchangeCoinbaseparticipated in the seed roundof mining software and services company Titan, which in December announced what will reportedly be thefirst enterprise-grade bitcoin mining poolin North America.TAKEAWAY:This echoes the trend mentioned above of crypto mining facilities being packaged as investment opportunities, and Coinbase’s endorsement of the potential makes it an even more intriguing area to watch.
Las Vegas-based bitcoin mining companyMarathon Patent Group(MARA) has entered into a securities purchase agreement with institutional investors for the registered offering of 12.5 million shares of common stock at $20 per share, toraise $250 million.TAKEAWAY:CEO Merrick Okamoto told CoinDesk in an email he intends to use the funds to, among other things, purchase more mining machines and expand facilities amid the ongoing “arms race” as manufacturers struggle to keep pace with demand. The increased activity in “mining as a business” is largely attributable to the rising bitcoin price, which directly affects mining profitability. It also has to do with the growing sophistication we mentioned above, with advances in mining technology that are impacting the economics, and with the growing global competition, which is good for the industry as a whole.
Panama-based crypto derivatives exchangeDeribit, the largest options exchange in the industry,has already recorded approximately25% of last year’s entire bitcoin options trading volume.TAKEAWAY:This is astonishing growth that underlines the market’s growing maturity. The growth is not limited to Deribit, although it is consolidating its position as segment leader. Open interest (OI) across all crypto options exchanges has exploded from just over $520 million a year ago (16% of the OI of bitcoin futures) to over $8.3 billion (66%of the OI of bitcoin futures!) today.
Bitcoin minersselling their holdings is often used to explain market dips, and this weekwas no different– but thedata doesn’t support that theory.TAKEAWAY:The transparency of on-chain data allows us to track outflows from known bitcoin miner addresses to known exchange addresses. This shows that miner outflows to exchanges have been trending down. True, this doesn’t catch off-exchange activity, and the overall balance at mining addresses is down to early 2020 levels, according to the data. But accounts from mining pools support the conclusion that miners are more likely to be selling fewer BTC into the rally, rather than dumping and causing the price to fall.
• Crypto Long & Short: No, Bitcoin Is Not in a Bubble
• Crypto Long & Short: No, Bitcoin Is Not in a Bubble || Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever: Michael Sonnenshein, CEO of digital asset manager Grayscale Investments, tweeted the firm raised more than $700 million on Jan. 15, seeing increased momentum from Q4. In Q4 2020, the company raised $3.3 billion across its cryptocurrency investment vehicles, a record for the digital asset manager and further evidence of this rallys institutional base. The Grayscale Bitcoin Trust, which is the companys most popular product, led the pack in Q4 with an average of $217 million raised every week. The latest data from Grayscale shows on Jan. 15 the firm has a record $27.1 billion under management; it entered 2020 with just $2 billion. Eric Balchunas, senior ETF analyst at Bloomberg, compared Grayscale as the ARK of crypto via Twitter explaining that there are a number of similarities with both defying trends and seeing increased interest. The similarities are pretty amazing. I think both hung in relative oblivion for 3-4 yrs, had like $2b 12mo ago ago and then boom, 10x increase. Both defy trends: ARK w stock picking and grayscale w very high fees and 20%+ premiums, said Balchunas. ARK Investment Management, an asset-management firm led by Cathie Wood, has a flagship ARK Innovation ETF (ARKK) which over the course of a year has returned more than 171%, seeing its assets under management grow by more than tenfold, to $21.8 billion. New York-based, SEC-regulated Grayscale is owned by Digital Currency Group, the parent company of CoinDesk. Read more: Grayscales Crypto Products Raised Over $3B Last Quarter, the Most Ever Related Stories Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever || Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever: Michael Sonnenshein, CEO of digital asset manager Grayscale Investments, tweeted the firm raised more than $700 million on Jan. 15, seeing increased momentum from Q4.
• In Q4 2020, the company raised $3.3 billion across its cryptocurrency investment vehicles, a record for the digital asset manager and further evidence of this rally’s institutional base.
• The Grayscale Bitcoin Trust, which is the company’s most popular product, led the pack in Q4 with an average of $217 million raised every week.
• The latest data from Grayscale shows onJan. 15the firm has a record $27.1 billion under management; it entered 2020 with just $2 billion.
• Eric Balchunas, senior ETF analyst at Bloomberg, compared Grayscale as the “ARK” of crypto via Twitter explaining that there are a number of similarities with both defying trends and seeing increased interest.
• “The similarities are pretty amazing. I think both hung in relative oblivion for 3-4 yrs, had like $2b 12mo ago ago and then boom, 10x increase. Both defy trends: ARK w stock picking and grayscale w very high fees and 20%+ premiums,” said Balchunas.
• ARK Investment Management, an asset-management firm led by Cathie Wood, has a flagship ARK Innovation ETF(ARKK)which over the course of a year has returned more than 171%, seeing its assets under management grow by more than tenfold, to $21.8 billion.
• New York-based, SEC-regulated Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.
Read more:Grayscale’s Crypto Products Raised Over $3B Last Quarter, the Most Ever
• Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever
• Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever
• Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever
• Grayscale Raises $700M+ in a Day, Its Largest Daily Asset Raise Ever || Ripple Is Hiring Director of Engineering for RippleX Platform: Blockchain firm Ripple is hiring a new director of engineering to lead the team building its open-source developer services for payments platform RippleX.
• In ablog post, Ripple said it is looking for an engineer to expand the infrastructure that supports technologies such as XRPL as well as other developer tools and services.
• The role involves shipping products that make it easier for its developers to actualize the future of the “Internet of Value,” which is a concept proposed by Ripple where value is transferred as easily as data.
• Ripple has been expanding its services, on Jan. 15 Rippleinkeda deal with a Malaysian money transfer business and Bangladesh’s largest mobile financial services provider to enable a remittance corridor between the two countries.
• Malaysia’s Mobile Money and Bangladesh’s bKash will leverage Ripple’s global payments network, RippleNet, for wallet-to-wallet transactions.
• The expansion and planned new hire show Ripple does not seem deterred by the legal troubles in the U.S. The company isbeing suedby the U.S. Securities and Exchange Commission over the claim it violated federal securities laws by selling theXRPcryptocurrency to retail consumers.
Read more:Ex-Ripple CTO Can’t Remember Password to Access $240M in Bitcoin
• Ripple Is Hiring Director of Engineering for RippleX Platform
• Ripple Is Hiring Director of Engineering for RippleX Platform
• Ripple Is Hiring Director of Engineering for RippleX Platform
• Ripple Is Hiring Director of Engineering for RippleX Platform || Ripple Is Hiring Director of Engineering for RippleX Platform: Blockchain firm Ripple is hiring a new director of engineering to lead the team building its open-source developer services for payments platform RippleX. In a blog post , Ripple said it is looking for an engineer to expand the infrastructure that supports technologies such as XRPL as well as other developer tools and services. The role involves shipping products that make it easier for its developers to actualize the future of the “Internet of Value,” which is a concept proposed by Ripple where value is transferred as easily as data. Ripple has been expanding its services, on Jan. 15 Ripple inked a deal with a Malaysian money transfer business and Bangladesh’s largest mobile financial services provider to enable a remittance corridor between the two countries. Malaysia’s Mobile Money and Bangladesh’s bKash will leverage Ripple’s global payments network, RippleNet, for wallet-to-wallet transactions. The expansion and planned new hire show Ripple does not seem deterred by the legal troubles in the U.S. The company is being sued by the U.S. Securities and Exchange Commission over the claim it violated federal securities laws by selling the XRP cryptocurrency to retail consumers. Read more: Ex-Ripple CTO Can’t Remember Password to Access $240M in Bitcoin Related Stories Ripple Is Hiring Director of Engineering for RippleX Platform Ripple Is Hiring Director of Engineering for RippleX Platform Ripple Is Hiring Director of Engineering for RippleX Platform Ripple Is Hiring Director of Engineering for RippleX Platform || Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg: Wall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last week’s 30% price plunge, Bloomberg reports.
Publicly traded companies such asMicroStrategyandSquare Inc.have invested millions of dollars of company cash reserves inbitcoinduring 2020. Other firms followed suit including insurance giantsRuffersandMassMutual.
But given the return of bitcoin’s infamous price volatility – which saw the largest cryptocurrency’s price drop thousands below its peak of$41,900 set on Jan.– the attraction of that strategy may have lessened, according to company executives Bloomberg spoke with. Bitcoin has since recovered some of those losses and is now trading hands at $35,700, according to theCoinDesk 20.
Related:Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation
Severe fluctuations diminish the attractiveness of the leading cryptocurrency because company cash reserves are mainly rainy day funds for maintaining core business needs during unexpected down turns.
“It would be a red flag for investors if a corporation bought financial assets for speculation purposes unrelated to their core business,” JonesTrading chief market strategist Michael O’Rourke said.
Columbia Business School adjunct professor Robert Willens told Bloomberg investing in bitcoin with those funds poses a risk CFOs might not be willing to stomach after last week’s price action.
“Is it a smart strategy? It could be. But, of course, if it’s not, it would become something that could threaten the very existence of a corporation,” Willens said.
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg || Bitcoins Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg: Wall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last weeks 30% price plunge, Bloomberg reports. Publicly traded companies such as MicroStrategy and Square Inc. have invested millions of dollars of company cash reserves in bitcoin during 2020. Other firms followed suit including insurance giants Ruffers and MassMutual . But given the return of bitcoins infamous price volatility which saw the largest cryptocurrencys price drop thousands below its peak of $41,900 set on Jan. the attraction of that strategy may have lessened, according to company executives Bloomberg spoke with. Bitcoin has since recovered some of those losses and is now trading hands at $35,700, according to the CoinDesk 20 . Related: Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation Severe fluctuations diminish the attractiveness of the leading cryptocurrency because company cash reserves are mainly rainy day funds for maintaining core business needs during unexpected down turns. It would be a red flag for investors if a corporation bought financial assets for speculation purposes unrelated to their core business, JonesTrading chief market strategist Michael ORourke said. Columbia Business School adjunct professor Robert Willens told Bloomberg investing in bitcoin with those funds poses a risk CFOs might not be willing to stomach after last weeks price action. Is it a smart strategy? It could be. But, of course, if its not, it would become something that could threaten the very existence of a corporation, Willens said. Related Stories Bitcoins Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg Bitcoins Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg Bitcoins Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg || Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg: Wall Street chief financial officers (CFO) are more wary of putting company funds into bitcoin after last week’s 30% price plunge, Bloomberg reports.
Publicly traded companies such asMicroStrategyandSquare Inc.have invested millions of dollars of company cash reserves inbitcoinduring 2020. Other firms followed suit including insurance giantsRuffersandMassMutual.
But given the return of bitcoin’s infamous price volatility – which saw the largest cryptocurrency’s price drop thousands below its peak of$41,900 set on Jan.– the attraction of that strategy may have lessened, according to company executives Bloomberg spoke with. Bitcoin has since recovered some of those losses and is now trading hands at $35,700, according to theCoinDesk 20.
Related:Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation
Severe fluctuations diminish the attractiveness of the leading cryptocurrency because company cash reserves are mainly rainy day funds for maintaining core business needs during unexpected down turns.
“It would be a red flag for investors if a corporation bought financial assets for speculation purposes unrelated to their core business,” JonesTrading chief market strategist Michael O’Rourke said.
Columbia Business School adjunct professor Robert Willens told Bloomberg investing in bitcoin with those funds poses a risk CFOs might not be willing to stomach after last week’s price action.
“Is it a smart strategy? It could be. But, of course, if it’s not, it would become something that could threaten the very existence of a corporation,” Willens said.
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg
• Bitcoin’s Massive Swings Give Pause to CFOs Mulling Reserve Investment: Bloomberg || Coinbase Redoing Infrastructure to Prevent Outages During Peak Times: Coinbase will break apart certain parts of its Coinbase.com and app infrastructure in a bid to keep the cryptocurrency exchange from going down during periods of high volume.
During the recent bitcoin bull run, Coinbase has struggled to keep itself up during stretches of heavy volume, leading to snarky comments onTwitterandRedditthat it’s only news when the exchange doesn’t go down during peak periods. Given the exchange has filed preliminary documents for a public listing of the company’s shares, fixing its infrastructure has undoubtedly taken on an even greater urgency.
According to an updated Jan. 8post mortemon the Jan. 6-7 outages, Coinbase said it will break its “monolithic” backend into “discrete” parts in order to limit individual parts breaking and taking down the whole system.
Related:Huobi Global Connects to European Banking System via UK’s BCB Group
“We are further decomposing our monolithic application server into separate discrete services. This will allow us to have different scaling profiles for different sections of our API surface that receive heterogeneous load,” the exchange said in the blog. “In addition, this will reduce the blast radius if we have issues in any one surface, as it will only affect the APIs or functionality that it is responsible for.”
Coinbase specifically cited record-breaking exchange volumes on Jan. 7 that were “easily 6x what had already been an elevated steady-state request rate.”
The exchange said trading and buying was still available during this period, but other dependencies related to the function limited the apps functionality.
In anotherblog, Coinbase’s customer service desk apologized for “delays in response time,” another source of frequent complaint on theinternet. The exchange committed to hiring more team members, rolling out a chat feature with customer support along with being more vocal on major social media accounts.
Related:Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation
The two blogs follow a Jan. 12postapologizing to UK and EU customers for system outages and trading restrictions.
• Coinbase Redoing Infrastructure to Prevent Outages During Peak Times
• Coinbase Redoing Infrastructure to Prevent Outages During Peak Times || Coinbase Redoing Infrastructure to Prevent Outages During Peak Times: Coinbase will break apart certain parts of its Coinbase.com and app infrastructure in a bid to keep the cryptocurrency exchange from going down during periods of high volume. During the recent bitcoin bull run, Coinbase has struggled to keep itself up during stretches of heavy volume, leading to snarky comments on Twitter and Reddit that it’s only news when the exchange doesn’t go down during peak periods. Given the exchange has filed preliminary documents for a public listing of the company’s shares, fixing its infrastructure has undoubtedly taken on an even greater urgency. According to an updated Jan. 8 post mortem on the Jan. 6-7 outages, Coinbase said it will break its “monolithic” backend into “discrete” parts in order to limit individual parts breaking and taking down the whole system. Related: Huobi Global Connects to European Banking System via UK’s BCB Group “We are further decomposing our monolithic application server into separate discrete services. This will allow us to have different scaling profiles for different sections of our API surface that receive heterogeneous load,” the exchange said in the blog. “In addition, this will reduce the blast radius if we have issues in any one surface, as it will only affect the APIs or functionality that it is responsible for.” Coinbase specifically cited record-breaking exchange volumes on Jan. 7 that were “easily 6x what had already been an elevated steady-state request rate.” The exchange said trading and buying was still available during this period, but other dependencies related to the function limited the apps functionality. In another blog , Coinbase’s customer service desk apologized for “delays in response time,” another source of frequent complaint on the internet . The exchange committed to hiring more team members, rolling out a chat feature with customer support along with being more vocal on major social media accounts. Story continues Related: Chainlink Hits Record High, Altcoins Rally Amid Bitcoin Consolidation The two blogs follow a Jan. 12 post apologizing to UK and EU customers for system outages and trading restrictions. Related Stories Coinbase Redoing Infrastructure to Prevent Outages During Peak Times Coinbase Redoing Infrastructure to Prevent Outages During Peak Times || 15 Biggest Hosting Companies in the World: In this article, we are going to list the 15 largest hosting companies in the world . Click to skip ahead and jump to the 5 largest hosting companies in the world . The vast majority of people never truly consider where a site is, or even what a site is. You turn on a PC, open a browser, and go to Google or Amazon, or Yahoo. But, what are you doing when you "visit" a site? In case you're a visitor, where are you and the website? The answer is web hosting. Web hosting is one of the most basic and important steps to begin our site to make your site visible to the world. Types of web hosting include shared hosting, VPS hosting, Word Press hosting, Dedicated Hosting, Cloud Hosting, and Reseller hosting. In the 1990s to have a site on the web, an individual or organization would require their own PC or server. To set up a server, you will require an extraordinary computer with a decent processor and heaps of RAM. To add to that you will likewise be needed to have technical abilities to oversee and run the server. You can upload a website on your own PC, however, except for you yourself, no one can access it until and unless you transfer it on a hosting server to make it accessible to everyone. Since not all organizations have the financial plan or aptitude to do this, web hosting services started to offer to have clients' sites on their own servers. Web hosting companies, for the most part, charge for the services they render. You as a client additionally can have your own server directly from your own home. However, the primary distinction between putting resources into your own server and picking a service provider is that planning your own server is probably going to cost you a lot, both in terms of time as well as money. A web hosting company will deal with all backend concerns, including the upkeep and fixing of the servers in case of an issue. Web hosting is a service provider that permits associations and people to post a site or website page onto the Internet. Site content, for example, HTML, CSS, and pictures must be housed on a server to be viewable on the web. So essentially, web hosting is intended to make your life simpler by saving you the hassle to do all that yourself. Web hosting permits an individual or an organization to make their site that can be seen by anybody through the web. Web hosts provide this service by offering space in a server that can be leased or can be utilized by a customer at no expense. 15 biggest hosting companies in the world Pixabay/Public Domain Websites are stored on special computers that are called servers. A server is a mega computer sort that helps connect users of your site to your website from anyplace in the world. As the name infers, web hosting services companies own these servers, networks, and other related services to host sites. When someone wanting to access your website uses the internet all they will have to do is simply type your site address or domain into the browser. The server will then retrieve that website from the database and deliver that website to the user. It is important to have a domain through which you can access data using a hosting company. In the event that you don't have one, the hosting company will help you buy one. The worker thus serves by sending the files and data that you stored and have put away to display on the user's screen. Story continues To create an online presence, solid web hosting is important. There are several web hosting companies offering a number of services and varieties for web hosting. Plans range from free with restricted alternatives to costly web hosting service providers that cater to specific needs for the business. The arrangement you pick will rely fundamentally upon how you intend to utilize your site and your financial position. Picking the right plan is important and will lead to providing you with the right resources and services needed to keep your site loading rapidly and reliably for your website visitors. The web hosting company should be decided on its reliability and uptime to make sure that the website is up and present online all the time. It should also have appropriate bandwidth and storage because they affect the traffic and the data that can be stored. Such companies also provide customer support because in case of an issue there must be assistance present to solve it as soon as possible. They also provide other services that make website navigation and other things easier. It is important to choose the right hosting company since your security is online and in case of having a business website, it is important to ensure that there are no downtimes at all to avoid incurring losses as well as the trust of customers. The following companies are the l5 largest hosting companies based on their parent company market capitalization and unsurprisingly, include some of the biggest cloud computing companies in the world : 15. IPage Parent Company: Endurance International Group Holdings, Inc. ( NASDAQ:EIGI ) Market Capitalization (in billions of dollars): 1.341 IPage offers shared web hosting bundles to its clients. Its services also include a drag and drop type of website builder. It permits clients to make a site with no coding information to make a site and scripts installer resources to enable users to incorporate well-known scripts, for example, WordPress and Joomla in a single click in your web hosting account. Copyright: olimpic / 123RF Stock Photo 14. Host Gator Parent Company: Endurance International Group Holdings Market Capitalization (in billions of dollars): 1.341 Established in 2002 by a student at Florida Atlantic University, HostGator has since developed into one of the nation's most mainstream web hosting providers. It was acquired by Endurance International Groups in 2012. Regardless of whether the user is on a beginner level and need a very fundamental shared hosting plan, or should have the option to work your own machine committed exclusively to your organization, HostGator has a service that can help. welcomia/Shutterstock.com 13. Blue Host Parent Company: Endurance International Group Holdings Market Capitalization (in billions of dollars): 1.341 Blue Host was found in 2003. Blue Host is among the biggest hosting companies in the world. It hosts more than 20 million domains. Bluehost offers different hosting services including shared hosting, WordPress facilitating, dedicated hosting, VPS hosting, WooCommerce Hosting and also marketing services. The organization's servers are operated in a 50,000 square feet office in Orem, Utah. Kaesler Media/Shutterstock.com 12. Rackspace Hosting Parent company: Rackspace Technology, Inc. ( NASDAQ:RXT ) Market Capitalization (in billions of dollars): 3.8 The Rackspace hosting is a bunch of cloud computing items and services offered by the US-based organization Rackspace. They offer many product offerings including Cloud Storage ("Cloud Files"), a virtual private worker ("Cloud Servers"), load balancers, information bases, and backups. It's gotten exceptionally famous, on account of its reliable reputation and "pay as you go" model. Quickest and Easiest Masters Degrees to Get Online Stock Rocket/Shutterstock.com 11. 1&1 Ionos Parent Company: United Internet Market Capitalization (in billions of dollars): 6.787 Billion 1&1 Ionos, in the past known as 1&1 Internet, is a web hosting service provider company. It was established in Germany in1988 and is presently a subsidiary of United Internet. Apart from web hosting, it also provides services like email services, SSL certificates, website building designer bundles, and cloud hosting, virtual private servers, and dedicated servers. NakoPhotography/Shutterstock.com 10. Century Link Managed Hosting ( NYSE:LUMN ) Market Capitalization (in billions of dollars): 12.42 Lumen Technologies, in the past known as CenturyLink, is an American company based in Monroe, Louisiana, that offers network services, security, cloud arrangements, voice, and managed services. The company was ranked under the S&P 500 list and the Fortune 500. Its services include broadband connection, Multi-Protocol Label Switching (MPLS), private line, Ethernet, cloud hosting, managed hosting, and others. Lumen likewise serves worldwide clients across North America, Latin America, EMEA (Europe, The Middle East, and Africa), and the Asia Pacific. 11 Highest Paying Countries for Information Technology Professionals Rawpixel.com/Shutterstock.com 9. Wix.com Parent company: Wix.com Ltd. ( NASDAQ:WIX ) Market Capitalization (in billions of dollars): 13.625 Wix.com is an Israeli company, giving cloud-based web development services. It permits clients to make versatile HTML5 sites and mobile sites by using simple drag and drop tools. Wix gives its clients all they require to make a website, including a free web hosting service. Customers can decide to get considerably more advantages and highlights by moving up to one of their Premium Plans. WAYHOME studio/Shutterstock.com 8. Media Temple Parent Company: GoDaddy ( NYSE:GDDY ) Market Capitalization (in billions of dollars): 13.819 Media Temple is a cloud hosting and web hosting providing company, which centers on a website designers, developers, and agencies. The organization was established in 1998 by the previous CEO Demian Sellfors and John Carey. It is settled in Los Angeles, California. It was then acquired by GoDaddy in October 2013, but the two brands have worked independently from that point forward. Major Retailers and Services That Accept Bitcoin in 2018 alphaspirit/Shutterstock.com 7. Host Europe Parent Company: GoDaddy Market Capitalization (in billions of dollars): 13.819 Host Europe Group is a European website hosting Service Company. It is registered and based in Hayes, West London. Established as GX Networks in 1997, the organization was renamed Pipex Communications plc. after taking over Pipex in 2003. It returned to the GX Networks name after selling Pipex in 2008 before being renamed Host Europe Group in 2009. It was procured by American hosting company GoDaddy in 2017. Funny Online Dating First Message Examples That Get Responses Yuganov Konstantin/Shutterstock.com 6. GoDaddy Inc. Market Capitalization (in billions of dollars): 13.819 GoDaddy Inc. is a public American company providing web hosting service and internet domain registrar service. It was found in 1997 and was known as Jomax Technologies. It headquarter is in Scottsdale, Arizona. As of June 2020, GoDaddy has over 20 million customers and more than 7,000 workers worldwide. GoDaddy has over the years acquired other top web hosting companies too. It is not the largest but it is surely the most famous company in web hosting. Please continue to see the 5 biggest hosting companies in the world . Suggested articles: 10 creepy deep web experiences 11 cities with the highest demand for web designers Disclosure: No position. 15 biggest hosting companies in the world is originally published at Insider Monkey. View comments || 15 Largest Industrial Companies In The US: In this article we are going to list the 15 largest industrial companies in the US . Click to skip ahead and jump to the 5 largest industrial companies in the US . Before we get started, let's first try to understand what an industrial company is. After all, all companies operate in either individual or multiple industries right, so isn't this just a list of the biggest public companies in the world , filtered for the US? Well, not really. An industrial company is a company which is engaged in the production of capital goods which in turn are generally used in either manufacturing or construction. Among the businesses that these companies engage in are the production and selling of machinery, supplies and equipment which are basically used for the production of other goods, and aren't products geared towards the end consumer. The biggest industrial companies in the US are involved in various sectors which include aerospace, lumber production, tools, defense, construction, waste management, cement and metal fabrication among many others. In the United States, the sector has become smaller than what is used to be, as the manufacturing sector decreased comparatively in scope while the services sector has increased by leaps and bounds. However, the sector is characterized by many small dynamic firms even though we also have some major companies which we will take a look at later. Further, wages paid in the sector are quite high compared to other sectors and there is a lot of potential for the growth of the sector too. 8.5% of the total number of employed Americans belong to the manufacturing sector, and even though employment in the sector has reduce by a third since the 1980s, it has also increased production by at least 2.5 times through automation, technology and greater efficiencies. The industry is also responsible for providing employment indirectly to many other people as well. In fact, in 2013 17.1 million jobs were directly linked to manufacturing. 15 biggest industrial companies in the US Christian Lagerek/Shutterstock.com Also, there is little doubt that the industrial sector has a lot of growth in store, with at least 1.1 million jobs already being added since 2008. And while there may be some stagnation in the biggest cities such as Houston, Chicago or Los Angeles, there is significant growth being observed in smaller cities which are witnessing more and more manufacturers being established. By 2025, there are estimates that more than 2 million more jobs may be established in the industrial sector as well as adding $530 billion, with electronics, automation and aerospace driving this growth. Story continues Of course, in 2020, there has been little to cheer about in most sectors and industries and the industrial sector did not escape the wrath of the Covid-19 pandemic, which has seen nearly 95 million cases and over 2 million deaths, and the worst part is, both figures are expected to be severely understated. Since the industrial sector is dependent on many different industries which have all been affected by the lockdowns and the recessions and depressions that followed the lockdowns not just in the US, but across the globe. And as cases and deaths continue to soar in the US, so does the uncertainty and the exact impact of the pandemic on the industry will only be ascertained later on. However, if anyone can survive the effects of the pandemic, it will be the biggest industrial companies in the US, which are absolute giants in their industry. The combined revenues of these companies exceed $380 billion, while their profits are a massive $26 billion, despite just one company making a loss of nearly $5 billion. They also have assets worth more than $676 billion and provide direct employment to close to a million people. The market cap of these companies at March 2020 was more than $480 billion. To rank these companies, we have used their assets, revenues, profits, market cap and employees, with all the information being taken from the Fortune 500 list for industrial companies in the US. So without further ado, let's take a look at some of the giants in this industry, starting with number 15: 15. Rockwell Automation ( NYSE:ROK ) Total revenue of the company in 2019 (in millions of dollars): 6,695 Total profit of the company in 2019 (in millions of dollars): 696 Total assets of the company in 2019 (in millions of dollars): 6,113 Market value as of March 31, 2020 (in millions of dollars): 17,533 Total employees of the company in 2019: 23,000 The company is responsible for providing industrial automation as well as information technology, and has a presence in at least 100 countries globally. Rockwell Automation (NYSE:ROK) Pixabay/Public Domain 14. Dover ( NYSE:DOV ) Total revenue of the company in 2019 (in millions of dollars): 7,136 Total profit of the company in 2019 (in millions of dollars): 678 Total assets of the company in 2019 (in millions of dollars): 8,670 Market value as of March 31, 2020 (in millions of dollars): 12,094 Total employees of the company in 2019: 24,000 Dover is engaged in producing various industrial products including engineering products, pump and refrigeration and food products. Dover Corp (NYSE:DOV) Pixabay/Public Domain 13. Westinghouse Air Brake ( NYSE:WAB ) Total revenue of the company in 2019 (in millions of dollars): 8,200 Total profit of the company in 2019 (in millions of dollars): 327 Total assets of the company in 2019 (in millions of dollars): 18,944 Market value as of March 31, 2020 (in millions of dollars): 9,227 Total employees of the company in 2019: 27,500 The company is more than 150 years old and its owner was responsible for the invention of the railway air brake. Pixabay/Public Domain 12. Fortive ( NYSE:FTV ) Total revenue of the company in 2019 (in millions of dollars): 7,326 Total profit of the company in 2019 (in millions of dollars): 739 Total assets of the company in 2019 (in millions of dollars): 17,439 Market value as of March 31, 2020 (in millions of dollars): 18,567 Total employees of the company in 2019: 25,000 Fortive is a technology conglomerate which is the most recent company in our list, having been established just 5 years ago in 2016, which was spin off from Danaher and is considered one of the most admired companies in the world by Forbes. Major Retailers and Services That Accept Bitcoin in 2018 alphaspirit/Shutterstock.com 11. Corning ( NYSE:GLW ) Total revenue of the company in 2019 (in millions of dollars): 11,503 Total profit of the company in 2019 (in millions of dollars): 960 Total assets of the company in 2019 (in millions of dollars): 28,898 Market value as of March 31, 2020 (in millions of dollars): 15,664 Total employees of the company in 2019: 49,500 Corning is a glass and ceramics manufacturer, which was founded 170 years ago in 1851 and produces Gorilla Glass, which is used by many top smartphone manufacturers, including Apple. Pixabay/Public Domain 10. Parker-Hannifin ( NYSE:PH ) Total revenue of the company in 2019 (in millions of dollars): 14,320 Total profit of the company in 2019 (in millions of dollars): 1,512 Total assets of the company in 2019 (in millions of dollars): 17,577 Market value as of March 31, 2020 (in millions of dollars): 16,653 Total employees of the company in 2019: 55,610 The company produces motion and control technologies, and is headquartered in Ohio and is one of the biggest companies in the world in this industry. Parker-Hannifin Corporation (NYSE:PH) 9. Whirlpool ( NYSE:WHR ) Total revenue of the company in 2019 (in millions of dollars): 20,419 Total profit of the company in 2019 (in millions of dollars): 1,184 Total assets of the company in 2019 (in millions of dollars): 18,881 Market value as of March 31, 2020 (in millions of dollars): 5,378 Total employees of the company in 2019: 77,000 Whirlpool, like most companies in this list of the biggest industrial companies in the US, was founded over a century ago, having been established in 1911. It is headquartered in Michigan and has at least 70 research and technology centers across the globe. It is truly a global company considering that just 10% of its employees are based in the US. Whirlpool Corporation (NYSE:WHR) 8. Illinois Tool Works ( NYSE:ITW ) Total revenue of the company in 2019 (in millions of dollars): 14,109 Total profit of the company in 2019 (in millions of dollars): 2,521 Total assets of the company in 2019 (in millions of dollars): 15,068 Market value as of March 31, 2020 (in millions of dollars): 45,126 Total employees of the company in 2019: 45,000 Founded in 1912, the company has a presence in at least 53 countries, and is mainly engaged in producing engineered fasteners and other specialty products. Illinois Tool Works Inc. (NYSE:ITW) 7. Cummins ( NYSE:CMI ) Total revenue of the company in 2019 (in millions of dollars): 23,571 Total profit of the company in 2019 (in millions of dollars): 2,260 Total assets of the company in 2019 (in millions of dollars): 19,737 Market value as of March 31, 2020 (in millions of dollars): 20,044 Total employees of the company in 2019: 61,615 Cummins produces and distributes power generation products, filtration and engines as well as servicing these products too. The company has a presence in at least 190 countries and at least 6,000 dealers. Cummins Inc. (NYSE:CMI) Pixabay/Public Domain 6. Paccar ( NASDAQ:PCAR ) Total revenue of the company in 2019 (in millions of dollars): 25,600 Total profit of the company in 2019 (in millions of dollars): 2,388 Total assets of the company in 2019 (in millions of dollars): 28,361 Market value as of March 31, 2020 (in millions of dollars): 21,175 Total employees of the company in 2019: 27,000 The company is engaged in the manufacture of large and medium sized trucks and is one of the biggest companies in this industry in the entire world. The company was established 116 years ago in 1905. Please continue to see the 5 largest industrial companies in the world . Suggested articles: 10 top companies and best jobs for industrial engineers 25 best states for industrial engineers Disclosure: No position. 15 largest industrial companies in the US heading into 2021 is originally published at Insider Monkey. View comments || 10 big things: Affirm leads a feeding frenzy for fintech: Fintech has been a venture capital hotspot ever since the global financial crisis, a calamity that exposed some serious flaws in an industry long dominated by an upper-crust of traditional names.In the ensuing years, a host of new companies pitching upstart technologies have begun to gain ground on the establishment, winning over converts among both users and investors. And this week made it clear just how far some of those companies have come.An eye-popping IPO from Affirm led the way, but more than a half-dozen other fintech startups also made major news. And that's one of 10 things you need to know from the past week:Max Levchin, who co-founded PayPal and now leads Affirm, is no stranger to the power of fintech. (Neilson Barnard/Getty Images)1. Money talks Affirm tried its best to avoid a huge IPO pop that would leave money on the table. First, the provider of point-of-sale loans delayed its listing in December, in the wake of intense investor demand when Airbnb and DoorDash went public. (Let's take a moment to appreciate the strangeness of a company being worried its stock might be too popular.) Then, earlier this month, Affirm increased its IPO's initial price range of $33 to $38 per share to a new range of $41 to $44. Ultimately, it priced its shares even higher, landing on a $49 figure for a debut this Wednesday.And yet Affirm still opened trading at more than $90 per share and closed its first day at $96.36, up nearly 100% from that already-elevated IPO price. That resulted in a market cap of some $23 billion for Affirm, which was valued privately at $2.9 billion in 2019.The banner debut is a sign that the IPO market is still going crazy—more on that later in this newsletter. As my colleague James Thorne writes, it could be the first ofmany significant fintech IPOs to comein 2021, along with names like SoFi, Coinbase and Robinhood. Globally, there were $30.9 billion worth of VC exits in the fintech sector during 2020, according to PitchBook data, the highest total of at least the past decade.Taken in the context of the past seven days, Affirm's warm reception also underlines just how bullish investors are feeling about the future of fintech.Checkout.com, a London-based developer of payments technology, became the most valuable venture-backed company in Europe this week with a $450 million Series C that cameat a $15 billion valuation. In Singapore, ridehailing and food delivery giant Grab raised more than $300 million this week for its fintech unit.Financial data specialist MX, payments provider Rapyd and digital lending startup Blend all raised nine-figure fundings this week, resulting in respective valuations of $1.9 billion, $2.5 billion and $3.3 billion. For MX, that marks a 322% valuation step-up over its most-recent venture round, in 2019. For Rapyd, it is a 108% step-up in a little more than a year. And for Blend, it represents a 94% valuation increase in a mere five months.Plaid is one of the biggest VC-backed names in fintech, known for its financial infrastructure tools that connect data to various apps and services. In January 2020, Visa agreed to buy the company for $5.3 billion, in what seemed to be a sign of the old financial establishment trying to absorb this new generation.But the Justice Department objected to the transaction on antitrust grounds. And this week, Plaid and Visa canceled the deal. The fact that Visa isn't paying a termination fee suggests that Plaid is just fine with the acquisition falling apart. Considering the hot state of the fintech market, it seems highly likely that Plaid could fetch a higher price. And indeed,chatter began almost immediatelythat Plaid will now instead opt to go public.We haven't even gotten to what was probably the wildest part of the week in fintech: the saga of bitcoin. The price of the cryptocurrency has gone crazy since October, rising from less than $11,000 to more than $40,000 last week. Bitcoin then lost nearly 25% of its value between last Sunday and Monday, only to bounce back and regain nearly all that value by Thursday.It's been a good time to be a crypto trader. It also seems to be a good time to be a platform where all that trading takes place. We already mentioned that Coinbase is planning an IPO. This week also brought news that two other operators of crypto exchanges are in talks to go public. Bakkt—which is run by Intercontinental Exchange, also the operator of the NYSE—agreed to merge with a SPAC in a $2.1 billion deal. And Gemini—which is owned by the Winklevoss twins of Facebook fame—is considering an IPO, according to a Bloomberg report.There exists a pretty vast chasm between Affirm and Gemini, or between Plaid and Blend, in terms of what the companies actually do. That demonstrates the breadth of the VC-backed fintech industry that has emerged over the past decade-plus. And the past week demonstrates the depth of investor interest in these different ways of changing how money moves throughout the world. 2. Petco & Poshmark Let us now return to the frothiest of IPO markets, where companies going from private to public continue to see huge first-day gains. Shares of Poshmark, the operator of an online marketplace for secondhand clothing and other goods, closed its initial day of trading up more than 140% after a VC-backed IPO that raised $277 million. And Petco, a retailer of various pet supplies and services, experienced a 63% first-day surge after raising $864 million in its IPO. Existing Petco backers CVC Capital Partners and Canada Pension Plan Investment Board retain a controlling stake in the company. 3. Political pullbacks Fallout from the US Capitol riot continues to spread across the private markets. This week, the American Investment Council (a top private equity lobbying group) decidedto pause its political donations, and the National Venture Capital Association suspended contributions to lawmakers who opposed certifying Joe Biden's electoral victory. Meanwhile, Sequoia's Doug Leone publicly renounced his support for Donald Trump, not long after another prominent Trump backer, Blackstone's Stephen Schwarzman, also condemned the president. 4. SPACs + EVs = <3 Electric vehicle companies have proven an extremely popular target for special-purpose acquisition companies. This week, the love affair continued. Proterra, which makes electric buses, unveiled a SPAC deal that values the company at $1.6 billion. Faraday Future is in talks to go public by merging with a SPAC at a $3 billion valuation, according to Bloomberg. And Bloomberg also reported that Lucid Motors, which is developing electric luxury cars, is in talks to merge with a SPAC backed by Churchill Capital at a potential $15 billion valuation.SPACs can't get enough of the electric vehicle market. (ULTRA.F/Getty Images)5. Trying again It was a week for second (and third) chances on the merger market. Cisco struck a new deal to acquire optical networking company Acacia Communications for $4.5 billion, mere days after Cisco sought a court order to prevent Acacia from walking away from a previous sale agreement worth $2.6 billion. And Staples, which is owned by Sycamore Partners, made a bid to buy rival Office Depot for $2.1 billion, following previous failed attempts to buy the company in both 2016 and 1997. 6. Boffo buyout funds Silver Lake closed its latest flagship fund this week, with a $20 billion haul that was the largest tech-focused vehicle ever raised by a private equity firm, according to PitchBook data. And Silver Lake had company on the mega-fund front. New Mountain Capital closed its latest fund this week with $9.6 billion in commitments, and The Wall Street Journal reported that TA Associates is seeking $11 billion for its next flagship effort. 7. This week in Blackstone The biggest private equity firm in the world was at it again. Bumble, the dating app backed by Blackstone, filed to go public on Friday. Blackstone was busy in India: Portfolio company Aadhar Housing Finance is reportedly planning an IPO for this year, and the firm agreed this week to sell Aakash Educational Services to Byju's. And in personnel news, Snowflake CEO Frank Slootman and former US Air Force Chief of Staff David Goldfein have both agreed to join Blackstone as senior advisers. 8. IPO rumblings Bumble is far from alone in planning an IPO to take advantage of investor enthusiasm. The trend also extends to Europe. In Germany, SoftBank-backed online car marketplace Auto1 ispreparing a public debutthat could raise €1 billion (about $1.2 billion). And shoe retailer Dr. Martens, which is backed by Permira, filed on Monday to go public in London. 9. Bugging out Cockroach Labs closed a $160 million funding round this week that came at a $2 billion valuation, a step-up from an $886 million valuation in May 2020, according to PitchBook data. The database management startup doesn't actually have anything to do with literal bugs. But do you know who does? French startup Ynsect, which uses indoor farming to grow mealworms that it turns into food for animals and plants. This week, the European Food Safety Authority ruled that mealworms are also safe for human consumption, setting the stage for Ynsect to branch into a whole new market. 10. The rights stuff KKR agreed this week to acquire the rights to the music catalog of Ryan Tedder, the lead singer of OneRepublic, with Reuters pegging the price at nearly $200 million. The deal continues a growing trend of major artists selling off their song rights as they continue to adapt to the rise of streaming and the current absence of concerts. Bob Dylan, Neil Young, David Crosby, Stevie Nicks and Shakira are just some of the other names to strike similar deals in recent months. || 10 big things: Affirm leads a feeding frenzy for fintech: Fintech has been a venture capital hotspot ever since the global financial crisis, a calamity that exposed some serious flaws in an industry long dominated by an upper-crust of traditional names. In the ensuing years, a host of new companies pitching upstart technologies have begun to gain ground on the establishment, winning over converts among both users and investors. And this week made it clear just how far some of those companies have come. An eye-popping IPO from Affirm led the way, but more than a half-dozen other fintech startups also made major news. And that's one of 10 things you need to know from the past week: Max Levchin, who co-founded PayPal and now leads Affirm, is no stranger to the power of fintech. (Neilson Barnard/Getty Images) 1. Money talks Affirm tried its best to avoid a huge IPO pop that would leave money on the table. First, the provider of point-of-sale loans delayed its listing in December, in the wake of intense investor demand when Airbnb and DoorDash went public. (Let's take a moment to appreciate the strangeness of a company being worried its stock might be too popular.) Then, earlier this month, Affirm increased its IPO's initial price range of $33 to $38 per share to a new range of $41 to $44. Ultimately, it priced its shares even higher, landing on a $49 figure for a debut this Wednesday. And yet Affirm still opened trading at more than $90 per share and closed its first day at $96.36, up nearly 100% from that already-elevated IPO price. That resulted in a market cap of some $23 billion for Affirm, which was valued privately at $2.9 billion in 2019. The banner debut is a sign that the IPO market is still going crazy—more on that later in this newsletter. As my colleague James Thorne writes, it could be the first of many significant fintech IPOs to come in 2021, along with names like SoFi, Coinbase and Robinhood. Globally, there were $30.9 billion worth of VC exits in the fintech sector during 2020, according to PitchBook data, the highest total of at least the past decade. Taken in the context of the past seven days, Affirm's warm reception also underlines just how bullish investors are feeling about the future of fintech. Checkout.com, a London-based developer of payments technology, became the most valuable venture-backed company in Europe this week with a $450 million Series C that came at a $15 billion valuation . In Singapore, ridehailing and food delivery giant Grab raised more than $300 million this week for its fintech unit. Financial data specialist MX, payments provider Rapyd and digital lending startup Blend all raised nine-figure fundings this week, resulting in respective valuations of $1.9 billion, $2.5 billion and $3.3 billion. For MX, that marks a 322% valuation step-up over its most-recent venture round, in 2019. For Rapyd, it is a 108% step-up in a little more than a year. And for Blend, it represents a 94% valuation increase in a mere five months. Plaid is one of the biggest VC-backed names in fintech, known for its financial infrastructure tools that connect data to various apps and services. In January 2020, Visa agreed to buy the company for $5.3 billion, in what seemed to be a sign of the old financial establishment trying to absorb this new generation. But the Justice Department objected to the transaction on antitrust grounds. And this week, Plaid and Visa canceled the deal. The fact that Visa isn't paying a termination fee suggests that Plaid is just fine with the acquisition falling apart. Considering the hot state of the fintech market, it seems highly likely that Plaid could fetch a higher price. And indeed, chatter began almost immediately that Plaid will now instead opt to go public. We haven't even gotten to what was probably the wildest part of the week in fintech: the saga of bitcoin. The price of the cryptocurrency has gone crazy since October, rising from less than $11,000 to more than $40,000 last week. Bitcoin then lost nearly 25% of its value between last Sunday and Monday, only to bounce back and regain nearly all that value by Thursday. It's been a good time to be a crypto trader. It also seems to be a good time to be a platform where all that trading takes place. We already mentioned that Coinbase is planning an IPO. This week also brought news that two other operators of crypto exchanges are in talks to go public. Bakkt—which is run by Intercontinental Exchange, also the operator of the NYSE—agreed to merge with a SPAC in a $2.1 billion deal. And Gemini—which is owned by the Winklevoss twins of Facebook fame—is considering an IPO, according to a Bloomberg report. There exists a pretty vast chasm between Affirm and Gemini, or between Plaid and Blend, in terms of what the companies actually do. That demonstrates the breadth of the VC-backed fintech industry that has emerged over the past decade-plus. And the past week demonstrates the depth of investor interest in these different ways of changing how money moves throughout the world. 2. Petco & Poshmark Let us now return to the frothiest of IPO markets, where companies going from private to public continue to see huge first-day gains. Shares of Poshmark, the operator of an online marketplace for secondhand clothing and other goods, closed its initial day of trading up more than 140% after a VC-backed IPO that raised $277 million. And Petco, a retailer of various pet supplies and services, experienced a 63% first-day surge after raising $864 million in its IPO. Existing Petco backers CVC Capital Partners and Canada Pension Plan Investment Board retain a controlling stake in the company. 3. Political pullbacks Fallout from the US Capitol riot continues to spread across the private markets. This week, the American Investment Council (a top private equity lobbying group) decided to pause its political donations , and the National Venture Capital Association suspended contributions to lawmakers who opposed certifying Joe Biden's electoral victory. Meanwhile, Sequoia's Doug Leone publicly renounced his support for Donald Trump, not long after another prominent Trump backer, Blackstone's Stephen Schwarzman, also condemned the president. 4. SPACs + EVs = <3 Electric vehicle companies have proven an extremely popular target for special-purpose acquisition companies. This week, the love affair continued. Proterra, which makes electric buses, unveiled a SPAC deal that values the company at $1.6 billion. Faraday Future is in talks to go public by merging with a SPAC at a $3 billion valuation, according to Bloomberg. And Bloomberg also reported that Lucid Motors, which is developing electric luxury cars, is in talks to merge with a SPAC backed by Churchill Capital at a potential $15 billion valuation. SPACs can't get enough of the electric vehicle market. (ULTRA.F/Getty Images) 5. Trying again It was a week for second (and third) chances on the merger market. Cisco struck a new deal to acquire optical networking company Acacia Communications for $4.5 billion, mere days after Cisco sought a court order to prevent Acacia from walking away from a previous sale agreement worth $2.6 billion. And Staples, which is owned by Sycamore Partners, made a bid to buy rival Office Depot for $2.1 billion, following previous failed attempts to buy the company in both 2016 and 1997. 6. Boffo buyout funds Silver Lake closed its latest flagship fund this week, with a $20 billion haul that was the largest tech-focused vehicle ever raised by a private equity firm, according to PitchBook data. And Silver Lake had company on the mega-fund front. New Mountain Capital closed its latest fund this week with $9.6 billion in commitments, and The Wall Street Journal reported that TA Associates is seeking $11 billion for its next flagship effort. 7. This week in Blackstone The biggest private equity firm in the world was at it again. Bumble, the dating app backed by Blackstone, filed to go public on Friday. Blackstone was busy in India: Portfolio company Aadhar Housing Finance is reportedly planning an IPO for this year, and the firm agreed this week to sell Aakash Educational Services to Byju's. And in personnel news, Snowflake CEO Frank Slootman and former US Air Force Chief of Staff David Goldfein have both agreed to join Blackstone as senior advisers. 8. IPO rumblings Bumble is far from alone in planning an IPO to take advantage of investor enthusiasm. The trend also extends to Europe. In Germany, SoftBank-backed online car marketplace Auto1 is preparing a public debut that could raise €1 billion (about $1.2 billion). And shoe retailer Dr. Martens, which is backed by Permira, filed on Monday to go public in London. 9. Bugging out Cockroach Labs closed a $160 million funding round this week that came at a $2 billion valuation, a step-up from an $886 million valuation in May 2020, according to PitchBook data. The database management startup doesn't actually have anything to do with literal bugs. But do you know who does? French startup Ynsect, which uses indoor farming to grow mealworms that it turns into food for animals and plants. This week, the European Food Safety Authority ruled that mealworms are also safe for human consumption, setting the stage for Ynsect to branch into a whole new market. 10. The rights stuff KKR agreed this week to acquire the rights to the music catalog of Ryan Tedder, the lead singer of OneRepublic, with Reuters pegging the price at nearly $200 million. The deal continues a growing trend of major artists selling off their song rights as they continue to adapt to the rise of streaming and the current absence of concerts. Bob Dylan, Neil Young, David Crosby, Stevie Nicks and Shakira are just some of the other names to strike similar deals in recent months. || The Crypto Daily – Movers and Shakers – January 17th, 2021: Bitcoin , BTC to USD, fell by 1.91% on Saturday. Following on from a 6.15% slide on Friday, Bitcoin ended the day at $36,041.0. It was a mixed start to the day. Bitcoin fell to an early morning low $35,551.0 before making a move. Steering clear of the major support levels, Bitcoin rose to a late morning intraday high $37,997.0. Falling short of the first major resistance level at $39,461, Bitcoin slid to a late intraday low $35,418.0. Steering clear of the first major support level at $34,260, Bitcoin moved back through to $36,000 levels to reduce the deficit on the day. The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day on Saturday. Polkadot surged by 39.53% to lead the way. Cardano’s ADA (+16.05%) and Crypto.com Coin (+15.91%) also found strong support. Binance Coin (+5.28%) and Ethereum (+4.97%) trailed the front runners. It was a bearish day for the rest of the pack. Chainlink slid by -3.24% to lead the way down. Bitcoin Cash SV (-0.21%), Litecoin (-0.17%), and Ripple’s XRP (-0.36%) saw modest losses on the day. In the current week, the crypto total market cap fell to a Monday low $804.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,004.03bn. Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Saturday low 66.73%. At the time of writing, Bitcoin’s dominance stood at 67.26%. This Morning At the time of writing, Bitcoin was up by 0.47% to $36,211.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,565.0 before striking a high $36,348.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Bitcoin Cash SV (-2.05%), Crypto.com Coin (+2.27%), Ethereum (-0.19%), and Polkadot (-0.52%) struggled early on. Story continues It was a bullish start for the rest of the majors, however. At the time of writing, Cardano’s ADA was up by 2.87% to lead the way, with Binance Coin up by 2.22%. For the Bitcoin Day Ahead Bitcoin would need to move through the pivot level at $36,485 to bring the first major resistance level at $37,553 into play. Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels. Barring an extended crypto rally, first major resistance level and Saturday’s high $37,997.0 would likely cap any upside. In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,064. Failure to move through the $36,485 pivot would bring the first major support level at $34,974 into play. Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $33,906 and the 23.6% FIB of $33,008. This article was originally posted on FX Empire More From FXEMPIRE: US Stock Market Overview – Stocks Close Lower; Led Down by Energy; Retail Sales Disappoints The Crypto Daily – Movers and Shakers – January 16th, 2021 S&P 500 Weekly Price Forecast – Stock Markets Pull Back From Highs Crude Oil Weekly Price Forecast – Crude Oil Shows Signs of Exhaustion The Weekly Wrap – COVID-19, Economic Data, and U.S Stimulus Weigh on Riskier Assets The Week Ahead – U.S Politics, Monetary Policy, Economic Data, and COVID-19 in Focus || The Crypto Daily – Movers and Shakers – January 17th, 2021: Bitcoin, BTC to USD, fell by 1.91% on Saturday. Following on from a 6.15% slide on Friday, Bitcoin ended the day at $36,041.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $35,551.0 before making a move.
Steering clear of the major support levels, Bitcoin rose to a late morning intraday high $37,997.0.
Falling short of the first major resistance level at $39,461, Bitcoin slid to a late intraday low $35,418.0.
Steering clear of the first major support level at $34,260, Bitcoin moved back through to $36,000 levels to reduce the deficit on the day.
The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
Across the rest of the majors, it was another mixed day on Saturday.
Polkadot surged by 39.53% to lead the way.
Cardano’s ADA(+16.05%) andCrypto.com Coin(+15.91%) also found strong support.
Binance Coin(+5.28%) andEthereum(+4.97%) trailed the front runners.
It was a bearish day for the rest of the pack.
Chainlinkslid by -3.24% to lead the way down.
Bitcoin Cash SV(-0.21%),Litecoin(-0.17%), andRipple’s XRP(-0.36%) saw modest losses on the day.
In the current week, the crypto total market cap fell to a Monday low $804.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,004.03bn.
Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Saturday low 66.73%. At the time of writing, Bitcoin’s dominance stood at 67.26%.
At the time of writing, Bitcoin was up by 0.47% to $36,211.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,565.0 before striking a high $36,348.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-2.05%), Crypto.com Coin (+2.27%), Ethereum (-0.19%), and Polkadot (-0.52%) struggled early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.87% to lead the way, with Binance Coin up by 2.22%.
Bitcoin would need to move through the pivot level at $36,485 to bring the first major resistance level at $37,553 into play.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring an extended crypto rally, first major resistance level and Saturday’s high $37,997.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,064.
Failure to move through the $36,485 pivot would bring the first major support level at $34,974 into play.
Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $33,906 and the 23.6% FIB of $33,008.
Thisarticlewas originally posted on FX Empire
• US Stock Market Overview – Stocks Close Lower; Led Down by Energy; Retail Sales Disappoints
• The Crypto Daily – Movers and Shakers – January 16th, 2021
• S&P 500 Weekly Price Forecast – Stock Markets Pull Back From Highs
• Crude Oil Weekly Price Forecast – Crude Oil Shows Signs of Exhaustion
• The Weekly Wrap – COVID-19, Economic Data, and U.S Stimulus Weigh on Riskier Assets
• The Week Ahead – U.S Politics, Monetary Policy, Economic Data, and COVID-19 in Focus
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None available.
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36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14.
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[Bitcoin Technical Analysis for 2021-10-28]
Volume: 45257083247, RSI (14-day): 56.75, 50-day EMA: 54155.72, 200-day EMA: 45800.56
[Wider Market Context]
Gold Price: 1801.60, Gold RSI: 58.62
Oil Price: 82.81, Oil RSI: 64.17
[Recent News (last 7 days)]
Elon Musk's Wealth Has Increased So Much, He Could Buy Every MLB, NBA, NFL And NHL Team: The rise in valuation of Tesla Inc (NASDAQ: TSLA ) shares has increased the wealth of its CEO, generating some incredible stories of just how rich Elon Musk is. The latest figure and what it means may shock you. What Happened: Musk is worth $287 billion as of Oct. 26. The figure from the Bloomberg Billionaires Index shows that Musk has added $117 billion to his wealth year-to-date. Musk's wealth has increased so much that he's now worth more than Warren Buffett and Bill Gates combined. While it may seem hard to imagine, Musk is also worth more than the valuations of every single Major League Baseball, National Basketball Association, National Football League and National Hockey League team combined. The value of all four leagues is $260 billion, according to Liam Killingstad of Front Office Sports . Forbes shows the New York Yankees as the highest valued MLB team at $5.3 billion and the average team worth $1.9 billion. NBA teams have an average value of $2.2 billion, led by the New York Knicks at $5.5 billion. The Knicks are owned by publicly traded Madison Square Garden Sports (NASDAQ: MSGS ). The NFL teams have the highest valuation with the Dallas Cowboys worth $6.5 billion and the average NFL team worth $3.5 billion. NHL teams rank last with the average team worth $653 million and the highest valued team, the New York Rangers, worth $1.65 billion. Related Link: 10 Most Valuable NFL Teams: How Media Rights And A Super Bowl Affected The 2021 List Why Its Important: Billionaires have bought sports teams over the years. Others have become billionaires thanks to their ownership of professional sports teams. Amazon.com Inc (NASDAQ: AMZN ) founder Jeff Bezos was rumored to be considering buying the Washington Football Team earlier this year. He ranks second in wealth with $196 billion. Sports teams have seen values rise over the years thanks to increased ticket prices, advertising opportunities and huge media rights deals. Musk has shown no public interest in buying a sports team, but perhaps the new Texas resident will consider buying a nearby team. TSLA Price Action: Tesla shares were up 2% to $1,037.86 on Wednesday, adding to Musks gains. See more from Benzinga Click here for options trades from Benzinga Could 'Bitcoin ,420' Be A Signature Meme Event For The Cryptocurrency? Elon Musk Becomes 3M Richer After Tesla's Stock Rise, Far And Away The World's Wealthiest Person © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Elon Musk's Wealth Has Increased So Much, He Could Buy Every MLB, NBA, NFL And NHL Team: The rise in valuation ofTesla Inc(NASDAQ:TSLA) shares has increased the wealth of its CEO, generating some incredible stories of just how richElon Muskis. The latest figure and what it means may shock you.
What Happened:Musk is worth $287 billion as of Oct. 26. The figure from theBloomberg Billionaires Indexshows that Musk has added $117 billion to his wealth year-to-date.
Musk's wealth has increased so much that he's nowworth morethanWarren BuffettandBill Gatescombined.
While it may seem hard to imagine, Musk is also worth more than the valuations of every single Major League Baseball, National Basketball Association, National Football League and National Hockey League team combined.
The value of all four leagues is $260 billion,accordingtoLiam KillingstadofFront Office Sports.
Forbes shows the New York Yankees as the highest valuedMLBteam at $5.3 billion and the average team worth $1.9 billion.
NBAteams have an average value of $2.2 billion, led by the New York Knicks at $5.5 billion. The Knicks are owned by publicly tradedMadison Square Garden Sports(NASDAQ:MSGS).
TheNFLteams have the highest valuation with the Dallas Cowboys worth $6.5 billion and the average NFL team worth $3.5 billion.
NHLteams rank last with the average team worth $653 million and the highest valued team, the New York Rangers, worth $1.65 billion.
Related Link:10 Most Valuable NFL Teams: How Media Rights And A Super Bowl Affected The 2021 List
Why It’s Important:Billionaires have bought sports teams over the years. Others have become billionaires thanks to their ownership of professional sports teams.
Amazon.com Inc(NASDAQ:AMZN) founderJeff Bezoswasrumoredto be considering buying the Washington Football Team earlier this year. He ranks second in wealth with $196 billion.
Sports teams have seen values rise over the years thanks to increased ticket prices, advertising opportunities and huge media rights deals.
Musk has shown no public interest in buying a sports team, but perhaps the new Texas resident will consider buying a nearby team.
TSLA Price Action:Tesla shares were up 2% to $1,037.86 on Wednesday, adding to Musk’s gains.
See more from Benzinga
• Click here for options trades from Benzinga
• Could 'Bitcoin ,420' Be A Signature Meme Event For The Cryptocurrency?
• Elon Musk Becomes 3M Richer After Tesla's Stock Rise, Far And Away The World's Wealthiest Person
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || ATOSHI CEO Liao Wang Was Invited to Give a Speech at "China Blockchain Day": At the conference, ATOSHI CEO Liao Wang's classic quote: "The world belongs to you, also belongs to us, in the end, the world belongs to crypto holders."
New York, New York--(Newsfile Corp. - October 27, 2021) - On October 21, 2021, to deeply study and implement the spirit of General Secretary Xi Jinping's important speech on blockchain, the "China Blockchain Day" hosted by the Blockchain Professional Committee of China Communication Industry Association, was held in Xinglin Villa of the State Council.
"China Blockchain Day"
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This conference invited Mr. Wu Zhongze, former vice minister of the Ministry of Science and Technology, member of Education, Science, Culture and Health Committee of the 11th National People's Congress, Mr. Wang Bingke, Chairman of China Communication Industry Association, Mr. Wang Jun, Executive Director of the Blockchain Special Committee of China Communication Industry Association, and a number of outstanding leaders and experts, including the author of Blockchain Reform - Chinese Thinking, Mr. Zhu Youping, and ATOSHI CEO Mr. Liao Wang to give speeches and exchange ideas.
Mr. Wu Zhongze, Former Vice Minister of the Ministry of Science and Technology
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The conference was presided over by the Deputy Secretary-General Wu Yanfang and Secretary-General He Chao with the Blockchain Professional Committee of China Communication Industry Association. Mr. Wang Bingke, President of China Communication Industry Association, made the opening speech.
Mr. Wang Bingke, President of China Communication Industry Association
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After the opening ceremony, experts from blockchain industry gave speeches on "Promotion of Blockchain Reform Action". Among them, ATOSHI CEO Liao Wang mentioned in his speech: "The joint publication by 18 ministries and committees may make many people have many concerns about the future of blockchain. However, blockchain belongs to the world. If we want to make a correct conclusion, we should look at this matter from the perspective of the world.China's policies are not to curb the development of blockchain, but to allow blockchain to develop in a healthy and orderly manner in accordance with China's current situation. From the perspective of time, no one can stop the trend of blockchain.For example, Bitcoin is now $66,000. As the number of people holding it increases, it may go up to $100,000, $200,000, or even more than 1 million dollars in the future. Bitcoin is the simplest example of the power and vitality of this industry. Blockchain can solve the problem of trust and meet the needs of social development in real life. Trust is priceless. Trust in finance can greatly improve payment efficiency and production efficiency, reduce the payment cost to 1%. When blockchain is applied to copyright, copyright can be transferred immediately. When blockchain is applied to e-commerce, customers can participate in wealth distribution, and enjoy the dividends of economic development."
CEO Liao Wang speaks at the forum
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"The future scale of the blockchain industry will be very huge. The power of blockchain finance is infinite. A giant company will surely appear in the blockchain field, and its market capitalization will be over 10 times that of today's largest company."
ATOSHI CEO Liao Wang
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Then, CEO Liao Wang analyzed the application of blockchain in the financial industry from a geographical perspective: "At present, China is in a period of foreign exchange control, so the development of blockchain finance in China is relatively limited. However, China encourages other technical aspects of blockchain applications. Just like this conference, it was convened to thoroughly implement the spirit of Chairman Jinping's important speech on blockchain. There are many countries where foreign exchange is open, so blockchain finance there will usher in rapid development. Especially for those countries that do not have their own currencies, they value the simplicity, efficiency and unlimited value-adding potential of the blockchain finance. In these countries, blockchain finance will play a great role."
ATOSHI CEO Liao Wang
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Next, ATOSHI CEO Liao Wang gave an example of his own business and shared approaches of blockchain reform with his years of research and investment experience. He said: "ATOSHI is empowering the real economy with blockchain technology. For example, our shopping mall has a strict review system. It will review every item on shelves to ensure the prices of products are not higher than Jingdong and Taobao. In JD and Alibaba, at least tens of thousands of employees are required to conduct reviews in this way. Our review cost is almost zero, because our users can participate in review. Our shopping mall has more than 7 million users, many of them regard the mall as their own business. This is a particularly powerful motivation that promotes rapid development of the mall. Compared with traditional e-commerce, this is a very huge advantage."
Mr. Liao also added: "We are using the blockchain to empower our short video APP (Detok) to compete with Tik Tok. Detok has more functions than Tik Tok. It has roles of buyer and seller, and advantage in review. Besides, we also make videos into NFT assets, so users can buy, sell and rent.
Speakers of the forum exchange ideas
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In addition, ATOSHI is running ATOSHI Charity and games to empower the real economy. In the past two years, ATOSHI has achieved very dazzling success. I'm full of confidence in the blockchain empowering real economy, and full of expectations of the company's future." He said there are tens of thousands of roads for blockchain reform. As long as you believe it and work hard, everyone can find a broad road that suits them.
Finally, CEO Liao concluded in a very witty and humorous tone:"The world belongs to you, also belongs to us, in the end, the world belongs to crypto holders."Warm applause and approval broke out from the audience. Many participants claimed those words were very classic.
The success of "China Blockchain Day" allows us to see the trend of blockchain more clearly. We must take the blockchain as a core technology, as an important breakthrough for independent innovation and industrial innovation.
Company Name: Atoshi Technology Co., LtdContact person: Liao WangEmail:[email protected]:https://www.atoshi.org/
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/101011 || Crypto wallet Coinbase goes offline, leaving customers unable to trade: Cryptocurrency wallet Coinbase suffered an outage on Wednesday, preventing many users from trading digital tokens like Bitcoin, Dogecoin, and fast-rising Shiba Inu.
Customers who visited the site in the afternoon reported they were unable to reachCoinbaseand its professional-level service Coinbase Pro online. An error message blamed “connection issues” and reassured users that their funds were safe.
Users started submitting outage reports about Coinbase just after 3:00 p.m. ET, according to the Internet activity tracking serviceDowndetector. Coinbase’s confirmed the outage onTwitter, saying that it is “all hands on deck to get this resolved as soon as possible,” while acknowledging that customer trades and transactions may be delayed.
After around 90 minutes, the outage seemed to start dissipating.
https://twitter.com/CoinbaseSupport/status/1453447862268809218?s=20
Coinbasepreviously went offline in May amid a huge influx of traffic, contributing to Bitcoin prices tumbling. The company had also suffered frequent outages in 2017 because of technical problems.
The latest outage comes as the Shiba Inu coin reached anall-time highon Wednesday of $0.00005478,up 777%in the past 30 days. Twitter users blamed the boom market for the dog-theme cryptocurrency for the Coinbase outage, though Coinbase didn't give a reason.
https://twitter.com/ShibalnuNews/status/1453443183879262222?s=20
The impact on traders can be significant when their brokerages or crypto wallets go offline. In May 2020, online brokerage Robinhood suffered a two-day outage, causing some customers to lose money, including one who said he hadlost $52,000after being unable to trade on one of the year's most volatile trading days. Customers demanded that Robinhood compensate them and filed a class action lawsuit against the company. The financial industry's self-regulatory body, the Financial Industry Regulatory Authority,fined Robinhood $70 millionfor previous outages and other infractions.
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This story was originally featured onFortune.com || Crypto wallet Coinbase goes offline, leaving customers unable to trade: Cryptocurrency wallet Coinbase suffered an outage on Wednesday, preventing many users from trading digital tokens like Bitcoin, Dogecoin, and fast-rising Shiba Inu. Customers who visited the site in the afternoon reported they were unable to reach Coinbase and its professional-level service Coinbase Pro online. An error message blamed “connection issues” and reassured users that their funds were safe. Users started submitting outage reports about Coinbase just after 3:00 p.m. ET, according to the Internet activity tracking service Downdetector . Coinbase’s confirmed the outage on Twitter , saying that it is “all hands on deck to get this resolved as soon as possible,” while acknowledging that customer trades and transactions may be delayed. After around 90 minutes, the outage seemed to start dissipating. https://twitter.com/CoinbaseSupport/status/1453447862268809218?s=20 Coinbase previously went offline in May amid a huge influx of traffic, contributing to Bitcoin prices tumbling . The company had also suffered frequent outages in 2017 because of technical problems. The latest outage comes as the Shiba Inu coin reached an all-time high on Wednesday of $0.00005478, up 777% in the past 30 days. Twitter users blamed the boom market for the dog-theme cryptocurrency for the Coinbase outage, though Coinbase didn't give a reason. https://twitter.com/ShibalnuNews/status/1453443183879262222?s=20 The impact on traders can be significant when their brokerages or crypto wallets go offline. In May 2020, online brokerage Robinhood suffered a two-day outage, causing some customers to lose money, including one who said he had lost $52,000 after being unable to trade on one of the year's most volatile trading days. Customers demanded that Robinhood compensate them and filed a class action lawsuit against the company. The financial industry's self-regulatory body, the Financial Industry Regulatory Authority, fined Robinhood $70 million for previous outages and other infractions. Story continues More tech coverage from Fortune : Thera-who? These biotech firms are looking to push what’s possible with blood Teens have been losing interest in Facebook for years , data shows Crypto project Worldcoin wants to give you coins in exchange for an eye scan Lucid Motor’s Air EV finally hits the roads with a range that blows Tesla away How Facebook whistleblower Frances Haugen became the company’s worst nightmare This story was originally featured on Fortune.com || Technology Super Cycle Redux: How Unicorns Drive Innovation: In 2017 I published one of my most important investment strategy pieces that I called The Technology Super Cycle.You can see a 2018 video and article version via that link, where I answer this burning puzzle:why is inflation absent and productivity "hidden?"The two main solutions to that puzzle are still very relevant to what you see happening in the most important sector of the economy.In the thesis, I said you had to be a buyer ofNVIDIANVDA for the future they were building with GPU platforms and CUDA stacks of software capabilities that digital engineers, data analysts, and scientists had to have.And this was before I'd ever heard of Cathie Wood and her similar takes on long-tail "disruptive innovation."But lately, as I immerse myself in the exploding world of private FinTech companies, I have begun to see another driving force."Where do unicorns come from? Imagine 10,000 VCs chasing twice as many fintech companies."That's what I proposed in my Cook's Kitchen from two weeks ago...Unicorn Stampede: How FinTech Innovation and VC Warchests Fuel MarketsIn the video that accompanies this article, I review thePinterestPINS andPayPalPYPL unfolding drama we discussed last week.PINS shares today are filling the October 2020 gap up from $45 on the deal rumors getting scuttled. In the video, I tell you who a big seller has been. Meanwhile PYPL continues to plummet into my $220-240 "buy zone."I also reiterate my "buy zone" forShopifySHOP inside $1240-80, with starter positions recommended under $1350 ahead of their earnings report on Thursday.Call With CookerIf you came here from the YouTube link, I have your code/instructions to enter the "Call with Cooker" drawing: #TechSuperCycleJust go to Twitter and do the following...1. Follow me @KevinBCook2. Like and ReTweet my pinned Tweet with the NVIDIA graphicSpeaking ofTwitterTWTR, in a very meta-social event, I attended this morning's Space chat with the CFO, Ned Segal. Dude was super chill under pressure from annoying analysts who kept trying to get him to parse his KPIs for the mDAU metric (monetizable daily active users).Segal is a model for any corporate executive doing media interviews. He just naturally calms the room and the fire-breathers by never getting defensive or frustrated and just explaining his goals while trying to answer the questions.And apparently in his CNBC interview this morning, he said "Bitcoin is going to be a great way for us to facilitate commerce on Twitter." That's very interesting.I was on another Twitter Space last night where a bunch of "new money/digital gold" theorists were debating @Jack's recent post about "hyper-inflation is coming."When you go to my Twitter feed, you'll see those Space posts and you can check out the other things I've posted on Segal and FinTech, including the link to the Plaid report.Thanks for joining me in the Kitchen!Disclosure: I own shares of NVDA, PINS, and SQ for the Zacks TAZR Trader portfolio.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportNVIDIA Corporation (NVDA) : Free Stock Analysis ReportTwitter, Inc. (TWTR) : Free Stock Analysis ReportPayPal Holdings, Inc. (PYPL) : Free Stock Analysis ReportShopify Inc. (SHOP) : Free Stock Analysis ReportPinterest, Inc. (PINS) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Technology Super Cycle Redux: How Unicorns Drive Innovation: In 2017 I published one of my most important investment strategy pieces that I called The Technology Super Cycle. You can see a 2018 video and article version via that link, where I answer this burning puzzle: why is inflation absent and productivity "hidden?" The two main solutions to that puzzle are still very relevant to what you see happening in the most important sector of the economy. In the thesis, I said you had to be a buyer of NVIDIA NVDA for the future they were building with GPU platforms and CUDA stacks of software capabilities that digital engineers, data analysts, and scientists had to have. And this was before I'd ever heard of Cathie Wood and her similar takes on long-tail "disruptive innovation." But lately, as I immerse myself in the exploding world of private FinTech companies, I have begun to see another driving force. "Where do unicorns come from? Imagine 10,000 VCs chasing twice as many fintech companies." That's what I proposed in my Cook's Kitchen from two weeks ago... Unicorn Stampede: How FinTech Innovation and VC Warchests Fuel Markets In the video that accompanies this article, I review the Pinterest PINS and PayPal PYPL unfolding drama we discussed last week. PINS shares today are filling the October 2020 gap up from $45 on the deal rumors getting scuttled. In the video, I tell you who a big seller has been. Meanwhile PYPL continues to plummet into my $220-240 "buy zone." I also reiterate my "buy zone" for Shopify SHOP inside $1240-80, with starter positions recommended under $1350 ahead of their earnings report on Thursday. Call With Cooker If you came here from the YouTube link, I have your code/instructions to enter the "Call with Cooker" drawing: #TechSuperCycle Just go to Twitter and do the following... 1. Follow me @KevinBCook 2. Like and ReTweet my pinned Tweet with the NVIDIA graphic Speaking of Twitter TWTR, in a very meta-social event, I attended this morning's Space chat with the CFO, Ned Segal. Dude was super chill under pressure from annoying analysts who kept trying to get him to parse his KPIs for the mDAU metric (monetizable daily active users). Segal is a model for any corporate executive doing media interviews. He just naturally calms the room and the fire-breathers by never getting defensive or frustrated and just explaining his goals while trying to answer the questions. And apparently in his CNBC interview this morning, he said "Bitcoin is going to be a great way for us to facilitate commerce on Twitter." That's very interesting. I was on another Twitter Space last night where a bunch of "new money/digital gold" theorists were debating @Jack's recent post about "hyper-inflation is coming." When you go to my Twitter feed, you'll see those Space posts and you can check out the other things I've posted on Segal and FinTech, including the link to the Plaid report. Thanks for joining me in the Kitchen! Disclosure: I own shares of NVDA, PINS, and SQ for the Zacks TAZR Trader portfolio. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NVIDIA Corporation (NVDA) : Free Stock Analysis Report Twitter, Inc. (TWTR) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Shopify Inc. (SHOP) : Free Stock Analysis Report Pinterest, Inc. (PINS) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Market Wrap: Bitcoin Dips Below $60K as ETF Enthusiasm Fades: Bitcoin continues to decline after buyers failed to sustain last week’s all-time high of around $66,900. Analysts pointed to extreme optimism, leverage and profit-taking as possible reasons behind the latest pullback in BTC’s price.
Support, or the level at which buyers tend to invest, is around $53,000.
A pullback was overdue and more downside volatility could be in the offing, CoinDesk’s Omkar Godbolereported. For example, the estimated bitcoin leverage ratio, which is calculated by dividing futures’open interestacross all exchanges by bitcoin reserves on exchanges, is at the highest level since September, which preceded a crypto sell-off.
Bitcoin’s near-40% price rally over the past month was largely due to investor enthusiasm for the first bitcoin futures-linked exchange-traded fund (ETF) introduced by ProShares last week. But some analysts expect the ETF hype will fade.
“Once investors realize that these futures ETFs create no new demand for BTC and are only a side bet on short-term price appreciation we may see significant price erosion,” Charlie Silver, co-founder of Blockforce Capital, a crypto multi-strategy trading firm, wrote in an email to CoinDesk.
• Bitcoin (BTC): $59,378.49, -3.92%
• Ether (ETH): $4,014.58, -4.43%
• S&P 500: $4,551.68, -0.51%
• Gold: $1,797.91, +0.25%
• 10-year Treasury yield closed at 1.536%
“After a week of fresh highs, today’s sell-off is a warning not to be complacent in this market, especially when high levels of volatility are always around the corner,” Nicholas Cawley, an analyst atDailyFX, wrote in an email to CoinDesk.
Still, technical indicators show bitcoin’s pullback could stabilize. “We expect the pullback to mature quickly, within days, above initial support (~$52.9K) for bitcoin,” Katie Stockton, managing director of technical research firm Fairlead Strategies, wrote in an email to CoinDesk.
So far, the new ProShares fund’s returns are falling short of the performance of bitcoin in cryptocurrency markets – the very thing the ETF was supposed to track. BITO is also underperforming the Grayscale Bitcoin Trust, or GBTC, which at $35.23 billion is the world’s largest bitcoin fund, CoinDesk’s Lyllah Ledesma reported.
From Oct. 19, when the ProShares ETF started trading, through Tuesday, BITO shares were down by 2.45%, based on a chart shared by Grayscale, the company that sponsors GBTC. Bitcoin was down 1% over the same period and GBTC was up 7.5%. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.)
Read morehere.
Similar to long-term bitcoin holders (discussed inyesterday’s Market Wrap), blockchain data also shows short-term holders are starting to take profits after the ETF-driven price rally. This suggests market participants are uncertain about bitcoin’s short-term price direction.
The chart below shows a spike in short-term holder selling activity on Wednesday, as noted by CryptoQuant. Still, some analysts expect buyers to remain active on price dips, which typically occur during the early stages of a bull market.
“For the first time in a long time, a significantprofit-takinghas come in bitcoin, giving the market a short-term buying opportunity,” wrote one analyst on CryptoQuant’slive feedon Wednesday.
• Shiba inu briefly surpassed dogecoin:The self-proclaimed dogecoin killer, shiba inu, briefly surpassed DOGE in market value on Wednesday, CoinDesk’s Muyao Shenreported. Both coins now have a market cap of over $31 billion, and are toggling between 10th and 11th on the CoinGecko’s rankings page. Blockchain data shows that while SHIB continues to attract retail investors around the globe, more sophisticated crypto traders fueled the latest rally. Since the start of this week, addresses labeled as “smart money” started buying SHIB, according to Nansen research analyst Daniel Khoo.
• DBS joins Hedera Governing Council:Singapore’s DBS bank has become the first Southeast Asian lender to join the Hedera Governing Council, CoinDesk’s Sebastian Sinclairreported. The bank joins a council that includes 39 other organizations including Boeing, Deutsche Telecom and Google in supporting Hedera’s Hashgraph, a software that can process transactions and store a public ledger of those transactions. Council members serve three-year terms that can be extended to a maximum of two terms.
• Solana-based yield aggregator Tulip raises $5 million:Solana-based decentralized finance (DeFi) app Tulip has closed a $5 million funding round to expand its yield aggregation and crypto lending products, CoinDesk’s Danny Nelsonreported. Tulip, which holds over $800 million in crypto assets according to Jump Capital and Alameda Research, is looking to use the investment to double its five-person team, which could prove difficult due to a Solana-focused engineers shortage amid heated competition for DeFi developer talent, CEO “Senx” said in a phone interview with CoinDesk.
• The Evolution of Ethereum’s Monetary Policy
• Blockchain Development Platform QuickNode Raises $35M
• Brazilian Ride-Hailing Giant 99 to Enable Bitcoin Trading
• CoinList Valued at $1.5B as Lending, Staking Join Business Mandate
• WWE, Blockchain Creative Labs Ink Deal to Launch NFT Marketplace
Most digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Aave (AAVE): +1.58%
• Tether (USDT): +0.05%
• USD Coin (USDC): +0.03%
Notable losers:
• The Graph (GRT): -12.6%
• Chainlink (LINK): -12.35%
• EOS (EOS): -11.5% || Market Wrap: Bitcoin Dips Below $60K as ETF Enthusiasm Fades: Bitcoin continues to decline after buyers failed to sustain last week’s all-time high of around $66,900. Analysts pointed to extreme optimism, leverage and profit-taking as possible reasons behind the latest pullback in BTC’s price.
Support, or the level at which buyers tend to invest, is around $53,000.
A pullback was overdue and more downside volatility could be in the offing, CoinDesk’s Omkar Godbolereported. For example, the estimated bitcoin leverage ratio, which is calculated by dividing futures’open interestacross all exchanges by bitcoin reserves on exchanges, is at the highest level since September, which preceded a crypto sell-off.
Bitcoin’s near-40% price rally over the past month was largely due to investor enthusiasm for the first bitcoin futures-linked exchange-traded fund (ETF) introduced by ProShares last week. But some analysts expect the ETF hype will fade.
“Once investors realize that these futures ETFs create no new demand for BTC and are only a side bet on short-term price appreciation we may see significant price erosion,” Charlie Silver, co-founder of Blockforce Capital, a crypto multi-strategy trading firm, wrote in an email to CoinDesk.
• Bitcoin (BTC): $59,378.49, -3.92%
• Ether (ETH): $4,014.58, -4.43%
• S&P 500: $4,551.68, -0.51%
• Gold: $1,797.91, +0.25%
• 10-year Treasury yield closed at 1.536%
“After a week of fresh highs, today’s sell-off is a warning not to be complacent in this market, especially when high levels of volatility are always around the corner,” Nicholas Cawley, an analyst atDailyFX, wrote in an email to CoinDesk.
Still, technical indicators show bitcoin’s pullback could stabilize. “We expect the pullback to mature quickly, within days, above initial support (~$52.9K) for bitcoin,” Katie Stockton, managing director of technical research firm Fairlead Strategies, wrote in an email to CoinDesk.
So far, the new ProShares fund’s returns are falling short of the performance of bitcoin in cryptocurrency markets – the very thing the ETF was supposed to track. BITO is also underperforming the Grayscale Bitcoin Trust, or GBTC, which at $35.23 billion is the world’s largest bitcoin fund, CoinDesk’s Lyllah Ledesma reported.
From Oct. 19, when the ProShares ETF started trading, through Tuesday, BITO shares were down by 2.45%, based on a chart shared by Grayscale, the company that sponsors GBTC. Bitcoin was down 1% over the same period and GBTC was up 7.5%. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.)
Read morehere.
Similar to long-term bitcoin holders (discussed inyesterday’s Market Wrap), blockchain data also shows short-term holders are starting to take profits after the ETF-driven price rally. This suggests market participants are uncertain about bitcoin’s short-term price direction.
The chart below shows a spike in short-term holder selling activity on Wednesday, as noted by CryptoQuant. Still, some analysts expect buyers to remain active on price dips, which typically occur during the early stages of a bull market.
“For the first time in a long time, a significantprofit-takinghas come in bitcoin, giving the market a short-term buying opportunity,” wrote one analyst on CryptoQuant’slive feedon Wednesday.
• Shiba inu briefly surpassed dogecoin:The self-proclaimed dogecoin killer, shiba inu, briefly surpassed DOGE in market value on Wednesday, CoinDesk’s Muyao Shenreported. Both coins now have a market cap of over $31 billion, and are toggling between 10th and 11th on the CoinGecko’s rankings page. Blockchain data shows that while SHIB continues to attract retail investors around the globe, more sophisticated crypto traders fueled the latest rally. Since the start of this week, addresses labeled as “smart money” started buying SHIB, according to Nansen research analyst Daniel Khoo.
• DBS joins Hedera Governing Council:Singapore’s DBS bank has become the first Southeast Asian lender to join the Hedera Governing Council, CoinDesk’s Sebastian Sinclairreported. The bank joins a council that includes 39 other organizations including Boeing, Deutsche Telecom and Google in supporting Hedera’s Hashgraph, a software that can process transactions and store a public ledger of those transactions. Council members serve three-year terms that can be extended to a maximum of two terms.
• Solana-based yield aggregator Tulip raises $5 million:Solana-based decentralized finance (DeFi) app Tulip has closed a $5 million funding round to expand its yield aggregation and crypto lending products, CoinDesk’s Danny Nelsonreported. Tulip, which holds over $800 million in crypto assets according to Jump Capital and Alameda Research, is looking to use the investment to double its five-person team, which could prove difficult due to a Solana-focused engineers shortage amid heated competition for DeFi developer talent, CEO “Senx” said in a phone interview with CoinDesk.
• The Evolution of Ethereum’s Monetary Policy
• Blockchain Development Platform QuickNode Raises $35M
• Brazilian Ride-Hailing Giant 99 to Enable Bitcoin Trading
• CoinList Valued at $1.5B as Lending, Staking Join Business Mandate
• WWE, Blockchain Creative Labs Ink Deal to Launch NFT Marketplace
Most digital assets in the CoinDesk 20 ended the day lower.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
• Aave (AAVE): +1.58%
• Tether (USDT): +0.05%
• USD Coin (USDC): +0.03%
Notable losers:
• The Graph (GRT): -12.6%
• Chainlink (LINK): -12.35%
• EOS (EOS): -11.5% || Market Wrap: Bitcoin Dips Below $60K as ETF Enthusiasm Fades: Bitcoin continues to decline after buyers failed to sustain last week’s all-time high of around $66,900. Analysts pointed to extreme optimism, leverage and profit-taking as possible reasons behind the latest pullback in BTC’s price. Support, or the level at which buyers tend to invest, is around $53,000. A pullback was overdue and more downside volatility could be in the offing, CoinDesk’s Omkar Godbole reported . For example, the estimated bitcoin leverage ratio, which is calculated by dividing futures’ open interest across all exchanges by bitcoin reserves on exchanges, is at the highest level since September, which preceded a crypto sell-off. Bitcoin’s near-40% price rally over the past month was largely due to investor enthusiasm for the first bitcoin futures-linked exchange-traded fund (ETF) introduced by ProShares last week. But some analysts expect the ETF hype will fade. “Once investors realize that these futures ETFs create no new demand for BTC and are only a side bet on short-term price appreciation we may see significant price erosion,” Charlie Silver, co-founder of Blockforce Capital, a crypto multi-strategy trading firm, wrote in an email to CoinDesk. Latest prices Bitcoin (BTC): $59,378.49, -3.92% Ether (ETH): $4,014.58, -4.43% S&P 500: $4,551.68, -0.51% Gold: $1,797.91, +0.25% 10-year Treasury yield closed at 1.536% “After a week of fresh highs, today’s sell-off is a warning not to be complacent in this market, especially when high levels of volatility are always around the corner,” Nicholas Cawley, an analyst at DailyFX , wrote in an email to CoinDesk. Still, technical indicators show bitcoin’s pullback could stabilize. “We expect the pullback to mature quickly, within days, above initial support (~$52.9K) for bitcoin,” Katie Stockton, managing director of technical research firm Fairlead Strategies, wrote in an email to CoinDesk. BITO lags bitcoin So far, the new ProShares fund’s returns are falling short of the performance of bitcoin in cryptocurrency markets – the very thing the ETF was supposed to track. BITO is also underperforming the Grayscale Bitcoin Trust, or GBTC, which at $35.23 billion is the world’s largest bitcoin fund, CoinDesk’s Lyllah Ledesma reported. Story continues From Oct. 19, when the ProShares ETF started trading, through Tuesday, BITO shares were down by 2.45%, based on a chart shared by Grayscale, the company that sponsors GBTC. Bitcoin was down 1% over the same period and GBTC was up 7.5%. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.) Read more here . Short-term bitcoin holders take profits Similar to long-term bitcoin holders (discussed in yesterday’s Market Wrap ), blockchain data also shows short-term holders are starting to take profits after the ETF-driven price rally. This suggests market participants are uncertain about bitcoin’s short-term price direction. The chart below shows a spike in short-term holder selling activity on Wednesday, as noted by CryptoQuant. Still, some analysts expect buyers to remain active on price dips, which typically occur during the early stages of a bull market. “For the first time in a long time, a significant profit-taking has come in bitcoin, giving the market a short-term buying opportunity,” wrote one analyst on CryptoQuant’s live feed on Wednesday. Altcoin roundup Shiba inu briefly surpassed dogecoin: The self-proclaimed dogecoin killer, shiba inu, briefly surpassed DOGE in market value on Wednesday, CoinDesk’s Muyao Shen reported . Both coins now have a market cap of over $31 billion, and are toggling between 10th and 11th on the CoinGecko’s rankings page. Blockchain data shows that while SHIB continues to attract retail investors around the globe, more sophisticated crypto traders fueled the latest rally. Since the start of this week, addresses labeled as “smart money” started buying SHIB, according to Nansen research analyst Daniel Khoo. DBS joins Hedera Governing Council: Singapore’s DBS bank has become the first Southeast Asian lender to join the Hedera Governing Council, CoinDesk’s Sebastian Sinclair reported . The bank joins a council that includes 39 other organizations including Boeing, Deutsche Telecom and Google in supporting Hedera’s Hashgraph, a software that can process transactions and store a public ledger of those transactions. Council members serve three-year terms that can be extended to a maximum of two terms. Solana-based yield aggregator Tulip raises $5 million: Solana-based decentralized finance (DeFi) app Tulip has closed a $5 million funding round to expand its yield aggregation and crypto lending products, CoinDesk’s Danny Nelson reported . Tulip, which holds over $800 million in crypto assets according to Jump Capital and Alameda Research, is looking to use the investment to double its five-person team, which could prove difficult due to a Solana-focused engineers shortage amid heated competition for DeFi developer talent, CEO “Senx” said in a phone interview with CoinDesk. Relevant news The Evolution of Ethereum’s Monetary Policy Blockchain Development Platform QuickNode Raises $35M Brazilian Ride-Hailing Giant 99 to Enable Bitcoin Trading CoinList Valued at $1.5B as Lending, Staking Join Business Mandate WWE, Blockchain Creative Labs Ink Deal to Launch NFT Marketplace Other markets Most digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): Aave (AAVE): +1.58% Tether (USDT): +0.05% USD Coin (USDC): +0.03% Notable losers: The Graph (GRT): -12.6% Chainlink (LINK): -12.35% EOS (EOS): -11.5% || Cream Finance Exploited in Flash Loan Attack Netting Over $100M: Decentralized finance (DeFi) money market and lending service C.R.E.A.M. Finance appears to have been the target of a devastating exploit Wednesday morning that drained over $260 billion in funds, likely the second-largest exploit to date. According to Cream’s native front end , most Ethereum-based pools are now empty with the exception of a $40 million $CREAM pool. As of Oct 23, the protocol’s Ethereum markets had $300 million worth of assets. Cream’s official Twitter account acknowledged the attack in a Tweet: We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will share updates as soon as they are available. — Cream Finance 🍦 (@CreamdotFinance) October 27, 2021 Per DeFillama, the protocol has an additional $460 million in total value locked (TVL) across Binance Smart Chain, Polygon, Avalanche and Fantom. It is unclear if those funds are also at risk. The funds appear to have been taken using a flash loan in a notably complex transaction that involved 68 different assets and cost over 9 ETH in gas. Of the $260 million lost, the attacker netted roughly $130 million in various cryptocurrencies, of which $40.6 million may be in illiquid crETH, a staked ETH derivative that may prove difficult for the attacker to sell. The attacker is now working to “wash” the funds primarily using Ren’s Bitcoin bridge. As is often the case following exploits, individuals are now using Ethereum transactions to ask for donations. A Cream representative did not respond to a request for comment by press time. UPDATE (Oct. 27 16:07 UTC): Added TVL information, market size information, and new developments from attacker’s Ethereum address. Removed reference to Curve’s 3Pool as a mixer. || Cream Finance Exploited in Flash Loan Attack Netting Over $100M: Decentralized finance (DeFi) money market and lending service C.R.E.A.M. Finance appears to have been the target of a devastating exploit Wednesday morning that drained over $260 billion in funds, likely the second-largest exploit to date. According to Cream’s native front end , most Ethereum-based pools are now empty with the exception of a $40 million $CREAM pool. As of Oct 23, the protocol’s Ethereum markets had $300 million worth of assets. Cream’s official Twitter account acknowledged the attack in a Tweet: We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will share updates as soon as they are available. — Cream Finance 🍦 (@CreamdotFinance) October 27, 2021 Per DeFillama, the protocol has an additional $460 million in total value locked (TVL) across Binance Smart Chain, Polygon, Avalanche and Fantom. It is unclear if those funds are also at risk. The funds appear to have been taken using a flash loan in a notably complex transaction that involved 68 different assets and cost over 9 ETH in gas. Of the $260 million lost, the attacker netted roughly $130 million in various cryptocurrencies, of which $40.6 million may be in illiquid crETH, a staked ETH derivative that may prove difficult for the attacker to sell. The attacker is now working to “wash” the funds primarily using Ren’s Bitcoin bridge. As is often the case following exploits, individuals are now using Ethereum transactions to ask for donations. A Cream representative did not respond to a request for comment by press time. UPDATE (Oct. 27 16:07 UTC): Added TVL information, market size information, and new developments from attacker’s Ethereum address. Removed reference to Curve’s 3Pool as a mixer. || Crypto body lobbies US on stablecoin push: ‘It’s really important we get this right’: As the cryptocurrency world awaits the Biden administration’s proposals for how to regulate stablecoins , one of the industry’s biggest lobbying groups is out with a wish list of what regulation should look like. Stablecoins, cryptocurrencies whose values are tied to fiat currencies like the U.S. dollar, precious metals, or short-term securities, are a way to mitigate the inherent volatility of digital coins. They are used by traders to get in and out of trades, and are increasingly being used for more traditional banking products like savings accounts – yet there’s little regulatory oversight or FDIC backing. In a new 17-page letter to top officials at the U.S. Treasury, Federal Reserve and Securities and Exchange Commission, the Chamber of Digital Commerce argues that stablecoins should not be regulated as securities or money market funds. Rather the asset class should be regulated as payment systems by standardizing the current system of oversight using money transmission licensing laws applied at the state level, according to the organization, which counts major stablecoin issuers like Binance.US, Circle and more traditional financial players Citigroup and Mastercard among its executive committee. “Stablecoins are a critical component of the crypto ecosystem and essential that any new policies or regulations allow this technology to grow in a sustainable way,” said Perianne Boring, the Chamber’s founder and president. “It’s really important we get this right. If we get policy recommendations that don’t allow for stablecoins to operate as payment system instruments it will be pushed overseas,” she added. Watching and waiting for guidance Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration (Dado Ruvic / reuters) The crypto industry’s recommendations come as President Joe Biden’s Working Group on Financial Markets (PWG) — comprised of the Treasury, Fed, SEC and other major U.S. financial regulators — is expected to issue a report soon with recommendations for a regulatory framework for stablecoins. Story continues This week, Bloomberg reported the SEC will have significant authority over regulating stablecoins. But an official involved in the report told Yahoo Finance the SEC won't be granted new authority to oversee stablecoins, and will likely restate what the SEC's existing authorities already are. Regulators have been considering applying new rules to regulate stablecoins akin to those that govern money-market funds, as well as new banking rules. The Chamber recommended that stablecoins be regulated as digital payment systems and not investments or a security, since they settle transactions instantaneously using blockchain technology. The organization cited a Supreme Court opinion that for an investment contract to meet the definition of a security, there must be an expectation of profit. In that vein, they argued that stablecoins are not designed not to increase in value and don’t carry an expectation of profit. “If stablecoins are classified as securities it would restrict use as retail payments,” Boring warned. Still, SEC Chair Gary Gensler has repeatedly compared stablecoins to poker chips at a casino — telling Yahoo Finance at the All Markets Summit this week that crypto is like "the Wild West"— and has called on regulators to give the agency more authority to regulate them. We think the notion that stablecoins pose systemic risks is gravely misguided. Perianne Boring, Chamber of Digital Commerce The Chamber recommends the federal government should offer the option to obtain a national bank charter, but should not mandate it. The Office of the Comptroller of Currency (OCC) has granted preliminary conditional approval for some virtual currency businesses. The industry also opposes regulating stable coins as money market funds, arguing that the assets don’t resemble a money market fund, and that money market funds are used as a passive investment. Most stablecoins are not designed to increase in value, and are used for digital payments. Regulators are increasingly aware of systemic risk , given the rapid growth of the stablecoin market. It sits at over $130 billion right now, up from $37 billion at the beginning of 2021, with some of the more popular stablecoins being Tether ( USDT-USD ), BinanceCoin ( BNB-USD ) and Paxos. While growing quickly, the industry says the global stablecoin market at approximately $132 billion is much smaller compared with the total asset value of U.S. money market funds at over $5 trillion. “We believe that stablecoin regulation should be tailored to reflect the different risk profiles of varying types of stablecoin payments systems,” the letter said to regulators. “Accordingly, it would be appropriate for federal regulators to consider additional safeguards only when stablecoin payments systems are adopted at significant scale nationwide,” it added. The Chamber argues the size of most stablecoin payments systems is similar in size to corporate rewards programs, like airline miles or Starbucks gift cards. “We have concerns about what we have seen and heard from the PWG so far,” Boring said. “We think the notion that stablecoins pose systemic risks is gravely misguided.” However, officials are worried about runs on stablecoins. Issuers hold massive amounts of commercial paper or other short-term securities like Treasuries or certificates of deposit, and investors could choose to pull their money out suddenly if cryptocurrencies plunge, leading to losses for investors, or worse, potential runs on the financial system. “There’s nothing that I can point to that makes a case [stablecoins] are even remotely systemic,” says Boring. The Digital Chamber of Commerce is focused on U.S.-based stablecoin issuers like Circle, and does not include Tether. Boring points to reserves of U.S. stablecoin issuers like Circle, which are held almost entirely in cash, not commercial paper like Tether. The Chamber also argues that U.S.-based stablecoin issuers– unlike banks – are not leveraged, and pose little systemic risk. Right now, the organization doesn’t think any U.S.-based stablecoin issuer has reached a significant size that would warrant extra oversight. “I don’t see how a run could happen in that scenario if the disclosures are correct,” she said. “There is nothing that leads us to believe investors won’t be made whole.” Read the latest financial and business news from Yahoo Finance Read the latest cryptocurrency and bitcoin news from Yahoo Finance Follow Yahoo Finance on Twitter , Instagram , YouTube , Facebook , Flipboard , and LinkedIn || Robinhood Will Take a Hit If Its Crypto Trading Revenue Doesn’t Rebound: Robinhood (NASDAQ: HOOD ) just posted a down quarter in terms of revenue growth and earnings compared to last quarter. Its crypto trading was a big portion of its revenue in Q2. Now, as seen in its latest earnings for the third quarter released on Oct. 26, crypto transactions fell dramatically. As a result, don’t expect HOOD stock to rise soon unless it becomes clear that crypto trading will rebound. Robinhood app against white paper background with scattered office supplies. Source: Sulastri Sulastri / Shutterstock.com In fact, the stock started falling after the market close and the release of Robinhood’s earnings. On top of that, keep in mind that HOOD stock is well off the Aug. 4 highs it reached after going public. That is when it peaked at $70.39. However, since late August, the stock has not been able to cross over $50. As of Oct. 26, it closed at $39.57, but after hours it was down to about $36 per share. Since then, the stock has continued to fall. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Where This Leaves Robinhood Stock During Q3, cryptocurrency transactions fell to just $51 million in revenue for Robinhood, down from $233 million in the prior quarter . In fact, total revenue fell from $565 million in Q2 to $365 million, a drop of $200 million. 7 A-Rated Energy Stocks to Buy Before Winter Strikes As a result, the $182 million drop in crypto fee revenue accounted for the vast majority (91%) of that decrease in revenue. For example, I previously wrote that the drop in trading in Dogecoin (CCC: DOGE-USD ) was likely responsible for much of that decrease. As a result, Robinhood posted a loss of $84 million in adjusted EBITDA. In the prior quarter, adjusted EBITDA was positive $90 million. So this was was a huge $174 million swing, mainly as a result of the drop in crypto trading revenue. But let’s think about this for a minute. Cryptocurrency prices have been rising in Q4. In fact, it looks like trading may be returning in the crypto market as a result of these higher prices. Story continues Some exchanges are reporting higher volumes of paired trading in Bitcoin (CCC: BTC-USD ) during October as a result of its higher price. In fact, as of Oct. 26, Bitcoin was at levels over $60,000 for 11 days in a row . This might augur well for the fourth-quarter trading volumes at Robinhood. Where This Leaves HOOD Stock Prior to the earnings release, 12 analysts expected Robinhood would make $2.02 billion in revenue this year, according to Seeking Alpha . However, the company shared that it forecasts less than $1.8 billion in revenue for 2021. That is more than $200 million lower than what analysts previously expected, and probably accounts for the huge drop during Q3. As a result, analysts have lowered their revenue forecasts to match the company’s expectations. This could lead to forecasts of further net income losses this year and possibly next year. It could also delay the point in time when analysts expect the company to achieve profitability. As if to throw gas on the fire, the company also described early lock-up releases of insider shares that can be sold as of Oct. 27. These additional shares flooding the market could dampen any potential upside in the stock for the time being. Investors might want to hold off on buying shares until the stock has absorbed the lack of profits and revenue growth from the third quarter. However, if trading in cryptos stays at an elevated level in Q4, I suspect HOOD stock will start to reflect that sooner rather than later. Until then, most cautious investors will likely wait for a lower price to pick up shares. On the date of publication, Mark R. Hake did not own any security mentioned in this article either directly or indirectly. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Analyst Who Found Microsoft at $0.38 Names #1 Pick for the AI Boom America’s #1 EV Stock Still Flying Under the Radar The post Robinhood Will Take a Hit If Its Crypto Trading Revenue Doesn’t Rebound appeared first on InvestorPlace . || Robinhood Will Take a Hit If Its Crypto Trading Revenue Doesn’t Rebound: Robinhood (NASDAQ: HOOD ) just posted a down quarter in terms of revenue growth and earnings compared to last quarter. Its crypto trading was a big portion of its revenue in Q2. Now, as seen in its latest earnings for the third quarter released on Oct. 26, crypto transactions fell dramatically. As a result, don’t expect HOOD stock to rise soon unless it becomes clear that crypto trading will rebound. Robinhood app against white paper background with scattered office supplies. Source: Sulastri Sulastri / Shutterstock.com In fact, the stock started falling after the market close and the release of Robinhood’s earnings. On top of that, keep in mind that HOOD stock is well off the Aug. 4 highs it reached after going public. That is when it peaked at $70.39. However, since late August, the stock has not been able to cross over $50. As of Oct. 26, it closed at $39.57, but after hours it was down to about $36 per share. Since then, the stock has continued to fall. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Where This Leaves Robinhood Stock During Q3, cryptocurrency transactions fell to just $51 million in revenue for Robinhood, down from $233 million in the prior quarter . In fact, total revenue fell from $565 million in Q2 to $365 million, a drop of $200 million. 7 A-Rated Energy Stocks to Buy Before Winter Strikes As a result, the $182 million drop in crypto fee revenue accounted for the vast majority (91%) of that decrease in revenue. For example, I previously wrote that the drop in trading in Dogecoin (CCC: DOGE-USD ) was likely responsible for much of that decrease. As a result, Robinhood posted a loss of $84 million in adjusted EBITDA. In the prior quarter, adjusted EBITDA was positive $90 million. So this was was a huge $174 million swing, mainly as a result of the drop in crypto trading revenue. But let’s think about this for a minute. Cryptocurrency prices have been rising in Q4. In fact, it looks like trading may be returning in the crypto market as a result of these higher prices. Story continues Some exchanges are reporting higher volumes of paired trading in Bitcoin (CCC: BTC-USD ) during October as a result of its higher price. In fact, as of Oct. 26, Bitcoin was at levels over $60,000 for 11 days in a row . This might augur well for the fourth-quarter trading volumes at Robinhood. Where This Leaves HOOD Stock Prior to the earnings release, 12 analysts expected Robinhood would make $2.02 billion in revenue this year, according to Seeking Alpha . However, the company shared that it forecasts less than $1.8 billion in revenue for 2021. That is more than $200 million lower than what analysts previously expected, and probably accounts for the huge drop during Q3. As a result, analysts have lowered their revenue forecasts to match the company’s expectations. This could lead to forecasts of further net income losses this year and possibly next year. It could also delay the point in time when analysts expect the company to achieve profitability. As if to throw gas on the fire, the company also described early lock-up releases of insider shares that can be sold as of Oct. 27. These additional shares flooding the market could dampen any potential upside in the stock for the time being. Investors might want to hold off on buying shares until the stock has absorbed the lack of profits and revenue growth from the third quarter. However, if trading in cryptos stays at an elevated level in Q4, I suspect HOOD stock will start to reflect that sooner rather than later. Until then, most cautious investors will likely wait for a lower price to pick up shares. On the date of publication, Mark R. Hake did not own any security mentioned in this article either directly or indirectly. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Analyst Who Found Microsoft at $0.38 Names #1 Pick for the AI Boom America’s #1 EV Stock Still Flying Under the Radar The post Robinhood Will Take a Hit If Its Crypto Trading Revenue Doesn’t Rebound appeared first on InvestorPlace . || U.S. Global Investors Announces Strategic Investment in NFT Business via Network Entertainment: San Antonio, TX, Oct. 27, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (Nasdaq:GROW) (the “Company”), a registered investment advisory firm that focuses on specialized markets around the world, is pleased to announce that it has purchased 1 million shares of Network Entertainment, Inc. (“Network”)in its recent financing.The investment is intended to provide exposure to Network’s emerging non-fungible token (NFT) business, adding to the Company’s established participation in the digital asset ecosystem.
Trading as Network Media Group, Inc. (TSX.V:NTE.V) (OTCMKTS: NETWF), Network Entertainment is an award-winning media production company that has produced dozens of feature documentaries, documentary series and related premium content. Among Network's most popular programming includes its highly-rated “I Am” slate of feature documentaries for Paramount, which have spotlighted some of the biggest names in entertainment, sports and activism from the 20th century, including Bruce Lee, Chris Farley, Patrick Swayze, Richard Pryor and JFK Jr.
Capitalizing on its global reputation as creators and producers of premium content, Network has recently announced that it intends to create and distribute NFTs using existing and upcoming content.
Readers are urged toclick hereto visit Network’s website to explore its rich content.
GROW Getting Early Exposure to the NFT Craze
The Company sees great potential in what Network has planned for its intellectual property, and it is keen to explore the nascent NFT space as a complement to its investment in HIVE Blockchain Technologies, Inc. (Nasdaq:HIVE), which has also invested in Network. The Company owns unsecured convertible HIVE debentures as well as common share purchase warrants.
“We’re backing a strong team at Network Entertainment,” says Frank Holmes, Company CEO and chief investment officer, as well as Executive Chairman of HIVE. “I’ve known Network Board Member Tim Gamble for years, who’s a true visionary, having co-founded and been a former CEO of Thunderbird Entertainment Group, Inc. (TSX.V: TBRD). Network has such a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native digital currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE, therefore, is well positioned to benefit from the increased need for Ether, making this investment a potential win-win for GROW as well as HIVE.”
NFTs Generated a Record $10.7 Billion in Sales in the Third Quarter
NFTs are unique, non-interchangeable crypto assets that provide proof of ownership of a digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on a publicly open blockchain platform, often the Ethereum network, allowing owners to buy and sell NFTs on specialized marketplaces in place of the property they represent.
Like cryptos in general, NFTs are a booming new market, having seen $10.7 billion in trading in the third quarter of 2021, up from just $28 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the world’s largest crypto exchanges, recently announced plans to launch Coinbase NFT, a “peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever,” according to the company’s website. Within 24 hours of its October 12, 2021, announcement, Coinbase NFT had acquired more than 1 million names to its waitlist.
To sign up for news and research on a variety of asset classes, from gold to airlines to cryptocurrencies, pleaseclick here.
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About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today,U.S. Global Investors, Inc.is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides money management and other services to U.S. Global Investors Funds and U.S. Global ETFs.
Frank Holmes has been appointed non-executive chairman of the Board of Directors of HIVE Blockchain Technologies. Both Mr. Holmes and U.S. Global Investors own shares of HIVE. Effective 8/31/2018, Frank Holmes serves as the interim executive chairman of HIVE.
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• NFT Sales Surged to $10.7 Billion in the Third Quarter
CONTACT: Holly Schoenfeldt U.S. Global Investors, Inc. 210.308.1268 [email protected] || U.S. Global Investors Announces Strategic Investment in NFT Business via Network Entertainment: NFT Sales Surged to $10.7 Billion in the Third Quarter Quarterly Non-Fungible Token Sales Volumes Across Multiple Blockchains Quarterly Non-Fungible Token Sales Volumes Across Multiple Blockchains San Antonio, TX, Oct. 27, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (Nasdaq: GROW ) (the Company), a registered investment advisory firm that focuses on specialized markets around the world, is pleased to announce that it has purchased 1 million shares of Network Entertainment, Inc. (Network) in its recent financing. The investment is intended to provide exposure to Networks emerging non-fungible token (NFT) business, adding to the Companys established participation in the digital asset ecosystem. Trading as Network Media Group, Inc. (TSX.V: NTE.V ) (OTCMKTS: NETWF), Network Entertainment is an award-winning media production company that has produced dozens of feature documentaries, documentary series and related premium content. Among Network's most popular programming includes its highly-rated I Am slate of feature documentaries for Paramount, which have spotlighted some of the biggest names in entertainment, sports and activism from the 20th century, including Bruce Lee, Chris Farley, Patrick Swayze, Richard Pryor and JFK Jr. Capitalizing on its global reputation as creators and producers of premium content, Network has recently announced that it intends to create and distribute NFTs using existing and upcoming content. Readers are urged to click here to visit Networks website to explore its rich content. GROW Getting Early Exposure to the NFT Craze The Company sees great potential in what Network has planned for its intellectual property, and it is keen to explore the nascent NFT space as a complement to its investment in HIVE Blockchain Technologies, Inc. (Nasdaq: HIVE ), which has also invested in Network. The Company owns unsecured convertible HIVE debentures as well as common share purchase warrants. Were backing a strong team at Network Entertainment, says Frank Holmes, Company CEO and chief investment officer, as well as Executive Chairman of HIVE. Ive known Network Board Member Tim Gamble for years, whos a true visionary, having co-founded and been a former CEO of Thunderbird Entertainment Group, Inc. (TSX.V: TBRD). Network has such a rich portfolio of intellectual property, and Im excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native digital currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE, therefore, is well positioned to benefit from the increased need for Ether, making this investment a potential win-win for GROW as well as HIVE. Story continues NFTs Generated a Record $10.7 Billion in Sales in the Third Quarter NFTs are unique, non-interchangeable crypto assets that provide proof of ownership of a digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on a publicly open blockchain platform, often the Ethereum network, allowing owners to buy and sell NFTs on specialized marketplaces in place of the property they represent. Like cryptos in general, NFTs are a booming new market, having seen $10.7 billion in trading in the third quarter of 2021, up from just $28 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the worlds largest crypto exchanges, recently announced plans to launch Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever, according to the companys website. Within 24 hours of its October 12, 2021, announcement, Coinbase NFT had acquired more than 1 million names to its waitlist. To sign up for news and research on a variety of asset classes, from gold to airlines to cryptocurrencies, please click here. Follow U.S. Global Investors on Twitter by clicking here. Subscribe to U.S. Global Investors YouTube channel b y clicking here. #### About U.S. Global Investors, Inc. The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides money management and other services to U.S. Global Investors Funds and U.S. Global ETFs. Frank Holmes has been appointed non-executive chairman of the Board of Directors of HIVE Blockchain Technologies. Both Mr. Holmes and U.S. Global Investors own shares of HIVE. Effective 8/31/2018, Frank Holmes serves as the interim executive chairman of HIVE. Attachment NFT Sales Surged to $10.7 Billion in the Third Quarter CONTACT: Holly Schoenfeldt U.S. Global Investors, Inc. 210.308.1268 [email protected] || Bitcoin's retreat from $66K may signal a whipsaw end to an 'emotional' year: Bitcoin (BTC-USD) may finish 2021 defined by the same vertigo-inducing price action that took it from under $30,000 to afresh record near $66,000within the space of a few months, analysts say.
On Thursday,investors booking profitsin the wake of the successful launch oftwo Bitcoin futures-based exchange traded funds (ETFs)last week dragged the digital coin down by about 5% on the day. More new funds are expected to hit the market from issuers like VanEck, Galaxy Digital and Bitwise, leading many investors to believe the price has more room to run up in 2021.
Meanwhile, leveraged investors also liquidated positions on future Bitcoin bets. Leverage is money borrowed from an exchange or market maker that allows a trader to increase both the gains and losses they might receive from buying a specific asset.
With more than $185 million of BTC liquidations in the last 24 hours, according to ByBit, analysts expect more short-term volatility as the year ends.
“I am expecting weekly moves over $20,000 each way as we close out the year,” wrote Nik Bhatia, author of the macro-economics focused newsletter,Layered Money, on Tuesday.
To be sure, this most recent BTC price swing is paltry relative to the $4.87 billion liquidated on April 15, the year’s worst day for BTC derivatives traders.
Yet both movements, as well as the$1.2 billion liquidation in levered positions that occurred in early September, come with an obvious lesson: highly levered Bitcoin positions can lead to a cascade of selling that can ultimately sink the spot price.
One major cause of liquidations in the options and futures market is the cost for holding a levered position, which is high. If these margins grow too pricey for traders taking long positions, they can decide to liquidate their position instead of paying the margin.
"It could be unexpected events that really changes the mood of the market. Also, if leverage keeps building and expectations get higher and higher than those expectations alone not being filled and having so much money behind them can cause a significant correction,” Sui Chung, CEO of CFBenchmarks, told Yahoo Finance.
Chung’s company is one of the major firms that provides indices - aggregated price measurements - on various crypto assets for large institutions like the CME and Goldman Sachs. Up until last week, premiums for going long on BTC options haven’t worried him. That means this relatively small drop could signal a healthy market by BTC standards.
However, with the first U.S. futures-based Bitcoin ETFs now tradable, the combined leverage from BTC futures and options contracts can be expected to play a growing role in Bitcoin’s price swings according to Velte Lunde, an analyst with Arcane Research, a crypto firm.
And Like Bhatia, Lundt anticipates volatility in the crypto asset to continue through the end of the year, in addition to the asset seeing higher prices in that time.
“Weekly moves between $10K to $20k is a likely scenario, due to active traders and high leverage. It's fair to assume that a bunch of these traders are not comfortable now that bitcoin is once again trading below $60k,” he told Yahoo Finance.
The CME futures lead the price discovery of bitcoin both within the futures market and spot market according to research from Lundt andasset manager, Bitwise. That should only increase until the SEC approves a Bitcoin spot ETF which could catch more investor interest given theadditional costs associated with futures-based ETFs.
While futures-based ETFs likeBITOandBTFdon’t hold BTC directly, they do influence Bitcoin’s price according to Sui Chung of CFBenchmarks.
For instance, like the major U.S. oil futures-based ETF,USO, $BITO is already one of the major holders of Bitcoin futures contracts. "If you liquidated all the assets in USO tomorrow morning, the price of oil is going to fall" Chung told Yahoo Finance.
Any significant liquidation by an ETF is small, but one leveraged ETF provider, Direxion, has recentlyfiledfor an ETF that shorts Bitcoin futures.
“Bull markets can be very emotional. In bitcoin, they happen fiercely, rapidly, and end before you’re able to catch your breath,” Bhatia added.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow him@dshollers.
Read the latest financial and business news from Yahoo Finance
Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Follow Yahoo Finance onTwitter,Instagram,YouTube,Facebook,Flipboard, andLinkedIn || Bitcoin's retreat from $66K may signal a whipsaw end to an 'emotional' year: Bitcoin (BTC-USD) may finish 2021 defined by the same vertigo-inducing price action that took it from under $30,000 to afresh record near $66,000within the space of a few months, analysts say.
On Thursday,investors booking profitsin the wake of the successful launch oftwo Bitcoin futures-based exchange traded funds (ETFs)last week dragged the digital coin down by about 5% on the day. More new funds are expected to hit the market from issuers like VanEck, Galaxy Digital and Bitwise, leading many investors to believe the price has more room to run up in 2021.
Meanwhile, leveraged investors also liquidated positions on future Bitcoin bets. Leverage is money borrowed from an exchange or market maker that allows a trader to increase both the gains and losses they might receive from buying a specific asset.
With more than $185 million of BTC liquidations in the last 24 hours, according to ByBit, analysts expect more short-term volatility as the year ends.
“I am expecting weekly moves over $20,000 each way as we close out the year,” wrote Nik Bhatia, author of the macro-economics focused newsletter,Layered Money, on Tuesday.
To be sure, this most recent BTC price swing is paltry relative to the $4.87 billion liquidated on April 15, the year’s worst day for BTC derivatives traders.
Yet both movements, as well as the$1.2 billion liquidation in levered positions that occurred in early September, come with an obvious lesson: highly levered Bitcoin positions can lead to a cascade of selling that can ultimately sink the spot price.
One major cause of liquidations in the options and futures market is the cost for holding a levered position, which is high. If these margins grow too pricey for traders taking long positions, they can decide to liquidate their position instead of paying the margin.
"It could be unexpected events that really changes the mood of the market. Also, if leverage keeps building and expectations get higher and higher than those expectations alone not being filled and having so much money behind them can cause a significant correction,” Sui Chung, CEO of CFBenchmarks, told Yahoo Finance.
Chung’s company is one of the major firms that provides indices - aggregated price measurements - on various crypto assets for large institutions like the CME and Goldman Sachs. Up until last week, premiums for going long on BTC options haven’t worried him. That means this relatively small drop could signal a healthy market by BTC standards.
However, with the first U.S. futures-based Bitcoin ETFs now tradable, the combined leverage from BTC futures and options contracts can be expected to play a growing role in Bitcoin’s price swings according to Velte Lunde, an analyst with Arcane Research, a crypto firm.
And Like Bhatia, Lundt anticipates volatility in the crypto asset to continue through the end of the year, in addition to the asset seeing higher prices in that time.
“Weekly moves between $10K to $20k is a likely scenario, due to active traders and high leverage. It's fair to assume that a bunch of these traders are not comfortable now that bitcoin is once again trading below $60k,” he told Yahoo Finance.
The CME futures lead the price discovery of bitcoin both within the futures market and spot market according to research from Lundt andasset manager, Bitwise. That should only increase until the SEC approves a Bitcoin spot ETF which could catch more investor interest given theadditional costs associated with futures-based ETFs.
While futures-based ETFs likeBITOandBTFdon’t hold BTC directly, they do influence Bitcoin’s price according to Sui Chung of CFBenchmarks.
For instance, like the major U.S. oil futures-based ETF,USO, $BITO is already one of the major holders of Bitcoin futures contracts. "If you liquidated all the assets in USO tomorrow morning, the price of oil is going to fall" Chung told Yahoo Finance.
Any significant liquidation by an ETF is small, but one leveraged ETF provider, Direxion, has recentlyfiledfor an ETF that shorts Bitcoin futures.
“Bull markets can be very emotional. In bitcoin, they happen fiercely, rapidly, and end before you’re able to catch your breath,” Bhatia added.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow him@dshollers.
Read the latest financial and business news from Yahoo Finance
Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Follow Yahoo Finance onTwitter,Instagram,YouTube,Facebook,Flipboard, andLinkedIn || Bitcoin's retreat from $66K may signal a whipsaw end to an 'emotional' year: Bitcoin ( BTC-USD ) may finish 2021 defined by the same vertigo-inducing price action that took it from under $30,000 to a fresh record near $66,000 within the space of a few months, analysts say. On Thursday, investors booking profits in the wake of the successful launch of two Bitcoin futures-based exchange traded funds (ETFs) last week dragged the digital coin down by about 5% on the day. More new funds are expected to hit the market from issuers like VanEck, Galaxy Digital and Bitwise, leading many investors to believe the price has more room to run up in 2021. Meanwhile, leveraged investors also liquidated positions on future Bitcoin bets. Leverage is money borrowed from an exchange or market maker that allows a trader to increase both the gains and losses they might receive from buying a specific asset. With more than $185 million of BTC liquidations in the last 24 hours, according to ByBit, analysts expect more short-term volatility as the year ends. “I am expecting weekly moves over $20,000 each way as we close out the year,” wrote Nik Bhatia, author of the macro-economics focused newsletter, Layered Money , on Tuesday. To be sure, this most recent BTC price swing is paltry relative to the $4.87 billion liquidated on April 15, the year’s worst day for BTC derivatives traders. Yet both movements, as well as the $1.2 billion liquidation in levered positions that occurred in early September , come with an obvious lesson: highly levered Bitcoin positions can lead to a cascade of selling that can ultimately sink the spot price. One major cause of liquidations in the options and futures market is the cost for holding a levered position, which is high. If these margins grow too pricey for traders taking long positions, they can decide to liquidate their position instead of paying the margin. "It could be unexpected events that really changes the mood of the market. Also, if leverage keeps building and expectations get higher and higher than those expectations alone not being filled and having so much money behind them can cause a significant correction,” Sui Chung, CEO of CFBenchmarks, told Yahoo Finance. Story continues 'Emotional' market Chung’s company is one of the major firms that provides indices - aggregated price measurements - on various crypto assets for large institutions like the CME and Goldman Sachs. Up until last week, premiums for going long on BTC options haven’t worried him. That means this relatively small drop could signal a healthy market by BTC standards. However, with the first U.S. futures-based Bitcoin ETFs now tradable, the combined leverage from BTC futures and options contracts can be expected to play a growing role in Bitcoin’s price swings according to Velte Lunde, an analyst with Arcane Research, a crypto firm. And Like Bhatia, Lundt anticipates volatility in the crypto asset to continue through the end of the year, in addition to the asset seeing higher prices in that time. “Weekly moves between $10K to $20k is a likely scenario, due to active traders and high leverage. It's fair to assume that a bunch of these traders are not comfortable now that bitcoin is once again trading below $60k,” he told Yahoo Finance. The CME futures lead the price discovery of bitcoin both within the futures market and spot market according to research from Lundt and asset manager, Bitwise . That should only increase until the SEC approves a Bitcoin spot ETF which could catch more investor interest given the additional costs associated with futures-based ETFs . While futures-based ETFs like BITO and BTF don’t hold BTC directly, they do influence Bitcoin’s price according to Sui Chung of CFBenchmarks. For instance, like the major U.S. oil futures-based ETF, USO , $BITO is already one of the major holders of Bitcoin futures contracts. "If you liquidated all the assets in USO tomorrow morning, the price of oil is going to fall" Chung told Yahoo Finance. Any significant liquidation by an ETF is small, but one leveraged ETF provider, Direxion, has recently filed for an ETF that shorts Bitcoin futures. “Bull markets can be very emotional. In bitcoin, they happen fiercely, rapidly, and end before you’re able to catch your breath,” Bhatia added. David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers . Read the latest financial and business news from Yahoo Finance Read the latest cryptocurrency and bitcoin news from Yahoo Finance Follow Yahoo Finance on Twitter , Instagram , YouTube , Facebook , Flipboard , and LinkedIn
[Social Media Buzz]
None available.
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62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68.
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[Bitcoin Technical Analysis for 2019-01-15]
Volume: 5537192302, RSI (14-day): 43.13, 50-day EMA: 4052.52, 200-day EMA: 5582.61
[Wider Market Context]
Gold Price: 1286.20, Gold RSI: 63.45
Oil Price: 52.11, Oil RSI: 55.90
[Recent News (last 7 days)]
Crypto Prices Rebound, Denmark, Malaysia Set Eyes on Crypto Trading: Investing.com - Bitcoin and other major digital coin prices rebounded on Tuesday in Asia, following a tumble over the last few days. Regulators in Denmark and Malaysia set eyes on crypto trading, and HSBC is actively using blockchain to improve transaction efficiency, according to reports this week. Bitcoin gained 3.57% to $3,646.2 by 09:05 PM ET (02:06 GMT). Ethereum added 9.12% to $127.58, XRP was up 4.46% to $0.33134, and Litecoin rose 6.30% to $32.024. The crypto market cap plummeted to $118 billion from $122 billion last Friday. Danish tax authorities received some attention on Tuesday as the tax council gave the Danish Tax Agency the greenlight to collect information on digital currency trades from three domestic exchanges, including names, addresses and personal tax numbers. According to Bloomberg, the regulator said on its website that the move is to ensure that citizens have paid taxes. It also emphasized that crypto traders must pay tax on any profits, while losses can be claimed for the tax deduction. “Without going too far, I think one can say that this is a big market that we need to look at more closely,” said Karin Bergen, a director at the tax agency. In Asia, Malaysia’s Securities Commission (SC) said they would regulate initial coin offerings as securities offerings starting Tuesday, as the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into force. This means digital asset offerings and crypto exchanges would require approval from the SC before starting operations. They also have to comply with the securities laws in Malaysia. In other news, HSBC said it has settled over three million forex trades and made over 150,000 payments since February 2018 using blockchain, involving $250 billion in transaction. The bank said it is studying how the technology could help multinational clients better manage forex flows. Related Articles Palladium Pierces $1,400 in New Record; Gold Treads Water Oil Ends Down as Record U.S. Output Offsets Jumpstart in OPEC Cuts Oil slides on increased U.S. output and U.S.-China trade fears || Crypto Prices Rebound, Denmark, Malaysia Set Eyes on Crypto Trading: Investing.com - Bitcoin and other major digital coin prices rebounded on Tuesday in Asia, following a tumble over the last few days. Regulators in Denmark and Malaysia set eyes on crypto trading, and HSBC is actively using blockchain to improve transaction efficiency, according to reports this week.
Bitcoin gained 3.57% to $3,646.2 by 09:05 PM ET (02:06 GMT). Ethereum added 9.12% to $127.58, XRP was up 4.46% to $0.33134, and Litecoin rose 6.30% to $32.024.
The crypto market cap plummeted to $118 billion from $122 billion last Friday.
Danish tax authorities received some attention on Tuesday as the tax council gave the Danish Tax Agency the greenlight to collect information on digital currency trades from three domestic exchanges, including names, addresses and personal tax numbers.
According to Bloomberg, the regulator said on its website that the move is to ensure that citizens have paid taxes. It also emphasized that crypto traders must pay tax on any profits, while losses can be claimed for the tax deduction.
“Without going too far, I think one can say that this is a big market that we need to look at more closely,” said Karin Bergen, a director at the tax agency.
In Asia, Malaysia’s Securities Commission (SC) said they would regulate initial coin offerings as securities offerings starting Tuesday, as the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into force.
This means digital asset offerings and crypto exchanges would require approval from the SC before starting operations. They also have to comply with the securities laws in Malaysia.
In other news, HSBC said it has settled over three million forex trades and made over 150,000 payments since February 2018 using blockchain, involving $250 billion in transaction. The bank said it is studying how the technology could help multinational clients better manage forex flows.
Related Articles
Palladium Pierces $1,400 in New Record; Gold Treads Water
Oil Ends Down as Record U.S. Output Offsets Jumpstart in OPEC Cuts
Oil slides on increased U.S. output and U.S.-China trade fears || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd (LILA.O), a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA (TIGOsdb.ST) with an acquisition offer, Millicom said on Monday. Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil (AMXL.MX), Telefonica SA (TEF.MC) and AT&T Inc (T.N). Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone. "There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment. Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion. The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators. Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB (KINVb.ST) had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world. Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month. Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc (LBTYA.O) last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. Malone is the largest shareholder of Charter Communications Inc (CHTR.O), the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America. (Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze
NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd (LILA.O), a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA (TIGOsdb.ST) with an acquisition offer, Millicom said on Monday.
Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil (AMXL.MX), Telefonica SA (TEF.MC) and AT&T Inc (T.N).
Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone.
"There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment.
Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion.
The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators.
Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB (KINVb.ST) had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world.
Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month.
Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc (LBTYA.O) last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica.
Malone is the largest shareholder of Charter Communications Inc (CHTR.O), the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America.
(Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd , a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA with an acquisition offer, Millicom said on Monday. Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil , Telefonica SA and AT&T Inc . Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone. "There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment. Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion. The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators. Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world. Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month. Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. Malone is the largest shareholder of Charter Communications Inc , the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America. (Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd (LILA.O), a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA (TIGOsdb.ST) with an acquisition offer, Millicom said on Monday. Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil (AMXL.MX), Telefonica SA (TEF.MC) and AT&T Inc (T.N). Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone. "There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment. Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion. The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators. Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB (KINVb.ST) had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world. Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month. Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc (LBTYA.O) last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. Malone is the largest shareholder of Charter Communications Inc (CHTR.O), the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America. (Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd (LILA.O), a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA (TIGOsdb.ST) with an acquisition offer, Millicom said on Monday. Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil (AMXL.MX), Telefonica SA (TEF.MC) and AT&T Inc (T.N). Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone. "There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment. Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion. The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators. Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB (KINVb.ST) had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world. Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month. Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc (LBTYA.O) last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. Malone is the largest shareholder of Charter Communications Inc (CHTR.O), the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America. (Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) || Liberty Latin America in bid to acquire Millicom: By Liana B. Baker and Arno Schuetze NEW YORK/FRANKFURT (Reuters) - Liberty Latin America Ltd , a wireless and cable operator in South America and the Caribbean, has approached peer Millicom International Cellular SA with an acquisition offer, Millicom said on Monday. Millicom's statement came hours after Reuters first reported on the negotiations. The deal would create one of the largest telecommunications carriers in Latin America, giving the combined company more heft to compete with some of the region's biggest players, such as America Movil , Telefonica SA and AT&T Inc . Millicom said it had received a "preliminary highly conditional non-binding proposal" for all of its shares from Liberty Latin America, which is backed by U.S. media and telecommunications mogul John Malone. "There is no certainty that a transaction will materialize, nor as to the terms, timing or form of any possible transaction," Millicom said. Liberty Latin America declined to comment. Millicom shares rose 5 percent on the news to close at $70.55 in New York, giving the company a market capitalization of $7.2 billion. Liberty Latin America shares rose 2 percent to $16.90, valuing it at about $3.1 billion. The potential deal reflects the importance of scale in the Latin American telecommunications market. Inflation, currency fluctuations, corruption and political instability are just some of the challenges facing regional operators. Millicom offers mobile services to about 51 million customers under the brand Tigo, in nine Latin American countries and the African countries of Chad and Tanzania. Swedish investment company Kinnevik AB had 37.2 percent voting control over Millicom as of the end of December. Kinnevik has been trimming its wireless tower portfolio around the world. Millicom is listed in Stockholm but also started trading on the Nasdaq earlier this month. Liberty Latin America, which operates in more than 20 countries across Latin America and the Caribbean, was spun off from Malone's Liberty Global Plc last year. Its consumer brands include VTR, Flow, Liberty, Más Móvil, BTC and Cabletica. Malone is the largest shareholder of Charter Communications Inc , the second largest U.S. cable company. He controls about a quarter of the voting power in Liberty Latin America. (Reporting by Liana B. Baker in New York and Arno Schuetze in Frankfurt; Additional reporting by Pamela Barbaglia in London; editing by Nick Zieminski, Steve Orlofsky and Richard Chang) View comments || Russia Is Considering a Shift to Bitcoin to Limit the Impact of U.S. Sanctions, Report Says: Russia is reportedly planning to replace the U.S. dollar with Bitcoin as its reserve currency in a bid to limit the impact of US sanctions imposed on the country.
Last week, the cryptocurrency news site Mickyquoteda Russian economist with ties to the Russian government as saying that U.S. sanctions on the country are forcing Russia and certain oligarchs to “dump U.S. assets and U.S. dollars and invest hugely” in Bitcoin.
Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a state-funded institution, said the transition from dollars to Bitcoin could begin in February. “I believe that [the time] is coming when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin,” Ginko said.
Congress has imposedsanctionson Russia following the assertion of US intelligence agencies determined that the country interfered with the 2016 Presidential election and again in the wake of the poisoning of former Russian military officer Sergei Skripal.
Russian President Vladimir Putin has expressed interest in Bitcoin, saying last June that the cryptocurrency “has its place in the world.” A report in the Telegraph said that from dollars to Bitcoin may involve anintermediary cryptocurrency, likely a token created by a Russian bank, before Russia could buy Bitcoin through a crypto exchange.
On Monday, Mickey alsoreported“a large and unusual increase” in the volume of OTC Bitcoin purchases placed by Russian nationals, indicating further interest in Bitcoin inside Russia. Bitcoin was trading at $3,649.78 late Monday, up 4% in the previous day. || Russia Is Considering a Shift to Bitcoin to Limit the Impact of U.S. Sanctions, Report Says: Russia is reportedly planning to replace the U.S. dollar with Bitcoin as its reserve currency in a bid to limit the impact of US sanctions imposed on the country. Last week, the cryptocurrency news site Micky quoted a Russian economist with ties to the Russian government as saying that U.S. sanctions on the country are forcing Russia and certain oligarchs to dump U.S. assets and U.S. dollars and invest hugely in Bitcoin. Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a state-funded institution, said the transition from dollars to Bitcoin could begin in February. I believe that [the time] is coming when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin, Ginko said. Congress has imposed sanctions on Russia following the assertion of US intelligence agencies determined that the country interfered with the 2016 Presidential election and again in the wake of the poisoning of former Russian military officer Sergei Skripal. Russian President Vladimir Putin has expressed interest in Bitcoin, saying last June that the cryptocurrency has its place in the world. A report in the Telegraph said that from dollars to Bitcoin may involve an intermediary cryptocurrency , likely a token created by a Russian bank, before Russia could buy Bitcoin through a crypto exchange. On Monday, Mickey also reported a large and unusual increase in the volume of OTC Bitcoin purchases placed by Russian nationals, indicating further interest in Bitcoin inside Russia. Bitcoin was trading at $3,649.78 late Monday, up 4% in the previous day. View comments || Russia Is Considering a Shift to Bitcoin to Limit the Impact of U.S. Sanctions, Report Says: Russia is reportedly planning to replace the U.S. dollar with Bitcoin as its reserve currency in a bid to limit the impact of US sanctions imposed on the country.
Last week, the cryptocurrency news site Mickyquoteda Russian economist with ties to the Russian government as saying that U.S. sanctions on the country are forcing Russia and certain oligarchs to “dump U.S. assets and U.S. dollars and invest hugely” in Bitcoin.
Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, a state-funded institution, said the transition from dollars to Bitcoin could begin in February. “I believe that [the time] is coming when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin,” Ginko said.
Congress has imposedsanctionson Russia following the assertion of US intelligence agencies determined that the country interfered with the 2016 Presidential election and again in the wake of the poisoning of former Russian military officer Sergei Skripal.
Russian President Vladimir Putin has expressed interest in Bitcoin, saying last June that the cryptocurrency “has its place in the world.” A report in the Telegraph said that from dollars to Bitcoin may involve anintermediary cryptocurrency, likely a token created by a Russian bank, before Russia could buy Bitcoin through a crypto exchange.
On Monday, Mickey alsoreported“a large and unusual increase” in the volume of OTC Bitcoin purchases placed by Russian nationals, indicating further interest in Bitcoin inside Russia. Bitcoin was trading at $3,649.78 late Monday, up 4% in the previous day. || Crypto Asset Manager LedgerX Launches Bitcoin Volatility Index: LedgerXhas launched its first Bitcoin (BTC) price volatility index. The launch of LedgerX Volatility Index (LXVX) was revealed to Cointelegraph by the company’s spokesperson on Jan. 14.
LedgerX is a cryptocurrency asset manager regulated by theUnited StatesCommodity Futures Trading Commission (CFTC). The official press release shared with Cointelegraph explains how the index is formed:
“The LXVX incorporates the level of fear and uncertainty in the bitcoin market, and thus can be thought of as the "bitcoin fear index," in the same way the VIX is commonly referred to as a stock market fear index by market commentators.”
According to the press release, the company will draw the data for LXVX from the Bitcoin options product that it already offers to its customers.
LedgerX’s COO Juthica Chou has said that the new index can help traders and investors monitor risk. Chou also noted that LXVX is currently down by about 20 percent from the beginning of the year.
While LXVX isn’t a tradeable product as of right now, making it one is reportedly part of the company’s plans for the future.
As Cointelegraphreportedin May 2018, LedgerX has launched the first ever CFTC-licensed Bitcoin savings product.
• Belarus Launches Trading Platform Enabling Customers to Buy Tokenized Securities
• Windows Torrent File Malware Can Swap Out Crypto Addresses, Researcher Warns
• Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14 || Crypto Asset Manager LedgerX Launches Bitcoin Volatility Index: LedgerXhas launched its first Bitcoin (BTC) price volatility index. The launch of LedgerX Volatility Index (LXVX) was revealed to Cointelegraph by the company’s spokesperson on Jan. 14.
LedgerX is a cryptocurrency asset manager regulated by theUnited StatesCommodity Futures Trading Commission (CFTC). The official press release shared with Cointelegraph explains how the index is formed:
“The LXVX incorporates the level of fear and uncertainty in the bitcoin market, and thus can be thought of as the "bitcoin fear index," in the same way the VIX is commonly referred to as a stock market fear index by market commentators.”
According to the press release, the company will draw the data for LXVX from the Bitcoin options product that it already offers to its customers.
LedgerX’s COO Juthica Chou has said that the new index can help traders and investors monitor risk. Chou also noted that LXVX is currently down by about 20 percent from the beginning of the year.
While LXVX isn’t a tradeable product as of right now, making it one is reportedly part of the company’s plans for the future.
As Cointelegraphreportedin May 2018, LedgerX has launched the first ever CFTC-licensed Bitcoin savings product.
• Belarus Launches Trading Platform Enabling Customers to Buy Tokenized Securities
• Windows Torrent File Malware Can Swap Out Crypto Addresses, Researcher Warns
• Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14 || Crypto Asset Manager LedgerX Launches Bitcoin Volatility Index: LedgerX has launched its first Bitcoin ( BTC ) price volatility index. The launch of LedgerX Volatility Index (LXVX) was revealed to Cointelegraph by the company’s spokesperson on Jan. 14. LedgerX is a cryptocurrency asset manager regulated by the United States Commodity Futures Trading Commission ( CFTC ). The official press release shared with Cointelegraph explains how the index is formed: “The LXVX incorporates the level of fear and uncertainty in the bitcoin market, and thus can be thought of as the "bitcoin fear index," in the same way the VIX is commonly referred to as a stock market fear index by market commentators.” According to the press release, the company will draw the data for LXVX from the Bitcoin options product that it already offers to its customers. LedgerX’s COO Juthica Chou has said that the new index can help traders and investors monitor risk. Chou also noted that LXVX is currently down by about 20 percent from the beginning of the year. While LXVX isn’t a tradeable product as of right now, making it one is reportedly part of the company’s plans for the future. As Cointelegraph reported in May 2018, LedgerX has launched the first ever CFTC-licensed Bitcoin savings product. Related Articles: Belarus Launches Trading Platform Enabling Customers to Buy Tokenized Securities Windows Torrent File Malware Can Swap Out Crypto Addresses, Researcher Warns Diar Report: 2018 Sees ‘Record Transacting Volumes’ on Crypto Exchanges Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14 || Fake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buy: Several crypto “news” outlets havegone hamwith a story about the Russian government allegedly planning a massive purchase of bitcoin. Russia has made no official announcement to this effect. This reporter first came in contact with the story as it “broke” at The Daily Hodl, a site previously not known to this reporter as a source of fake news. This reporter does not speak Russian and has little clue how the Russian government works. One thing that was certain: there were no official Russian government sources making statements about Russia buying Bitcoin.
January 6th, economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy and Public Administration, posted to Twitter that he believes Russia has no choice besides bitcoin as a hedge against economic losses taken as a result of the US sanctions against Russia.
Back in mid-December, the Trump administration added several Russians to the list of sanctioned entities which US companies and persons cannot trade with. Ties with Russia have been strained since the US’s entry into the Syrian civil conflict.
The sanctions and listings undertaken today are one part of an aggressive stand against the irresponsible acts directed by the Government of the Russian Federation. Russian intelligence services’ cyber operations continue to seek to undermine democratic elections and delegitimize international organizations. Additionally, it is clear that Russian intelligence operatives used a military grade nerve agent to carry out an assassination attempt inside the borders of our closest ally, a violation of Russia’s obligations under the Chemical Weapons Convention.
The same day as theDaily Hodl reportwent out, a story it cited in Forbes read:
Although Russia is not a big exporter to the U.S., canceled energy and defense contracts in Europe coupled with bans on financing Russia’s key lenders have had an impact on the economy.
From there, Bitcoinist.com published a story based on the same sources. An Imgur user has created a convenient chart of how this fake news came to be:
As you can see with Vladislav Ginko’s latest tweets, he presently cites the articles based on his own tweets as evidence of his claims. All of the reports he tweets about link back to him as the source. Even well-known Telegraph.co.uk posted a storybased on the dubious claims. The Telegraph even upgraded Ginko from an academic to a “Kremlin economist.”
Ginko also makes bizarre tweets like the following, where he claims convicted Ponzi scheme operator Bernie Madoff is the true Satoshi Nakamoto:
He has retweeted articles citing him dozens of times. This is exactly how fake news takes root, via theBig Lietheory. Tell a lie big enough and the people will believe it. Repeat, repeat, repeat.
The following is an incomplete list of those who have run a story to the effect of Russian planning to buy $10 billion in Bitcoin:
• Bitcoinist
• The Telegraph
• The Daily Hodl
• Micky.com.au
• TheBitcoinMag.com
• ZeroHedge
Ginko says he is a public personality in Russian media.
Overall, the claim is sketchy. In a speculative sense, well-knowneToroadvisor Mati Greenspan seems to love the idea:
As previously noted, CCN has not gotten any official comment from Russian officials. The last we knew, Russia was stillwaffling on cryptocurrency regulations.
This was reported by CCN just 5 days before the new parties were added to the sanctions list. To date, the government has madeno officialpronouncement about acquiring a large amount of Bitcoin. In the event that Russia was to consider bitcoin use in an official capacity, they would not be the first. One of their trading partners, Iran,has previously expressed interestin cryptocurrencies as a way to thwart US sanctions.
It seems Ginko might be trying to fake it until Russia makes it so. All the same, fake news is fake news, and that’s all we find here in this “Russia buying $10 billion in Bitcoin” story.
The postFake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buyappeared first onCCN. || Fake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buy: Several crypto “news” outlets havegone hamwith a story about the Russian government allegedly planning a massive purchase of bitcoin. Russia has made no official announcement to this effect. This reporter first came in contact with the story as it “broke” at The Daily Hodl, a site previously not known to this reporter as a source of fake news. This reporter does not speak Russian and has little clue how the Russian government works. One thing that was certain: there were no official Russian government sources making statements about Russia buying Bitcoin.
January 6th, economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy and Public Administration, posted to Twitter that he believes Russia has no choice besides bitcoin as a hedge against economic losses taken as a result of the US sanctions against Russia.
Back in mid-December, the Trump administration added several Russians to the list of sanctioned entities which US companies and persons cannot trade with. Ties with Russia have been strained since the US’s entry into the Syrian civil conflict.
The sanctions and listings undertaken today are one part of an aggressive stand against the irresponsible acts directed by the Government of the Russian Federation. Russian intelligence services’ cyber operations continue to seek to undermine democratic elections and delegitimize international organizations. Additionally, it is clear that Russian intelligence operatives used a military grade nerve agent to carry out an assassination attempt inside the borders of our closest ally, a violation of Russia’s obligations under the Chemical Weapons Convention.
The same day as theDaily Hodl reportwent out, a story it cited in Forbes read:
Although Russia is not a big exporter to the U.S., canceled energy and defense contracts in Europe coupled with bans on financing Russia’s key lenders have had an impact on the economy.
From there, Bitcoinist.com published a story based on the same sources. An Imgur user has created a convenient chart of how this fake news came to be:
As you can see with Vladislav Ginko’s latest tweets, he presently cites the articles based on his own tweets as evidence of his claims. All of the reports he tweets about link back to him as the source. Even well-known Telegraph.co.uk posted a storybased on the dubious claims. The Telegraph even upgraded Ginko from an academic to a “Kremlin economist.”
Ginko also makes bizarre tweets like the following, where he claims convicted Ponzi scheme operator Bernie Madoff is the true Satoshi Nakamoto:
He has retweeted articles citing him dozens of times. This is exactly how fake news takes root, via theBig Lietheory. Tell a lie big enough and the people will believe it. Repeat, repeat, repeat.
The following is an incomplete list of those who have run a story to the effect of Russian planning to buy $10 billion in Bitcoin:
• Bitcoinist
• The Telegraph
• The Daily Hodl
• Micky.com.au
• TheBitcoinMag.com
• ZeroHedge
Ginko says he is a public personality in Russian media.
Overall, the claim is sketchy. In a speculative sense, well-knowneToroadvisor Mati Greenspan seems to love the idea:
As previously noted, CCN has not gotten any official comment from Russian officials. The last we knew, Russia was stillwaffling on cryptocurrency regulations.
This was reported by CCN just 5 days before the new parties were added to the sanctions list. To date, the government has madeno officialpronouncement about acquiring a large amount of Bitcoin. In the event that Russia was to consider bitcoin use in an official capacity, they would not be the first. One of their trading partners, Iran,has previously expressed interestin cryptocurrencies as a way to thwart US sanctions.
It seems Ginko might be trying to fake it until Russia makes it so. All the same, fake news is fake news, and that’s all we find here in this “Russia buying $10 billion in Bitcoin” story.
The postFake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buyappeared first onCCN. || Fake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buy: Several crypto “news” outlets have gone ham with a story about the Russian government allegedly planning a massive purchase of bitcoin. Russia has made no official announcement to this effect. This reporter first came in contact with the story as it “broke” at The Daily Hodl, a site previously not known to this reporter as a source of fake news. This reporter does not speak Russian and has little clue how the Russian government works. One thing that was certain: there were no official Russian government sources making statements about Russia buying Bitcoin. Russia to Use Bitcoin as a Hedge Against US Sanctions? January 6th, economist Vladislav Ginko, who works at the state-funded Russian Presidential Academy of National Economy and Public Administration, posted to Twitter that he believes Russia has no choice besides bitcoin as a hedge against economic losses taken as a result of the US sanctions against Russia. Chris, I believe sitting here in Moscow, Russia, that the real factor of Bitcoin apotion will be when Russian government I'm working for will start investing almost $470 billion reserves into Bitcoins. I expect that it'll be at least $10 billion in the first quarter of this year. — Vladislav Ginko (@martik) January 6, 2019 Back in mid-December, the Trump administration added several Russians to the list of sanctioned entities which US companies and persons cannot trade with. Ties with Russia have been strained since the US’s entry into the Syrian civil conflict. The sanctions and listings undertaken today are one part of an aggressive stand against the irresponsible acts directed by the Government of the Russian Federation. Russian intelligence services’ cyber operations continue to seek to undermine democratic elections and delegitimize international organizations. Additionally, it is clear that Russian intelligence operatives used a military grade nerve agent to carry out an assassination attempt inside the borders of our closest ally, a violation of Russia’s obligations under the Chemical Weapons Convention. Story continues The same day as the Daily Hodl report went out, a story it cited in Forbes read: Although Russia is not a big exporter to the U.S., canceled energy and defense contracts in Europe coupled with bans on financing Russia’s key lenders have had an impact on the economy. The Source Cites Himself From there, Bitcoinist.com published a story based on the same sources. An Imgur user has created a convenient chart of how this fake news came to be: As you can see with Vladislav Ginko’s latest tweets, he presently cites the articles based on his own tweets as evidence of his claims. All of the reports he tweets about link back to him as the source. Even well-known Telegraph.co.uk posted a story based on the dubious claims . The Telegraph even upgraded Ginko from an academic to a “Kremlin economist.” Ginko also makes bizarre tweets like the following, where he claims convicted Ponzi scheme operator Bernie Madoff is the true Satoshi Nakamoto: I promise to fight for the freedom of Bernard Madoff, the true Satoshi Nakamoto. @realDonaldTrump be courageous, ask for the retrial of Bernie, he's innocent, he was silenced and threatened since he was too much aware of murky financial deals of Obama & Biden. — Vladislav Ginko (@martik) January 12, 2019 He has retweeted articles citing him dozens of times. This is exactly how fake news takes root, via the Big Lie theory. Tell a lie big enough and the people will believe it. Repeat, repeat, repeat. The following is an incomplete list of those who have run a story to the effect of Russian planning to buy $10 billion in Bitcoin: Bitcoinist The Telegraph The Daily Hodl Micky.com.au TheBitcoinMag.com ZeroHedge I’m A Public Media Personality, You Can Trust Me Ginko says he is a public personality in Russian media. I'm public media figure too. I'm frequently appearing on TV and radio stations, Russian tv channel Rossiya 1 https://t.co/AVRCY3skXW and Russian Sputnik radio https://t.co/umsjaTt5Ia I write about cryptocurrencies, about cost management of mining companies https://t.co/dJgW5V1XUP — Vladislav Ginko (@martik) January 7, 2019 Overall, the claim is sketchy. In a speculative sense, well-known eToro advisor Mati Greenspan seems to love the idea: From everything I can see, Russia has every incentive to add bitcoin to their national reserves. The only thing holding them back is a legal framework to do so. https://t.co/1nVqidbHca — Mati Greenspan (@MatiGreenspan) January 14, 2019 As previously noted, CCN has not gotten any official comment from Russian officials. The last we knew, Russia was still waffling on cryptocurrency regulations . This was reported by CCN just 5 days before the new parties were added to the sanctions list. To date, the government has made no official pronouncement about acquiring a large amount of Bitcoin. In the event that Russia was to consider bitcoin use in an official capacity, they would not be the first. One of their trading partners, Iran, has previously expressed interest in cryptocurrencies as a way to thwart US sanctions. It seems Ginko might be trying to fake it until Russia makes it so. All the same, fake news is fake news, and that’s all we find here in this “Russia buying $10 billion in Bitcoin” story. The post Fake News: Why Russia is Probably Not Planning a $10 Billion Bitcoin Buy appeared first on CCN . || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. After the two years of price-centric action in the cryptocurrency industry, 2019 might shift the focus towards the fundamentals. Until the community puts an emphasis on the foundational aspects of crypto, we believe that a sustained recovery is unlikely. The Winklevoss twins believe that stablecoins and tokenized securities will give a boost to the crypto space. Remaining positive on Bitcoin ( BTC ), they continue to hold the view that it is a better investment than gold. While the Winklevoss view can be considered biased, as they have a vested interest in crypto prices going up, the arrival of established players into the asset class shows the promise it holds. Vontobel bank, Switzerlands third largest financial custody provider, has launched a digital custody product for institutional players. Large players like Vontobel dont get into a space without studying it extensively. That leads us to believe that it is only a matter of time until institutional money starts trickling into the market. However, not all banks share Vontobels point of view. The Bank for International Settlements (BIS) has cautioned investors that they could lose money on Bitcoin. Amidst these contradictory opinions, what do the charts suggest? Lets find out. BTC/USD After struggling to stay above $3,598 on Jan. 11 and 12, Bitcoin ( BTC ) broke below the support line on Jan 13. There is no support between the current level and $3,236.09. Hence, we anticipate a gradual slide to the lows if the bulls fail to sustain above $3,598. A break down of Dec.15 low will resume the downtrend. Below $3,236.09, the next support is the psychological level of $3,000. The failure of the bears to defend the low confirms that the sellers are in command. A new low will be a serious sentiment breaker. Story continues On the other hand, if the BTC/USD pair reverses direction from either the current levels or $3,236.09 and breaks out of the downtrend line and $4,255, it will be an indication of strength. We are yet to see the formation of a higher high and a higher low, which would confirm a trend change. Currently, we remain neutral on the pair. Depending on the price action in the next couple of days, we shall suggest a course of action. Until then, the traders can stay on the sidelines. XRP/USD The bulls have been unable to push Ripple ( XRP ) above $0.33108 in the past three days. Currently, the bulls are attempting to scale the level again. If this latest recovery attempt fails, we expect the cryptocurrency to drop to $0.27795. Both moving averages are flattening out, and the RSI is in the negative zone. This increases the possibility of a range formation between $0.27795 and $0.4. The XRP/USD pair is not signaling a trend reversal yet, so we suggest traders stay on the sidelines for a few more days. ETH/USD Ethereum ( ETH ) is attempting to bounce off the critical support at $116.3. If the rebound fails to scale the 20-day EMA, the bears will once again attempt to break down of $116.3. If this support gives way, a retest of the lows at $83 is probable. The 20-day EMA has started to turn down, which shows that bears hold the advantage in the short term. However, the 50-day SMA is flat, which points to a likely consolidation in the medium term. If the bulls sustain above the 20-day EMA, the ETH/USD pair might consolidate between $116.3 and $167.32 for a few days. We shall wait for a breakout above $167.32 before turning positive on the coin. BCH/USD Bitcoin Cash ( BCH ) has been trading below the range for the past three days. The bulls have been unable to push the price back into the range, which indicates a lack of buyers at the current levels. The next support on the downside is $100 and below that at $73.5. Both moving averages are gradually sloping down, and the RSI is in the negative zone. This shows that the sellers will pounce on any pullback to $147. Our negative view will be invalidated if the BCH/USD pair sustains above the moving averages. Currently, we cant find any buy setups, so we remain neutral on it. EOS/USD EOS broke below the support of the range on Jan. 13. The bulls are currently trying to push the price back into the $2.3093$3.2081 range. If successful, the consolidation might continue for a few more days. Both moving averages have turned down, and the RSI is also in the negative area. This means that the bears are in command. If the EOS/USD pair drops below $2.1733, a fall to $1.7746, and further to $1.55, will be likely. Conversely, if the cryptocurrency bounces from the current levels and scales above the moving averages, it might extend its stay in the range. We shall turn positive on a breakout and close (UTC time frame) above $3.2081. XLM/USD After the breakdown of the symmetrical triangle, Stellar ( XLM ) is attempting to stay above $0.1. If this support breaks, a retest of $0.09285498 is likely. Both moving averages are trending down, and the RSI is in the negative zone, which shows that the bears have the upper hand. Our bearish view will be negated if the XLM/USD pair reverses direction and rises above $0.13427050. The traders can wait for a trend reversal pattern to form before initiating any long positions. LTC/USD The bulls could not defend the moving averages, which points to a lack of demand. Litecoin ( LTC ) is currently attempting to bounce off the critical support of $29.349. The strength of the bounce will signal whether the LTC/USD pair will move up or tumble below the support. If the bears break below $27.701, a fall to the low of $23.090 will be possible. Hence, traders who hold long positions should keep a stop loss at $27.5. If the bulls bounce strongly and sustain above the moving averages, it will indicate demand at lower levels. In such a case, a rally to $40.784, followed by a move to $47.346 is probable. TRX/USD Tron broke below the 20-day EMA on Jan. 13. Though the price quickly reclaimed the moving average, the bulls are facing selling at higher levels. The 20-day EMA is flattening out, whereas the 50-day SMA is sloping up. This points to a consolidation in the near term but advantage to bulls in the medium term. The support on the downside is at the 50-day SMA, which is close to $0.0183. The TRX/USD pair might stay inside the range $0.0183$0.02815521 for a few days, before breaking out of it. Our neutral-to-bullish view will be invalidated if the price plunges below $0.0183. Nevertheless, we couldnt find any reliable buy setups at the current levels, so we are not proposing a trade yet. BSV/USD Although the bears broke below the support of the range on Jan. 10, they could not push the price toward the next support of $65.031. For the past three days, the bulls have been attempting to stay above $80.352, but are facing selling close to the moving averages. If the BSV/USD pair breaks below $74.022, the next stop is $65.031. If this support also crumbles, a retest of $38.528 will be probable. On the other hand, if the bulls scale the moving averages, the likelihood of a rally to $102.58, and beyond that to $123.98, increases. Currently, we cant find any buy setups, so we are not suggesting any trades. ADA/USD Cardano ( ADA ) did not move according to our expectations, which is why in our previous analysis we had suggested traders close their long positions without waiting for the stops to be hit. The ADA/USD pair is currently trading inside of an ascending channel. The price has turned down from the resistance line of the channel on three occasions. The probability of a fall from the top of the channel to its bottom is high. The bulls are attempting to bounce off the 50-day SMA. If the price sustains above the 20-day EMA, a rally to $0.051468 is probable. However, if the price turns down from the 20-day EMA and breaks below the 50-day SMA, it can decline to the strong support of $0.036815. A break of this support can result in a fall to $0.027237. Currently, both moving averages are flat, and the RSI is close to the neutral territory, which points to a probable consolidation in the near term. We shall wait for a new buy setup to form before suggesting any new long positions in the pair. The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView . Related Articles: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9 Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 7 Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 2 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 11 || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
After the two years of price-centric action in the cryptocurrency industry, 2019 might shift the focus towards the fundamentals. Until the community puts an emphasis on the foundational aspects of crypto, we believe that a sustained recovery is unlikely.
The Winklevoss twins believe that stablecoins and tokenized securities will give aboostto the crypto space. Remaining positive on Bitcoin (BTC), they continue to hold the view that it is a better investment than gold.
While the Winklevoss’ view can be considered biased, as they have a vestedinterestin crypto prices going up, the arrival of established players into the asset class shows the promise it holds.
Vontobel bank, Switzerland’s third largest financial custody provider, haslauncheda digital custody product for institutional players. Large players like Vontobel don’t get into a space without studying it extensively. That leads us to believe that it is only a matter of time until institutional money starts trickling into the market.
However, not all banks share Vontobel’s point of view. The Bank for International Settlements (BIS) hascautionedinvestors that they could lose money on Bitcoin.
Amidst these contradictory opinions, what do the charts suggest? Let’s find out.
After struggling to stay above $3,598 on Jan. 11 and 12, Bitcoin (BTC) broke below the support line on Jan 13. There is no support between the current level and $3,236.09. Hence, we anticipate a gradual slide to the lows if the bulls fail to sustain above $3,598. A break down of Dec.15 low will resume the downtrend.
Below $3,236.09, the next support is the psychological level of $3,000. The failure of the bears to defend the low confirms that the sellers are in command. A new low will be a serious sentiment breaker.
On the other hand, if theBTC/USDpair reverses direction from either the current levels or $3,236.09 and breaks out of the downtrend line and $4,255, it will be an indication of strength. We are yet to see the formation of a higher high and a higher low, which would confirm a trend change.
Currently, we remain neutral on the pair. Depending on the price action in the next couple of days, we shall suggest a course of action. Until then, the traders can stay on the sidelines.
The bulls have been unable to push Ripple (XRP) above $0.33108 in the past three days. Currently, the bulls are attempting to scale the level again. If this latest recovery attempt fails, we expect the cryptocurrency to drop to $0.27795.
Both moving averages are flattening out, and the RSI is in the negative zone. This increases the possibility of a range formation between $0.27795 and $0.4.
TheXRP/USDpair is not signaling a trend reversal yet, so we suggest traders stay on the sidelines for a few more days.
Ethereum (ETH) is attempting to bounce off the critical support at $116.3. If the rebound fails to scale the 20-day EMA, the bears will once again attempt to break down of $116.3. If this support gives way, a retest of the lows at $83 is probable.
The 20-day EMA has started to turn down, which shows that bears hold the advantage in the short term. However, the 50-day SMA is flat, which points to a likely consolidation in the medium term.
If the bulls sustain above the 20-day EMA, theETH/USDpair might consolidate between $116.3 and $167.32 for a few days. We shall wait for a breakout above $167.32 before turning positive on the coin.
Bitcoin Cash (BCH) has been trading below the range for the past three days. The bulls have been unable to push the price back into the range, which indicates a lack of buyers at the current levels.
The next support on the downside is $100 and below that at $73.5. Both moving averages are gradually sloping down, and the RSI is in the negative zone. This shows that the sellers will pounce on any pullback to $147.
Our negative view will be invalidated if theBCH/USDpair sustains above the moving averages. Currently, we can’t find any buy setups, so we remain neutral on it.
EOSbroke below the support of the range on Jan. 13. The bulls are currently trying to push the price back into the $2.3093–$3.2081 range. If successful, the consolidation might continue for a few more days.
Both moving averages have turned down, and the RSI is also in the negative area. This means that the bears are in command.
If theEOS/USDpair drops below $2.1733, a fall to $1.7746, and further to $1.55, will be likely. Conversely, if the cryptocurrency bounces from the current levels and scales above the moving averages, it might extend its stay in the range. We shall turn positive on a breakout and close (UTC time frame) above $3.2081.
After the breakdown of the symmetrical triangle, Stellar (XLM) is attempting to stay above $0.1. If this support breaks, a retest of $0.09285498 is likely.
Both moving averages are trending down, and the RSI is in the negative zone, which shows that the bears have the upper hand.
Our bearish view will be negated if theXLM/USDpair reverses direction and rises above $0.13427050. The traders can wait for a trend reversal pattern to form before initiating any long positions.
The bulls could not defend the moving averages, which points to a lack of demand. Litecoin (LTC) is currently attempting to bounce off the critical support of $29.349.
The strength of the bounce will signal whether theLTC/USDpair will move up or tumble below the support. If the bears break below $27.701, a fall to the low of $23.090 will be possible. Hence, traders who hold long positions should keep a stop loss at $27.5.
If the bulls bounce strongly and sustain above the moving averages, it will indicate demand at lower levels. In such a case, a rally to $40.784, followed by a move to $47.346 is probable.
Tronbroke below the 20-day EMA on Jan. 13. Though the price quickly reclaimed the moving average, the bulls are facing selling at higher levels.
The 20-day EMA is flattening out, whereas the 50-day SMA is sloping up. This points to a consolidation in the near term but advantage to bulls in the medium term. The support on the downside is at the 50-day SMA, which is close to $0.0183.
TheTRX/USDpair might stay inside the range $0.0183–$0.02815521 for a few days, before breaking out of it. Our neutral-to-bullish view will be invalidated if the price plunges below $0.0183. Nevertheless, we couldn’t find any reliable buy setups at the current levels, so we are not proposing a trade yet.
Although the bears broke below the support of the range on Jan. 10, they could not push the price toward the next support of $65.031.
For the past three days, the bulls have been attempting to stay above $80.352, but are facing selling close to the moving averages.
If theBSV/USDpair breaks below $74.022, the next stop is $65.031. If this support also crumbles, a retest of $38.528 will be probable.
On the other hand, if the bulls scale the moving averages, the likelihood of a rally to $102.58, and beyond that to $123.98, increases. Currently, we can’t find any buy setups, so we are not suggesting any trades.
Cardano (ADA) did not move according to our expectations, which is why in ourpreviousanalysis we had suggested traders close their long positions without waiting for the stops to be hit.
TheADA/USDpair is currently trading inside of an ascending channel. The price has turned down from the resistance line of the channel on three occasions. The probability of a fall from the top of the channel to its bottom is high.
The bulls are attempting to bounce off the 50-day SMA. If the price sustains above the 20-day EMA, a rally to $0.051468 is probable. However, if the price turns down from the 20-day EMA and breaks below the 50-day SMA, it can decline to the strong support of $0.036815. A break of this support can result in a fall to $0.027237.
Currently, both moving averages are flat, and the RSI is close to the neutral territory, which points to a probable consolidation in the near term. We shall wait for a new buy setup to form before suggesting any new long positions in the pair.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 7
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 2
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 11 || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
After the two years of price-centric action in the cryptocurrency industry, 2019 might shift the focus towards the fundamentals. Until the community puts an emphasis on the foundational aspects of crypto, we believe that a sustained recovery is unlikely.
The Winklevoss twins believe that stablecoins and tokenized securities will give aboostto the crypto space. Remaining positive on Bitcoin (BTC), they continue to hold the view that it is a better investment than gold.
While the Winklevoss’ view can be considered biased, as they have a vestedinterestin crypto prices going up, the arrival of established players into the asset class shows the promise it holds.
Vontobel bank, Switzerland’s third largest financial custody provider, haslauncheda digital custody product for institutional players. Large players like Vontobel don’t get into a space without studying it extensively. That leads us to believe that it is only a matter of time until institutional money starts trickling into the market.
However, not all banks share Vontobel’s point of view. The Bank for International Settlements (BIS) hascautionedinvestors that they could lose money on Bitcoin.
Amidst these contradictory opinions, what do the charts suggest? Let’s find out.
After struggling to stay above $3,598 on Jan. 11 and 12, Bitcoin (BTC) broke below the support line on Jan 13. There is no support between the current level and $3,236.09. Hence, we anticipate a gradual slide to the lows if the bulls fail to sustain above $3,598. A break down of Dec.15 low will resume the downtrend.
Below $3,236.09, the next support is the psychological level of $3,000. The failure of the bears to defend the low confirms that the sellers are in command. A new low will be a serious sentiment breaker.
On the other hand, if theBTC/USDpair reverses direction from either the current levels or $3,236.09 and breaks out of the downtrend line and $4,255, it will be an indication of strength. We are yet to see the formation of a higher high and a higher low, which would confirm a trend change.
Currently, we remain neutral on the pair. Depending on the price action in the next couple of days, we shall suggest a course of action. Until then, the traders can stay on the sidelines.
The bulls have been unable to push Ripple (XRP) above $0.33108 in the past three days. Currently, the bulls are attempting to scale the level again. If this latest recovery attempt fails, we expect the cryptocurrency to drop to $0.27795.
Both moving averages are flattening out, and the RSI is in the negative zone. This increases the possibility of a range formation between $0.27795 and $0.4.
TheXRP/USDpair is not signaling a trend reversal yet, so we suggest traders stay on the sidelines for a few more days.
Ethereum (ETH) is attempting to bounce off the critical support at $116.3. If the rebound fails to scale the 20-day EMA, the bears will once again attempt to break down of $116.3. If this support gives way, a retest of the lows at $83 is probable.
The 20-day EMA has started to turn down, which shows that bears hold the advantage in the short term. However, the 50-day SMA is flat, which points to a likely consolidation in the medium term.
If the bulls sustain above the 20-day EMA, theETH/USDpair might consolidate between $116.3 and $167.32 for a few days. We shall wait for a breakout above $167.32 before turning positive on the coin.
Bitcoin Cash (BCH) has been trading below the range for the past three days. The bulls have been unable to push the price back into the range, which indicates a lack of buyers at the current levels.
The next support on the downside is $100 and below that at $73.5. Both moving averages are gradually sloping down, and the RSI is in the negative zone. This shows that the sellers will pounce on any pullback to $147.
Our negative view will be invalidated if theBCH/USDpair sustains above the moving averages. Currently, we can’t find any buy setups, so we remain neutral on it.
EOSbroke below the support of the range on Jan. 13. The bulls are currently trying to push the price back into the $2.3093–$3.2081 range. If successful, the consolidation might continue for a few more days.
Both moving averages have turned down, and the RSI is also in the negative area. This means that the bears are in command.
If theEOS/USDpair drops below $2.1733, a fall to $1.7746, and further to $1.55, will be likely. Conversely, if the cryptocurrency bounces from the current levels and scales above the moving averages, it might extend its stay in the range. We shall turn positive on a breakout and close (UTC time frame) above $3.2081.
After the breakdown of the symmetrical triangle, Stellar (XLM) is attempting to stay above $0.1. If this support breaks, a retest of $0.09285498 is likely.
Both moving averages are trending down, and the RSI is in the negative zone, which shows that the bears have the upper hand.
Our bearish view will be negated if theXLM/USDpair reverses direction and rises above $0.13427050. The traders can wait for a trend reversal pattern to form before initiating any long positions.
The bulls could not defend the moving averages, which points to a lack of demand. Litecoin (LTC) is currently attempting to bounce off the critical support of $29.349.
The strength of the bounce will signal whether theLTC/USDpair will move up or tumble below the support. If the bears break below $27.701, a fall to the low of $23.090 will be possible. Hence, traders who hold long positions should keep a stop loss at $27.5.
If the bulls bounce strongly and sustain above the moving averages, it will indicate demand at lower levels. In such a case, a rally to $40.784, followed by a move to $47.346 is probable.
Tronbroke below the 20-day EMA on Jan. 13. Though the price quickly reclaimed the moving average, the bulls are facing selling at higher levels.
The 20-day EMA is flattening out, whereas the 50-day SMA is sloping up. This points to a consolidation in the near term but advantage to bulls in the medium term. The support on the downside is at the 50-day SMA, which is close to $0.0183.
TheTRX/USDpair might stay inside the range $0.0183–$0.02815521 for a few days, before breaking out of it. Our neutral-to-bullish view will be invalidated if the price plunges below $0.0183. Nevertheless, we couldn’t find any reliable buy setups at the current levels, so we are not proposing a trade yet.
Although the bears broke below the support of the range on Jan. 10, they could not push the price toward the next support of $65.031.
For the past three days, the bulls have been attempting to stay above $80.352, but are facing selling close to the moving averages.
If theBSV/USDpair breaks below $74.022, the next stop is $65.031. If this support also crumbles, a retest of $38.528 will be probable.
On the other hand, if the bulls scale the moving averages, the likelihood of a rally to $102.58, and beyond that to $123.98, increases. Currently, we can’t find any buy setups, so we are not suggesting any trades.
Cardano (ADA) did not move according to our expectations, which is why in ourpreviousanalysis we had suggested traders close their long positions without waiting for the stops to be hit.
TheADA/USDpair is currently trading inside of an ascending channel. The price has turned down from the resistance line of the channel on three occasions. The probability of a fall from the top of the channel to its bottom is high.
The bulls are attempting to bounce off the 50-day SMA. If the price sustains above the 20-day EMA, a rally to $0.051468 is probable. However, if the price turns down from the 20-day EMA and breaks below the 50-day SMA, it can decline to the strong support of $0.036815. A break of this support can result in a fall to $0.027237.
Currently, both moving averages are flat, and the RSI is close to the neutral territory, which points to a probable consolidation in the near term. We shall wait for a new buy setup to form before suggesting any new long positions in the pair.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 7
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Bitcoin SV, TRON, Cardano: Price Analysis, Jan. 2
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 11
[Social Media Buzz]
2019年01月15日 10:00
[DOGE建]
1XPC=0.0061182円
24時間の最高値 0.0068402円
24時間の最安値 0.0051242円
[BTC建]
1XPC=0.0079542円
24時間の最高値 0.0080284円
24時間の最安値 0.0038125円
#XPC $XPC || Jan 15, 2019 14:31:00 UTC | 3,684.80$ | 3,221.20€ | 2,867.00£ | #Bitcoin #btc pic.twitter.com/o2mCQNFLMb || Jan 15, 2019 16:31:00 UTC | 3,670.20$ | 3,208.40€ | 2,865.20£ | #Bitcoin #btc pic.twitter.com/1vtXsnZPBX || #BTCUSD Market #1H timeframe on January 15 at 12:00 (UTC) is #Bullish. #cryptocurrency #bitcoin #btc #crypto #trading #id...
|
3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87, 3599.77
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30.
|
[Bitcoin Technical Analysis for 2015-09-15]
Volume: 19177800, RSI (14-day): 42.59, 50-day EMA: 243.68, 200-day EMA: 254.32
[Wider Market Context]
Gold Price: 1102.80, Gold RSI: 40.87
Oil Price: 44.59, Oil RSI: 49.00
[Recent News (last 7 days)]
GreenBank Subsidiary GreenCoinX Enables XGC to Trade on 15 Crypto Currency Exchanges: TORONTO, ON / ACCESSWIRE / September 14, 2015 / GreenBank Capital Inc (CSE:GBC) ("GreenBank") announces that its 80% owned subsidiary GreenCoinX Inc, the developer of the world's first identifiable crypto currency, and which has XGC as its digital currency identifier, and Crypto Next PLC an international crypto currency exchange with a "white label" exchange platform that has 14 affiliated exchanges, have agreed that XGC will be added on the Crypto Next platform and as such can be traded on all of its affiliated exchanges. Crypto Next is based in the Isle of Man, and its exchange affiliates provide digital currency exchanges in multiple languages, multiple currencies, and with secure policies in accordance with Isle of Man regulations. The exchanges that can now trade XGC are:- Crypto Next www.cryptonext.net CoinQX www.coinqx.com Coin Cloud Ex www.coincloudex.com Birja Monet www.birjamonet.com Altbitex www.altbitex.com The Crypto Next affiliated exchanges that have yet to complete their review process with respect to trading XGC are:- BitcoinX Romania www.bitcoinxromania.com UniiFund www.unii.fund Stock Digital Coin www.stockdigitalcoin.com.br Targe Exchange www.targoexchange.com Dollar exchange www.edollar.international Bitcoins Greece www.bitcoinsgreece.com Bitopia www.bitopia.io Banx Trade www.banxtrade.com Schilling www.eschilling.org Koruna www.koruna.in As more crypto currency exchanges determine to trade XGC, GreenCoinX will make further announcements. About GreenBank GreenBank is a merchant banking business investing in Canadian small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed the world's first identifiable crypto currency. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies. GreenBank has an investment portfolio with significant equity stakes in Leo Resources Inc (CSE:LEO), Hadley Mining Inc (CSE:HM) and Zara Resources Inc (CSE:ZRI). Story continues For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or [email protected] . About Crypto Next Registered in the Isle of Man, a jurisdiction that is openly friendly towards digital currency companies, Crypto Next's platform has a global reach and offers a variety of languages, with recent additions including Portuguese and Romanian. In addition to providing multiple languages, multiple currencies, banking facilities and a regulatory framework, the Crypto Next platform adds security through vertical decentralisation as well as Isle of Man regulations that state that funds in the exchange be controlled by a Corporate Service Provider, such that fiat currencies in the network are secured by an independent third party. Crypto Next specialises in providing a software platform to "white label" exchanges, that can choose from a variety of features, coins and languages to suit their preferences. All the exchanges in the network share Crypto Next's unique tokenised fee system, whereby transaction fees can be paid for with the Crypto Next Coin (CXC), potentially saving savvy digital currency traders a great deal in fees. All white label exchanges are subject to the company's rigorous AML, CFT Policy in accordance with Isle of Man regulations. More information about Crypto Next is available at www.cryptonext.net . For press contact [email protected] or USA +1 323 686 3359 or UK +44 870 471 5733. Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The CSE has not reviewed, approved or disapproved the content of this press release. This news release is not for distribution or dissemination in the United States of America SOURCE: GreenBank Capital Inc || GreenBank Subsidiary GreenCoinX Enables XGC to Trade on 15 Crypto Currency Exchanges: TORONTO, ON / ACCESSWIRE / September 14, 2015 /GreenBank Capital Inc (CSE:GBC) ("GreenBank") announces that its 80% owned subsidiary GreenCoinX Inc, the developer of the world's first identifiable crypto currency, and which has XGC as its digital currency identifier, and Crypto Next PLC an international crypto currency exchange with a "white label" exchange platform that has 14 affiliated exchanges, have agreed that XGC will be added on the Crypto Next platform and as such can be traded on all of its affiliated exchanges.
Crypto Next is based in the Isle of Man, and its exchange affiliates provide digital currency exchanges in multiple languages, multiple currencies, and with secure policies in accordance with Isle of Man regulations.
The exchanges that can now trade XGC are:-
Crypto Next —www.cryptonext.netCoinQX —www.coinqx.comCoin Cloud Ex —www.coincloudex.comBirja Monet —www.birjamonet.comAltbitex —www.altbitex.com
The Crypto Next affiliated exchanges that have yet to complete their review process with respect to trading XGC are:-
BitcoinX Romania —www.bitcoinxromania.comUniiFund —www.unii.fundStock Digital Coin —www.stockdigitalcoin.com.brTarge Exchange —www.targoexchange.comDollar exchange —www.edollar.internationalBitcoins Greece —www.bitcoinsgreece.comBitopia —www.bitopia.ioBanx Trade —www.banxtrade.comSchilling —www.eschilling.orgKoruna —www.koruna.in
As more crypto currency exchanges determine to trade XGC, GreenCoinX will make further announcements.
About GreenBank
GreenBank is a merchant banking business investing in Canadian small cap companies. Its 80% subsidiary GreenCoinX Inc. is a software company that has developed the world's first identifiable crypto currency. Its 100% subsidiary GreenBank Financial Inc. is an investment bank focusing on small cap companies. GreenBank has an investment portfolio with significant equity stakes in Leo Resources Inc (CSE:LEO), Hadley Mining Inc (CSE:HM) and Zara Resources Inc (CSE:ZRI).
For more information please seewww.GreenBankCapitalinc.comor contact Danny Wettreich at (647) 931 9768 [email protected].
About Crypto Next
Registered in the Isle of Man, a jurisdiction that is openly friendly towards digital currency companies, Crypto Next's platform has a global reach and offers a variety of languages, with recent additions including Portuguese and Romanian. In addition to providing multiple languages, multiple currencies, banking facilities and a regulatory framework, the Crypto Next platform adds security through vertical decentralisation as well as Isle of Man regulations that state that funds in the exchange be controlled by a Corporate Service Provider, such that fiat currencies in the network are secured by an independent third party. Crypto Next specialises in providing a software platform to "white label" exchanges, that can choose from a variety of features, coins and languages to suit their preferences. All the exchanges in the network share Crypto Next's unique tokenised fee system, whereby transaction fees can be paid for with the Crypto Next Coin (CXC), potentially saving savvy digital currency traders a great deal in fees. All white label exchanges are subject to the company's rigorous AML, CFT Policy in accordance with Isle of Man regulations. More information about Crypto Next is available atwww.cryptonext.net.
For press [email protected] USA +1 323 686 3359 or UK +44 870 471 5733.
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., raising additional capital and the future development of GreenCoinX. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved or disapproved the content of this press release.
This news release is not for distribution or dissemination in the United States of America
SOURCE:GreenBank Capital Inc || The Isle Of Man Could Become Most Bitcoin-Friendly Place On Earth: Bitcoin has struggled to make its way into mainstream use for years as merchants, government officials and consumers all worry about security and longevity when it comes to cryptocurrencies.
One way the bitcoin community has been working to make the currency more approachable has been through regulation, though many claim that strict laws governing bitcoin use could take away from the decentralized nature of digital currencies. However, some governments are embracing bitcoin as a revolutionary new technology and working together with the industry to create laws that will promote usage while still allowing the currency to expand. This is especially true in the Isle of Man, which could soon become the most bitcoin-friendly place on earth.
Related Link:Did Barclays Start The Bitcoin Bull Run?
Working Together
The Manx government has beenworking to supportthe bitcoin industry for years. Recently, government officials agreed to amend the island's laws to include bitcoin businesses. By creating transparent laws that cryptocurrency startups must adhere to, the government is hoping that more people will become comfortable using digital currencies.
The straightforward laws protect against money laundering and criminal activity, and give new businesses a blueprint to follow in order to adhere to the region's regulations. Regulators, cryptocurrency industry leaders and government officials have promised to keep an open dialogue regarding the laws in order to ensure that they keep pace with the fast changing fintech landscape.
Blockchain Registry
Perhaps the most surprising step toward bitcoin acceptance on the Isle of Man was the Manx government's decision tocreate a registryfor cryptocurrency businesses using blockchain itself. Together with blockchain startup Pythia, Manx government officials plan to create a database powered by blockchain in which all of the island's cryptocurrency firms will be registered. The decision will make the Isle of Man the first country to use blockchain in order to maintain official data.
See more from Benzinga
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• McDonald's Goes Cage Free In Latest Attempt To Turn Image Around
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Isle Of Man Could Become Most Bitcoin-Friendly Place On Earth: Bitcoin has struggled to make its way into mainstream use for years as merchants, government officials and consumers all worry about security and longevity when it comes to cryptocurrencies. One way the bitcoin community has been working to make the currency more approachable has been through regulation, though many claim that strict laws governing bitcoin use could take away from the decentralized nature of digital currencies. However, some governments are embracing bitcoin as a revolutionary new technology and working together with the industry to create laws that will promote usage while still allowing the currency to expand. This is especially true in the Isle of Man, which could soon become the most bitcoin-friendly place on earth. Related Link: Did Barclays Start The Bitcoin Bull Run? Working Together The Manx government has been working to support the bitcoin industry for years. Recently, government officials agreed to amend the island's laws to include bitcoin businesses. By creating transparent laws that cryptocurrency startups must adhere to, the government is hoping that more people will become comfortable using digital currencies. The straightforward laws protect against money laundering and criminal activity, and give new businesses a blueprint to follow in order to adhere to the region's regulations. Regulators, cryptocurrency industry leaders and government officials have promised to keep an open dialogue regarding the laws in order to ensure that they keep pace with the fast changing fintech landscape. Blockchain Registry Perhaps the most surprising step toward bitcoin acceptance on the Isle of Man was the Manx government's decision to create a registry for cryptocurrency businesses using blockchain itself. Together with blockchain startup Pythia, Manx government officials plan to create a database powered by blockchain in which all of the island's cryptocurrency firms will be registered. The decision will make the Isle of Man the first country to use blockchain in order to maintain official data. See more from Benzinga September Rate Hike: Will They Or Won't They? Betting On More Than The Game During Football Season McDonald's Goes Cage Free In Latest Attempt To Turn Image Around © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || The Isle Of Man Could Become Most Bitcoin-Friendly Place On Earth: Bitcoin has struggled to make its way into mainstream use for years as merchants, government officials and consumers all worry about security and longevity when it comes to cryptocurrencies.
One way the bitcoin community has been working to make the currency more approachable has been through regulation, though many claim that strict laws governing bitcoin use could take away from the decentralized nature of digital currencies. However, some governments are embracing bitcoin as a revolutionary new technology and working together with the industry to create laws that will promote usage while still allowing the currency to expand. This is especially true in the Isle of Man, which could soon become the most bitcoin-friendly place on earth.
Related Link:Did Barclays Start The Bitcoin Bull Run?
Working Together
The Manx government has beenworking to supportthe bitcoin industry for years. Recently, government officials agreed to amend the island's laws to include bitcoin businesses. By creating transparent laws that cryptocurrency startups must adhere to, the government is hoping that more people will become comfortable using digital currencies.
The straightforward laws protect against money laundering and criminal activity, and give new businesses a blueprint to follow in order to adhere to the region's regulations. Regulators, cryptocurrency industry leaders and government officials have promised to keep an open dialogue regarding the laws in order to ensure that they keep pace with the fast changing fintech landscape.
Blockchain Registry
Perhaps the most surprising step toward bitcoin acceptance on the Isle of Man was the Manx government's decision tocreate a registryfor cryptocurrency businesses using blockchain itself. Together with blockchain startup Pythia, Manx government officials plan to create a database powered by blockchain in which all of the island's cryptocurrency firms will be registered. The decision will make the Isle of Man the first country to use blockchain in order to maintain official data.
See more from Benzinga
• September Rate Hike: Will They Or Won't They?
• Betting On More Than The Game During Football Season
• McDonald's Goes Cage Free In Latest Attempt To Turn Image Around
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Your first look for Friday: The "Fast Money" traders revealed what's on their watch list.
Dan Nathan was watching the Nikkei 225(Nihon Kenzai Shinbun: .N225).
Steve Grasso had theiShares Nasdaq Biotechnology ETF(IBB)on his radar.
Brian Kelly was looking at the iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT).
Guy Adami had his eye on the CBOE Crude Volatility Index(^OVX).
Trader disclosure: On September 10, 2015 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Dan Nathan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG. Steve Grass is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, WYNN, AMZN His kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Yen, Yuan, US Treasuries. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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• Personal Finance || Your first look for Friday: The " Fast Money " traders revealed what's on their watch list. Dan Nathan was watching the Nikkei 225 (Nihon Kenzai Shinbun: .N225) . Steve Grasso had theiShares Nasdaq Biotechnology ETF ( IBB ) on his radar. Brian Kelly was looking at the iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) . Guy Adami had his eye on the CBOE Crude Volatility Index ( ^OVX ) . Trader disclosure: On September 10, 2015 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long QQQ Oct put spread, XBI sept put spread, TWTR, PG. Steve Grass is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, WYNN, AMZN His kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Yen, Yuan, US Treasuries. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Betting On More Than The Game During Football Season: On Thursday, the New England Patriots will host the Pittsburgh Steelers for the 2015 NFL Kickoff Game. The game marks the beginning of the National Football League's regular season and despite several high-profile scandals, the league's sponsors are ready and willing to shell out millions to be a part of the 2015-2016 season. Sponsorship Up This year the league expects sponsorship revenue to rise to over $1.3 billion; around a 15 percent increase. That figure is supported by the NFL's largest sponsors Verizon Communications Inc. (NYSE: VZ ), which spends around $250 million, PepsiCo (NYSE: PEP ) which shells out $200 million, and Anheuser-Busch InBev (NYSE: BUD ) and Microsoft Corporation (NASDAQ: MSFT ) which spend around $100 million each to be a part of the season. Who To Watch? While big investments mean more exposure to the masses of U.S. football fans, there are several other companies with their fingers in the football jar who stand to benefit. Under Armour Inc (NYSE: UA ) is expected to see a boost this year after the company expanded its sponsorship deal with the NFL to provide cleats and gloves on game days. Athletic apparel giant Nike Inc (NYSE: NKE ) will also benefit from this year's football season as the company has signed on to be the league's official jersey provider through 2019. Related Link: NFL, CBS Cater To Viewers Who Are Cutting The Cord As far as telecoms go, the NFL is likely to bring in big bucks for both Walt Disney Co (NYSE: DIS ) and CBS Corporation (NYSE: CBS ). Disney owns ESPN, a premium channel that sports fans around the US subscribe to. Despite a shift toward online streaming, many analysts believe that the channel will be able to continue attracting customers with favorite programs like "Monday Night Football" and new offerings that bridge the gap between online streaming and traditional cable CBS is also a big winner when it comes to football as the company holds the broadcasting rights for Super Bowl 50 in February. Earlier this year, the company said advertisers are willing to pay up to $5 million for a coveted 30-second spot during the big game, a major revenue booster for the telecom. Story continues NFL Struggles To Renew Its Image However, some investors are cautious ahead of this year's football season as the NFL has been the center of several controversies over the past few months. A survey by YouGov BrandIndex showed that the NFL's brand appeal fell to just 7 from a score of 17 last year. Much of that decline can be associated with accusations of unfair practices between top teams and negative press following players' personal problems. While the league hasn't shown any signs of slowing down in the wake of several controversial scandals, some believe that big brands associated with the NFL could suffer if the organization doesn't start to crack down on poor behavior. Image credit: Larry Maurer, Wikimedia See more from Benzinga McDonald's Goes Cage Free In Latest Attempt To Turn Image Around Colorado Prepares For Green Wednesday Wall Street Joins The Bitcoin Movement © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Betting On More Than The Game During Football Season: On Thursday, the New England Patriots will host the Pittsburgh Steelers for the 2015 NFL Kickoff Game. The game marks the beginning of the National Football League's regular season and despite several high-profile scandals, the league's sponsors are ready and willing to shell out millions to be a part of the 2015-2016 season.
Sponsorship Up
This year the league expectssponsorship revenueto rise to over $1.3 billion; around a 15 percent increase. That figure is supported by the NFL's largest sponsorsVerizon Communications Inc.(NYSE:VZ), which spends around $250 million,PepsiCo(NYSE:PEP) which shells out $200 million, andAnheuser-Busch InBev(NYSE:BUD) andMicrosoft Corporation(NASDAQ:MSFT) which spend around $100 million each to be a part of the season.
Who To Watch?
While big investments mean more exposure to the masses of U.S. football fans, there are several other companies with their fingers in the football jar who stand to benefit.Under Armour Inc(NYSE:UA) is expected to see a boost this year after the company expanded its sponsorship deal with the NFL to provide cleats and gloves on game days. Athletic apparel giantNike Inc(NYSE:NKE) will also benefit from this year's football season as the company hassigned onto be the league's official jersey provider through 2019.
Related Link:NFL, CBS Cater To Viewers Who Are Cutting The Cord
As far as telecoms go, the NFL is likely to bring in big bucks for bothWalt Disney Co(NYSE:DIS) andCBS Corporation(NYSE:CBS). Disney owns ESPN, a premium channel that sports fans around the US subscribe to. Despite a shift toward online streaming, many analysts believe that the channel will be able to continue attracting customers with favorite programs like "Monday Night Football" and new offerings that bridge the gap between online streaming and traditional cable
CBS is also a big winner when it comes to football as the company holds the broadcasting rights for Super Bowl 50 in February. Earlier this year, the company saidadvertisers are willingto pay up to $5 million for a coveted 30-second spot during the big game, a major revenue booster for the telecom.
NFL Struggles To Renew Its Image
However, some investors are cautious ahead of this year's football season as the NFL has been the center of several controversies over the past few months. A survey by YouGov BrandIndex showed that the NFL's brand appeal fell to just 7 from a score of 17 last year. Much of that decline can be associated with accusations of unfair practices between top teams and negative press following players' personal problems.
While the league hasn't shown any signs of slowing down in the wake of several controversial scandals, some believe that big brands associated with the NFL could suffer if the organization doesn't start to crack down on poor behavior.
Image credit: Larry Maurer, Wikimedia
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• McDonald's Goes Cage Free In Latest Attempt To Turn Image Around
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• Wall Street Joins The Bitcoin Movement
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Colorado Prepares For Green Wednesday: On Wednesday, September 16, Colorado's marijuana enthusiasts will enjoy a one-day tax holiday in which the state's 10 percent tax on cannabis products will be repealed. The prospect of buying tax-free pot has the state's drug users gearing up for a shopping spree and has prompted dispensaries to offer deep discounts reminiscent of traditional retailer's Black Friday deals. With the holiday just under a week away, Colorado's pot scene is already preparing. Tax Glitch Green Wednesday is the result of a loophole in the Colorado tax law which requires the state to refund some taxes if revenue exceeds estimates. Recreational pot is taxed at 10 percent in Colorado, but on September 16, that tax will be waived and shoppers will pay only the 2.9 percent sales tax that is applied to all goods bought within the state. Shoppers will have to pay any taxes applied by the local jurisdiction in which the retail marijuana is sold. Colorado also has a 15 percent state excise tax, which is applied to sales or transfers from a retail marijuana cultivaton. A discount on this tax will not be applied to shoppers. Related Link: Marijuana Posts A Major Win On The Campaign Trail The holiday will make an ounce of marijuana about $20 cheaper than normal and is expected to cause Colorado's government to lose out on $3 to $4 million worth of revenue. Huge Turnout Anticipated Dispensaries and pot-related businesses are expecting a huge turnout on Wednesday as consumers bulk up their supply or marijuana while the drug is cheap. To lure the crowds into their businesses, many are offering additional price cuts to celebrate the tax holiday. Colorado's oldest and largest dispensary, The Grass Station, will give customers who enter the store before 9:16 a.m. ET a 50 percent discount on their entire purchase and will offer a 10 percent discount for the remainder of the day. See more from Benzinga Wall Street Joins The Bitcoin Movement Investors Look To China For Bargain Buys Phone Carriers Hoping To Profit From New iPhone © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Colorado Prepares For Green Wednesday: On Wednesday, September 16, Colorado's marijuana enthusiasts will enjoy a one-daytax holidayin which the state's 10 percent tax on cannabis products will be repealed.
The prospect of buying tax-free pot has the state's drug users gearing up for a shopping spree and has prompted dispensaries to offer deep discounts reminiscent of traditional retailer's Black Friday deals. With the holiday just under a week away, Colorado's pot scene is already preparing.
Tax Glitch
Green Wednesday is the result of a loophole in the Colorado tax law which requires the state to refund some taxes if revenue exceeds estimates. Recreational pot is taxed at 10 percent in Colorado, but on September 16, that tax will be waived and shoppers will pay only the 2.9 percent sales tax that is applied to all goods bought within the state. Shoppers will have to pay any taxes applied by the local jurisdiction in which the retail marijuana is sold.
Colorado also has a 15 percent state excise tax, which is applied to sales or transfers from a retail marijuana cultivaton. A discount on this tax will not be applied to shoppers.
Related Link:Marijuana Posts A Major Win On The Campaign Trail
The holiday will make an ounce of marijuana about $20 cheaper than normal and is expected to cause Colorado's government to lose out on $3 to $4 million worth of revenue.
Huge Turnout Anticipated
Dispensaries and pot-related businesses are expecting a huge turnout on Wednesday as consumers bulk up their supply or marijuana while the drug is cheap. To lure the crowds into their businesses, many are offering additional price cuts to celebrate the tax holiday.
Colorado's oldest and largest dispensary, The Grass Station, will give customers who enter the store before 9:16 a.m. ET a 50 percent discount on their entire purchase and will offer a 10 percent discount for the remainder of the day.
See more from Benzinga
• Wall Street Joins The Bitcoin Movement
• Investors Look To China For Bargain Buys
• Phone Carriers Hoping To Profit From New iPhone
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Look To China For Bargain Buys: August was a messy month for Chinese share markets, but many believe that Beijing's plans to modernize financial markets and shift toward a consumer-focused economy will be enough to turn things around in the future. For that reason, some investors are picking through the Chinese market's rubble andlooking for bargain buys.
Who Stands To Gain
While commodities are still considered too risky, investors are turning to promising sectors like insurance and consumer goods which are expected to weather the economic storm.China Taiping Insurance Holdings Co.(OTC:CTIHY) lost 35 percent following the yuan's devaluation, but the company's growth in recent years suggests that its financials are solid. Firms like liquor retailer Kweichow Moutia Co., maintain high profit margins, but the recent crash has stripped more than 20 percent from their share values.
Related Link:Why China Isn't Killing Alibaba
Location, Location, Location
Many investors are looking to blue chip stocks traded on American exchanges but headquartered in China for a good deal.
China Mobile(NYSE:CHL), has long been considered a good buy as the company's position as China's largest network provider and its partnership withApple Inc.(NASDAQ:AAPL) have given it a leg up over other telecoms. However, the company's shares have fallen 8.5 percent over the past month as uncertainty in China persists.
Worth The Risk?
While investing in China now could be a profitable decision, many are still wary of taking positions at such an uncertain crossroads. While Chinese officials have promised to make the nation's markets more approachable to Western investors, their tactics to restore balance to share markets have been questionable.
Limits on buying and selling coupled with government led efforts to inflate prices have made China's share markets arisky bet for outsiders.
Others worry that the nation's economy is doomed to continue declining despite lawmakers' best efforts, something that would weigh on even the country's strongest firms.
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• Phone Carriers Hoping To Profit From New iPhone
• AXA Interested In Bitcoin's Potential
• IBM Uses Tennis To Demonstrate Its Dominance In Data
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Look To China For Bargain Buys: August was a messy month for Chinese share markets, but many believe that Beijing's plans to modernize financial markets and shift toward a consumer-focused economy will be enough to turn things around in the future. For that reason, some investors are picking through the Chinese market's rubble and looking for bargain buys . Who Stands To Gain While commodities are still considered too risky, investors are turning to promising sectors like insurance and consumer goods which are expected to weather the economic storm. China Taiping Insurance Holdings Co. (OTC: CTIHY ) lost 35 percent following the yuan's devaluation, but the company's growth in recent years suggests that its financials are solid. Firms like liquor retailer Kweichow Moutia Co., maintain high profit margins, but the recent crash has stripped more than 20 percent from their share values. Related Link: Why China Isn't Killing Alibaba Location, Location, Location Many investors are looking to blue chip stocks traded on American exchanges but headquartered in China for a good deal. China Mobile (NYSE: CHL ), has long been considered a good buy as the company's position as China's largest network provider and its partnership with Apple Inc. (NASDAQ: AAPL ) have given it a leg up over other telecoms. However, the company's shares have fallen 8.5 percent over the past month as uncertainty in China persists. Worth The Risk? While investing in China now could be a profitable decision, many are still wary of taking positions at such an uncertain crossroads. While Chinese officials have promised to make the nation's markets more approachable to Western investors, their tactics to restore balance to share markets have been questionable. Limits on buying and selling coupled with government led efforts to inflate prices have made China's share markets a risky bet for outsiders . Others worry that the nation's economy is doomed to continue declining despite lawmakers' best efforts, something that would weigh on even the country's strongest firms. Story continues See more from Benzinga Phone Carriers Hoping To Profit From New iPhone AXA Interested In Bitcoin's Potential IBM Uses Tennis To Demonstrate Its Dominance In Data © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Phone Carriers Hoping To Profit From New iPhone: WithApple Inc.(NASDAQ:AAPL) expected to unveil its latest iPhone model on Wednesday, many are already beginning to speculate as to how the new handset will be received by customers. However, it isn't just Apple that will benefit from the highly anticipated phone.
Carriers likeAT&T Inc.(NYSE:ATT) andSprint Corp(NYSE:S) are also expected to receive a boost as customers look to upgrade their phones by switching providers or signing on for a new plan.
New Ways To Pay
While a new iPhone used to set U.S. customers back by about $200, the new iPhone is expected to be heavily marketed forinstallment and leasing plans. By offering customers the potential to upgrade their phone without a large initial investment, U.S. carriers are hoping to attract more customers. A price war between companies like AT&T,T-Mobile US Inc(NYSE:TMUS),Verizon Communications Inc(NYSE:VZ) and Sprint has made it increasingly difficult for companies to get, and keep customers.
Related Link:The iPhone Generates More Revenue Than Google, eBay And Facebook Combined
Getting A Phone
The new iPhone is expected to be a big hit for companies like Sprint and T-Mobile which are offering leasing plans. For between $22 and $27 per month, customers can lease a new iPhone for two years. The deal means that they can upgrade to the latest and greatest smartphone more often, something that has appealed to many in the rapidly changing tech space. Others like Sprint are calling for customers to switch providers by offering the phone for $200 when signing up for a new contract.
All of the U.S.' big name carriers allow users to upgrade to the new phone by paying in monthly installments until the cost of the device has been paid off.
Biggest Winners
While the big name carriers are all offering some sort of deal that includes a shiny new iPhone, many analysts believe that the biggest winners from the new iPhone release will be Sprint and T-Mobile because they are offering leasing plans. The leasing option is a relatively new offering that Sprint rolled out when the iPhone 6 came out.
The idea of getting a new phone every two years and avoiding a huge initial investment has appealed to U.S. consumers and could become even more popular once the iPhone arrives.
See more from Benzinga
• Apple Aims To Read Your Mind
• Is Europe The New Home For Bitcoin?
• iBusiness, iPrograms: Apple Stretches Its Legs
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Phone Carriers Hoping To Profit From New iPhone: With Apple Inc. (NASDAQ: AAPL ) expected to unveil its latest iPhone model on Wednesday, many are already beginning to speculate as to how the new handset will be received by customers. However, it isn't just Apple that will benefit from the highly anticipated phone. Carriers like AT&T Inc. (NYSE: ATT ) and Sprint Corp (NYSE: S ) are also expected to receive a boost as customers look to upgrade their phones by switching providers or signing on for a new plan. New Ways To Pay While a new iPhone used to set U.S. customers back by about $200, the new iPhone is expected to be heavily marketed for installment and leasing plans . By offering customers the potential to upgrade their phone without a large initial investment, U.S. carriers are hoping to attract more customers. A price war between companies like AT&T, T-Mobile US Inc (NYSE: TMUS ), Verizon Communications Inc (NYSE: VZ ) and Sprint has made it increasingly difficult for companies to get, and keep customers. Related Link: The iPhone Generates More Revenue Than Google, eBay And Facebook Combined Getting A Phone The new iPhone is expected to be a big hit for companies like Sprint and T-Mobile which are offering leasing plans. For between $22 and $27 per month, customers can lease a new iPhone for two years. The deal means that they can upgrade to the latest and greatest smartphone more often, something that has appealed to many in the rapidly changing tech space. Others like Sprint are calling for customers to switch providers by offering the phone for $200 when signing up for a new contract. All of the U.S.' big name carriers allow users to upgrade to the new phone by paying in monthly installments until the cost of the device has been paid off. Biggest Winners While the big name carriers are all offering some sort of deal that includes a shiny new iPhone, many analysts believe that the biggest winners from the new iPhone release will be Sprint and T-Mobile because they are offering leasing plans. The leasing option is a relatively new offering that Sprint rolled out when the iPhone 6 came out. Story continues The idea of getting a new phone every two years and avoiding a huge initial investment has appealed to U.S. consumers and could become even more popular once the iPhone arrives. See more from Benzinga Apple Aims To Read Your Mind Is Europe The New Home For Bitcoin? iBusiness, iPrograms: Apple Stretches Its Legs © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market.
The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, butcommentsfrom AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market.
Worldwide Payments
One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services likeThe Western Union Company(NYSE:WU), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home.
Related Link:Did Barclays Start The Bitcoin Bull Run?
AXA In Talks
AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future.
Other Uses
Much likeBarclays(NYSE:BCS) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space.
Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance.
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• WeedLife Steps Up To Fill Marijuana Advertising Gap
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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market.
The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, butcommentsfrom AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market.
Worldwide Payments
One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services likeThe Western Union Company(NYSE:WU), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home.
Related Link:Did Barclays Start The Bitcoin Bull Run?
AXA In Talks
AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future.
Other Uses
Much likeBarclays(NYSE:BCS) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space.
Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance.
See more from Benzinga
• IBM Uses Tennis To Demonstrate Its Dominance In Data
• WeedLife Steps Up To Fill Marijuana Advertising Gap
• As Consumers Get Smarter, So Do Barcodes
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market. The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, but comments from AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market. Worldwide Payments One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services like The Western Union Company (NYSE: WU ), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home. Related Link: Did Barclays Start The Bitcoin Bull Run? AXA In Talks AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future. Other Uses Much like Barclays (NYSE: BCS ) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space. Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance. See more from Benzinga IBM Uses Tennis To Demonstrate Its Dominance In Data WeedLife Steps Up To Fill Marijuana Advertising Gap As Consumers Get Smarter, So Do Barcodes © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || WeedLife Steps Up To Fill Marijuana Advertising Gap: The marijuana industry has grown exponentially over the past decade as more and more states legalize the drug for both medicinal and recreational use. However, cannabis-based firms are extremely limited when it comes to getting their names out there as state and federal laws prohibit most forms of advertising. Companies like Google Inc (NASDAQ: GOOG ) and Yahoo! Inc. (NASDAQ: YHOO ) are reluctant to engage with marijuana-related firms, leaving very few options for a pot company trying to get noticed. Advertising regulations for marijuana firms are stricter than that of tobacco and alcohol, making it difficult for dispensaries to reach their target audiences. Related Link: Surprised? Marijuana Use On The Rise At College Campuses Working Together The WeedLife Network is hoping to fill that gap by opening its network to allow legal marijuana advertising. WeedLife Network is a collection of over 40 different websites and apps for marijuana businesses and consumers that generates over 4.5 million page views each month. The company hopes that by expanding its network to include marijuana-based advertisers, it will help propel the industry further by giving cannabis startups the tools they need to reach their customers. The Google Of Marijuana WeedLife Network co-founder Shawn Tapp said he hopes this new offering will draw in new businesses who are struggling to gain exposure. Tapp said that WeedLife will "aim to be the industry's replacement for Google's AdWords." The network will give businesses an easy way to reach their target audience as it already encompasses businesses and consumers interested in the marijuana industry. See more from Benzinga Apple Aims To Read Your Mind Is Europe The New Home For Bitcoin? U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || WeedLife Steps Up To Fill Marijuana Advertising Gap: The marijuana industry has grown exponentially over the past decade as more and more states legalize the drug for both medicinal and recreational use. However, cannabis-based firms are extremely limited when it comes to getting their names out there as state and federal laws prohibit most forms of advertising.
Companies likeGoogle Inc(NASDAQ:GOOG) andYahoo! Inc.(NASDAQ:YHOO) are reluctant to engage with marijuana-related firms, leaving very few options for a pot company trying to get noticed. Advertising regulations for marijuana firms are stricter than that of tobacco and alcohol, making it difficult for dispensaries to reach their target audiences.
Related Link:Surprised? Marijuana Use On The Rise At College Campuses
Working Together
TheWeedLife Networkis hoping to fill that gap by opening its network to allow legal marijuana advertising. WeedLife Network is a collection of over 40 different websites and apps for marijuana businesses and consumers that generates over 4.5 million page views each month.
The company hopes that by expanding its network to include marijuana-based advertisers, it will help propel the industry further by giving cannabis startups the tools they need to reach their customers.
The Google Of Marijuana
WeedLife Network co-founder Shawn Tapp said he hopes this new offering will draw in new businesses who are struggling to gain exposure. Tapp said that WeedLife will "aim to be the industry's replacement for Google's AdWords." The network will give businesses an easy way to reach their target audience as it already encompasses businesses and consumers interested in the marijuana industry.
See more from Benzinga
• Apple Aims To Read Your Mind
• Is Europe The New Home For Bitcoin?
• U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 16 exchange pair(s), yielding profits ranging between $0.00 and $345.52 #bitcoin #btc || 1 #bitcoin = $3926.00 MXN | $234.64 USD #BitAPeso 1 USD = 16.73MXN http://www.bitapeso.com || Current price: 149.26£ $BTCGBP $btc #bitcoin 2015-09-15 16:00:04 BST || Bitcoin traded at $228.75 USD on BTC-e at 02:00 PM Pacific Time || Current price: 149.25£ $BTCGBP $btc #bitcoin 2015-09-15 15:00:03 BST || 1 #BTC (#Bitcoin) quotes:
$230.57/$230.60 #Bitstamp
$22...
|
229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58.
|
[Bitcoin Technical Analysis for 2019-01-22]
Volume: 5313623556, RSI (14-day): 43.34, 50-day EMA: 3951.93, 200-day EMA: 5451.45
[Wider Market Context]
Gold Price: 1282.50, Gold RSI: 57.54
Oil Price: 52.57, Oil RSI: 55.75
[Recent News (last 7 days)]
Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Marcus Hughes, the United Kingdom lead counsel for major United States crypto exchange and wallet provider Coinbase, expects huge developments for Bitcoin ( BTC ) in the next two years. Hughes is confident about the European Union coming up with a more defined regulatory framework for crypto in 2019. After the regulations are in place, Hughes anticipates large investment banks to finally enter the scene. U.K.-based investor and entrepreneur Alistair Milne is confident that Bitcoin will break out of its lifetime high and sustain above it. He has based his opinion on the anticipated increase of the level of adoption of the leading cryptocurrency. Milne is certain that Bitcoin will survive for another 100 years. Similar to how prices tend to overshoot to the upside during a bull market, they also usually overshoot to the downside. Changpeng Zhao, the CEO of Binance , believes that a lot of development has taken place in the crypto space, implying that cryptocurrencies are currently undervalued. So should the traders start buying? Lets find out. BTC/USD Bitcoin ( BTC ) has been trading below the moving averages since Jan. 10. Attempts by the bulls to push the price higher have been met with selling at the moving averages. This is a bearish sign. The cryptocurrency hasnt been able to make a higher high and a higher low, a signal that we were watching out for. A set of higher highs and higher lows would indicate a probable change in trend. BTC If the bears force the price below $3,236.09, it will be a new lower low that would confirm the continuation of the downtrend. The first sign of a probable change in trend will be when the BTC/USD pair breaks out of the downtrend line and sustains above it. The recovery will gain strength if the bulls scale above $4,255. Until then, every rise to the resistance levels will be sold into. We might suggest long positions closer to $3,236.09 if the price rebounds sharply from the support, because that would indicate a strong demand at lower levels. Another probable trade can be taken on a breakout above $4,255. Until then, we suggest traders remain in a wait and see mode. XRP/USD Ripple ( XRP ) has been trading in a tight range since Jan. 11. This is unlikely to continue for long. We expect either a breakout or breakdown from this range within the next few days. Story continues XRP The downtrending moving averages and the RSI in the negative area suggest that sellers are at an advantage. If the bears force a breakdown below the range, the XRP/USD pair can drop to $0.27795. On the other hand, if the bulls push the price above the moving averages and the downtrend line, the digital currency can move up to $0.4. We suggest traders wait for a bullish pattern to form before jumping in to buy. ETH/USD Ethereum ( ETH ) plummeted below the immediate support of $116.3 on Jan. 20, but the bears could not sustain the lower levels. The bulls pulled back from the lows and closed (UTC time frame) above the support line. ETH If the ETH/USD pair fails to find buyers at higher levels and reverses direction, it can fall to $107.51, and if that support also breaks, a drop to $83 will be possible. The downtrending 20-day EMA, as well as the RSI in the negative territory confirm that the sellers have the upper hand in the short term. The digital currency will show strength if it breaks out of $134.5. It can then rally to $167.32, which is likely to act as a stiff resistance. BCH/USD Bitcoin Cash ( BCH ) has been trading in a tight range of $120$137.26 for the past 10 days. This shows that both the buyers and the sellers have stopped actively trading it. BCH If the bears push the price below $120, the BCH/USD pair can plunge further to $100, and below that a retest of the lows around $73.5 will be probable. The falling moving averages, and the RSI below 40 levels suggest that the sellers have the upper hand. Our bearish view will be invalidated if the cryptocurrency scales above both the moving averages and the $137.26 mark. We shall wait for a reliable buy setup to form before proposing a trade. EOS/USD EOS is currently range bound between $2.3093 and $3.2081. The bears are attempting to break down of the range, while the bulls are trying to defend it. EOS On Jan. 13 and 14, the EOS/USD pair bounced off the support of the range, but the bulls could not carry it above the 20-day EMA. This is a bearish sign. Any break of the immediate support of the range, and the $2.1733 mark, can result in a fall to $1.7746, and further to $1.55. Our bearish view will be invalidated if the cryptocurrency bounces off the support of the range and sustains above $2.5840. If that happens, a rally to the resistance of the range at $3.2081 will be possible. We might suggest long positions above $2.6. XLM/USD The bulls attempted to carry Stellar ( XLM ) higher on Jan. 19, but could not scale the 20-day EMA. Currently, the bears are attempting to break down of the immediate support at $0.10235190. XLM If they are successful, a drop to the yearly low of $0.09285498 will be probable. If this level breaks down, the XLM/USD pair will resume its downtrend. Both moving averages are sloping down, and the RSI is in the negative zone, which suggests that the bears have the upper hand. The first sign of a likely change in trend will be when the bulls succeed in pushing the price above the downtrend line of the symmetrical triangle. A confirmation of strength will be when the pair sustains above $0.13427050. We shall wait for a trend reversal before recommending a long position. LTC/USD The bears are not allowing Litecoin ( LTC ) to sustain above the 20-day EMA, while the bulls are not allowing the price to plummet below $29.349. LTC If the LTC/USD pair plunges below $29.349, it could slide further to $27.701, below which a fall to the yearly lows of $23.090 will be likely. The downtrend will resume if the price breaks down to new yearly lows. Conversely, if the bulls push the price above the 20-day EMA, the virtual currency could rally to $36.428, and beyond that to $40.784. The flat moving averages and the RSI close to 50 levels suggests a balance between the buyers and the sellers. The next move will happen when this balance tilts in favor of either of the parties. For now, the traders who own long positions can keep a stop loss at $27.5. TRX/USD Tron ( TRX ) has corrected to the 20-day EMA, which might act as a support. However, if the bears break below this support, a fall to $0.02113440, followed by a drop to the 50-day SMA will be probable. TRX The TRX/USD pair has been range bound since Aug. 8, 2018. Attempts to break out or break down of this range have been unsuccessful and the price always returned into the range. There are two possible trade opportunities. The traders can either buy closer to $0.0183 and expect the price to reach $0.02815521, or they can buy on a close (UTC time frame) above $0.02815521. The uptrending moving averages suggest that the bulls have the upper hand. We shall turn negative on the cryptocurrency if the price slumps and sustains below $0.0183. BSV/USD Bitcoin SV (BSV) is gradually giving up ground, which shows a lack of buying support at the current levels. If the price sustains below $74.022, a drop to the next support at $65.031 will be probable. BSV The 20-day EMA is gradually sloping down, and the RSI is in the negative territory. This shows that the bears have an advantage in the short term. If the BSV/USD pair breaks below $65.031, it will result in liquidation of long trades. The supports on the downside are at $57, and below that at $38.528. Our bearish view will be negated if the digital currency scales above both moving averages. We shall wait for the trend to turn positive before recommending any trades. ADA/USD Cardano ( ADA ) is currently trading inside an ascending channel. Usually, the price oscillates between the support and the resistance line of the channel. It reached the resistance line of the channel on Jan. 10, from where it turned down, and is now likely to fall down to the support line of the channel. ADA Having broken below the 20-day EMA, the ADA/USD pair might find support at the 50-day SMA. If this support breaks, the buyers might step in at the support line of the channel. Our expectation of a drop to the support line of the channel will be invalidated if the cryptocurrency turns around from the current levels and breaks out of the 20-day EMA. We couldnt find any reliable buy setups at the current levels. The flat moving averages, and the RSI close to the midpoint suggest a consolidation in the near term. Because of these factors, we remain neutral on the pair. The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView . Related Articles: Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14 Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 View comments || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Marcus Hughes, the United Kingdom lead counsel for major United States crypto exchange and wallet provider Coinbase, expects hugedevelopmentsfor Bitcoin (BTC) in the next two years.
Hughes is confident about the European Union coming up with a more defined regulatory framework for crypto in 2019. After the regulations are in place, Hughes anticipates large investment banks to finally enter the scene.
U.K.-based investor and entrepreneur Alistair Milne is confident that Bitcoin will break out of its lifetime high and sustain above it. He has based his opinion on the anticipated increase of the level of adoption of the leading cryptocurrency. Milne is certain that Bitcoin will survive for another100years.
Similar to how prices tend to overshoot to the upside during a bull market, they also usually overshoot to the downside. Changpeng Zhao, the CEO ofBinance, believes that a lot of development has taken place in the crypto space, implying that cryptocurrencies are currently undervalued.
So should the traders start buying? Let’s find out.
Bitcoin (BTC) has been trading below the moving averages since Jan. 10. Attempts by the bulls to push the price higher have been met with selling at the moving averages. This is a bearish sign.
The cryptocurrency hasn’t been able to make a higher high and a higher low, a signal that we were watching out for. A set of higher highs and higher lows would indicate a probable change in trend.
If the bears force the price below $3,236.09, it will be a new lower low that would confirm the continuation of the downtrend.
The first sign of a probable change in trend will be when theBTC/USDpair breaks out of the downtrend line and sustains above it. The recovery will gain strength if the bulls scale above $4,255. Until then, every rise to the resistance levels will be sold into.
We might suggest long positions closer to $3,236.09 if the price rebounds sharply from the support, because that would indicate a strong demand at lower levels. Another probable trade can be taken on a breakout above $4,255. Until then, we suggest traders remain in a wait and see mode.
Ripple (XRP) has been trading in a tight range since Jan. 11. This is unlikely to continue for long. We expect either a breakout or breakdown from this range within the next few days.
The downtrending moving averages and the RSI in the negative area suggest that sellers are at an advantage. If the bears force a breakdown below the range, theXRP/USDpair can drop to $0.27795.
On the other hand, if the bulls push the price above the moving averages and the downtrend line, the digital currency can move up to $0.4. We suggest traders wait for a bullish pattern to form before jumping in to buy.
Ethereum (ETH) plummeted below the immediate support of $116.3 on Jan. 20, but the bears could not sustain the lower levels. The bulls pulled back from the lows and closed (UTC time frame) above the support line.
If theETH/USDpair fails to find buyers at higher levels and reverses direction, it can fall to $107.51, and if that support also breaks, a drop to $83 will be possible. The downtrending 20-day EMA, as well as the RSI in the negative territory confirm that the sellers have the upper hand in the short term.
The digital currency will show strength if it breaks out of $134.5. It can then rally to $167.32, which is likely to act as a stiff resistance.
Bitcoin Cash (BCH) has been trading in a tight range of $120–$137.26 for the past 10 days. This shows that both the buyers and the sellers have stopped actively trading it.
If the bears push the price below $120, theBCH/USDpair can plunge further to $100, and below that a retest of the lows around $73.5 will be probable. The falling moving averages, and the RSI below 40 levels suggest that the sellers have the upper hand.
Our bearish view will be invalidated if the cryptocurrency scales above both the moving averages and the $137.26 mark. We shall wait for a reliable buy setup to form before proposing a trade.
EOSis currently range bound between $2.3093 and $3.2081. The bears are attempting to break down of the range, while the bulls are trying to defend it.
On Jan. 13 and 14, theEOS/USDpair bounced off the support of the range, but the bulls could not carry it above the 20-day EMA. This is a bearish sign. Any break of the immediate support of the range, and the $2.1733 mark, can result in a fall to $1.7746, and further to $1.55.
Our bearish view will be invalidated if the cryptocurrency bounces off the support of the range and sustains above $2.5840. If that happens, a rally to the resistance of the range at $3.2081 will be possible. We might suggest long positions above $2.6.
The bulls attempted to carry Stellar (XLM) higher on Jan. 19, but could not scale the 20-day EMA. Currently, the bears are attempting to break down of the immediate support at $0.10235190.
If they are successful, a drop to the yearly low of $0.09285498 will be probable. If this level breaks down, theXLM/USDpair will resume its downtrend. Both moving averages are sloping down, and the RSI is in the negative zone, which suggests that the bears have the upper hand.
The first sign of a likely change in trend will be when the bulls succeed in pushing the price above the downtrend line of the symmetrical triangle. A confirmation of strength will be when the pair sustains above $0.13427050. We shall wait for a trend reversal before recommending a long position.
The bears are not allowing Litecoin (LTC) to sustain above the 20-day EMA, while the bulls are not allowing the price to plummet below $29.349.
If theLTC/USDpair plunges below $29.349, it could slide further to $27.701, below which a fall to the yearly lows of $23.090 will be likely. The downtrend will resume if the price breaks down to new yearly lows.
Conversely, if the bulls push the price above the 20-day EMA, the virtual currency could rally to $36.428, and beyond that to $40.784. The flat moving averages and the RSI close to 50 levels suggests a balance between the buyers and the sellers.
The next move will happen when this balance tilts in favor of either of the parties. For now, the traders who own long positions can keep a stop loss at $27.5.
Tron (TRX) has corrected to the 20-day EMA, which might act as a support. However, if the bears break below this support, a fall to $0.02113440, followed by a drop to the 50-day SMA will be probable.
TheTRX/USDpair has been range bound since Aug. 8, 2018. Attempts to break out or break down of this range have been unsuccessful and the price always returned into the range.
There are two possible trade opportunities. The traders can either buy closer to $0.0183 and expect the price to reach $0.02815521, or they can buy on a close (UTC time frame) above $0.02815521.
The uptrending moving averages suggest that the bulls have the upper hand. We shall turn negative on the cryptocurrency if the price slumps and sustains below $0.0183.
Bitcoin SV (BSV) is gradually giving up ground, which shows a lack of buying support at the current levels. If the price sustains below $74.022, a drop to the next support at $65.031 will be probable.
The 20-day EMA is gradually sloping down, and the RSI is in the negative territory. This shows that the bears have an advantage in the short term. If theBSV/USDpair breaks below $65.031, it will result in liquidation of long trades. The supports on the downside are at $57, and below that at $38.528.
Our bearish view will be negated if the digital currency scales above both moving averages. We shall wait for the trend to turn positive before recommending any trades.
Cardano (ADA) is currently trading inside an ascending channel. Usually, the price oscillates between the support and the resistance line of the channel. It reached the resistance line of the channel on Jan. 10, from where it turned down, and is now likely to fall down to the support line of the channel.
Having broken below the 20-day EMA, theADA/USDpair might find support at the 50-day SMA. If this support breaks, the buyers might step in at the support line of the channel.
Our expectation of a drop to the support line of the channel will be invalidated if the cryptocurrency turns around from the current levels and breaks out of the 20-day EMA.
We couldn’t find any reliable buy setups at the current levels. The flat moving averages, and the RSI close to the midpoint suggest a consolidation in the near term. Because of these factors, we remain neutral on the pair.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Marcus Hughes, the United Kingdom lead counsel for major United States crypto exchange and wallet provider Coinbase, expects hugedevelopmentsfor Bitcoin (BTC) in the next two years.
Hughes is confident about the European Union coming up with a more defined regulatory framework for crypto in 2019. After the regulations are in place, Hughes anticipates large investment banks to finally enter the scene.
U.K.-based investor and entrepreneur Alistair Milne is confident that Bitcoin will break out of its lifetime high and sustain above it. He has based his opinion on the anticipated increase of the level of adoption of the leading cryptocurrency. Milne is certain that Bitcoin will survive for another100years.
Similar to how prices tend to overshoot to the upside during a bull market, they also usually overshoot to the downside. Changpeng Zhao, the CEO ofBinance, believes that a lot of development has taken place in the crypto space, implying that cryptocurrencies are currently undervalued.
So should the traders start buying? Let’s find out.
Bitcoin (BTC) has been trading below the moving averages since Jan. 10. Attempts by the bulls to push the price higher have been met with selling at the moving averages. This is a bearish sign.
The cryptocurrency hasn’t been able to make a higher high and a higher low, a signal that we were watching out for. A set of higher highs and higher lows would indicate a probable change in trend.
If the bears force the price below $3,236.09, it will be a new lower low that would confirm the continuation of the downtrend.
The first sign of a probable change in trend will be when theBTC/USDpair breaks out of the downtrend line and sustains above it. The recovery will gain strength if the bulls scale above $4,255. Until then, every rise to the resistance levels will be sold into.
We might suggest long positions closer to $3,236.09 if the price rebounds sharply from the support, because that would indicate a strong demand at lower levels. Another probable trade can be taken on a breakout above $4,255. Until then, we suggest traders remain in a wait and see mode.
Ripple (XRP) has been trading in a tight range since Jan. 11. This is unlikely to continue for long. We expect either a breakout or breakdown from this range within the next few days.
The downtrending moving averages and the RSI in the negative area suggest that sellers are at an advantage. If the bears force a breakdown below the range, theXRP/USDpair can drop to $0.27795.
On the other hand, if the bulls push the price above the moving averages and the downtrend line, the digital currency can move up to $0.4. We suggest traders wait for a bullish pattern to form before jumping in to buy.
Ethereum (ETH) plummeted below the immediate support of $116.3 on Jan. 20, but the bears could not sustain the lower levels. The bulls pulled back from the lows and closed (UTC time frame) above the support line.
If theETH/USDpair fails to find buyers at higher levels and reverses direction, it can fall to $107.51, and if that support also breaks, a drop to $83 will be possible. The downtrending 20-day EMA, as well as the RSI in the negative territory confirm that the sellers have the upper hand in the short term.
The digital currency will show strength if it breaks out of $134.5. It can then rally to $167.32, which is likely to act as a stiff resistance.
Bitcoin Cash (BCH) has been trading in a tight range of $120–$137.26 for the past 10 days. This shows that both the buyers and the sellers have stopped actively trading it.
If the bears push the price below $120, theBCH/USDpair can plunge further to $100, and below that a retest of the lows around $73.5 will be probable. The falling moving averages, and the RSI below 40 levels suggest that the sellers have the upper hand.
Our bearish view will be invalidated if the cryptocurrency scales above both the moving averages and the $137.26 mark. We shall wait for a reliable buy setup to form before proposing a trade.
EOSis currently range bound between $2.3093 and $3.2081. The bears are attempting to break down of the range, while the bulls are trying to defend it.
On Jan. 13 and 14, theEOS/USDpair bounced off the support of the range, but the bulls could not carry it above the 20-day EMA. This is a bearish sign. Any break of the immediate support of the range, and the $2.1733 mark, can result in a fall to $1.7746, and further to $1.55.
Our bearish view will be invalidated if the cryptocurrency bounces off the support of the range and sustains above $2.5840. If that happens, a rally to the resistance of the range at $3.2081 will be possible. We might suggest long positions above $2.6.
The bulls attempted to carry Stellar (XLM) higher on Jan. 19, but could not scale the 20-day EMA. Currently, the bears are attempting to break down of the immediate support at $0.10235190.
If they are successful, a drop to the yearly low of $0.09285498 will be probable. If this level breaks down, theXLM/USDpair will resume its downtrend. Both moving averages are sloping down, and the RSI is in the negative zone, which suggests that the bears have the upper hand.
The first sign of a likely change in trend will be when the bulls succeed in pushing the price above the downtrend line of the symmetrical triangle. A confirmation of strength will be when the pair sustains above $0.13427050. We shall wait for a trend reversal before recommending a long position.
The bears are not allowing Litecoin (LTC) to sustain above the 20-day EMA, while the bulls are not allowing the price to plummet below $29.349.
If theLTC/USDpair plunges below $29.349, it could slide further to $27.701, below which a fall to the yearly lows of $23.090 will be likely. The downtrend will resume if the price breaks down to new yearly lows.
Conversely, if the bulls push the price above the 20-day EMA, the virtual currency could rally to $36.428, and beyond that to $40.784. The flat moving averages and the RSI close to 50 levels suggests a balance between the buyers and the sellers.
The next move will happen when this balance tilts in favor of either of the parties. For now, the traders who own long positions can keep a stop loss at $27.5.
Tron (TRX) has corrected to the 20-day EMA, which might act as a support. However, if the bears break below this support, a fall to $0.02113440, followed by a drop to the 50-day SMA will be probable.
TheTRX/USDpair has been range bound since Aug. 8, 2018. Attempts to break out or break down of this range have been unsuccessful and the price always returned into the range.
There are two possible trade opportunities. The traders can either buy closer to $0.0183 and expect the price to reach $0.02815521, or they can buy on a close (UTC time frame) above $0.02815521.
The uptrending moving averages suggest that the bulls have the upper hand. We shall turn negative on the cryptocurrency if the price slumps and sustains below $0.0183.
Bitcoin SV (BSV) is gradually giving up ground, which shows a lack of buying support at the current levels. If the price sustains below $74.022, a drop to the next support at $65.031 will be probable.
The 20-day EMA is gradually sloping down, and the RSI is in the negative territory. This shows that the bears have an advantage in the short term. If theBSV/USDpair breaks below $65.031, it will result in liquidation of long trades. The supports on the downside are at $57, and below that at $38.528.
Our bearish view will be negated if the digital currency scales above both moving averages. We shall wait for the trend to turn positive before recommending any trades.
Cardano (ADA) is currently trading inside an ascending channel. Usually, the price oscillates between the support and the resistance line of the channel. It reached the resistance line of the channel on Jan. 10, from where it turned down, and is now likely to fall down to the support line of the channel.
Having broken below the 20-day EMA, theADA/USDpair might find support at the 50-day SMA. If this support breaks, the buyers might step in at the support line of the channel.
Our expectation of a drop to the support line of the channel will be invalidated if the cryptocurrency turns around from the current levels and breaks out of the 20-day EMA.
We couldn’t find any reliable buy setups at the current levels. The flat moving averages, and the RSI close to the midpoint suggest a consolidation in the near term. Because of these factors, we remain neutral on the pair.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14
• Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 9
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 || Living on Bitcoin Day 5: An In-Store Buy At Last (Spoiler: It’s Pot-Related): Living on Bitcoin Day 5: An In-Store Buy At Last (Spoiler: It’s Pot-Related) This is the fifth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 , on Day 2 , on Day 3 and on Day 4 . I woke up in a millionaire’s bed today, something I never thought I’d say because I ain’t gonna make a million bucks, and I always doubted I could’ve finagled my way into the bed of someone who had. Jeremy’s room is your prototypical festival bro living space: Bob Marley poster in one corner, jam band festival posters for Camp Bisco and Gathering of the Vibes (among other music festivals) tacked above a 50-inch, Toshiba plasma screen, which was leaning against the wall and propped up on the box it came in. A tangled cluster of conference passes (many speaker or VIP) hung from a back wall above the felt loveseat. Below one of the room’s three windows, there’s a bookcase sectioned off into six cubbies, which include Hunter S. Thompson, Michael Lewis, Truman Capote, and some self-help and econ/business books. Almost poetically, a book called Ego is the Enemy appropriately placed in a cubbie diagonally opposite to the one housing Tucker Max’s Assholes Finish First . On the third floor, I made the coffee I bought at Whole Foods, warmed one of the croissants and did some work. Over Slack, my colleague Aaron van Wirdum suggested I try a map called Bitcoin Map on the Google Play store to see if it had any bitcoin-accepting places listed that I could be missing. I pulled it up, browsed some places I had previously tried but knew no longer did. Then, I glanced at Haight-Ashbury on the map one last time and noticed a smoke shop and one-time hookah lounge that accepted bitcoin. On the off chance, I called them up. “Do you guys still accept bitcoin?” “Yes, we do.” “Seriously?!” “Yes.” Exuberant, I let a triumphant expletive slip and thanked the woman, assuring her that I would be by later that day. It would be a smoke shop that becomes the first place where I can spend some bitcoin, I thought to myself. Story continues With that victory, my spirits were lifted and I began to make preparations for my day. Needing to get more credit for Uber, I tried out Gyft, a gift card purchasing platform that made Hill’s second run at this in 2014 so much easier. Vinny Lingham started it, and the platform accepts other forms of payment than just bitcoin. I couldn’t use it though. I tried to buy an Uber gift card, but my Samourai wallet wouldn’t accept the BitPay QR as valid (which, given Samourai’s general crypto maximalism, made sense and also seemed to sum up the difficulties of the experiment to that point). I opted for Bitrefill again. Then I started doing some research on Kraken and Coinbase’s locations in San Francisco. According to Google, they have the same office address, which I found odd. Putting the address into my Uber app, I decided to make my way to the heart of San Francisco’s Financial District to see if I could pester my way into either or both offices. “Just show up and ask to talk to people,” Hill’s advice echoed in my head. The addresses I got on Google led me to a mailing address, but then a bit of sleuthing got me addresses (supposedly) of the actual offices for both Kraken and Coinbase. Kraken’s, though, turned out to be a FedEx, which led me to think that my informant was screwing with me or that Kraken had registered that address intentionally so as to not be bothered. Coinbase’s office was right, so I cut the informant some slack. I secured a receptionist’s number from the security desk in the lobby but didn’t really have time to make an appointment for later. This wasn’t 2013 anymore: I couldn’t just drop in on their three employees in an apartment office anymore. This was 2019 and Coinbase had become a unicorn with more than 500 employees and six offices in three countries. The rain was light but steady when I was searching for Kraken and Coinbase’s offices, but it would come down progressively harder the longer I walked. I passed a Target on my route in which I could have bought an umbrella (Paxful and Gyft have Target cards), and it highlighted a problem with banking on bitcoin through gift cards. You have to preplan your purchases, or else you have to stop, connect to wifi, and use an exchange that takes bitcoin to buy new cards before you can redeem them. It seems obvious, but it’s not as seamless as cash, debit or credit. Even so, there aren’t so many hoops to jump through — just enough to make doing so outside in the rain an inconvenience. My denim jacket was thoroughly soaked, so I stopped inside a Starbucks and ordered a coffee with a Starbucks gift card I bought on Paxful. I ordered a seasonal latte, basic white boy that I am, but I had the barista only pump about a third of the usual flavor shots into it because I don’t like drinking syrup. While downtown, I visited Quantstamp’s offices, as Christian had set me up with a buddy of his who worked there, Jared let me in and we talked crypto. He mentioned a bubble tea cafe nearby that used to accept crypto, but it proved to be yet another red herring, making me worry that maybe the smoke shop on Haight might not either. Ubering back to the castle, I sent some additional funds to my Samourai wallet ahead of my trip to the shop. Rachel wanted to come along, partly I think for the fun of it but also because she was fiending for some Juul pods and was banking on my generosity to secure her some. We reached the smoke shop shortly before close as one employee was busy allocating merch to a back closet. It was what you expected from a smoke shop: pieces, bongs and actual tobacco pipes in various sizes and in a motley of translucent, glass-infused colors. They sell smokes and vaping supplies too, but no Juuls or Juul pods (to Rachel’s great dismay). Approaching the counter, I try to confirm what I’d been told over the phone. “Y’all take bitcoin, right?” “Bitcoin? Yes, I think,” said the middle-aged, Asian woman, hesitantly. “We used to at least. Ask him,” she says, pointing to the man stacking the backroom with inventory. Her husband, a middle-aged, white guy with glasses, a mariner’s cap and close-shaven beard, who looks like he might read communist theory and know his way around a VPN, dashed my bitcoin-spending hopes with his answer. “I don’t think so. Honey, do we still have the payment processor?” he asked. They didn’t. Snapcard , which may have very well been the same defunct-processor that Woot Bear used, was no longer in service, so they stopped taking it some time ago. They had originally decided to start accepting bitcoin in 2013-2014 when it was “cool” to do so, and the husband was kicking himself for not doing it sooner. “People would want to come in and buy rolling papers and we didn’t want to take it, which was stupid,” he chuckled. I asked if they still had a Coinbase account to which I could send bitcoin, but the wife said that her son held the account and they didn’t know how to use it. After a few more failed attempts at trying to find a solution, I gave up, thanked them and left the shop. As I left, I was convinced there was some grand conspiracy to keep me from spending bitcoin, until the woman peeked her head out of the shop to beckon us back. “I think we figured it out,” she said. Eager and a bit antsy, I leaned over the counter to observe her Coinbase app while I tried for the items I had picked out (a glass piece that’s totally not for me and white sage for the castle). As it turned out, they weren’t verified with Coinbase, so they could only buy/sell on Coinbase and not send/receive. This annoyed me: Why do one when you can’t do the other? “It’s ok,” I said, resigned at this point. But the woman insisted. She was nice enough to let me just scan the QR code for her son’s wallet, and she even gave me a five buck discount on the piece. Effusive, I thanked them and asked for their names, which they prefered I not publish here. Apparently, San Francisco is not too friendly to tobacco shops. “The city is trying to annex the smoke shops,” the husband told me. That coupled with the stigma of bitcoin and the illicit drug market’s symbiotic dependence on the dark web (and the fact that the business is basically a head shop) made them wary enough of potentially damaging publicity. The fact that the transaction almost happened then didn’t, only to almost not happen and then succeed was representative of how the experiment has been panning out so far. The bitcoin PoS was makeshift, but it finally happened, and I was happy enough to finally get the first IRL transaction out of the way, even if it came on day five. It was also directly peer-to-peer — no middleman payment processor involved, which I liked. Finally, something to write home about. Returning to the castle, I would spend the rest of the night fraternizing with the residents who were quickly becoming acquaintances and friends. They all had their own goals and projects, and the interactions in my short time with them will be worth a story one day. There’s Rachel, who’s known Jeremy since 2015; Liz, the Queen of the Castle (obviously); Michael, a laid back relations or community manager who “kinda does crypto but not really;” Orest and Aymard, who work at Ausum Ventures with Jeremy; Teddy and Hans, who are building a blockchain query database for legal documents; Vivian, the VP of the same self-driving car startup, comma.ai, that used to reside in the castle’s basement; and a prodigious, 18-year-old developer-entrepreneur who runs his own AI financial consultation startup and whom Jeremy referred to once as his “protégé.” “So, are you like the wunderkind developer prodigy of the house?” I asked him. “Pretty much. But it’s not just that.” “What, like you’re also the wunderkind entrepreneurial prodigy?” “Something like that,” he responded with a smile and honest innocence. He told me he would rather not be identified in the article because the banks and other businesses he works with don’t know that he’s still a kid, he confessed. That he had operated so long without them finding out was astounding to me. The Prodigy began his company when he was a freshman in high school. No, not college (he never took that road), high school . In the company’s early stages, he decided to go all in on his vision. “So I pretty much left high school.” No diploma or degree to speak of, he moved to San Francisco when he was 15. In what would have been his sophomore year, he was focused on driving business growth while his peers were testing for learner’s permits. An early investor in Ethereum and a sometimes crypto-head, he met Jeremy at a crypto castle party in 2017, and Jeremy would take him under his wing and offer him a home. Now he works out of the community surrounded by the advice and the tutelage of the castle’s residents, who, while still young entrepreneurs themselves, have plenty of experience and tips to impart to the kid. I highlighted The Prodigy here because or his age and precociousness but also because the whiz-tech kid who eschews education in favor of just doing makes for a pretty good story. Realistically, I could have profiled some of the other residents and their endeavors as well (for instance, I plan on doing an article on some of the innovative, impactful startups Ausum Ventures has invested in). But The Prodigy particularly personified the house’s ethos: driven, focused, entrepreneurial and hardworking. “Do you do drugs or drink?” I asked him. “No. Never.” “Good. Don’t,” I advised him. Truth is, considering the portrait of the millionaire party boy that has been painted of Jeremy in the past, the castle was nothing like that. It wasn’t like the mainstream coverage would imply: no end-to-end daily benders or booze-infused ragers. I don’t think anyone even touched a drink while I was there. Everyone was busy working. As Rachel would tell me, “No one drinks here. They all have shit to do.” Colin's adventures continue...find out what happens on Day 6 here. As Kashmir Hill did in her original journey, Colin is accepting BTC tips to help him along the way. Tip jar: 3CnLhqitCjUN4HPYf6Qa2MmvCpSoBiFfBN This article originally appeared on Bitcoin Magazine . || Living on Bitcoin Day 5: An In-Store Buy At Last (Spoiler: It’s Pot-Related): This is the fifth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier onDay 1,onDay 2,onDay 3and onDay 4.
I woke up in a millionaire’s bed today, something I never thought I’d say because I ain’t gonna make a million bucks, and I always doubted I could’ve finagled my way into the bed of someone who had.
Jeremy’s room is your prototypical festival bro living space: Bob Marley poster in one corner, jam band festival posters for Camp Bisco and Gathering of the Vibes (among other music festivals) tacked above a 50-inch, Toshiba plasma screen, which was leaning against the wall and propped up on the box it came in. A tangled cluster of conference passes (many speaker or VIP) hung from a back wall above the felt loveseat.
Below one of the room’s three windows, there’s a bookcase sectioned off into six cubbies, which include Hunter S. Thompson, Michael Lewis, Truman Capote, and some self-help and econ/business books. Almost poetically, a book calledEgo is the Enemyappropriately placed in a cubbie diagonally opposite to the one housing Tucker Max’sAssholes Finish First.
On the third floor, I made the coffee I bought at Whole Foods, warmed one of the croissants and did some work.
Over Slack, my colleague Aaron van Wirdum suggested I try a map called Bitcoin Map on the Google Play store to see if it had any bitcoin-accepting places listed that I could be missing. I pulled it up, browsed some places I had previously tried but knew no longer did. Then, I glanced at Haight-Ashbury on the map one last time and noticed a smoke shop and one-time hookah lounge that accepted bitcoin.
On the off chance, I called them up.
“Do you guys still accept bitcoin?”
“Yes, we do.”
“Seriously?!”
“Yes.”
Exuberant, I let a triumphant expletive slip and thanked the woman, assuring her that I would be by later that day.
Itwouldbe a smoke shop that becomes the first place where I can spend some bitcoin,I thought to myself.
With that victory, my spirits were lifted and I began to make preparations for my day. Needing to get more credit for Uber, I tried out Gyft, a gift card purchasing platform that made Hill’s second run at this in 2014 so much easier. Vinny Lingham started it, and the platform accepts other forms of payment than just bitcoin.
I couldn’t use it though. I tried to buy an Uber gift card, but my Samourai wallet wouldn’t accept the BitPay QR as valid (which, given Samourai’s general crypto maximalism, made sense and also seemed to sum up the difficulties of the experiment to that point). I opted for Bitrefill again.
Then I started doing some research on Kraken and Coinbase’s locations in San Francisco. According to Google, they have the same office address, which I found odd.
Putting the address into my Uber app, I decided to make my way to the heart of San Francisco’s Financial District to see if I could pester my way into either or both offices. “Just show up and ask to talk to people,” Hill’s advice echoed in my head.
The addresses I got on Google led me to a mailing address, but then a bit of sleuthing got me addresses (supposedly) of the actual offices for both Kraken and Coinbase. Kraken’s, though, turned out to be a FedEx, which led me to think that my informant was screwing with me or that Kraken had registered that address intentionally so as to not be bothered.
Coinbase’s office was right, so I cut the informant some slack. I secured a receptionist’s number from the security desk in the lobby but didn’t really have time to make an appointment for later. This wasn’t 2013 anymore: I couldn’t just drop in on their three employees in an apartment office anymore. This was 2019 and Coinbase had become a unicorn with more than 500 employees and six offices in three countries.
The rain was light but steady when I was searching for Kraken and Coinbase’s offices, but it would come down progressively harder the longer I walked. I passed a Target on my route in which I could have bought an umbrella (Paxful and Gyft have Target cards), and it highlighted a problem with banking on bitcoin through gift cards. You have to preplan your purchases, or else you have to stop, connect to wifi, and use an exchange that takes bitcoin to buy new cards before you can redeem them.
It seems obvious, but it’s not as seamless as cash, debit or credit. Even so, there aren’t so many hoops to jump through — just enough to make doing so outside in the rain an inconvenience.
My denim jacket was thoroughly soaked, so I stopped inside a Starbucks and ordered a coffee with a Starbucks gift card I bought on Paxful. I ordered a seasonal latte, basic white boy that I am, but I had the barista only pump about a third of the usual flavor shots into it because I don’t like drinking syrup.
While downtown, I visited Quantstamp’s offices, as Christian had set me up with a buddy of his who worked there, Jared let me in and we talked crypto. He mentioned a bubble tea cafe nearby that used to accept crypto, but it proved to be yet another red herring, making me worry that maybe the smoke shop on Haight might not either.
Ubering back to the castle, I sent some additional funds to my Samourai wallet ahead of my trip to the shop. Rachel wanted to come along, partly I think for the fun of it but also because she was fiending for some Juul pods and was banking on my generosity to secure her some.
We reached the smoke shop shortly before close as one employee was busy allocating merch to a back closet. It was what you expected from a smoke shop: pieces, bongs andactualtobacco pipes in various sizes and in a motley of translucent, glass-infused colors. They sell smokes and vaping supplies too, but no Juuls or Juul pods (to Rachel’s great dismay).
Approaching the counter, I try to confirm what I’d been told over the phone.
“Y’all take bitcoin, right?”
“Bitcoin? Yes, I think,” said the middle-aged, Asian woman, hesitantly. “We used to at least. Ask him,” she says, pointing to the man stacking the backroom with inventory.
Her husband, a middle-aged, white guy with glasses, a mariner’s cap and close-shaven beard, who looks like he might read communist theory and know his way around a VPN, dashed my bitcoin-spending hopes with his answer.
“I don’t think so. Honey, do we still have the payment processor?” he asked.
They didn’t.Snapcard, which may have very well been the same defunct-processor that Woot Bear used, was no longer in service, so they stopped taking it some time ago. They had originally decided to start accepting bitcoin in 2013-2014 when it was “cool” to do so, and the husband was kicking himself for not doing it sooner.
“People would want to come in and buy rolling papers and we didn’t want to take it, which was stupid,” he chuckled.
I asked if they still had a Coinbase account to which I could send bitcoin, but the wife said that her son held the account and they didn’t know how to use it. After a few more failed attempts at trying to find a solution, I gave up, thanked them and left the shop.
As I left, I was convinced there was some grand conspiracy to keep me from spending bitcoin, until the woman peeked her head out of the shop to beckon us back.
“I think we figured it out,” she said.
Eager and a bit antsy, I leaned over the counter to observe her Coinbase app while I tried for the items I had picked out (a glass piece that’s totally not for me and white sage for the castle). As it turned out, they weren’t verified with Coinbase, so they could only buy/sell on Coinbase and not send/receive. This annoyed me: Why do one when you can’t do the other?
“It’s ok,” I said, resigned at this point.
But the woman insisted. She was nice enough to let me just scan the QR code for her son’s wallet, and she even gave me a five buck discount on the piece.
Effusive, I thanked them and asked for their names, which they prefered I not publish here. Apparently, San Francisco is not too friendly to tobacco shops.
“The city is trying to annex the smoke shops,” the husband told me. That coupled with the stigma of bitcoin and the illicit drug market’s symbiotic dependence on the dark web (and the fact that the business is basically a head shop) made them wary enough of potentially damaging publicity.
The fact that the transaction almost happened then didn’t, only to almost not happen and then succeed was representative of how the experiment has been panning out so far. The bitcoin PoS was makeshift, but it finally happened, and I was happy enough to finally get the first IRL transaction out of the way, even if it came on day five. It was also directly peer-to-peer — no middleman payment processor involved, which I liked.
Finally, something to write home about.
Returning to the castle, I would spend the rest of the night fraternizing with the residents who were quickly becoming acquaintances and friends. They all had their own goals and projects, and the interactions in my short time with them will be worth a story one day.
There’s Rachel, who’s known Jeremy since 2015; Liz, the Queen of the Castle (obviously); Michael, a laid back relations or community manager who “kinda does crypto but not really;” Orest and Aymard, who work at Ausum Ventures with Jeremy; Teddy and Hans, who are building a blockchain query database for legal documents; Vivian, the VP of the same self-driving car startup, comma.ai, that used to reside in the castle’s basement; and a prodigious, 18-year-old developer-entrepreneur who runs his own AI financial consultation startup and whom Jeremy referred to once as his “protégé.”
“So, are you like the wunderkind developer prodigy of the house?” I asked him.
“Pretty much. But it’s not just that.”
“What, like you’re also the wunderkind entrepreneurial prodigy?”
“Something like that,” he responded with a smile and honest innocence.
He told me he would rather not be identified in the article because the banks and other businesses he works with don’t know that he’s still a kid, he confessed. That he had operated so long without them finding out was astounding to me.
The Prodigy began his company when he was a freshman in high school. No, not college (he never took that road),high school. In the company’s early stages, he decided to go all in on his vision.
“So I pretty much left high school.”
No diploma or degree to speak of, he moved to San Francisco when he was 15. In what would have been his sophomore year, he was focused on driving business growth while his peers were testing for learner’s permits.
An early investor in Ethereum and a sometimes crypto-head, he met Jeremy at a crypto castle party in 2017, and Jeremy would take him under his wing and offer him a home.
Now he works out of the community surrounded by the advice and the tutelage of the castle’s residents, who, while still young entrepreneurs themselves, have plenty of experience and tips to impart to the kid.
I highlighted The Prodigy here because or his age and precociousness but also because the whiz-tech kid who eschews education in favor of justdoingmakes for a pretty good story. Realistically, I could have profiled some of the other residents and their endeavors as well (for instance, I plan on doing an article on some of the innovative, impactful startups Ausum Ventures has invested in).
But The Prodigy particularly personified the house’s ethos: driven, focused, entrepreneurial and hardworking.
“Do you do drugs or drink?” I asked him.
“No. Never.”
“Good. Don’t,” I advised him.
Truth is, considering the portrait of the millionaire party boy that has been painted of Jeremy in the past, the castle was nothing like that. It wasn’t like the mainstream coverage would imply: no end-to-end daily benders or booze-infused ragers. I don’t think anyone even touched a drink while I was there. Everyone was busy working. As Rachel would tell me, “No one drinks here. They all have shit to do.”
Colin's adventures continue...find out what happens onDay 6 here.
As Kashmir Hill did in her original journey, Colin is accepting BTC tips to help him along the way.
Tip jar: 3CnLhqitCjUN4HPYf6Qa2MmvCpSoBiFfBN
This article originally appeared onBitcoin Magazine. || Living on Bitcoin Day 5: An In-Store Buy At Last (Spoiler: It’s Pot-Related): This is the fifth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier onDay 1,onDay 2,onDay 3and onDay 4.
I woke up in a millionaire’s bed today, something I never thought I’d say because I ain’t gonna make a million bucks, and I always doubted I could’ve finagled my way into the bed of someone who had.
Jeremy’s room is your prototypical festival bro living space: Bob Marley poster in one corner, jam band festival posters for Camp Bisco and Gathering of the Vibes (among other music festivals) tacked above a 50-inch, Toshiba plasma screen, which was leaning against the wall and propped up on the box it came in. A tangled cluster of conference passes (many speaker or VIP) hung from a back wall above the felt loveseat.
Below one of the room’s three windows, there’s a bookcase sectioned off into six cubbies, which include Hunter S. Thompson, Michael Lewis, Truman Capote, and some self-help and econ/business books. Almost poetically, a book calledEgo is the Enemyappropriately placed in a cubbie diagonally opposite to the one housing Tucker Max’sAssholes Finish First.
On the third floor, I made the coffee I bought at Whole Foods, warmed one of the croissants and did some work.
Over Slack, my colleague Aaron van Wirdum suggested I try a map called Bitcoin Map on the Google Play store to see if it had any bitcoin-accepting places listed that I could be missing. I pulled it up, browsed some places I had previously tried but knew no longer did. Then, I glanced at Haight-Ashbury on the map one last time and noticed a smoke shop and one-time hookah lounge that accepted bitcoin.
On the off chance, I called them up.
“Do you guys still accept bitcoin?”
“Yes, we do.”
“Seriously?!”
“Yes.”
Exuberant, I let a triumphant expletive slip and thanked the woman, assuring her that I would be by later that day.
Itwouldbe a smoke shop that becomes the first place where I can spend some bitcoin,I thought to myself.
With that victory, my spirits were lifted and I began to make preparations for my day. Needing to get more credit for Uber, I tried out Gyft, a gift card purchasing platform that made Hill’s second run at this in 2014 so much easier. Vinny Lingham started it, and the platform accepts other forms of payment than just bitcoin.
I couldn’t use it though. I tried to buy an Uber gift card, but my Samourai wallet wouldn’t accept the BitPay QR as valid (which, given Samourai’s general crypto maximalism, made sense and also seemed to sum up the difficulties of the experiment to that point). I opted for Bitrefill again.
Then I started doing some research on Kraken and Coinbase’s locations in San Francisco. According to Google, they have the same office address, which I found odd.
Putting the address into my Uber app, I decided to make my way to the heart of San Francisco’s Financial District to see if I could pester my way into either or both offices. “Just show up and ask to talk to people,” Hill’s advice echoed in my head.
The addresses I got on Google led me to a mailing address, but then a bit of sleuthing got me addresses (supposedly) of the actual offices for both Kraken and Coinbase. Kraken’s, though, turned out to be a FedEx, which led me to think that my informant was screwing with me or that Kraken had registered that address intentionally so as to not be bothered.
Coinbase’s office was right, so I cut the informant some slack. I secured a receptionist’s number from the security desk in the lobby but didn’t really have time to make an appointment for later. This wasn’t 2013 anymore: I couldn’t just drop in on their three employees in an apartment office anymore. This was 2019 and Coinbase had become a unicorn with more than 500 employees and six offices in three countries.
The rain was light but steady when I was searching for Kraken and Coinbase’s offices, but it would come down progressively harder the longer I walked. I passed a Target on my route in which I could have bought an umbrella (Paxful and Gyft have Target cards), and it highlighted a problem with banking on bitcoin through gift cards. You have to preplan your purchases, or else you have to stop, connect to wifi, and use an exchange that takes bitcoin to buy new cards before you can redeem them.
It seems obvious, but it’s not as seamless as cash, debit or credit. Even so, there aren’t so many hoops to jump through — just enough to make doing so outside in the rain an inconvenience.
My denim jacket was thoroughly soaked, so I stopped inside a Starbucks and ordered a coffee with a Starbucks gift card I bought on Paxful. I ordered a seasonal latte, basic white boy that I am, but I had the barista only pump about a third of the usual flavor shots into it because I don’t like drinking syrup.
While downtown, I visited Quantstamp’s offices, as Christian had set me up with a buddy of his who worked there, Jared let me in and we talked crypto. He mentioned a bubble tea cafe nearby that used to accept crypto, but it proved to be yet another red herring, making me worry that maybe the smoke shop on Haight might not either.
Ubering back to the castle, I sent some additional funds to my Samourai wallet ahead of my trip to the shop. Rachel wanted to come along, partly I think for the fun of it but also because she was fiending for some Juul pods and was banking on my generosity to secure her some.
We reached the smoke shop shortly before close as one employee was busy allocating merch to a back closet. It was what you expected from a smoke shop: pieces, bongs andactualtobacco pipes in various sizes and in a motley of translucent, glass-infused colors. They sell smokes and vaping supplies too, but no Juuls or Juul pods (to Rachel’s great dismay).
Approaching the counter, I try to confirm what I’d been told over the phone.
“Y’all take bitcoin, right?”
“Bitcoin? Yes, I think,” said the middle-aged, Asian woman, hesitantly. “We used to at least. Ask him,” she says, pointing to the man stacking the backroom with inventory.
Her husband, a middle-aged, white guy with glasses, a mariner’s cap and close-shaven beard, who looks like he might read communist theory and know his way around a VPN, dashed my bitcoin-spending hopes with his answer.
“I don’t think so. Honey, do we still have the payment processor?” he asked.
They didn’t.Snapcard, which may have very well been the same defunct-processor that Woot Bear used, was no longer in service, so they stopped taking it some time ago. They had originally decided to start accepting bitcoin in 2013-2014 when it was “cool” to do so, and the husband was kicking himself for not doing it sooner.
“People would want to come in and buy rolling papers and we didn’t want to take it, which was stupid,” he chuckled.
I asked if they still had a Coinbase account to which I could send bitcoin, but the wife said that her son held the account and they didn’t know how to use it. After a few more failed attempts at trying to find a solution, I gave up, thanked them and left the shop.
As I left, I was convinced there was some grand conspiracy to keep me from spending bitcoin, until the woman peeked her head out of the shop to beckon us back.
“I think we figured it out,” she said.
Eager and a bit antsy, I leaned over the counter to observe her Coinbase app while I tried for the items I had picked out (a glass piece that’s totally not for me and white sage for the castle). As it turned out, they weren’t verified with Coinbase, so they could only buy/sell on Coinbase and not send/receive. This annoyed me: Why do one when you can’t do the other?
“It’s ok,” I said, resigned at this point.
But the woman insisted. She was nice enough to let me just scan the QR code for her son’s wallet, and she even gave me a five buck discount on the piece.
Effusive, I thanked them and asked for their names, which they prefered I not publish here. Apparently, San Francisco is not too friendly to tobacco shops.
“The city is trying to annex the smoke shops,” the husband told me. That coupled with the stigma of bitcoin and the illicit drug market’s symbiotic dependence on the dark web (and the fact that the business is basically a head shop) made them wary enough of potentially damaging publicity.
The fact that the transaction almost happened then didn’t, only to almost not happen and then succeed was representative of how the experiment has been panning out so far. The bitcoin PoS was makeshift, but it finally happened, and I was happy enough to finally get the first IRL transaction out of the way, even if it came on day five. It was also directly peer-to-peer — no middleman payment processor involved, which I liked.
Finally, something to write home about.
Returning to the castle, I would spend the rest of the night fraternizing with the residents who were quickly becoming acquaintances and friends. They all had their own goals and projects, and the interactions in my short time with them will be worth a story one day.
There’s Rachel, who’s known Jeremy since 2015; Liz, the Queen of the Castle (obviously); Michael, a laid back relations or community manager who “kinda does crypto but not really;” Orest and Aymard, who work at Ausum Ventures with Jeremy; Teddy and Hans, who are building a blockchain query database for legal documents; Vivian, the VP of the same self-driving car startup, comma.ai, that used to reside in the castle’s basement; and a prodigious, 18-year-old developer-entrepreneur who runs his own AI financial consultation startup and whom Jeremy referred to once as his “protégé.”
“So, are you like the wunderkind developer prodigy of the house?” I asked him.
“Pretty much. But it’s not just that.”
“What, like you’re also the wunderkind entrepreneurial prodigy?”
“Something like that,” he responded with a smile and honest innocence.
He told me he would rather not be identified in the article because the banks and other businesses he works with don’t know that he’s still a kid, he confessed. That he had operated so long without them finding out was astounding to me.
The Prodigy began his company when he was a freshman in high school. No, not college (he never took that road),high school. In the company’s early stages, he decided to go all in on his vision.
“So I pretty much left high school.”
No diploma or degree to speak of, he moved to San Francisco when he was 15. In what would have been his sophomore year, he was focused on driving business growth while his peers were testing for learner’s permits.
An early investor in Ethereum and a sometimes crypto-head, he met Jeremy at a crypto castle party in 2017, and Jeremy would take him under his wing and offer him a home.
Now he works out of the community surrounded by the advice and the tutelage of the castle’s residents, who, while still young entrepreneurs themselves, have plenty of experience and tips to impart to the kid.
I highlighted The Prodigy here because or his age and precociousness but also because the whiz-tech kid who eschews education in favor of justdoingmakes for a pretty good story. Realistically, I could have profiled some of the other residents and their endeavors as well (for instance, I plan on doing an article on some of the innovative, impactful startups Ausum Ventures has invested in).
But The Prodigy particularly personified the house’s ethos: driven, focused, entrepreneurial and hardworking.
“Do you do drugs or drink?” I asked him.
“No. Never.”
“Good. Don’t,” I advised him.
Truth is, considering the portrait of the millionaire party boy that has been painted of Jeremy in the past, the castle was nothing like that. It wasn’t like the mainstream coverage would imply: no end-to-end daily benders or booze-infused ragers. I don’t think anyone even touched a drink while I was there. Everyone was busy working. As Rachel would tell me, “No one drinks here. They all have shit to do.”
Colin's adventures continue...find out what happens onDay 6 here.
As Kashmir Hill did in her original journey, Colin is accepting BTC tips to help him along the way.
Tip jar: 3CnLhqitCjUN4HPYf6Qa2MmvCpSoBiFfBN
This article originally appeared onBitcoin Magazine. || Crypto Exchange CEO Sentenced to 3-Year Jail Term for Faking Trading Volume: Two executives from South Korean crypto exchange Komid have been handed down jail time for faking trading volume and deceiving investors. According to a report from CoinDesk Korea, the firm’s CEO Hyunsuk Choi received a three-year sentence for his role in the crime, as well as for embezzlement. Another member of the team, Park Mo, got two years, according to local news source Blockinpress . Choi, the court found, made a number of fake accounts on the exchange in January 2018, and, using a trading bot, made millions of false transactions with cryptocurrency and Korean won credit that did not actually exist. South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop The court â presided over by South Korea’s top judge Ahn Seong-joon â also ruled that Choi had transferred bitcoin from the exchange to an external wallet, said CoinDesk Korea. According to Blockinpress, which added that the crime brought in around $45 million in fees, the judge said: “Choi has committed fraud for a countless number of victims for a long period of time … Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.” Choi was reportedly arrested after the sentencing hearing. How BlockEx Went from $24 Million ICO to Layoffs in Less Than a Year In April, South Korean police detained four executives from two cryptocurrency exchanges over alleged embezzlement. One of those questioned was the CEO of Coinnest, while the identities of the other executives and the other exchange were not made public at the time. Handcuffs  image via Shutterstock Related Stories Thai Stock Exchange Plans to Launch a Token Trading Platform New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack || Crypto Exchange CEO Sentenced to 3-Year Jail Term for Faking Trading Volume: Two executives from South Korean crypto exchange Komid have been handed down jail time for faking trading volume and deceiving investors.
According to areportfrom CoinDesk Korea, the firm’s CEO Hyunsuk Choi received a three-year sentence for his role in the crime, as well as for embezzlement. Another member of the team, Park Mo, got two years, according to local news sourceBlockinpress.
Choi, the court found, made a number of fake accounts on the exchange in January 2018, and, using a trading bot, made millions of false transactions with cryptocurrency and Korean won credit that did not actually exist.
South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop
The court â presided over by South Korea’s top judge Ahn Seong-joon â also ruled that Choi had transferred bitcoin from the exchange to an external wallet, said CoinDesk Korea.
According to Blockinpress, which added that the crime brought in around $45 million in fees, the judge said:
“Choi has committed fraud for a countless number of victims for a long period of time … Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.”
Choi was reportedly arrested after the sentencing hearing.
How BlockEx Went from $24 Million ICO to Layoffs in Less Than a Year
In April, South Korean policedetainedfour executives from two cryptocurrency exchanges over alleged embezzlement. One of those questioned was the CEO of Coinnest, while the identities of the other executives and the other exchange were not made public at the time.
Handcuffs image via Shutterstock
• Thai Stock Exchange Plans to Launch a Token Trading Platform
• New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack || Big Bitcoin Heist Ringleader Jailed for Massive Crypto Mining Rig Theft: big bitcoin heist crypto mining By CCN.com : Suspects in the Big Bitcoin Heist of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment. Crypto Mining Thieves Jailed in Iceland Ringleader Sindri Stefanson bagged the longest sentence with a jail term of four-and-a-half years. In all, seven people were charged in the case that saw over 600 cryptocurrency mining rigs stolen . The equipment, which was valued at ISK 96 million (roughly $800,000) has still not been found, with speculation that it could be in China . The thieves stole the items over the course of three trips spanning a few weeks beginning on December 5, 2018. Mastermind Stefansson achieved global notoriety after his initial arrest when he escaped from his prison cell in Iceland and boarded a commercial flight to Stockholm, Sweden. From there, he connected to Germany via train, ferry, and taxi, but his luck ran out in Amsterdam where he was apprehended after having been declared an international fugitive with his mugshot widely circulated. Interestingly, Stefansson did not face punishment for escaping from prison, as it is not a crime in Iceland. While in Amsterdam, he famously gave an interview to the New York Times where he expressed regret at going on the lam. He claimed, among other things, that he was eager to go back to prison in Iceland as he was underfed and felt threatened in Amsterdam. This Icelandic Saga Comes to a Close cryptocurrency bitcoin mining Stefansson, who had several priors and a long rap sheet, was charged with theft and sentenced to four-and-a-half years in prison. The court also sentenced Matthías Jón Karlsson, who admitted to break-in and entry at the data center, to two-and-a-half years behind bars. Co-conspirator Hafthór Logi Hlynsson will also serve 20 months in prison after being charged with planning and preparing the burglary, while both Peter Stanislav Karlsson and Viktor Ingi Jónasson will spend one-and-a-half years in prison each. Story continues The final two suspects got off with lighter punishments. Ivar Gylfason received a 15-month sentence with 12 of it suspended, and Kjartan Sveinarsson who facilitated communication between two of the other conspirators must serve a six-month sentence. In addition to jail time, the criminals must also pay Advania, the company they robbed, the sum of ISK 33 million (roughly $272,000) in compensation. However, Iceland continues to be a haven for bitcoin miners because of the chilly weather and cheap electricity generated from its massive geothermal energy reserves. Featured Image from Shutterstock The post Big Bitcoin Heist Ringleader Jailed for Massive Crypto Mining Rig Theft appeared first on CCN . || ‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theft: ByCCN.com: Suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment.
Ringleader Sindri Stefanson bagged the longest sentence with a jail term of four-and-a-half years. In all, seven people were charged in the case that saw over 600 cryptocurrency mining rigsstolen. The equipment, which was valued at ISK 96 million (roughly $800,000) has still not been found, with speculation that it could be inChina.
The thieves stole the items over the course of three trips spanning a few weeks beginning on December 5, 2018. Mastermind Stefansson achieved global notoriety after his initial arrest when heescapedfrom his prison cell in Iceland and boarded a commercial flight to Stockholm, Sweden. From there, he connected to Germany via train, ferry, and taxi, but his luck ran out inAmsterdamwhere he was apprehended after having been declared an international fugitive with his mugshot widely circulated.
Interestingly, Stefansson did not face punishment for escaping from prison, as it is not a crime in Iceland. While in Amsterdam, he famously gave an interview to the New York Times where he expressed regret at going on the lam. He claimed, among other things, that he was eager to go back to prison in Iceland as he was underfed and felt threatened in Amsterdam.
Stefansson, who had several priors and a long rap sheet, was charged with theft andsentencedto four-and-a-half years in prison. The court also sentenced Matthías Jón Karlsson, who admitted to break-in and entry at the data center, to two-and-a-half years behind bars.
Co-conspirator Hafthór Logi Hlynsson will also serve 20 months in prison after being charged with planning and preparing the burglary, while both Peter Stanislav Karlsson and Viktor Ingi Jónasson will spend one-and-a-half years in prison each.
The final two suspects got off with lighter punishments. Ivar Gylfason received a 15-month sentence with 12 of it suspended, and Kjartan Sveinarsson — who facilitated communication between two of the other conspirators — must serve a six-month sentence.
In addition to jail time, the criminals must also pay Advania, the company they robbed, the sum of ISK 33 million (roughly $272,000) in compensation.
However, Iceland continues to be ahaven for bitcoin minersbecause of the chilly weather and cheap electricity generated from its massive geothermal energy reserves.
Featured Image from Shutterstock
The post‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theftappeared first onCCN. || ‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theft: ByCCN.com: Suspects in the “Big Bitcoin Heist” of 2018 have been sentenced to various prison terms based on their level of involvement in the much-publicised theft of more than three-quarters of a million dollars worth of crypto mining equipment.
Ringleader Sindri Stefanson bagged the longest sentence with a jail term of four-and-a-half years. In all, seven people were charged in the case that saw over 600 cryptocurrency mining rigsstolen. The equipment, which was valued at ISK 96 million (roughly $800,000) has still not been found, with speculation that it could be inChina.
The thieves stole the items over the course of three trips spanning a few weeks beginning on December 5, 2018. Mastermind Stefansson achieved global notoriety after his initial arrest when heescapedfrom his prison cell in Iceland and boarded a commercial flight to Stockholm, Sweden. From there, he connected to Germany via train, ferry, and taxi, but his luck ran out inAmsterdamwhere he was apprehended after having been declared an international fugitive with his mugshot widely circulated.
Interestingly, Stefansson did not face punishment for escaping from prison, as it is not a crime in Iceland. While in Amsterdam, he famously gave an interview to the New York Times where he expressed regret at going on the lam. He claimed, among other things, that he was eager to go back to prison in Iceland as he was underfed and felt threatened in Amsterdam.
Stefansson, who had several priors and a long rap sheet, was charged with theft andsentencedto four-and-a-half years in prison. The court also sentenced Matthías Jón Karlsson, who admitted to break-in and entry at the data center, to two-and-a-half years behind bars.
Co-conspirator Hafthór Logi Hlynsson will also serve 20 months in prison after being charged with planning and preparing the burglary, while both Peter Stanislav Karlsson and Viktor Ingi Jónasson will spend one-and-a-half years in prison each.
The final two suspects got off with lighter punishments. Ivar Gylfason received a 15-month sentence with 12 of it suspended, and Kjartan Sveinarsson — who facilitated communication between two of the other conspirators — must serve a six-month sentence.
In addition to jail time, the criminals must also pay Advania, the company they robbed, the sum of ISK 33 million (roughly $272,000) in compensation.
However, Iceland continues to be ahaven for bitcoin minersbecause of the chilly weather and cheap electricity generated from its massive geothermal energy reserves.
Featured Image from Shutterstock
The post‘Big Bitcoin Heist’ Ringleader Jailed for Massive Crypto Mining Rig Theftappeared first onCCN. || Blockchain.com Seeks Undisclosed Stablecoin Partnership by End of 2019: Report: Crypto wallet providerBlockchain.comis seeking topartnerwith an unnamedstablecoinproject by the end of 2019, the firm’s CEO Peter Smith revealed in an interview with crypto news agencyThe BlockJan. 21.
Blockchain.com, which reportedly provides 32 million wallets, with most of them active to date, is allegedly considering listing a stablecoin on its platform.
In the interview, the CEO of Blockchain.com stressed that the existing high competition in stablecoins will eventually make the market even more active than it is now. Smith reportedly stated that the firm “will make a move in there soon,” claiming that Blockchain.com is “not here to just make it easy to invest in Bitcoin (BTC).”
Smith explained his positive stance on stablecoins, suggesting that the biggestcryptocurrencieshave become more of aninvestmentvehicle rather than tool for making transactions. He continued:
“For us, stablecoins give us the power of giving everyone a U.S. dollar checking account. [...] There’s no challenger bank with 30 million bank accounts. At the same time as we do that, we’ll be doing it in a way that allows them to still control their funds, to still be financially sovereign individuals.”
While Smith has not specified any exact details about the planned partnership, he noted that Blockchain.com previously invested in a number of still undisclosed stablecoin projects. He also mentioned major stablecoins including Tether (USDT) and Paxos (PAX), stressing that the latter acquires the most trading volume and liquidity.
In November 2018, Blockchain.com fullylaunchedsupport for the Stellar (XLM)altcoinon its platform, claiming that the company decided to chose the cryptocurrency due to its scalability capacity, as well as for its capability to create custom tokens. Prior to that, the company was listing Bitcoin, Ethereum (ETH), and Bitcoin Cash (BCH).
According to the report, Blockchain.com has operated 100 million transactions since its inception back in 2011, and has originally raised $70 million from such companies as Digital Currency Group andGoogleVentures.
In June 2018, Blockchain,comlaunchedan institutional trading platform including over-the-counter (OTC) trading desk, with OTC services reportedly managed through BPS by a team of specialists fromGoldman Sachs,JP Morgan, andUBS.
• Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018
• Swiss Bank Falcon Launches Crypto Wallet With Withdrawals to Fiat
• Intercontinental Exchange's Digital Asset Platform Bakkt Announces First Acquisition
• Obscure Problems Crypto Users Can Face, Explained || Blockchain.com Seeks Undisclosed Stablecoin Partnership by End of 2019: Report: Crypto wallet provider Blockchain.com is seeking to partner with an unnamed stablecoin project by the end of 2019, the firm’s CEO Peter Smith revealed in an interview with crypto news agency The Block Jan. 21. Blockchain.com, which reportedly provides 32 million wallets, with most of them active to date, is allegedly considering listing a stablecoin on its platform. In the interview, the CEO of Blockchain.com stressed that the existing high competition in stablecoins will eventually make the market even more active than it is now. Smith reportedly stated that the firm “will make a move in there soon,” claiming that Blockchain.com is “not here to just make it easy to invest in Bitcoin ( BTC ).” Smith explained his positive stance on stablecoins, suggesting that the biggest cryptocurrencies have become more of an investment vehicle rather than tool for making transactions. He continued: “For us, stablecoins give us the power of giving everyone a U.S. dollar checking account. [...] There’s no challenger bank with 30 million bank accounts. At the same time as we do that, we’ll be doing it in a way that allows them to still control their funds, to still be financially sovereign individuals.” While Smith has not specified any exact details about the planned partnership, he noted that Blockchain.com previously invested in a number of still undisclosed stablecoin projects. He also mentioned major stablecoins including Tether ( USDT ) and Paxos ( PAX ), stressing that the latter acquires the most trading volume and liquidity. In November 2018, Blockchain.com fully launched support for the Stellar ( XLM ) altcoin on its platform, claiming that the company decided to chose the cryptocurrency due to its scalability capacity, as well as for its capability to create custom tokens. Prior to that, the company was listing Bitcoin, Ethereum ( ETH ), and Bitcoin Cash ( BCH ). According to the report, Blockchain.com has operated 100 million transactions since its inception back in 2011, and has originally raised $70 million from such companies as Digital Currency Group and Google Ventures. Story continues In June 2018, Blockchain,com launched an institutional trading platform including over-the-counter ( OTC ) trading desk, with OTC services reportedly managed through BPS by a team of specialists from Goldman Sachs , JP Morgan , and UBS . Related Articles: Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Swiss Bank Falcon Launches Crypto Wallet With Withdrawals to Fiat Intercontinental Exchange's Digital Asset Platform Bakkt Announces First Acquisition Obscure Problems Crypto Users Can Face, Explained || South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop: South Korean crypto exchange Coinnest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop.
The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error,according to CoinDesk Korea. The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred.
Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues.
How BlockEx Went from $24 Million ICO to Layoffs in Less Than a Year
Coinnest’s server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake.
As of Jan. 19, about half of the won was returned.
Some traders who received bitcoin instead of WGT reportedly sold their new holdings immediately, causingbitcoin’s price to flash-crashto $50.
Coinnest has found itself embroiled in controversy before. Last year, CEO Kim Ik-hwan wasreportedly detainedby South Korean police on concerns that he was embezzling funds from the exchange.
Thai Stock Exchange Plans to Launch a Token Trading Platform
Prosecutorshad already raidedthe exchange, though it is unclear if any confirmation of embezzlement was found.
South Korean wonimage via Shutterstock
• New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack
• Binance Targets EU, UK Traders With New Fiat-to-Crypto Exchange || South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop: South Korean crypto exchange Coinnest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop. The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error, according to CoinDesk Korea . The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred. Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues. How BlockEx Went from $24 Million ICO to Layoffs in Less Than a Year Coinnests server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake. As of Jan. 19, about half of the won was returned. Some traders who received bitcoin instead of WGT reportedly sold their new holdings immediately, causing bitcoins price to flash-crash to $50. Coinnest has found itself embroiled in controversy before. Last year, CEO Kim Ik-hwan was reportedly detained by South Korean police on concerns that he was embezzling funds from the exchange. Thai Stock Exchange Plans to Launch a Token Trading Platform Prosecutors had already raided the exchange, though it is unclear if any confirmation of embezzlement was found. South Korean won image via Shutterstock Related Stories New Zealand Police Keeping Open Mind on Cryptopia Hack Binance Targets EU, UK Traders With New Fiat-to-Crypto Exchange || South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop: South Korean crypto exchange Coinnest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop.
The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error,according to CoinDesk Korea. The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred.
Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues.
How BlockEx Went from $24 Million ICO to Layoffs in Less Than a Year
Coinnest’s server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake.
As of Jan. 19, about half of the won was returned.
Some traders who received bitcoin instead of WGT reportedly sold their new holdings immediately, causingbitcoin’s price to flash-crashto $50.
Coinnest has found itself embroiled in controversy before. Last year, CEO Kim Ik-hwan wasreportedly detainedby South Korean police on concerns that he was embezzling funds from the exchange.
Thai Stock Exchange Plans to Launch a Token Trading Platform
Prosecutorshad already raidedthe exchange, though it is unclear if any confirmation of embezzlement was found.
South Korean wonimage via Shutterstock
• New Zealand Police Keeping ‘Open Mind’ on Cryptopia Hack
• Binance Targets EU, UK Traders With New Fiat-to-Crypto Exchange || Op Ed: Bitcoin Mining Attacks Are Overblown: Op Ed: Bitcoin Mining Attacks Are Overblown Whenever I claim that bitcoin is the only decentralized cryptocurrency, I get one of two arguments: My X coin is also decentralized. Bitcoin isn’t decentralized because of Core and/or miners. I’ll leave 1 and the first half of 2 for another day, but the “mining centralization” argument is what I want to tackle in this article. The questions I’ll be answering are: Is Bitcoin mining centralized? In what way do miners “control” Bitcoin? What are the risks of a 51% attack? Are the altcoiners right? Decentralization Decentralization is a key property of Bitcoin. If you remove decentralization, it’s not an interesting project. There have been lots of centralized issuers of money — that’s what causes inflation and why your savings lose purchasing power daily. The response by altcoiners is to argue that decentralization is a spectrum or, barring that, that Bitcoin is centralized. First, decentralization is not a spectrum. It either has a single point of failure or it doesn’t. Centralized things are called centralized because there’s a single point at which everything can fail. You either have a centralized point of failure or you don’t. There’s no real in-between like altcoiners would have you believe. Altcoins all have one or more of these properties which create a single point of failure: A creator that’s still involved; A development team that forces upgrades on all the users (hard forks); or A foundation/organization which directs what the coin will do. Some have more than others (ETH has all three vs. XMR which has just the second); in that sense, you can say something has more single points of failure than others. Nevertheless, the fact is that if at least one single point of failure exists, the token is centralized. A government could very well control the coin with whatever regulations it wants through that single point of failure. They could, for example, arrest the creator, tax the dev team or nationalize the foundation or organization. The method by which an authority can take over doesn’t really matter here: The fact that it can is what is of concern. Centralized coins have the potential to be taken over relatively easily. Story continues The question here is whether bitcoin mining is a single point of failure. Could a government or other authority control Bitcoin through controlling a single entity in mining? Much has been speculated about this and that is the subject of this article. What would it actually take to “take over”? What Miners Can Do The miners’ job is to secure the network. They do so by finding proof of work. Having 51% of the network hash power gives a single miner the ability to attack the network. That, however, is not the same as controlling the network. The attack is limited in nature and affects only the account holders attacked (say, an exchange). This is in contrast to forcing upgrades on the network, which can reset entire balances, inflate the currency or change all sorts of incentives. The latter is real control of the entire network, a real choke point, as the network rules are dictated by a single group. The former is a possible way in which some participants become vulnerable. These are two different things! This distinction is crucial as altcoiners often conflate the two. The two vulnerabilities are not the same. The first is an attack vector with a lot of conditions required to execute, affecting a limited number of people; the latter is the possibility of complete takeover . Think of the former as a weakness in your army defenses and the latter as a takeover of the army for whatever purposes the conqueror pleases. The former still requires the attacker to fight out in the open. The latter is something that can be accomplished without the knowledge of anyone but the inner circle. It is with this in mind that we call altcoins centralized. They can be taken over, conquered, changed by the whims of a few people. Controlling a large amount of mining hash power is not the same as that and the vulnerabilities are limited, not to mention very expensive to execute. This is the difference between a single person in charge of a bank account (who can thus embezzle, run away with the money, etc.) vs. a possibility that a valid wire transfer can be forced to wait a long time before being deposited. Requirements of a 51% Mining Attack To bring this home, let’s go through how a 51% mining attack must be executed. In order to execute a 51% attack, you first need more hashing power than the rest of the network. This means getting lots and lots of mining equipment, which costs a good deal of money. The equipment currently has long lead times and acquiring the latest generation of miners is notoriously difficult as such equipment tends to be very profitable. Using old equipment is an option, but the savings and convenience of such equipment is more than offset by the inefficiency. Either way, obtaining and running the equipment necessary is really costly. This requires incredible capital investment in order to compete with miners who are mining honestly and making a good deal of money doing it. Furthermore, not only do you need the equipment, but you also need the electricity. Most bitcoin mining is done at the margins of electricity profitability for power suppliers. Mining tends to move to where the power is and not vice versa. So using hydroelectric dams, solar panel farms and geothermal at the margins tend to be how mining equipment is powered. Typical miners get rates of anywhere from $0.025/kWH to $0.06/kWH. These tend to be the absolute lowest rates, and most power companies require very long contracts to supply at rates this low. Due to the increasing price and, thus, energy requirements, obtaining sufficient electricity to run a mining farm has become much harder over the past few years. When the Bitcoin network was small, it was perhaps possible to obtain enough electricity to run equipment that could supply 51% of the hash power, but that’s become less and less feasible over time. The power consumed by the Bitcoin network continues to grow, and an attacker would need to obtain a significant amount of electricity in order to successfully execute the attack. There probably are some power companies that can supply 51% of the total network energy consumption at once, but good luck trying to convince them to sell you that much in a single burst. The power business is one where consumers are locked into lots of long-term contracts: A short-term, intense burst of power for a week or two is not practical, and if it is possible, it tends to be very expensive. Remember, there are factories, businesses and farms — not to mention homes — that rely on the electricity that these power plants supply to continue operating. These can’t simply be shut off to supply a hypothetical attacker with electricity. In other words, as an attacker, you’re going to need access to some serious amounts of electricity, which is not likely going to be available to you without controlling the power source yourself. So not only do you have to control 51% of the potential hashing power, but you’ll likely need to generate the electricity yourself. Profit-Driven Attacks The capital costs of doing a 51% attack are enormous. You’ll need a large supply of really good mining equipment and a ton of electricity, neither of which you can buy off the shelf. This means that you’ll likely need to produce your own mining equipment and possibly produce your own electricity. This likely requires years of lead time to produce the equipment and long-term contracts to get the required electricity. Economically, investing this much capital would only make sense if you could profit enough from the attack as to make the venture worthwhile. There are several ways to attempt to profit from this, including shorting the market or attempting a double spend, but they all require some off-ramp to take the money and run. This used to be much easier but is no longer due to the AML/KYC laws surrounding most exchanges. Furthermore, getting an operation like this together means that the attacker has enormous revenue potential through honest mining. This is much less risky and requires much less capital investment up front as you don’t need 51% of the network. In other words, economically, it really doesn’t make any sense to do a 51% attack due to the costs and risk involved. Altcoins with a much lower hash rate are much more economical to attack this way. Sovereign Attack The only real potential for 51% mining attacks come from state-level actors. Assuming it’s a single sovereign, such an entity would need to not care at all about the cost, have access to incredible amounts of energy and have motive to attack Bitcoin. Again, this does not give the attacker control of the network, just the ability to attack a small slice of it. Leaving aside motivation, let’s look at the practical logistics. In order to pull off something like this, even a sovereign nation would need to coordinate a lot of pieces to make it work. A government would need to get a large supply of hashing power, either through its own factories or through commandeering the needed equipment. This is not likely to be secret for very long and the community would likely be able to prepare. Similarly, a government would need to get a large supply of electricity in the same way. Again, this is not likely to be secret for very long. The coordination necessary would be at military levels and this is not something that most governments know how to do. And all this for what? A single double-spend that screws over a particular exchange? Again, such an attack does not destroy Bitcoin. The rest of the network keeps chugging along and if the attack is sustained, there are decentralized ways to nullify even the most hash-heavy attacks. This is not a single point of failure in the least because, simply speaking, Bitcoin won’t fail that easily. Why Altcoiners Are Obsessed With 51% Mining So the question then turns to why so many altcoiners bring this up so often. First, it’s one of the only things that’s even slightly perceived as a vulnerability in Bitcoin. Remember, altcoins are competition to bitcoin and like any good competitor, it helps to FUD your competition to make yourself look better. It’s a great way to distract people from the shortcomings of the centralization that their altcoin clearly has. Second, they’re usually trying to sell proof of stake or proof of storage or some other nonsense. This is their way of showing the benefits of their system. Most altcoiners support their altcoin because they really want their coin to be bitcoin. They want to be rich like Trace Mayer but with their coin. That’s another whole article I need to write, but it’s an understandable emotion driven largely by envy. Conclusion Mining attacks are overblown, mostly by people that are trying to print their own money (or at least be the elite in the new currency). 51% attacks are too costly to be economical, have too little a payoff to generate much money and are too limited to hurt more than perhaps a few companies or individuals. It’s even possible that a 51% attack that screws an exchange out of 100 BTC or so wouldn’t necessarily be a bad thing for Bitcoin. Much like the BCH hard fork, it’s possible such an event would prove Bitcoin’s antifragility and cause a large rally. This is a guest post by Jimmy Song. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc. This article originally appeared on Bitcoin Magazine . || Op Ed: Bitcoin Mining Attacks Are Overblown: Whenever I claim thatbitcoinis the only decentralized cryptocurrency, I get one of two arguments:
1. My X coin is also decentralized.
2. Bitcoin isn’t decentralized because of Core and/or miners.
I’ll leave 1 and the first half of 2 for another day, but the “mining centralization” argument is what I want to tackle in this article.
The questions I’ll be answering are:
• Is Bitcoin mining centralized?
• In what way do miners “control” Bitcoin?
• What are the risks of a 51% attack?
• Are the altcoiners right?
Decentralization is a key property of Bitcoin. If you remove decentralization, it’s not an interesting project. There have been lots of centralized issuers of money — that’s what causes inflation and why your savings lose purchasing power daily. The response by altcoiners is to argue that decentralization is a spectrum or, barring that, that Bitcoin is centralized.
First, decentralization is not a spectrum. It either has a single point of failure or it doesn’t. Centralized things are called centralized because there’s a single point at which everything can fail. You either have a centralized point of failure or you don’t. There’s no real in-between like altcoiners would have you believe. Altcoins all have one or more of these properties which create a single point of failure:
1. A creator that’s still involved;
2. A development team that forces upgrades on all the users (hard forks); or
3. A foundation/organization which directs what the coin will do.
Some have more than others (ETH has all three vs. XMR which has just the second); in that sense, you can say something hasmoresingle points of failure than others. Nevertheless, the fact is that if at least one single point of failure exists, the token is centralized. A government could very well control the coin with whatever regulations it wants through that single point of failure. They could, for example, arrest the creator, tax the dev team or nationalize the foundation or organization. The method by which an authority can take over doesn’t really matter here: The fact that itcanis what is of concern. Centralized coins have the potential to be taken over relatively easily.
The question here is whether bitcoin mining is a single point of failure. Could a government or other authority control Bitcoin through controlling a single entity in mining? Much has been speculated about this and that is the subject of this article. What would it actually take to “take over”?
The miners’ job is to secure the network. They do so by finding proof of work. Having 51% of the network hash power gives a single miner the ability toattackthe network. That, however, is not the same ascontrollingthe network. The attack is limited in nature and affects only the account holders attacked (say, an exchange). This is in contrast to forcing upgrades on the network, which can reset entire balances, inflate the currency or change all sorts of incentives. The latter is real control of the entire network, a real choke point, as the network rules are dictated by a single group. The former is a possible way in which some participants become vulnerable. These are two different things!
This distinction is crucial as altcoiners often conflate the two. The two vulnerabilities are not the same. The first is anattack vectorwith a lot of conditions required to execute, affecting a limited number of people; the latter is thepossibility of complete takeover. Think of the former as a weakness in your army defenses and the latter as a takeover of the army for whatever purposes the conqueror pleases. The former still requires the attacker to fight out in the open. The latter is something that can be accomplished without the knowledge of anyone but the inner circle.
It is with this in mind that we call altcoins centralized. They can be taken over, conquered, changed by the whims of a few people. Controlling a large amount of mining hash power is not the same as that and the vulnerabilities are limited, not to mention very expensive to execute. This is the difference between a single person in charge of a bank account (who can thus embezzle, run away with the money, etc.) vs. a possibility that a valid wire transfer can be forced to wait a long time before being deposited.
To bring this home, let’s go through how a 51% mining attack must be executed. In order to execute a 51% attack, you first need more hashing power than the rest of the network. This means getting lots and lots of mining equipment, which costs a good deal of money. The equipment currently has long lead times and acquiring the latest generation of miners is notoriously difficult as such equipment tends to be very profitable. Using old equipment is an option, but the savings and convenience of such equipment is more than offset by the inefficiency. Either way, obtaining and running the equipment necessary is really costly. This requires incredible capital investment in order to compete with miners who are mining honestly and making a good deal of money doing it.
Furthermore, not only do you need the equipment, but you also need the electricity. Most bitcoin mining is done at the margins of electricity profitability for power suppliers. Mining tends to move to where the power is and not vice versa. So using hydroelectric dams, solar panel farms and geothermal at the margins tend to be how mining equipment is powered. Typical miners get rates of anywhere from $0.025/kWH to $0.06/kWH. These tend to be the absolute lowest rates, and most power companies require very long contracts to supply at rates this low.
Due to the increasing price and, thus, energy requirements, obtaining sufficient electricity to run a mining farm has become much harder over the past few years. When the Bitcoin network was small, it was perhaps possible to obtain enough electricity to run equipment that could supply 51% of the hash power, but that’s become less and less feasible over time. The power consumed by the Bitcoin network continues to grow, and an attacker would need to obtain a significant amount of electricity in order to successfully execute the attack.
There probably are some power companies that can supply 51% of the total network energy consumption at once, but good luck trying to convince them to sell you that much in a single burst. The power business is one where consumers are locked into lots of long-term contracts: A short-term, intense burst of power for a week or two is not practical, and if it is possible, it tends to be very expensive. Remember, there are factories, businesses and farms — not to mention homes — that rely on the electricity that these power plants supply to continue operating. These can’t simply be shut off to supply a hypothetical attacker with electricity.
In other words, as an attacker, you’re going to need access to some serious amounts of electricity, which is not likely going to be available to you without controlling the power source yourself. So not only do you have to control 51% of the potential hashing power, but you’ll likely need to generate the electricity yourself.
The capital costs of doing a 51% attack are enormous. You’ll need a large supply of really good mining equipment and a ton of electricity, neither of which you can buy off the shelf. This means that you’ll likely need to produce your own mining equipment and possibly produce your own electricity. This likely requires years of lead time to produce the equipment and long-term contracts to get the required electricity. Economically, investing this much capital would only make sense if you could profit enough from the attack as to make the venture worthwhile. There are several ways to attempt to profit from this, including shorting the market or attempting a double spend, but they all require some off-ramp to take the money and run. This used to be much easier but is no longer due to the AML/KYC laws surrounding most exchanges.
Furthermore, getting an operation like this together means that the attacker has enormous revenue potential through honest mining. This is much less risky and requires much less capital investment up front as you don’t need 51% of the network.
In other words, economically, it really doesn’t make any sense to do a 51% attack due to the costs and risk involved. Altcoins with a much lower hash rate are much more economical to attack this way.
The only real potential for 51% mining attacks come from state-level actors. Assuming it’s a single sovereign, such an entity would need to not care at all about the cost, have access to incredible amounts of energy and have motive to attack Bitcoin. Again, this does not give the attacker control of the network, just the ability to attack a small slice of it. Leaving aside motivation, let’s look at the practical logistics.
In order to pull off something like this, even a sovereign nation would need to coordinate a lot of pieces to make it work. A government would need to get a large supply of hashing power, either through its own factories or through commandeering the needed equipment. This is not likely to be secret for very long and the community would likely be able to prepare. Similarly, a government would need to get a large supply of electricity in the same way. Again, this is not likely to be secret for very long. The coordination necessary would be at military levels and this is not something that most governments know how to do.
And all this for what? A single double-spend that screws over a particular exchange? Again, such an attack does not destroy Bitcoin. The rest of the network keeps chugging along and if the attack is sustained, there are decentralized ways to nullify even the most hash-heavy attacks. This is not a single point of failure in the least because, simply speaking, Bitcoin won’t fail that easily.
So the question then turns to why so many altcoiners bring this up so often.
First, it’s one of the only things that’s even slightly perceived as a vulnerability in Bitcoin. Remember, altcoins are competition to bitcoin and like any good competitor, it helps to FUD your competition to make yourself look better. It’s a great way to distract people from the shortcomings of the centralization that their altcoin clearly has.
Second, they’re usually trying to sell proof of stake or proof of storage or some other nonsense. This is their way of showing the benefits of their system. Most altcoiners support their altcoin because they really want their coin to be bitcoin. They want to be rich like Trace Mayer but withtheircoin. That’s another whole article I need to write, but it’s an understandable emotion driven largely by envy.
Mining attacks are overblown, mostly by people that are trying to print their own money (or at least be the elite in the new currency). 51% attacks are too costly to be economical, have too little a payoff to generate much money and are too limited to hurt more than perhaps a few companies or individuals.
It’s even possible that a 51% attack that screws an exchange out of 100 BTC or so wouldn’t necessarily be a bad thing for Bitcoin. Much like the BCH hard fork, it’s possible such an event would prove Bitcoin’s antifragility and cause a large rally.
This is a guest post by Jimmy Song. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc.
This article originally appeared onBitcoin Magazine. || Op Ed: Bitcoin Mining Attacks Are Overblown: Whenever I claim thatbitcoinis the only decentralized cryptocurrency, I get one of two arguments:
1. My X coin is also decentralized.
2. Bitcoin isn’t decentralized because of Core and/or miners.
I’ll leave 1 and the first half of 2 for another day, but the “mining centralization” argument is what I want to tackle in this article.
The questions I’ll be answering are:
• Is Bitcoin mining centralized?
• In what way do miners “control” Bitcoin?
• What are the risks of a 51% attack?
• Are the altcoiners right?
Decentralization is a key property of Bitcoin. If you remove decentralization, it’s not an interesting project. There have been lots of centralized issuers of money — that’s what causes inflation and why your savings lose purchasing power daily. The response by altcoiners is to argue that decentralization is a spectrum or, barring that, that Bitcoin is centralized.
First, decentralization is not a spectrum. It either has a single point of failure or it doesn’t. Centralized things are called centralized because there’s a single point at which everything can fail. You either have a centralized point of failure or you don’t. There’s no real in-between like altcoiners would have you believe. Altcoins all have one or more of these properties which create a single point of failure:
1. A creator that’s still involved;
2. A development team that forces upgrades on all the users (hard forks); or
3. A foundation/organization which directs what the coin will do.
Some have more than others (ETH has all three vs. XMR which has just the second); in that sense, you can say something hasmoresingle points of failure than others. Nevertheless, the fact is that if at least one single point of failure exists, the token is centralized. A government could very well control the coin with whatever regulations it wants through that single point of failure. They could, for example, arrest the creator, tax the dev team or nationalize the foundation or organization. The method by which an authority can take over doesn’t really matter here: The fact that itcanis what is of concern. Centralized coins have the potential to be taken over relatively easily.
The question here is whether bitcoin mining is a single point of failure. Could a government or other authority control Bitcoin through controlling a single entity in mining? Much has been speculated about this and that is the subject of this article. What would it actually take to “take over”?
The miners’ job is to secure the network. They do so by finding proof of work. Having 51% of the network hash power gives a single miner the ability toattackthe network. That, however, is not the same ascontrollingthe network. The attack is limited in nature and affects only the account holders attacked (say, an exchange). This is in contrast to forcing upgrades on the network, which can reset entire balances, inflate the currency or change all sorts of incentives. The latter is real control of the entire network, a real choke point, as the network rules are dictated by a single group. The former is a possible way in which some participants become vulnerable. These are two different things!
This distinction is crucial as altcoiners often conflate the two. The two vulnerabilities are not the same. The first is anattack vectorwith a lot of conditions required to execute, affecting a limited number of people; the latter is thepossibility of complete takeover. Think of the former as a weakness in your army defenses and the latter as a takeover of the army for whatever purposes the conqueror pleases. The former still requires the attacker to fight out in the open. The latter is something that can be accomplished without the knowledge of anyone but the inner circle.
It is with this in mind that we call altcoins centralized. They can be taken over, conquered, changed by the whims of a few people. Controlling a large amount of mining hash power is not the same as that and the vulnerabilities are limited, not to mention very expensive to execute. This is the difference between a single person in charge of a bank account (who can thus embezzle, run away with the money, etc.) vs. a possibility that a valid wire transfer can be forced to wait a long time before being deposited.
To bring this home, let’s go through how a 51% mining attack must be executed. In order to execute a 51% attack, you first need more hashing power than the rest of the network. This means getting lots and lots of mining equipment, which costs a good deal of money. The equipment currently has long lead times and acquiring the latest generation of miners is notoriously difficult as such equipment tends to be very profitable. Using old equipment is an option, but the savings and convenience of such equipment is more than offset by the inefficiency. Either way, obtaining and running the equipment necessary is really costly. This requires incredible capital investment in order to compete with miners who are mining honestly and making a good deal of money doing it.
Furthermore, not only do you need the equipment, but you also need the electricity. Most bitcoin mining is done at the margins of electricity profitability for power suppliers. Mining tends to move to where the power is and not vice versa. So using hydroelectric dams, solar panel farms and geothermal at the margins tend to be how mining equipment is powered. Typical miners get rates of anywhere from $0.025/kWH to $0.06/kWH. These tend to be the absolute lowest rates, and most power companies require very long contracts to supply at rates this low.
Due to the increasing price and, thus, energy requirements, obtaining sufficient electricity to run a mining farm has become much harder over the past few years. When the Bitcoin network was small, it was perhaps possible to obtain enough electricity to run equipment that could supply 51% of the hash power, but that’s become less and less feasible over time. The power consumed by the Bitcoin network continues to grow, and an attacker would need to obtain a significant amount of electricity in order to successfully execute the attack.
There probably are some power companies that can supply 51% of the total network energy consumption at once, but good luck trying to convince them to sell you that much in a single burst. The power business is one where consumers are locked into lots of long-term contracts: A short-term, intense burst of power for a week or two is not practical, and if it is possible, it tends to be very expensive. Remember, there are factories, businesses and farms — not to mention homes — that rely on the electricity that these power plants supply to continue operating. These can’t simply be shut off to supply a hypothetical attacker with electricity.
In other words, as an attacker, you’re going to need access to some serious amounts of electricity, which is not likely going to be available to you without controlling the power source yourself. So not only do you have to control 51% of the potential hashing power, but you’ll likely need to generate the electricity yourself.
The capital costs of doing a 51% attack are enormous. You’ll need a large supply of really good mining equipment and a ton of electricity, neither of which you can buy off the shelf. This means that you’ll likely need to produce your own mining equipment and possibly produce your own electricity. This likely requires years of lead time to produce the equipment and long-term contracts to get the required electricity. Economically, investing this much capital would only make sense if you could profit enough from the attack as to make the venture worthwhile. There are several ways to attempt to profit from this, including shorting the market or attempting a double spend, but they all require some off-ramp to take the money and run. This used to be much easier but is no longer due to the AML/KYC laws surrounding most exchanges.
Furthermore, getting an operation like this together means that the attacker has enormous revenue potential through honest mining. This is much less risky and requires much less capital investment up front as you don’t need 51% of the network.
In other words, economically, it really doesn’t make any sense to do a 51% attack due to the costs and risk involved. Altcoins with a much lower hash rate are much more economical to attack this way.
The only real potential for 51% mining attacks come from state-level actors. Assuming it’s a single sovereign, such an entity would need to not care at all about the cost, have access to incredible amounts of energy and have motive to attack Bitcoin. Again, this does not give the attacker control of the network, just the ability to attack a small slice of it. Leaving aside motivation, let’s look at the practical logistics.
In order to pull off something like this, even a sovereign nation would need to coordinate a lot of pieces to make it work. A government would need to get a large supply of hashing power, either through its own factories or through commandeering the needed equipment. This is not likely to be secret for very long and the community would likely be able to prepare. Similarly, a government would need to get a large supply of electricity in the same way. Again, this is not likely to be secret for very long. The coordination necessary would be at military levels and this is not something that most governments know how to do.
And all this for what? A single double-spend that screws over a particular exchange? Again, such an attack does not destroy Bitcoin. The rest of the network keeps chugging along and if the attack is sustained, there are decentralized ways to nullify even the most hash-heavy attacks. This is not a single point of failure in the least because, simply speaking, Bitcoin won’t fail that easily.
So the question then turns to why so many altcoiners bring this up so often.
First, it’s one of the only things that’s even slightly perceived as a vulnerability in Bitcoin. Remember, altcoins are competition to bitcoin and like any good competitor, it helps to FUD your competition to make yourself look better. It’s a great way to distract people from the shortcomings of the centralization that their altcoin clearly has.
Second, they’re usually trying to sell proof of stake or proof of storage or some other nonsense. This is their way of showing the benefits of their system. Most altcoiners support their altcoin because they really want their coin to be bitcoin. They want to be rich like Trace Mayer but withtheircoin. That’s another whole article I need to write, but it’s an understandable emotion driven largely by envy.
Mining attacks are overblown, mostly by people that are trying to print their own money (or at least be the elite in the new currency). 51% attacks are too costly to be economical, have too little a payoff to generate much money and are too limited to hurt more than perhaps a few companies or individuals.
It’s even possible that a 51% attack that screws an exchange out of 100 BTC or so wouldn’t necessarily be a bad thing for Bitcoin. Much like the BCH hard fork, it’s possible such an event would prove Bitcoin’s antifragility and cause a large rally.
This is a guest post by Jimmy Song. Views expressed are his own and do not necessarily reflect those of Bitcoin Magazine or BTC Inc.
This article originally appeared onBitcoin Magazine. || Swiss Bank Falcon Launches Crypto Wallet With Withdrawals to Fiat: Switzerland -based Falcon Private Bank has introduced support for direct transfers and storage of select cryptocurrencies , according to an official press release published on Jan. 21. The bank announced that both private and institutional investors can now directly transfer a selection of major cryptocurrencies to and from the institution's own “segregated Falcon wallets,” as well as convert crypto into fiat money . To start, Falcon reportedly only supports four major cryptocurrencies, Bitcoin ( BTC ), Bitcoin Cash ( BCH ), Ethereum ( ETH ), and Litecoin ( LTC ), the press release notes. With the recent move, Falcon claims its has made blockchain assets “fully bankable,” with the select cryptos being included in the bank’s portfolio statements, as well as in tax reporting documents. In the press release, the private bank also mentions its “proprietary custody solution” that it claims to provide secure storage of digital assets. Falcon’s custodial service has been audited and examined by third-party providers, the company stated. The bank also states that its crypto service is compliant with local Anti-Money Laundering and Know Your Customer regulations. Falcon Private Bank was first authorized to manage blockchain-based assets in July 2017, following approval from the Swiss Financial Supervisory Authority (FINMA). Recently, major Swiss private investment bank Vontobel launched a crypto custodial service targeting banking institutions and asset managers . In late December, FINMA published guidelines for their fintech license, with blockchain assets-related companies reportedly set to begin applying for the license starting from 2019. Related Articles: Swiss Multi-Billion Dollar Bank Vontobel Launches Regulated Crypto Custody Coinbase Adds Cross-Border Wire Transfers for High-Volume Customers in Europe, Asia Blockchain.com Seeks Undisclosed Stablecoin Partnership by End of 2019: Report Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018
[Social Media Buzz]
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→https://goo.gl/qSkfV6 pic.twitter.com/dY0TUIecEF || Bittrex - Volume changed on CounterParty (BTC/XCP)! Price: 0.00061188 (+2.28%), Volume: +35.78% https://goo.gl/RWbFHj || Bitcoin is a ponzi scheme! || SELL BTC@$3523 48.06% -0.69 (SHORT TERM) || Neue Nachricht: http://bit.ly/2sGiBWy - Zukunftsmusik: So funktionieren Bitcoin Futures #nachrichten /news/71060_188.html || $3.2 Trillion in Bitcoin Payments Processed in 2018: Is the Cryptocurrency a Bette...
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3585.12, 3600.87, 3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03.
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[Bitcoin Technical Analysis for 2020-12-22]
Volume: 44171632681, RSI (14-day): 72.75, 50-day EMA: 18529.36, 200-day EMA: 13709.78
[Wider Market Context]
Gold Price: 1866.60, Gold RSI: 52.40
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Survivorship Bias May Be Tricking You Into Taking Too Many Investing Risks: No matter how well a trader does in the market, they can always find traders online than have done even better. But the better a trader has done in achieving huge gains, the more dangerous it may be to follow his or her recommendations. Investors suffer from a long list of psychological biases that can adversely impact their success in the market. One of the most dangerous biases for investors is a phenomenon known as survivorship bias. What Is Survivorship Bias? Survivorship bias is the tendency for people to cherry-pick people or strategies that successfully made it through a selection process and ignore all those that failed. People tend to focus on these survivors, even if they survived in large part due to luck rather than viability. Survivorship bias comes into play when a person starts with a success story, whether it be a successful entrepreneur, a world-champion athlete or a billionaire stock investor, and attempts to reverse-engineer a personal pathway to similar success. The presumption is if I do exactly what this billionaire investor or entrepreneur did, I will be a success just like he or she was. In reality, the most successful outliers on Wall Street over any given short-term period almost always took some extreme amount of risk that just happened to pay off big. But just because a particular strategy worked one time for one person doesnt mean its a good strategy for others. Related Link: 5 Cognitive Biases That Are Killing Your Investment Returns If a man bets $100,000 on the number 19 on a roulette wheel and the number hits, he will win $3.5 million. But only one out of every 37 people who attempt that strategy will survive and get the big payout. Sure, the strategy worked for the guy that won. But does that make the strategy smart or viable? Of course not. Historically, the SPDR S&P 500 ETF Trust (NYSE: SPY ) generates an average annual return in the range of 8% to 15%. But in any given year, there are plenty of traders who generate returns that are 10 times higher than the market. Story continues Its extremely unlikely that someone who has an investing strategy that generates a significantly higher return than the S&P 500 has found a strategy that is safe and consistent. More than likely, that trader has simply survived a very dangerous approach to investing simply by getting lucky. Exploiting Survivorship Bias: Scammers have even taken advantage of survivorship bias by using simple probability to convince people that they're skilled stock pickers. On any given day, a person can email 10,000 different people a single microcap stock pick for that day along with a guarantee it will gain at least 10% during the following week. If the scammer picks 10,000 different stocks and only one out of every 25 of them gain 10% that week, it means 400 people received accurate predictions. If the scammer repeats the process the next week by sending another 400 picks to those remaining 400 people, it means 16 people would receive two different stock picks that each gained at least 10% in back-to-back weeks. The scammer can then follow up with a message claiming that if these 16 people just pay $1,000 each for a stock-picking newsletter subscription, they can be rich in no time. In reality, they would simply be paying $1,000 each for totally random microcap stock picks. I think survivorship bias really colors how we look at the world, because it leads us to look at these highly selected events and then make inferences and say, Oh, that manager and that person must be good, Sendhil Mullainathan, a professor of computation and behavioral science at the University of Chicago Booth School of Business, once said . Instead of identifying true stock-picking talent, we are often simply identifying the small percentage of traders that took a dangerous approach to the market and ended up getting lucky. Meanwhile, we ignore the vast majority of people who took a similar approach and failed. Survivorship Bias And Risk: The S&P 500 is on track to finish 2020 up 16.8%. In reality, any investor who will finish this year with gains of 16.8% or higher had a great year and should feel good about their performance. However, plenty of people who put all their eggs into trendy investments like Tesla Inc (NASDAQ: TSLA ), the Grayscale Bitcoin Trust (OTC: GBTC ) or Zoom Video Communications Inc (NYSE: ZM ) and others likely far exceeded that 16.8% return this year. But those traders are simply the survivors of an approach to investing that didnt work out so well for the majority of investors who picked just a handful of stocks back in December 2019. If you're always chasing the gains of the most successful stock pickers, you will be exposing your portfolio to unnecessary risk due to survivorship bias. Instead of focusing on the latest trendy stock picking outliers, a safer strategy is to look at investing and trading techniques that have worked consistently for a wide variety of traders for decade after decade. See more from Benzinga Click here for options trades from Benzinga Airline, Cruise Stocks Sink As New COVID Strain Emerges In UK Should Investors Expect A Tax-Driven Stock Market Sell-Off In The Next 2 Weeks? © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Survivorship Bias May Be Tricking You Into Taking Too Many Investing Risks: No matter how well a trader does in the market, they can always find traders online than have done even better. But the better a trader has done in achieving huge gains, the more dangerous it may be to follow his or her recommendations.
Investors suffer from a long list of psychological biases that can adversely impact their success in the market. One of the most dangerous biases for investors is a phenomenon known as survivorship bias.
What Is Survivorship Bias?Survivorship bias is the tendency for people to cherry-pick people or strategies that successfully made it through a selection process and ignore all those that failed. People tend to focus on these survivors, even if they survived in large part due to luck rather than viability.
Survivorship bias comes into play when a person starts with a success story, whether it be a successful entrepreneur, a world-champion athlete or a billionaire stock investor, and attempts to reverse-engineer a personal pathway to similar success. The presumption is if I do exactly what this billionaire investor or entrepreneur did, I will be a success just like he or she was.
In reality, the most successful outliers on Wall Street over any given short-term period almost always took some extreme amount of risk that just happened to pay off big. But just because a particular strategy worked one time for one person doesn’t mean it’s a good strategy for others.
Related Link:5 Cognitive Biases That Are Killing Your Investment Returns
If a man bets $100,000 on the number 19 on a roulette wheel and the number hits, he will win $3.5 million. But only one out of every 37 people who attempt that strategy will “survive” and get the big payout. Sure, the strategy worked for the guy that won. But does that make the strategy smart or viable? Of course not.
Historically, theSPDR S&P 500 ETF Trust(NYSE:SPY) generates an average annual return in the range of 8% to 15%. But in any given year, there are plenty of traders who generate returns that are 10 times higher than the market.
It’s extremely unlikely that someone who has an investing strategy that generates a significantly higher return than the S&P 500 has found a strategy that is safe and consistent. More than likely, that trader has simply “survived” a very dangerous approach to investing simply by getting lucky.
Exploiting Survivorship Bias:Scammers have even taken advantage of survivorship bias by using simple probability to convince people that they're skilled stock pickers.
On any given day, a person can email 10,000 different people a single microcap stock pick for that day along with a guarantee it will gain at least 10% during the following week. If the scammer picks 10,000 different stocks and only one out of every 25 of them gain 10% that week, it means 400 people received accurate predictions.
If the scammer repeats the process the next week by sending another 400 picks to those remaining 400 people, it means 16 people would receive two different stock picks that each gained at least 10% in back-to-back weeks.
The scammer can then follow up with a message claiming that if these 16 people just pay $1,000 each for a stock-picking newsletter subscription, they can be rich in no time. In reality, they would simply be paying $1,000 each for totally random microcap stock picks.
“I think survivorship bias really colors how we look at the world, because it leads us to look at these highly selected events and then make inferences and say, ‘Oh, that manager and that person must be good,’” Sendhil Mullainathan, a professor of computation and behavioral science at the University of Chicago Booth School of Business,once said.
Instead of identifying true stock-picking talent, we are often simply identifying the small percentage of traders that took a dangerous approach to the market and ended up getting lucky. Meanwhile, we ignore the vast majority of people who took a similar approach and failed.
Survivorship Bias And Risk:The S&P 500 is on track to finish 2020 up 16.8%. In reality, any investor who will finish this year with gains of 16.8% or higher had a great year and should feel good about their performance.
However, plenty of people who put all their eggs into trendy investments likeTesla Inc(NASDAQ:TSLA), theGrayscale Bitcoin Trust(OTC:GBTC) orZoom Video Communications Inc(NYSE:ZM) and others likely far exceeded that 16.8% return this year. But those traders are simply the survivors of an approach to investing that didn’t work out so well for the majority of investors who picked just a handful of stocks back in December 2019.
If you're always chasing the gains of the most successful stock pickers, you will be exposing your portfolio to unnecessary risk due to survivorship bias. Instead of focusing on the latest trendy stock picking outliers, a safer strategy is to look at investing and trading techniques that have worked consistently for a wide variety of traders for decade after decade.
See more from Benzinga
• Click here for options trades from Benzinga
• Airline, Cruise Stocks Sink As New COVID Strain Emerges In UK
• Should Investors Expect A Tax-Driven Stock Market Sell-Off In The Next 2 Weeks?
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 12 New SPACs Filed Offerings On Friday: What Investors Should Know: A record 12 new SPACs filed offerings on Friday, Dec. 18. Here is a summary on the new offerings and what investors can expect.
Poema Global Holdings Corp:This SPACintendsto raise $287.5 million with units that include one common share and one half of a warrant. The company is targeting the technology sector in Europe and Asia.
The team includes Emmanuel DeSousa, who has over 20 years advising tech companies likeOzon Holdings(NASDAQ:OZON),eBay Inc(NASDAQ:EBAY),Alibaba Group(NYSE:BABA) andMercadoLibre(NASDAQ:MELI).
Shares will trade on the Nasdaq as PPGH.
Related Link:7 Current And Former SPACs That Could Be 2020 Election Plays
Switchback II Corp:Thesecond SPACfrom the team behindSwitchback Energy Acquisition Corporation(NYSE:SBE) plans to raise $250 million with units that will include one fifth of a warrant.
The company will focus on energy technology with a target company that can help reduce emissions. The first SPAC from the team is bringing ChargePoint, a charging infrastructure company, public. Shares of the new SPAC will trade on the NYSE as SWBK.
Star Peak Corp II:Thesecond SPACfrom the team behindStar Peak Energy Transition(NYSE:STPK) is seeking a target company in the sustainability and global emission reductions market. The team has experience leading companies likeKinder Morgan Inc(NYSE:KMI) andSunnova Energy(NYSE:NOVA).
The SPAC is seeking to raise $350 million. Units will include one fourth of a warrant. Shares will trade on the NYSE as STPC.
Ivanhoe Capital Acquisition Corp:Robert Friedland, founder and Chairman of Ivanhoe Capital and Co-Chair ofIvanhoe Mines(OTC:IVPAF) isseekingto raise $200 million with this SPAC that will trade as IVAN on the NYSE. Units will include one third of a warrant.
The company is targeting a company in the electrification market that could be a mining company, electric vehicle, battery or energy storage company.
Crucible Acquisition Corp:Targeting software technology companies, this SPAC isseekingto raise $200 million with warrants that will include one third of a warrant. Shares will trade as CRU on the NYSE.
Venture Capitalist Brad Feld is the Chairman of the SPAC with his firm Foundry Crucible notable for early investments in companies likeFitbit Inc(NYSE:FIT) andZynga Inc(NASDAQ:ZNGA).
Locust Walk Acquisition Corp:Targetingthe health care industry, this $130 million SPAC will focus specifically on companies in the life sciences field in the United States and Europe. The units will include one third of a warrant. Common shares will trade as LWAC on the Nasdaq.
VectoIQ Acquisition Corp II:Thesecond SPACfrom the team that broughtNikola Corporation(NASDAQ:NKLA) public will be coming soon. The SPAC is seeking to raise $300 million with units that will include one third of a warrant.
The SPAC is targeting a company in the industrial technology, transportation or smart mobility sectors. Several formerGeneral Motors Corporation(NYSE:GM) executives are attached to the SPAC.
Shares will trade as VTIQ on the Nasdaq.
Bright Lights Acquisition Corp:Targetingthe consumer products, media, entertainment and sports sectors, this SPAC is seeking to raise $200 million. Units will include one half of a warrant. Common shares will trade as BLTS on the Nasdaq.
The company has leaders that worked with companies like Dick Clark Productions, MGM, TV Guide Network, Six Flags, News Corporation andWalt Disney Company(NYSE:DIS).
One of the leaders in this SPAC launched Celebrands in 2020 to target early-stage celebrity consumer brand partnerships. The company helped sell Aviation Gin, a spirits brand from Ryan Reynolds, toDiageo(NYSE:DEO).
The team also founded Mosaic Media Group, a talent agency that works with Will Ferrell, Jim Carrey and Green Day. Grammy-winning musician Ciara is a member of the SPAC’s Board of Directors.
Rotor Acquisition Corp:This SPAC isseekingto raise $200 million with units that will include on half of a warrant. Common shares will trade as ROT on the NYSE.
Prospector Capital Corp:Seekinga target in the communications, apps and services, cloud, artificial intelligence, machine learning, augmented reality or virtual reality, Prospector capital is seeking to raise $250 million.
Units will include one third of a warrant. Common shares will trade as PRSR on the Nasdaq. Derek Aberle, who leads the SPAC, spent over 17 years atQualcomm Incorporated(NASDAQ:QCOM). During his time there the company went from $32 million in annual revenue to $25 billion.
Global Synergy Acquisition Corp:TargetingIT services and business process outsourcing, this SPAC is seeking to raise $225 million. Units will include one half of a warrant. Common shares will trade as GSAQ on the Nasdaq.
One member of the executive team has over 30 years working in the sector at companies like Dell,International Business Machines(NYSE:IBM) and Wipro.
Healthcare Capital Corp:This SPAC isseekingto raise $200 million with units that will include one half of a warrant. Common shares will trade as HCCC on the Nasdaq.
The SPAC is targeting the telehealth, life sciences, innovative medical devices and health care technology markets for an acquisition.
See more from Benzinga
• Click here for options trades from Benzinga
• Could Sports Fans Save Barnes & Noble Education?
• MicroStrategy Now Holds 70,470 Bitcoin After Spending .1B in 2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 12 New SPACs Filed Offerings On Friday: What Investors Should Know: A record 12 new SPACs filed offerings on Friday, Dec. 18. Here is a summary on the new offerings and what investors can expect. Poema Global Holdings Corp: This SPAC intends to raise $287.5 million with units that include one common share and one half of a warrant. The company is targeting the technology sector in Europe and Asia. The team includes Emmanuel DeSousa, who has over 20 years advising tech companies like Ozon Holdings (NASDAQ: OZON ), eBay Inc (NASDAQ: EBAY ), Alibaba Group (NYSE: BABA ) and MercadoLibre (NASDAQ: MELI ). Shares will trade on the Nasdaq as PPGH. Related Link: 7 Current And Former SPACs That Could Be 2020 Election Plays Switchback II Corp: The second SPAC from the team behind Switchback Energy Acquisition Corporation (NYSE: SBE ) plans to raise $250 million with units that will include one fifth of a warrant. The company will focus on energy technology with a target company that can help reduce emissions. The first SPAC from the team is bringing ChargePoint, a charging infrastructure company, public. Shares of the new SPAC will trade on the NYSE as SWBK. Star Peak Corp II: The second SPAC from the team behind Star Peak Energy Transition (NYSE: STPK ) is seeking a target company in the sustainability and global emission reductions market. The team has experience leading companies like Kinder Morgan Inc (NYSE: KMI ) and Sunnova Energy (NYSE: NOVA ). The SPAC is seeking to raise $350 million. Units will include one fourth of a warrant. Shares will trade on the NYSE as STPC. Ivanhoe Capital Acquisition Corp: Robert Friedland, founder and Chairman of Ivanhoe Capital and Co-Chair of Ivanhoe Mines (OTC: IVPAF ) is seeking to raise $200 million with this SPAC that will trade as IVAN on the NYSE. Units will include one third of a warrant. The company is targeting a company in the electrification market that could be a mining company, electric vehicle, battery or energy storage company. Crucible Acquisition Corp: Targeting software technology companies, this SPAC is seeking to raise $200 million with warrants that will include one third of a warrant. Shares will trade as CRU on the NYSE. Venture Capitalist Brad Feld is the Chairman of the SPAC with his firm Foundry Crucible notable for early investments in companies like Fitbit Inc (NYSE: FIT ) and Zynga Inc (NASDAQ: ZNGA ). Locust Walk Acquisition Corp: Targeting the health care industry, this $130 million SPAC will focus specifically on companies in the life sciences field in the United States and Europe. The units will include one third of a warrant. Common shares will trade as LWAC on the Nasdaq. Story continues VectoIQ Acquisition Corp II: The second SPAC from the team that brought Nikola Corporation (NASDAQ: NKLA ) public will be coming soon. The SPAC is seeking to raise $300 million with units that will include one third of a warrant. The SPAC is targeting a company in the industrial technology, transportation or smart mobility sectors. Several former General Motors Corporation (NYSE: GM ) executives are attached to the SPAC. Shares will trade as VTIQ on the Nasdaq. Bright Lights Acquisition Corp: Targeting the consumer products, media, entertainment and sports sectors, this SPAC is seeking to raise $200 million. Units will include one half of a warrant. Common shares will trade as BLTS on the Nasdaq. The company has leaders that worked with companies like Dick Clark Productions, MGM, TV Guide Network, Six Flags, News Corporation and Walt Disney Company (NYSE: DIS ). One of the leaders in this SPAC launched Celebrands in 2020 to target early-stage celebrity consumer brand partnerships. The company helped sell Aviation Gin, a spirits brand from Ryan Reynolds, to Diageo (NYSE: DEO ). The team also founded Mosaic Media Group, a talent agency that works with Will Ferrell, Jim Carrey and Green Day. Grammy-winning musician Ciara is a member of the SPAC’s Board of Directors. Rotor Acquisition Corp: This SPAC is seeking to raise $200 million with units that will include on half of a warrant. Common shares will trade as ROT on the NYSE. Prospector Capital Corp: Seeking a target in the communications, apps and services, cloud, artificial intelligence, machine learning, augmented reality or virtual reality, Prospector capital is seeking to raise $250 million. Units will include one third of a warrant. Common shares will trade as PRSR on the Nasdaq. Derek Aberle, who leads the SPAC, spent over 17 years at Qualcomm Incorporated (NASDAQ: QCOM ). During his time there the company went from $32 million in annual revenue to $25 billion. Global Synergy Acquisition Corp: Targeting IT services and business process outsourcing, this SPAC is seeking to raise $225 million. Units will include one half of a warrant. Common shares will trade as GSAQ on the Nasdaq. One member of the executive team has over 30 years working in the sector at companies like Dell, International Business Machines (NYSE: IBM ) and Wipro. Healthcare Capital Corp: This SPAC is seeking to raise $200 million with units that will include one half of a warrant. Common shares will trade as HCCC on the Nasdaq. The SPAC is targeting the telehealth, life sciences, innovative medical devices and health care technology markets for an acquisition. See more from Benzinga Click here for options trades from Benzinga Could Sports Fans Save Barnes & Noble Education? MicroStrategy Now Holds 70,470 Bitcoin After Spending .1B in 2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Riot Blockchain Purchases Additional 15,000 Antminers from Bitmain – Expanding 2021 Total Hash Rate Capacity Over 3.8 EH/s: Riot Continues Its Bitcoin Mining Hash Rate Growth with Additional Purchase Expanding Total Fleet to 37,640 Next-Generation Bitmain Antminers Castle Rock, CO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company") , announces an expected 65% increase in bitcoin mining hash rate capacity resulting from the purchase and future deployment of 15,000 S19 Pro and S19j Pro Antminers from Bitmain Technologies Limited (“Bitmain”). The approximate $35 million purchase is comprised of 3,000 S19 Pro Antminers (110 TH) and 12,000 S19j Pro Antminers (100 TH). These additional miners are scheduled for receipt and deployment starting in May 2021 and continuing through October 2021. This new order of miners, combined with the Company’s prior miner purchases, is expected to significantly increase Riot’s estimated bitcoin mining hash rate from the previously announced 2.3 EH/s to 3.8 EH/s. The Company has been receiving and deploying new miners consistently through 2020, including this new purchase; the delivery schedule continues into the fourth quarter of 2021. At full deployment of Riot’s 37,640 next-generation fleet of miners, Riot estimates its total operational hash rate capacity will be 3.8 EH/s and consume approximately 120 MW of energy. As a result, the Company expects to have an aggregate mining efficiency of 31.79±% 5 joules per terahash (J/TH). “Continued growth in deployed miners is paramount to a miner’s success,” said Jeff McGonegal, CEO of Riot. “Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased. We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.” "We are extremely excited to expand and deepen our partnership with Riot Blockchain again this year. In total, Riot additionally purchased 15,000 Antminer 19 series. The 19 series enjoy a wide popularity in the global markets with outstanding hash rates and power efficiency, which continuously bring tremendous values to our customers around the world. I am confident that with the new purchase, Riot can continue to grow their mining operation and play an increasingly vital role in bitcoin mining across North America.” said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain. Story continues All miner purchases continue to be funded using available working capital. Riot has no long-term debt. The Company is continuing to assess the bitcoin landscape with the assistance of XMS Capital in evaluating opportunities and transactions to further increase shareholder value. About Bitmain Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide-Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups. About Riot Blockchain Riot Blockchain (NASDAQ: RIOT) focuses on cryptocurrency mining of bitcoin. The Company is expanding and upgrading its mining operations by securing the most energy efficient miners currently available. Riot also holds certain non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company’s primary mining facility was recently relocated to upstate New York, under a co-location hosting agreement with Coinmint. For more information, visit www.RiotBlockchain.com . Safe Harbor The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors," copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release. Attachment miner dec 2020 CONTACT: PR Contact Riot Blockchain, Inc. [email protected] Investor Contact Riot Blockchain, Inc. [email protected] || Riot Blockchain Purchases Additional 15,000 Antminers from Bitmain – Expanding 2021 Total Hash Rate Capacity Over 3.8 EH/s: Riot Continues Its Bitcoin Mining Hash Rate Growth with Additional Purchase Expanding Total Fleet to 37,640 Next-Generation Bitmain Antminers
Castle Rock, CO, Dec. 21, 2020 (GLOBE NEWSWIRE) --Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company"), announces an expected 65% increase in bitcoin mining hash rate capacity resulting from the purchase and future deployment of 15,000 S19 Pro and S19j Pro Antminers from Bitmain Technologies Limited (“Bitmain”). The approximate $35 million purchase is comprised of 3,000 S19 Pro Antminers (110 TH) and 12,000 S19j Pro Antminers (100 TH). These additional miners are scheduled for receipt and deployment starting in May 2021 and continuing through October 2021.
This new order of miners, combined with the Company’s prior miner purchases, is expected to significantly increase Riot’s estimated bitcoin mining hash rate from the previously announced 2.3 EH/s to 3.8 EH/s. The Company has been receiving and deploying new miners consistently through 2020, including this new purchase; the delivery schedule continues into the fourth quarter of 2021.
At full deployment of Riot’s 37,640 next-generation fleet of miners, Riot estimates its total operational hash rate capacity will be 3.8 EH/s and consume approximately 120 MW of energy. As a result, the Company expects to have an aggregate mining efficiency of 31.79±% 5 joules per terahash (J/TH).
“Continued growth in deployed miners is paramount to a miner’s success,” said Jeff McGonegal, CEO of Riot. “Expanding the Company’s bitcoin mining hash rate and operating on a cost-effective basis is very important, particularly during periods when the bitcoin spot price has appreciably increased. We are pleased to have secured this latest purchase, especially given that the available supply of mining hardware continues to become increasingly scarce.”
"We are extremely excited to expand and deepen our partnership with Riot Blockchain again this year. In total, Riot additionally purchased 15,000 Antminer 19 series. The 19 series enjoy a wide popularity in the global markets with outstanding hash rates and power efficiency, which continuously bring tremendous values to our customers around the world. I am confident that with the new purchase, Riot can continue to grow their mining operation and play an increasingly vital role in bitcoin mining across North America.” said Irene Gao, Antminer Sales Director of NCSA Region, Bitmain.
All miner purchases continue to be funded using available working capital. Riot has no long-term debt. The Company is continuing to assess the bitcoin landscape with the assistance of XMS Capital in evaluating opportunities and transactions to further increase shareholder value.
About Bitmain
Founded in 2013, Bitmain transforms computing by building industry-defining technology in cryptocurrency, blockchain, and artificial intelligence (AI). Bitmain leads the industry in the production of integrated circuits for cryptocurrency mining, as well as mining hardware under the Antminer brand. The company also operates the largest cryptocurrency mining pools worldwide-Antpool.com and BTC.com. Bitmain technology supports a wide range of blockchain platforms and startups.
About Riot Blockchain
Riot Blockchain (NASDAQ: RIOT) focuses on cryptocurrency mining of bitcoin. The Company is expanding and upgrading its mining operations by securing the most energy efficient miners currently available. Riot also holds certain non-controlling investments in blockchain technology companies. Riot is headquartered in Castle Rock, Colorado, and the Company’s primary mining facility was recently relocated to upstate New York, under a co-location hosting agreement with Coinmint. For more information, visitwww.RiotBlockchain.com.
Safe Harbor
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors," copies of which may be obtained from the SEC's website at www.sec.gov. The Company does not undertake any obligation to update forward-looking statements contained in this press release.
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• miner dec 2020
CONTACT: PR Contact Riot Blockchain, Inc. [email protected] Investor Contact Riot Blockchain, Inc. [email protected] || Bitcoin Era Review - Bitcoin ERA App Details By LynxPR: Bitcoin ERA is a famous crypto auto trading platform. These are the easiest steps to follow while using Bitcoin Era to trade : Register, Deposit Money, Start Trading
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How to use Bitcoin ERAWe have gone through the steps written below, and we can assure you that anyone can do it, that is how easy it is to use Bitcoin Bitcoin ERA. All we needed to do was to open a Bitcoin ERA account, make a deposit and activate the live trading feature. The trading robots took over, and at the end of the live trading session, we had our capital intact and a significant profit.Trades on Bitcoin ERA can be done when the users account has been funded. We noticed that the lowest minimum deposit on Bitcoin ERA is $250
[ Open Bitcoin ERA Account Now for Free. Start Doing Crypto Auto Trading ]
We have written about our experience with Bitcoin ERA below;1.Bitcoin ERA Account RegistrationFirst, we opened a new Bitcoin ERA account. This process lasted for less than five minutes because the information needed to open a new account is not much, unlike many other trading platforms.2.Bitcoin ERA Demo Trading FeatureWe found a demo trading feature on Bitcoin ERA, this is great news. Auto trading cryptocurrency platforms that offer users a demo trading feature are usually transparent in their dealings. The demo trading process reveals how trading robots work during a live trading session.We studied the demo trading process and it was flawless.3.Live Trading with Bitcoin ERAThe live trading process was easier than we thought. All we needed to do was click on a button to activate the robots and trading started. The robots scanned the cryptocurrency market in seconds, to detect the best market trends. If a profitable trade is detected, the system completes the deal for the investor, using the funds in their Bitcoin ERA account. It is a really fast process.We studied the live trading process from beginning to end, and it was perfect.4.Transferring funds to an accountIt was so easy to send funds to your new Bitcoin ERA account. We saw different payment options on the platform. For example, we could make payment with MasterCard, Visa, PayPal, or Skrill. These are popular payment options so it is easy for investors from different parts of the world to start using Bitcoin ERA .We transferred the minimum deposit $250 to our account, it is best for new investors to start with the minimum investment, grow their capital and keep saving the profit.Note: We encourage all investors to test the demo trading feature. We found it so easy to use and there is so much information on that platform to help new investors understand what automated trading is all about.>>Register to Use Bitcoin ERA Today<<
Why trade with Bitcoin ERA now?Analysts across the globe are predicting a bitcoin boom like never witnessed earlier than inside the coming months. Robert kiyosaki, the author of rich dad, poor dad has lately anticipated that btc will hit seventy five thousands usd in some months to return. Max keiser of the keiser report is also predicting a growth so as to push btc price to $100k by using early next year.Bitcoin ERA claims to have all that it takes to capitalize on such booms. The robot trades volatility and hence capitalizes on each the upward and downward charge swings.Bitcoin ERA overview: final verdict!As a trader may have been confident with Bitcoin ERAn now and want to experience the benefits that it can offer as a platform to help in moving forward with Bitcoin trading, go ahead and do it. Trader will be amazed with the returns that Bitcoin ERA is sending on the way. It is an outstanding product and can explore everything that comes along with the product without spending any money out of the pocket. Hence, it can deliver all the support trader need to ensure proper financial sustainability in the long run.
[ Open Your Bitcoin Era Account Now From The Official Site ]
Contact Email: [email protected]: bitcoineras.comCompany: Bitcoin EraPhone: 0610099366
Disclosure by LynxPR: We write news and product reviews on various topics. This review is for informational purposes only. The information does not constitute advice or an offer to buy. Any purchase done from this story is done at your own risk. Any purchase done from this link is subject to the final terms and conditions of the website that is selling. The content on this release does not take any responsibility directly or indirectly.
Contact LynxPR at [email protected]
[Brand Storypowered byKISS PR Story PressWirehttps://story.kisspr.com]
This news has been published for the above source. LynxPR [ID=15944]
Disclaimer: The pr is provided "as is", without warranty of any kind, express or implied: The content publisher provides the information without warranty of any kind. We also do not accept any responsibility or liability for the legal facts, content accuracy, photos, videos. if you have any complaints or copyright issues related to this article, kindly contact the provider above.
Attachment
• What is Bitcoin Era? || Bitcoin Era Review - Bitcoin ERA App Details By LynxPR: Bitcoin ERA is a famous crypto auto trading platform. These are the easiest steps to follow while using Bitcoin Era to trade : Register, Deposit Money, Start Trading
London, UK, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The main purpose crypto buyers are the usage of the bots is because of the cash; using the trading robots has been financially rewarding for crypto traders. Going by way of the reviews and comments on line, so a lot of these clever crypto buyers are incomes millions from the crypto auto-trader and there is no slowing down; this evaluation exposes the best capabilities and reasons why greater crypto investors should start trading with bitcoin era. This robot allegedly earns its customers heaps of dollars day by day from an funding of as low as 250 usd. You do not need any btc trading knowledge. How to trade with Bitcoin Era. Sign up an account, watch the buying and selling tutorials, and go live.
>>Open Your Bitcoin Era Now From The Official Site<<
What is Bitcoin Era?
Bitcoin era is a trading app. Beneath the app, trader can discover bots, who take part within the bitcoin trading activities. A dealer can consider assigning all bitcoin buying and selling related necessities to those apps. Then the app will be able to function efficiently and supply the nice returns that a trader is asking forward to receive in the long run.
Bitcoin Era app looks intuitive and modern-day. Any character who makes use of the app can be capable of get work achieved in a handy manner. The software program underneath the app is main the marketplace via just 0.01 seconds. This is more than sufficient to take gain over others and are expecting each highs in addition to lows inside the market in an correct way. The predictions will take area hastily when in comparison to every other comparable trading app. For this reason, the traders who use bitcoin Bitcoin Era may be able to alternate efficiently and get maximum fantastic returns.
Is Bitcoin Era reputable or fake? Our conclusionAfter finalizing our checks and collating the effects, we will conclude that Bitcoin Era is a professional legit auto-trading, buying and selling platform. We made this decision after going through our experience with the automobile trading platform. We used all its functions, the entirety works flawlessly. Also, we had been capable of withdraw our earnings after ending the first live buying and selling consultation. The budget have been transferred to the financial institution account we had furnished. The withdrawal technique changed into completed in 24-hours, that is spectacular and speedy. Many other structures whole withdrawal approaches in a single week.
Head Over To The Bitcoin ERA Official Website Using This Link
How does Bitcoin Era work?It's far a easy process. We are able to examine the trading system in this system with the stock marketplace buying and selling activities. It is about buying and selling cryptocurrency to make a profit. But, the crypto marketplace is quite risky, so it is necessary to use the auto trading Apps like Bitcoin Era, to overcome, marketplace tendencies.Bitcoin Era works with a fixed of trading robots that experiment the cryptocurrency market on the lookout for excellent offers on crypto. The trading robots can buy cryptocurrency sold at a low price on behalf of the investor. The coins are later sold when the value increases, thereby making a profit for the investor. Bitcoin Era is available to buyers in over a hundred and fifty nations. The capabilities are essentially the identical in these nations, and the language is routinely translated therefore.
How to use Bitcoin ERAWe have gone through the steps written below, and we can assure you that anyone can do it, that is how easy it is to use Bitcoin Bitcoin ERA. All we needed to do was to open a Bitcoin ERA account, make a deposit and activate the live trading feature. The trading robots took over, and at the end of the live trading session, we had our capital intact and a significant profit.Trades on Bitcoin ERA can be done when the users account has been funded. We noticed that the lowest minimum deposit on Bitcoin ERA is $250
[ Open Bitcoin ERA Account Now for Free. Start Doing Crypto Auto Trading ]
We have written about our experience with Bitcoin ERA below;1.Bitcoin ERA Account RegistrationFirst, we opened a new Bitcoin ERA account. This process lasted for less than five minutes because the information needed to open a new account is not much, unlike many other trading platforms.2.Bitcoin ERA Demo Trading FeatureWe found a demo trading feature on Bitcoin ERA, this is great news. Auto trading cryptocurrency platforms that offer users a demo trading feature are usually transparent in their dealings. The demo trading process reveals how trading robots work during a live trading session.We studied the demo trading process and it was flawless.3.Live Trading with Bitcoin ERAThe live trading process was easier than we thought. All we needed to do was click on a button to activate the robots and trading started. The robots scanned the cryptocurrency market in seconds, to detect the best market trends. If a profitable trade is detected, the system completes the deal for the investor, using the funds in their Bitcoin ERA account. It is a really fast process.We studied the live trading process from beginning to end, and it was perfect.4.Transferring funds to an accountIt was so easy to send funds to your new Bitcoin ERA account. We saw different payment options on the platform. For example, we could make payment with MasterCard, Visa, PayPal, or Skrill. These are popular payment options so it is easy for investors from different parts of the world to start using Bitcoin ERA .We transferred the minimum deposit $250 to our account, it is best for new investors to start with the minimum investment, grow their capital and keep saving the profit.Note: We encourage all investors to test the demo trading feature. We found it so easy to use and there is so much information on that platform to help new investors understand what automated trading is all about.>>Register to Use Bitcoin ERA Today<<
Why trade with Bitcoin ERA now?Analysts across the globe are predicting a bitcoin boom like never witnessed earlier than inside the coming months. Robert kiyosaki, the author of rich dad, poor dad has lately anticipated that btc will hit seventy five thousands usd in some months to return. Max keiser of the keiser report is also predicting a growth so as to push btc price to $100k by using early next year.Bitcoin ERA claims to have all that it takes to capitalize on such booms. The robot trades volatility and hence capitalizes on each the upward and downward charge swings.Bitcoin ERA overview: final verdict!As a trader may have been confident with Bitcoin ERAn now and want to experience the benefits that it can offer as a platform to help in moving forward with Bitcoin trading, go ahead and do it. Trader will be amazed with the returns that Bitcoin ERA is sending on the way. It is an outstanding product and can explore everything that comes along with the product without spending any money out of the pocket. Hence, it can deliver all the support trader need to ensure proper financial sustainability in the long run.
[ Open Your Bitcoin Era Account Now From The Official Site ]
Contact Email: [email protected]: bitcoineras.comCompany: Bitcoin EraPhone: 0610099366
Disclosure by LynxPR: We write news and product reviews on various topics. This review is for informational purposes only. The information does not constitute advice or an offer to buy. Any purchase done from this story is done at your own risk. Any purchase done from this link is subject to the final terms and conditions of the website that is selling. The content on this release does not take any responsibility directly or indirectly.
Contact LynxPR at [email protected]
[Brand Storypowered byKISS PR Story PressWirehttps://story.kisspr.com]
This news has been published for the above source. LynxPR [ID=15944]
Disclaimer: The pr is provided "as is", without warranty of any kind, express or implied: The content publisher provides the information without warranty of any kind. We also do not accept any responsibility or liability for the legal facts, content accuracy, photos, videos. if you have any complaints or copyright issues related to this article, kindly contact the provider above.
Attachment
• What is Bitcoin Era? || Bitcoin Era Review - Bitcoin ERA App Details By LynxPR: Bitcoin ERA is a famous crypto auto trading platform. These are the easiest steps to follow while using Bitcoin Era to trade : Register, Deposit Money, Start Trading What is Bitcoin Era? Bitcoin ERA is a famous crypto auto trading platform. These are the easiest steps to follow while using Bitcoin Era to trade : Register, Deposit Money, Start Trading Bitcoin ERA is a famous crypto auto trading platform. These are the easiest steps to follow while using Bitcoin Era to trade : Register, Deposit Money, Start Trading London, UK, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The main purpose crypto buyers are the usage of the bots is because of the cash; using the trading robots has been financially rewarding for crypto traders. Going by way of the reviews and comments on line, so a lot of these clever crypto buyers are incomes millions from the crypto auto-trader and there is no slowing down; this evaluation exposes the best capabilities and reasons why greater crypto investors should start trading with bitcoin era. This robot allegedly earns its customers heaps of dollars day by day from an funding of as low as 250 usd. You do not need any btc trading knowledge. How to trade with Bitcoin Era. Sign up an account, watch the buying and selling tutorials, and go live. >>Open Your Bitcoin Era Now From The Official Site<< What is Bitcoin Era? Bitcoin era is a trading app. Beneath the app, trader can discover bots, who take part within the bitcoin trading activities. A dealer can consider assigning all bitcoin buying and selling related necessities to those apps. Then the app will be able to function efficiently and supply the nice returns that a trader is asking forward to receive in the long run. Bitcoin Era app looks intuitive and modern-day. Any character who makes use of the app can be capable of get work achieved in a handy manner. The software program underneath the app is main the marketplace via just 0.01 seconds. This is more than sufficient to take gain over others and are expecting each highs in addition to lows inside the market in an correct way. The predictions will take area hastily when in comparison to every other comparable trading app. For this reason, the traders who use bitcoin Bitcoin Era may be able to alternate efficiently and get maximum fantastic returns. Story continues Is Bitcoin Era reputable or fake? Our conclusion After finalizing our checks and collating the effects, we will conclude that Bitcoin Era is a professional legit auto-trading, buying and selling platform. We made this decision after going through our experience with the automobile trading platform. We used all its functions, the entirety works flawlessly. Also, we had been capable of withdraw our earnings after ending the first live buying and selling consultation. The budget have been transferred to the financial institution account we had furnished. The withdrawal technique changed into completed in 24-hours, that is spectacular and speedy. Many other structures whole withdrawal approaches in a single week. Head Over To The Bitcoin ERA Official Website Using This Link How does Bitcoin Era work? It's far a easy process. We are able to examine the trading system in this system with the stock marketplace buying and selling activities. It is about buying and selling cryptocurrency to make a profit. But, the crypto marketplace is quite risky, so it is necessary to use the auto trading Apps like Bitcoin Era, to overcome, marketplace tendencies. Bitcoin Era works with a fixed of trading robots that experiment the cryptocurrency market on the lookout for excellent offers on crypto. The trading robots can buy cryptocurrency sold at a low price on behalf of the investor. The coins are later sold when the value increases, thereby making a profit for the investor. Bitcoin Era is available to buyers in over a hundred and fifty nations. The capabilities are essentially the identical in these nations, and the language is routinely translated therefore. How to use Bitcoin ERA We have gone through the steps written below, and we can assure you that anyone can do it, that is how easy it is to use Bitcoin Bitcoin ERA. All we needed to do was to open a Bitcoin ERA account, make a deposit and activate the live trading feature. The trading robots took over, and at the end of the live trading session, we had our capital intact and a significant profit. Trades on Bitcoin ERA can be done when the users account has been funded. We noticed that the lowest minimum deposit on Bitcoin ERA is $250 [ Open Bitcoin ERA Account Now for Free. Start Doing Crypto Auto Trading ] We have written about our experience with Bitcoin ERA below; 1. Bitcoin ERA Account Registration First, we opened a new Bitcoin ERA account. This process lasted for less than five minutes because the information needed to open a new account is not much, unlike many other trading platforms. 2. Bitcoin ERA Demo Trading Feature We found a demo trading feature on Bitcoin ERA, this is great news. Auto trading cryptocurrency platforms that offer users a demo trading feature are usually transparent in their dealings. The demo trading process reveals how trading robots work during a live trading session. We studied the demo trading process and it was flawless. 3. Live Trading with Bitcoin ERA The live trading process was easier than we thought. All we needed to do was click on a button to activate the robots and trading started. The robots scanned the cryptocurrency market in seconds, to detect the best market trends. If a profitable trade is detected, the system completes the deal for the investor, using the funds in their Bitcoin ERA account. It is a really fast process. We studied the live trading process from beginning to end, and it was perfect. 4. Transferring funds to an account It was so easy to send funds to your new Bitcoin ERA account. We saw different payment options on the platform. For example, we could make payment with MasterCard, Visa, PayPal, or Skrill. These are popular payment options so it is easy for investors from different parts of the world to start using Bitcoin ERA .We transferred the minimum deposit $250 to our account, it is best for new investors to start with the minimum investment, grow their capital and keep saving the profit. Note: We encourage all investors to test the demo trading feature. We found it so easy to use and there is so much information on that platform to help new investors understand what automated trading is all about. >>Register to Use Bitcoin ERA Today<< Why trade with Bitcoin ERA now? Analysts across the globe are predicting a bitcoin boom like never witnessed earlier than inside the coming months. Robert kiyosaki, the author of rich dad, poor dad has lately anticipated that btc will hit seventy five thousands usd in some months to return. Max keiser of the keiser report is also predicting a growth so as to push btc price to $100k by using early next year. Bitcoin ERA claims to have all that it takes to capitalize on such booms. The robot trades volatility and hence capitalizes on each the upward and downward charge swings. Bitcoin ERA overview: final verdict! As a trader may have been confident with Bitcoin ERAn now and want to experience the benefits that it can offer as a platform to help in moving forward with Bitcoin trading, go ahead and do it. Trader will be amazed with the returns that Bitcoin ERA is sending on the way. It is an outstanding product and can explore everything that comes along with the product without spending any money out of the pocket. Hence, it can deliver all the support trader need to ensure proper financial sustainability in the long run. [ Open Your Bitcoin Era Account Now From The Official Site ] Contact Email: [email protected] Website: bitcoineras.com Company: Bitcoin Era Phone: 0610099366 Disclosure by LynxPR: We write news and product reviews on various topics. This review is for informational purposes only. The information does not constitute advice or an offer to buy. Any purchase done from this story is done at your own risk. Any purchase done from this link is subject to the final terms and conditions of the website that is selling. The content on this release does not take any responsibility directly or indirectly. Contact LynxPR at [email protected] [Brand Story powered by KISS PR Story PressWire https://story.kisspr.com ] This news has been published for the above source. LynxPR [ID=15944] Disclaimer: The pr is provided "as is", without warranty of any kind, express or implied: The content publisher provides the information without warranty of any kind. We also do not accept any responsibility or liability for the legal facts, content accuracy, photos, videos. if you have any complaints or copyright issues related to this article, kindly contact the provider above. Attachment What is Bitcoin Era? || Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi: After the past week’s record bitcoin volume for 2020, the price dipped on lower volume. Meanwhile, November’s dip in ether assets locked in DeFi can at least partially be attributed to the Ethereum network’s ambitious 2.0 upgrade. Bitcoin (BTC) trading around $22,843 as of 21:00 UTC (4 p.m. ET). Slipping 5.3% over the previous 24 hours. Bitcoin’s 24-hour range: $21,960-$24,081 (CoinDesk 20) BTC near its 10-hour moving average and below the 50-hour on the hourly chart, a sideways-to-bearish signal for market technicians. Bitcoin’s price rode a roller coaster up and down over the past 24 hours. After a steady run above $23,800 in early hours trading, the world’s oldest cryptocurrency dumped as low as $21,960, according to CoinDesk 20 data. The price recovered somewhat to $22,843 as of press time. Lower-than-average volume led to a thinner-than-usual market Monday as many traders were likely staying on the sidelines with the holidays and new year quickly approaching. Related: Polkadot-Based DeFi Insurance App Raises $1.95M Led by KR1 “Trading activity is subdued. That doesn’t motivate anyone to trade on Christmas week,” said Misha Alefirenko, co-founder of crypto market maker VelvetFormula. After Dec. 17’s combined volume record $4.7 billion day across major exchanges Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, ItBit, Kraken and Poloniex, that figure was much lower, down to $2.5 billion as of press time Monday. Despite this, big-time buyers in the over-the-counter market have helped keep bitcoin well above the $20,000 level, first breached back on December 16. Read More: MicroStrategy Splurges On Another $650M in Latest Bitcoin Investment Related: First Mover: What People Said About Bitcoin in 2020 (Both Good and Bad) “Real demand from largely price-insensitive institutional buying drove us into that level, and the resulting fireworks we saw on the break came from the leveraged side as roughly half the market’s outstanding leveraged short positions were liquidated,” quant trading firm QCP wrote in an investor note Monday. On derivatives venue BitMEX, over $44 million in sell liquidations, the crypto equivalent of a margin call, occurred, which put some pressure on the market for bitcoin to head lower. Sell liquidations are triggered when leveraged long positions start losing a significant portion of the money the buyer posted to place the trade. “The $20,000 spot level … is now our firm bull/bear line, with $16,000 as our strong support,” QCP Capital said in its investor note. “We are lightening up on selling puts up here, as this week brings our very well flagged Christmas expiry, which is now officially the largest OI on record.” Story continues Open interest, or OI, is loaded up in the bitcoin options market for Dec. 25 expiration, according to data from aggregator Skew. The overhang of options expiration and the declining activity in the spot market may be the largest dynamics to watch for the market in the next several weeks. Read More: Grayscale Halts Bitcoin Trust Inflows “We could be looking at an extended consolidation from here, considering the weak Q1 seasonality and risks associated with the new administration after [U.S. President-elect Joe] Biden’s inauguration in mid-January,” QCP added. ETH Locked in DeFi rising from November trough The second-largest cryptocurrency by market capitalization, ether (ETH) was down Monday, trading around $609 and slipping 7% in 24 hours as of 21:00 UTC (4:00 p.m. ET). Read More: Uniswap Is the Number One Gas Guzzler on Ethereum The amount of ether “locked” in decentralized finance, or DeFi, for “yield” or a return in exchange for providing liquidity, hit a high of 9.4 million ETH on Oct. 20. In November, the amount of ether locked dipped as low as 6.7 million before rebounding in December, at over 7.2 million ETH as of press time. Cooper Turley, editor of newsletter DeFi Rate, told CoinDesk that Ethereum’s 2.0 upgrade dynamics, which also includes staking in the network, played a role in the amount of ether locked, dipping and then recovering somewhat. “People unlocked ETH to stake via [Eth 2.0] and trade it during the recent run-up,” Turley said. “Now that things have settled a bit, most that did not stake into [Eth 2.0] are depositing back into DeFi.” Other markets Digital assets on the CoinDesk 20 are mostly red Monday. One notable winner as of 21:00 UTC (4:00 p.m. ET): orchid (OXT) + 14.7% Notable losers: bitcoin cash (BCH) – 12.7% litecoin (LTC) – 12.3% xrp (XRP) – 11.1% Equities: Asia’s Nikkei 225 closed in the red 0.18% as a volatile Monday session led the index lower on concern over rising Japanese coronavirus cases . The FTSE 100 in Europe ended the day dropping 1.7% as the U.K. identified a new coronavirus strain over the weekend, concerning investors’ economic outlook . The S&P 500 in the United States dropped 0.40% as the new U.K. coronavirus strain and fresh lockdowns there caused investors to sell, dragging the index lower . Commodities: Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $47.78. Gold was in the red 0.26% and at $1,876 as of press time. Treasurys: The 10-year U.S. Treasury bond yield fell Monday dipping to 0.936 and in the red 0.70%. Related Stories Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi View comments || Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi: After the past week’s record bitcoin volume for 2020, the price dipped on lower volume. Meanwhile, November’s dip in ether assets locked in DeFi can at least partially be attributed to the Ethereum network’s ambitious 2.0 upgrade.
• Bitcoin(BTC) trading around $22,843 as of 21:00 UTC (4 p.m. ET). Slipping 5.3% over the previous 24 hours.
• Bitcoin’s 24-hour range: $21,960-$24,081 (CoinDesk 20)
• BTC near its 10-hour moving average and below the 50-hour on the hourly chart, a sideways-to-bearish signal for market technicians.
Bitcoin’s price rode a roller coaster up and down over the past 24 hours. After a steady run above $23,800 in early hours trading, the world’s oldest cryptocurrency dumped as low as $21,960, according to CoinDesk 20 data. The price recovered somewhat to $22,843 as of press time.
Lower-than-average volume led to a thinner-than-usual market Monday as many traders were likely staying on the sidelines with the holidays and new year quickly approaching.
Related:Polkadot-Based DeFi Insurance App Raises $1.95M Led by KR1
“Trading activity is subdued. That doesn’t motivate anyone to trade on Christmas week,” said Misha Alefirenko, co-founder of crypto market maker VelvetFormula.
After Dec. 17’s combined volume record $4.7 billion day across major exchanges Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, ItBit, Kraken and Poloniex, that figure was much lower, down to $2.5 billion as of press time Monday.
Despite this, big-time buyers in the over-the-counter market have helped keep bitcoin well above the $20,000 level, first breached back on December 16.
Read More:MicroStrategy Splurges On Another $650M in Latest Bitcoin Investment
Related:First Mover: What People Said About Bitcoin in 2020 (Both Good and Bad)
“Real demand from largely price-insensitive institutional buying drove us into that level, and the resulting fireworks we saw on the break came from the leveraged side as roughly half the market’s outstanding leveraged short positions were liquidated,” quant trading firm QCP wrote in an investor note Monday.
On derivatives venue BitMEX, over $44 million in sell liquidations, the crypto equivalent of a margin call, occurred, which put some pressure on the market for bitcoin to head lower. Sell liquidations are triggered when leveraged long positions start losing a significant portion of the money the buyer posted to place the trade.
“The $20,000 spot level … is now our firm bull/bear line, with $16,000 as our strong support,” QCP Capital said in its investor note. “We are lightening up on selling puts up here, as this week brings our very well flagged Christmas expiry, which is now officially the largest OI on record.”
Open interest, or OI, is loaded up in the bitcoin options market for Dec. 25 expiration, according to data from aggregator Skew.
The overhang of options expiration and the declining activity in the spot market may be the largest dynamics to watch for the market in the next several weeks.
Read More:Grayscale Halts Bitcoin Trust Inflows
“We could be looking at an extended consolidation from here, considering the weak Q1 seasonality and risks associated with the new administration after [U.S. President-elect Joe] Biden’s inauguration in mid-January,” QCP added.
The second-largest cryptocurrency by market capitalization,ether(ETH) was down Monday, trading around $609 and slipping 7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:Uniswap Is the Number One Gas Guzzler on Ethereum
The amount of ether “locked” in decentralized finance, or DeFi, for “yield” or a return in exchange for providing liquidity, hit a high of 9.4 million ETH on Oct. 20. In November, the amount of ether locked dipped as low as 6.7 million before rebounding in December, at over 7.2 million ETH as of press time.
Cooper Turley, editor of newsletter DeFi Rate, told CoinDesk that Ethereum’s 2.0 upgrade dynamics, which also includes staking in the network, played a role in the amount of ether locked, dipping and then recovering somewhat. “People unlocked ETH to stake via [Eth 2.0] and trade it during the recent run-up,” Turley said. “Now that things have settled a bit, most that did not stake into [Eth 2.0] are depositing back into DeFi.”
Digital assets on theCoinDesk 20are mostly red Monday. One notable winner as of 21:00 UTC (4:00 p.m. ET):
• orchid(OXT) + 14.7%
Notable losers:
• bitcoin cash(BCH) – 12.7%
• litecoin(LTC) – 12.3%
• xrp(XRP) – 11.1%
Equities:
• Asia’s Nikkei 225 closed in the red 0.18% asa volatile Monday session led the index lower on concern over rising Japanese coronavirus cases.
• The FTSE 100 in Europe ended the day dropping 1.7% asthe U.K. identified a new coronavirus strain over the weekend, concerning investors’ economic outlook.
• The S&P 500 in the United States dropped 0.40% asthe new U.K. coronavirus strain and fresh lockdowns there caused investors to sell, dragging the index lower.
Commodities:
• Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $47.78.
• Gold was in the red 0.26% and at $1,876 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield fell Monday dipping to 0.936 and in the red 0.70%.
• Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi
• Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi || Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi: After the past week’s record bitcoin volume for 2020, the price dipped on lower volume. Meanwhile, November’s dip in ether assets locked in DeFi can at least partially be attributed to the Ethereum network’s ambitious 2.0 upgrade.
• Bitcoin(BTC) trading around $22,843 as of 21:00 UTC (4 p.m. ET). Slipping 5.3% over the previous 24 hours.
• Bitcoin’s 24-hour range: $21,960-$24,081 (CoinDesk 20)
• BTC near its 10-hour moving average and below the 50-hour on the hourly chart, a sideways-to-bearish signal for market technicians.
Bitcoin’s price rode a roller coaster up and down over the past 24 hours. After a steady run above $23,800 in early hours trading, the world’s oldest cryptocurrency dumped as low as $21,960, according to CoinDesk 20 data. The price recovered somewhat to $22,843 as of press time.
Lower-than-average volume led to a thinner-than-usual market Monday as many traders were likely staying on the sidelines with the holidays and new year quickly approaching.
Related:Polkadot-Based DeFi Insurance App Raises $1.95M Led by KR1
“Trading activity is subdued. That doesn’t motivate anyone to trade on Christmas week,” said Misha Alefirenko, co-founder of crypto market maker VelvetFormula.
After Dec. 17’s combined volume record $4.7 billion day across major exchanges Bitfinex, Bitflyer, Bitstamp, Coinbase, Gemini, ItBit, Kraken and Poloniex, that figure was much lower, down to $2.5 billion as of press time Monday.
Despite this, big-time buyers in the over-the-counter market have helped keep bitcoin well above the $20,000 level, first breached back on December 16.
Read More:MicroStrategy Splurges On Another $650M in Latest Bitcoin Investment
Related:First Mover: What People Said About Bitcoin in 2020 (Both Good and Bad)
“Real demand from largely price-insensitive institutional buying drove us into that level, and the resulting fireworks we saw on the break came from the leveraged side as roughly half the market’s outstanding leveraged short positions were liquidated,” quant trading firm QCP wrote in an investor note Monday.
On derivatives venue BitMEX, over $44 million in sell liquidations, the crypto equivalent of a margin call, occurred, which put some pressure on the market for bitcoin to head lower. Sell liquidations are triggered when leveraged long positions start losing a significant portion of the money the buyer posted to place the trade.
“The $20,000 spot level … is now our firm bull/bear line, with $16,000 as our strong support,” QCP Capital said in its investor note. “We are lightening up on selling puts up here, as this week brings our very well flagged Christmas expiry, which is now officially the largest OI on record.”
Open interest, or OI, is loaded up in the bitcoin options market for Dec. 25 expiration, according to data from aggregator Skew.
The overhang of options expiration and the declining activity in the spot market may be the largest dynamics to watch for the market in the next several weeks.
Read More:Grayscale Halts Bitcoin Trust Inflows
“We could be looking at an extended consolidation from here, considering the weak Q1 seasonality and risks associated with the new administration after [U.S. President-elect Joe] Biden’s inauguration in mid-January,” QCP added.
The second-largest cryptocurrency by market capitalization,ether(ETH) was down Monday, trading around $609 and slipping 7% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:Uniswap Is the Number One Gas Guzzler on Ethereum
The amount of ether “locked” in decentralized finance, or DeFi, for “yield” or a return in exchange for providing liquidity, hit a high of 9.4 million ETH on Oct. 20. In November, the amount of ether locked dipped as low as 6.7 million before rebounding in December, at over 7.2 million ETH as of press time.
Cooper Turley, editor of newsletter DeFi Rate, told CoinDesk that Ethereum’s 2.0 upgrade dynamics, which also includes staking in the network, played a role in the amount of ether locked, dipping and then recovering somewhat. “People unlocked ETH to stake via [Eth 2.0] and trade it during the recent run-up,” Turley said. “Now that things have settled a bit, most that did not stake into [Eth 2.0] are depositing back into DeFi.”
Digital assets on theCoinDesk 20are mostly red Monday. One notable winner as of 21:00 UTC (4:00 p.m. ET):
• orchid(OXT) + 14.7%
Notable losers:
• bitcoin cash(BCH) – 12.7%
• litecoin(LTC) – 12.3%
• xrp(XRP) – 11.1%
Equities:
• Asia’s Nikkei 225 closed in the red 0.18% asa volatile Monday session led the index lower on concern over rising Japanese coronavirus cases.
• The FTSE 100 in Europe ended the day dropping 1.7% asthe U.K. identified a new coronavirus strain over the weekend, concerning investors’ economic outlook.
• The S&P 500 in the United States dropped 0.40% asthe new U.K. coronavirus strain and fresh lockdowns there caused investors to sell, dragging the index lower.
Commodities:
• Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $47.78.
• Gold was in the red 0.26% and at $1,876 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield fell Monday dipping to 0.936 and in the red 0.70%.
• Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi
• Market Wrap: Bitcoin Dumps to $21.9K; ETH 2.0 Affected Ether Locked in DeFi || Central Banks Had to Up Their Money Game This Year – And They Did: This year, pandemic and all, central bank digital currencies (CBDC) got their 15 minutes of fame. In 2019, Facebook awakened central banks to the possibility of serious private competition. And although libra, now diem , remains a paper tiger, it’s not difficult to imagine other Big Tech firms joining the pack. Central banks had to up their monetary game – and so they did. The end of this strange year is a good time to look at the state of play on CBDCs and revisit some fundamental questions, starting with the most basic: What is a CBDC? With so many definitions and models out there, it’s become harder (not easier) to understand what CBDC means. Here is a good starting point: a CBDC is a direct claim on the central bank . You own or hold something that was directly issued by the central bank, not by an intermediary. This post is part of CoinDesk’s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Marcelo M. Prates is a lawyer at the Central Bank of Brazil and holds a doctorate from Duke University School of Law. The views and opinions expressed here are his. Related: The Blockchain NFT Wars Are Here If your money doesn’t appear in the central bank’s balance sheet as a liability, it’s not a CBDC. As a result, when we hear about indirect or two-tiered or synthetic CBDCs, chances are that we’re not looking at the real thing. That doesn’t mean these models are irrelevant, it just means they are promoting something different from CBDCs. In fact, most of these models were designed with one goal in mind: preventing CBDCs from being a radical departure from the current system. The major concern of central banks is that people would easily move from bank deposits to CBDCs during crises, increasing financial risk and disintermediating banks at the worst possible time. See also: Coronavirus Driving Interest in CBDCs, Say Central Bank Chiefs But as Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England, recently said , the job of central banks “is not to protect banks’ business models; our job is to ensure that if banks’ business models change, we manage the financial and macroeconomic consequences of that.” Story continues Related: Druckenmiller, Jones and Bitcoin’s Perfect Trading Machine CBDCs are about more than making money digital. Nine out of 10 dollars used for savings and transfers are already digital, in the form of deposits held in checking and savings accounts. And this is a reality not only in the U.S. and European Union, but also in Brazil. What’s new about CBDCs is creating the possibility for anyone to open a basic checking account at a central bank. Maybe we’ve been using the wrong name all along. Instead of “central bank digital currency” we should have been talking about “ central bank accounts ” – although CBACCT wouldn’t make for a great acronym. Another relevant question when exploring the possibilities for CBDCs is, “Who needs them”? It’s not hard to find skeptics , even among central bankers, who believe the CBDC is a solution in search of a problem. Many will say, with good reason, that central banks aren’t made for providing retail services. Central banks have been successfully operating and supervising complex technological infrastructures for decades. Others will add that regular people won’t care if their money is deposited with the central bank or a commercial bank, as long as their account comes with deposit insurance. Most people may even fail to notice the difference between a CBDC and the money they already use for payments through their debit cards or PayPal and Venmo apps. Brazil offers some good examples here. The combination of a thriving payments sector with the recent introduction of instant payments for retail customers is making it easier and cheaper to use payment services wherever and whenever needed. Things may improve further next year with the implementation of open banking, which should allow people to compare, choose and even mix financial services from different institutions. How would a CBDC fit in this ecosystem, with several private options working just fine, from bank deposits to e-money? Central banks have at least one good reason to get ready for a CBDC. Picture a country where money and payments are controlled only by private institutions. Sure, private parties are good at innovating and moving fast. But once they dominate a market and crush the competition, they tend to raise the price of their products and services, leaving many customers behind. However, in the increasingly digital world, not having access to digital money means not being a full citizen. The pandemic has made this even more evident. It’s true that a CBDC, by itself, won’t promote financial inclusion. Digital currencies will prove useless for those who don’t have regular access to smartphones, connectivity or even electricity. See also: Marcelo Prates – 4 Myths About CBDCs Debunked But if central banks don’t offer a secure, stable and inexpensive public option for digital money and payments, people and small businesses that cannot afford private digital currencies will end up deprived of an essential service in the modern economy. More than that, we know all too well how this story of private parties providing essential monetary services ends. Last decade’s global financial crisis showed us how far governments needed to go to save private institutions offering services that are vital for everyone, like money and payments. These institutions will always be not only “too big” but “ too important to fail ,” in the words of Mervyn King, former governor of the Bank of England. The third and final question relates to the technology of CBDCs. The general assumption is that central banks will use blockchain to launch a CBDC. This isn’t correct. Central banks have been successfully operating and supervising complex technological infrastructures for decades, including the payments systems that facilitate the circulation of money in the economy. The case for central banks moving from their reliable centralized system to a blockchain isn’t clear-cut, especially because blockchain remains untested on a large scale for retail payments. See also: Stanford Prof Darrell Duffie on Our Big Stablecoin Future Much more important from a technological perspective is to find a way to have a CBDC that can be used and transferred offline without leading to double-spending or fraud. A reliable offline CBDC is the holy grail for central banks willing to go digital. Again, a recent example from Brazil illustrates the practical relevance of this feature. Last month, a northern state in Brazil faced a power outage that lasted several days. Can you imagine living not only without electricity but without money because your digital currency only works online? Although still at an early stage, some promising hardware solutions for an offline CBDC have started to appear. Here’s to a 2021 low on viruses and high on digital currencies. Cheers! Related Stories Central Banks Had to Up Their Money Game This Year – And They Did Central Banks Had to Up Their Money Game This Year – And They Did || Central Banks Had to Up Their Money Game This Year – And They Did: This year, pandemic and all, central bank digital currencies (CBDC) got their 15 minutes of fame. In 2019,Facebook awakened central banksto the possibility of serious private competition. And although libra,now diem, remains a paper tiger, it’s not difficult to imagine other Big Tech firms joining the pack. Central banks had to up their monetary game – and so they did.
The end of this strange year is a good time to look at the state of play on CBDCs and revisit some fundamental questions, starting with the most basic: What is a CBDC? With so manydefinitions and modelsout there, it’s become harder (not easier) to understand what CBDC means. Here is a good starting point:a CBDC is a direct claim on the central bank. You own or hold something that was directly issued by the central bank, not by an intermediary.
This post is part of CoinDesk’s2020 Year in Review– a collection of op-eds, essays and interviews about the year in crypto and beyond. Marcelo M. Prates is a lawyer at the Central Bank of Brazil and holds a doctorate from Duke University School of Law. The views and opinions expressed here are his.
Related:The Blockchain NFT Wars Are Here
If your money doesn’t appear in the central bank’s balance sheet as a liability, it’s not a CBDC. As a result, when we hear about indirect or two-tiered or synthetic CBDCs, chances are that we’re not looking at the real thing. That doesn’t mean these models are irrelevant, it just means they are promoting something different from CBDCs.
In fact, most of these models were designed with one goal in mind: preventing CBDCs from being a radical departure from the current system. The major concern of central banks is that people would easily move from bank deposits to CBDCs during crises, increasing financial risk and disintermediating banks at the worst possible time.
See also:Coronavirus Driving Interest in CBDCs, Say Central Bank Chiefs
But as Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England,recently said, the job of central banks “is not to protect banks’ business models; our job is to ensure that if banks’ business models change, we manage the financial and macroeconomic consequences of that.”
Related:Druckenmiller, Jones and Bitcoin’s Perfect Trading Machine
CBDCs are about more than making money digital. Nine out of 10 dollars used for savings and transfers are already digital, in the form of deposits held in checking and savings accounts. And this is a reality not only in the U.S. and European Union, but also in Brazil.
What’s new about CBDCs is creating the possibility for anyone to open a basic checking account at a central bank. Maybe we’ve been using the wrong name all along. Instead of “central bank digital currency” we should have been talking about “central bank accounts” – although CBACCT wouldn’t make for a great acronym.
Another relevant question when exploring the possibilities for CBDCs is, “Who needs them”? It’s not hard to findskeptics, even among central bankers, who believe the CBDC is a solution in search of a problem. Many will say, with good reason, that central banks aren’t made for providing retail services.
Central banks have been successfully operating and supervising complex technological infrastructures for decades.
Others will add that regular people won’t care if their money is deposited with the central bank or a commercial bank, as long as their account comes with deposit insurance. Most people may even fail to notice the difference between a CBDC and the money they already use for payments through their debit cards or PayPal and Venmo apps.
Brazil offers some good examples here. The combination of a thriving payments sector with the recent introduction of instant payments for retail customers is making it easier and cheaper to use payment services wherever and whenever needed. Things may improve further next year with the implementation of open banking, which should allow people to compare, choose and even mix financial services from different institutions.
How would a CBDC fit in this ecosystem, with several private options working just fine, from bank deposits to e-money? Central banks have at least one good reason to get ready for a CBDC. Picture a country where money and payments are controlled only by private institutions. Sure, private parties are good at innovating and moving fast. But once they dominate a market and crush the competition, they tend to raise the price of their products and services, leaving many customers behind.
However, in the increasingly digital world, not having access to digital money means not being a full citizen. The pandemic has made this even more evident. It’s true that a CBDC, by itself, won’t promote financial inclusion. Digital currencies will prove useless for those who don’t have regular access to smartphones, connectivity or even electricity.
See also: Marcelo Prates –4 Myths About CBDCs Debunked
But if central banks don’t offer a secure, stable and inexpensive public option for digital money and payments, people and small businesses that cannot afford private digital currencies will end up deprived of an essential service in the modern economy.
More than that, we know all too well how this story of private parties providing essential monetary services ends. Last decade’s global financial crisis showed us how far governments needed to go to save private institutions offering services that are vital for everyone, like money and payments. These institutions will always be not only “too big” but “too important to fail,” in the words of Mervyn King, former governor of the Bank of England.
The third and final question relates to the technology of CBDCs. The general assumption is that central banks will use blockchain to launch a CBDC. This isn’t correct.
Central banks have been successfully operating and supervising complex technological infrastructures for decades, including the payments systems that facilitate the circulation of money in the economy. The case for central banks moving from their reliable centralized system to a blockchain isn’t clear-cut, especially because blockchain remains untested on a large scale for retail payments.
See also:Stanford Prof Darrell Duffie on Our Big Stablecoin Future
Much more important from a technological perspective is to find a way to have a CBDC that can be used and transferred offline without leading to double-spending or fraud. A reliable offline CBDC is the holy grail for central banks willing to go digital.
Again, a recent example from Brazil illustrates the practical relevance of this feature. Last month, a northern state in Brazil faced a power outage that lasted several days. Can you imagine living not only without electricity but without money because your digital currency only works online? Although still at an early stage, somepromising hardware solutionsfor an offline CBDC have started to appear.
Here’s to a 2021 low on viruses and high on digital currencies. Cheers!
• Central Banks Had to Up Their Money Game This Year – And They Did
• Central Banks Had to Up Their Money Game This Year – And They Did || Total crypto fund inflows top $5 billion this year, up more than 600% - report: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares.
The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion.
Interest in cryptocurrencies skyrocketed this year as investors saw bitcoin as a hedge against inflation and as an alternative to the depreciating dollar.
Bitcoin hit yet another all-time peak of $24,298.04 on Sunday, but was last down nearly 3% at $22,832.78, hit by a wave of risk-off moves in financial markets on worries about the new coronavirus strain.
On Monday ethereum, the second largest cryptocurrency, fell 4.4% to $610.14.
Inflows into investment crypto investment products totaled $335 million as of Friday, with bitcoin flows accounting for $792.1 million, the data showed. Ethereum had $207.3 million in weekly flows.
So far this year, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion.
"It's no secret that there are a few big players in the bitcoin/crypto space and that it is mostly crowded with retail-related traders and investors," said Julius de Kempenaer, senior technical analyst at StockCharts, a technical analysis and financial charting platform for online retail investors.
"The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long," he added.
Grayscale, the world's largest crypto fund, had $250.8 million inflows in the latest week, raising its assets under management to $15.3 billion. So far this year, Grayscale has amassed inflows of nearly $5 billion, the CoinShares report said.
Trading volume for bitcoin hit a record $11 billion on trusted exchanges on Dec. 17, but slowed over the weekend. Turnover, however, remained at above the average of $4 billion on Saturday and Sunday.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Total crypto fund inflows top $5 billion this year, up more than 600% - report: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares. The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion. Interest in cryptocurrencies skyrocketed this year as investors saw bitcoin as a hedge against inflation and as an alternative to the depreciating dollar. Bitcoin hit yet another all-time peak of $24,298.04 on Sunday, but was last down nearly 3% at $22,832.78, hit by a wave of risk-off moves in financial markets on worries about the new coronavirus strain. On Monday ethereum, the second largest cryptocurrency, fell 4.4% to $610.14. Inflows into investment crypto investment products totaled $335 million as of Friday, with bitcoin flows accounting for $792.1 million, the data showed. Ethereum had $207.3 million in weekly flows. So far this year, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion. "It's no secret that there are a few big players in the bitcoin/crypto space and that it is mostly crowded with retail-related traders and investors," said Julius de Kempenaer, senior technical analyst at StockCharts, a technical analysis and financial charting platform for online retail investors. "The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long," he added. Grayscale, the world's largest crypto fund, had $250.8 million inflows in the latest week, raising its assets under management to $15.3 billion. So far this year, Grayscale has amassed inflows of nearly $5 billion, the CoinShares report said. Trading volume for bitcoin hit a record $11 billion on trusted exchanges on Dec. 17, but slowed over the weekend. Turnover, however, remained at above the average of $4 billion on Saturday and Sunday. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Total crypto fund inflows top $5 billion this year, up more than 600% - report: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares.
The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion.
Interest in cryptocurrencies skyrocketed this year as investors saw bitcoin as a hedge against inflation and as an alternative to the depreciating dollar.
Bitcoin hit yet another all-time peak of $24,298.04 on Sunday, but was last down nearly 3% at $22,832.78, hit by a wave of risk-off moves in financial markets on worries about the new coronavirus strain.
On Monday ethereum, the second largest cryptocurrency, fell 4.4% to $610.14.
Inflows into investment crypto investment products totaled $335 million as of Friday, with bitcoin flows accounting for $792.1 million, the data showed. Ethereum had $207.3 million in weekly flows.
So far this year, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion.
"It's no secret that there are a few big players in the bitcoin/crypto space and that it is mostly crowded with retail-related traders and investors," said Julius de Kempenaer, senior technical analyst at StockCharts, a technical analysis and financial charting platform for online retail investors.
"The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long," he added.
Grayscale, the world's largest crypto fund, had $250.8 million inflows in the latest week, raising its assets under management to $15.3 billion. So far this year, Grayscale has amassed inflows of nearly $5 billion, the CoinShares report said.
Trading volume for bitcoin hit a record $11 billion on trusted exchanges on Dec. 17, but slowed over the weekend. Turnover, however, remained at above the average of $4 billion on Saturday and Sunday.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Total crypto fund inflows top $5 billion this year, up more than 600% - report: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Total investor inflows into cryptocurrency funds and products hit $5.6 billion so far this year, up more than 600% from 2019, according to the latest data from asset manager CoinShares. The inflows plus the latest price moves lifted assets under management for the sector to nearly $19 billion in 2020. Assets under management ended 2019 at just $2.57 billion. Interest in cryptocurrencies skyrocketed this year as investors saw bitcoin as a hedge against inflation and as an alternative to the depreciating dollar. Bitcoin hit yet another all-time peak of $24,298.04 on Sunday, but was last down nearly 3% at $22,832.78, hit by a wave of risk-off moves in financial markets on worries about the new coronavirus strain. On Monday ethereum, the second largest cryptocurrency, fell 4.4% to $610.14. Inflows into investment crypto investment products totaled $335 million as of Friday, with bitcoin flows accounting for $792.1 million, the data showed. Ethereum had $207.3 million in weekly flows. So far this year, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion. "It's no secret that there are a few big players in the bitcoin/crypto space and that it is mostly crowded with retail-related traders and investors," said Julius de Kempenaer, senior technical analyst at StockCharts, a technical analysis and financial charting platform for online retail investors. "The current jump will certainly attract new retail money, but we are also already seeing adoption by more institutions. I think the question is whether institutions can afford not to participate, and for how long," he added. Grayscale, the world's largest crypto fund, had $250.8 million inflows in the latest week, raising its assets under management to $15.3 billion. So far this year, Grayscale has amassed inflows of nearly $5 billion, the CoinShares report said. Trading volume for bitcoin hit a record $11 billion on trusted exchanges on Dec. 17, but slowed over the weekend. Turnover, however, remained at above the average of $4 billion on Saturday and Sunday. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’: Ethereum’s mining competition just got a bit hotter, even as the second-largest blockchain by market cap has begun the formal process of getting rid of its dependency on the industry all together.
Shenzhen, China-based mining firmLinzhi Inc.has begun rolling out a new Ethereum ASIC miner dubbed the Phoenix, reportedly three times more powerful than top options available today. As reported byCoinDesk, the journey to produce a more powerful and efficient Ethash ASIC miner was begun some two years ago by Chen Min, former CTO of mining giant Canaan.
Mining pool F2 Pool released a demo of the new machine onYouTubeSaturday. The Phoenix outpaces the next bestA10+ Proat 2,600 megahashes per second MH/s to around 500 MH/s. Linzhi’s new machine is also more energy efficient clocking in at 3,000 watts per hour to the A10+ Pro’s 1,300 W, F2 Pool says.
Related:US Bitcoin Mining Firm Core Scientific to Triple Capacity With Massive 59,000-Machine Order
“If you look back on CoinDesk reporting about Linzhi dating back to the first article in September, 2018, it’s clear we had delays,” Linzhi Director of Operations Wolfgang Spraul told CoinDesk in an email. “Some due to underestimating the technology, then some due” to the coronavirus pandemic.
Read more:Ethereum Fees Plummeted 65% in October Following DeFi Volumes Back to Earth
Spraul said the firm is rolling out pre-orders and limited quantities to “developers, community, pool operators, etc.” Innosilicon carries the A10+ Pro for about $4,440 per unit while Linzhi has yet to release a public price figure.
The new product comes as the Ethereum network has begun a technical transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). That process began Dec. 1 with thelaunch of the Beacon Chain. That chain acts as a central conductor for the new blockchain network which uses coin deposits as a means of securing the network, called “staking,” over mining.
Related:What Is Proof-of-Work?
Read more:What Is Proof-of-Work?
Still, miners have at least a two-year runway with PoW on Ethereum. The current network, Eth 1.x, won’t be moved over to the new PoS blockchain until phase 1.5 of Eth 2.0.
The current Linzhi Phoenix demoed by F2 Pool will need at least one upgrade to stay useful before that transition, however.
The Ethereum network’s directed acyclic graph (DAG) – a component of Ethereum’s PoW algorithm called Ethash – stands atjust under 4 gb, while each Linzhi Phoenix only has a 4.4 GB memory. The incumbent A10, on the other hand, can house between 6 and 8 gigabytes, F2 Pool says.
The Phoenix will need a bump in memory size or aftermarket components if it is not to become obsolete before phase 1.5. Spraul told CoinDesk in an email that the Phoenix miners currently rolling out are limited to quantities of pre-orders. The firm is “working on a successor with an increase in DAG memory – no specs yet,” he said.
Of course, other Ethash-based cryptocurrencies such as Ethereum Classic will still be using proof-of-work, meaning a market will still exist for the Phoenix even after Eth 2.0 phase 1.5.
• Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’
• Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’ || Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’: Ethereum’s mining competition just got a bit hotter, even as the second-largest blockchain by market cap has begun the formal process of getting rid of its dependency on the industry all together. Shenzhen, China-based mining firm Linzhi Inc. has begun rolling out a new Ethereum ASIC miner dubbed the Phoenix, reportedly three times more powerful than top options available today. As reported by CoinDesk , the journey to produce a more powerful and efficient Ethash ASIC miner was begun some two years ago by Chen Min, former CTO of mining giant Canaan. Mining pool F2 Pool released a demo of the new machine on YouTube Saturday. The Phoenix outpaces the next best A10+ Pro at 2,600 megahashes per second MH/s to around 500 MH/s. Linzhi’s new machine is also more energy efficient clocking in at 3,000 watts per hour to the A10+ Pro’s 1,300 W, F2 Pool says. Related: US Bitcoin Mining Firm Core Scientific to Triple Capacity With Massive 59,000-Machine Order “If you look back on CoinDesk reporting about Linzhi dating back to the first article in September, 2018, it’s clear we had delays,” Linzhi Director of Operations Wolfgang Spraul told CoinDesk in an email. “Some due to underestimating the technology, then some due” to the coronavirus pandemic. Read more: Ethereum Fees Plummeted 65% in October Following DeFi Volumes Back to Earth Spraul said the firm is rolling out pre-orders and limited quantities to “developers, community, pool operators, etc.” Innosilicon carries the A10+ Pro for about $4,440 per unit while Linzhi has yet to release a public price figure. Scrapping Ethereum mining The new product comes as the Ethereum network has begun a technical transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). That process began Dec. 1 with the launch of the Beacon Chain . That chain acts as a central conductor for the new blockchain network which uses coin deposits as a means of securing the network, called “staking,” over mining. Story continues Related: What Is Proof-of-Work? Read more: What Is Proof-of-Work? Still, miners have at least a two-year runway with PoW on Ethereum. The current network, Eth 1.x, won’t be moved over to the new PoS blockchain until phase 1.5 of Eth 2.0. The current Linzhi Phoenix demoed by F2 Pool will need at least one upgrade to stay useful before that transition, however. The Ethereum network’s directed acyclic graph (DAG) – a component of Ethereum’s PoW algorithm called Ethash – stands at just under 4 gb , while each Linzhi Phoenix only has a 4.4 GB memory. The incumbent A10, on the other hand, can house between 6 and 8 gigabytes, F2 Pool says. The Phoenix will need a bump in memory size or aftermarket components if it is not to become obsolete before phase 1.5. Spraul told CoinDesk in an email that the Phoenix miners currently rolling out are limited to quantities of pre-orders. The firm is “working on a successor with an increase in DAG memory – no specs yet,” he said. Of course, other Ethash-based cryptocurrencies such as Ethereum Classic will still be using proof-of-work, meaning a market will still exist for the Phoenix even after Eth 2.0 phase 1.5. Related Stories Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’ Linzhi Begins Rollout of Long-Awaited Ethereum Miner ‘Phoenix’
[Social Media Buzz]
None available.
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23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16, 6978.23, 7037.58, 7193.25, 7272.72, 7260.06, 7361.66, 6792.83, 6529.17, 6467.07, 6225.98, 6300.86, 6329.70, 6321.20, 6351.80, 6517.31, 6512.71, 6543.20, 6517.18, 6281.20, 6371.30, 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47, 6495.00, 6676.75, 6644.13, 6601.96, 6625.56, 6589.62, 6556.10, 6502.59, 6576.69, 6622.48, 6588.31, 6602.95, 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93, 6596.54, 6596.11.
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[Bitcoin Technical Analysis for 2018-10-16]
Volume: 4074800000, RSI (14-day): 53.28, 50-day EMA: 6591.64, 200-day EMA: 7217.48
[Wider Market Context]
Gold Price: 1227.30, Gold RSI: 62.75
Oil Price: 71.92, Oil RSI: 49.69
[Recent News (last 7 days)]
Crypto exchange Coinbase opens Dublin office as Brexit looms: By Tom Wilson LONDON (Reuters) - Cryptocurrency exchange Coinbase has opened an office in Dublin, it said on Tuesday, joining the growing ranks of banks and financial firms with major British businesses developing European Union outposts as Britain's exit from the bloc looms. San Francisco-based Coinbase, one of the biggest U.S. exchanges, said the Dublin office would let it keep rights to sell services in EU countries even after Brexit. Its non-U.S. headquarters will remain in London, it added. Cryptocurrencies are largely unregulated in Europe, but Coinbase is licensed to provide fiat currency-related services across 23 EU countries. Many customers deposit fiat money - currency that a government has declared to be legal tender - at Coinbase before buying and selling cryptocurrencies. UK Chief Executive Officer Zeeshan Feroz said the Dublin office would also aid Coinbase's expansion in Europe, its fastest growing area this year by new active customers. "It ticks a lot of boxes – ranging from giving us a contingency, helping us plan for all eventualities for Brexit and engaging with Europe through another base," he told Reuters. Unsure of Britain's future relations with the EU, banks are scrambling to strengthen or open offices in the bloc - though most have said London would almost certainly remain their main European hub irrespective of Brexit. The Bank of England estimates 5,000 financial services jobs will have left for continental Europe by the time Britain quits the EU in March. Still, as few as 630 UK-based finance jobs have been shifted or created overseas, a Reuters survey last month found. Feroz would not give details of the size of the Dublin office. The website of Coinbase, which employs over 500 people worldwide, shows seven open business and customer support-related positions in Dublin. Like other exchanges, Coinbase grew rapidly last year as the price of bitcoin, the most well-known cryptocurrency, rocketed more than 1,300 percent to a record high of almost $20,000. Story continues It booked revenue of $1 billion in 2017, tech website Recode reported in January, citing unidentified sources. Financial data firm PitchBook has valued Coinbase at $1.6 billion. Turnover at Coinbase's UK arm, which serves non-U.S. clients, soared last year to 128 million euros ($148 million)from 1.9 million euros a year earlier, a filing with corporate records keeper Companies House showed, with 71 percent generated outside Britain. But the price of bitcoin has slumped this year - it was trading on Monday at around $6,400 (BTC=) - pushing trading volumes down and likely hurting exchanges. Research firm Diar said Coinbase's U.S. dollar volumes slumped 80 percent from the fourth quarter of 2017 to the third quarter of 2018. Coinbase declined to comment on the report. ($1 = 0.8628 euros) (Reporting by Tom Wilson; Editing by Mark Potter) || Crypto exchange Coinbase opens Dublin office as Brexit looms: By Tom Wilson LONDON (Reuters) - Cryptocurrency exchange Coinbase has opened an office in Dublin, it said on Tuesday, joining the growing ranks of banks and financial firms with major British businesses developing European Union outposts as Britain's exit from the bloc looms. San Francisco-based Coinbase, one of the biggest U.S. exchanges, said the Dublin office would let it keep rights to sell services in EU countries even after Brexit. Its non-U.S. headquarters will remain in London, it added. Cryptocurrencies are largely unregulated in Europe, but Coinbase is licensed to provide fiat currency-related services across 23 EU countries. Many customers deposit fiat money - currency that a government has declared to be legal tender - at Coinbase before buying and selling cryptocurrencies. UK Chief Executive Officer Zeeshan Feroz said the Dublin office would also aid Coinbase's expansion in Europe, its fastest growing area this year by new active customers. "It ticks a lot of boxes – ranging from giving us a contingency, helping us plan for all eventualities for Brexit and engaging with Europe through another base," he told Reuters. Unsure of Britain's future relations with the EU, banks are scrambling to strengthen or open offices in the bloc - though most have said London would almost certainly remain their main European hub irrespective of Brexit. The Bank of England estimates 5,000 financial services jobs will have left for continental Europe by the time Britain quits the EU in March. Still, as few as 630 UK-based finance jobs have been shifted or created overseas, a Reuters survey last month found. Feroz would not give details of the size of the Dublin office. The website of Coinbase, which employs over 500 people worldwide, shows seven open business and customer support-related positions in Dublin. Like other exchanges, Coinbase grew rapidly last year as the price of bitcoin, the most well-known cryptocurrency, rocketed more than 1,300 percent to a record high of almost $20,000. Story continues It booked revenue of $1 billion in 2017, tech website Recode reported in January, citing unidentified sources. Financial data firm PitchBook has valued Coinbase at $1.6 billion. Turnover at Coinbase's UK arm, which serves non-U.S. clients, soared last year to 128 million euros ($148 million)from 1.9 million euros a year earlier, a filing with corporate records keeper Companies House showed, with 71 percent generated outside Britain. But the price of bitcoin has slumped this year - it was trading on Monday at around $6,400 (BTC=) - pushing trading volumes down and likely hurting exchanges. Research firm Diar said Coinbase's U.S. dollar volumes slumped 80 percent from the fourth quarter of 2017 to the third quarter of 2018. Coinbase declined to comment on the report. ($1 = 0.8628 euros) (Reporting by Tom Wilson; Editing by Mark Potter) || Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin: Fidelity bitcoin cryptocurrency One of the biggest names in financial services wants to help institutional investors add bitcoin and other cryptocurrency assets to their multi-billion dollar portfolios. Citing proven institutional demand for cryptocurrency products, Fidelity Investments , the fifth-largest asset manager in the world with 27 million clients and $7.2 trillion in customer assets, has announced that it will launch a separate company to provide cryptocurrency custody and trade execution services for institutions. Dubbed Fidelity Digital Asset Services, CNBC reports that the company will serve as a bridge between institutional investors and the heretofore retail-focused cryptocurrency industry, which has lately sought to roll out the red carpet for institutions. “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” Fidelity Investments Chairman and CEO Abigail Johnson said in a press release. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.” The new venture will be led by Tom Jessop, who, according to his LinkedIn profile, spent 17 years at Goldman Sachs before joining blockchain startup Chain as president in 2017 and then Fidelity in 2018 as head of corporate business development. “We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” Jessop told CNBC. “We’ve got some technology that we’ve repurposed from other parts of Fidelity — we can leverage all of the resources of a big organization.” Abigail Johnson Fidelity CCN reported earlier this year that Fidelity appeared to be building a cryptocurrency exchange, as the firm had advertised internally for developers to help build a “Digital Asset exchange.” Departing from the public comments of many CEOs in the mainstream financial industry, Abigail Johnson not only attended a cryptocurrency conference last year but also told the audience that she was a “believer” in the technology. Story continues That open stance has enabled Fidelity to position itself as a potential leader in the burgeoning cryptocurrency market, which has reportedly begun to attract major university endowments such as Harvard and Yale . “You might look at the crypto world and say ‘wow is this a new thing’ but we’ve been managing key materials for a long time,” Jessop continued in the CNBC interview. “We took our learnings in how to run enterprise security, then through our exploration of bitcoin and some of the people we’ve hired, quickly developed some of the crypto native expertise and federated the two those things.” Fidelity joins a growing list of legacy financial giants who have seen enough potential in the cryptocurrency space to justify investing in the resources to produce products tailored for this nascent marketplace. Intercontinental Exchange (ICE), Goldman Sachs , Citigroup , and Morgan Stanley are just a few of the names that plan to roll-out digital asset services within the near future. Of course, the 2018 bear market may have dampened enthusiasm in some boardrooms. Barclays, as CCN reported this morning, is said to have quietly placed its cryptocurrency trading desk project “on ice,” while Goldman Sachs shelved its trading desk plans to prioritize a cryptoasset custody service. Fidelity, though, has not been dissuaded by the massive drop in prices that has occurred over the past 10 months. “No one said when some of these early stage Internet companies in 2000 were going out of business ‘gee the Internet is toast’,” Jessop concluded. “We don’t focus too much on the price. It’s a foundational technology — people are trying to get exposure to the trend, and expect volatility in the assets themselves.” Featured Image from Shutterstock The post Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin appeared first on CCN . || Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin: Fidelity bitcoin cryptocurrency One of the biggest names in financial services wants to help institutional investors add bitcoin and other cryptocurrency assets to their multi-billion dollar portfolios. Citing proven institutional demand for cryptocurrency products, Fidelity Investments , the fifth-largest asset manager in the world with 27 million clients and $7.2 trillion in customer assets, has announced that it will launch a separate company to provide cryptocurrency custody and trade execution services for institutions. Dubbed Fidelity Digital Asset Services, CNBC reports that the company will serve as a bridge between institutional investors and the heretofore retail-focused cryptocurrency industry, which has lately sought to roll out the red carpet for institutions. “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” Fidelity Investments Chairman and CEO Abigail Johnson said in a press release. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.” The new venture will be led by Tom Jessop, who, according to his LinkedIn profile, spent 17 years at Goldman Sachs before joining blockchain startup Chain as president in 2017 and then Fidelity in 2018 as head of corporate business development. “We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” Jessop told CNBC. “We’ve got some technology that we’ve repurposed from other parts of Fidelity — we can leverage all of the resources of a big organization.” Abigail Johnson Fidelity CCN reported earlier this year that Fidelity appeared to be building a cryptocurrency exchange, as the firm had advertised internally for developers to help build a “Digital Asset exchange.” Departing from the public comments of many CEOs in the mainstream financial industry, Abigail Johnson not only attended a cryptocurrency conference last year but also told the audience that she was a “believer” in the technology. Story continues That open stance has enabled Fidelity to position itself as a potential leader in the burgeoning cryptocurrency market, which has reportedly begun to attract major university endowments such as Harvard and Yale . “You might look at the crypto world and say ‘wow is this a new thing’ but we’ve been managing key materials for a long time,” Jessop continued in the CNBC interview. “We took our learnings in how to run enterprise security, then through our exploration of bitcoin and some of the people we’ve hired, quickly developed some of the crypto native expertise and federated the two those things.” Fidelity joins a growing list of legacy financial giants who have seen enough potential in the cryptocurrency space to justify investing in the resources to produce products tailored for this nascent marketplace. Intercontinental Exchange (ICE), Goldman Sachs , Citigroup , and Morgan Stanley are just a few of the names that plan to roll-out digital asset services within the near future. Of course, the 2018 bear market may have dampened enthusiasm in some boardrooms. Barclays, as CCN reported this morning, is said to have quietly placed its cryptocurrency trading desk project “on ice,” while Goldman Sachs shelved its trading desk plans to prioritize a cryptoasset custody service. Fidelity, though, has not been dissuaded by the massive drop in prices that has occurred over the past 10 months. “No one said when some of these early stage Internet companies in 2000 were going out of business ‘gee the Internet is toast’,” Jessop concluded. “We don’t focus too much on the price. It’s a foundational technology — people are trying to get exposure to the trend, and expect volatility in the assets themselves.” Featured Image from Shutterstock The post Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin appeared first on CCN . || Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin: Fidelity bitcoin cryptocurrency One of the biggest names in financial services wants to help institutional investors add bitcoin and other cryptocurrency assets to their multi-billion dollar portfolios. Citing proven institutional demand for cryptocurrency products, Fidelity Investments , the fifth-largest asset manager in the world with 27 million clients and $7.2 trillion in customer assets, has announced that it will launch a separate company to provide cryptocurrency custody and trade execution services for institutions. Dubbed Fidelity Digital Asset Services, CNBC reports that the company will serve as a bridge between institutional investors and the heretofore retail-focused cryptocurrency industry, which has lately sought to roll out the red carpet for institutions. “Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors,” Fidelity Investments Chairman and CEO Abigail Johnson said in a press release. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.” The new venture will be led by Tom Jessop, who, according to his LinkedIn profile, spent 17 years at Goldman Sachs before joining blockchain startup Chain as president in 2017 and then Fidelity in 2018 as head of corporate business development. “We saw that there were certain things institutions needed that only a firm like Fidelity could provide,” Jessop told CNBC. “We’ve got some technology that we’ve repurposed from other parts of Fidelity — we can leverage all of the resources of a big organization.” Abigail Johnson Fidelity CCN reported earlier this year that Fidelity appeared to be building a cryptocurrency exchange, as the firm had advertised internally for developers to help build a “Digital Asset exchange.” Departing from the public comments of many CEOs in the mainstream financial industry, Abigail Johnson not only attended a cryptocurrency conference last year but also told the audience that she was a “believer” in the technology. Story continues That open stance has enabled Fidelity to position itself as a potential leader in the burgeoning cryptocurrency market, which has reportedly begun to attract major university endowments such as Harvard and Yale . “You might look at the crypto world and say ‘wow is this a new thing’ but we’ve been managing key materials for a long time,” Jessop continued in the CNBC interview. “We took our learnings in how to run enterprise security, then through our exploration of bitcoin and some of the people we’ve hired, quickly developed some of the crypto native expertise and federated the two those things.” Fidelity joins a growing list of legacy financial giants who have seen enough potential in the cryptocurrency space to justify investing in the resources to produce products tailored for this nascent marketplace. Intercontinental Exchange (ICE), Goldman Sachs , Citigroup , and Morgan Stanley are just a few of the names that plan to roll-out digital asset services within the near future. Of course, the 2018 bear market may have dampened enthusiasm in some boardrooms. Barclays, as CCN reported this morning, is said to have quietly placed its cryptocurrency trading desk project “on ice,” while Goldman Sachs shelved its trading desk plans to prioritize a cryptoasset custody service. Fidelity, though, has not been dissuaded by the massive drop in prices that has occurred over the past 10 months. “No one said when some of these early stage Internet companies in 2000 were going out of business ‘gee the Internet is toast’,” Jessop concluded. “We don’t focus too much on the price. It’s a foundational technology — people are trying to get exposure to the trend, and expect volatility in the assets themselves.” Featured Image from Shutterstock The post Mainstream: $7.2 Trillion Asset Manager Fidelity Will Help Customers Invest in Bitcoin appeared first on CCN . || Fidelity just announced a new business to let hedge funds trade cryptocurrencies: Fidelity, known for its mutual fund and discount brokerage businesses, is launching a new business called Fidelity Digital Assets to offer hedge funds and family offices custody and trading services for cryptocurrencies.
“Our goal is to provide an enterprise-grade custody and trading solution to institutions who are increasingly allocating to this asset class. We’re seeing a lot of demand in the market even though this space is still evolving quite rapidly,” Tom Jessop, a Goldman Sachs alum who headsof corporate business development at Fidelity, said at a crypto seminar in New York on Monday.
Jessop added that they’re going live in early 2019 and are in the process of on-boarding their first customers.
Former macro hedge fund manager Mike Novogratz, the CEO of Galaxy Digital, has argued that the“herd is coming”to the crypto space, but the biggest barrier to institutions has been custody. Novogratz called the Fidelity announcement a “big, big deal.”
Novogratz said that Fidelity won’t be the only player serving institutions, but they’re “getting out ahead of the pack.”
In the institutional world, some family-offices have already been allocating to crypto. That will be followed by more traditional funds, according to Jessop. He called some of the recent announcements of a few college endowments entering the space “quite a bit of news.”
As for the pension funds making moves, Novogratz expects that it may start to happen late in the first quarter and early in the second quarter of 2019 before they allocate.
“One of the real key things that need to happen is some of the consultants … to say, ‘Hey, this fund is OK. We’ve done the O.D.D., operations, due-diligence checklist,” Novogratz said, adding, “Most of those funds are looking for guidance on how to think about this asset class…I think the institutional world is going to galvanize on how to see this as an asset.”
Jessop said that Fidelity has done surveys with institutional investors and found that a “high percentage” is interested in the space. He added that they’re “very comfortable that there’s a business here.”
Fidelity Digital Assets will start with bitcoin (BTC-USD) and ether (ETH-USD).
—Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter. Send tips to [email protected].
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• Langone: Trump is the fever, he’s not the disease || Fidelity launches Fidelity Digital Assets: Fidelity, known for its mutual fund and discount brokerage businesses, is launching a new business called Fidelity Digital Assets to offer hedge funds and family offices custody and trading services for cryptocurrencies. The financial services company is experimenting with blockchain, artificial intelligence and virtual reality and competing with Google, Facebook and Microsoft to recruit top talent from Silicon Valley. “Our goal is to provide an enterprise-grade custody and trading solution to institutions who are increasingly allocating to this asset class. We’re seeing a lot of demand in the market even though this space is still evolving quite rapidly,” Tom Jessop, a Goldman Sachs alum who heads of corporate business development at Fidelity , said at a crypto seminar in New York on Monday. Jessop added that they’re going live in early 2019 and are in the process of on-boarding their first customers. Former macro hedge fund manager Mike Novogratz, the CEO of Galaxy Digital, has argued that the “herd is coming” to the crypto space, but the biggest barrier to institutions has been custody. Novogratz called the Fidelity announcement a “big, big deal.” Novogratz said that Fidelity won’t be the only player serving institutions, but they’re “getting out ahead of the pack.” In the institutional world, some family-offices have already been allocating to crypto. That will be followed by more traditional funds, according to Jessop. He called some of the recent announcements of a few college endowments entering the space “quite a bit of news.” As for the pension funds making moves, Novogratz expects that it may start to happen late in the first quarter and early in the second quarter of 2019 before they allocate. “One of the real key things that need to happen is some of the consultants … to say, ‘Hey, this fund is OK. We’ve done the O.D.D., operations, due-diligence checklist,” Novogratz said, adding, “Most of those funds are looking for guidance on how to think about this asset class…I think the institutional world is going to galvanize on how to see this as an asset.” Jessop said that Fidelity has done surveys with institutional investors and found that a “high percentage” is interested in the space. He added that they’re “very comfortable that there’s a business here.” Story continues Fidelity Digital Assets will start with bitcoin ( BTC-USD ) and ether ( ETH-USD ). — Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter . Send tips to [email protected]. Ray Dalio warns about what’s coming in just 2 or 3 years Dalio shares 3 recommendations for millennials Novogratz: Cannabis stocks today are like cryptocurrencies in Dec. 2017 Langone: ‘For years, our political leaders have had their pants taken off by our trading partners’ Schwarzman: Nationalism and populism are the ‘biggest risks’ for the business community Crypto investor Mike Novogratz says bitcoin is on the brink of a ‘Renaissance’ Langone: Trump is the fever, he’s not the disease || Bank of America Earnings: Better Margins, Strong Asset Quality, and an All-Around Good Quarter: Bank of America (NYSE: BAC) is the last of the "big four" U.S. banks to report its third-quarter earnings. Although investors may have had to wait, they have little reason to be disappointed by the bank's performance. Not only did Bank of America beat expectations on both the top and bottom lines, but the business looks pretty solid all around. With that in mind, here's a quick rundown of the headline numbers, the other key points investors should know, and what to watch for going forward. Interior of a Bank of America lobby. Image source: Bank of America. The headline numbers First, looking at the top and bottom lines, Bank of America did quite well in the third quarter. Earnings per share of $0.66 were $0.04 higher than analysts had been looking for and represented a sharp 43% increase from the same quarter in 2017. Revenue grew by 4% from last year to $22.8 billion, which beat analysts' expectations by approximately $130 million. Although earnings and revenue beat estimates, these two metrics never tell the full story of how a particular company did, so let's take a closer look. Going a little deeper Taking a look past the headline numbers shows that Bank of America had a pretty strong quarter throughout its business. Here are some key highlights investors should pay attention to: Noninterest expense fell by 2% year over year. This is especially impressive considering that revenue grew by 4% and translates to a strong 57% efficiency ratio . Return on assets (ROA) of 1.23% and return on equity (ROE) of 11% are major improvements and are well in excess of industry benchmarks. Total loans grew by 3% (including 6% growth in consumer banking loans) and deposits are up by 4%. Merrill Edge brokerage assets continue to grow at a double-digit pace and crossed $200 billion for the first time -- a year-over-year 22% growth rate. The bank's provision for credit losses was perhaps the biggest surprise -- down by $111 million from the second quarter to $716 million on stronger loan quality in key areas of the business, such as energy. Bank of America's net interest margin rose by four basis points to 2.42%. Rising interest rates typically translate to better profit margins for banks, and it's encouraging to see the numbers reflect this. Story continues Keep an eye on interest margins Speaking of Bank of America's net interest margin, this is an area I'll be watching especially closely during the fourth quarter. Here's why: Longer-term interest rates (such as the 10-year Treasury yield) have spiked recently, and consumer interest rates such as those on mortgages have risen as well. This should translate into better margins for banks, and Bank of America should especially benefit with its low-cost deposit base. However, the move happened after the end of the third quarter, so it will be interesting to see whether it translates into a meaningful increase in margins for the last quarter of 2018. 10 Year Treasury Rate Chart 10 Year Treasury Rate data by YCharts . A strong quarter with few surprises Bank of America's third quarter was strong, but there was nothing in its earnings report that was too surprising. In fact, slightly beating earnings and revenue expectations has become somewhat of a pattern for the bank, which is likely why its stock price isn't reacting too much after the announcement. Having said that, this quarter should give Bank of America investors something to smile about, as it shows that the bank's objectives of cutting costs, embracing technology, and maintaining excellent asset quality are progressing quite well. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew Frankel, CFP owns shares of Bank of America. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Bank of America Earnings: Better Margins, Strong Asset Quality, and an All-Around Good Quarter: Bank of America(NYSE: BAC)is the last of the "big four" U.S. banks to report its third-quarter earnings. Although investors may have had to wait, they have little reason to be disappointed by the bank's performance. Not only did Bank of America beat expectations on both the top and bottom lines, but the business looks pretty solid all around.
With that in mind, here's a quick rundown of the headline numbers, the other key points investors should know, and what to watch for going forward.
Image source: Bank of America.
First, looking at the top and bottom lines, Bank of America did quite well in the third quarter. Earnings per share of $0.66 were $0.04 higher than analysts had been looking for and represented a sharp 43% increase from the same quarter in 2017.
Revenue grew by 4% from last year to $22.8 billion, which beat analysts' expectations by approximately $130 million.
Although earnings and revenue beat estimates, these two metrics never tell the full story of how a particular company did, so let's take a closer look.
Taking a look past the headline numbers shows that Bank of America had a pretty strong quarter throughout its business. Here are some key highlights investors should pay attention to:
• Noninterest expense fell by 2% year over year. This is especially impressive considering that revenue grew by 4% and translates to a strong 57%efficiency ratio.
• Return on assets (ROA) of 1.23% and return on equity (ROE) of 11% are major improvements and are well in excess of industry benchmarks.
• Total loans grew by 3% (including 6% growth in consumer banking loans) and deposits are up by 4%.
• Merrill Edge brokerage assets continue to grow at a double-digit pace and crossed $200 billion for the first time -- a year-over-year 22% growth rate.
• The bank's provision for credit losses was perhaps the biggest surprise -- down by $111 million from thesecond quarterto $716 million on stronger loan quality in key areas of the business, such as energy.
• Bank of America's net interest margin rose by four basis points to 2.42%. Rising interest rates typically translate to better profit margins for banks, and it's encouraging to see the numbers reflect this.
Speaking of Bank of America's net interest margin, this is an area I'll be watching especially closely during the fourth quarter.
Here's why: Longer-term interest rates (such as the 10-year Treasury yield) have spiked recently, and consumer interest rates such as those on mortgages have risen as well. This should translate into better margins for banks, and Bank of America should especially benefit with its low-cost deposit base. However, the move happenedafterthe end of the third quarter, so it will be interesting to see whether it translates into a meaningful increase in margins for the last quarter of 2018.
10 Year Treasury Ratedata byYCharts.
Bank of America's third quarter was strong, but there was nothing in its earnings report that was too surprising. In fact, slightly beating earnings and revenue expectations has become somewhat of a pattern for the bank, which is likely why its stock price isn't reacting too much after the announcement.
Having said that, this quarter should give Bank of America investors something to smile about, as it shows that the bank's objectives of cutting costs, embracing technology, and maintaining excellent asset quality are progressing quite well.
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Matthew Frankel, CFPowns shares of Bank of America. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || A Coinbase Veteran Is Changing Sides in the Cryptocurrency Wars: A prime architect of America’s largest trading platform for digital currencies is changing teams. Adam White, who helped build Coinbase into a crypto-colossus with 25 million customers, is joining Bakkt, the venture launched in August by a consortium led by Intercontinental Exchange (market cap: $42 billion), parent of the New York Stock Exchange, as chief operating officer. Bakkt, with its deep ties to Wall Street’s institutional investing titans, is pitching itself as the venture with an inside track at bringing Bitcoin mutual funds and ETFs to America’s 401(k)s. The announcement came on the morning of October 15 via a post on the blogging platform Medium from Bakkt CEO Kelly Loeffler. For sixteen years, Loeffler worked alongside ICE’s founder and chief Jeff Sprecher, who’s also her husband, to assemble a highly regulated, mainstream trading empire for equities, ETFs, and commodities ranging from Brent crude to cotton. The ICE exchanges are go-to venues for Wall Street. (For more, read “ The NYSE’s Owner Is Launching a Startup Exchange for Bitcoin .”) The news of White’s hire was reported previously by cryptocurrency news site The Block . A Coinbase spokesperson told Fortune, “We wish Adam all the best, and are proud of what we call the ‘Coinbase Mafia’—an increasingly impressive group of alumni who are driving the crypto space forward.” A competition heats up White’s move to Bakkt is the latest signal that Old School finance intends to be a leader in transforming Bitcoin and other digital tokens into liquid, widely trading global currencies. Until very recently, cryptocurrency trading has been dominated by New School startups such as Coinbase, which originally catered primarily to individual retail investors. More recently, old guard and new guard alike have been competing to serve better serve institutional traders, aiming to get the major asset managers, hedge funds and family offices trading Bitcoin, say, on the same scale they swap stocks and commodities. Earlier this year, as Fortune recently reported, Coinbase passed a milestone, as trading volume from its institutional clients began exceeding retail trading for the first time. (Read “ Coinbase Wants to Be Too Big to Fail .”) Story continues Both Bakkt and Coinbase, along with other crypto startups, are gearing up to serve institutional customers. Bakkt has an edge, for the moment, because it will provide what today’s venues are lacking and what Wall Street craves: Trading on federally regulated exchanges, as well as clearing, and custody of services for digital assets on par with the safeguards that now protect transactions for the major money managers. In his first interview about the move, White spoke to Fortune about his reasons for making the move that many crypto-purists may see as siding with the establishment. White was Coinbase’s fifth employee and served for the past eighteen months chief of its institutional products arm. “I had a front row seat for the last couple of years watching the money managers’ and other big investors’ evolving views of cryptocurrencies,” White said. Adam White, a veteran of Coinbase, will join Bakkt as chief operating officer. For White, it was clear that Wall Street was ready to package digital assets for the masses––especially since cryptocurrencies strongly appealed to millennials. “In 2017, I saw a big shift,” he says. “The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines.” The big banks, says White, needed exchanges that provided the safety equivalent to what they enjoyed in trading equities, bonds or gold. “That’s why I joined Bakkt,” says White. Bear market be damned White says that the recent market trends give the false impression that investor interest in cryptocurrencies is waning, when in fact institutions are hungrier than ever. Since last December, Bitcoin’s price has dropped from $19,000 to $6,200, and the total market value of all digital currencies has shrunk by 70% to roughly $200 billion. “Far too often the public looks at price and market size to determine the progress in digital currencies,” says White. Instead, White looks at what he considers the fundamentals, trading volumes, and progress in technology. “Cryptocurrency markets go their own way, we see bull and bear markets,” he says. “But what matters is that the number of daily transactions for all cryptocurrencies is up year over year. And we’re also seeing the introduction of new protocols from open source software developers that make cryptocurrencies far easier to use.” He cited one example: the Liquid Network, an app unveiled just last week that executes transactions instantaneously, eliminating the customary 10-minute delay between the time customers make a purchase and when it’s confirmed on the blockchain. For Bakkt’s Loeffler, the current, fractured state of cryptocurrencies is reminiscent of the energy markets in ICE’s early days. “The digital market is fragmented like the energy market in the early 2000s. ICE was the pioneer attracting more and more institutions to trade energy, which is what created today’s liquid market,” she says. “We’re about to see a revolution on the same scale in cryptocurrencies.” Right now, Loeffler expects Bakkt to offer institutions access to a full package of regulated trading, clearing, and custody in December on the ICE Futures U.S. commodities exchange, subject to approval by the federal Commodity Futures Trading Commission. It’s instructive that White, a trailblazer in bringing digital currencies to shoppers, is embracing the trading establishment epitomized by ICE. If Bakkt delivers as Loeffler and White expect, and big Wall Street begin trade cryptocurrencies with the same ease, safety, and scale as stocks, bonds and traditional commodities, it could be a tremendous forward leap in the evolution of cryptocurrencies. UPDATE : The story has been updated to link to the story in which the news of Adam White’s hire was first reported. || A Coinbase Veteran Is Changing Sides in the Cryptocurrency Wars: A prime architect of America’s largest trading platform for digital currencies is changing teams. Adam White, who helped build Coinbase into a crypto-colossus with 25 million customers, is joining Bakkt, the venture launched in August by a consortium led by Intercontinental Exchange (market cap: $42 billion), parent of the New York Stock Exchange, as chief operating officer.
Bakkt, with its deep ties to Wall Street’s institutional investing titans, is pitching itself as the venture with an inside track at bringing Bitcoin mutual funds and ETFs to America’s 401(k)s.
The announcement came on the morning of October 15via a post on the blogging platform Mediumfrom Bakkt CEO Kelly Loeffler. For sixteen years, Loeffler worked alongside ICE’s founder and chief Jeff Sprecher, who’s also her husband, to assemble a highly regulated, mainstream trading empire for equities, ETFs, and commodities ranging from Brent crude to cotton. The ICE exchanges are go-to venues for Wall Street. (For more, read “The NYSE’s Owner Is Launching a Startup Exchange for Bitcoin.”)
The news of White’s hire wasreported previously by cryptocurrency news site The Block. A Coinbase spokesperson toldFortune,“We wish Adam all the best, and are proud of what we call the ‘Coinbase Mafia’—an increasingly impressive group of alumni who are driving the crypto space forward.”
White’s move to Bakkt is the latest signal that Old School finance intends to be a leader in transforming Bitcoin and other digital tokens into liquid, widely trading global currencies.
Until very recently, cryptocurrency trading has been dominated by New School startups such as Coinbase, which originally catered primarily to individual retail investors. More recently, old guard and new guard alike have been competing to serve better serve institutional traders, aiming to get the major asset managers, hedge funds and family offices trading Bitcoin, say, on the same scale they swap stocks and commodities. Earlier this year, as Fortune recently reported, Coinbase passed a milestone, as trading volume from its institutional clients began exceeding retail trading for the first time. (Read “Coinbase Wants to Be Too Big to Fail.”)
Both Bakkt and Coinbase, along with other crypto startups, are gearing up to serve institutional customers. Bakkt has an edge, for the moment, because it will provide what today’s venues are lacking and what Wall Street craves: Trading on federally regulated exchanges, as well as clearing, and custody of services for digital assets on par with the safeguards that now protect transactions for the major money managers.
In his first interview about the move, White spoke toFortuneabout his reasons for making the move that many crypto-purists may see as siding with the establishment. White was Coinbase’s fifth employee and served for the past eighteen months chief of its institutional products arm. “I had a front row seat for the last couple of years watching the money managers’ and other big investors’ evolving views of cryptocurrencies,” White said.
For White, it was clear that Wall Street was ready to package digital assets for the masses––especially since cryptocurrencies strongly appealed to millennials. “In 2017, I saw a big shift,” he says. “The interest in Bitcoin and other currencies started changing from retail to the institutional side. But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines.” The big banks, says White, needed exchanges that provided the safety equivalent to what they enjoyed in trading equities, bonds or gold. “That’s why I joined Bakkt,” says White.
White says that the recent market trends give the false impression that investor interest in cryptocurrencies is waning, when in fact institutions are hungrier than ever. Since last December, Bitcoin’s price has dropped from $19,000 to $6,200, and the total market value of all digital currencies has shrunk by 70% to roughly $200 billion. “Far too often the public looks at price and market size to determine the progress in digital currencies,” says White. Instead, White looks at what he considers the fundamentals, trading volumes, and progress in technology.
“Cryptocurrency markets go their own way, we see bull and bear markets,” he says. “But what matters is that the number of daily transactions for all cryptocurrencies is up year over year. And we’re also seeing the introduction of new protocols from open source software developers that make cryptocurrencies far easier to use.” He cited one example: the Liquid Network, an app unveiled just last week that executes transactions instantaneously, eliminating the customary 10-minute delay between the time customers make a purchase and when it’s confirmed on the blockchain.
For Bakkt’s Loeffler, the current, fractured state of cryptocurrencies is reminiscent of the energy markets in ICE’s early days. “The digital market is fragmented like the energy market in the early 2000s. ICE was the pioneer attracting more and more institutions to trade energy, which is what created today’s liquid market,” she says. “We’re about to see a revolution on the same scale in cryptocurrencies.”
Right now, Loeffler expects Bakkt to offer institutions access to a full package of regulated trading, clearing, and custody in December on the ICE Futures U.S. commodities exchange, subject to approval by the federal Commodity Futures Trading Commission.
It’s instructive that White, a trailblazer in bringing digital currencies to shoppers, is embracing the trading establishment epitomized by ICE. If Bakkt delivers as Loeffler and White expect, and big Wall Street begin trade cryptocurrencies with the same ease, safety, and scale as stocks, bonds and traditional commodities, it could be a tremendous forward leap in the evolution of cryptocurrencies.
UPDATE: The story has been updated to link to the story in which the news of Adam White’s hire was first reported. || Crypto Markets Roiled as Traders Question Tether's Dollar Peg: (Bloomberg) -- A sudden exodus from the most popular dollar-linked cryptocurrency rippled through digital asset markets on Monday, saddling some investors with losses while propelling Bitcoin to its biggest gain in more than three weeks. Tether, the so-called stablecoin used as a substitute for the U.S. currency on crypto exchanges around the world, broke its historically tight link with the greenback, touching 85 cents on U.S.-based venue Kraken. Transactions on Binance, one of the world’s most active platforms for Tether, recently implied a price of about 96 cents, according to CoinMarketCap.com. Bitcoin jumped as much as 8.9 percent to $6,769 as Tether holders shifted into alternative virtual currencies. “If traders start to flee Tether, it’s a potentially precarious situation,” said Vijay Ayyar, head of business development at Luno, a cryptocurrency exchange. “It basically implies a lot of volatility ahead.” While skeptics have long doubted whether Tether was fully backed by dollars as its issuer has claimed, markets have mostly shrugged off those concerns and treated the coin as if it were worth $1. Tether’s stability helped it become a major part of global crypto ecosystem, with traders using it for about 20 percent of all virtual currency transactions tracked by CoinMarketCap.com -- second only to Bitcoin. But faith in Tether abruptly diminished on Monday amid renewed speculation over the financial health and banking relationships of Bitfinex, a crypto exchange that shares a chief executive officer with Tether’s issuer. Similar rumors earlier this month prompted Bitfinex to issue a statement last week denying allegations that it was insolvent. In a Medium post after several hours of market turbulence on Monday, Bitfinex said that withdrawals from the exchange were being processed as usual even though fiat-currency deposits had been paused for some users. That appeared to calm markets somewhat, with Tether paring some of its losses and Bitcoin giving up some gains. Story continues Many crypto-related firms have struggled to maintain banking relationships as regulators in the U.S. and elsewhere scrutinize the industry’s exposure to risks including money laundering, market manipulation and security breaches. For Tether’s issuer, a viable bank account is an important part of its pledge to redeem the coins for $1 each. Questions surrounding Bitfinex and Tether are nothing new. Since at least 2017, some market watchers have alleged that trading in Tether’s coins on Bitfinex has helped prop up Bitcoin’s price. The U.S. Commodity Futures Trading Commission sent subpoenas to Bitfinex and Tether at the end of last year, a person familiar with the matter told Bloomberg in January. Given that withdrawals on Bitfinex appear to be working as usual, renewed jitters surrounding the exchange and Tether are “probably a bit of paranoia,” said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm. “I believe this will all clear up relatively soon.” Still, now that traders have several stablecoins to chose from, some may decide to dump Tether in favor of alternatives such as the Gemini dollar, a brainchild of Cameron and Tyler Winklevoss, said Jehan Chu, managing partner at blockchain investment and advisory company Kenetic Capital. Paxos Standard, another stablecoin linked to the dollar, was trading at $1.06 versus Tether on Binance. “Faith in Bitfinex’s financial situation and ability to fully back Tether has been a recurring question,” Chu said. “Tether’s stablecoin dominance will only persist if they can settle community criticisms about their lack of transparency once and for all.” (Updates with latest prices from second paragraph.) To contact the reporters on this story: Andrea Tan in Singapore at [email protected];Eric Lam in Hong Kong at [email protected];Benjamin Robertson in Hong Kong at [email protected] To contact the editors responsible for this story: Christopher Anstey at [email protected], ;Sam Mamudi at [email protected], Michael Patterson For more articles like this, please visit us at bloomberg.com ©2018 Bloomberg L.P. || Crypto Markets Roiled as Traders Question Tether's Dollar Peg: (Bloomberg) -- A sudden exodus from the most popular dollar-linked cryptocurrency rippled through digital asset markets on Monday, saddling some investors with losses while propelling Bitcoin to its biggest gain in more than three weeks.
Tether, the so-called stablecoin used as a substitute for the U.S. currency on crypto exchanges around the world, broke its historically tight link with the greenback, touching 85 cents on U.S.-based venue Kraken. Transactions on Binance, one of the world’s most active platforms for Tether, recently implied a price of about 96 cents, according to CoinMarketCap.com. Bitcoin jumped as much as 8.9 percent to $6,769 as Tether holders shifted into alternative virtual currencies.
“If traders start to flee Tether, it’s a potentially precarious situation,” said Vijay Ayyar, head of business development at Luno, a cryptocurrency exchange. “It basically implies a lot of volatility ahead.”
While skeptics have long doubted whether Tether was fully backed by dollars as its issuer has claimed, markets have mostly shrugged off those concerns and treated the coin as if it were worth $1. Tether’s stability helped it become a major part of global crypto ecosystem, with traders using it for about 20 percent of all virtual currency transactions tracked by CoinMarketCap.com -- second only to Bitcoin.
But faith in Tether abruptly diminished on Monday amid renewed speculation over the financial health and banking relationships of Bitfinex, a crypto exchange that shares a chief executive officer with Tether’s issuer.
Similar rumors earlier this month prompted Bitfinex to issue a statement last week denying allegations that it was insolvent. In a Medium post after several hours of market turbulence on Monday, Bitfinex said that withdrawals from the exchange were being processed as usual even though fiat-currency deposits had been paused for some users. That appeared to calm markets somewhat, with Tether paring some of its losses and Bitcoin giving up some gains.
Many crypto-related firms have struggled to maintain banking relationships as regulators in the U.S. and elsewhere scrutinize the industry’s exposure to risks including money laundering, market manipulation and security breaches. For Tether’s issuer, a viable bank account is an important part of its pledge to redeem the coins for $1 each.
Questions surrounding Bitfinex and Tether are nothing new. Since at least 2017, some market watchers have alleged that trading in Tether’s coins on Bitfinex has helped prop up Bitcoin’s price. The U.S. Commodity Futures Trading Commission sent subpoenas to Bitfinex and Tether at the end of last year, a person familiar with the matter told Bloomberg in January.
Given that withdrawals on Bitfinex appear to be working as usual, renewed jitters surrounding the exchange and Tether are “probably a bit of paranoia,” said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm. “I believe this will all clear up relatively soon.”
Still, now that traders have several stablecoins to chose from, some may decide to dump Tether in favor of alternatives such as the Gemini dollar, a brainchild of Cameron and Tyler Winklevoss, said Jehan Chu, managing partner at blockchain investment and advisory company Kenetic Capital. Paxos Standard, another stablecoin linked to the dollar, was trading at $1.06 versus Tether on Binance.
“Faith in Bitfinex’s financial situation and ability to fully back Tether has been a recurring question,” Chu said. “Tether’s stablecoin dominance will only persist if they can settle community criticisms about their lack of transparency once and for all.”
(Updates with latest prices from second paragraph.)
To contact the reporters on this story: Andrea Tan in Singapore at [email protected];Eric Lam in Hong Kong at [email protected];Benjamin Robertson in Hong Kong at [email protected]
To contact the editors responsible for this story: Christopher Anstey at [email protected], ;Sam Mamudi at [email protected], Michael Patterson
For more articles like this, please visit us atbloomberg.com
©2018 Bloomberg L.P. || Price of Tether Stablecoin Tanks to 18-Month Low: The price of the tether stablecoin (USDT) has fallen to an 18-month low Monday, despite a general rise in the wider crypto markets.
The tether-US dollar exchange rate (USDT/USD) fell to $0.925284 at 07:00 UTCÂ â the lowest level since April 27, 2017 â and was last seen trading at $0.967296, representing a 2 percent drop on a 24-hour basis, according to CoinMarketCap.
The slide in the USDT price has pushed up the premium carried by bitcoin (BTC) prices on the Bitfinex exchange above $600.
Bitcoin Price Spikes But Bull Reversal Is Still $1K Away
As of writing, bitcoin is trading at an average of $6,617 across global exchanges, according to CoinDesk'sBitcoin Price Index(BPI), having clocked a 5.5-week high of $6,960 earlier today.
However, on Bitfinex, BTC is changing hands at $7,055, meaning prices are trading at a premium of $438 to the BPI. The leading cryptocurrency rose as high as $7,788 on Bitfinex, which operates Tether LLC, the firm that developed the USDT token.
Some reports are putting the price drop down to traderslosing faithin the token, amid claimed lack of transparency over tether's true USD holdings and rumored issues at partner firm Bitfinex.
Interestingly, other recently introduced stablecoins like Gemini Dollar (GUSD) and TrueUSD (TUSD) are up 1.85 percent and 4.96 percent, respectively.
Bitcoin Price Jumps by 11% to Reach One-Month High Above $6.9k
Whatever the reason for the drop, it seems safe to say that traders have likely rotated money out of USDT and into bitcoin and other stablecoins.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Tether image via Shutterstock; charts byÂTrading ViewÂ
• Not So Safe Haven? Signs Suggest Bitcoin Might Still Be a Risk Asset
• 3 Bitcoin Price Factors That Suggest Bears Are in Charge || Price of Tether Stablecoin Tanks to 18-Month Low: The price of the tether stablecoin (USDT) has fallen to an 18-month low Monday, despite a general rise in the wider crypto markets. The tether-US dollar exchange rate (USDT/USD) fell to $0.925284 at 07:00 UTC â the lowest level since April 27, 2017 â and was last seen trading at $0.967296, representing a 2 percent drop on a 24-hour basis, according to CoinMarketCap. The slide in the USDT price has pushed up the premium carried by bitcoin (BTC) prices on the Bitfinex exchange above $600. Bitcoin Price Spikes But Bull Reversal Is Still $1K Away As of writing, bitcoin is trading at an average of $6,617 across global exchanges, according to CoinDesk's Bitcoin Price Index (BPI), having clocked a 5.5-week high of $6,960 earlier today. However, on Bitfinex, BTC is changing hands at $7,055, meaning prices are trading at a premium of $438 to the BPI. The leading cryptocurrency rose as high as $7,788 on Bitfinex, which operates Tether LLC, the firm that developed the USDT token. Some reports are putting the price drop down to traders losing faith in the token, amid claimed lack of transparency over tether's true USD holdings and rumored issues at partner firm Bitfinex. Interestingly, other recently introduced stablecoins like Gemini Dollar (GUSD) and TrueUSD (TUSD) are up 1.85 percent and 4.96 percent, respectively. Bitcoin Price Jumps by 11% to Reach One-Month High Above $6.9k Whatever the reason for the drop, it seems safe to say that traders have likely rotated money out of USDT and into bitcoin and other stablecoins. Disclosure:  The author holds no cryptocurrency assets at the time of writing. Tether  image via Shutterstock; charts by Trading View  Related Stories Not So Safe Haven? Signs Suggest Bitcoin Might Still Be a Risk Asset 3 Bitcoin Price Factors That Suggest Bears Are in Charge View comments || Risk Aversion Hits ahead of Italy’s Showdown in Brussels: Earlier in the Day: Economic data scheduled for release through the latter part of the Asian session are on the lighter side this morning, with key stats limited to new loan growth numbers out of China and finalized August industrial production figures out of Japan. Out of China , expectations are that September will see a rise in new loans, an easing in lending standards anticipated to offset the negative effects of the ongoing trade war between the U.S and China. While loan growth will be considered a positive, there will be some concern over any rise in China’s corporate debt levels, particularly following the IMF’s latest downward revision to economic growth forecasts. For the Japanese Yen , industrial production is forecasted to rise by 0.7% in August, which would be in line with prelim figures, whilst reversing July’s 0.2% decline. We would expect the stats to have a muted effect on the Yen however, with market risk aversion at the start of the week overshadowing the numbers. At the time of writing, the Japanese Yen was up 0.12% to ¥112.08 against the U.S Dollar, risk aversion driving demand for the safe haven at the start of the week. Elsewhere, the shift in risk appetite left the Aussie Dollar and Kiwi Dollar in the red, the Aussie Dollar down 0.13% at $0.7105 and the Kiwi Dollar down 0.08% at $0.6502. In the equity markets, the sell-off resumed in earnest, with the Nikkei and ASX200 sliding by 1.59% and by 1.07% respectively at the time of writing, with the Hang Seng and CSI300 down 1.15% and 0.82% respectively, the losses coming in spite of Friday’s gains in the U.S, with the U.S futures pointing to a return to the red. Concerns over the state of the global economy weighed at the start of the week, with negative sentiment over the weekend influencing risk appetite through the session, an IMF-World Bank meeting over the weekend ending with a call for countries to be prepared for risks ahead, stemming from rising geo-political tensions and the ongoing trade war between the U.S and China. Story continues The Day Ahead: For the EUR , there are no material stats scheduled for release through the European session to provide direction for the EUR, leaving direction through the day hinged on how the European Commission responds to the Italian Coalition government’s budget, the deadline for submissions being today. At the time of writing, the EUR down 0.11% to $1.1547, with an early reversal reflective of market angst over today’s budget delivery in Brussels. For the Pound , it’s a quiet day on the economic data front, leaving the markets to focus on Brexit, the week ahead considered to be a make a break for the British government, a resolution to the Irish border and an initial outline of trade terms needed to ease market fears of a “no deal” departure from the EU. At the time of writing, the Pound was down 0.36% to $1.3106, a lack of progress on Sunday between Brexit negotiators over the Irish border weighing early in the day, with Brexit chatter to influence through the day. Across the Pond , economic data out of the U.S includes August business inventories, September retail sales figures and October’s NY Empire State Manufacturing Index. While we expect the retail sales figures to be the key drive from a data perspective, we can expect some market sensitivity to the business inventory numbers and manufacturing figures as the markets look for any signs of an unusual build-up in inventories to combat trade tariffs and a fall in manufacturing sector activity to affirm recent rumblings out of corporate America over the effects of trade tariffs on margins and profitability. Outside of the stats, expect risk aversion to drive demand for U.S Treasuries, with any chatter from the Oval Office also of influence, much of the risk aversion and concerns over the global economic outlook attributable to Trump’s trade war with China. At the time of writing, the Dollar Spot Index was up 0.12% to 95.335, with today’s stats and chatter from the Oval office needing consideration through the day. For the Loonie , there are no material stats scheduled for release, leaving the Bank of Canada’s business outlook survey to provide the Loonie with direction later today. The ongoing U.S – China trade war and concerns over the global economy may muddy the monetary policy waters for the BoC, today’s business outlook survey significant in terms of understanding how corporate Canada view the current environment and what lies ahead following the wrapping up of the USMCA. The Loonie was down 0.01% at C$1.3025 against the U.S Dollar at the time of writing. This article was originally posted on FX Empire More From FXEMPIRE: Price of Gold Fundamental Weekly Forecast – Counter-Trend Rally Driving Shorts to Sidelines Bitcoin – Bulls Eye $6,400 Levels Early Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/10/18 Global Stocks Bounce back, Gold Shines through Chaos Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/10/18 Risk Aversion Hits ahead of Italy’s Showdown in Brussels || Risk Aversion Hits ahead of Italy’s Showdown in Brussels: Economic data scheduled for release through the latter part of the Asian session are on the lighter side this morning, with key stats limited to new loan growth numbers out of China and finalized August industrial production figures out of Japan.
Out of China, expectations are that September will see a rise in new loans, an easing in lending standards anticipated to offset the negative effects of the ongoing trade war between the U.S and China. While loan growth will be considered a positive, there will be some concern over any rise in China’s corporate debt levels, particularly following the IMF’s latest downward revision to economic growth forecasts.
For the Japanese Yen, industrial production is forecasted to rise by 0.7% in August, which would be in line with prelim figures, whilst reversing July’s 0.2% decline. We would expect the stats to have a muted effect on the Yen however, with market risk aversion at the start of the week overshadowing the numbers.
At the time of writing, the Japanese Yen was up 0.12% to ¥112.08 against the U.S Dollar, risk aversion driving demand for the safe haven at the start of the week. Elsewhere, the shift in risk appetite left the Aussie Dollar and Kiwi Dollar in the red, the Aussie Dollar down 0.13% at $0.7105 and the Kiwi Dollar down 0.08% at $0.6502.
In the equity markets, the sell-off resumed in earnest, with the Nikkei and ASX200 sliding by 1.59% and by 1.07% respectively at the time of writing, with the Hang Seng and CSI300 down 1.15% and 0.82% respectively, the losses coming in spite of Friday’s gains in the U.S, with the U.S futures pointing to a return to the red.
Concerns over the state of the global economy weighed at the start of the week, with negative sentiment over the weekend influencing risk appetite through the session, an IMF-World Bank meeting over the weekend ending with a call for countries to be prepared for risks ahead, stemming from rising geo-political tensions and the ongoing trade war between the U.S and China.
For the EUR, there are no material stats scheduled for release through the European session to provide direction for the EUR, leaving direction through the day hinged on how the European Commission responds to the Italian Coalition government’s budget, the deadline for submissions being today.
At the time of writing, the EUR down 0.11% to $1.1547, with an early reversal reflective of market angst over today’s budget delivery in Brussels.
For the Pound, it’s a quiet day on the economic data front, leaving the markets to focus on Brexit, the week ahead considered to be a make a break for the British government, a resolution to the Irish border and an initial outline of trade terms needed to ease market fears of a “no deal” departure from the EU.
At the time of writing, the Pound was down 0.36% to $1.3106, a lack of progress on Sunday between Brexit negotiators over the Irish border weighing early in the day, with Brexit chatter to influence through the day.
Across the Pond, economic data out of the U.S includes August business inventories, September retail sales figures and October’s NY Empire State Manufacturing Index.
While we expect the retail sales figures to be the key drive from a data perspective, we can expect some market sensitivity to the business inventory numbers and manufacturing figures as the markets look for any signs of an unusual build-up in inventories to combat trade tariffs and a fall in manufacturing sector activity to affirm recent rumblings out of corporate America over the effects of trade tariffs on margins and profitability.
Outside of the stats, expect risk aversion to drive demand for U.S Treasuries, with any chatter from the Oval Office also of influence, much of the risk aversion and concerns over the global economic outlook attributable to Trump’s trade war with China.
At the time of writing, the Dollar Spot Index was up 0.12% to 95.335, with today’s stats and chatter from the Oval office needing consideration through the day.
For the Loonie, there are no material stats scheduled for release, leaving the Bank of Canada’s business outlook survey to provide the Loonie with direction later today.
The ongoing U.S – China trade war and concerns over the global economy may muddy the monetary policy waters for the BoC, today’s business outlook survey significant in terms of understanding how corporate Canada view the current environment and what lies ahead following the wrapping up of the USMCA.
The Loonie was down 0.01% at C$1.3025 against the U.S Dollar at the time of writing.
Thisarticlewas originally posted on FX Empire
• Price of Gold Fundamental Weekly Forecast – Counter-Trend Rally Driving Shorts to Sidelines
• Bitcoin – Bulls Eye $6,400 Levels Early
• Bitcoin Cash, Litecoin and Ripple Daily Analysis – 15/10/18
• Global Stocks Bounce back, Gold Shines through Chaos
• Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/10/18
• Risk Aversion Hits ahead of Italy’s Showdown in Brussels || China Threatens Overseas Tax Havens, Will Investors Flock to Crypto?: China Bitcoin Exchange Regulation China Bitcoin Exchange Regulation Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto. Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China. But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets. Will Investors Move to Crypto? In recent months, the Chinese government has begun to cooperate with agencies in 83 countries that follow the Common Reporting Standards (CRS) established by the Organization for economic Cooperation and Development (OECD). The involvement of the Chinese government with the OECD and CRS is expected to lead to direct communication and cooperation with Virgin Islands, Bermuda, Luxembourg, Switzerland, and the Bahamas, five regions that investors often depend on to save massive amounts of capital in the offshore banking sector. Last month, China disclosed that all 83 countries under CRS and OECD will share data related to financial accounts held by Chinese citizens, allowing the government to target high profile millionaire investors. The go-to market for Chinese investors in the real estate sector of Hong Kong. Individuals based in China can easily set up a shell company in Hong Kong and receive a bank account with the name of the firm to move funds from China to Hong Kong, with which the investor can invest in properties in the region. The influx of investors from China to the real estate market of Hong Kong led premiums on apartments to rise substantially, creating a real estate bubble that has made it more challenging for local residents to acquire properties. It is difficult and ineffective for the Chinese government to restrict money flowing from China to the Hong Kong real estate market as it would require a highly impractical process of banks cooperating with the government to censor and monitor every large transaction. Story continues But, it is possible for the government crackdown on individual investors holding large amounts of foreign assets and cash in offshore savings accounts. Cryptocurrencies like Bitcoin and Ethereum remain as the only alternative outside of the Hong Kong real estate and stock market for local investors to store significant capital in. The lack of correlation between crypto and the broader financial market could appeal to investors as a safe haven against the global economy. OTC Market Active Hong Kong and Taiwan-based digital asset exchange executive Terence Tsang stated in an interview that the over-the-counter (OTC) crypto market of China still remains active subsequent to the imposition of a blanket ban by the government. The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company, Tsang said . Featured image from Shutterstock. The post China Threatens Overseas Tax Havens, Will Investors Flock to Crypto? appeared first on CCN . || China Threatens Overseas Tax Havens, Will Investors Flock to Crypto?: Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto.
Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China.
But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets.
In recent months, the Chinese government has begun to cooperate with agencies in 83 countries that follow the Common Reporting Standards (CRS) established by the Organization for economic Cooperation and Development (OECD).
The involvement of the Chinese government with the OECD and CRS is expected to lead to direct communication and cooperation with Virgin Islands, Bermuda, Luxembourg, Switzerland, and the Bahamas, five regions that investors often depend on to save massive amounts of capital in the offshore banking sector.
Last month, China disclosed that all 83 countries under CRS and OECD will share data related to financial accounts held by Chinese citizens, allowing the government to target high profile millionaire investors.
The go-to market for Chinese investors in the real estate sector of Hong Kong. Individuals based in China can easily set up a shell company in Hong Kong and receive a bank account with the name of the firm to move funds from China to Hong Kong, with which the investor can invest in properties in the region.
The influx of investors from China to the real estate market of Hong Kong led premiums on apartments to rise substantially, creating a real estate bubble that has made it more challenging for local residents to acquire properties.
It is difficult and ineffective for the Chinese government to restrict money flowing from China to the Hong Kong real estate market as it would require a highly impractical process of banks cooperating with the government to censor and monitor every large transaction.
But, it is possible for the government crackdown on individual investors holding large amounts of foreign assets and cash in offshore savings accounts.
Cryptocurrencies like Bitcoin and Ethereum remain as the only alternative outside of the Hong Kong real estate and stock market for local investors to store significant capital in. The lack of correlation between crypto and the broader financial market could appeal to investors as a safe haven against the global economy.
Hong Kong and Taiwan-based digital asset exchange executive Terence Tsang stated in an interview that the over-the-counter (OTC) crypto market of China still remains active subsequent to the imposition of a blanket ban by the government.
“The latest warning and potentially increased monitoring of foreign platforms is targeted at a batch of smaller exchanges that had claimed to be foreign entities, but are in fact operating in China claiming they have outsourced their operations to a Chinese company,” Tsangsaid.
Featured image from Shutterstock.
The postChina Threatens Overseas Tax Havens, Will Investors Flock to Crypto?appeared first onCCN. || Opinion: Cryptocurrency and Wealth Redistribution: 2018 has been a harsh period for cryptocurrencies prices in general. Prices, in general, have been falling from late January until now, with the usual ups and downs . Nevertheless, as prices and technology rarely come hand-to-hand, during this period we’ve seen some conceptual improvements started being implemented, such as Ethereum side-chains and plasma or Bitcoin’s LN and Superspace (which I aim at discussing on my next piece). Before you dive into this one, I urge you to read its predecessor available here, where I discuss the role of money in our society, how it can potentially have quantum-like properties and, finally, different ways to measure growth and value. Growth Accumulation VS Growth Redistribution One of the most important quests of mankind across centuries has been how to achieve continuous economic growth . From the first world empires to the industrial revolution, the single most important factor that allowed for this unsustainable mindset was the monies creation mechanics . Logic dictates if your monetary system is inflationary, future money will always be worth less than present money. Meaning, it’s quite hard to change monetary policies to support citizens wealth creation, when the object of said wealth creation loses value every year. If we could potentially find a solution to the debt-based system, it would most likely be connected to a better redistribution of wealth, I argue. There are many paths to chose from to achieve the above outcome, for example, through income distribution STO’s , utility via rewards, airdrops and bounties or even a completely new token scheme with both income, utility and governance. Decentralization allows for different kinds of money systems, not only based on debt but also on your actual time, user participation or physical assets. The point is: the more projects start to grasp the power tokens can bring as income, utility, governance or investment vehicles, the more token-based organizations will pop-up. There are many rolled-out platforms like Steemit from the creator of EOS, or the Brave browser from the Basic Attention Token team, which entitle users to receive a reward based on content creation. Independently of any of these projects success, please remember: –this article isn’t financial advisement as it represents my personal opinion and views only . I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility. Being your own bank means you’re always responsible for your own money— Story continues Redistribution Comes From Changing Paradigms There are many arguments against free money creation. How can taxes be applied? What about assets insurance? Will governments still be responsible to protect its citizens through public sponsored schemes? How can regulatory bodies adapt to overcome the challenges of regulating non-proprietary, decentralized and permissionless protocols? If we look into new organizational theory – how companies’ behavior towards social logic affect performance – we can find refreshing conclusions which may assist us in better understanding the role of money in our society. For one, companies which have strong social values (ie, hybrid organizations such as cooperatives) are able to maximize both consumers and suppliers utility by not maximizing profits. Sounds too weird to be true? Let’s use an example to explain how it all works. Traditional Organizations SUPPLIER -> COMPANY -> CONSUMER Companies buy raw materials, transform them into finished products and then sell them to consumers. Let’s say, milk: Suppliers: Farmers, Company: Stake-holder, Consumer: Link (yes, that little guy does love his milk) Link, the main character from the well-known game series, The Legend of Zelda The above logic is oversimplified, as I’m taking out important attributes like distribution or finance channels; still, the goal of a traditional company is to maximize profits in order to increase the benefit of those who own it (stakeholders). To accomplish this objective companies usually pay farmers a low price for milk and sell the finished product (butter, yogurt, milk) to consumers, for as much money as possible. There are many different ways of maximizing profits, either by reducing costs or increasing market share, but the ultimate goal still remains profit maximization for stake-holders . Another way to look at it would be to maximize stakeholders’ utility . This usually happens when stake-holders are, for example, suppliers. *do not mix this concept with backwards (and forwards) integration, as it’s not the same. When a company integrates a supplier, stake-holders remain the same and the goal is still to maximize profits, so the price paid to suppliers is still the minimum possible. Hybrid Organizations SUPPLIER <-> COMPANY -> CONSUMER Supplier: Stake-holder, Company: Stake-holder, Consumer: Link (there he goes again, jumping through hyrule) A great example of institutions that fit the above description is cooperatives. For example, in the Azores, where most of the Portuguese milk production is concentrated, there’s an open market composed of traditional organizations, which aim at maximizing profits, and hybrids (cooperatives) that aim at providing social benefits to its farmers’ community. The curious aspect is that the hybrid organization sees better profits, although is more limited in terms of internal changes, as it needs to accommodate the voices of many different people (see full paper findings here ). Wouldn’t the expected result be exactly the opposite? Let’s get back to the milk-producing company, to further explain these findings. When an organization maximizes the price paid to suppliers for milk, it’s maximizing its suppliers’ utility. Hence, any farmer that chooses to collaborate with hybrid organizations, in this Azorean milk market, will directly benefit from profits maximization. If you would like to take our train of thought one step further, you could argue: What if we integrate all economic agents with our stake-holder logic? Decentralized Organizations SUPPLIER <-> COMPANY <-> CONSUMER In this scenario, we come back to our previous understanding of how money works: it expresses a sort of entanglement between agents. If our goal remains as maximizing stake-holders utility, by maximizing their profits, while everyone is treated as a stake-holder, we come to the below conclusion: Supplier: Stake-holder (farmers), Company: Stake-holder, Consumer: Stake-holder (Link); How can we possible maximize both suppliers utility, company utility and consumer utility, if there is always a Pareto’s optimum and equilibrium? this is, it becomes impossible to maximize one agent’s utility without minimizing some other agent’s utility. The Theory Of Everything If we understand how money flows between agents and how do they benefit from it, we come to the conclusion the only way to increase value to all participating agents is if all of them have an economic incentive to participate by getting rewards. Simply put: the only way to maximize colliding logics is by adding a proxy of value. Let’s take a look at the below example to better comprehend this conundrum. SUPPLIER STAKE-HOLDER: maximize price of milk, COMPANY STAKE-HOLDER: minimize price of supplier milk, maximize price of consumer milk CONSUMER STAKE-HOLDER: minimize price of milk If all logics are contrarian, then an incentive is needed so that when value flows from consumer to company and from company to supplier, an exactly opposite reward flows from supplier to company and from company to consumer. This is, when there is a proxy monetary incentive (ie, token) which is given to consumers for participating (by purchasing) and is gifted with a certain utility purpose (voting, staking, rewards), the model stops being measured in profits to be measured in token value. If this argument is confusing think that by creating a token which travels in the opposite direction of money spent, and by bestowing tokens with the power to perform actions that change the outcome of production, governance or price, then every agent becomes a sort of stake-holder (in this case, token holder). Adapting To Real Life When Link goes to the market and purchases milk, what he’s really purchasing is the Mtoken (the milk token). As the Mtoken is directly associated to a physical thing (a milk carton, for example), it still seems you’re buying milk, although in reality, Link is buying tokens which in turn represent a certain amount of milk (following our logic, milk is the bonus not the tokens). Now, because Link is the owner of Mtokens he is entitled to spending those tokens within the milk community. If tokens have both money and asset properties, then it means they can reward users at the same time as they serve a utility purpose. Every time there is a purchase, that money is converted into tokens, which is then granted to all agents as a reward: suppliers, company and other customers. In a sense each time a product is purchased, tokens are minted and given to every agent. If you’re worried about the outcome, as money would “lose” its value, think again: Products could be purchased with any given currency because the value would come from tokens being minted as a product changes ownership. What this means is, whenever a product or service changes ownership what happens, in fact, is a transaction which mints tokens as a reward to both agents: the buyer and the seller . As more products are bought and sold, more tokens are gifted, which can later be used as money by agents agreeing on a set value of tokens per product. If we assume money used to purchase milk is then redistributed to all token holders, then all agents are incentivized to see value in the tokens. The ABC Example A -> Customer, B -> Company, C -> Farmer A purchases milk from B. A owns: 2 MTOKEN 1 MILK PRODUCT B owns: 2 MTOKEN 2 EUR B purchases milk from C. B owns: 1 MTOKEN 1 MILK PRODUCT C owns: 1 MTOKEN 1 EUR Total tokens Customer A: 2 MT Company B: 3 MT, 1EUR Supplier C: 1 MT, 1EUR After tokens are created, value can be expressed in any currency, as the proxy (Mtoken) becomes a unit of measurement. With the above logic being true, the assumption is that any interacting agent will see value in the token. However, we could wonder of what would happen if either token prices devalued too much or exploded in value: If tokens are dumped by holders, way below market price, the incentive is to buy those cheap tokens as each token awards more milk. If tokens become expensive to spend because they hold more value (ie, bitcoin), what we can expect is other forms of money (fiat, for example) to be used in order to purchase milk. The Utility Argument If utility is granted to the Mtokens, like the ability to participate in different forms of governance, or the ability to power-up certain suppliers – by introducing game-like mechanics which gives token holders the capacity to delegate tokens based on quality, quantity or even geographic location – what we can expect are different behaviors depending on agents’ social logic: Customers will most likely benefit directly from selling tokens for more milk, Companies will benefit directly as they can receive more tokens and give the same milk reward, Suppliers will benefit as, they too, receive tokens on each transaction. Because tokens reward milk, we can entangle both physical and virtual assets with value. Very simply put, there is a social logic which can entitle all participants to being rewarded on each transaction, by making the money-asset of said transaction the item traded and the product the reward. The best part? Because tokens are exchangeable for any other form of currency, the reward holds value as it can be traded (bartered) for other items. This means, at the same time tokens reward milk, they can be traded for other tokens which reward different assets. Instead of money being traded in a traditional debit-credit form, we could look at it as something we will always be entitled to, no matter what. Much like hybrid organizations social logic collides with profit-making logic, token rewards won’t make sense if you measure growth by itself and not by its redistribution. Hence, by allowing companies to create and redistribute value through its community of members, we create a new model based on maximizing community utility and not company profits. Arguably, the Mtoken model discussed above could be tweaked to have a maximum supply of tokens (like most cryptocurrencies), in order to create money with deflationary properties. Independently, even with inflationary token models destroying value as time goes by, due to the fact the actors creating currency change, from central institutions to mere every-day organizations, power structures also change, because, as we know so very well: Money = Power . Conclusion Yes, it is true we’ll still need to work in order to create value; however, money could be much better redistributed among every agent because every agent is part of every organization (as networks operate). Either as an employee, investor, supplier, consumer or citizen, if there is a money-asset which serves as a reward, granted of utility purposes within its ecosystem, then value becomes easier to get because it is automatically redistributed in the form of a participation reward. Anyone who transacts is given some value in return, meaning, money could behave much like energy does: it never disappears and just transforms into something else, adding value to the universe of money. Let me know your thoughts down below. This topic is quite complex and I only managed to reach its surface. There’s much research being done both on the topics of incentives and rewards: can they be the catalyst to a better wealth distribution or will they turn people into different kind of slaves, foraging for quick and easy money? There’s a great deal of subjectivity to the topic and my wish is to foster discussion and alternative ways of creating and measuring value. Whatever the end result, I still happen to believe happiness is an achievable goal to mankind and the sooner we try alternate solutions, the better. Featured image from Shutterstock. The post Opinion: Cryptocurrency and Wealth Redistribution appeared first on CCN . View comments
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6544.43, 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74.
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[Bitcoin Technical Analysis for 2017-10-01]
Volume: 1208210048, RSI (14-day): 59.88, 50-day EMA: 3912.40, 200-day EMA: 2842.42
[Wider Market Context]
None available.
[Recent News (last 7 days)]
3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX): A retail revival appears to be in full swing: the brick-and-mortar companies are staging a technical comeback as trades and investors are migrating back into these names. In addition to many of the retail companies hitting long-term support levels, there is a seasonality story behind the bullish move. Each year, the period between Labor Day and the day after Thanksgiving sees a surge in retail stocks as traders boost value based on the combination of back to school and holiday shopping. The trend has a clear “end point” just after Thanksgiving as traders begin to “sell the news” as sales numbers trickle in after Black Friday. Today’s three big stock charts look at Supervalu Inc. (NYSE: SVU ), Target Corporation (NYSE: TGT ) and TJX Companies Inc. (NYSE: TJX ) as three companies ready to benefit from the retail revival. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Supervalu Inc. (SVU) Supervalu Inc. (SVU) Supervalu shares are finally looking like they’ve hit a bottom that matches the 2013 consolidation that served as a launching pad for the stock. On a shorter-term basis, SVU stock is moving into a bullish trajectory with one test remaining. After dipping below $20 in August and early September, the grocery chain’s stock is breaking into a bullish trend as it has broken above the 50-day moving average over the last two days. Momentum on Supervalu shares is about to flash a bullish signal as the MACD and Chande Trend Meter are both on the verge of providing bullish signals for the trend investors. This will fuel a move higher as volume increases. Currently, the stock has about 17% upside potential from current prices before we hit intermediate-term resistance in the form of the 200-day moving average and the August highs. This is ample room for nimble traders to profit. Target Corporation (TGT) Target Corporation (TGT) Target is a perennial name in terms of the seasonality. The stores pop into action starting in October as shoppers get busy. Historically, TGT stock outperforms the S&P 500 58% of the time in October over the last 20 years. Story continues 10 Energy Stocks to Buy for the Rest of 2017 This year, the technical charts indicate the same expectations. Recent positive news put Target into a volatility rally that closed-in on $60 as the stock became overbought. Shares have successfully consolidated and held support as they prepare another advance. The recent consolidation included a pullback to support at the stock’s 200-day moving average. This is a sign that technical traders are actively buying the stock on dips. With a short interest ratio of nearly 8, Target shares are lining-up for a short squeeze rally that will likely be triggered with a cross above $60. TJX Companies (TJX) TJX Companies (TJX) Discount retail stores have been making strides lately as shoppers continue to hunt for bargains. Bitcoin vs. Government: It's the Technology, Stupid TJX is breaking into a strong intermediate-term bullish trend that is supported by momentum and strengthening technicals with one test to pass. Momentum indicators on TJX have moved into bullish signals as investors are now migrating into the stock. This is building bullish pressure for the stock. As of the beginning of September, TJX stock transitioned into a bullish technical outlook as it hit a seasonally strong period. Over the last 20 years, TJX has outpaced the S&P 500 63% of the time, returning an average of 2% better than the benchmark index. The stock faces a challenge as shares are in the process of breaking above potential resistance at their 200-day moving average. A move above this trendline, currently at $74.21, will open-up room for the stock to move to a target of $80. As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities. More From InvestorPlace The 10 Best Stocks of 2017 Through Q3 Top 10 Best Sector ETFs for the Rest of 2017 7 Stocks to Sell Before the Crash - And Tesla is #1! The post 3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX) appeared first on InvestorPlace . || 3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX): A retail revival appears to be in full swing: the brick-and-mortar companies are staging a technical comeback as trades and investors are migrating back into these names. In addition to many of the retail companies hitting long-term support levels, there is a seasonality story behind the bullish move.
Each year, the period between Labor Day and the day after Thanksgiving sees a surge in retail stocks as traders boost value based on the combination of back to school and holiday shopping. The trend has a clear “end point” just after Thanksgiving as traders begin to “sell the news” as sales numbers trickle in after Black Friday.
Today’s three big stock charts look atSupervalu Inc.(NYSE:SVU),Target Corporation(NYSE:TGT) andTJX Companies Inc.(NYSE:TJX) as three companies ready to benefit from the retail revival.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Supervalu shares are finally looking like they’ve hit a bottom that matches the 2013 consolidation that served as a launching pad for the stock. On a shorter-term basis, SVU stock is moving into a bullish trajectory with one test remaining.
• After dipping below $20 in August and early September, the grocery chain’s stock is breaking into a bullish trend as it has broken above the 50-day moving average over the last two days.
• Momentum on Supervalu shares is about to flash a bullish signal as the MACD and Chande Trend Meter are both on the verge of providing bullish signals for the trend investors. This will fuel a move higher as volume increases.
• Currently, the stock has about 17% upside potential from current prices before we hit intermediate-term resistance in the form of the 200-day moving average and the August highs. This is ample room for nimble traders to profit.
Target is a perennial name in terms of the seasonality. The stores pop into action starting in October as shoppers get busy. Historically, TGT stock outperforms theS&P 50058% of the time in October over the last 20 years.
• 10 Energy Stocks to Buy for the Rest of 2017
This year, the technical charts indicate the same expectations.
• Recent positive news put Target into a volatility rally that closed-in on $60 as the stock became overbought. Shares have successfully consolidated and held support as they prepare another advance.
• The recent consolidation included a pullback to support at the stock’s 200-day moving average. This is a sign that technical traders are actively buying the stock on dips.
• With a short interest ratio of nearly 8, Target shares are lining-up for a short squeeze rally that will likely be triggered with a cross above $60.
Discount retail stores have been making strides lately as shoppers continue to hunt for bargains.
• Bitcoin vs. Government: It's the Technology, Stupid
TJX is breaking into a strong intermediate-term bullish trend that is supported by momentum and strengthening technicals with one test to pass.
• Momentum indicators on TJX have moved into bullish signals as investors are now migrating into the stock. This is building bullish pressure for the stock.
• As of the beginning of September, TJX stock transitioned into a bullish technical outlook as it hit a seasonally strong period. Over the last 20 years, TJX has outpaced the S&P 500 63% of the time, returning an average of 2% better than the benchmark index.
• The stock faces a challenge as shares are in the process of breaking above potential resistance at their 200-day moving average. A move above this trendline, currently at $74.21, will open-up room for the stock to move to a target of $80.
As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.
• The 10 Best Stocks of 2017 Through Q3
• Top 10 Best Sector ETFs for the Rest of 2017
• 7 Stocks to Sell Before the Crash - And Tesla is #1!
The post3 Big Stock Charts for Friday: Supervalu Inc. (SVU), Target Corporation (TGT) and TJX Companies Inc. (TJX)appeared first onInvestorPlace. || Roku is rocketing higher on its 2nd day of trading: A man walks past Roku's Nasdaq sign (Reuters/BRENDAN MCDERMID) Roku's stock is surging in its second day of trading, trading up 24.17% at $29.18 a share. Friday's advance comes on the heels of a 66.14% gain on Thursday, the day of the stock's initial public offering . Roku is now 108% above its IPO price of $14. Shares are rocketing higher in the midst of an increasingly competitive streaming video landscape. Many content makers are pulling their content back into siloed streaming services. Disney is the largest recent example of the trend, and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service. Roku's value proposition lies in the middle of these services. It acts as a middleman, allowing its users to access their variety of streaming services in one unified interface. It's competing against hardware like Amazon's FireTV and Apple's TV streaming box. The company also makes software for streaming video, which it licenses to TV makers to act as the panel's operating system. With its software, Roku is trying to get into the more lucrative advertising business. The company's IPO seems unaffected by investors' concerns over Roku's share structure , which allows the company's executives to retain control of 98% of the company, even after the public offering of shares. Click here to watch Roku trade in real time... roku stock price (Markets Insider) NOW WATCH: Bitcoin's bubble swells with a new record high More From Business Insider The woman who was forcibly dragged by police from a Southwest Airlines flight is now facing multiple charges The 13 most useful new features in iOS 11 50 must-have tech accessories under $50 || Roku is rocketing higher on its 2nd day of trading: (Reuters/BRENDAN MCDERMID)
Roku'sstock is surging in its second day of trading, trading up 24.17% at $29.18 a share.
Friday's advance comes on the heels ofa 66.14% gain on Thursday, the day of the stock's initial public offering.
Roku is now 108% above its IPO price of $14.
Shares are rocketing higher in the midst of anincreasingly competitive streaming video landscape.Many content makers are pulling their content back into siloed streaming services.Disney is the largest recent example of the trend,and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service.
Roku's value proposition lies in the middle of these services. It acts as a middleman, allowing its users to access their variety of streaming services in one unified interface. It's competing against hardware likeAmazon'sFireTV andApple'sTV streaming box.
The company also makes software for streaming video,which it licenses to TV makersto act as the panel's operating system. With its software, Roku is trying to get into the more lucrative advertising business.
The company's IPO seems unaffected byinvestors' concerns over Roku's share structure, which allows the company's executives to retain control of 98% of the company, even after the public offering of shares.
(Markets Insider)
NOW WATCH:Bitcoin's bubble swells with a new record high
More From Business Insider
• The woman who was forcibly dragged by police from a Southwest Airlines flight is now facing multiple charges
• The 13 most useful new features in iOS 11
• 50 must-have tech accessories under $50 || Holding Strong? Ether Prices Dip as Korea Bans ICOs: The ether-US dollar ( ETH/USD ) exchange rate fell to $278 today, a seeming response to news South Korea is joining the global backlash against the initial coin offering (ICO) funding model. News hit the wires during the Asian trading session, with word that South Korea's Financial Services Commission would ban "all forms" of ICOs echoing out across the global market nearly four weeks after China declared ICOs similarly illegal. At press time, however, the market response to Korea's news has been more tepid. Despite the fact that South Korea has emerged as a major driver of trading volume, with news its exchanges will list new cryptocurrencies effectively doubling price , treaction was minimal ether has held tightly to rangebound trading, hitting a high of $303.75 and a low of $280.59 today. Following China's ban, ether later extended losses to $200 levels. Still, over the last two weeks, prices regained poise on speculation that Chinese traders are shifting bases to Japan, South Korea and Hong Kong. Going forward, any announcement from other regional regulators could likely dampen recovery efforts. This means that while ether's rebound from $278 to $297 is encouraging, price action analysis indicates it's not out of the woods yet. 4-hour chart The chart above shows: A downside break of the triangle formation. The breakdown was on the back of stronger volumes and indicates the sell-off from the record highs above $390 may have resumed. The recovery from the low of $278 lacks substance, i.e. volumes dropped. $307 is strong resistance (confluence of 4-hour 200-MA + former head and shoulders neckline ). View The recovery from $278 to near $300 levels could be short-lived. A rejection at $300 followed by a break below $278 would open doors for a sell-off to $240 levels. On the higher side, only an end of the day close above $315 would signal bearish-to-bullish trend change. Rock climbing rope via Shutterstock Related Stories Swiss Finance Regulator Is 'Investigating ICO Procedures' Edward Snowden: Zcash Is 'Most Interesting Bitcoin Alternative' Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average Zcash's Wild Ride: Prices Spike to $400, Fall to $300, But What's Next? || Holding Strong? Ether Prices Dip as Korea Bans ICOs: The ether-US dollar (ETH/USD) exchange rate fell to $278 today, a seeming response to news South Korea is joining the global backlash against the initial coin offering (ICO) funding model.
News hit the wires during the Asian trading session, with word thatSouth Korea's Financial Services Commissionwould ban "all forms" of ICOs echoing out across the global market nearly four weeks after China declared ICOs similarly illegal.
At press time, however, the market response to Korea's news has been more tepid.
Despite the fact that South Korea has emerged as a major driver of trading volume, with news its exchanges will list new cryptocurrencieseffectively doubling price, treaction was minimal – ether has held tightly to rangebound trading, hitting a high of $303.75 and a low of $280.59 today.
Following China's ban,etherlater extended losses to $200 levels.
Still, over the last two weeks, prices regained poise on speculation that Chinese traders are shifting bases to Japan, South Korea and Hong Kong.
Going forward, any announcement from other regional regulators could likely dampen recovery efforts. This means that while ether's rebound from $278 to $297 is encouraging, price action analysis indicates it's not out of the woods yet.
The chart above shows:
• A downside break of the triangle formation. The breakdown was on the back of stronger volumes and indicates the sell-off from the record highs above $390 may have resumed.
• The recovery from the low of $278 lacks substance, i.e. volumes dropped.
• $307 is strong resistance (confluence of 4-hour 200-MA +former head and shoulders neckline).
View
The recovery from $278 to near $300 levels could be short-lived. A rejection at $300 followed by a break below $278 would open doors for a sell-off to $240 levels.
On the higher side, only an end of the day close above $315 would signal bearish-to-bullish trend change.
Rock climbing ropevia Shutterstock
• Swiss Finance Regulator Is 'Investigating ICO Procedures'
• Edward Snowden: Zcash Is 'Most Interesting Bitcoin Alternative'
• Bull Trap? Bitcoin Prices Struggle to Build Momentum Above Moving Average
• Zcash's Wild Ride: Prices Spike to $400, Fall to $300, But What's Next? || RBC's CEO pushes back on suggestion bitcoin is a fraud: (Repeats Thursday story with no changes to text)
* McKay Says bitcoin "not misrepresenting itself"
* Says would ask RBC staff trading bitcoin to stop
* RBC is spending more than C$10 million annually on AI
* Expects competition to emerge from non-traditional lenders
By Matt Scuffham
TORONTO, Sept 28 (Reuters) - The chief executive of Canada's biggest lender on Thursday pushed back on a suggestion by JPMorgan Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring.
Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada, said: "Has Bitcoin misrepresented what it is? No.
"What it's solving is a way to avoid detection in moving money in our society and transferring value from one person to another," McKay said. "I think where Jamie is probably coming from is it's helping evade the supervision of moving money and from that perspective it needs to be monitored."
While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians skeptical of government monetary policy and speculators attracted by its price swings.
Dimon earlier this month said that the currency "will not work" and said he would fire any JP Morgan staff who traded it.
McKay said that if RBC staff were trading bitcoin, he would "probably ask them to stop."
RBC, however, is researching how it can utilize the distribution ledger technology that underpins bitcoin, called blockchain. RBC earlier told Reuters that it was experimenting with blockchain to help move payments between its U.S. and Canadian banks.
McKay said RBC is planning to use blockchain technology in its loyalty programs next year, the first time it has been used in a customer-facing application. He said the bank would initially use the technology in less risky areas where customers' money would not be put at risk.
"Loyalty is something where if there is an error or a problem we could recreate loyalty systems without impact on people's real money," he said, adding that blockchain could improve the speed at which people can join loyalty programs, particularly merchants.
AI INVESTMENT
McKay said the bank is spending over C$10 million ($8 million) a year on artificial intelligence (AI), which can be used to predict customer behavior and help reduce problems like credit card fraud.
RBC has set up an AI research center in Toronto with a staff of 35 to conduct pure research with massive data that the bank possesses. However, McKay said there is a scarcity of talent in AI globally, which means that RBC has to spend a significant amount to attract people with specialist knowledge.
McKay said he expects competition to emerge from non-bank companies, particularly in the money-moving side of the business.
"If you have a mass consumer franchise with a strong brand and lots of data about that consumer I think the barriers to banking are coming down to the point where I expect there to be competitors," he said.
(Reporting by Matt Scuffham; Editing by Leslie Adler) || RBC's CEO pushes back on suggestion bitcoin is a fraud: (Repeats Thursday story with no changes to text) * McKay Says bitcoin "not misrepresenting itself" * Says would ask RBC staff trading bitcoin to stop * RBC is spending more than C$10 million annually on AI * Expects competition to emerge from non-traditional lenders By Matt Scuffham TORONTO, Sept 28 (Reuters) - The chief executive of Canada's biggest lender on Thursday pushed back on a suggestion by JPMorgan Chief Executive Jamie Dimon that bitcoin is a fraud, though he said the cryptocurrency needs monitoring. Speaking at a Reuters Newsmaker event in Toronto, Dave McKay, CEO of Royal Bank of Canada, said: "Has Bitcoin misrepresented what it is? No. "What it's solving is a way to avoid detection in moving money in our society and transferring value from one person to another," McKay said. "I think where Jamie is probably coming from is it's helping evade the supervision of moving money and from that perspective it needs to be monitored." While banks have largely steered clear of bitcoin since it emerged following the financial crisis, the virtual currency is supported by a range of people, including technology enthusiasts, libertarians skeptical of government monetary policy and speculators attracted by its price swings. Dimon earlier this month said that the currency "will not work" and said he would fire any JP Morgan staff who traded it. McKay said that if RBC staff were trading bitcoin, he would "probably ask them to stop." RBC, however, is researching how it can utilize the distribution ledger technology that underpins bitcoin, called blockchain. RBC earlier told Reuters that it was experimenting with blockchain to help move payments between its U.S. and Canadian banks. McKay said RBC is planning to use blockchain technology in its loyalty programs next year, the first time it has been used in a customer-facing application. He said the bank would initially use the technology in less risky areas where customers' money would not be put at risk. Story continues "Loyalty is something where if there is an error or a problem we could recreate loyalty systems without impact on people's real money," he said, adding that blockchain could improve the speed at which people can join loyalty programs, particularly merchants. AI INVESTMENT McKay said the bank is spending over C$10 million ($8 million) a year on artificial intelligence (AI), which can be used to predict customer behavior and help reduce problems like credit card fraud. RBC has set up an AI research center in Toronto with a staff of 35 to conduct pure research with massive data that the bank possesses. However, McKay said there is a scarcity of talent in AI globally, which means that RBC has to spend a significant amount to attract people with specialist knowledge. McKay said he expects competition to emerge from non-bank companies, particularly in the money-moving side of the business. "If you have a mass consumer franchise with a strong brand and lots of data about that consumer I think the barriers to banking are coming down to the point where I expect there to be competitors," he said. (Reporting by Matt Scuffham; Editing by Leslie Adler) || Trump touts Tax plan as stocks make solid Q3 gains: Stocks are struggling to end the week on a positive note, but there were solid gains during the month of September overall. Meanwhile President Trump is expected to drum up support today for his massive tax plan. Yahoo Finance’sAlexis Christoforous,Jared Blikre,Justine Underhill,Seana Smith,Rick NewmanandDan Howleydiscuss the big stories of the day.
Today’s topics:
• Trump to promote tax plan in speech to manufacturer group Friday
• Dollar set for biggest weekly rise this year
• Breaking down consumer spending and inflation
• Hacked:Whole Foodsrestaurants and taprooms
• Tysonsoars on positive outlook, job cuts
• Volkswagencharged $2.9B to cover more emissions scandal costs
• Googleis building an Echo Show competitor: TechCrunch
• Zogenixup triple digits on successful drug test
• Global IPOs on course for the busiest year since 2007: EY
• South Korea to ban initialBitcoinofferings
• Elon Musk wants to travel anywhere on Earth within an hour
• Musk unveiled a new plan to visit Mars within a decade
• NFL players, staff link arms during Thursday’s national anthem
• SNES Classic on sale today
• Which smartphone camera is best?
TWITTER POLL:Where would you rather go with $1,000 if @elonmusk’s space travel becomes a reality?-Anywhere on Earth in 1 hour-Mars-I’ll stick to airplanes || Market Movers: Yahoo Finance breaks down early market action: Stocks are struggling to end the week on a positive note, but there were solid gains during the month of September overall. Meanwhile President Trump is expected to drum up support today for his massive tax plan. Yahoo Finances Alexis Christoforous , Jared Blikre , Justine Underhill , Seana Smith , Rick Newman and Dan Howley discuss the big stories of the day. Todays topics: Trump to promote tax plan in speech to manufacturer group Friday Dollar set for biggest weekly rise this year Breaking down consumer spending and inflation Hacked: Whole Foods restaurants and taprooms Tyson soars on positive outlook, job cuts Volkswagen charged $2.9B to cover more emissions scandal costs Google is building an Echo Show competitor: TechCrunch Zogenix up triple digits on successful drug test Global IPOs on course for the busiest year since 2007: EY South Korea to ban initial Bitcoin offerings Elon Musk wants to travel anywhere on Earth within an hour Musk unveiled a new plan to visit Mars within a decade NFL players, staff link arms during Thursdays national anthem SNES Classic on sale today Which smartphone camera is best? TWITTER POLL: Where would you rather go with $1,000 if @elonmusks space travel becomes a reality? -Anywhere on Earth in 1 hour -Mars -Ill stick to airplanes || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp.(NYSE:IBM) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM.
First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48%aren’t sure if it’s legalor not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how muchTesla Inc(NASDAQ:TSLA) orApple Inc(NASDAQ:AAPL) stocks would struggle if half the country wasn’t sure whether it was illegal to own them.
Source: Shutterstock
That means even less people know about what bitcoin is built on, that being blockchain.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform.In some eyes, “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be.
Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So whileJPMorgan Chase & Co.(NYSE:JPM) CEO Jamie Dimon may be busyslamming bitcoin as a fraud, his firm is surely working on ways to embrace blockchain.
• 7 ‘Strong Buy’ Stocks Wall Street Is 100% Sure Of
It’s not just JPM. All banks, be itBank of America Corp(NYSE:BAC),Wells Fargo & Co(NYSE:WFC) orGoldman Sachs Group Inc(NYSE:GS), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it?
I strongly suggest reading this article,right here. It’s not that long, but it has plenty of insightful information. Some like this:
“The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.”
“[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.”
In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved?
IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runsBerkshire Hathaway Inc.(NYSE:BRK.A, NYSE:BRK.B), hasslashed his stakefrom 81 million shares to 54 million shares in the first two quarters of 2017.
Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors.
If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more.Last quarter, they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to areport published byIBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.”
• 7 Stocks to Sell Before the Crash - And Tesla is #1!
In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentionedWal-Mart Stores Inc(NYSE:WMT) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should callChipotle Mexican Group, Inc.(NYSE:CMG). He also talks about logistics operations being improved as well.
“All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” heexplained during a global technology conferencehosted by UBS.
My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets.
Click to Enlarge
I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worthsomeattention.
For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield.
We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.
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The postIBM: How Bitcoin Could Make Big Blue a Big Buyappeared first onInvestorPlace. || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp. (NYSE: IBM ) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM. ibm stock First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48% aren’t sure if it’s legal or not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how much Tesla Inc (NASDAQ: TSLA ) or Apple Inc (NASDAQ: AAPL ) stocks would struggle if half the country wasn’t sure whether it was illegal to own them. Source: Shutterstock That means even less people know about what bitcoin is built on, that being blockchain. InvestorPlace - Stock Market News, Stock Advice & Trading Tips What Is Blockchain? Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform. In some eyes , “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be. Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So while JPMorgan Chase & Co. (NYSE: JPM ) CEO Jamie Dimon may be busy slamming bitcoin as a fraud , his firm is surely working on ways to embrace blockchain. 7 ‘Strong Buy’ Stocks Wall Street Is 100% Sure Of It’s not just JPM. All banks, be it Bank of America Corp (NYSE: BAC ), Wells Fargo & Co (NYSE: WFC ) or Goldman Sachs Group Inc (NYSE: GS ), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it? Story continues I strongly suggest reading this article, right here . It’s not that long, but it has plenty of insightful information. Some like this: “The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.” “[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.” In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved? Enter, International Business Machines IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runs Berkshire Hathaway Inc. (NYSE: BRK.A , NYSE: BRK.B ), has slashed his stake from 81 million shares to 54 million shares in the first two quarters of 2017. Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors. If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more. Last quarter , they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to a report published by IBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.” 7 Stocks to Sell Before the Crash - And Tesla is #1! In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentioned Wal-Mart Stores Inc (NYSE: WMT ) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should call Chipotle Mexican Group, Inc. (NYSE: CMG ). He also talks about logistics operations being improved as well. “All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” he explained during a global technology conference hosted by UBS. What’s the Worry, Watson? My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets. Trading IBM Stock IBM stock chart Click to Enlarge I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worth some attention. For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield. We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More from InvestorPlace The 10 Best Stocks of 2017 Through Q3 The 10 Safest Blue-Chip Dividend Stocks for the Rest of the Year 10 Best Dow Jones Stocks to Buy for the Rest of 2017 The post IBM: How Bitcoin Could Make Big Blue a Big Buy appeared first on InvestorPlace . || IBM: How Bitcoin Could Make Big Blue a Big Buy: International Business Machines Corp.(NYSE:IBM) could be one of the biggest beneficiaries of Bitcoin, especially when confusion reigns on the cryptocurrency. The rise of bitcoin is no surprise to any investor who’s opened a newspaper this year. But there’s a stunning lack of understanding surrounding bitcoin, what it’s built on and how that architecture impacts companies like IBM.
First, did you know that Americans aren’t even sure about bitcoin’s legality? “Close to 11% think” it’s illegal, while another 48%aren’t sure if it’s legalor not. That right there holds back the cryptocurrency and shows just how uneducated the public is about it. That’s not necessarily a knock against the American public. But imagine how muchTesla Inc(NASDAQ:TSLA) orApple Inc(NASDAQ:AAPL) stocks would struggle if half the country wasn’t sure whether it was illegal to own them.
Source: Shutterstock
That means even less people know about what bitcoin is built on, that being blockchain.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Originally, blockchain was built for cryptocurrencies like bitcoin to exist. But since then, users have found other meaningful ways to use the platform.In some eyes, “blockchain technology created the backbone of a new type of internet.” A rather bold statement, for sure. But it highlights just how important it can be.
Bitcoin isn’t blockchain’s only application; nor are cryptocurrencies. In fact, it allows for safe, secure transactions and transfers of all different sorts. So whileJPMorgan Chase & Co.(NYSE:JPM) CEO Jamie Dimon may be busyslamming bitcoin as a fraud, his firm is surely working on ways to embrace blockchain.
• 7 ‘Strong Buy’ Stocks Wall Street Is 100% Sure Of
It’s not just JPM. All banks, be itBank of America Corp(NYSE:BAC),Wells Fargo & Co(NYSE:WFC) orGoldman Sachs Group Inc(NYSE:GS), stand to benefit. Blockchain is safer, faster and more secure. Why wouldn’t we embrace it?
I strongly suggest reading this article,right here. It’s not that long, but it has plenty of insightful information. Some like this:
“The Internet is great for collaboration and information exchange but when it comes to transactions and commerce it has some deep flaws…As such [blockchain] holds the potential for unleashing countless new applications…and has yet unrealized capabilities that have the potential to transform everything in the next 25 years.”
“[The blockchain] is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value and importance to humankind…We will not need to trust each other in the traditional sense, because the new platform ensures integrity.”
In a way, we’re looking at an internet rebirth. An emerging technology that, like artificial intelligence, we’re not completely sure about its potential or endgame. And that’s okay. But if an investor believes in its potential, it all comes down to one question: How can I get involved?
IBM has not made headlines for the right reasons this year. Revenue has decreased on a year-over-year basis for 21 consecutive quarters. Famed investor Warren Buffett, who runsBerkshire Hathaway Inc.(NYSE:BRK.A, NYSE:BRK.B), hasslashed his stakefrom 81 million shares to 54 million shares in the first two quarters of 2017.
Ginni Rometty became the president and CEO of IBM in January 2012 and has touted a need for constant reinvention in order for tech companies to be successful. It makes you wonder then, what she’s been doing for the last five and half years and if it will ever pay off for investors.
If you’ve tuned into any of the company’s most recent comments, management is beginning to mention blockchain more.Last quarter, they mentioned applications in the cloud and working with seven banks in Europe to launch the technology. According to areport published byIBM about a year ago, IBM said, “15% of banks worldwide expect to widely implement blockchain.” That’s according to the 200 banks surveyed. By 2020, roughly two-thirds of them “expect to have blockchain in commercial production and at scale.”
• 7 Stocks to Sell Before the Crash - And Tesla is #1!
In November 2016, Tom Rosamilia, the senior vice president of IBM Systems, spoke about various blockchain applications from IBM’s perspective. He spoke of mobile transactions in the $30 billion-per-day range. He mentionedWal-Mart Stores Inc(NYSE:WMT) and its food supply chain in China, minimizing contamination and pinpointing exactly where contaminated strands came from. Perhaps they should callChipotle Mexican Group, Inc.(NYSE:CMG). He also talks about logistics operations being improved as well.
“All of those things can be expedited, and we can take that inefficiency out of the system with blockchain,” heexplained during a global technology conferencehosted by UBS.
My one concern would be IBM’s execution. IBM has been touting Watson as a world-changing supercomputer. While it may be powerful and capable, we’ve yet to see it turn around IBM’s woes. My fear is that IBM has a chance to leverage Watson and blockchain (blockchain applications, artificial learning, the cloud and machine learning) but will ultimately drop the ball with both assets.
Click to Enlarge
I don’t think blockchain (or Watson for that matter) makes IBM a screaming buy right here, right now. It will be years before blockchain makes a notable impact, if it does at all. But from a risk/reward standpoint, IBM stock may be worthsomeattention.
For all its flaws, valuation is not one of them. IBM stock trades at just 12 times trailing earnings and 10 times forward earnings expectations. On a trailing basis, IBM stock usually trades with a price-to-earnings ratio between 11.5 and 15.5. So it’s near the bottom of that range. It also pays a 4.1% dividend yield.
We used a five-year weekly chart. Support sits between $130 and $140, so on a pullback, IBM may be a tasty one to gobble up. On one occurrence, shares did break below support and tumble down to about $115. If support holds though, IBM may be a low risk/high reward setup for blockchain and other applications of the future.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.
• The 10 Best Stocks of 2017 Through Q3
• The 10 Safest Blue-Chip Dividend Stocks for the Rest of the Year
• 10 Best Dow Jones Stocks to Buy for the Rest of 2017
The postIBM: How Bitcoin Could Make Big Blue a Big Buyappeared first onInvestorPlace. || China's bitcoin market alive and well as traders defy crackdown: By Brenda Goh
SHANGHAI (Reuters) - Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead.
While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Industry insiders say some overseas-based initial coin offerings (ICOs) are still being marketed.
Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track.
In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges.
"They can't set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene," said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities.
"I can do over-the-counter trades or I'll go offshore...My wallet is my wallet. I've never registered my identification card."
The Chinese government on Sept. 4 ordered ICOs to cease and soon after ordered some cryptocurrency exchanges to shut. Over 15 exchanges, including the three largest players OkCoin, Huobi and BTCChina, have since announced that they will close their mainland businesses by the end of September.
While the clampdown caused the bitcoin price in China to tumble as much as 8 percent on the day of the announcement, it has since recovered to 24,101 yuan ($3,615.67) on Chinese exchange Huobi. On U.S. exchange Bitstamp, it (BTC=BTSP) currently trades at $4,205.
Trading has spiked generally on peer-to-peer marketplaces, according to data website Coindance. On OTC platform LocalBitcoins, China trading volumes more than doubled in the week starting Sept. 16 from the previous week to 74 million yuan. It hit an all-time-high in the week starting Sept. 23, reaching 115 million yuan in trades.
Volumes on Paxful, another smaller marketplace, also jumped to 1.7 million in the week beginning Sept. 23, up from 351,102 in the previous week, Coindance data showed.
Michael Foster, co-founder of localethereum.com, an over-the-counter marketplace for ethereum trading, said mainland China users accounted for a fifth of its 5,000 signups since it opened for registrations on Tuesday.
"The fact that bitcoin is still being traded is an indication that China isn't looking to eliminate them, but reposition things in a way to have better control over them," said Marshall Swatt, the founder of New York-based Coinsetter, a bitcoin exchange acquired by larger peer San Francisco-based Kraken in 2016.
Other Chinese cryptocurrency players said traders were also moving away from using Tencent's WeChat app, to encrypted messenger app Telegram to avoid regulatory scrutiny.
Some said they were still seeing overseas-based ICOs being marketed in China. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs. Overseas ICOs have been returning money on a voluntary basis.
"The trend of digital currency transactions moving offshore is inevitable," Zeng Danhua, the co-author of a bitcoin investment guide, told a television program filmed by Chinese financial news outlet Yicai on Wednesday.
"The regulators may have needed to shut the platforms to guard against financial risks, and there may be a bitcoin bubble, but its investment value persists."
(Additional reporting by Andrew Galbraith, Alexandra Harney and the Shanghai Newsroom; Editing by Sam Holmes) || China's bitcoin market alive and well as traders defy crackdown: By Brenda Goh SHANGHAI (Reuters) - Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead. While several exchanges have announced that they will close by the end of this month, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Industry insiders say some overseas-based initial coin offerings (ICOs) are still being marketed. Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the limits Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track. In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges. "They can't set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene," said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities. "I can do over-the-counter trades or I'll go offshore...My wallet is my wallet. I've never registered my identification card." The Chinese government on Sept. 4 ordered ICOs to cease and soon after ordered some cryptocurrency exchanges to shut. Over 15 exchanges, including the three largest players OkCoin, Huobi and BTCChina, have since announced that they will close their mainland businesses by the end of September. While the clampdown caused the bitcoin price in China to tumble as much as 8 percent on the day of the announcement, it has since recovered to 24,101 yuan ($3,615.67) on Chinese exchange Huobi. On U.S. exchange Bitstamp, it (BTC=BTSP) currently trades at $4,205. Story continues Trading has spiked generally on peer-to-peer marketplaces, according to data website Coindance. On OTC platform LocalBitcoins, China trading volumes more than doubled in the week starting Sept. 16 from the previous week to 74 million yuan. It hit an all-time-high in the week starting Sept. 23, reaching 115 million yuan in trades. Volumes on Paxful, another smaller marketplace, also jumped to 1.7 million in the week beginning Sept. 23, up from 351,102 in the previous week, Coindance data showed. Michael Foster, co-founder of localethereum.com, an over-the-counter marketplace for ethereum trading, said mainland China users accounted for a fifth of its 5,000 signups since it opened for registrations on Tuesday. "The fact that bitcoin is still being traded is an indication that China isn't looking to eliminate them, but reposition things in a way to have better control over them," said Marshall Swatt, the founder of New York-based Coinsetter, a bitcoin exchange acquired by larger peer San Francisco-based Kraken in 2016. Other Chinese cryptocurrency players said traders were also moving away from using Tencent's WeChat app, to encrypted messenger app Telegram to avoid regulatory scrutiny. Some said they were still seeing overseas-based ICOs being marketed in China. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs. Overseas ICOs have been returning money on a voluntary basis. "The trend of digital currency transactions moving offshore is inevitable," Zeng Danhua, the co-author of a bitcoin investment guide, told a television program filmed by Chinese financial news outlet Yicai on Wednesday. "The regulators may have needed to shut the platforms to guard against financial risks, and there may be a bitcoin bubble, but its investment value persists." (Additional reporting by Andrew Galbraith, Alexandra Harney and the Shanghai Newsroom; Editing by Sam Holmes) || South Korea Follows China By Banning ICOs: When Chinas central bank banned initial coin offerings (ICOs) at the start of this month, the move helped trigger a crash in the value of bitcoin . The cryptocurrency has largely recovered , but enthusiasts will be on the alert again, as South Korea has now followed Chinas lead. The ICO is a new form of fundraising where, instead of a startup issuing its investors with shares, it gives them digital tokens that are sometimes connected with the new service theyre trying to sell. There are huge risks here, as many of the startups launching ICOs are getting regular people to buy into thin or implausible business plansor, worse, outright scamming them with pump-and-dump schemes . Those risks are what led China to pull the plug, and the same thought seems to have occurred to South Koreas financial regulators. The countrys Financial Services Commission (FSC) said Friday that it was banning all ICOs in the country, with a threat of stern penalties for those who continue with the fundraising method. There is a situation where money has been flooded into an unproductive and speculative direction, FSC vice chairman Kim Yong-beom said, according to Yonhap . The regulator added that virtual-currency trading needed to be closely monitored and controlled. Its worth noting that China followed up its ICO ban with a heavily rumoredthough never officially confirmed crackdown on Bitcoin exchanges . The latest news triggered a 2% fall in Bitcoins value, and a slightly larger drop in the value of Ethereum, the virtual currency thats used in many ICOs. It remains to be seen how much the Korean ban will affect sentiment in the coming days. The cryptocurrency community is certainly aware of the risks surrounding ICOs. Ethereum creator Vitalik Buterin earlier this week released a whitepaper he had co-authored regarding ways to dampen the dangerous hype that sometimes accompanies the offerings. || South Korea Follows China By Banning ICOs: WhenChina’s central bank banned initial coin offerings (ICOs)at the start of this month, the move helpedtrigger a crash in the value of bitcoin. The cryptocurrency haslargely recovered, but enthusiasts will be on the alert again, as South Korea has now followed China’s lead.
The ICO is a new form of fundraising where, instead of a startup issuing its investors with shares, it gives them digital tokens that are sometimes connected with the new service they’re trying to sell. There are huge risks here, as many of the startups launching ICOs are getting regular people to buy into thin or implausible business plans—or, worse, outrightscamming them with pump-and-dump schemes.
Those risks are what led China to pull the plug, and the same thought seems to have occurred to South Korea’s financial regulators. The country’s Financial Services Commission (FSC) said Friday thatit was banning all ICOsin the country, with a threat of “stern penalties” for those who continue with the fundraising method.
“There is a situation where money has been flooded into an unproductive and speculative direction,” FSC vice chairman Kim Yong-beom said, according toYonhap.
The regulator added that virtual-currency trading needed to be closely monitored and controlled. It’s worth noting that China followed up its ICO ban with a heavily rumored—though never officially confirmed—crackdown on Bitcoin exchanges.
The latest newstriggered a 2% fallin Bitcoin’s value, and a slightly larger drop in the value of Ethereum, the virtual currency that’s used in many ICOs. It remains to be seen how much the Korean ban will affect sentiment in the coming days.
The cryptocurrency community is certainly aware of the risks surrounding ICOs. Ethereum creatorVitalik Buterin earlier this week released a whitepaperhe had co-authored regarding ways to dampen the dangerous hype that sometimes accompanies the offerings. || Bitcoin and Ethereum Price Forecast – Hit By South Korean Ban: The bitcoin market today woke up to the news that the South Korean regulators have banned the issuing of ICOs. This brought back the spectre of a similar ban from the Chinese just a few weeks back but unlike the Chinese news, the impact on the bitcoin prices through this news has only been limited so far. South Korea had emerged as one of the biggest markets for cryptocurrencies in recent times and the bitcoin exchanges in that country had been pretty active of late, maybe due to the Chinese moving to these exchanges once the Chinese exchanges were shut down.
Get Into Bitcoin Trading Today
Also, unlike the Chinese ban, this ban in South Korea is only for new ICOs and does not specify anything about the funds that were collected through the older ICOs. This should prove to be a bit of a relief for many but it shows the continued crackdown from several governments on the bitcoin industry which is likely to keep the bitcoin prices under pressure. So far, the prices have managed to stay above the $4000 region but it remains to be seen whether there will be a strong test of this region once the rest of the world wakes up to the news.
The Ethereum market has also been hit hard by the news and the magnitude of the fall so far has been larger in the Bitcoin market than in the ETH market. This is understandable as most of the ICOs have Ethereum as the underlying and a ban on these is likely to affect the demand for ETH. The prices have since dropped below $300 and are likely to stay weak for the short term as the market digests the news.
As for the rest of the day, as we have mentioned above, we have to wait and see how the rest of the markets wake up to the South Korean news but we believe that they are unlikely to take it kindly and this is going to keep both the ETH and the bitcoin markets under a lot of pressure during trading today.
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations,Some brokersprovide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.Click here for more details.
Thisarticlewas originally posted on FX Empire
• E-mini S&P 500 Index (ES) Futures Technical Analysis – September 29, 2017 Forecast
• EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – September 29, 2017
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 29, 2017 Forecast
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 29, 2017 Forecast
• USD/CAD Daily Fundamental Forecast – September 29, 2017
• Friday Support and Resistance Levels – September 29, 2017 || Bitcoin and Ethereum Price Forecast – Hit By South Korean Ban: The bitcoin market today woke up to the news that the South Korean regulators have banned the issuing of ICOs. This brought back the spectre of a similar ban from the Chinese just a few weeks back but unlike the Chinese news, the impact on the bitcoin prices through this news has only been limited so far. South Korea had emerged as one of the biggest markets for cryptocurrencies in recent times and the bitcoin exchanges in that country had been pretty active of late, maybe due to the Chinese moving to these exchanges once the Chinese exchanges were shut down.
Get Into Bitcoin Trading Today
Also, unlike the Chinese ban, this ban in South Korea is only for new ICOs and does not specify anything about the funds that were collected through the older ICOs. This should prove to be a bit of a relief for many but it shows the continued crackdown from several governments on the bitcoin industry which is likely to keep the bitcoin prices under pressure. So far, the prices have managed to stay above the $4000 region but it remains to be seen whether there will be a strong test of this region once the rest of the world wakes up to the news.
The Ethereum market has also been hit hard by the news and the magnitude of the fall so far has been larger in the Bitcoin market than in the ETH market. This is understandable as most of the ICOs have Ethereum as the underlying and a ban on these is likely to affect the demand for ETH. The prices have since dropped below $300 and are likely to stay weak for the short term as the market digests the news.
As for the rest of the day, as we have mentioned above, we have to wait and see how the rest of the markets wake up to the South Korean news but we believe that they are unlikely to take it kindly and this is going to keep both the ETH and the bitcoin markets under a lot of pressure during trading today.
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations,Some brokersprovide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.Click here for more details.
Thisarticlewas originally posted on FX Empire
• E-mini S&P 500 Index (ES) Futures Technical Analysis – September 29, 2017 Forecast
• EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – September 29, 2017
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 29, 2017 Forecast
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 29, 2017 Forecast
• USD/CAD Daily Fundamental Forecast – September 29, 2017
• Friday Support and Resistance Levels – September 29, 2017 || Bitcoin and Ethereum Price Forecast Hit By South Korean Ban: The bitcoin market today woke up to the news that the South Korean regulators have banned the issuing of ICOs. This brought back the spectre of a similar ban from the Chinese just a few weeks back but unlike the Chinese news, the impact on the bitcoin prices through this news has only been limited so far. South Korea had emerged as one of the biggest markets for cryptocurrencies in recent times and the bitcoin exchanges in that country had been pretty active of late, maybe due to the Chinese moving to these exchanges once the Chinese exchanges were shut down. Get Into Bitcoin Trading Today Bitcoin Prices Fall Towards $4000 Also, unlike the Chinese ban, this ban in South Korea is only for new ICOs and does not specify anything about the funds that were collected through the older ICOs. This should prove to be a bit of a relief for many but it shows the continued crackdown from several governments on the bitcoin industry which is likely to keep the bitcoin prices under pressure. So far, the prices have managed to stay above the $4000 region but it remains to be seen whether there will be a strong test of this region once the rest of the world wakes up to the news. Bitcoin 4H The Ethereum market has also been hit hard by the news and the magnitude of the fall so far has been larger in the Bitcoin market than in the ETH market. This is understandable as most of the ICOs have Ethereum as the underlying and a ban on these is likely to affect the demand for ETH. The prices have since dropped below $300 and are likely to stay weak for the short term as the market digests the news. Forecast As for the rest of the day, as we have mentioned above, we have to wait and see how the rest of the markets wake up to the South Korean news but we believe that they are unlikely to take it kindly and this is going to keep both the ETH and the bitcoin markets under a lot of pressure during trading today. The Best and Safest Way to Buy and Sell Bitcoins For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details . Story continues This article was originally posted on FX Empire More From FXEMPIRE: E-mini S&P 500 Index (ES) Futures Technical Analysis September 29, 2017 Forecast EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook September 29, 2017 E-mini Dow Jones Industrial Average (YM) Futures Analysis September 29, 2017 Forecast E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis September 29, 2017 Forecast USD/CAD Daily Fundamental Forecast September 29, 2017 Friday Support and Resistance Levels September 29, 2017
[Social Media Buzz]
Oct 01, 2017 04:00:00 UTC | 4,300.60$ | 3,640.10€ | 3,210.00£ | #Bitcoin #btc pic.twitter.com/gAD4ra4sQS || [The average price]
Bithumb,Coinone,Korbit
Time: 10/02 00:33:28
BTC: 4,879,666 KRW
ETH: 338,316 KRW
XRP: 224 KRW
#Bitcoin #Ethereum #Ripple || 今1BTC=489500円 500円で0.000000いくらBTCから買えるよ || Bitcoin: $4,372
+0.46% (+$20.00)
High: $4,398
Low: $4,260.01
Volume: 3483
$BTC #BTC #bitcoin || 1hr Report : 13:00:45 UTC Top 10 Mentions
$BTC, $ETH, $DGB, $NEO, $LTC, $STRAT, $OMG, $QTUM, $XVG, $ZECpic.t...
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4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00.
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[Bitcoin Technical Analysis for 2021-07-05]
Volume: 26721554282, RSI (14-day): 44.80, 50-day EMA: 38068.01, 200-day EMA: 39807.21
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Supply Held by ‘Whale Entities’ Hits Two-Month High in Bullish Sign: Wealthy investors look to be making a comeback into thebitcoinmarket, a blockchain metric that warned of a price drop in early May shows.
• The number of coins held by whale entities – clusters of addresses controlled by a single network participant holding 1,000 to 10,000 BTC – rose by over 80,000 to 4.216 million BTC on Friday, hitting the highest level since May.
• The tally remained largely unchanged on Saturday, according to data provided by Glassnode.
• The number of whale entities has also jumped to a three-week high of 1,922.
• The renewed accumulation by whale entities is good news for the market, as these wealthy investors played a significant role in powering bitcoin higher from $10,000 to nearly $60,000 during the five months to February 2021.
• The balance held by whale entities rose in tandem with the price during the bull run, hitting a record high of 4.542 million on Feb. 8.
• Whales became sellers in the subsequent months, taking the wind out of the bull run, and by early May, their bitcoin stash had dropped by 8% to 4.17 million BTC.
• Bitcoin mostly remained coiled in the range of $50,000 to $60,000 during that period, barring a brief spike to a record high of $64,801 in mid-April.
• The price action highlighted the inability of smaller investors to do the heavy lifting andsignaledthe potential for a notable price correction. Bitcoin fell by 35% in May, hitting lows near $30,000, and dipped further to $29,031 in June, per CoinDesk 20 data.
• The latest uptick in the whale balance suggests the bottom may have been reached.
• The cryptocurrency is trading near $35,500 at press time, representing a 2.3% gain on the day.
• UBS Says Regulatory Crackdown Could Pop ‘Bubble-Like Crypto Markets’: Report
• Brazil’s Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto
• Bitcoin.org Hit With DDoS Attack, Bitcoin Demanded as Ransom
• Bitcoin Stock-to-Flow Model, Rooted in ‘Hard Money’ Narrative, Goes Off Course || Bitcoin Supply Held by Whale Entities Hits Two-Month High in Bullish Sign: Wealthy investors look to be making a comeback into the bitcoin market, a blockchain metric that warned of a price drop in early May shows. The number of coins held by whale entities clusters of addresses controlled by a single network participant holding 1,000 to 10,000 BTC rose by over 80,000 to 4.216 million BTC on Friday, hitting the highest level since May. The tally remained largely unchanged on Saturday, according to data provided by Glassnode. The number of whale entities has also jumped to a three-week high of 1,922. The renewed accumulation by whale entities is good news for the market, as these wealthy investors played a significant role in powering bitcoin higher from $10,000 to nearly $60,000 during the five months to February 2021. The balance held by whale entities rose in tandem with the price during the bull run, hitting a record high of 4.542 million on Feb. 8. Whales became sellers in the subsequent months, taking the wind out of the bull run, and by early May, their bitcoin stash had dropped by 8% to 4.17 million BTC. Bitcoin mostly remained coiled in the range of $50,000 to $60,000 during that period, barring a brief spike to a record high of $64,801 in mid-April. The price action highlighted the inability of smaller investors to do the heavy lifting and signaled the potential for a notable price correction. Bitcoin fell by 35% in May, hitting lows near $30,000, and dipped further to $29,031 in June, per CoinDesk 20 data. The latest uptick in the whale balance suggests the bottom may have been reached. The cryptocurrency is trading near $35,500 at press time, representing a 2.3% gain on the day. Related Stories UBS Says Regulatory Crackdown Could Pop Bubble-Like Crypto Markets: Report Brazils Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto Bitcoin.org Hit With DDoS Attack, Bitcoin Demanded as Ransom Bitcoin Stock-to-Flow Model, Rooted in Hard Money Narrative, Goes Off Course || Bitcoin Supply Held by ‘Whale Entities’ Hits Two-Month High in Bullish Sign: Wealthy investors look to be making a comeback into thebitcoinmarket, a blockchain metric that warned of a price drop in early May shows.
• The number of coins held by whale entities – clusters of addresses controlled by a single network participant holding 1,000 to 10,000 BTC – rose by over 80,000 to 4.216 million BTC on Friday, hitting the highest level since May.
• The tally remained largely unchanged on Saturday, according to data provided by Glassnode.
• The number of whale entities has also jumped to a three-week high of 1,922.
• The renewed accumulation by whale entities is good news for the market, as these wealthy investors played a significant role in powering bitcoin higher from $10,000 to nearly $60,000 during the five months to February 2021.
• The balance held by whale entities rose in tandem with the price during the bull run, hitting a record high of 4.542 million on Feb. 8.
• Whales became sellers in the subsequent months, taking the wind out of the bull run, and by early May, their bitcoin stash had dropped by 8% to 4.17 million BTC.
• Bitcoin mostly remained coiled in the range of $50,000 to $60,000 during that period, barring a brief spike to a record high of $64,801 in mid-April.
• The price action highlighted the inability of smaller investors to do the heavy lifting andsignaledthe potential for a notable price correction. Bitcoin fell by 35% in May, hitting lows near $30,000, and dipped further to $29,031 in June, per CoinDesk 20 data.
• The latest uptick in the whale balance suggests the bottom may have been reached.
• The cryptocurrency is trading near $35,500 at press time, representing a 2.3% gain on the day.
• UBS Says Regulatory Crackdown Could Pop ‘Bubble-Like Crypto Markets’: Report
• Brazil’s Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto
• Bitcoin.org Hit With DDoS Attack, Bitcoin Demanded as Ransom
• Bitcoin Stock-to-Flow Model, Rooted in ‘Hard Money’ Narrative, Goes Off Course || Philippine Stock Exchange Wants to Be the Site for Crypto Trading When It’s Approved: Report: The Philippine Stock Exchange (PSE) wants to be the platform for trading crypto assets when the country’s regulators issue long-awaited rules governing the practice, according to areportfrom CNN Philippines.
PSE President and CEO Ramon Monzon told CNN that management first discussed the idea of setting up a domestic crypto exchange two weeks ago. The PSE has both the trading infrastructure and investor protection safeguards that Monzon said are necessary to trade cryptocurrencies.
Monzon told CNN that mounting interest in cryptocurrencies means the Philippines cannot ignore them anymore. The PSE is currently awaiting guidelines from the Philippine Securities and Exchange Commission (SEC), which began seeking comments from banks, investors, and the public in 2019 on whether the country should begin building a domestic crypto exchange.
Related:Are We on the Verge of a New Regulatory Era in Crypto?
The country’s government has historically been friendly toward digital assets. The Philippine Central Bank, though it has beenoutspokenabout not considering the development of a central bank digital currency (CBDC) anytime soon, has licensed over a dozen crypto exchanges to operate in the country. And many Filipinos have become interested in crypto as a way to make money in the country’s struggling economy, with play-to-earn crypto mobile games likeAxie Infinitybecoming a popular way to earn extra income.
Monzon told CNN that he believes the volatility of cryptocurrencies is what makes them attractive, which is why trading should happen under the watch of the PSE.
“Instant riches could be instant poverty too,” said Monzon.
• Bitcoin News Roundup for July 2, 2021
• India May Have Quietly Shown Its Hand on Crypto Regulation
• Has the Biden Administration Lost the Plot on Crypto Regulation? || Philippine Stock Exchange Wants to Be the Site for Crypto Trading When It’s Approved: Report: The Philippine Stock Exchange (PSE) wants to be the platform for trading crypto assets when the country’s regulators issue long-awaited rules governing the practice, according to a report from CNN Philippines. PSE President and CEO Ramon Monzon told CNN that management first discussed the idea of setting up a domestic crypto exchange two weeks ago. The PSE has both the trading infrastructure and investor protection safeguards that Monzon said are necessary to trade cryptocurrencies. Monzon told CNN that mounting interest in cryptocurrencies means the Philippines cannot ignore them anymore. The PSE is currently awaiting guidelines from the Philippine Securities and Exchange Commission (SEC), which began seeking comments from banks, investors, and the public in 2019 on whether the country should begin building a domestic crypto exchange. Related: Are We on the Verge of a New Regulatory Era in Crypto? The country’s government has historically been friendly toward digital assets. The Philippine Central Bank, though it has been outspoken about not considering the development of a central bank digital currency (CBDC) anytime soon, has licensed over a dozen crypto exchanges to operate in the country. And many Filipinos have become interested in crypto as a way to make money in the country’s struggling economy, with play-to-earn crypto mobile games like Axie Infinity becoming a popular way to earn extra income. Monzon told CNN that he believes the volatility of cryptocurrencies is what makes them attractive, which is why trading should happen under the watch of the PSE. “Instant riches could be instant poverty too,” said Monzon. Related Stories Bitcoin News Roundup for July 2, 2021 India May Have Quietly Shown Its Hand on Crypto Regulation Has the Biden Administration Lost the Plot on Crypto Regulation? View comments || UK Children’s Charity Receives £100,000 in Crypto Donations: UK-based charity the Children’s Heart Unit Fund (CHUF) has reportedly received more than £100,000 in cryptocurrency donations in the last 12 months. Donations that equate to around $137,560.
CHUF is currently one of the few charities in the UK that accepts donations made in bitcoin (BTC) or other cryptocurrencies. They currently use The Giving Block as their donations processing platform. One of only two charities in the UK to do so.
According toa statementfrom the charity, it recently received a one-off donation worth more than £70,000. They also recorded other large donations from community-driven decentralized finance (DeFi) token MoonBoys Finance and charity token HOPE TOKEN. Furthermore, Dan Bainbridge, who the charity named as a long-term supporter, pledged a crypto donation worth more than $10,000.
The statement quoted the charity’s head of fundraising, Charlotte Campbell, to say:
“Its [sic] been quite a journey since we first started the process to seeing donations of £10,000, £20,000 even £70,000 come through – as a fundraiser that will always be incredibly exciting. We are beyond grateful to the generous donors who have made it possible for CHUF to continue to bring smiles to the faces of Heart Heroes across the UK.
“The cryptocurrency world moves so fast, which can be unnerving to some charities, but it is also incredibly exciting. The crypto community has really embraced us as one of their own, and we are incredibly grateful to be able to work with people who are so passionate about having a positive impact on the world.”
The last 12 months have also seen a wealth of donations for other causes. Or, in some cases, only the last three. At the end of June, SafeEarth reported it had donated over $200,000 to various environmental causes this year. Accordingto reports, these ranged from ocean cleaning projects to enabling access to healthcare and education for children.
Meanwhile, several figures in the crypto space made crypto donations for COVID-19 aid in India amid its hard-hitting second wave. Ethereum (ETH) co-founder Vitalik Buterin, for one,donated fundsin both ETH and Maker (MKR). His donation totaled in value at around $650,000.
Around the same time, reps atSolana announcedthey would donate $25,000 to fight COVID-19. This was in response to the death of Shakti Goap, CEO of Solana’s frequent hackathon partner Devfolio. Goap died from COVID-19 earlier in May. || UK Children’s Charity Receives £100,000 in Crypto Donations: UK-based charity the Children’s Heart Unit Fund (CHUF) has reportedly received more than £100,000 in cryptocurrency donations in the last 12 months. Donations that equate to around $137,560. CHUF is currently one of the few charities in the UK that accepts donations made in bitcoin (BTC) or other cryptocurrencies. They currently use The Giving Block as their donations processing platform. One of only two charities in the UK to do so. According to a statement from the charity, it recently received a one-off donation worth more than £70,000. They also recorded other large donations from community-driven decentralized finance (DeFi) token MoonBoys Finance and charity token HOPE TOKEN. Furthermore, Dan Bainbridge, who the charity named as a long-term supporter, pledged a crypto donation worth more than $10,000. The statement quoted the charity’s head of fundraising, Charlotte Campbell, to say: “Its [sic] been quite a journey since we first started the process to seeing donations of £10,000, £20,000 even £70,000 come through – as a fundraiser that will always be incredibly exciting. We are beyond grateful to the generous donors who have made it possible for CHUF to continue to bring smiles to the faces of Heart Heroes across the UK. “The cryptocurrency world moves so fast, which can be unnerving to some charities, but it is also incredibly exciting. The crypto community has really embraced us as one of their own, and we are incredibly grateful to be able to work with people who are so passionate about having a positive impact on the world.” Crypto space supports causes worldwide The last 12 months have also seen a wealth of donations for other causes. Or, in some cases, only the last three. At the end of June, SafeEarth reported it had donated over $200,000 to various environmental causes this year. According to reports , these ranged from ocean cleaning projects to enabling access to healthcare and education for children. Meanwhile, several figures in the crypto space made crypto donations for COVID-19 aid in India amid its hard-hitting second wave. Ethereum (ETH) co-founder Vitalik Buterin, for one, donated funds in both ETH and Maker (MKR). His donation totaled in value at around $650,000. Around the same time, reps at Solana announced they would donate $25,000 to fight COVID-19. This was in response to the death of Shakti Goap, CEO of Solana’s frequent hackathon partner Devfolio. Goap died from COVID-19 earlier in May. || Marathon Digital’s Latest Update Suggests Uptick in U.S. BTC Mining: One of North America’s largest enterprise bitcoin (BTC) self-mining operations produced 265.6 new minted bitcoins last month, a company update revealed. Marathon Digital, based in Montana, published a production and miner installation update for June 2021, which showed considerable progression in BTC production from, not just May, but across the year so far. A company press release revealed that Marathon’s mining fleet has produced around 846 newly minted bitcoins in 2021 so far. 265.6 of those were produced in June, showing light growth from the 226.6 produced in May, and a stark increase from the 50.4 produced in January. Last month’s production brings Marathon’s total BTC holding up to approximately 5,784. This includes the 4,812 the company purchased at the start of the year. In addition, Marathon reported that they had completed construction on the containers where they intend to base more than half of their mining rigs. These containers will be situated at their facility in Hardin, MT. With new miners installed on a daily basis, Marathon added a further 1,740 miners to its approximately 17,655-strong fleet. According to the release, the company expects to upscale its operation across July, August, and September; installing another 12,000 miners in the course of those three months. After that, its remaining 73,000 miners are bound for a new, 300 megawatt facility based in Texas. What does this mean for mining in the U.S.? These results, and Marathon Digital’s ambitions, arguably suggest an uptick in mining rewards for U.S.-based operations. An uptick that has come about amid the ongoing ban on crypto mining in China, which forced many miners to ship their rigs overseas. The U.S. has proven a popular destination, with many displaced miners moving their operations to Texas . The ban in China has also resulted in a continuing downtrend in the BTC mining hash rate. A decline that U.S. mining companies could move to capitalize on. Story continues Reported on July 3 as the biggest downward adjustment in history , BTC’s mining difficulty recently plummeted 28%. According to reports, this decline leaves the hash rate at its lowest point for 19 months. CEOs and politicians discuss crypto mining The environmental impact of crypto mining, specifically BTC, has been a subject of ongoing debate this year, amid the China ban. Some countries have followed suit with China at various points, such as Iran. However, others have come out in support of BTC. Most recently, Cynthia Lummis, currently the U.S. Senator from Wyoming. Appearing on CNBC’s Financial Advisor Summit , she cited research from the University of Cambridge that suggested that BTC mining uses around 40% renewable energy. Whereas, “…in the non-bitcoin economy, it’s only 12%” She went on to say: “There’s a lot of innovation that’s happening behind the scenes. So I would say, don’t judge bitcoin mining as an energy bad guy. There are a lot of things going on that prove otherwise.” Senator Lummis later took to Twitter to encourage miners to set up their operations in Wyoming. CEOs such as Valkyrie Investments’ Leah Wald have also commented on the effects of the China ban on crypto mining. Appearing on Bloomberg Technology , Wald discussed mining rigs relocating to the U.S., saying: “The question is, how will [the relocation] affect price when they get turned back online? When they’re in a new location? […] I think that will be a very positive decision.” || Marathon Digital’s Latest Update Suggests Uptick in U.S. BTC Mining: One of North America’s largest enterprise bitcoin (BTC) self-mining operations produced 265.6 new minted bitcoins last month, a company update revealed.
Marathon Digital, based in Montana, published a production and miner installation update for June 2021, which showed considerable progression in BTC production from, not just May, but across the year so far.
A companypress releaserevealed that Marathon’s mining fleet has produced around 846 newly minted bitcoins in 2021 so far. 265.6 of those were produced in June, showing light growth from the 226.6 produced in May, and a stark increase from the 50.4 produced in January. Last month’s production brings Marathon’s total BTC holding up to approximately 5,784. This includes the 4,812 the company purchased at the start of the year.
In addition, Marathon reported that they had completed construction on the containers where they intend to base more than half of their mining rigs. These containers will be situated at their facility in Hardin, MT. With new miners installed on a daily basis, Marathon added a further 1,740 miners to its approximately 17,655-strong fleet.
According to the release, the company expects to upscale its operation across July, August, and September; installing another 12,000 miners in the course of those three months. After that, its remaining 73,000 miners are bound for a new, 300 megawatt facility based in Texas.
These results, and Marathon Digital’s ambitions, arguably suggest an uptick in mining rewards for U.S.-based operations. An uptick that has come about amid the ongoing ban on crypto mining in China, which forced many miners to ship their rigs overseas. The U.S. has proven a popular destination, with many displaced miners moving their operationsto Texas.
The ban in China has also resulted in a continuing downtrend in the BTC mining hash rate. A decline that U.S. mining companies could move to capitalize on.
Reported on July 3 as thebiggest downward adjustment in history, BTC’s mining difficulty recently plummeted 28%. According to reports, this decline leaves the hash rate at its lowest point for 19 months.
The environmental impact of crypto mining, specifically BTC, has been a subject of ongoing debate this year, amid the China ban. Some countries have followed suit with China at various points, such as Iran.
However, others have come out in support of BTC. Most recently, Cynthia Lummis, currently the U.S. Senator from Wyoming.Appearing on CNBC’s Financial Advisor Summit, she cited research from the University of Cambridge that suggested that BTC mining uses around 40% renewable energy. Whereas, “…in the non-bitcoin economy, it’s only 12%”
She went on to say:
“There’s a lot of innovation that’s happening behind the scenes. So I would say, don’t judge bitcoin mining as an energy bad guy. There are a lot of things going on that prove otherwise.”
Senator Lummis later took to Twitterto encourage minersto set up their operations in Wyoming.
CEOs such as Valkyrie Investments’ Leah Wald have also commented on the effects of the China ban on crypto mining.Appearing on Bloomberg Technology, Wald discussed mining rigs relocating to the U.S., saying:
“The question is, how will [the relocation] affect price when they get turned back online? When they’re in a new location? […] I think that will be a very positive decision.” || Marathon Digital’s Latest Update Suggests Uptick in U.S. BTC Mining: One of North America’s largest enterprise bitcoin (BTC) self-mining operations produced 265.6 new minted bitcoins last month, a company update revealed.
Marathon Digital, based in Montana, published a production and miner installation update for June 2021, which showed considerable progression in BTC production from, not just May, but across the year so far.
A companypress releaserevealed that Marathon’s mining fleet has produced around 846 newly minted bitcoins in 2021 so far. 265.6 of those were produced in June, showing light growth from the 226.6 produced in May, and a stark increase from the 50.4 produced in January. Last month’s production brings Marathon’s total BTC holding up to approximately 5,784. This includes the 4,812 the company purchased at the start of the year.
In addition, Marathon reported that they had completed construction on the containers where they intend to base more than half of their mining rigs. These containers will be situated at their facility in Hardin, MT. With new miners installed on a daily basis, Marathon added a further 1,740 miners to its approximately 17,655-strong fleet.
According to the release, the company expects to upscale its operation across July, August, and September; installing another 12,000 miners in the course of those three months. After that, its remaining 73,000 miners are bound for a new, 300 megawatt facility based in Texas.
These results, and Marathon Digital’s ambitions, arguably suggest an uptick in mining rewards for U.S.-based operations. An uptick that has come about amid the ongoing ban on crypto mining in China, which forced many miners to ship their rigs overseas. The U.S. has proven a popular destination, with many displaced miners moving their operationsto Texas.
The ban in China has also resulted in a continuing downtrend in the BTC mining hash rate. A decline that U.S. mining companies could move to capitalize on.
Reported on July 3 as thebiggest downward adjustment in history, BTC’s mining difficulty recently plummeted 28%. According to reports, this decline leaves the hash rate at its lowest point for 19 months.
The environmental impact of crypto mining, specifically BTC, has been a subject of ongoing debate this year, amid the China ban. Some countries have followed suit with China at various points, such as Iran.
However, others have come out in support of BTC. Most recently, Cynthia Lummis, currently the U.S. Senator from Wyoming.Appearing on CNBC’s Financial Advisor Summit, she cited research from the University of Cambridge that suggested that BTC mining uses around 40% renewable energy. Whereas, “…in the non-bitcoin economy, it’s only 12%”
She went on to say:
“There’s a lot of innovation that’s happening behind the scenes. So I would say, don’t judge bitcoin mining as an energy bad guy. There are a lot of things going on that prove otherwise.”
Senator Lummis later took to Twitterto encourage minersto set up their operations in Wyoming.
CEOs such as Valkyrie Investments’ Leah Wald have also commented on the effects of the China ban on crypto mining.Appearing on Bloomberg Technology, Wald discussed mining rigs relocating to the U.S., saying:
“The question is, how will [the relocation] affect price when they get turned back online? When they’re in a new location? […] I think that will be a very positive decision.” || “I Definitely Want This to Be the Satoshi Nakamoto Statue of Planet Earth,” Says Creator András Györfi: BeinCrypto spoke to András Györfi,creator of the world’s first physical statue of Bitcoin creator Satoshi Nakamoto, about his creation and its upcoming unveiling.
Györfi created the statue after being inspired by blockchain’s significance and the artistic qualities of non-fungible tokens (NFTs).
Although a physical manifestation of something inherently digital, Györfi feels that physical things have more significance in an increasingly digital world.
“Living in the digital age increases the value of physical things, in many ways.”
The world’s first physical statue ofBitcoin creator Satoshi Nakamotowill be unveiled in Budapest on September 16.
Originally, András Györfi studied to become a biologist in the Hungarian city of Szeged. However, he dropped out to pursue entrepreneurship. While he has had success, he keeps up a job in journalism to support it.
“Journalism pays the rent, and my projects sometimes succeed, sometimes fail.”
Györfi first read about Bitcoin in 2012 but laments not acting at the time. However, after a friend showed him a chart displaying the astounding returns of Litecoin in 2017, he knew he had to jump in.
Since then, he has written the first book on cryptocurrencies in Hungarian and is currently an editor at the Hungarian crypto portal Kripto Akadémia.
The idea for the statue first occurred to him one day in March. While sitting at home during the government-mandated curfew due to the coronavirus pandemic, he read about NFTs.
Given the artistic nature of many of these tokens, Györfi found himself inspired. He thought about the potential of blockchain technology and just how significant it will become. His thoughts then turned to Bitcoin creator Satoshi Nakamoto.
“Why doesn’t he have a statue? I thought, he deserves a statue.”
At this point, Györfi started looking for sculptors. Not having a deep professional understanding of art himself, he contacted a former colleague working in art management. He was directed to a young couple, Réka Gergely and Tamás Gilly.
Since Nakamoto has never revealed himself publicly, the statute needed to take into account this aspect of anonymity.
The sculptors could appreciate this perspective but need more ideas to work with. It was then thought that the statue’s face should be a reflective mirror-like surface, this way, it could symbolize that “we are all Satoshi.”
Györfi also wanted the Bitcoin logo to appear somewhere on the statue. Originally, he considered having the statue wear a fedora, with a card bearing the Bitcoin logo tucked into the hat’s band.
However, his teammate quickly dissuaded him of this notion. Gabriella Debreczeni-Rasko at Mr. Coin, suggested something much more representative.
“He has to wear a hoodie!”
Although Györfi was initially skeptical of the sculptor pair, since their portfolio lacked human subjects and mainly consisted of abstract figures, he was elated once they delivered the clay model.
Currently, a casting mold is being prepared from it, into which a bronze composite with aluminum will be poured, creating the statue.
Although the statue will predominantly be bronze, the aluminum component will give the statue’s face a reflective quality when polished. A limestone pedestal has also been ordered from Croatia.
To finance the statue, the project crowd-sourced donations in bitcoin (BTC). However, they soon added binance coin (BNB) due to high transaction fees.
Ultimately, the project was able to raise $11,000 from the crowdsourcing campaign.
With the creation of the statue underway, Györfi said the statue will be unveiled inBudapest’s Graphisoft Park.
He plans to invite Nakamoto. However, if Nakamoto does not appear, Györfi is still holding out for other big names, including Ethereum co-founderVitalik Buterin,Cardano founderCharles Hoskinsonand crypto exchange Binance CEOChangpeng Zhao.
Although Graphisoft Park was not the first place Györfi had in mind for the statue, its placement is very fitting, given its tech theme and background.
The park was created by entrepreneur Gábor Bojár, whose company Graphisoft was among the first to utilize computer-aided design (CAD) in architectural design during the 1980s.
The park already has a statue of Apple founder Steve Jobs, which Györfi notes will be in the line of sight of the Satoshi statue, and another designed by Rubik’s Cube creator Ernő Rubik.
Györfi said the park is interested in this new addition.
“They understand the rising significance of the space and want something that attracts visitors and attention.”
For Györfi, his childhood in Hungary has also played a part in the decision to build a statue.
“Instead of video games, we had to play in parks,” he explains.
“All my life I’ve been seeing physical representations; monuments, busts, statues, architecture.”
This early experience of great European monuments impressed upon him what impact a physical manifestation can have.
“It has a significance, it has a meaning, it has a dignity, a nobility, it has value and a weight.”
“Even new generations resonate with a statue, as statues play a role in our collective consciousness,” he says.
Decades from now, Györfi hopes that people will remember the statue and wants it to contribute to the cultural history of Budapest. He is hopeful that it may inspire other such statues around the world. However, he has particular dreams for his statue.
“I definitely want this to be the Satoshi Nakamoto statue of planet Earth.” || “I Definitely Want This to Be the Satoshi Nakamoto Statue of Planet Earth,” Says Creator András Györfi: BeinCrypto spoke to András Györfi , creator of the world’s first physical statue of Bitcoin creator Satoshi Nakamoto, about his creation and its upcoming unveiling. Györfi created the statue after being inspired by blockchain’s significance and the artistic qualities of non-fungible tokens (NFTs). Although a physical manifestation of something inherently digital, Györfi feels that physical things have more significance in an increasingly digital world. “Living in the digital age increases the value of physical things, in many ways.” The world’s first physical statue of Bitcoin creator Satoshi Nakamoto will be unveiled in Budapest on September 16. A person worth building a statue for Originally, András Györfi studied to become a biologist in the Hungarian city of Szeged. However, he dropped out to pursue entrepreneurship. While he has had success, he keeps up a job in journalism to support it. “Journalism pays the rent, and my projects sometimes succeed, sometimes fail.” Györfi first read about Bitcoin in 2012 but laments not acting at the time. However, after a friend showed him a chart displaying the astounding returns of Litecoin in 2017, he knew he had to jump in. Since then, he has written the first book on cryptocurrencies in Hungarian and is currently an editor at the Hungarian crypto portal Kripto Akadémia. The idea for the statue first occurred to him one day in March. While sitting at home during the government-mandated curfew due to the coronavirus pandemic, he read about NFTs. Given the artistic nature of many of these tokens, Györfi found himself inspired. He thought about the potential of blockchain technology and just how significant it will become. His thoughts then turned to Bitcoin creator Satoshi Nakamoto. “Why doesn’t he have a statue? I thought, he deserves a statue.” “He has to wear a hoodie” At this point, Györfi started looking for sculptors. Not having a deep professional understanding of art himself, he contacted a former colleague working in art management. He was directed to a young couple, Réka Gergely and Tamás Gilly. Story continues Since Nakamoto has never revealed himself publicly, the statute needed to take into account this aspect of anonymity. The sculptors could appreciate this perspective but need more ideas to work with. It was then thought that the statue’s face should be a reflective mirror-like surface, this way, it could symbolize that “we are all Satoshi.” Györfi also wanted the Bitcoin logo to appear somewhere on the statue. Originally, he considered having the statue wear a fedora, with a card bearing the Bitcoin logo tucked into the hat’s band. However, his teammate quickly dissuaded him of this notion. Gabriella Debreczeni-Rasko at Mr. Coin, suggested something much more representative. “He has to wear a hoodie!” Building the statue Although Györfi was initially skeptical of the sculptor pair, since their portfolio lacked human subjects and mainly consisted of abstract figures, he was elated once they delivered the clay model. Currently, a casting mold is being prepared from it, into which a bronze composite with aluminum will be poured, creating the statue. Although the statue will predominantly be bronze, the aluminum component will give the statue’s face a reflective quality when polished. A limestone pedestal has also been ordered from Croatia. To finance the statue, the project crowd-sourced donations in bitcoin (BTC). However, they soon added binance coin (BNB) due to high transaction fees. Ultimately, the project was able to raise $11,000 from the crowdsourcing campaign. A special place in Graphisoft Park With the creation of the statue underway, Györfi said the statue will be unveiled in Budapest’s Graphisoft Park. He plans to invite Nakamoto. However, if Nakamoto does not appear, Györfi is still holding out for other big names, including Ethereum co-founder Vitalik Buterin, Cardano founder Charles Hoskinson and crypto exchange Binance CEO Changpeng Zhao. Although Graphisoft Park was not the first place Györfi had in mind for the statue, its placement is very fitting, given its tech theme and background. The park was created by entrepreneur Gábor Bojár, whose company Graphisoft was among the first to utilize computer-aided design (CAD) in architectural design during the 1980s. The park already has a statue of Apple founder Steve Jobs, which Györfi notes will be in the line of sight of the Satoshi statue, and another designed by Rubik’s Cube creator Ernő Rubik. Györfi said the park is interested in this new addition. “They understand the rising significance of the space and want something that attracts visitors and attention.” Potential legacy For Györfi, his childhood in Hungary has also played a part in the decision to build a statue. “Instead of video games, we had to play in parks,” he explains. “All my life I’ve been seeing physical representations; monuments, busts, statues, architecture.” This early experience of great European monuments impressed upon him what impact a physical manifestation can have. “It has a significance, it has a meaning, it has a dignity, a nobility, it has value and a weight.” “Even new generations resonate with a statue, as statues play a role in our collective consciousness,” he says. Decades from now, Györfi hopes that people will remember the statue and wants it to contribute to the cultural history of Budapest. He is hopeful that it may inspire other such statues around the world. However, he has particular dreams for his statue. “I definitely want this to be the Satoshi Nakamoto statue of planet Earth.” || Valkyrie Investments Raises $10M in Series A Funding: Crypto and digital asset management firm Valkyrie Investments has secured around $10 million in a Series A funding round.
Reports indicatethat, while no one specific investor led the round, backers came from across a variety of industries and sectors. Some within the crypto space; others from professional sport, finance, and media.
In the former case, investors included Justin Sun, founder of Tron, and Charlie Lee, founder of Litecoin. Among the other participants were Precept Capital Management, a private equity firm based in Dallas, former Major League baseball player C.J. Wilson, UTXO Management, an investment management company based in Valkyrie’s hometown of Nashville, Consolidated Trading, and 10X Capital.
Other backers from within the crypto space included crypto finance firm XBTO, blockchain media company BTC Media, and cryptocurrency trader Scott Melker.
Valkyrie, based in Tennessee, currently offers managed products involving a number of crypto assets, including bitcoin (BTC) and Polkadot (DOT).Back in March, they filed for an exchange-traded fund, focused on corporations with Bitcoin exposure, with the U.S. Securities and Exchange Commission (SEC)
The firm was founded last year by World Bank veteran Leah Wald and Steven McClurg, formerly of Guggenheim Partners and Galaxy Digital.
Accordingto reports, Valkyrie will use the new financing towards further developing its presence in Nashville. This includes expanding its workforce in its research, trading, compliance, marketing, and sales departments. They will also use the investment to develop their existing product pipeline and broaden their distributions. Furthermore, once conditions allow, Valkyrie hopes to expand its presence in Asia.
Shortly before her company secured its multimillion Series A funding, CEO and co-founder Leah Waldappeared on Bloomberg Technologyto discuss the position of BTC and crypto volatility.
Presenter Emily Chang asked Wald about how she saw the effects on BTC brought on by events in China playing out in the long-term.
“Sentiment around bitcoin is very bearish right now” she said. “Over those worries stemming from the dual threats coming out of China of the mining ban, and also crackdowns on crypto transactions”
The CEO also gave her views on crypto mining rigs relocating to the States. Many displaced miners have moved their operations to statessuch as Texas, while areas inFloridaandWyominghave also issued encouragement.
“The question is, how will that affect price when they get turned back online, when they’re in a new location? I think that will be a very positive decision.” || Valkyrie Investments Raises $10M in Series A Funding: Crypto and digital asset management firm Valkyrie Investments has secured around $10 million in a Series A funding round. Reports indicate that, while no one specific investor led the round, backers came from across a variety of industries and sectors. Some within the crypto space; others from professional sport, finance, and media. In the former case, investors included Justin Sun, founder of Tron, and Charlie Lee, founder of Litecoin. Among the other participants were Precept Capital Management, a private equity firm based in Dallas, former Major League baseball player C.J. Wilson, UTXO Management, an investment management company based in Valkyries hometown of Nashville, Consolidated Trading, and 10X Capital. Other backers from within the crypto space included crypto finance firm XBTO, blockchain media company BTC Media, and cryptocurrency trader Scott Melker. Valkyrie, based in Tennessee, currently offers managed products involving a number of crypto assets, including bitcoin (BTC) and Polkadot (DOT). Back in March , they filed for an exchange-traded fund, focused on corporations with Bitcoin exposure, with the U.S. Securities and Exchange Commission (SEC) The firm was founded last year by World Bank veteran Leah Wald and Steven McClurg, formerly of Guggenheim Partners and Galaxy Digital. According to reports , Valkyrie will use the new financing towards further developing its presence in Nashville. This includes expanding its workforce in its research, trading, compliance, marketing, and sales departments. They will also use the investment to develop their existing product pipeline and broaden their distributions. Furthermore, once conditions allow, Valkyrie hopes to expand its presence in Asia. Valkyries CEO discusses crypto volatility Shortly before her company secured its multimillion Series A funding, CEO and co-founder Leah Wald appeared on Bloomberg Technology to discuss the position of BTC and crypto volatility. Story continues Presenter Emily Chang asked Wald about how she saw the effects on BTC brought on by events in China playing out in the long-term. Sentiment around bitcoin is very bearish right now she said. Over those worries stemming from the dual threats coming out of China of the mining ban, and also crackdowns on crypto transactions The CEO also gave her views on crypto mining rigs relocating to the States. Many displaced miners have moved their operations to states such as Texas , while areas in Florida and Wyoming have also issued encouragement. The question is, how will that affect price when they get turned back online, when theyre in a new location? I think that will be a very positive decision. || Vietnam PM Asks Central Bank to Study Crypto, Pursue Pilot Implementation: Report: Vietnam’s Prime Minister has asked the State Bank of Vietnam (SBV) to pilot cryptocurrency implementation from 2021 until 2023, according to a Viet Nam News report . Prime Minister Pham Minh Chinh signed the “Decision No.942/QD-TTg” approving the country’s e-government development strategy, which involves assessing artificial intelligence, big data, augmented reality, virtual reality and blockchain technology. The cryptocurrency pilot program is expected to help the government discover the pros and cons while developing an appropriate management mechanism, Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City, told the publication. Cashless payments are increasing in Vietnam and the recognition of digital currencies by the central bank would help accelerate this process, the deputy director said. “Digital money is an inevitable trend,” he said. Previously, the SBV has stressed that cryptocurrencies are not legally recognized in Vietnam. In 2018, the SBV banned commercial banks and payment service providers from making transactions with crypto, arguing that such activities could increase the risk of money laundering, terrorism financing and tax evasion. Related Stories Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report Revolut in Talks With SoftBank for Investment at $30B+ Valuation: Report Coinbase Gives Institutional Customers Access to More Fiat Trading Pairs Binance Reinstates Withdrawals for UK Clients: Report || Vietnam PM Asks Central Bank to Study Crypto, Pursue Pilot Implementation: Report: Vietnam’s Prime Minister has asked the State Bank of Vietnam (SBV) to pilot cryptocurrency implementation from 2021 until 2023, according to a Viet Nam Newsreport.
• Prime Minister Pham Minh Chinh signed the “Decision No.942/QD-TTg” approving the country’s e-government development strategy, which involves assessing artificial intelligence, big data, augmented reality, virtual reality and blockchain technology.
• The cryptocurrency pilot program is expected to help the government discover the pros and cons while developing an appropriate management mechanism, Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City, told the publication.
• Cashless payments are increasing in Vietnam and the recognition of digital currencies by the central bank would help accelerate this process, the deputy director said. “Digital money is an inevitable trend,” he said.
• Previously, the SBV has stressed that cryptocurrencies are not legally recognized in Vietnam.
• In 2018, the SBVbannedcommercial banks and payment service providers from making transactions with crypto, arguing that such activities could increase the risk of money laundering, terrorism financing and tax evasion.
• Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report
• Revolut in Talks With SoftBank for Investment at $30B+ Valuation: Report
• Coinbase Gives Institutional Customers Access to More Fiat Trading Pairs
• Binance Reinstates Withdrawals for UK Clients: Report || Revolut in Talks With SoftBank for Investment at $30B+ Valuation: Report: U.K.-based digital bank Revolut is in “detailed talks” with SoftBank about a fundraising round that could value the firm between $30 billion and $40 billion, according to a Sky News report. Revolut and its advisers have asked investors at SoftBank’s Vision Fund 2 to submit proposals for an investment of between $750 million to $1 billion with a deal expected to be “some weeks” away. Last month, Bloomberg reported that the firm was in the early stages of talks with investors about a deal that could see the 6-year-old digital bank valued at more than $20 billion. While it was unknown who else Revolut was in talks with, the size of the proposed Softbank investment would seem to indicate that only Tiger Global Management and Dragoneer Investment Group would have the wherewithal to make similar proposals, Sky News said. The SoftBank Vision Fund 2 has backed firms such as Uber Technologies as well as the buy-now-pay-later platform Klarna. Last week, Mercado Bitcoin, the largest bitcoin exchange in Brazil, raised $200 million in a Series B round from the SoftBank Latin America Fund. Revolut first began offering crypto trading back in 2017. Read more: Revolut Adds Dogecoin to Crypto Offering Related Stories Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report Vietnam PM Asks Central Bank to Study Crypto, Pursue Pilot Implementation: Report Coinbase Gives Institutional Customers Access to More Fiat Trading Pairs SoftBank Invests $200M in Brazil Crypto Exchange Mercado Bitcoin || Revolut in Talks With SoftBank for Investment at $30B+ Valuation: Report: U.K.-based digital bank Revolut is in “detailed talks” with SoftBank about a fundraising round that could value the firm between $30 billion and $40 billion, according to a Sky Newsreport.
• Revolut and its advisers have asked investors at SoftBank’s Vision Fund 2 to submit proposals for an investment of between $750 million to $1 billion with a deal expected to be “some weeks” away.
• Last month, Bloombergreportedthat the firm was in the early stages of talks with investors about a deal that could see the 6-year-old digital bank valued at more than $20 billion.
• While it was unknown who else Revolut was in talks with, the size of the proposed Softbank investment would seem to indicate that only Tiger Global Management and Dragoneer Investment Group would have the wherewithal to make similar proposals, Sky News said.
• The SoftBank Vision Fund 2 has backed firms such as Uber Technologies as well as the buy-now-pay-later platform Klarna.
• Last week, Mercado Bitcoin, the largest bitcoin exchange in Brazil, raised $200 million in a Series B round from the SoftBank Latin America Fund.
• Revolut first began offering crypto trading back in 2017.
Read more:Revolut Adds Dogecoin to Crypto Offering
• Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report
• Vietnam PM Asks Central Bank to Study Crypto, Pursue Pilot Implementation: Report
• Coinbase Gives Institutional Customers Access to More Fiat Trading Pairs
• SoftBank Invests $200M in Brazil Crypto Exchange Mercado Bitcoin || The ‘Sunday Effect’ Sends Crypto Crashing on Weekends – Which Means It Might Never Go Mainstream: Ever heard of the “Sunday effect”? Lately, it seems every weekend,crypto values plummet– and it’s a trend with major ramifications for the future of crypto as a serious investing contender.
See:4 Best Places To Buy and Sell CryptocurrencyFind:How Does Cryptocurrency Work – and Is It Safe?
Investors and investment managers have anxiously been awaiting a decision from the Securities and Exchange Commission on the approval of Bitcoinexchange traded funds or ETFs, which would have to be traded on the “exchange” – in other words, on the stock market (and therefore, only during the hours the stock market is open). Right now, cryptos don’t have any such limitations and can be traded anytime.
“Should the price of Bitcoin abruptly plummet on a Saturday, investors in a Bitcoin ETF would theoretically be trapped in that fund until the market opens on Monday. Should it spike, they’d have to wait to trade for a profit,” Fortune reports. So an ETF could turn Bitcoin into a more mainstream option, but could also spell disaster for those trapped in the weekend holding pattern.
Investors eager to hear about that crypto ETF will likely have to wait for awhile. Several companies have filed with the SEC but the Commission has either rejected or delayed its decisions on many of them. VanEck for example, registered its ETF in March, and the SEC usually takes 45 days to approve or disapprove a filing. In a statement in April, the Commission said it was extending the period — which should have ended May 3– and pushed it to June 17. And WisdomTree, whose Bitcoin ETF was registered in April, saw its decision pushed to July 14 from May 30, according to an SEC notice.
“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received,” according to the statement at the time.
The Financial Times reports that SEC chair Gary Gensler dampened hopes of a swift approval of bitcoin ETFs this year. In testimony before the House of Representative’s subcommittee on financial services last week, Gensler said “there are many challenges and gaps for investor protection in [crypto] markets,” according to the report.
See:3 Common Crypto Myths DebunkedFind:Crypto Curious but Risk Averse? You Can Invest As Little As $1 – on Venmo
“Bitcoin going mainstream is a game-changer for the world of finance and is revolutionizing the way we view money in the economy of tomorrow,” David Grasso, Bold TV CEO, told GOBankingRates in April. “Still, I don’t think it’s any surprise that the government, specifically regulators, are proceeding with caution.Creating proper oversight is not an easy task and I do not envy those making those calls. Overregulation can distort markets and create serious consequences, while under-regulation can create systemic issues and fuel social problems,” Grasso added.
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This article originally appeared onGOBankingRates.com:The ‘Sunday Effect’ Sends Crypto Crashing on Weekends – Which Means It Might Never Go Mainstream || The Sunday Effect Sends Crypto Crashing on Weekends Which Means It Might Never Go Mainstream: ©Shutterstock.com / Shutterstock.com Ever heard of the Sunday effect? Lately, it seems every weekend, crypto values plummet and its a trend with major ramifications for the future of crypto as a serious investing contender. See: 4 Best Places To Buy and Sell Cryptocurrency Find: How Does Cryptocurrency Work and Is It Safe? Investors and investment managers have anxiously been awaiting a decision from the Securities and Exchange Commission on the approval of Bitcoin exchange traded funds or ETFs , which would have to be traded on the exchange in other words, on the stock market (and therefore, only during the hours the stock market is open). Right now, cryptos dont have any such limitations and can be traded anytime. Should the price of Bitcoin abruptly plummet on a Saturday, investors in a Bitcoin ETF would theoretically be trapped in that fund until the market opens on Monday. Should it spike, theyd have to wait to trade for a profit, Fortune reports. So an ETF could turn Bitcoin into a more mainstream option, but could also spell disaster for those trapped in the weekend holding pattern. Investors eager to hear about that crypto ETF will likely have to wait for awhile. Several companies have filed with the SEC but the Commission has either rejected or delayed its decisions on many of them. VanEck for example, registered its ETF in March, and the SEC usually takes 45 days to approve or disapprove a filing. In a statement in April, the Commission said it was extending the period which should have ended May 3 and pushed it to June 17. And WisdomTree, whose Bitcoin ETF was registered in April, saw its decision pushed to July 14 from May 30, according to an SEC notice. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received, according to the statement at the time. The Financial Times reports that SEC chair Gary Gensler dampened hopes of a swift approval of bitcoin ETFs this year. In testimony before the House of Representatives subcommittee on financial services last week, Gensler said there are many challenges and gaps for investor protection in [crypto] markets, according to the report. Story continues See: 3 Common Crypto Myths Debunked Find: Crypto Curious but Risk Averse? You Can Invest As Little As $1 on Venmo Bitcoin going mainstream is a game-changer for the world of finance and is revolutionizing the way we view money in the economy of tomorrow, David Grasso, Bold TV CEO, told GOBankingRates in April. Still, I dont think its any surprise that the government, specifically regulators, are proceeding with caution. Creating proper oversight is not an easy task and I do not envy those making those calls . Overregulation can distort markets and create serious consequences, while under-regulation can create systemic issues and fuel social problems, Grasso added. More From GOBankingRates Jaw-Dropping Stats About the State of Retirement in America How To Keep Your Financial Planning On Track in 2021 20 Home Renovations That Will Hurt Your Homes Value 27 Things You Should Never Do With Your Money This article originally appeared on GOBankingRates.com : The Sunday Effect Sends Crypto Crashing on Weekends Which Means It Might Never Go Mainstream
[Social Media Buzz]
None available.
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34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00.
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[Bitcoin Technical Analysis for 2020-12-01]
Volume: 49633658712, RSI (14-day): 62.85, 50-day EMA: 15673.56, 200-day EMA: 12149.52
[Wider Market Context]
Gold Price: 1814.10, Gold RSI: 40.87
Oil Price: 44.55, Oil RSI: 62.92
[Recent News (last 7 days)]
Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities: With the holiday season approaching and cryptocurrencies led by bitcoin (BTC) surging in price, charities are warming to the opportunity to accept donations of the digital tender.
Slated for Dec. 1, the crypto rendition of the annual worldwide charity event #GivingTuesday – #BitcoinTuesday– is back for another year, spearheaded by crypto donations platform The Giving Block.
According to the organization, while last year’s Bitcoin Tuesday event managed to attract only 12 non-profits, this year over 120 such organizations, including Save the Children, No Kid Hungry and The Tor Project have signed up for the event. The non-profits will accept donations in cryptocurrencies such as bitcoin (BTC), ether (ETH) and litecoin (LTC), among others.
Related:US Congressman Tom Emmer Will Accept Crypto Donations for Reelection Campaign
“In general, as the price goes up, you see a lot more donations. And we saw that happen a lot in 2017,” said Alex Wilson, co-founder of the Giving Block, adding that donations may even rise because people may look to offset their tax liability amid rising prices for crypto assets.
While charity is its own reward, making the donation in cryptocurrencies can help users avoid some capital gains taxes they might otherwise have incurred had they cashed out their crypto and donated fiat, tax experts have noted.
Because cryptocurrencies are treated like property by the Internal Revenue Service (IRS) and some other tax agencies around the world, taxable events occur every time a user converts crypto to fiat.
But like stock donations, users can donate cryptocurrencies, get a tax write-off and not have to worry about paying capital gains tax on the cryptocurrency they donate.
Related:Children's Heart Charity Receives $48K in Crypto Donations
Hope for Haiti, a nonprofit organization that works toward improving education, health and water facilities for residents of the Caribbean nation, is one the charities accepting crypto donations. According to the non-profit’s CEO, Skyler Badenoch, the idea was spurred in part by a need to diversify donation sources. So it did some research on the market.
“We know how much litecoin it would take to pay a teacher’s salary, we know how muchXRPit would take to plant a tree,” said Badenoch. He noted tthe non-profit is also keen on exploring how blockchain technology can help add transparency to the charity sector.
A non-profit focused on tackling child hunger in the United States, No Kid Hungry, is another organization that will be taking part in the Bitcoin Tuesday campaign. The non-profit, similar to Hope for Haiti, also indicated it swaps gifted crypto for fiat upon receipt.
“Similar to stock donations, we convert cryptocurrency donations into U.S. dollars immediately,” said Diane Clifford, managing director of constituency development at No Kid Hungry.
In addition to the Giving Block campaign, users can also make crypto donations throughBitGive.
Founded in 2013, BitGive helped co-host one of the first Bitcoin Giving Tuesday events in 2014 and has since continued to support charities in the United States and overseas. The first crypto-specific registered non-profit organization, BitGive uses the Bitcoin blockchain and RSK sidechain to help donors see where the money is going.
“We tackled these more simple concepts many years ago,” said founder Connie Gallippi. “We are excited to now have grown and developed a sophisticated platform leveraging the technology directly and demonstrating the beauty of bitcoin and blockchain to a mainstream audience.”
Since those early days, BitGive has added a layer of transparency through itsGiveTracktool, allowing donors to follow the money and see where and how it is allocated. Some of its most recent project announcements include partnerships with Heifer International, an organization that works to eradicate hunger and poverty, and Black Girls Code.
In an effort to give newcomers to crypto donations an easy way to donate, BitGive has announced that donors can now make donations on its GiveTrack platform using credit/debit cards or Apple Pay throughWyre.
“Our platform will automatically convert their donation into bitcoin and send BTC to the charity’s wallet,” said Gallippi in an email. She added that this way mainstream users who have never owned cryptocurrencies could take advantage of the blockchain-associated transparency without the hassle or friction of having to buy some.
• Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities
• Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities || Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities: With the holiday season approaching and cryptocurrencies led by bitcoin (BTC) surging in price, charities are warming to the opportunity to accept donations of the digital tender. Slated for Dec. 1, the crypto rendition of the annual worldwide charity event #GivingTuesday – # BitcoinTuesday – is back for another year, spearheaded by crypto donations platform The Giving Block. According to the organization, while last year’s Bitcoin Tuesday event managed to attract only 12 non-profits, this year over 120 such organizations, including Save the Children, No Kid Hungry and The Tor Project have signed up for the event. The non-profits will accept donations in cryptocurrencies such as bitcoin ( BTC ), ether ( ETH ) and litecoin ( LTC ), among others. Related: US Congressman Tom Emmer Will Accept Crypto Donations for Reelection Campaign “In general, as the price goes up, you see a lot more donations. And we saw that happen a lot in 2017,” said Alex Wilson, co-founder of the Giving Block, adding that donations may even rise because people may look to offset their tax liability amid rising prices for crypto assets. While charity is its own reward, making the donation in cryptocurrencies can help users avoid some capital gains taxes they might otherwise have incurred had they cashed out their crypto and donated fiat, tax experts have noted. Because cryptocurrencies are treated like property by the Internal Revenue Service (IRS) and some other tax agencies around the world, taxable events occur every time a user converts crypto to fiat. But like stock donations, users can donate cryptocurrencies, get a tax write-off and not have to worry about paying capital gains tax on the cryptocurrency they donate. Diversifying donations Related: Children's Heart Charity Receives $48K in Crypto Donations Hope for Haiti, a nonprofit organization that works toward improving education, health and water facilities for residents of the Caribbean nation, is one the charities accepting crypto donations. According to the non-profit’s CEO, Skyler Badenoch, the idea was spurred in part by a need to diversify donation sources. So it did some research on the market. Story continues “We know how much litecoin it would take to pay a teacher’s salary, we know how much XRP it would take to plant a tree,” said Badenoch. He noted tthe non-profit is also keen on exploring how blockchain technology can help add transparency to the charity sector. A non-profit focused on tackling child hunger in the United States, No Kid Hungry, is another organization that will be taking part in the Bitcoin Tuesday campaign. The non-profit, similar to Hope for Haiti, also indicated it swaps gifted crypto for fiat upon receipt. “Similar to stock donations, we convert cryptocurrency donations into U.S. dollars immediately,” said Diane Clifford, managing director of constituency development at No Kid Hungry. A bitcoin tradition In addition to the Giving Block campaign, users can also make crypto donations through BitGive . Founded in 2013, BitGive helped co-host one of the first Bitcoin Giving Tuesday events in 2014 and has since continued to support charities in the United States and overseas. The first crypto-specific registered non-profit organization, BitGive uses the Bitcoin blockchain and RSK sidechain to help donors see where the money is going. “We tackled these more simple concepts many years ago,” said founder Connie Gallippi. “We are excited to now have grown and developed a sophisticated platform leveraging the technology directly and demonstrating the beauty of bitcoin and blockchain to a mainstream audience.” Since those early days, BitGive has added a layer of transparency through its GiveTrack tool, allowing donors to follow the money and see where and how it is allocated. Some of its most recent project announcements include partnerships with Heifer International, an organization that works to eradicate hunger and poverty, and Black Girls Code. In an effort to give newcomers to crypto donations an easy way to donate, BitGive has announced that donors can now make donations on its GiveTrack platform using credit/debit cards or Apple Pay through Wyre . “Our platform will automatically convert their donation into bitcoin and send BTC to the charity’s wallet,” said Gallippi in an email. She added that this way mainstream users who have never owned cryptocurrencies could take advantage of the blockchain-associated transparency without the hassle or friction of having to buy some. Related Stories Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities Crypto Version of ‘Giving Tuesday’ Returns With 10 Times as Many Charities || Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion: Leading cryptocurrency exchange Coinbase, on a day when the price of bitcoin (BTC) reached a new all-time high, said it is experiencing delays processing BTC withdrawals due to Bitcoin network congestion.
• Deposits, buys and sells are not impacted,the exchange said.
• Coinbase has suffered a number of issues – mainly outages – during busy trading periods this year including most recently on Nov. 26.
• The most recent issue comes asBTCeclipsed its all-time high of $19,783 Monday morning en route to setting a new record of $19,864 before giving back some of those gains, trading at $19,478.89, up 6.90% at press time.
This story is developing and will be updated when more information is known.
See also:Coinbase Goes Down Again as Bitcoin Price Action, Volatility Heat Up Again
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion || Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion: Leading cryptocurrency exchange Coinbase, on a day when the price of bitcoin (BTC) reached a new all-time high, said it is experiencing delays processing BTC withdrawals due to Bitcoin network congestion.
• Deposits, buys and sells are not impacted,the exchange said.
• Coinbase has suffered a number of issues – mainly outages – during busy trading periods this year including most recently on Nov. 26.
• The most recent issue comes asBTCeclipsed its all-time high of $19,783 Monday morning en route to setting a new record of $19,864 before giving back some of those gains, trading at $19,478.89, up 6.90% at press time.
This story is developing and will be updated when more information is known.
See also:Coinbase Goes Down Again as Bitcoin Price Action, Volatility Heat Up Again
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion
• Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion || Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion: Leading cryptocurrency exchange Coinbase, on a day when the price of bitcoin (BTC) reached a new all-time high, said it is experiencing delays processing BTC withdrawals due to Bitcoin network congestion. Deposits, buys and sells are not impacted, the exchange said . Coinbase has suffered a number of issues – mainly outages – during busy trading periods this year including most recently on Nov. 26. The most recent issue comes as BTC eclipsed its all-time high of $19,783 Monday morning en route to setting a new record of $19,864 before giving back some of those gains, trading at $19,478.89, up 6.90% at press time. This story is developing and will be updated when more information is known. See also: Coinbase Goes Down Again as Bitcoin Price Action, Volatility Heat Up Again Related Stories Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion Coinbase Reports Delays in Processing Bitcoin Withdrawals Due to Network Congestion || Top Stock Picks for Week of November 30, 2020: United Parcel Service UPS,is the world's largest express carrier and package delivery company. UPS is benefiting from a significant increase in home deliveries amid the prevalent coronavirus pandemic. Notably, the need for door-to-door delivery of essentials during this crisis is rising. Owing to the surge in residential delivery volumes, UPS performed impressively in each of the three quarters of 2020. With the pandemic not subsiding, e-commerce demand is likely to continue soaring in the near term. Moreover, we are encouraged by UPS' solid free cash flow. Focus on aiding the distribution efforts of the coronavirus vaccine when it becomes commercially available also bodes well. The optimism surrounding the stock is evident from the Zacks Consensus Estimate for current-year earnings being revised upward in the past 60 days.
MicroStrategy Incorporated MSTR, is a leading worldwide provider of business intelligence software. MicroStrategy made a big bet on Bitcoin (BTC) this year, and it turns out it may have been the best decision this company's management has ever made. MicroStrategy became the largest American corporation to invest in bitcoin as a 'store of value' between August and September, giving it the institutional seal of approval. The company has been chugging along with little growth, but it appears that MicroStrategy is finally turning the heaters back on, resurging this digitally incepted enterprise back into growth. The shrewd Bitcoin purchase was just one lever exemplifying MSTR's growth potential. The business's newly released HyperIntellegence platform has been met with strong demand, and its other segments are all enjoying 2020's digital tailwind with the rapid adaptation of MicroStrategy's cloud technology.
The Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportUnited Parcel Service, Inc. (UPS) : Free Stock Analysis ReportMicroStrategy Incorporated (MSTR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Top Stock Picks for Week of November 30, 2020: United Parcel Service UPS, is the world's largest express carrier and package delivery company. UPS is benefiting from a significant increase in home deliveries amid the prevalent coronavirus pandemic. Notably, the need for door-to-door delivery of essentials during this crisis is rising. Owing to the surge in residential delivery volumes, UPS performed impressively in each of the three quarters of 2020. With the pandemic not subsiding, e-commerce demand is likely to continue soaring in the near term. Moreover, we are encouraged by UPS' solid free cash flow. Focus on aiding the distribution efforts of the coronavirus vaccine when it becomes commercially available also bodes well. The optimism surrounding the stock is evident from the Zacks Consensus Estimate for current-year earnings being revised upward in the past 60 days. MicroStrategy Incorporated MSTR , is a leading worldwide provider of business intelligence software. MicroStrategy made a big bet on Bitcoin (BTC) this year, and it turns out it may have been the best decision this company's management has ever made. MicroStrategy became the largest American corporation to invest in bitcoin as a 'store of value' between August and September, giving it the institutional seal of approval. The company has been chugging along with little growth, but it appears that MicroStrategy is finally turning the heaters back on, resurging this digitally incepted enterprise back into growth. The shrewd Bitcoin purchase was just one lever exemplifying MSTR's growth potential. The business's newly released HyperIntellegence platform has been met with strong demand, and its other segments are all enjoying 2020's digital tailwind with the rapid adaptation of MicroStrategy's cloud technology. The Hottest Tech Mega-Trend of All Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early. See Zacks' 3 Best Stocks to Play This Trend >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Parcel Service, Inc. (UPS) : Free Stock Analysis Report MicroStrategy Incorporated (MSTR) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || EUR/USD Forex Technical Analysis Forecast – In Position to Post Potentially Bearish Closing Price Reversal Top: The Euro is trading lower late in the session on Monday after the U.S. Dollar rebounded from its lowest level in 2-1/2 years as broad risk sentiment soured again and shares on Wall Street retreated. Investors took profits in the single-currency and sought protection in the safe-haven greenback on concerns over weakening U.S. economic data and the absence of any traction on another stimulus package. At 20:19 GMT, the EUR/USD is trading 1.1933, down 0.0027 or -0.23%. Sellers emerged after the Euro hit a three-month high of 1.20. The European Central Bank (ECB) signaled earlier this year it was carefully monitoring the Euro-Dollar exchange rate. This made investors reluctant to chance it higher. Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart, but the price action late in the session indicates the EUR/USD may be forming a potentially bearish closing price reversal top. This won’t change the trend to down, but if confirmed, it could trigger the start of a 2 to 3 day pullback. A trade through 1.2003 will signal a resumption of the uptrend, while a move through 1.1800 will change the main trend to down. Taking out the September 1 top at 1.2011 will reaffirm the uptrend. The short-term range is 1.1800 to 1.2003. Its retracement zone at 1.1902 to 1.1878 is the first downside target. The main range is 1.2011 to 1.1603. Its retracement zone at 1.1855 to 1.1807 is the main support. This zone is controlling the near-term direction of the EUR/USD. Short-Term Outlook A close under 1.1960 will form a closing price reversal top on the daily chart. This is a potentially bearish chart pattern. If confirmed, we could see a 2 to 3 day break, or a move into 1.1902 to 1.1878. Since the main trend is up, buyers could come in on a test of this area. If 1.1878 fails to hold then look for the selling to possibly extend into 1.1855 to 1.1807. Once again, buyers could return. The biggest concern for bullish EUR/USD traders should be a break under 1.1807. The trend will change to down on a move through the 1.1800 main bottom. Story continues For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – December 1st, 2020 Bitcoin is The New Gold. Here is Why! Silver Price Forecast – Silver Markets Testing 200 Day EMA Silver Price Daily Forecast – Silver Remains Under Pressure At The Start Of The Week E-mini Dow Jones Industrial Average (YM) Futures Analysis Forecast – May Have to Test Value Area for Next Buy Oil Stays Near The $45 Level While OPEC+ Starts Its Two-Day Meeting || EUR/USD Forex Technical Analysis Forecast – In Position to Post Potentially Bearish Closing Price Reversal Top: The Euro is trading lower late in the session on Monday after the U.S. Dollar rebounded from its lowest level in 2-1/2 years as broad risk sentiment soured again and shares on Wall Street retreated. Investors took profits in the single-currency and sought protection in the safe-haven greenback on concerns over weakening U.S. economic data and the absence of any traction on another stimulus package.
At 20:19 GMT, the EUR/USD is trading 1.1933, down 0.0027 or -0.23%.
Sellers emerged after the Euro hit a three-month high of 1.20. The European Central Bank (ECB) signaled earlier this year it was carefully monitoring the Euro-Dollar exchange rate. This made investors reluctant to chance it higher.
The main trend is up according to the daily swing chart, but the price action late in the session indicates the EUR/USD may be forming a potentially bearish closing price reversal top. This won’t change the trend to down, but if confirmed, it could trigger the start of a 2 to 3 day pullback.
A trade through 1.2003 will signal a resumption of the uptrend, while a move through 1.1800 will change the main trend to down. Taking out the September 1 top at 1.2011 will reaffirm the uptrend.
The short-term range is 1.1800 to 1.2003. Its retracement zone at 1.1902 to 1.1878 is the first downside target.
The main range is 1.2011 to 1.1603. Its retracement zone at 1.1855 to 1.1807 is the main support. This zone is controlling the near-term direction of the EUR/USD.
A close under 1.1960 will form a closing price reversal top on the daily chart. This is a potentially bearish chart pattern. If confirmed, we could see a 2 to 3 day break, or a move into 1.1902 to 1.1878. Since the main trend is up, buyers could come in on a test of this area.
If 1.1878 fails to hold then look for the selling to possibly extend into 1.1855 to 1.1807. Once again, buyers could return.
The biggest concern for bullish EUR/USD traders should be a break under 1.1807. The trend will change to down on a move through the 1.1800 main bottom.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
• EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – December 1st, 2020
• Bitcoin is The New Gold. Here is Why!
• Silver Price Forecast – Silver Markets Testing 200 Day EMA
• Silver Price Daily Forecast – Silver Remains Under Pressure At The Start Of The Week
• E-mini Dow Jones Industrial Average (YM) Futures Analysis Forecast – May Have to Test Value Area for Next Buy
• Oil Stays Near The $45 Level While OPEC+ Starts Its Two-Day Meeting || FOREX-Dollar recovers from more than two-year low as U.S. stocks slide: * Dollar posts largest monthly fall since July * Euro hits 3-month high vs dollar, trades lower on day * Bitcoin jumps to record high versus dollar * U.S. economic data weakens as pandemic bites further * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds comment, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Nov 30 (Reuters) - The dollar on Monday rebounded from its lowest level in 2-1/2 years, as broad risk sentiment soured again and shares on Wall Street fell, with investors disheartened by weakening U.S. economic data and the absence of any traction on another stimulus package. Still, the greenback fell 2.3% in November, its largest monthly percentage loss since July. In contrast, bitcoin on Monday hit an all-time high of $19,864.15 and was last up 5.7% at $19,235.96 . "We're seeing further softening of U.S. economic data," said Edward Moya, senior market analyst at OANDA in New York. "And there hasn't been any sign that we're going to see Congress deliver a stimulus package any time soon." Data on Monday showed contracts to buy U.S. previously-owned homes fell for a second straight month in October, with the Pending Home Sales Index, based on contracts signed last month, falling 1.1% to 128.9. Other data showed activity at factories in the Midwest and Texas slowing this month, with the Chicago PMI falling to 58.2 in November from 61.1 in October, as a nationwide resurgence in new COVID-19 infections curbed new orders and disrupted production. On the last day of the month, the dollar index rose 0.2% to 91.89. It fell in five of the last seven months. "This is just a temporary boost for the dollar," said OANDA's Moya. "The longer-term trend is clearly going to be dollar weakness." Market participants remained optimistic that U.S. President-elect Joe Biden's administration would pose few impediments to global growth, including possibly additional monetary policy support from the Federal Reserve. Both should reduce the dollar's safe-haven allure. Biden on Monday unveiled his picks for several top economic positions, including former Fed Chair Janet Yellen as his nominee for Treasury secretary. "The world is on the cusp of a major inflection point - a vaccine rollout and subsequent economic normalization - that we expect to prove positive for the currencies of exporters, select emerging markets, and producers of cyclical commodities, such as oil and base metals," UBS Global Wealth Management wrote in a research note on Monday. The euro slipped 0.2% against the dollar to $1.1942, after earlier hitting a three-month high of $1.20 . The European Central Bank signalled earlier this year it was carefully monitoring the euro-dollar exchange rate. The single European currency posted its best monthly performance since July, gaining 2.6% in November. The dollar rose 0.2% against the yen to 104.33 yen. The dollar was flat to slightly higher against the Chinese yuan in the offshore market, at 6.579 . Monday's data showed China's manufacturing grew at its fastest pace in more than three years in November, while services sector growth hit a three-year high. The offshore yuan had its longest streak of monthly gains in six years, boosted by China's economic recovery from the coronavirus and steady capital inflows. ======================================================== Currency bid prices at 3:08PM (2008 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index $91.8780 91.7240 +0.18% +0.00% +91.9150 +91.5040 Euro/Dollar $1.1943 $1.1965 -0.17% +6.54% +1.2004 +1.1942 Dollar/Yen 104.3300 104.0500 +0.20% -4.01% +104.3850 +103.8500 Euro/Yen 124.59 124.50 +0.07% +2.16% +125.1100 +124.3100 Dollar/Swiss 0.9068 0.9045 +0.27% -6.28% +0.9068 +0.9020 Sterling/Dollar 1.3343 1.3318 +0.20% +0.61% +1.3383 +1.3305 Dollar/Canadian 1.2968 1.2985 -0.12% -0.17% +1.2995 +1.2923 Aussie/Dollar 0.7350 0.7384 -0.45% +4.75% +0.7407 +0.7348 Euro/Swiss 1.0831 1.0818 +0.12% -0.19% +1.0858 +1.0804 Euro/Sterling 0.8948 0.8980 -0.36% +5.84% +0.9000 +0.8946 NZ 0.7018 0.7035 -0.21% +4.32% +0.7050 +0.7012 Dollar/Dollar Dollar/Norway 8.8705 8.8300 +0.55% +1.22% +8.8875 +8.7850 Euro/Norway 10.5950 10.5560 +0.37% +7.70% +10.6255 +10.5289 Dollar/Sweden 8.5555 8.4795 +0.70% -8.47% +8.5668 +8.4447 Euro/Sweden 10.2185 10.1473 +0.70% -2.39% +10.2442 +10.1248 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Nick Zieminski and Paul Simao) || FOREX-Dollar recovers from more than two-year low as U.S. stocks slide: * Dollar posts largest monthly fall since July * Euro hits 3-month high vs dollar, trades lower on day * Bitcoin jumps to record high versus dollar * U.S. economic data weakens as pandemic bites further * Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E (Adds comment, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, Nov 30 (Reuters) - The dollar on Monday rebounded from its lowest level in 2-1/2 years, as broad risk sentiment soured again and shares on Wall Street fell, with investors disheartened by weakening U.S. economic data and the absence of any traction on another stimulus package. Still, the greenback fell 2.3% in November, its largest monthly percentage loss since July. In contrast, bitcoin on Monday hit an all-time high of $19,864.15 and was last up 5.7% at $19,235.96 . "We're seeing further softening of U.S. economic data," said Edward Moya, senior market analyst at OANDA in New York. "And there hasn't been any sign that we're going to see Congress deliver a stimulus package any time soon." Data on Monday showed contracts to buy U.S. previously-owned homes fell for a second straight month in October, with the Pending Home Sales Index, based on contracts signed last month, falling 1.1% to 128.9. Other data showed activity at factories in the Midwest and Texas slowing this month, with the Chicago PMI falling to 58.2 in November from 61.1 in October, as a nationwide resurgence in new COVID-19 infections curbed new orders and disrupted production. On the last day of the month, the dollar index rose 0.2% to 91.89. It fell in five of the last seven months. "This is just a temporary boost for the dollar," said OANDA's Moya. "The longer-term trend is clearly going to be dollar weakness." Market participants remained optimistic that U.S. President-elect Joe Biden's administration would pose few impediments to global growth, including possibly additional monetary policy support from the Federal Reserve. Both should reduce the dollar's safe-haven allure. Biden on Monday unveiled his picks for several top economic positions, including former Fed Chair Janet Yellen as his nominee for Treasury secretary. "The world is on the cusp of a major inflection point - a vaccine rollout and subsequent economic normalization - that we expect to prove positive for the currencies of exporters, select emerging markets, and producers of cyclical commodities, such as oil and base metals," UBS Global Wealth Management wrote in a research note on Monday. The euro slipped 0.2% against the dollar to $1.1942, after earlier hitting a three-month high of $1.20 . The European Central Bank signalled earlier this year it was carefully monitoring the euro-dollar exchange rate. The single European currency posted its best monthly performance since July, gaining 2.6% in November. The dollar rose 0.2% against the yen to 104.33 yen. The dollar was flat to slightly higher against the Chinese yuan in the offshore market, at 6.579 . Monday's data showed China's manufacturing grew at its fastest pace in more than three years in November, while services sector growth hit a three-year high. The offshore yuan had its longest streak of monthly gains in six years, boosted by China's economic recovery from the coronavirus and steady capital inflows. ======================================================== Currency bid prices at 3:08PM (2008 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Dollar index $91.8780 91.7240 +0.18% +0.00% +91.9150 +91.5040 Euro/Dollar $1.1943 $1.1965 -0.17% +6.54% +1.2004 +1.1942 Dollar/Yen 104.3300 104.0500 +0.20% -4.01% +104.3850 +103.8500 Euro/Yen 124.59 124.50 +0.07% +2.16% +125.1100 +124.3100 Dollar/Swiss 0.9068 0.9045 +0.27% -6.28% +0.9068 +0.9020 Sterling/Dollar 1.3343 1.3318 +0.20% +0.61% +1.3383 +1.3305 Dollar/Canadian 1.2968 1.2985 -0.12% -0.17% +1.2995 +1.2923 Aussie/Dollar 0.7350 0.7384 -0.45% +4.75% +0.7407 +0.7348 Euro/Swiss 1.0831 1.0818 +0.12% -0.19% +1.0858 +1.0804 Euro/Sterling 0.8948 0.8980 -0.36% +5.84% +0.9000 +0.8946 NZ 0.7018 0.7035 -0.21% +4.32% +0.7050 +0.7012 Dollar/Dollar Dollar/Norway 8.8705 8.8300 +0.55% +1.22% +8.8875 +8.7850 Euro/Norway 10.5950 10.5560 +0.37% +7.70% +10.6255 +10.5289 Dollar/Sweden 8.5555 8.4795 +0.70% -8.47% +8.5668 +8.4447 Euro/Sweden 10.2185 10.1473 +0.70% -2.39% +10.2442 +10.1248 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Nick Zieminski and Paul Simao) || Bitcoins All-Time High Price Rally Is Sustainable. Analysts Explain Why: While some near-term pricing correction is likely to be expected, analysts who spoke to CoinDesk said bitcoins latest rally will be more sustainable for the long term compared with 2017, the last time bitcoins price hit an all-time high. One difference from the last bull run? The current market has gained support from a new wave of institutional investors mainly based in North America. You could look at the timing of the rally, which coincided with typical U.S. market open hours, said John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock. He added that volumes at LMAX Digital , which primarily caters to institutional traders, are also higher. Related: First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving Bitcoins price broke its previous all-time high earlier Monday, according to CoinDesks BPI , setting a new record at $19,850.11. Read more: Bitcoin Trading Fees on PayPal, Robinhood, Cash App and Coinbase: What to Know During the thinly traded Thanksgiving holiday, regulation concerns, which were outlined by Coinbase CEO Brian Armstrong in a series of tweets, caused the asset to correct, declining to around $16,500 during a time when a large number of U.S. institutional investors and traders were not actively transacting, Todaro said. Today, Monday morning, you had a large return of institutional traders who bid up the asset, buying the dip. To be sure, not all the data for the worlds oldest cryptocurrency is bullish for the near term. Bitcoins inflow to exchanges has exceeded outflows since the Thanksgiving sell-off, according to data provider CryptoQuant. Related: Google Searches for 'Bitcoin Price' Hit 18-Month High That on-chain metric could indicate a short-term bearish trend, sending bitcoin back to a level of around $16,000, said Ki Yong Ju, chief executive officer of CryptoQuant. Thats because it means large bitcoin buyers, or whales, seem to be active on exchanges, adding more selling pressure. Nonetheless, the activity is another sign this market isnt what it was three years ago. After hitting its former record in December 2017, bitcoins price quickly dropped to as low as $5,947.40 in just about two months. At the time, the market widely attributed bitcoins rally to an increase in active retail investors. Whos buying Until very recently, the term institutional investors in the crypto world meant an assortment of crypto quant firms, bitcoin miners and early investors. The composition of market participants has gradually changed this year to include a new group considered institutional investors by the traditional financial world, according to Denis Vinokourov, head of research at digital asset prime broker Bequant. Story continues Ongoing capital inflows into the Grayscale Bitcoin Trust and other exchange-traded products (ETPs) issuers, including 21Shares and CoinShares, are evidence the institutions in traditional financial markets are pouring money into bitcoin, Vinokourov said. Read morre: Investment Giant AllianceBernstein Now Says Bitcoin Has Role in Investors Portfolios Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk. The long-only aspect has partly caused the surge higher and, in turn, attracted the momentum-driven investing that tends to push bullish rallies even higher, Vinokourov said. Related Stories Bitcoins All-Time High Price Rally Is Sustainable. Analysts Explain Why Bitcoins All-Time High Price Rally Is Sustainable. Analysts Explain Why View comments || Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why: While some near-term pricing correction is likely to be expected, analysts who spoke to CoinDesk said bitcoin’s latest rally will be more sustainable for the long term compared with 2017, the last time bitcoin’s price hit an all-time high.
One difference from the last bull run? The current market has gained support from a new wave of institutional investors mainly based in North America.
“You could look at the timing of the rally, which coincided with typical U.S. market open hours,” said John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock. He added that volumes atLMAX Digital, which primarily caters to institutional traders, are also higher.
Related:First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving
Bitcoin’s price broke its previous all-time high earlier Monday, according toCoinDesk’s BPI, setting a new record at $19,850.11.
Read more:Bitcoin Trading Fees on PayPal, Robinhood, Cash App and Coinbase: What to Know
“During the thinly traded Thanksgiving holiday, regulation concerns, which were outlined byCoinbase CEO Brian Armstrongin a series of tweets, caused the asset to correct, declining to around $16,500 – during a time when a large number of U.S. institutional investors and traders were not actively transacting,” Todaro said. “Today, Monday morning, you had a large return of institutional traders who bid up the asset, buying the dip.”
To be sure, not all the data for the world’s oldest cryptocurrency is bullish for the near term. Bitcoin’s inflow to exchanges has exceeded outflows since the Thanksgiving sell-off, according to data provider CryptoQuant.
Related:Google Searches for 'Bitcoin Price' Hit 18-Month High
That on-chain metric could indicate a short-term bearish trend, sendingbitcoinback to a level of around $16,000, said Ki Yong Ju, chief executive officer of CryptoQuant. That’s because it means large bitcoin buyers, or whales, seem to be active on exchanges, adding more selling pressure.
Nonetheless, the activity is another sign this market isn’t what it was three years ago. After hitting its former record in December 2017, bitcoin’s price quickly dropped to as low as $5,947.40 in just about two months. At the time, the market widely attributed bitcoin’s rally to an increase in active retail investors.
Until very recently, the term “institutional investors” in the crypto world meant an assortment of crypto quant firms, bitcoin miners and early investors. The composition of market participants has gradually changed this year to include a new group considered institutional investors by the traditional financial world, according to Denis Vinokourov, head of research at digital asset prime broker Bequant.
Ongoing capital inflows intothe Grayscale Bitcoin Trustand other exchange-traded products (ETPs) issuers, including 21Shares and CoinShares, are evidence the institutions in traditional financial markets are pouring money into bitcoin, Vinokourov said.
Read morre:Investment Giant AllianceBernstein Now Says Bitcoin Has Role in Investors’ Portfolios
Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk.
“The long-only aspect has partly caused the surge higher and, in turn, attracted the momentum-driven investing that tends to push bullish rallies even higher,” Vinokourov said.
• Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why
• Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why || Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why: While some near-term pricing correction is likely to be expected, analysts who spoke to CoinDesk said bitcoin’s latest rally will be more sustainable for the long term compared with 2017, the last time bitcoin’s price hit an all-time high.
One difference from the last bull run? The current market has gained support from a new wave of institutional investors mainly based in North America.
“You could look at the timing of the rally, which coincided with typical U.S. market open hours,” said John Todaro, director of institutional research at cryptocurrency analysis firm TradeBlock. He added that volumes atLMAX Digital, which primarily caters to institutional traders, are also higher.
Related:First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving
Bitcoin’s price broke its previous all-time high earlier Monday, according toCoinDesk’s BPI, setting a new record at $19,850.11.
Read more:Bitcoin Trading Fees on PayPal, Robinhood, Cash App and Coinbase: What to Know
“During the thinly traded Thanksgiving holiday, regulation concerns, which were outlined byCoinbase CEO Brian Armstrongin a series of tweets, caused the asset to correct, declining to around $16,500 – during a time when a large number of U.S. institutional investors and traders were not actively transacting,” Todaro said. “Today, Monday morning, you had a large return of institutional traders who bid up the asset, buying the dip.”
To be sure, not all the data for the world’s oldest cryptocurrency is bullish for the near term. Bitcoin’s inflow to exchanges has exceeded outflows since the Thanksgiving sell-off, according to data provider CryptoQuant.
Related:Google Searches for 'Bitcoin Price' Hit 18-Month High
That on-chain metric could indicate a short-term bearish trend, sendingbitcoinback to a level of around $16,000, said Ki Yong Ju, chief executive officer of CryptoQuant. That’s because it means large bitcoin buyers, or whales, seem to be active on exchanges, adding more selling pressure.
Nonetheless, the activity is another sign this market isn’t what it was three years ago. After hitting its former record in December 2017, bitcoin’s price quickly dropped to as low as $5,947.40 in just about two months. At the time, the market widely attributed bitcoin’s rally to an increase in active retail investors.
Until very recently, the term “institutional investors” in the crypto world meant an assortment of crypto quant firms, bitcoin miners and early investors. The composition of market participants has gradually changed this year to include a new group considered institutional investors by the traditional financial world, according to Denis Vinokourov, head of research at digital asset prime broker Bequant.
Ongoing capital inflows intothe Grayscale Bitcoin Trustand other exchange-traded products (ETPs) issuers, including 21Shares and CoinShares, are evidence the institutions in traditional financial markets are pouring money into bitcoin, Vinokourov said.
Read morre:Investment Giant AllianceBernstein Now Says Bitcoin Has Role in Investors’ Portfolios
Grayscale is owned by Digital Currency Group, which is also the parent company of CoinDesk.
“The long-only aspect has partly caused the surge higher and, in turn, attracted the momentum-driven investing that tends to push bullish rallies even higher,” Vinokourov said.
• Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why
• Bitcoin’s All-Time High Price Rally Is Sustainable. Analysts Explain Why || Bitcoin Price Hits All-Time High: izmir, Turkey - November 20, 2017 Studio shot of golden Bitcoin with a digital background. Bitcoin reached a new all-time high on Monday, priced at around $19,860, surpassing its previous record high price of $19,873 in mid-December 2017 . The surge in Bitcoins price reflects investor excitement around it, suggesting that Bitcoins days as the eccentric black sheep of the currency family are finally over. Since the close of 2019, Bitcoin has catapulted more than 175%. Bitcoins ascent is owed to a few factors including recent moves by digital payment titans Square and PayPal to enable customers to buy and sell Bitcoin on its platforms . Fidelity is also launching a Bitcoin fund for top investors, and Bitcoin futures are now trading on the Chicago Mercantile Exchange . Bitcoin is also attractive during the economic uncertainty posed by the COVID-19 pandemic. As an independent monetary system, Bitcoin isnt attached to the value of the U.S. dollar or any other government-issued currency . This makes it an attractive investment when the dollar is declining . People who might have turned their nose at Bitcoin for its volatility or passed on it because it is pretty confusing to fully understand are now warming up to the cryptocurrency as it matures. The cryptocurrency was launched in 2009, under the condition that only 21 million tokens would ever be created. Its a very different set of people who are buying Bitcoin recently, Philip Gradwell, the chief economist at Chainalysis, told the New York Times. They are doing it in steadier amounts over sustained periods of time, and they are taking it off exchanges and holding it as an investment . More From GOBankingRates 30 Ways To Dig Yourself Out of Debt Are You Spending More Than the Average American on 25 Everyday Items? 60 Money Moves That Could Set You Up for Life Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic This article originally appeared on GOBankingRates.com : Bitcoin Price Hits All-Time High || Bitcoin Price Hits All-Time High: Bitcoin reached a new all-time high on Monday, priced at around $19,860, surpassing its previous record high price of $19,873 in mid-December 2017. The surge in Bitcoin’s price reflects investor excitement around it, suggesting that Bitcoin’s days as the eccentric black sheep of the currency family are finally over. Since the close of 2019, Bitcoin has catapulted more than 175%.
Bitcoin’s ascent is owed to a few factors including recent moves by digital payment titans Square andPayPal to enable customers to buy and sell Bitcoin on its platforms. Fidelity is also launching a Bitcoin fund for top investors, and Bitcoin futures are now trading on the Chicago Mercantile Exchange. Bitcoin is also attractive during the economic uncertainty posed by the COVID-19 pandemic. As an independent monetary system, Bitcoin isn’t attached to the value of the U.S. dollar or any other government-issued currency. This makes it an attractive investment when the dollar is declining.
People who might have turned their nose at Bitcoin for its volatility or passed on it because it is pretty confusing to fully understand are now warming up to the cryptocurrency as it matures. The cryptocurrency was launched in 2009, under the condition that only 21 million tokens would ever be created.
“It’s a very different set of people who are buying Bitcoin recently,” Philip Gradwell, the chief economist at Chainalysis, told the New York Times. “They are doing it in steadier amounts over sustained periods of time, and they are taking it off exchanges andholding it as an investment.”
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• 30 Ways To Dig Yourself Out of Debt
• Are You Spending More Than the Average American on 25 Everyday Items?
• 60 Money Moves That Could Set You Up for Life
• Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
This article originally appeared onGOBankingRates.com:Bitcoin Price Hits All-Time High || Bitcoin Price Hits All-Time High: Bitcoin reached a new all-time high on Monday, priced at around $19,860, surpassing its previous record high price of $19,873 in mid-December 2017. The surge in Bitcoin’s price reflects investor excitement around it, suggesting that Bitcoin’s days as the eccentric black sheep of the currency family are finally over. Since the close of 2019, Bitcoin has catapulted more than 175%.
Bitcoin’s ascent is owed to a few factors including recent moves by digital payment titans Square andPayPal to enable customers to buy and sell Bitcoin on its platforms. Fidelity is also launching a Bitcoin fund for top investors, and Bitcoin futures are now trading on the Chicago Mercantile Exchange. Bitcoin is also attractive during the economic uncertainty posed by the COVID-19 pandemic. As an independent monetary system, Bitcoin isn’t attached to the value of the U.S. dollar or any other government-issued currency. This makes it an attractive investment when the dollar is declining.
People who might have turned their nose at Bitcoin for its volatility or passed on it because it is pretty confusing to fully understand are now warming up to the cryptocurrency as it matures. The cryptocurrency was launched in 2009, under the condition that only 21 million tokens would ever be created.
“It’s a very different set of people who are buying Bitcoin recently,” Philip Gradwell, the chief economist at Chainalysis, told the New York Times. “They are doing it in steadier amounts over sustained periods of time, and they are taking it off exchanges andholding it as an investment.”
More From GOBankingRates
• 30 Ways To Dig Yourself Out of Debt
• Are You Spending More Than the Average American on 25 Everyday Items?
• 60 Money Moves That Could Set You Up for Life
• Guns and 32 Other Things You Definitely Do NOT Need To Buy During the Coronavirus Pandemic
This article originally appeared onGOBankingRates.com:Bitcoin Price Hits All-Time High || 5 Reasons Why Bitcoin Just Hit an All-Time High Price: Bitcoin surged Monday to a new all-time high price of $19,864, extending its year-to-date rise to an astounding 170% during a 2020 that has seen tumultuous swings in global markets.
Here are five reasons why the oldest and largest cryptocurrency has pushed to new highs.
Some institutional investors are taking onbitcoinexposure,such as buying into the publicly traded Grayscale Bitcoin Trust(GBTC), according to a Nov. 20 report from analysts at JPMorgan Chase. (Note: Grayscale is a unit of Digital Currency Group, which owns CoinDesk.) Guggenheim, a money manager that oversees $233 billion for investors, said in regulatory filings its Macro Opportunities Fund might allocate up to 10% of net assets to GBTC,CoinDesk reported Nov. 28. As well, the outstanding number of bitcoin futures contracts is surging on the Chicago Mercantile Exchange, seen as another sign that big investors are using commodities markets to speculate on the cryptocurrency’s price, according to the JPMorgan report.
Related:First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving
Well-known hedge fund managers are increasingly calling bitcoin a long-term investment. Legendary managers, includingPaul Tudor Jones IIandStanley Druckenmiller, have recently said the cryptocurrency’s price, as denominated in U.S. dollars, could rise as the Federal Reserve prints money to help finance the government’s coronavirus-related emergency stimulus bills. The central bank has thus far created more than $3 trillion of new money in 2020, or more than three quarters of the entire amount created during its prior 107-year history.
Wall Street analysts have made positive comments over the past few days. AllianceBernstein, a $631 billion money manager, published a report saying the post-pandemic economic environment could create a role for bitcoin in investors’ asset allocation,CoinDesk reported Monday. Inigo Fraser Jenkins, co-head of the portfolio strategy team at Bernstein Research, wrote that when it comes to a role in hedging against inflation, “the driver of bitcoin is similar to that as for gold.”
PayPal (PYPL) is allowing customers – some 346 million active accounts – to buy bitcoin. The person-to-person payments networkannounced Oct. 21it would let customers buy, sell and hold bitcoin. According to the company, the cryptocurrency will become a “funding source for purchases at its 26 million merchants worldwide.”
The bitcoin market last week overcame a major source of concern – bitcoin outflows from one of the world’s biggest cryptocurrency exchanges, OKEx. Some traders and analysts had speculated the end of a five-week suspension of withdrawals might translate into liquidations that could put selling pressure on the bitcoin market. Data extracted from the cryptocurrency’s underlying blockchain network showed some24,631 bitcoin, worth $500 million at current prices, flowed out of the exchange in the 24 hours after the suspension was lifted last week.
Related:Google Searches for 'Bitcoin Price' Hit 18-Month High
But bitcoin’s price action shows the market shrugged off the news, along with other negative developments, such as rumors the U.S. Treasury Department might beconsidering onerous cryptocurrency regulations. Traders also appeared to ignore data showing some large bitcoin traders – known as “whales” – might be preparing to dump their holdings in response to the cryptocurrency’s price rise.
• 5 Reasons Why Bitcoin Just Hit an All-Time High Price
• 5 Reasons Why Bitcoin Just Hit an All-Time High Price || 5 Reasons Why Bitcoin Just Hit an All-Time High Price: Bitcoin surged Monday to a new all-time high price of $19,864, extending its year-to-date rise to an astounding 170% during a 2020 that has seen tumultuous swings in global markets. Here are five reasons why the oldest and largest cryptocurrency has pushed to new highs. Institutional interest Some institutional investors are taking on bitcoin exposure, such as buying into the publicly traded Grayscale Bitcoin Trust (GBTC), according to a Nov. 20 report from analysts at JPMorgan Chase. (Note: Grayscale is a unit of Digital Currency Group, which owns CoinDesk.) Guggenheim, a money manager that oversees $233 billion for investors, said in regulatory filings its Macro Opportunities Fund might allocate up to 10% of net assets to GBTC, CoinDesk reported Nov. 28 . As well, the outstanding number of bitcoin futures contracts is surging on the Chicago Mercantile Exchange, seen as another sign that big investors are using commodities markets to speculate on the cryptocurrencys price, according to the JPMorgan report. Hedge fund managers have a long view Related: First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving Well-known hedge fund managers are increasingly calling bitcoin a long-term investment. Legendary managers, including Paul Tudor Jones II and Stanley Druckenmiller , have recently said the cryptocurrencys price, as denominated in U.S. dollars, could rise as the Federal Reserve prints money to help finance the governments coronavirus-related emergency stimulus bills. The central bank has thus far created more than $3 trillion of new money in 2020, or more than three quarters of the entire amount created during its prior 107-year history. Analysts are positive Wall Street analysts have made positive comments over the past few days. AllianceBernstein, a $631 billion money manager, published a report saying the post-pandemic economic environment could create a role for bitcoin in investors asset allocation, CoinDesk reported Monday . Inigo Fraser Jenkins, co-head of the portfolio strategy team at Bernstein Research, wrote that when it comes to a role in hedging against inflation, the driver of bitcoin is similar to that as for gold. Story continues The PayPal effect PayPal (PYPL) is allowing customers some 346 million active accounts to buy bitcoin. The person-to-person payments network announced Oct. 21 it would let customers buy, sell and hold bitcoin. According to the company, the cryptocurrency will become a funding source for purchases at its 26 million merchants worldwide. Ok on OKEx The bitcoin market last week overcame a major source of concern bitcoin outflows from one of the worlds biggest cryptocurrency exchanges, OKEx. Some traders and analysts had speculated the end of a five-week suspension of withdrawals might translate into liquidations that could put selling pressure on the bitcoin market. Data extracted from the cryptocurrencys underlying blockchain network showed some 24,631 bitcoin , worth $500 million at current prices, flowed out of the exchange in the 24 hours after the suspension was lifted last week. Related: Google Searches for 'Bitcoin Price' Hit 18-Month High But bitcoins price action shows the market shrugged off the news, along with other negative developments, such as rumors the U.S. Treasury Department might be considering onerous cryptocurrency regulations . Traders also appeared to ignore data showing some large bitcoin traders known as whales might be preparing to dump their holdings in response to the cryptocurrencys price rise. Related Stories 5 Reasons Why Bitcoin Just Hit an All-Time High Price 5 Reasons Why Bitcoin Just Hit an All-Time High Price || 5 Reasons Why Bitcoin Just Hit an All-Time High Price: Bitcoin surged Monday to a new all-time high price of $19,864, extending its year-to-date rise to an astounding 170% during a 2020 that has seen tumultuous swings in global markets.
Here are five reasons why the oldest and largest cryptocurrency has pushed to new highs.
Some institutional investors are taking onbitcoinexposure,such as buying into the publicly traded Grayscale Bitcoin Trust(GBTC), according to a Nov. 20 report from analysts at JPMorgan Chase. (Note: Grayscale is a unit of Digital Currency Group, which owns CoinDesk.) Guggenheim, a money manager that oversees $233 billion for investors, said in regulatory filings its Macro Opportunities Fund might allocate up to 10% of net assets to GBTC,CoinDesk reported Nov. 28. As well, the outstanding number of bitcoin futures contracts is surging on the Chicago Mercantile Exchange, seen as another sign that big investors are using commodities markets to speculate on the cryptocurrency’s price, according to the JPMorgan report.
Related:First Mover: Bitcoin's Failure to Break $20K Shows Big Investors Only Just Arriving
Well-known hedge fund managers are increasingly calling bitcoin a long-term investment. Legendary managers, includingPaul Tudor Jones IIandStanley Druckenmiller, have recently said the cryptocurrency’s price, as denominated in U.S. dollars, could rise as the Federal Reserve prints money to help finance the government’s coronavirus-related emergency stimulus bills. The central bank has thus far created more than $3 trillion of new money in 2020, or more than three quarters of the entire amount created during its prior 107-year history.
Wall Street analysts have made positive comments over the past few days. AllianceBernstein, a $631 billion money manager, published a report saying the post-pandemic economic environment could create a role for bitcoin in investors’ asset allocation,CoinDesk reported Monday. Inigo Fraser Jenkins, co-head of the portfolio strategy team at Bernstein Research, wrote that when it comes to a role in hedging against inflation, “the driver of bitcoin is similar to that as for gold.”
PayPal (PYPL) is allowing customers – some 346 million active accounts – to buy bitcoin. The person-to-person payments networkannounced Oct. 21it would let customers buy, sell and hold bitcoin. According to the company, the cryptocurrency will become a “funding source for purchases at its 26 million merchants worldwide.”
The bitcoin market last week overcame a major source of concern – bitcoin outflows from one of the world’s biggest cryptocurrency exchanges, OKEx. Some traders and analysts had speculated the end of a five-week suspension of withdrawals might translate into liquidations that could put selling pressure on the bitcoin market. Data extracted from the cryptocurrency’s underlying blockchain network showed some24,631 bitcoin, worth $500 million at current prices, flowed out of the exchange in the 24 hours after the suspension was lifted last week.
Related:Google Searches for 'Bitcoin Price' Hit 18-Month High
But bitcoin’s price action shows the market shrugged off the news, along with other negative developments, such as rumors the U.S. Treasury Department might beconsidering onerous cryptocurrency regulations. Traders also appeared to ignore data showing some large bitcoin traders – known as “whales” – might be preparing to dump their holdings in response to the cryptocurrency’s price rise.
• 5 Reasons Why Bitcoin Just Hit an All-Time High Price
• 5 Reasons Why Bitcoin Just Hit an All-Time High Price
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19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35.
|
[Bitcoin Technical Analysis for 2015-11-05]
Volume: 151824992, RSI (14-day): 75.57, 50-day EMA: 284.42, 200-day EMA: 261.47
[Wider Market Context]
Gold Price: 1104.40, Gold RSI: 31.70
Oil Price: 45.20, Oil RSI: 47.06
[Recent News (last 7 days)]
Bitcoin is exploding higher, but no one can agree on why: (REUTERS)
Bitcoin gained another 6% Wednesday, reaching a new high for the year.
The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago.
What's behind this? Investors and brokers can't agree.
In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence ofa convicted Ponzi schemer's latest gambit.
Another catalyst for recent appreciation comes from Europe, saysAdam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume.
The European Court of Justice recently ruled that thecryptocurrency is exemptfrom the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online.
What is certain is that use of bitcoin by consumers and trading is broadly on the rise.
"There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says.
In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data.
It is true that Chinese investors are eager to trade bitcoin, White says.
In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million.
That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform — people making trades in dollar amounts worth up to six figures, White said.
Perhaps most telling — at least about the recent jump — is that there's been a recent surge in trading, sharp rise innew usersign-ups, according to White.
So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin.
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• Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment || Bitcoin is exploding higher, but no one can agree on why: traders (REUTERS) Bitcoin gained another 6% Wednesday, reaching a new high for the year. The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago. What's behind this? Investors and brokers can't agree. In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence of a convicted Ponzi schemer 's latest gambit. Another catalyst for recent appreciation comes from Europe, says Adam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume. The European Court of Justice recently ruled that the cryptocurrency is exempt from the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online. What is certain is that use of bitcoin by consumers and trading is broadly on the rise. "There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says. In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data. It is true that Chinese investors are eager to trade bitcoin, White says. In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million. That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform people making trades in dollar amounts worth up to six figures, White said. Perhaps most telling at least about the recent jump is that there's been a recent surge in trading, sharp rise in new user sign-ups, according to White. So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin. NOW WATCH: 'The Art Of War' holds the keys to success on Wall Street More From Business Insider Bitcoin is going nuts The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment View comments || Bitcoin is exploding higher, but no one can agree on why: (REUTERS)
Bitcoin gained another 6% Wednesday, reaching a new high for the year.
The cryptocurrency reached the $450 mark late in the day before falling back to $425. That's compared with around $250 a month ago.
What's behind this? Investors and brokers can't agree.
In the last few days, explanations have included a rise in demand from China, an upcoming auction by US Marshals of seized bitcoin, and the influence ofa convicted Ponzi schemer's latest gambit.
Another catalyst for recent appreciation comes from Europe, saysAdam White, vice president and product manager at Coinbase, one of the biggest bitcoin exchanges globally by volume.
The European Court of Justice recently ruled that thecryptocurrency is exemptfrom the region's "value added tax," which White compared to the decision by US taxation authorities in the 1990s to not implement taxes on goods sold online.
What is certain is that use of bitcoin by consumers and trading is broadly on the rise.
"There has been a steady increase in the number of transactions processed on the bitcoin blockchain," White says.
In the last two years, the number of bitcoin transactions has increased threefold from 50,000 daily to about 140,000 today, according to Blockchain.info, which tracks bitcoin data.
It is true that Chinese investors are eager to trade bitcoin, White says.
In the US, between 300,000 and 500,000 bitcoin are traded daily, White said. But in China, that daily figure has been closer to 1 million to 1.2 million.
That isn't to say US investors are neglecting the currency. There has been a three-times increase in the relative trading volume by what are referred to as "High Net Worth" traders on Coinbase's trading platform — people making trades in dollar amounts worth up to six figures, White said.
Perhaps most telling — at least about the recent jump — is that there's been a recent surge in trading, sharp rise innew usersign-ups, according to White.
So what's behind the recent surge in bitcoin? Maybe just the surge in bitcoin.
NOW WATCH:'The Art Of War' holds the keys to success on Wall Street
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• Bitcoin is going nuts
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• Even As Bitcoin Gets Obliterated, Retailers Say They Will Still Accept It As A Form Of Payment || This convicted Ponzi-schemer may be responsible for bitcoin's massive price spike: (REUTERS/Sergei Karpukhin)Sergei Mavrodi is a convicted Russian Ponzi-schemer who may be driving bitcoin's value up now.
Bitcoin is ripping higher these days, and a report from the Financial Times suggests that a convicted Ponzi-schemer's latest enterprise could be behind the surge.
Sergei Mavrodi runs the website MMM, which describes itself as the "Chinese social financial network."
There,he breaks down in precise detail how investorscan buy into bitcoin with multiple trading accounts, FT Alphaville'sIzabella Kaminskareports.
Mavrodi offers bonuses to MMM investors depending on how many additional people they can bring into the network, and, additionally, he entices people to take to YouTube to uploadtestimonials of how much they made.
While US-based bitcoin investors were reluctant to hang the entire balance of the cryptocurrency's appreciation (about 90% over the past month) on Mavrodi's Chinese social-financial network, they also cannot deny the recent impact of China's investors on bitcoin.
"We have not seen volume like this coming out of China since 2013,"Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker, told Business Insider.
On Tuesday,bitcoin shot up about 10%, to around the $400 level, and on Wednesday it rose another 20% by the opening of US markets, to $480.
Business Insider attempted to reach Mavrodi through his website, but did not receive a response by publication time.
Here's the post on the Alphaville blog.
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• BITCOIN: How It Works, And Why It Could Fundamentally Change How Companies And Individuals Handle Payments
• One Of Bitcoin's Strongest Backers Reveals The Two Big Reasons Why It's Still Not Mainstream || This convicted Ponzi-schemer may be responsible for bitcoin's massive price spike: Sergei Mavrodi (REUTERS/Sergei Karpukhin) Sergei Mavrodi is a convicted Russian Ponzi-schemer who may be driving bitcoin's value up now. Bitcoin is ripping higher these days, and a report from the Financial Times suggests that a convicted Ponzi-schemer's latest enterprise could be behind the surge. Sergei Mavrodi runs the website MMM, which describes itself as the "Chinese social financial network." There, he breaks down in precise detail how investors can buy into bitcoin with multiple trading accounts, FT Alphaville's Izabella Kaminska reports. Mavrodi offers bonuses to MMM investors depending on how many additional people they can bring into the network, and, additionally, he entices people to take to YouTube to upload testimonials of how much they made. While US-based bitcoin investors were reluctant to hang the entire balance of the cryptocurrency's appreciation (about 90% over the past month) on Mavrodi's Chinese social-financial network, they also cannot deny the recent impact of China's investors on bitcoin. "We have not seen volume like this coming out of China since 2013," Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker, told Business Insider. On Tuesday, bitcoin shot up about 10% , to around the $400 level, and on Wednesday it rose another 20% by the opening of US markets, to $480. Business Insider attempted to reach Mavrodi through his website, but did not receive a response by publication time. Here's the post on the Alphaville blog. NOW WATCH: The way you pay with a credit card will start to change on October 1 — here's what you need to know More From Business Insider The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today BITCOIN: How It Works, And Why It Could Fundamentally Change How Companies And Individuals Handle Payments One Of Bitcoin's Strongest Backers Reveals The Two Big Reasons Why It's Still Not Mainstream || 10 things you need to know today: man on pig (https://pictures.reuters.com/C.aspx?VP3=SearchResult Farmer Zhang Xianping with pig Big Precious during an interview with the media in Zhangjiakou, Hebei province, China. Here is what you need to know. Volkswagen has another emissions scandal . The German automaker announced that an internal investigation had discovered "irregularities in CO2 levels" in as many as 800,000 vehicles. It is unclear whether the irregularities are related to the recently discovered emissions scandal related to nitrogen-oxide testing. " Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process," Volkswagen said in a statement. "The majority of the vehicles concerned have diesel engines." Tesla is flying high after its latest outlook . Shares of Tesla were up 10% in after-hours trade after the company announced it expected to deliver 17,000 to 19,000 vehicles in the fourth quarter, outpacing the Wall Street consensus. For all of 2015, Tesla said it would deliver 50,000 to 52,000 vehicles, narrowing its range from its previous estimate of 50,000 to 55,000. On the earnings front, the electric-car maker lost $0.58 per share, which was slightly worse than the $0.56 loss that was anticipated. Revenue jumped 33.4% to $1.24 billion, in line with estimates. US auto sales are at the highest level in a decade . The latest Autodata showed US auto sales rose at an annualized pace of 18.24 million in October, the best in a decade. The number easily surpassed the Wall Street consensus of 17.7 million vehicles . Mazda (+35.4%) saw the biggest gains, while General Motors (+16%) and Ford (+13%) posted solid results. BMW USA (-6.6%) was the lone decliner. Honda is dumping Takata airbags . The AFP reports that Takata's largest client, Honda, has severed its relationship with the company after US authorities announced a $200 million fine against the airbag maker. Takata airbags have been linked to eight deaths and even more injuries around the world. "On a global basis, no new Honda and Acura models currently under development will be equipped with a front driver or passenger Takata airbag inflator," Honda said in a statement. Shares of Takata were down as much as 20% in Tokyo. Story continues Iceland raised rates . Iceland's central bank raised its benchmark interest rate 25 basis points to 5.75%. The central bank noted that domestic demand was expected to increase by more than 7% this year and that gross domestic product was forecast to grow at 4.6%. As for inflation, the central bank said: "It is still expected that large pay increases will cause inflation to rise above the target as 2016 progresses and the effects of low global inflation taper off. Inflation will not return to target until 2018." The Icelandic krona is weaker by 0.2% at 128.90 per dollar. European services data was strong . October Services PMI for the eurozone was released, and it showed that every country outpaced expectations except for Germany. Spain saw the biggest month-over-month increase, as its reading climbed from 54.6 in September to 55.9 in October and easily beat the 54.6 that was expected. Germany's number ticked up to 54.5 from 54.1 but missed the 55.2 that economists were expecting. The eurozone as a whole improved to 54.1 from 53.7. The euro is down 0.3% at 1.0935. Bitcoin has gone parabolic . On Tuesday, bitcoin rallied 10% to close just shy of the $400 mark. On Wednesday morning, bitcoin is up another 15% near $454. The digital currency has surged 89% since the beginning of October. Stock markets around the world are higher. China's Shanghai Composite (+4.3%) surged after the People's Bank of China released some dated comments from governor Zhou Xiaochuan. In Europe, Spain's IBEX (+1.2%) leads the gains. S&P 500 futures are higher by 2.75 points at 2,105.75. US economic data is moderate. ADP Employment Change is due out at 8:15 a.m. ET before the trade balance crosses the wires at 8:30 a.m. ET and ISM Services is released at 10 a.m. ET. Crude-oil inventories will be announced at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.20%. Earnings reporting remains heavy. 21st Century Fox, Allergan, CDW, Honda Motor, Michael Kors, and Time Warner highlight the names scheduled to release their quarterly results ahead of the opening bell. Facebook, Marathon Oil, MetLife, Prudential, Qualcomm, Sturm Ruger, and Whole Foods are among the companies reporting after markets close. NOW WATCH: Here's the Bill Cosby joke Eddie Murphy did at the Kennedy Center that everyone's talking about More From Business Insider 10 things you need to know today 10 things you need to know today 10 things you need to know today || 10 things you need to know today: (https://pictures.reuters.com/C.aspx?VP3=SearchResultFarmer Zhang Xianping with pig Big Precious during an interview with the media in Zhangjiakou, Hebei province, China.
Here is what you need to know.
Volkswagen has another emissions scandal.The German automaker announced that an internal investigation had discovered "irregularities in CO2 levels" in as many as 800,000 vehicles. It is unclear whether the irregularities are related to the recently discovered emissions scandal related to nitrogen-oxide testing. "Under the ongoing review of all processes and workflows in connection with diesel engines it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process," Volkswagen said in a statement. "The majority of the vehicles concerned have diesel engines."
Tesla is flying high after its latest outlook.Shares of Tesla were up 10% in after-hours trade after the company announced it expected to deliver 17,000 to 19,000 vehicles in the fourth quarter, outpacing the Wall Street consensus. For all of 2015, Tesla said it would deliver 50,000 to 52,000 vehicles, narrowing its range from its previous estimate of 50,000 to 55,000. On the earnings front, the electric-car maker lost $0.58 per share, which was slightly worse than the $0.56 loss that was anticipated. Revenue jumped 33.4% to $1.24 billion, in line with estimates.
US auto sales are at the highest level in a decade.The latest Autodata showed US auto sales rose at an annualized pace of 18.24 million in October, the best in a decade. The number easily surpassed the Wall Street consensus of17.7 million vehicles. Mazda (+35.4%) saw the biggest gains, while General Motors (+16%) and Ford (+13%) posted solid results. BMW USA (-6.6%) was the lone decliner.
Honda is dumping Takata airbags.The AFP reports that Takata's largest client, Honda, has severed its relationship with the company after US authorities announced a $200 million fine against the airbag maker. Takata airbags have been linked to eight deaths and even more injuries around the world."On a global basis, no new Honda and Acura models currently under development will be equipped with a front driver or passenger Takata airbag inflator," Honda said in a statement. Shares of Takata were down as much as 20% in Tokyo.
Iceland raised rates.Iceland's central bank raised its benchmark interest rate 25 basis points to 5.75%. The central bank noted that domestic demand was expected to increase by more than 7% this year and that gross domestic product was forecast to grow at 4.6%. As for inflation, the central bank said: "It is still expected that large pay increases will cause inflation to rise above the target as 2016 progresses and the effects of low global inflation taper off. Inflation will not return to target until 2018." The Icelandic krona is weaker by 0.2% at 128.90 per dollar.
European services data was strong.October Services PMI for the eurozone was released, and it showed that every country outpaced expectations except for Germany. Spain saw the biggest month-over-month increase, as its reading climbed from 54.6 in September to 55.9 in October and easily beat the 54.6 that was expected. Germany's number ticked up to 54.5 from 54.1 but missed the 55.2 that economists were expecting. The eurozone as a whole improved to 54.1 from 53.7. The euro is down 0.3% at 1.0935.
Bitcoin has gone parabolic.On Tuesday, bitcoin rallied 10% to close just shy of the $400 mark. On Wednesday morning, bitcoin is up another 15% near $454. The digital currency has surged 89% since the beginning of October.
Stock markets around the world are higher.China's Shanghai Composite (+4.3%) surged after the People's Bank of China released some dated comments fromgovernor Zhou Xiaochuan. In Europe, Spain's IBEX (+1.2%) leads the gains. S&P 500 futures are higher by 2.75 points at 2,105.75.
US economic data is moderate.ADP Employment Change is due out at 8:15 a.m. ET before the trade balance crosses the wires at 8:30 a.m. ET and ISM Services is released at 10 a.m. ET. Crude-oil inventories will be announced at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 2.20%.
Earnings reporting remains heavy.21st Century Fox, Allergan, CDW, Honda Motor, Michael Kors, and Time Warner highlight the names scheduled to release their quarterly results ahead of the opening bell. Facebook, Marathon Oil, MetLife, Prudential, Qualcomm, Sturm Ruger, and Whole Foods are among the companies reporting after markets close.
NOW WATCH:Here's the Bill Cosby joke Eddie Murphy did at the Kennedy Center that everyone's talking about
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• 10 things you need to know today || Bitcoin is going nuts: (George Frey/Getty Images)
Another day, another monster run for bitcoin traders.
Bitcoin was trading around $240 in the beginning of October. Now — after a gain of 10% on Tuesday added to its earlier run — it's closer to $400.
Now, bitcoin traders are looking for answers as to why the cryptocurrency is skyrocketing in value.
"You're seeing more and more institutional investors moving into the space," said Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker.
Demand has been coming from China. O'Connor said the daily volume of bitcoin trades from China has been two to three times the ordinary amount over the past two weeks.
It's not just the value of bitcoin that's increasing; it's also the prevalence of use.
The number ofdaily bitcoin transactions appears to be steadily rising, according to tracking site Coinbase. And that has the potential to have a tremendous effect on the cryptocurrency.
"We are seeing unprecedented volume globally," said Michael Sonnenshein of Grayscale Investments, which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. Bitcoin Investment Trust hasn't been public very long, but it enjoyed a run-up ofmore than 7% on the good news Tuesday.
Neither O'Connor nor Sonneshein centered on a single factor that is boosting bitcoin's value. Sonneshein pointed out that as bitcoin auctions run by the US Marshals draw closer (only in a handful of instances), the cryptocurrency tends to see increased trading activity.
The next government auction of seized bitcoin isNovember 5.
Here's a graph tracking bitcoin:
(Blockchain.info)Blockchain.info captures the run-up in bitcoin prices.
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• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
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• FINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014 || Bitcoin is going nuts: (George Frey/Getty Images)
Another day, another monster run for bitcoin traders.
Bitcoin was trading around $240 in the beginning of October. Now — after a gain of 10% on Tuesday added to its earlier run — it's closer to $400.
Now, bitcoin traders are looking for answers as to why the cryptocurrency is skyrocketing in value.
"You're seeing more and more institutional investors moving into the space," said Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker.
Demand has been coming from China. O'Connor said the daily volume of bitcoin trades from China has been two to three times the ordinary amount over the past two weeks.
It's not just the value of bitcoin that's increasing; it's also the prevalence of use.
The number ofdaily bitcoin transactions appears to be steadily rising, according to tracking site Coinbase. And that has the potential to have a tremendous effect on the cryptocurrency.
"We are seeing unprecedented volume globally," said Michael Sonnenshein of Grayscale Investments, which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. Bitcoin Investment Trust hasn't been public very long, but it enjoyed a run-up ofmore than 7% on the good news Tuesday.
Neither O'Connor nor Sonneshein centered on a single factor that is boosting bitcoin's value. Sonneshein pointed out that as bitcoin auctions run by the US Marshals draw closer (only in a handful of instances), the cryptocurrency tends to see increased trading activity.
The next government auction of seized bitcoin isNovember 5.
Here's a graph tracking bitcoin:
(Blockchain.info)Blockchain.info captures the run-up in bitcoin prices.
NOW WATCH:JAMES ALTUCHER: 'Warren Buffett is a f-----g liar'
More From Business Insider
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• Bitcoin keeps surging, makes another new high for 2015
• FINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014 || Bitcoin is going nuts: bitcoin (George Frey/Getty Images) Another day, another monster run for bitcoin traders. Bitcoin was trading around $240 in the beginning of October. Now after a gain of 10% on Tuesday added to its earlier run it's closer to $400. Now, bitcoin traders are looking for answers as to why the cryptocurrency is skyrocketing in value. "You're seeing more and more institutional investors moving into the space," said Brendan O'Connor, CEO of Genesis Global Trading, a bitcoin broker. Demand has been coming from China. O'Connor said the daily volume of bitcoin trades from China has been two to three times the ordinary amount over the past two weeks. It's not just the value of bitcoin that's increasing; it's also the prevalence of use. The number of daily bitcoin transactions appears to be steadily rising , according to tracking site Coinbase. And that has the potential to have a tremendous effect on the cryptocurrency. "We are seeing unprecedented volume globally," said Michael Sonnenshein of Grayscale Investments, which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. Bitcoin Investment Trust hasn't been public very long, but it enjoyed a run-up of more than 7% on the good news Tuesday . Neither O'Connor nor Sonneshein centered on a single factor that is boosting bitcoin's value. Sonneshein pointed out that as bitcoin auctions run by the US Marshals draw closer (only in a handful of instances), the cryptocurrency tends to see increased trading activity. The next government auction of seized bitcoin is November 5 . Here's a graph tracking bitcoin: Screen Shot 2015 11 03 at 4.41.12 PM (Blockchain.info) Blockchain.info captures the run-up in bitcoin prices. NOW WATCH: JAMES ALTUCHER: 'Warren Buffett is a f-----g liar' More From Business Insider The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today Bitcoin keeps surging, makes another new high for 2015 FINANCE PROFESSOR: Bitcoin Will Crash To $10 By Mid-2014 || Bitcoin spikes 70% in a month; nobody knows why: Bitcoin(:BTC=), the world's most popular digital currency, has been on a roll — but no one is really sure why.
After dipping well below $200 in January, bitcoin traded at more than $410 Tuesday afternoon before cutting some of those gains, according to the CoinDesk Bitcoin Price Index. That's about 25 percent higher than the same time last year but well below the historical high of about $1,150.
This upswing, which began about a month ago when bitcoin traded below $240, comes on the heels of a steady stream of good news for the digital asset and its associated ecosystem. But even with recent favorable regulatory rulings, press coverage and business investments, experts in the space are struggling to explain the one-month jump of more than 70 percent.
For comparison, gold(CEC:Commodities Exchange Centre: @GC.1)is down about 5 percent on the year, and slightly negative on the month.
Some have attributed the size of the recent jump toinvestors' fear of missing out (FOMO), while others such as "Fast Money" trader Brian Kelly point to ecosystem headlines like theWinklevoss twins launching their exchangeand the Digital Currency Groupannouncing fundingfrom Bain and MasterCard(MA).
But bitcoin has boasted a steady parade of media highlights and major investments from important financial firms all year, so it's not immediately obvious why this past month would mark a turning point.
Read MoreWhy financial firms are investigating bitcoin tech
Brendan O'Connor, the CEO of bitcoin trading firm Genesis Global Trading, told CNBC he has no easy answers about the price jump. Although he said rumors were flying around the community about international rings of traders teaming up to drive up the exchange rate, O'Connor was unable to confirm anything he'd heard.
For its part, Genesis Global is experiencing a "dramatic increase in activity" from renewed interest in bitcoin as a tradable asset, O'Connor said.
"When the price starts going up, people start coming out of the woodwork," he said. "We're setting new records almost on a daily basis for amount traded and number of transactions."
Read MoreBitcoin to be 6th largest reserve currency by 2030: Research
It should be noted that bitcoin is a relatively illiquid market, so its exchange rate against major world currencies has been historically volatile. Still, O'Connor said volume from the Chinese bitcoin market has been "off the charts," so there may be a genuine upswing in interest from that region.
In fact, Kelly suggested in a Tuesday note that Beijing's tightening of capital controls may have spurred some of the recent price gains.
Additionally, many in the bitcoin community insist that the daily price of the cryptocurrency is not a relevant metric, as it distracts from the world-changing potential of the technology.
Others worry that the cycle of mainstream media coverage on bitcoin's price will recreate a story they've seen before:
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin spikes 70% in a month; nobody knows why: Bitcoin(:BTC=), the world's most popular digital currency, has been on a roll — but no one is really sure why.
After dipping well below $200 in January, bitcoin traded at more than $410 Tuesday afternoon before cutting some of those gains, according to the CoinDesk Bitcoin Price Index. That's about 25 percent higher than the same time last year but well below the historical high of about $1,150.
This upswing, which began about a month ago when bitcoin traded below $240, comes on the heels of a steady stream of good news for the digital asset and its associated ecosystem. But even with recent favorable regulatory rulings, press coverage and business investments, experts in the space are struggling to explain the one-month jump of more than 70 percent.
For comparison, gold(CEC:Commodities Exchange Centre: @GC.1)is down about 5 percent on the year, and slightly negative on the month.
Some have attributed the size of the recent jump toinvestors' fear of missing out (FOMO), while others such as "Fast Money" trader Brian Kelly point to ecosystem headlines like theWinklevoss twins launching their exchangeand the Digital Currency Groupannouncing fundingfrom Bain and MasterCard(MA).
But bitcoin has boasted a steady parade of media highlights and major investments from important financial firms all year, so it's not immediately obvious why this past month would mark a turning point.
Read MoreWhy financial firms are investigating bitcoin tech
Brendan O'Connor, the CEO of bitcoin trading firm Genesis Global Trading, told CNBC he has no easy answers about the price jump. Although he said rumors were flying around the community about international rings of traders teaming up to drive up the exchange rate, O'Connor was unable to confirm anything he'd heard.
For its part, Genesis Global is experiencing a "dramatic increase in activity" from renewed interest in bitcoin as a tradable asset, O'Connor said.
"When the price starts going up, people start coming out of the woodwork," he said. "We're setting new records almost on a daily basis for amount traded and number of transactions."
Read MoreBitcoin to be 6th largest reserve currency by 2030: Research
It should be noted that bitcoin is a relatively illiquid market, so its exchange rate against major world currencies has been historically volatile. Still, O'Connor said volume from the Chinese bitcoin market has been "off the charts," so there may be a genuine upswing in interest from that region.
In fact, Kelly suggested in a Tuesday note that Beijing's tightening of capital controls may have spurred some of the recent price gains.
Additionally, many in the bitcoin community insist that the daily price of the cryptocurrency is not a relevant metric, as it distracts from the world-changing potential of the technology.
Others worry that the cycle of mainstream media coverage on bitcoin's price will recreate a story they've seen before:
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin spikes 70% in a month; nobody knows why: Bitcoin (:BTC=) , the world's most popular digital currency, has been on a roll but no one is really sure why. After dipping well below $200 in January, bitcoin traded at more than $410 Tuesday afternoon before cutting some of those gains, according to the CoinDesk Bitcoin Price Index. That's about 25 percent higher than the same time last year but well below the historical high of about $1,150. This upswing, which began about a month ago when bitcoin traded below $240, comes on the heels of a steady stream of good news for the digital asset and its associated ecosystem. But even with recent favorable regulatory rulings, press coverage and business investments, experts in the space are struggling to explain the one-month jump of more than 70 percent. For comparison, gold (CEC:Commodities Exchange Centre: @GC.1) is down about 5 percent on the year, and slightly negative on the month. Some have attributed the size of the recent jump to investors' fear of missing out (FOMO) , while others such as "Fast Money" trader Brian Kelly point to ecosystem headlines like the Winklevoss twins launching their exchange and the Digital Currency Group announcing funding from Bain and MasterCard ( MA ) . But bitcoin has boasted a steady parade of media highlights and major investments from important financial firms all year, so it's not immediately obvious why this past month would mark a turning point. Read More Why financial firms are investigating bitcoin tech Brendan O'Connor, the CEO of bitcoin trading firm Genesis Global Trading, told CNBC he has no easy answers about the price jump. Although he said rumors were flying around the community about international rings of traders teaming up to drive up the exchange rate, O'Connor was unable to confirm anything he'd heard. For its part, Genesis Global is experiencing a "dramatic increase in activity" from renewed interest in bitcoin as a tradable asset, O'Connor said. "When the price starts going up, people start coming out of the woodwork," he said. "We're setting new records almost on a daily basis for amount traded and number of transactions." Story continues Read More Bitcoin to be 6th largest reserve currency by 2030: Research It should be noted that bitcoin is a relatively illiquid market, so its exchange rate against major world currencies has been historically volatile. Still, O'Connor said volume from the Chinese bitcoin market has been "off the charts," so there may be a genuine upswing in interest from that region. In fact, Kelly suggested in a Tuesday note that Beijing's tightening of capital controls may have spurred some of the recent price gains. Additionally, many in the bitcoin community insist that the daily price of the cryptocurrency is not a relevant metric, as it distracts from the world-changing potential of the technology. Martindale tweet. Others worry that the cycle of mainstream media coverage on bitcoin's price will recreate a story they've seen before: Lopp tweet. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin to be major reserve currency by 2030: Research: Bitcoin(: BTC=)industry insiders have issued an optimistic prediction for the cryptocurrency over the next few decades, suggesting it could be as widely used as the Swiss franc or the Australian dollar.
U.K.-based Magister Advisors, which advises the technology industry on mergers and acquisitions, interviewed thirty of the leading bitcoin companies from across the globe. It found a consensus view that bitcoin will become the sixth largest global reserve currency within 15 years.
A reserve currency is a currency that is held in large amounts by governments and institutions as part of their foreign exchange reserves, with the U.S. dollar(Intercontinental Exchange US: .DXY)currently being the most popular.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. It was trading at $374 on Tuesday morning, just off its year-to-date high, according to industry websiteCoinDesk. However, many observers believe the real value of the cryptocurrency lies in the technology behind the coin known as the blockchain, a public and transparent ledger of all bitcoin transactions.
The survey found that an estimated $1 billion will be spent by the top 100 financial institutions on blockchain-related projects over the next 24 months. Jeremy Millar, partner at Magister Advisors who led the research, said that the blockchain was the most significant advancement in enterprise IT in the last decade.
"We have now reached a fork in the road with bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions," he predicted in an accompanying press release on Tuesday morning.
In September, 13 of the world's leading banks joined a project to explore the possibilities behind using a type of distributed ledger in the mainstream financial world. Institutions like Bank of America, Citi and Deutsche Bank joined others like Goldman Sachs and J.P. Morgan which had already signed up.
For many, it's the ledger that shows the real promise while the cryptocurrency itself is seen by some as having more of a shelf life. Aside from financials, the public ledger has a host of other useful applications. Pantera Capital in the U.S. is investing in a firm that is using the technology to help detect counterfeiting in the luxury goods industry. Simon Derrick, chief currency strategist at BNY Mellon, told CNBC via email Tuesday that he suspects the interesting part to the bitcoin story will be the underlying technology and whether it facilitates the introduction of truly digital currencies.
Bitcoin is also renowned for its volatility and has been heavily criticized for facilitating illegal activity, given that it can be used anonymously.
Jeffrey Robinson, the author of "BitCon: The Naked Truth about Bitcoin" is one such notable critic. He has told CNBC previously that he believes it is a "pretend currency masquerading as a pretend commodity" and says bitcoin advocates are akin to "snake oil salesmen."
The report by Magister Advisors on Tuesday directly tackled this issue of volatility. It said that the primary usage of bitcoin today in developed markets was for speculation. The survey's respondents estimated that 90 percent of bitcoin by value is being held for speculation, not for commercial transactions.
More From CNBC
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• Personal Finance || Bitcoin to be major reserve currency by 2030: Research: Bitcoin (: BTC=) industry insiders have issued an optimistic prediction for the cryptocurrency over the next few decades, suggesting it could be as widely used as the Swiss franc or the Australian dollar. U.K.-based Magister Advisors, which advises the technology industry on mergers and acquisitions, interviewed thirty of the leading bitcoin companies from across the globe. It found a consensus view that bitcoin will become the sixth largest global reserve currency within 15 years. A reserve currency is a currency that is held in large amounts by governments and institutions as part of their foreign exchange reserves, with the U.S. dollar (Intercontinental Exchange US: .DXY) currently being the most popular. Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. It was trading at $374 on Tuesday morning, just off its year-to-date high, according to industry website CoinDesk . However, many observers believe the real value of the cryptocurrency lies in the technology behind the coin known as the blockchain, a public and transparent ledger of all bitcoin transactions. The survey found that an estimated $1 billion will be spent by the top 100 financial institutions on blockchain-related projects over the next 24 months. Jeremy Millar, partner at Magister Advisors who led the research, said that the blockchain was the most significant advancement in enterprise IT in the last decade. "We have now reached a fork in the road with bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions," he predicted in an accompanying press release on Tuesday morning. In September, 13 of the world's leading banks joined a project to explore the possibilities behind using a type of distributed ledger in the mainstream financial world. Institutions like Bank of America, Citi and Deutsche Bank joined others like Goldman Sachs and J.P. Morgan which had already signed up. Story continues For many, it's the ledger that shows the real promise while the cryptocurrency itself is seen by some as having more of a shelf life. Aside from financials, the public ledger has a host of other useful applications. Pantera Capital in the U.S. is investing in a firm that is using the technology to help detect counterfeiting in the luxury goods industry. Simon Derrick, chief currency strategist at BNY Mellon, told CNBC via email Tuesday that he suspects the interesting part to the bitcoin story will be the underlying technology and whether it facilitates the introduction of truly digital currencies. Bitcoin is also renowned for its volatility and has been heavily criticized for facilitating illegal activity, given that it can be used anonymously. Jeffrey Robinson, the author of "BitCon: The Naked Truth about Bitcoin" is one such notable critic. He has told CNBC previously that he believes it is a "pretend currency masquerading as a pretend commodity" and says bitcoin advocates are akin to "snake oil salesmen." The report by Magister Advisors on Tuesday directly tackled this issue of volatility. It said that the primary usage of bitcoin today in developed markets was for speculation. The survey's respondents estimated that 90 percent of bitcoin by value is being held for speculation, not for commercial transactions. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin to be major reserve currency by 2030: Research: Bitcoin(: BTC=)industry insiders have issued an optimistic prediction for the cryptocurrency over the next few decades, suggesting it could be as widely used as the Swiss franc or the Australian dollar.
U.K.-based Magister Advisors, which advises the technology industry on mergers and acquisitions, interviewed thirty of the leading bitcoin companies from across the globe. It found a consensus view that bitcoin will become the sixth largest global reserve currency within 15 years.
A reserve currency is a currency that is held in large amounts by governments and institutions as part of their foreign exchange reserves, with the U.S. dollar(Intercontinental Exchange US: .DXY)currently being the most popular.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. It was trading at $374 on Tuesday morning, just off its year-to-date high, according to industry websiteCoinDesk. However, many observers believe the real value of the cryptocurrency lies in the technology behind the coin known as the blockchain, a public and transparent ledger of all bitcoin transactions.
The survey found that an estimated $1 billion will be spent by the top 100 financial institutions on blockchain-related projects over the next 24 months. Jeremy Millar, partner at Magister Advisors who led the research, said that the blockchain was the most significant advancement in enterprise IT in the last decade.
"We have now reached a fork in the road with bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions," he predicted in an accompanying press release on Tuesday morning.
In September, 13 of the world's leading banks joined a project to explore the possibilities behind using a type of distributed ledger in the mainstream financial world. Institutions like Bank of America, Citi and Deutsche Bank joined others like Goldman Sachs and J.P. Morgan which had already signed up.
For many, it's the ledger that shows the real promise while the cryptocurrency itself is seen by some as having more of a shelf life. Aside from financials, the public ledger has a host of other useful applications. Pantera Capital in the U.S. is investing in a firm that is using the technology to help detect counterfeiting in the luxury goods industry. Simon Derrick, chief currency strategist at BNY Mellon, told CNBC via email Tuesday that he suspects the interesting part to the bitcoin story will be the underlying technology and whether it facilitates the introduction of truly digital currencies.
Bitcoin is also renowned for its volatility and has been heavily criticized for facilitating illegal activity, given that it can be used anonymously.
Jeffrey Robinson, the author of "BitCon: The Naked Truth about Bitcoin" is one such notable critic. He has told CNBC previously that he believes it is a "pretend currency masquerading as a pretend commodity" and says bitcoin advocates are akin to "snake oil salesmen."
The report by Magister Advisors on Tuesday directly tackled this issue of volatility. It said that the primary usage of bitcoin today in developed markets was for speculation. The survey's respondents estimated that 90 percent of bitcoin by value is being held for speculation, not for commercial transactions.
More From CNBC
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• Personal Finance || Bitcoin keeps surging, makes another new high for 2015: (A sign welcomes consumers paying in bitcoin.Thomson Reuters)
2015 may be the year that bitcoin rebounded.
The digital currency smashed through a new high for the year on Monday morning, trading at nearly $370 andcontinuingits impressive streak as of late.
Bitcoin has been on a big run for much of the last two months, gaining about 70% on private exchanges since hitting a second-half low of $213 in late August.
For investors who bought in during bitcoin's headiest days to date, in early 2014, that's not enough of a rebound: before the price of the digital currency plummeted in 2014, it reached more than $1100 a bitcoin.
Now, after bitcoin's big seven-week run, it is trading at around $363 a coin.
Even as detractors to bitcoin point toward a difficult-to-regulate culture that has popped up around the cryptocurrency, there is a growing push from well-known investors to advance thepayment technology.
In October, investors including MasterCard and Bain Capital Ventures provided backing toBarry Silbert's Digital Currency Group. Already, Silbert's latest project has backed dozens of cryptocurrenty startups, largely focusing on bitcoin deals.
BitcoinCharts.com tracks the daily price of the cryptocurrency, and captures the last month's run-up in value. Monday morning marked the biggest single day of gains for bitcoin, as it rose about 10% in one day.
(Bitcoin value has been growing steadily over the last two months.BitcoinCharts.com)
NOW WATCH:Ex-Wells Fargo employees reveal how some bankers abused customers
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• Chase has debuted a new card aimed at small businesses
• Deutsche Bank is shuffling some of its top investment bankers in the US
• American Express has linked up with Global Payments || Bitcoin keeps surging, makes another new high for 2015: (A sign welcomes consumers paying in bitcoin.Thomson Reuters)
2015 may be the year that bitcoin rebounded.
The digital currency smashed through a new high for the year on Monday morning, trading at nearly $370 andcontinuingits impressive streak as of late.
Bitcoin has been on a big run for much of the last two months, gaining about 70% on private exchanges since hitting a second-half low of $213 in late August.
For investors who bought in during bitcoin's headiest days to date, in early 2014, that's not enough of a rebound: before the price of the digital currency plummeted in 2014, it reached more than $1100 a bitcoin.
Now, after bitcoin's big seven-week run, it is trading at around $363 a coin.
Even as detractors to bitcoin point toward a difficult-to-regulate culture that has popped up around the cryptocurrency, there is a growing push from well-known investors to advance thepayment technology.
In October, investors including MasterCard and Bain Capital Ventures provided backing toBarry Silbert's Digital Currency Group. Already, Silbert's latest project has backed dozens of cryptocurrenty startups, largely focusing on bitcoin deals.
BitcoinCharts.com tracks the daily price of the cryptocurrency, and captures the last month's run-up in value. Monday morning marked the biggest single day of gains for bitcoin, as it rose about 10% in one day.
(Bitcoin value has been growing steadily over the last two months.BitcoinCharts.com)
NOW WATCH:Ex-Wells Fargo employees reveal how some bankers abused customers
More From Business Insider
• Chase has debuted a new card aimed at small businesses
• Deutsche Bank is shuffling some of its top investment bankers in the US
• American Express has linked up with Global Payments || Bitcoin keeps surging, makes another new high for 2015: A beer poured for a customer sits on a bar next to a Bitcoin sign in central Sydney, Australia, September 29, 2015. REUTERS/David Gray (A sign welcomes consumers paying in bitcoin.Thomson Reuters) 2015 may be the year that bitcoin rebounded. The digital currency smashed through a new high for the year on Monday morning, trading at nearly $370 and continuing its impressive streak as of late. Bitcoin has been on a big run for much of the last two months, gaining about 70% on private exchanges since hitting a second-half low of $213 in late August. For investors who bought in during bitcoin's headiest days to date, in early 2014, that's not enough of a rebound: before the price of the digital currency plummeted in 2014, it reached more than $1100 a bitcoin. Now, after bitcoin's big seven-week run, it is trading at around $363 a coin. Even as detractors to bitcoin point toward a difficult-to-regulate culture that has popped up around the cryptocurrency, there is a growing push from well-known investors to advance the payment technology . In October, investors including MasterCard and Bain Capital Ventures provided backing to Barry Silbert's Digital Currency Group . Already, Silbert's latest project has backed dozens of cryptocurrenty startups, largely focusing on bitcoin deals. BitcoinCharts.com tracks the daily price of the cryptocurrency, and captures the last month's run-up in value. Monday morning marked the biggest single day of gains for bitcoin, as it rose about 10% in one day. Screen Shot 2015 11 02 at 4.53.04 PM (Bitcoin value has been growing steadily over the last two months.BitcoinCharts.com) NOW WATCH: Ex-Wells Fargo employees reveal how some bankers abused customers More From Business Insider Chase has debuted a new card aimed at small businesses Deutsche Bank is shuffling some of its top investment bankers in the US American Express has linked up with Global Payments || DAN LOEB: These 5 fears have 'overwhelmed' the market: (Reuters / Steve Markus)Daniel Loeb, founder and CEO of Third Point.
Activist investor Daniel Loeb, the founder of Third Point, laid out five fears that have "overwhelmed" the market inhis third-quarter investorletter:
1. "A weakening China, where the new question is not whether but how severe the slowdown of the world's foremost growth machine will be. In August, we saw for the first time the limits of the Chinese government's ability to manipulate the economy as animal spirits triumphed over central planning. While the situation has stabilized somewhat since, the downside scenario for China seems more intimidating than ever before;
2. "Janet Yellen may have inadvertently checked herself and the Fed into the Hotel California. It is increasingly difficult to see how the Fed can justify raising rates in 2015, particularly considering recent employment weakness in the U.S. (an unwelcome surprise) and similar softness in manufacturing figures. Unlike the concerns that weighed on the Committee earlier in the year — that a rate hike might damage the fragile environment outside of the U.S. — recent data undermining consensus U.S. growth assumptions requires different analysis. If the U.S. consumer is weaker than had previously been believed, the Fed needs to be careful not to push the world into a recession. Ms. Yellen cannot afford to get this wrong;
3. "With 2016 looming on the horizon, market participants see some inexperienced, unserious candidates leading on the GOP side and economically unfriendly Democrats on the other. Republicans in the House are now also deeply divided and relying on Paul Ryan's leadership to pull them back from the brink. None of this increases market confidence;
4. "The Middle East is in shambles; a situation spilling over increasingly into Europe with potentially far-reaching consequences for both regions;
5. "Investors feel there is no longer a monetary safety net, as a tidal shift in fund flows from central banks has removed the 'Fed put', creating headwinds instead of tailwinds."
Third Point fell 8.9% in the third quarter, while the S&P 500 fell 6.4%. Third Point was down 4.5% for the first nine months of the year, while the S&P fell 5.3% in that same period.
As a group, activist investors — who take large positions in companies and agitate for shareholder-friendly changes — were among the most publicized losers in the third quarter, according to performance data from HSBC. Names such as Greenlight Capital, Glenview Capital, Pershing Square, and Marcato got bruised, according to HSBC.
In the letter, dated October 30, Loeb noted that short selling has become more attractive. He currently has more single short names than longs in his portfolio. He still has significant positions in the fund's "highest conviction, event-rich names."
"The conviction to keep and add to our core healthcare names during the sell-off enabled us to re-establish ourselves on positive footing this month," he wrote.
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[Social Media Buzz]
Join us LIVE at 7:00 PM for The #BitPanel Cyber Security in the #Bitcoin Era http://youtu.be/tIQjhM5Bke0 @WorldCryptoNet @Airbitz @HeroCitySpace || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000003
Bittrex: 0.00000004
Average $1.2E-5 per #reddcoin
15:00:02 || LIVE: Profit = $74.92 (4.26 %). BUY B4.66 @ $380.00 (#VirCurex). SELL @ $387.45 (#HitBTC) #bitcoin #btc - … pic.twitter.com/u1cWVf6Jkk || $393.96 #bitstamp;
$392.72 #bitfinex;
$392.17 #coinbase;
$387.00 #btce;
#bitcoin #btc via #ThePr...
|
374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23.
|
[Bitcoin Technical Analysis for 2016-06-18]
Volume: 252718000, RSI (14-day): 82.38, 50-day EMA: 553.17, 200-day EMA: 446.32
[Wider Market Context]
None available.
[Recent News (last 7 days)]
This Is The Hacker Taking The Fight To ISIS: A hacker by the name of WauchulaGhost is doing his/her part in battling the terrorist group ISIS where it has a dominant presence: online. Terrorist groups like ISIS are notorious for maintaining a strong social media presence to spread their propaganda and recruit new members. Over the past month, WauchulaGhost has hacked over 250 accounts on Twitter Inc (NYSE: TWTR ) that have been linked with ISIS members. Related Link: Orlando Shooting: How Past Acts Of Terror Affected Stock Markets The hacker replaces ISIS' terrorist ideology and content with pornography and gay pride messages an act that is even more meaningful following the terrorist attack in Orlando, Florida, in which a gunman pledged allegiance to ISIS and massacred 49 people at a gay club. hacker2.jpg Once an account is hacked, ISIS' black flags are replaced with rainbows and gay couples embracing. The hacker has a network of people across the world willing to help him however possible, including translating conversations to and from Arabic. hacker4.jpg "There was a few of us... that discovered a vulnerability," the hacker told CNNMoney. "We thought, 'Hey let's go start taking their accounts ... and [start] humiliating them.'" The hacker also criticized social media companies, including Twitter, for not doing enough to shut down the accounts linked to Terrorist groups. For its part, Twitter told CNN Money it has suspended over 125,000 accounts related to ISIS sine the middle of 2015. hacker1.jpg "Sometimes you have to stand up for what you believe in," he told CNNMoney. "If you want change, you have to make that change, even if it means doing something illegal." See more from Benzinga Reaction To Criticism Of 'Chef Curry' Shoe Cooking Up Buying Opportunity For Under Armour London's Tech Sector Thinks Brexit Will Be A Disaster Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || This Is The Hacker Taking The Fight To ISIS: A hacker by the name ofWauchulaGhostis doing his/her part in battling the terrorist group ISIS where it has a dominant presence: online.
Terrorist groups like ISIS are notorious for maintaining a strong social media presence to spread their propaganda and recruit new members. Over the past month, WauchulaGhost has hacked over 250 accounts onTwitter Inc(NYSE:TWTR) that have been linked with ISIS members.
Related Link:Orlando Shooting: How Past Acts Of Terror Affected Stock Markets
The hacker replaces ISIS' terrorist ideology and content with pornography and gay pride messages — an act that is even more meaningful following the terrorist attack in Orlando, Florida, in which a gunman pledged allegiance to ISIS and massacred 49 people at a gay club.
Once an account is hacked, ISIS' black flags are replaced with rainbows and gay couples embracing. The hacker has a network of people across the world willing to help him however possible, including translating conversations to and from Arabic.
"There was a few of us... that discovered a vulnerability," the hacker told CNNMoney. "We thought, 'Hey let's go start taking their accounts ... and [start] humiliating them.'"
The hacker also criticized social media companies, including Twitter, for not doing enough to shut down the accounts linked to Terrorist groups. For its part, Twitter told CNN Money it has suspended over 125,000 accounts related to ISIS sine the middle of 2015.
"Sometimes you have to stand up for what you believe in," he told CNNMoney. "If you want change, you have to make that change, even if it means doing something illegal."
See more from Benzinga
• Reaction To Criticism Of 'Chef Curry' Shoe Cooking Up Buying Opportunity For Under Armour
• London's Tech Sector Thinks Brexit Will Be A Disaster
• Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || London's Tech Sector Thinks Brexit Will Be A Disaster: The British people will vote next week in a national election to decide the country's fate within the European Union. The vote, dubbed "Brexit," will ask the people if they want Britain to remain a member of the European Union or not. Recent polls suggest a vote to leave the EU is currently winning, but it's still a very close race. According to Tech Crunch, a survey of 320 members of the Tech London Advocates, a collection of technology leaders, experts and investors, also found that 87 percent believe the country would be in better shape remaining part of the EU. Related Link: Would Falkland/Malvinas Islands' Sovereignty Be At Risk With A Brexit? "My concern [about Brexit] is that if people felt there was a better chance of exploiting the European market from a place like Berlin, they'll just choose that or other locations instead," Tech Crunch quoted Gary Stewart, the UK Director of WAYRA, a leading startup accelerator as saying. "Startups will always go to places where they'll have the best possibility of success." Christian Hernandez, a managing partner at White Star Capital, a venture capital firm based in London, shared a similar sentiment. He is worried that an exit from the European Union would result in startups and tech entrepreneurs no longer choosing London as a base of operation. After all, London is widely considered to be the venture financial capital for Europe. The reality is that life post-Brexit marks an uncharted territory, and no one knows what the landscape will look like, Tech Crunch concluded. See more from Benzinga Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City Wells Fargo's Hateful 8: Shares Are Down 8 Sessions In A Row, Worst Streak In 8 Years © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || London's Tech Sector Thinks Brexit Will Be A Disaster: The British people will vote next week in a national election to decide the country's fate within the European Union.
The vote, dubbed "Brexit," will ask the people if they want Britain to remain a member of the European Union or not. Recent polls suggest a vote to leave the EU is currently winning, but it's still a very close race.
According toTech Crunch,a survey of 320 members of the Tech London Advocates, a collection of technology leaders, experts and investors, also found that 87 percent believe the country would be in better shape remaining part of the EU.
Related Link:Would Falkland/Malvinas Islands' Sovereignty Be At Risk With A Brexit?
"My concern [about Brexit] is that if people felt there was a better chance of exploiting the European market from a place like Berlin, they'll just choose that or other locations instead," Tech Crunch quoted Gary Stewart, the UK Director of WAYRA, a leading startup accelerator as saying. "Startups will always go to places where they'll have the best possibility of success."
Christian Hernandez, a managing partner at White Star Capital, a venture capital firm based in London, shared a similar sentiment. He is worried that an exit from the European Union would result in startups and tech entrepreneurs no longer choosing London as a base of operation. After all, London is widely considered to be the venture financial capital for Europe.
The reality is that life post-Brexit marks an uncharted territory, and no one knows what the landscape will look like, Tech Crunch concluded.
See more from Benzinga
• Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know
• Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City
• Wells Fargo's Hateful 8: Shares Are Down 8 Sessions In A Row, Worst Streak In 8 Years
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || INVESTMENT FOCUS-Index-eligible or not, China's allure dimmed by yuan fears: By Sujata Rao
LONDON, June 17 (Reuters) - Just as China's $10 trillion bond and equity markets appear to be on the cusp of joining global indexes, investors who long sought free access to these assets have started to worry that any returns would be hit by a weakening yuan.
Many were disappointed by MSCI's decision this week to keep China's mainland listed A-shares off its emerging market indexes on the grounds that Beijing needed to make its markets more easily accessible to foreign investors.
But market watchers said the decision, made after months of consultations with investors, at least partly reflected fund managers' unease about allocating more to yuan-denominated assets. Currently, MSCI indexes include only Chinese stocks listed offshore which are freely traded.
China's mainland stocks will almost certainly be added to equity indexes in the coming years, if not months, as will the country's $7 trillion government bond market, the world's third-biggest.
That should bring more capital inflows, especially as foreign holdings of local shares and bonds currently amount to just $180 billion, JPMorgan calculates.
But the timing is tricky.
An economy growing at its slowest pace in 25 years, falling exports and potential U.S. interest rate rises are seen portending yuan weakness. Memories are still fresh of last August's devaluation, when the yuan fell 2.7 percent against the dollar in one week.
"There is pent-up demand for exposure to China, but we are probably in a period when the world is happy not to hold too much of it," said Kieran Curtis, a bond fund manager at Standard Life Investments.
"You get a pretty decent (bond) yield but people will be reluctant to pile in because of expectations of currency depreciation."
Recent yuan moves give credence to such fears.
Authorities have recently been fixing the official exchange rate at steadily weaker levels, pushing it to five-year lows. That weakness and a surge in outbound investment could also fuel a resumption of last year's huge capital outflows.
The yuan has fallen 8 percent against the dollar since the end of 2013, ceding a quarter of its appreciation since 2005. But against its trading partners' currencies it has fallen 4.3 percent this year, suffering more trade-weighted depreciation than any emerging currency other than the Mexican peso.
INDEX INCLUSION
Keen to boost the international profile of its markets and currency, Beijing has rushed to make the changes that index providers require, relaxing quota-based investment programmes and clamping down on arbitrary share suspensions.
Bond investors were told last month they would be able to remit money more freely, a move seen as potentially enabling entry to major debt indexes and bringing in at least $155 billion, according to JPMorgan estimates.
JPMorgan has already put China on a watchlist for its GBI-EM emerging bond index.
China's government pays 3 percent on its 10-year bonds, far higher than any other country whose currency is in the International Monetary Fund's SDR basket.
But while this is high in the global context, it may seem paltry to emerging debt specialists who earn more than 6 percent on the GBI-EM index on average.
"At this juncture I don't think China will attract material interest...it will be the lowest yielding market in the (GBI-EM) index. Plus the tail risk that they could devalue," said Naveen Kunam, portfolio manager at Allianz Global Investors.
Indeed, non-deliverable forwards (NDFs), derivatives used by investors to lock in future exchange rates, price the yuan at 6.8 per dollar in a year's time versus the spot rate of 6.6.
This is down from January peaks close to 7 but investors planning to buy Chinese assets should use the pullback to add yuan hedges, analysts at Goldman Sachs advise.
Hedging erodes returns: Someone holding a six-month NDF, for example, would pay away roughly 1.2 percent of the yield earned.
WAIT
Many therefore say they will wait.
"FX risk is something to take into account because with the yield differential being quite low with the U.S., the FX effect becomes more influential in your investment decision," said PineBridge Investments' portfolio manager Anders Faergeman.
Another 5-10 percent yuan depreciation versus the dollar would get him interested in Chinese bonds, Faergeman added.
Of course not everyone believes yuan weakening is inevitable. China's exports are competitive enough without a devaluation, analysts at asset manager Matthews Asia say.
Sentiment, however, is powerful.
Reuters reported this month that investors inside and outside China were employing various strategies to profit from yuan weakness, including buying Bitcoin and shorting Hong Kong stocks correlated to the exchange rate.
Shanghai shares have fallen almost 20 percent this year and China funds tracked by EPFR Global have seen around $2.5 billion in outflows. That's part of a broader picture of capital flight from Chinese firms and individuals, with May alone seeing $27 billion flee.
Patrick Mange, head of EM strategy at BNP Paribas Investment Partners says big yuan devaluation risks are actually small as China can easily tighten capital controls if needed.
"This risk is in the mind of people, it is a longer-term risk which would impact this market."
(Additional reporting by Karin Strohecker and Nicola Saminather in Singapore, graphics by Vincent Flasseur and Nigel Stephenson; Editing by Hugh Lawson) || INVESTMENT FOCUS-Index-eligible or not, China's allure dimmed by yuan fears: By Sujata Rao LONDON, June 17 (Reuters) - Just as China's $10 trillion bond and equity markets appear to be on the cusp of joining global indexes, investors who long sought free access to these assets have started to worry that any returns would be hit by a weakening yuan. Many were disappointed by MSCI's decision this week to keep China's mainland listed A-shares off its emerging market indexes on the grounds that Beijing needed to make its markets more easily accessible to foreign investors. But market watchers said the decision, made after months of consultations with investors, at least partly reflected fund managers' unease about allocating more to yuan-denominated assets. Currently, MSCI indexes include only Chinese stocks listed offshore which are freely traded. China's mainland stocks will almost certainly be added to equity indexes in the coming years, if not months, as will the country's $7 trillion government bond market, the world's third-biggest. That should bring more capital inflows, especially as foreign holdings of local shares and bonds currently amount to just $180 billion, JPMorgan calculates. But the timing is tricky. An economy growing at its slowest pace in 25 years, falling exports and potential U.S. interest rate rises are seen portending yuan weakness. Memories are still fresh of last August's devaluation, when the yuan fell 2.7 percent against the dollar in one week. "There is pent-up demand for exposure to China, but we are probably in a period when the world is happy not to hold too much of it," said Kieran Curtis, a bond fund manager at Standard Life Investments. "You get a pretty decent (bond) yield but people will be reluctant to pile in because of expectations of currency depreciation." Recent yuan moves give credence to such fears. Authorities have recently been fixing the official exchange rate at steadily weaker levels, pushing it to five-year lows. That weakness and a surge in outbound investment could also fuel a resumption of last year's huge capital outflows. Story continues The yuan has fallen 8 percent against the dollar since the end of 2013, ceding a quarter of its appreciation since 2005. But against its trading partners' currencies it has fallen 4.3 percent this year, suffering more trade-weighted depreciation than any emerging currency other than the Mexican peso. INDEX INCLUSION Keen to boost the international profile of its markets and currency, Beijing has rushed to make the changes that index providers require, relaxing quota-based investment programmes and clamping down on arbitrary share suspensions. Bond investors were told last month they would be able to remit money more freely, a move seen as potentially enabling entry to major debt indexes and bringing in at least $155 billion, according to JPMorgan estimates. JPMorgan has already put China on a watchlist for its GBI-EM emerging bond index. China's government pays 3 percent on its 10-year bonds, far higher than any other country whose currency is in the International Monetary Fund's SDR basket. But while this is high in the global context, it may seem paltry to emerging debt specialists who earn more than 6 percent on the GBI-EM index on average. "At this juncture I don't think China will attract material interest...it will be the lowest yielding market in the (GBI-EM) index. Plus the tail risk that they could devalue," said Naveen Kunam, portfolio manager at Allianz Global Investors. Indeed, non-deliverable forwards (NDFs), derivatives used by investors to lock in future exchange rates, price the yuan at 6.8 per dollar in a year's time versus the spot rate of 6.6. This is down from January peaks close to 7 but investors planning to buy Chinese assets should use the pullback to add yuan hedges, analysts at Goldman Sachs advise. Hedging erodes returns: Someone holding a six-month NDF, for example, would pay away roughly 1.2 percent of the yield earned. WAIT Many therefore say they will wait. "FX risk is something to take into account because with the yield differential being quite low with the U.S., the FX effect becomes more influential in your investment decision," said PineBridge Investments' portfolio manager Anders Faergeman. Another 5-10 percent yuan depreciation versus the dollar would get him interested in Chinese bonds, Faergeman added. Of course not everyone believes yuan weakening is inevitable. China's exports are competitive enough without a devaluation, analysts at asset manager Matthews Asia say. Sentiment, however, is powerful. Reuters reported this month that investors inside and outside China were employing various strategies to profit from yuan weakness, including buying Bitcoin and shorting Hong Kong stocks correlated to the exchange rate. Shanghai shares have fallen almost 20 percent this year and China funds tracked by EPFR Global have seen around $2.5 billion in outflows. That's part of a broader picture of capital flight from Chinese firms and individuals, with May alone seeing $27 billion flee. Patrick Mange, head of EM strategy at BNP Paribas Investment Partners says big yuan devaluation risks are actually small as China can easily tighten capital controls if needed. "This risk is in the mind of people, it is a longer-term risk which would impact this market." (Additional reporting by Karin Strohecker and Nicola Saminather in Singapore, graphics by Vincent Flasseur and Nigel Stephenson; Editing by Hugh Lawson) || Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know: The attention given to bitcoin by the broader investment community might have peaked years ago, but its price is surging yet again, implying renewed focus and attention toward the digital currency. The price of one bitcoin was trading at $740.84 early Friday morning. In fact, the value of bitcoin has gained around 30 percent this week and 200 percent this year. Bitcoin bottomed at around $230 a year ago and has been slowly gaining in value before gaining momentum in late May when it was trading at around $450. What Happened? According to Tech Crunch, bitcoin was designed to eventually have a total float of 21 million coins and none can be added or taken away from the market. As time goes on, fewer Bitcoins will be mined and enter into circulation. Related Link: China & The Code: Keys To Bitcoin Hitting A 2-Year High Bitcoin's core dictates that every 210,000 blocks mined will result in the mining reward being slashed in half. In about three weeks, the reward will fall to 12.5 BTC per block, down from 50 BTC per block in 2012. This cuts in to the miners profits but represents the natural and designated evolution of the bitcoin economy. Tech Crunch also suggested major updates to the core technology that powers Bitcoin is driving up demand for the digital currency. Finally, the rise in Bitcoin could also be attributed to the same themes causing uncertainty in the equity market such as an uncertain economic outlook in Asia, the upcoming Brexit vote and the U.S. election. "One last parting piece of advice as exciting and tempting as it is to watch any form of real money appreciate so quickly, remember to remain rational," Tech Crunch warned. "Almost anyone who has ever been involved in Bitcoin is probably kicking themselves right now for not stocking up a year ago or even a week ago. Others may feel a temptation to stock up right now because they think the price is only going up. This is probably an awful idea. As we've learned, Bitcoin is its own beast, and will do what it wants. If you try to time any public market you most likely are going to lose a lot of money." Story continues See more from Benzinga Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City Wells Fargo's Hateful 8: Shares Are Down 8 Sessions In A Row, Worst Streak In 8 Years Viacom's Guidance Shredded Because Of Teenage Mutant Ninja Turtles © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know: The attention given to bitcoin by the broader investment community might have peaked years ago, but its price is surging yet again, implying renewed focus and attention toward the digital currency.
The price of one bitcoin was trading at $740.84 early Friday morning. In fact, the value of bitcoin has gained around 30 percent this week and 200 percent this year.
Bitcoin bottomed at around $230 a year ago and has been slowly gaining in value before gaining momentum in late May when it was trading at around $450.
What Happened?
According toTech Crunch,bitcoin was designed to eventually have a total float of 21 million coins and none can be added or taken away from the market. As time goes on, fewer Bitcoins will be mined and enter into circulation.
Related Link:China & The Code: Keys To Bitcoin Hitting A 2-Year High
Bitcoin's core dictates that every 210,000 blocks mined will result in the mining reward being slashed in half. In about three weeks, the reward will fall to 12.5 BTC per block, down from 50 BTC per block in 2012. This cuts in to the miners profits but represents the natural and designated evolution of the bitcoin economy.
Tech Crunch also suggested major updates to the core technology that powers Bitcoin is driving up demand for the digital currency.
Finally, the rise in Bitcoin could also be attributed to the same themes causing uncertainty in the equity market such as an uncertain economic outlook in Asia, the upcoming Brexit vote and the U.S. election.
"One last parting piece of advice — as exciting and tempting as it is to watch any form of real money appreciate so quickly, remember to remain rational," Tech Crunch warned. "Almost anyone who has ever been involved in Bitcoin is probably kicking themselves right now for not stocking up a year ago or even a week ago. Others may feel a temptation to stock up right now because they think the price is only going up. This is probably an awful idea. As we've learned, Bitcoin is its own beast, and will do what it wants. If you try to time any public market you most likely are going to lose a lot of money."
See more from Benzinga
• Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City
• Wells Fargo's Hateful 8: Shares Are Down 8 Sessions In A Row, Worst Streak In 8 Years
• Viacom's Guidance Shredded Because Of Teenage Mutant Ninja Turtles
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Is Up 30% This Week And 200% This Year: Here Is What You Need To Know: The attention given to bitcoin by the broader investment community might have peaked years ago, but its price is surging yet again, implying renewed focus and attention toward the digital currency.
The price of one bitcoin was trading at $740.84 early Friday morning. In fact, the value of bitcoin has gained around 30 percent this week and 200 percent this year.
Bitcoin bottomed at around $230 a year ago and has been slowly gaining in value before gaining momentum in late May when it was trading at around $450.
What Happened?
According toTech Crunch,bitcoin was designed to eventually have a total float of 21 million coins and none can be added or taken away from the market. As time goes on, fewer Bitcoins will be mined and enter into circulation.
Related Link:China & The Code: Keys To Bitcoin Hitting A 2-Year High
Bitcoin's core dictates that every 210,000 blocks mined will result in the mining reward being slashed in half. In about three weeks, the reward will fall to 12.5 BTC per block, down from 50 BTC per block in 2012. This cuts in to the miners profits but represents the natural and designated evolution of the bitcoin economy.
Tech Crunch also suggested major updates to the core technology that powers Bitcoin is driving up demand for the digital currency.
Finally, the rise in Bitcoin could also be attributed to the same themes causing uncertainty in the equity market such as an uncertain economic outlook in Asia, the upcoming Brexit vote and the U.S. election.
"One last parting piece of advice — as exciting and tempting as it is to watch any form of real money appreciate so quickly, remember to remain rational," Tech Crunch warned. "Almost anyone who has ever been involved in Bitcoin is probably kicking themselves right now for not stocking up a year ago or even a week ago. Others may feel a temptation to stock up right now because they think the price is only going up. This is probably an awful idea. As we've learned, Bitcoin is its own beast, and will do what it wants. If you try to time any public market you most likely are going to lose a lot of money."
See more from Benzinga
• Beijing Orders Apple To Halt Sales Of iPhone 6, iPhone 6 Plus Devices In The City
• Wells Fargo's Hateful 8: Shares Are Down 8 Sessions In A Row, Worst Streak In 8 Years
• Viacom's Guidance Shredded Because Of Teenage Mutant Ninja Turtles
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Britain will open payment system to non-banks, BoE's Carney says: By Ana Nicolaci da Costa LONDON (Reuters) - The Bank of England plans to open Britain's payments system to businesses that wanted to compete with banks, the head of the central bank said on Friday, as part of an effort to boost the financial technology sector. The BoE is also setting up a unit to work with financial technology firms to tackle central banking problems in areas such as data security and analysis, including spotting anomalies and patterns in large sets of data, Bank of England Governor Mark Carney said in a speech. More than 1,000 non-bank payments providers currently serve customers, Carney said, but they have to rely on just four banks for access to high-speed payments through Britain's real-time gross settlement system. Allowing more companies to settle transactions using money held at the central bank should bolster financial stability and enable more efficient payments, Carney said. "It is not a one-way street, however," Carney said. Appropriate standards will need to be set for new settlement account holders, he said, and legal changes will be needed, too. The central bank has been working more closely with financial technology firms to better understand the potential risks for financial stability from their growing importance in the banking system, Carney said. Consulting firm PwC said it had been involved in a pilot project with the BoE to look at distributed ledger technology, which underlies payment systems such as Bitcoin and gives users a single shared view of how a security has been traded. Britain accounts for about half of European financial technology start-ups, which use technology ranging from cloud data storage to smartphones to provide loans, insurance and payment services as well as more business-focused needs. Carney had originally planned to make the announcement on Thursday at a major speech in the City of London. The announcement was postponed after the killing of British lawmaker Jo Cox. (Additional reporting by David Milliken, editing by Larry King) || Britain will open payment system to non-banks, BoE's Carney says: By Ana Nicolaci da Costa LONDON (Reuters) - The Bank of England plans to open Britain's payments system to businesses that wanted to compete with banks, the head of the central bank said on Friday, as part of an effort to boost the financial technology sector. The BoE is also setting up a unit to work with financial technology firms to tackle central banking problems in areas such as data security and analysis, including spotting anomalies and patterns in large sets of data, Bank of England Governor Mark Carney said in a speech. More than 1,000 non-bank payments providers currently serve customers, Carney said, but they have to rely on just four banks for access to high-speed payments through Britain's real-time gross settlement system. Allowing more companies to settle transactions using money held at the central bank should bolster financial stability and enable more efficient payments, Carney said. "It is not a one-way street, however," Carney said. Appropriate standards will need to be set for new settlement account holders, he said, and legal changes will be needed, too. The central bank has been working more closely with financial technology firms to better understand the potential risks for financial stability from their growing importance in the banking system, Carney said. Consulting firm PwC said it had been involved in a pilot project with the BoE to look at distributed ledger technology, which underlies payment systems such as Bitcoin and gives users a single shared view of how a security has been traded. Britain accounts for about half of European financial technology start-ups, which use technology ranging from cloud data storage to smartphones to provide loans, insurance and payment services as well as more business-focused needs. Carney had originally planned to make the announcement on Thursday at a major speech in the City of London. The announcement was postponed after the killing of British lawmaker Jo Cox. (Additional reporting by David Milliken, editing by Larry King) || Your first trade for Friday, June 17: The " Fast Money " traders shared their first trades for Friday. Tim Seymour was a buyer of Diageo (London Stock Exchange: DGE-GB) . Steve Grasso was a buyer of DuPont (NYSE: DD) . Brian Kelly was a buyer of Viacom (NASDAQ: VIAB) . Guy Adami was a buyer of Molson Coors Brewing (NYSE: TAP) . Trader disclosure: On June 16, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA CC EVGN KBH MJNA MU OLN PFE PHM T TWTR UA GDX KIDS own EFA EFG EWJ IJR SPY NO SHORTS Stuart Frankel & Co Inc. and some of its Partners: CAH DAL LUV HLT AAPL TOL UAL WHR LDP WDR AVP CVX FCX IBM ICE KDUS KO MAT MCD MJNA NE NEM OLN OXY RIG STAG TAXI TEX TITXF URI VALE WDR WYNN ZNGA CUBA HSPO ICE AMZN MJNA TITXF NXTD. Brian Kelly is long Bitcoin, GLD, SFK, SLV, TLT, US Dollar UUP; he is short CS, DB, UBS. Tim Seymour is long AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday, June 17: The "Fast Money" traders shared their first trades for Friday.
Tim Seymour was a buyer of Diageo(London Stock Exchange: DGE-GB).
Steve Grasso was a buyer of DuPont(NYSE: DD).
Brian Kelly was a buyer of Viacom(NASDAQ: VIAB).
Guy Adami was a buyer of Molson Coors Brewing(NYSE: TAP).
Trader disclosure: On June 16, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA CC EVGN KBH MJNA MU OLN PFE PHM T TWTR UA GDX KIDS own EFA EFG EWJ IJR SPY NO SHORTS Stuart Frankel & Co Inc. and some of its Partners: CAH DAL LUV HLT AAPL TOL UAL WHR LDP WDR AVP CVX FCX IBM ICE KDUS KO MAT MCD MJNA NE NEM OLN OXY RIG STAG TAXI TEX TITXF URI VALE WDR WYNN ZNGA CUBA HSPO ICE AMZN MJNA TITXF NXTD. Brian Kelly is long Bitcoin, GLD, SFK, SLV, TLT, US Dollar UUP; he is short CS, DB, UBS. Tim Seymour is long AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr TORONTO/OTTAWA (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday. Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system. The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time." Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public. Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media. Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology. Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers. A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would then be used as a medium of exchange and could be converted back to cash. While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years. R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada. Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment. (Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr
TORONTO/OTTAWA (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday.
Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system.
The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time."
Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public.
Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media.
Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology.
Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers.
A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version.
The digital currency would then be used as a medium of exchange and could be converted back to cash.
While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years.
R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada.
Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment.
(Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr TORONTO/OTTAWA (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday. Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system. The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time." Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public. Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media. Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology. Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers. A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would then be used as a medium of exchange and could be converted back to cash. While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years. R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada. Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment. (Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr TORONTO/OTTAWA (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday. Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system. The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time." Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public. Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media. Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology. Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers. A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would then be used as a medium of exchange and could be converted back to cash. While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years. R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada. Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment. (Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr TORONTO/OTTAWA, June 16 (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday. Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system. The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time." Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public. Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media. Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology. Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers. A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would then be used as a medium of exchange and could be converted back to cash. While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years. R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada. Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment. (Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || Bank of Canada studies payments system using tech behind bitcoin: By Ethan Lou and Leah Schnurr TORONTO/OTTAWA, June 16 (Reuters) - The Bank of Canada is experimenting with a payments system based on the technology behind the bitcoin virtual currency, the central bank said on Thursday. Bank of Canada Senior Deputy Governor Carolyn Wilkins said the central bank has been working with commercial banks to build the experimental interbank payment system. The goal "is solely to better understand the technology first-hand," she said in a statement. "Other frameworks need to be investigated, and there are many hurdles that need to be cleared before such a system would ever be ready for prime time." Wilkins, expected to speak further on the issue on Friday, said the experiment is among many financial technology research projects. Such experiments, she noted, are not aimed at developing central-bank issued e-money for use by the general public. Details of the project, which uses the distributed-ledger technology associated with web-based currency bitcoin, were revealed at a payment-technology event in Calgary on Wednesday that was closed to media. Kyle Kemper, an entrepreneur and head of the Bitcoin Alliance of Canada, who was present at Wednesday's event, said the experiment is called "Project Jasper" and involves blockchain technology. Blockchain's distributed-ledger system allows users to conduct secure transactions with each other without the need for middlemen or central oversight, unlike traditional electronic funds transfers. A slide from a presentation at the event seen by Reuters details how the banks in the experiment would pledge cash collateral in a pool that the Bank of Canada would convert into a digital version. The digital currency would then be used as a medium of exchange and could be converted back to cash. While long known as the backbone of bitcoin, launched under a pseudonym, blockchain has garnered the attention of large financial institutions in recent years. R3, a New York-based research consortium that includes all of Canada's major banks, is a partner in the Bank of Canada's project, along with Payments Canada. Royal Bank of Canada, CIBC, TD Bank and Payments Canada declined to comment. (Reporting by Leah Schnurr and Ethan Lou; Editing by Dan Grebler) || VPN and VPS Provider ChangeIP Starts Accepting Bitcoin and Alipay: Due To Popular Demand in Mainland China, ChangeIP Has Enhanced the Company's Transactional Capability to Accept Alipay
MIAMI, FL / ACCESSWIRE / June 16, 2016 /ChangeIP.comnow accepts for payment both the cryptographic currency Bitcoin and China's leading third-party online payment solution, Alipay.
"Due to popular demand and to serve the rapidly growing market in mainland China, ChangeIP has enhanced the company's transactional capability to accept Alipay," said ChangeIP General Manager Kapil Jain.
Alipay works like an escrow service, solving the issue of settlement risk in China. Bitcoin, which utilizes SHA-256 encryption for both its Proof-of-Work (PoW) system and transaction verification, goes hand-in-hand with ChangeIP's focus on privacy and security.
"The world faces complex technological privacy and security issues and all of ChangeIP's solutions--and now, payment methods--protect and promote our customers privacy, security, and freedom," said Jain.
To that effect, ChangeIP recently launched aVirtual Private Network (VPN) servicethat provides a secure tunnel between its clients and the Internet with super-strong encryption.
For more information, please visitchangeip.com.
About ChangeIP:
ChangeIP is the rockstar, low-cost and high-touch web host. ChangeIP specializes in solutions--VPN, linux & windows web hosting, and VPS hosting--that all protect and promote its customers' privacy, security, and freedom.
Contact:
Kapil [email protected](949) 555-2861
SOURCE:ChangeIP.com
[Social Media Buzz]
#DigitalNote #XDN $ 0.000106 (-3.00 %) 0.00000014 BTC (-4.83 %) || #CannaCoin #CCN $ 0.010692 (1.49 %) 0.00001415 BTC (0.00 %) || Forget about Dollar Vs Rupees , Bitcoin is creating new record-
1 Bitcoin = 51957.00 Rs. pic.twitter.com/JasC7oZZ9D || 18:01
Bitstamp: 748.00 USD [alcista]
BTC: 10,786.20 ARS [+0.17% 24hs]
Dolar: 14.42 ARS [blue cronista]
http://coinmonitor.info || #BTA Price: Bittrex 0.00000850 BTC YoBit 0.00000760 BTC Bleutrade 0.00000888 BTC #BTAprice 2016-06-18 16:00 pic.twitte...
|
763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15.
|
[Bitcoin Technical Analysis for 2017-02-06]
Volume: 111762000, RSI (14-day): 68.55, 50-day EMA: 911.77, 200-day EMA: 755.28
[Wider Market Context]
Gold Price: 1230.00, Gold RSI: 66.75
Oil Price: 53.01, Oil RSI: 51.99
[Recent News (last 7 days)]
Fast Money traders discuss Under Armour and Apple earnings: The"Fast Money"traders decided how to trade on earnings for Under Armour(NYSE: UAA)and Apple(NASDAQ: AAPL), which reported results.
Apple(NASDAQ: AAPL)stock rose 3 percent after the companybeat Wall Street expectations on both the top and bottom line, while shares of Under Armour tumbled 23 percent following anearnings report Monday, that missed analyst projections.
Trader Brian Kelly said he believes in Under Armour's CEO Kevin Plank. Kelly said Plank is in the "Hall of Fame" of company leaders but the athleisure trend may be over and the company needs time to reassess the situation and reposition itself for the trend's decline.
Trader Tim Seymour said the sportswear company needs to spread its focus into other parts of the business and pointed out that five executives have left in the last few months so Plank's leadership is questionable.
For Apple, Trader Guy Adami said he is not surprised about the company's move higher after earnings. He said the stock could be recognized by the White House with the president possibly saying that it's a great American company performing well and bringing jobs back.
Trader Brian Kelly said this would be a buying opportunity because the stock would continue to move higher. Apple shares are up nearly 5 percent in the last month.
Disclosures:
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
BRIAN KELLY
Brian Kelly is long FCX, Bitcoin, TB.
DAN NATHAN
Dan Nathan is long MCD Feb put. XLI long Feb put spread, FXI long Feb put spread.
TIM SEYMOUR
Tim Seymour is long ABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX,FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA,SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE,PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM. || Fast Money traders discuss Under Armour and Apple earnings: The "Fast Money" traders decided how to trade on earnings for Under Armour (NYSE: UAA) and Apple (NASDAQ: AAPL) , which reported results. Apple (NASDAQ: AAPL) stock rose 3 percent after the company beat Wall Street expectations on both the top and bottom line , while shares of Under Armour tumbled 23 percent following an earnings report Monday, that missed analyst projections . Trader Brian Kelly said he believes in Under Armour's CEO Kevin Plank. Kelly said Plank is in the "Hall of Fame" of company leaders but the athleisure trend may be over and the company needs time to reassess the situation and reposition itself for the trend's decline. Trader Tim Seymour said the sportswear company needs to spread its focus into other parts of the business and pointed out that five executives have left in the last few months so Plank's leadership is questionable. For Apple, Trader Guy Adami said he is not surprised about the company's move higher after earnings. He said the stock could be recognized by the White House with the president possibly saying that it's a great American company performing well and bringing jobs back. Trader Brian Kelly said this would be a buying opportunity because the stock would continue to move higher. Apple shares are up nearly 5 percent in the last month. Disclosures: GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. BRIAN KELLY Brian Kelly is long FCX, Bitcoin, TB. DAN NATHAN Dan Nathan is long MCD Feb put. XLI long Feb put spread, FXI long Feb put spread. TIM SEYMOUR Tim Seymour is long ABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX,FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA,SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE,PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM. || Malware study shows people still falling for old tricks, but there’s hope: Too many of us still fall for the old “click this attachment” email trick, and get our computers infected with malware or viruses. The result: our data is increasingly being taken hostage by ransomware creators.
Santa Clara, Calif.-basedMalwarebytes’new“State of Malware Report 2017”brings that and more bad news about security to light. But a chat with one of the people behind the study offered a few reasons to be optimistic, as well. Specifically, that a lot of today’s software, if properly updated, can help protect itself.
Ransomware, or apps that encrypt your data and then demand you pay a ransom (usually in Bitcoin) for a decryption key, have become a big business. In fact, the malware has afflicted everything fromhospital computer systemsto the occasional“smart” TVto themore than 100 surveillance cameras in Washington hacked days before President Trump’s inauguration.
Malwarebytes’reportwhich is largely based on data from the company’s Windows and Android anti-malware apps, helps provide some context as to how bad the ransomware problem has become.
According to the report, in January 2016, ransomware constituted 18% of all malware delivered by email or through exploits of existing software. By November 2016, it had climbed to 66%, which the report labels “an unprecedented domination of the threat landscape.”
The U.S. is the top target, while Russia, the home of many ransomware developers, is one of the least popular targets.
In a phone interview, Malwarebytes director of malware intelligence Adam Kujawa noted the pickiness exhibited by the two major families of ransomware, Cerber and Locky: “Both avoid any systems that appear to be coming from Russia or the surrounding countries.”
But that’s not the depressing part of this report if you’ve been following the virus business for a while. That comes when you learn that Malwarebytes still sees a lot of malware getting on computers via in email attachments, many of which are Microsoft(MSFT)Office attachments withembedded macros whose code will attack your computer.
Those techniques date back to the days of dial-up internet, when Office was much more lenient about running macros in random documents anddefending against them was harder.
And yet here they are again. As Kujawa put it: “Where are we, 2005?”
Today’s malware spam often comes personalized for particular users and tries to fool them into thinking that clicking a button in a Word document or Excel spreadsheet will unlock it for viewing, when in reality it will start a download of malicious code that can then take over their computers.
(You can read a detailed breakdown of one such attack inthis December post from Sophos researcher Paul Ducklin.)
The Malwarebytes report also calls out a few other growing hazards online. One “ad fraud” malware, which can generate a decent amount of income for cybercriminals, proved nearly as popular as ransomware. Ad fraud malware commanders a victim’s computer to visit sites and click on ads placed by the authors of the malware attack or their business partners.
The report further nods to the rise in “botnet” software taking over computers — including“Internet of Things” devices like connected security cameras— and using them as part of distributed denial of service (DDoS) attacks. Unlike ransomware, however, the U.S. isn’t seeing the worst of this form of malware. According to Malwarebytes, 61.2% of all botnets are found in Asia, while about 15% are found in Europe.
Interestingly, the U.S. was the leading venue for Android malware, with 12.74% of all detections happening here. But if you stick to Google’s (GOOG) Play Store for downloading apps — the default in the U.S. — your odds of being the victim of an attack are exceedingly low.
Kujawa noted that Google does a good job of quickly yanking the occasional malware app that sneaks into its app market. He further added that Apple’s (AAPL) iOS, which can’t connect to alternative app sources, is even safer.
While Malwarebytes’ report leaves it to the reader to figure out how to avoid being a victim of malware, Kujawa pointed out that many of these attacks can be thwarted by using current software.
“A lot of these exploit kits, the vulnerabilities they target, they’ve been patched for a long time,” he said. For example, he noted one common way criminals attack people’s computers is through an Adobe (ADBE) Flash flaw from 2012 — but his advice for thatfast-fading media plug-inremains to “disable it entirely.”
(FollowAdobe’s instructions to uninstall Flash.)
The operating system you run matters, too. Youmay feel comfortable with Windows 7, but Kujawa called Windows 10 “a more secure operating system at the base level,” andother security researchers have come to the same conclusion.
The Mac remains relatively more secure, even after incidents likelast year’s brief ransomware outbreak. Said Kujawa: “Every year, we say… this is the year when Mac malware is going to be huge, and it has yet to come to fruition.”
But more secure software doesn’t mean that malware authors will give up and get real jobs. They’ll just switch their attention to attacking our brains instead of our apps, trying various forms of social engineering to get us to pause our skepticism and click the wrong link just this one time, because it’s really important.
More from Rob:
• Comcast now lets you watch cable on your Roku
• Study finds most people are scarred of being hacked, but don’t do much about it
• Why you can’t stream this year’s Oscar nominees on Netflix
• President Trump’s tech policy is a mystery
• How carriers will keep D.C. online during the inauguration
• What you should really know about every major hacking story
• Outgoing FCC chair: Don’t go backward on net neutrality
• Selfie drones and more fly into CES 2017
• Faraday Future’s FF91: Electric speed at a vaporous price
EmailRobat [email protected]; follow him on Twitter at@robpegoraro. || Malware study shows people still falling for old tricks, but there’s hope: We’re still getting suckered by malware. Too many of us still fall for the old “click this attachment” email trick, and get our computers infected with malware or viruses. The result: our data is increasingly being taken hostage by ransomware creators. Santa Clara, Calif.-based Malwarebytes’ new “State of Malware Report 2017” brings that and more bad news about security to light. But a chat with one of the people behind the study offered a few reasons to be optimistic, as well. Specifically, that a lot of today’s software, if properly updated, can help protect itself. Ransomware rising Ransomware, or apps that encrypt your data and then demand you pay a ransom (usually in Bitcoin) for a decryption key, have become a big business. In fact, the malware has afflicted everything from hospital computer systems to the occasional “smart” TV to the more than 100 surveillance cameras in Washington hacked days before President Trump’s inauguration. Malwarebytes’ r eport which is largely based on data from the company’s Windows and Android anti-malware apps, helps provide some context as to how bad the ransomware problem has become. According to the report, in January 2016, ransomware constituted 18% of all malware delivered by email or through exploits of existing software. By November 2016, it had climbed to 66%, which the report labels “an unprecedented domination of the threat landscape.” The U.S. is the top target, while Russia, the home of many ransomware developers, is one of the least popular targets. Ransomware will hold your computer hostage unless you pay up. In a phone interview, Malwarebytes director of malware intelligence Adam Kujawa noted the pickiness exhibited by the two major families of ransomware, Cerber and Locky: “Both avoid any systems that appear to be coming from Russia or the surrounding countries.” Old cons come back But that’s not the depressing part of this report if you’ve been following the virus business for a while. That comes when you learn that Malwarebytes still sees a lot of malware getting on computers via in email attachments, many of which are Microsoft (MSFT) Office attachments with embedded macros whose code will attack your computer . Those techniques date back to the days of dial-up internet, when Office was much more lenient about running macros in random documents and defending against them was harder . And yet here they are again. As Kujawa put it: “Where are we, 2005?” Today’s malware spam often comes personalized for particular users and tries to fool them into thinking that clicking a button in a Word document or Excel spreadsheet will unlock it for viewing, when in reality it will start a download of malicious code that can then take over their computers. Story continues (You can read a detailed breakdown of one such attack in this December post from Sophos researcher Paul Ducklin .) Other opponents The Malwarebytes report also calls out a few other growing hazards online. One “ad fraud” malware, which can generate a decent amount of income for cybercriminals, proved nearly as popular as ransomware. Ad fraud malware commanders a victim’s computer to visit sites and click on ads placed by the authors of the malware attack or their business partners. The report further nods to the rise in “botnet” software taking over computers — including “Internet of Things” devices like connected security cameras — and using them as part of distributed denial of service (DDoS) attacks. Unlike ransomware, however, the U.S. isn’t seeing the worst of this form of malware. According to Malwarebytes, 61.2% of all botnets are found in Asia, while about 15% are found in Europe. Even your connected refrigerator can be turned against you. Interestingly, the U.S. was the leading venue for Android malware, with 12.74% of all detections happening here. But if you stick to Google’s ( GOOG ) Play Store for downloading apps — the default in the U.S. — your odds of being the victim of an attack are exceedingly low. Kujawa noted that Google does a good job of quickly yanking the occasional malware app that sneaks into its app market. He further added that Apple’s ( AAPL ) iOS, which can’t connect to alternative app sources, is even safer. Not all software is created equal While Malwarebytes’ report leaves it to the reader to figure out how to avoid being a victim of malware, Kujawa pointed out that many of these attacks can be thwarted by using current software. “A lot of these exploit kits, the vulnerabilities they target, they’ve been patched for a long time,” he said. For example, he noted one common way criminals attack people’s computers is through an Adobe ( ADBE ) Flash flaw from 2012 — but his advice for that fast-fading media plug-in remains to “disable it entirely.” (Follow Adobe’s instructions to uninstall Flash .) The operating system you run matters, too. You may feel comfortable with Windows 7 , but Kujawa called Windows 10 “a more secure operating system at the base level,” and other security researchers have come to the same conclusion . The Mac remains relatively more secure, even after incidents like last year’s brief ransomware outbreak . Said Kujawa: “Every year, we say… this is the year when Mac malware is going to be huge, and it has yet to come to fruition.” But more secure software doesn’t mean that malware authors will give up and get real jobs. They’ll just switch their attention to attacking our brains instead of our apps, trying various forms of social engineering to get us to pause our skepticism and click the wrong link just this one time, because it’s really important. More from Rob: Comcast now lets you watch cable on your Roku Study finds most people are scarred of being hacked, but don’t do much about it Why you can’t stream this year’s Oscar nominees on Netflix President Trump’s tech policy is a mystery How carriers will keep D.C. online during the inauguration What you should really know about every major hacking story Outgoing FCC chair: Don’t go backward on net neutrality Selfie drones and more fly into CES 2017 Faraday Future’s FF91: Electric speed at a vaporous price Email Rob at [email protected]; follow him on Twitter at @robpegoraro . View comments || The biggest bitcoin news site bought the best bitcoin data app: It was one year ago that Digital Currency Group, the leading investment firm in digital currency startups, bought CoinDesk , the leading trade publication that covers digital currency news. Now CoinDesk is making its own acquisition, its first ever: CoinDesk has bought Lawnmower, for an undisclosed price. Lawnmower first launched in 2015 as a roundup app (a popular format these days for finance-related apps ) for buying bitcoin. You would connect the app to a credit card, and it would round up the spare change on your transactions and use it to buy bitcoin. The purchases were made through a plug-in to Coinbase, the No. 1 US bitcoin wallet . Last summer, Lawnmower shifted its buying model, ditching the roundup structure and instead allowing users to buy bitcoin any time they wish, and to have the app make a monthly purchase of a pre-set amount. We viewed the spare change roundups as more of a limitation, said cofounder and CFO Alex Sunnarborg at the time. If you want a serious investment platform, spare change is going to be inherently low-volume. But the real value of Lawnmower was its data. As the app evolved, its bitcoin price chart got better and better for users: visually clean, easy to adjust, updating in real time. (In my opinion, as a reporter who has covered bitcoin and blockchain since 2011, Lawnmower is the best mobile app for price data, while CoinDesk has the best desktop price charts.) Along the way, Lawnmower added price charts and data for additional digital currencies Ethereum, Ripple, and Litecoin. It also created its own Lawnmower Blockchain Index, a fund with different digital currencies, weighted by market cap. Tracking the performance of Lawnmowers index provided a useful gauge of how these assets were performing overall. Lawnmowers data (on each coins price fluctuation, market cap, total supply, and trading volume) is why CoinDesk came calling. CoinDesk will roll Lawnmowers data into its own desktop site and mobile app, and into its paid research reports, a business it is looking to expand. Pretty much everything CoinDesk is doing is right in our skill set, says Sunnarborg. (Lawnmower had even added news headlines to its app, so a sale to a news outlet makes some sense.) Lawnmower cofounders Pieter Gorsira and Patrick Archambeau will lead CoinDesks engineering team, while Sunnarborg will join CoinDesks research team as an analyst. Story continues Lawnmower mobile app While we were excited about Lawnmowers buy/sell functionality and the traction they had made, we were much more intrigued by the data and market research elements, says Ryan Selkis, who moved over from DCG to run CoinDesks business after DCG acquired it last year. DCG, led by Barry Silbert (who founded SecondMarket in 2004 and sold it to Nasdaq in 2015), has invested in 80 digital currency startups. Lawnmowers app will shut down soon, and CoinDesk will take the data elements, but not the bitcoin-buying functionalityspecifically to avoid any ethical conflicts. Since we did ultimately see a conflict with owning an app that facilitated the purchase of digital currencies, buy/sell functionality will not be included in the new CoinDesk app, says Selkis. Indeed, it would raise ethical red flags if a web site objectively covering bitcoin companies also offered users the ability to buy bitcoin. CoinDesk being owned by a bitcoin startup investment firm also might raise similar alarms, but at the time of purchase, DCG vowed to assemble strict walls between the CoinDesk editorial team and the CoinDesk business side. At the CoinDesk office, there is a literal wall between the editorial team and the business team. I think the divide with the new research department will be about figuring out where the research product makes sense, says Sunnarborg, and what the wall is between a long editorial feature piece, versus a paid research piece. Its exciting stuff but definitely theres a divide we will navigate. Selkis says that while the CoinDesk editorial team will remain strictly separate from the business side, There may be some overlap with the product and research teams, none of which we view as detrimental to our [editorial] team given the removal of buy/sell functionality. Customers with bitcoin balances in Lawnmower will not need to transfer funds over, since all Lawnmower accounts exist through Coinbase accounts. The bitcoin industry has seen a fair amount of consolidation in the past two years, especially among bitcoin exchange sites and particularly among non-US companies. To name a few: last year Kraken, which is US-based but does most of its trading volume in euros, bought New York-based exchange Coinsetter , after Coinsetter had previously bought Canadian exchange Cavirtex . Kraken also bought Dutch exchange CleverCoin . In 2015, Mexican exchange Bitso bought Mexican exchange Unisend . Lawnmower had raised $200,000 in funding from firms including Draper Associates and Boost VC; it wont share how many users it had amassed, but Sunnarborg says that once it shifted its bitcoin-buying model to automatic trading in a set amount, 80% of users chose the automatic trades. What that says to me is this market moves so fast, a lot of people want a passive strategy so that they can just sit back and they dont have to pay such close attention to the ups and downs each week. Its a responsible strategy. In addition, once Lawnmower added price data for additional coins like Ripple and Litecoin, users took to them frequently. That has a lesson for bitcoin media like CoinDesk: I think everyone is realizing they cant just cover bitcoin and blockchain, they also need to cover Ethereum, Ripple, and so on. Its proof that this is an interesting asset class. Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at @readDanwrite . Read more: Bitcoin is becoming the new gold Expect more blockchain hype in 2017 Heres where big banks stand on blockchain Why 21.co is the most exciting bitcoin company right now Coinbase is more bullish on bitcoin than ever || The biggest bitcoin news site bought the best bitcoin data app: It was one year ago thatDigital Currency Group, the leading investment firm in digital currency startups, bought CoinDesk, the leading trade publication that covers digital currency news. Now CoinDesk is making its own acquisition, its first ever: CoinDesk has bought Lawnmower, for an undisclosed price.
Lawnmower first launched in 2015 as a roundup app (apopular format these days for finance-related apps) for buying bitcoin. You would connect the app to a credit card, and it would round up the spare change on your transactions and use it to buy bitcoin. The purchases were made through a plug-in toCoinbase, the No. 1 US bitcoin wallet.
Last summer, Lawnmower shifted its buying model, ditching the roundup structure and instead allowing users to buy bitcoin any time they wish, and to have the app make a monthly purchase of a pre-set amount. “We viewed the spare change roundups as more of a limitation,” said cofounder and CFO Alex Sunnarborg at the time. “If you want a serious investment platform, spare change is going to be inherently low-volume.”
But the real value of Lawnmower was its data.
As the app evolved, its bitcoin price chart got better and better for users: visually clean, easy to adjust, updating in real time. (In my opinion, as a reporter who has covered bitcoin and blockchain since 2011, Lawnmower is the best mobile app for price data, while CoinDesk has the best desktop price charts.) Along the way, Lawnmower added price charts and data for additional digital currencies Ethereum, Ripple, and Litecoin. It also created its own Lawnmower Blockchain Index, a fund with different digital currencies, weighted by market cap. Tracking the performance of Lawnmower’s index provided a useful gauge of how these assets were performing overall.
Lawnmower’s data (on each coin’s price fluctuation, market cap, total supply, and trading volume) is why CoinDesk came calling. CoinDesk will roll Lawnmower’s data into its own desktop site and mobile app, and into its paid research reports, a business it is looking to expand. “Pretty much everything CoinDesk is doing is right in our skill set,” says Sunnarborg. (Lawnmower had even added news headlines to its app, so a sale to a news outlet makes some sense.)Lawnmower cofounders Pieter Gorsira and Patrick Archambeau will lead CoinDesk’s engineering team, while Sunnarborg will join CoinDesk’s research team as an analyst.
“While we were excited about Lawnmower’s buy/sell functionality and the traction they had made, we were much more intrigued by the data and market research elements,” says Ryan Selkis, who moved over from DCG to run CoinDesk’s business after DCG acquired it last year. DCG, led byBarry Silbert (who founded SecondMarket in 2004 and sold it to Nasdaq in 2015), has invested in 80 digital currency startups.
Lawnmower’s app will shut down soon, and CoinDesk will take the data elements, butnotthe bitcoin-buying functionality—specifically to avoid any ethical conflicts. “Since we did ultimately see a conflict with owning an app that facilitated the purchase of digital currencies, buy/sell functionality will not be included in the new CoinDesk app,” says Selkis.
Indeed, it would raise ethical red flags if a web site objectively covering bitcoin companies also offered users the ability to buy bitcoin. CoinDesk being owned by a bitcoin startup investment firm also might raise similar alarms, but at the time of purchase, DCG vowed to assemble strict walls between the CoinDesk editorial team and the CoinDesk business side. At the CoinDesk office, there is aliteral wall between the editorial team and the business team.
“I think the divide with the new research department will be about figuring out where the research product makes sense,” says Sunnarborg, “and what the wall is between a long editorial feature piece, versus a paid research piece. It’s exciting stuff but definitely there’s a divide we will navigate.”
Selkis says that while the CoinDesk editorial team will remain strictly separate from the business side, “There may be some overlap with the product and research teams, none of which we view as detrimental to our [editorial] team given the removal of buy/sell functionality.”
Customers with bitcoin balances in Lawnmower will not need to transfer funds over, since all Lawnmower accounts exist through Coinbase accounts.
The bitcoin industry has seen a fair amount of consolidation in the past two years, especially among bitcoin exchange sites and particularly among non-US companies. To name a few: last year Kraken, which is US-based but does most of its trading volume in euros,bought New York-based exchange Coinsetter, afterCoinsetter had previously bought Canadian exchange Cavirtex. Kraken alsobought Dutch exchange CleverCoin. In 2015, Mexican exchangeBitso bought Mexican exchange Unisend.
Lawnmower had raised $200,000 in funding from firms including Draper Associates and Boost VC; it won’t share how many users it had amassed, but Sunnarborg says that once it shifted its bitcoin-buying model to automatic trading in a set amount,80% of users chose the automatic trades. “What that says to me is this market moves so fast, a lot of people want a passive strategy so that they can just sit back and they don’t have to pay such close attention to the ups and downs each week. It’s a responsible strategy.”
In addition, once Lawnmower added price data for additional coins like Ripple and Litecoin, users took to them frequently. That has a lesson for bitcoin media like CoinDesk: “I think everyone is realizing they can’t just cover bitcoin and blockchain, they also need to cover Ethereum, Ripple, and so on. It’s proof that this is an interesting asset class.”
—
Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at@readDanwrite.
Read more:
Bitcoin is becoming the new gold
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Coinbase is more bullish on bitcoin than ever || Why hyperinflation is coming: By Yves Lamoureux, president and chief behavioral strategist of macroeconomic research firm Lamoureux & Co. The stage is being set for a central bank-fueled hyperinflation to take place in several years. Our position has remained the since calling the next turn of hyperinflation in 2012. Here is our epic piece on Zero Hedge . And while we are at it, we fully matched it with our bond call , which is the first pre-requisite. Yes, we are currently in deflation. I could not agree more, but this time it is different, as assets will fork at a juncture and move beyond the expected behavior—the results of a failed monetary transmission mechanism. Recall the London whale. What have we learned from it? That unless you bought the whole market, the remaining 5% not owned could derail prices—a situation where the tail wags the dog. The point is that unless central banks buy 100% of the government debts, they will still lose control of the fight. What fight? The mismatch of debts to savings globally. Gold must first go through a few related hoops and revert to a positive correlation with the US dollar. Meanwhile, cryptocurrencies may be one of the newest benefactors of the hyperinflationary wave. Bitcoin had a great run since we started our analysis at $300 (not unlike our analysis of gold, which coincidentally began when it was at $300). And we expect this march to last well beyond the next two decades—finally ending in a massive bond crash and the subsequent flare-up of gold (as physical gold is default-free). S&P 500 PE Ratio Source: Robert Shiller Once the current correction passes, outflows of bonds will precipitate a sharp move up in stocks over the coming decade. And in a hyperinflationary environment, central banks will also be buying stocks. This will cause the supply of stocks to drop and P/E ratios to remain in a new elevated range of 25 to 50. Prior articles: Why the crisis of 2019 begins now How to prepare for the next major selloff in stocks: trader Story continues By Yves Lamoureux, January 16, 2017 ©Copyright, Lamoureux & Co. This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service.This publication is proprietary and is intended for the use of the subscriber only. All information provided is impersonal and not tailored to the needs of any person, entity or group or persons. Lamoureux & Co. shall not be liable for any claims. || Why hyperinflation is coming: By Yves Lamoureux, president and chief behavioral strategist of macroeconomic research firm Lamoureux & Co. The stage is being set for a central bank-fueled hyperinflation to take place in several years. Our position has remained the since calling the next turn of hyperinflation in 2012. Here is our epic piece on Zero Hedge . And while we are at it, we fully matched it with our bond call , which is the first pre-requisite. Yes, we are currently in deflation. I could not agree more, but this time it is different, as assets will fork at a juncture and move beyond the expected behavior—the results of a failed monetary transmission mechanism. Recall the London whale. What have we learned from it? That unless you bought the whole market, the remaining 5% not owned could derail prices—a situation where the tail wags the dog. The point is that unless central banks buy 100% of the government debts, they will still lose control of the fight. What fight? The mismatch of debts to savings globally. Gold must first go through a few related hoops and revert to a positive correlation with the US dollar. Meanwhile, cryptocurrencies may be one of the newest benefactors of the hyperinflationary wave. Bitcoin had a great run since we started our analysis at $300 (not unlike our analysis of gold, which coincidentally began when it was at $300). And we expect this march to last well beyond the next two decades—finally ending in a massive bond crash and the subsequent flare-up of gold (as physical gold is default-free). S&P 500 PE Ratio Source: Robert Shiller Once the current correction passes, outflows of bonds will precipitate a sharp move up in stocks over the coming decade. And in a hyperinflationary environment, central banks will also be buying stocks. This will cause the supply of stocks to drop and P/E ratios to remain in a new elevated range of 25 to 50. Prior articles: Why the crisis of 2019 begins now How to prepare for the next major selloff in stocks: trader Story continues By Yves Lamoureux, January 16, 2017 ©Copyright, Lamoureux & Co. This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service.This publication is proprietary and is intended for the use of the subscriber only. All information provided is impersonal and not tailored to the needs of any person, entity or group or persons. Lamoureux & Co. shall not be liable for any claims. || Flow Brings More International News, via Sky News: MIAMI, FL--(Marketwired - Jan 30, 2017) - Flow customers will now have even more access to international news with the addition of the Sky News HD network to Flow TV's channel line-up. Sky News was the first 24/7 breaking news network in Britain, and is one of the most respected news outlets in the world. Flow, Cable and Wireless' Consumer brand, recently acquired the first and only rights in the Caribbean to broadcast the award-winning UK-based news channel. The news channel brings a rich, unprecedented international perspective to Flow customers and, like Flow, is driven by a spirit of innovation -- delivering fresh and compelling international news stories from the Caribbean and Latin America to Africa, Asia and beyond. "The addition of Sky News to our extensive suite of news and other programming reaffirms to our subscribers that they are getting great value, unparalleled content and staying connected to the rest of the world in real time," said Garfield Sinclair, newly appointed President, Flow Caribbean. Sinclair added, "Sky News provides accurate and reliable, up-to-the-minute information about the most significant international events, no matter where it's happening, and the channel can also be accessed anytime, anywhere via our FlowToGo platform." John Ryley , Head of Sky News, commented: "This is a terrific opportunity to bring our award winning news service and outstanding original journalism directly to a new Caribbean audience via Flow TV for the first time. We are currently available in over 100 million homes in 127 countries around the world and under this agreement with Flow we will extend Sky News officially to the Caribbean market." Ann Petley-Jones, CEO of Riverhead Investments Ltd., the exclusive distributor of Sky News in the Caribbean basin and Canada, had this to say: "We are proud to be bringing Sky News to Flow and the Caribbean as it is one of the great news companies globally, as evidenced by the large number of industry awards it has received. The fact that CWC/Flow has added Sky News to its impressive lineup is a big win for Caribbean viewers. Sky News is renowned for the quality and impartiality of its news service and Riverhead is delighted to be partnered with such a group." Story continues Flow customers will get two months of free access to the channel after which they have the option to include in their cable package. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 60 million television, broadband internet and telephony services. We also serve 10 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group NASDAQ: LBTYA) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3103449 || Flow Brings More International News, via Sky News: MIAMI, FL--(Marketwired - Jan 30, 2017) -Flowcustomers will now have even more access to international news with the addition of theSky News HD networkto Flow TV's channel line-up.
Sky Newswas the first24/7 breaking newsnetwork in Britain, and is one of the most respected news outlets in the world. Flow,Cable and Wireless'Consumer brand, recently acquired thefirst and only rightsin the Caribbean to broadcast theaward-winningUK-based news channel. The news channel brings a rich, unprecedentedinternational perspectiveto Flow customers and, like Flow, is driven by a spirit of innovation -- delivering fresh and compelling international news stories from the Caribbean and Latin America to Africa, Asia and beyond.
"The addition of Sky News to our extensive suite of news and other programming reaffirms to our subscribers that they are getting great value, unparalleled content and staying connected to the rest of the world in real time," said Garfield Sinclair, newly appointed President, Flow Caribbean. Sinclair added, "Sky News provides accurate and reliable, up-to-the-minute information about the most significant international events, no matter where it's happening, and the channel can also be accessed anytime, anywhere via our FlowToGo platform."
John Ryley, Head of Sky News, commented: "This is a terrific opportunity to bring our award winning news service and outstanding original journalism directly to a new Caribbean audience via Flow TV for the first time. We are currently available in over 100 million homes in 127 countries around the world and under this agreement with Flow we will extend Sky News officially to the Caribbean market."
Ann Petley-Jones, CEO of Riverhead Investments Ltd., the exclusive distributor of Sky News in the Caribbean basin and Canada, had this to say: "We are proud to be bringing Sky News to Flow and the Caribbean as it is one of the great news companies globally, as evidenced by the large number of industry awards it has received. The fact that CWC/Flow has added Sky News to its impressive lineup is a big win for Caribbean viewers. Sky News is renowned for the quality and impartiality of its news service and Riverhead is delighted to be partnered with such a group."
Flow customers will gettwo months of free accessto the channel after which they have the option to include in their cable package.
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 60 million television, broadband internet and telephony services. We also serve 10 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group NASDAQ: LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3103449
[Social Media Buzz]
Bitcoin Price: $1.00 || Down $1 in 24 hours || 24 hour high: $1.00 || 24 hour low: $1.00 - http://codacoin.info || 1 KOBO = 0.00000307 BTC
= 0.0032 USD
= 1.0080 NGN
= 0.0425 ZAR
= 0.3317 KES
#Kobocoin 2017-02-06 06:00 || #Bitcoin
Ultima: R$ 3059.00 Alta: R$ 3060.00 Baixa: R$ 2991.02
Fonte: Foxbit || Average Bitcoin market price is: USD 1,022.00, EUR 950.98 || Do you want to earn 2,00,000 BTC in one month ? Ad Posting job....... visit at -
https://www.bitcoin4u.biz/marios179 http://...
|
1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37.
|
[Bitcoin Technical Analysis for 2019-06-23]
Volume: 20998326502, RSI (14-day): 79.32, 50-day EMA: 8087.07, 200-day EMA: 6162.37
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Surprising Google Data Hints at Tantalizing Bitcoin Moonshot: ByCCN Markets: Since early 2019, search engine interest for the keyword “bitcoin” has nearly doubled, according to data from Google Trends.
However, with consumer interest still down nearly 90 percent from its all-time high, there’s a strong possibility the crypto boom has more room to run.
The sharp fall in the bitcoin price from above $6,000 to $3,150 in December 2018 led many investors to despair. Others simply lost interest, leading to a mammoth decline in crypto-related search queries.
The popularity of the keyword bitcoin has increased significantly since January 2019, but it’s still nowhere close to 2017 bull market levels. | Source: Google Trends
As the bitcoin price recovered from $3,150 to $10,915 in just a six-month span, search interest for the asset increased. But, even now, it is nowhere close to the enthusiasm seen in the 2017 bull market during which the bitcoin price peaked at $20,000.
Read the full story on CCN.com. || Surprising Google Data Hints at Tantalizing Bitcoin Moonshot: Surprising Google data suggests that the 2019 bitcoin price rally is only getting started. | Source: Shutterstock By CCN Markets : Since early 2019, search engine interest for the keyword bitcoin has nearly doubled, according to data from Google Trends. However, with consumer interest still down nearly 90 percent from its all-time high, theres a strong possibility the crypto boom has more room to run. Google: Bitcoin Searches Still Down 88% from 2017 Peak The sharp fall in the bitcoin price from above $6,000 to $3,150 in December 2018 led many investors to despair. Others simply lost interest, leading to a mammoth decline in crypto-related search queries. The popularity of the keyword bitcoin has increased significantly since January 2019 but it still nowhere close to 2017 bull market levels The popularity of the keyword bitcoin has increased significantly since January 2019, but its still nowhere close to 2017 bull market levels. | Source: Google Trends As the bitcoin price recovered from $3,150 to $10,915 in just a six-month span, search interest for the asset increased. But, even now, it is nowhere close to the enthusiasm seen in the 2017 bull market during which the bitcoin price peaked at $20,000. Read the full story on CCN.com . || Surprising Google Data Hints at Tantalizing Bitcoin Moonshot: ByCCN Markets: Since early 2019, search engine interest for the keyword “bitcoin” has nearly doubled, according to data from Google Trends.
However, with consumer interest still down nearly 90 percent from its all-time high, there’s a strong possibility the crypto boom has more room to run.
The sharp fall in the bitcoin price from above $6,000 to $3,150 in December 2018 led many investors to despair. Others simply lost interest, leading to a mammoth decline in crypto-related search queries.
The popularity of the keyword bitcoin has increased significantly since January 2019, but it’s still nowhere close to 2017 bull market levels. | Source: Google Trends
As the bitcoin price recovered from $3,150 to $10,915 in just a six-month span, search interest for the asset increased. But, even now, it is nowhere close to the enthusiasm seen in the 2017 bull market during which the bitcoin price peaked at $20,000.
Read the full story on CCN.com. || Will PwC’s New Software Solve the Cryptocurrency Auditing Problem?: Earlier this week, Big Four firmPwCannouncedthe release of a cryptocurrency auditing software solution.
According to the multinationalprofessional services network, its Halo auditing suite has now been updated to accommodate “entities engaging in cryptocurrency transactions.” The new tool reportedly allows PwC to establish crypto asset ownership and gather information about transactions and balances from blockchains.
While it is currently unclear whether Halo will now be picked up by cryptocurrency-related businesses, PwC’s move seems to mark another landmark step for the industry.
Auditing in the crypto space is still a developing practice that varies substantially between stakeholders, as Maurizio Raffone, founder and CEO of Finetiq, told Cointelegraph. He also drew a parallel between on-chain and off-chain audits, explaining:
“On one side, crypto exchanges have historically focused on cyber-security measures, processes and procedures dealing with corporate governance and so forth, just like most other businesses. There are then on-chain audits that tend to focus on checking for bugs and correct workflow of a blockchain protocol or, more often, smart contracts.”
Indeed, the Association of Chartered Certified Accountants (ACCA) — a global body for professional accountants — believes that “robust and consistent” accounting treatment is required for different types of cryptocurrencies, as Narayanan Vaidyanathan, head of business insights at ACCA, told Cointelegraph via email:
“This is currently an on-going challenge that is still under deliberation within the accountancy profession. Is a crypto currency cash, inventory, a financial asset, or an intangible asset? Because if there are accounting issues, it therefore as a downstream implication also becomes an audit issue.”
Auditing services might also depend on how companies utilize cryptocurrencies, adds David Martin, chief investment officer at Blockforce Capital:
“It is important to differentiate how a firm is using digital assets in its business dealings. For instance, a company that uses cryptocurrency as a way to make transactions requires different services than an investment firm that is holding digital assets as a form of investment.”
Perhaps the most notable example here would be Tether, the company behind the eponymousstablecoin(USDT) and a wholly owned subsidiary of iFinex — which also owns crypto exchangeBitfinex.
Related:Tether, Bitfinex Stay Afloat Amid Controversy
In early 2018, Tether’s plans to release a third-party auditfell through, although the companyhad previously announcedthat it was undergoing a “balance sheet audit” by Friedman LLP, a New York-based accounting firm.
However, in late June 2018,a document was finally produced— although it turned out to be a memorandum rather than an audit performed by an auditing company. As Tether’s general counselexplainedat the time, mainstream accounting firms would not conduct official audits on companies working with cryptocurrencies.
While it is unclear whether Tether was willing to provide all the required information to third-party auditors (which could be the reason it could not complete the inspection), the general problem seems to persist within the crypto industry. Ben Tsai, president and managing partner of Wave Financial, told Cointelegraph:
“Cryptocurrency companies definitely have an audit problem. Major players such as exchanges, stablecoins and hedge funds are not consistently providing proof of solvency despite the fact they need to.”
According to experts, the regulatory uncertainty within the space might be part of the issue. As Tsai told Cointelegraph, the current regulatory climate allows crypto businesses to turn to auditing firm only in case of emergency:
“Regulation does not currently require ‘proof of funds’ for stablecoins and for exchanges, which is the main reason these audits aren’t taking place. Mostly, the big four come in and audit companies after they ‘mess up.’”
Indeed, as Martin opines, cryptocurrencies remain in “a precarious situation” in regard to regulation:
“Regulatory systems are primarily reactive and laws haven’t necessarily caught up to the innovation of digital assets quite yet. The financial reporting standards in the US which are set by GAAP (Generally Accepted Accounting Principles) don’t currently directly address the accounting for cryptocurrencies. Nuances like this make auditing business activities involving digital assets and cryptocurrencies inherently difficult.”
The Big Four is a commonly accepted term used to refer to the four biggest auditing firms in the world: Ernst & Young (EY), PwC,DeloitteandKPMG. Handling the vast majority of audits for companies around the world, both private and public, they are considered a cornerstone of the mainstream financial world.
Notably, during the past few years, the Big Four have been showing particular interest in the crypto industry. However, all of the major auditors have established long-term blockchain roadmaps to remain relevant in the space.
Related:How Big Four Auditors Delve Into Blockchain: PwC, Deloitte, EY and KPMG Approaches Compared
PwC has arguably been the most active Big Four company when it comes to cryptocurrencies. Itstartedaccepting bitcoin (BTC) for its services back in 2017 andannounceda training program to enhance its employees’ blockchain knowledge in the following year.
Further, PwC has also recognized the regulatory uncertainty, naming it one of the main obstacles on the road to mass blockchain adoption in its 2018 report entitled “Blockchain is here. What’s your next move?” The Big Four giant had also pinpointed thelack of insuranceas another problem hindering crypto businesses in a separate interview with Reutres.
Moreover, PwC has not only recognized the importance of the field, but has started to explore it firsthand. First, in May 2018, the auditing firminvestedinVeChain, a major cryptocurrency project specializing in the Internet of Things (IoT), supply chain management and anti-counterfeiting.
Related:PwC’s Pierre-Edouard Wahl: Blockchain Can Bring Positive Competition to Swiss Banking Space
In March 2019, PwCbeganconducting a trial of its blockchain-powered platform for ensuring the integrity of employee credentials. By the end of the same month, the companyhad becomethe top recruiter for blockchain-related jobs on headhunting platform Indeed, being responsible for as many as 40 blockchain-related job offers there (EY had 17, Deloitte had 10, while KPMG didn’t have any offers). PwC had 400 blockchain experts on board in 2018 to cater to cryptocurrency-related clients,according tothe Financial Times, while this number could be higher at this point.
“We are devoting significant resources to how we might provide audit services in not just cryptocurrency, but blockchain,” a PwC representative told the publication at the time.
However, PwC wasn’t the first Big Four venture to adjust its auditing tools for the needs of cryptocurrency companies. In that sense, it has been outraced by the competing EY, whichrolled outits blockchain analytics program called “Blockchain Analyzer” in April 2018.
So, can PwC’s new solution outshine its rivals in the crypto space and will it actually have an impact on the industry at all?
As PwC statedin the press release, the tool newly added to its Halo auditing suite can be used to “provide assurance services for entities engaging in cryptocurrency transactions.”
The firm claims that, after the update, the Halo suite permits PwC to provide independent evidence of private-public key pairing, which is used to establish crypto asset ownership.
“Proof of ownership is really the main blocking point,” notes Tsai of Wave Financial. He told Cointelegraph:
“We had a California state auditor come into the office who struggled to grasp what ‘ownership’ of cryptocurrencies looks like. Auditors are used to custodial statements, paperwork and other forms of ‘proof’. With the blockchain, only your private key proves ownership, which makes it difficult to show ownership without exerting control over the funds (moving them around, etc.).”
Therefore, if Halo can actually prove ownership of funds and auditors can trust the tool, it would “speed up audits and cut costs and headaches,” Tsai concluded.
Raffone also argued that Halo might prove to be efficient, given that it focuses on a specific on-chain audit niche:
“This is a useful tool for sure, focused on transactional history and balances which seems suitable for institutional investors and fund managers, entities that normally require audits relating to financial transactions and assets ownership.”
Further, PwC’s Halo can now reportedly gather information about transactions and balances from blockchains. That, according to Martin of Blockforce Capital, is also a potentially effective feature.
“The Halo platform offers an easy-to-use way for firms to access blockchain information without having to spend manpower and resources that could be better spent somewhere else,” Martin told Cointelegraph, elaborating:
“For instance, the Bitcoin blockchain is open-source and can be viewed by anyone. However, just because the information is available doesn’t mean it doesn’t require a unique skill set to access.”
According to PwC, the upgraded version of the Halo suite is already being employed to support audits of clients involved with cryptocurrencies and assisting companies for which the firm is not the auditor in implementing processes and controls necessary to obtain assurance reports from their auditors. Theoretically, that could ease cryptocurrency-related audits not only for PwC, but the industry at large.
Still, the Big Four firm notes that the tool has its limitations: namely, client’s control environment, and, “at this stage,” the breadth of tokens supported by Halo. The software reportedly supports bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BTG), bitcoin diamond (BCD), litecoin (LTC), ether (ETH), OAX (ERC-20 token) andXRP.
“These considerations will be key when determining whether we are comfortable to accept an audit engagement,” PwCwrote in the press release.
It is currently unclear whether Halo is deployable in all 158 countries that PwCclaims to be operating in. Cointelegraph has reached out to the Big Four company to clarify this, but has not heard back as of publication.
Related:Daniel Diemers From PwC Strategy& Switzerland: Adoption of New Technologies Requires More Education
Experts suggest that the vast geography should not be a problem for Halo, however. ACCA’s Vaidyanathan reminded that the international auditing standards (ISAs) apply globally when asked about potential clashes.
Raffone of Finetiq, in turn, stressed the technical nature of PwC’s solution:
“The audit function provided by Halo is purely technical and doesn’t seem driven by any regulatory requirement, therefore it seems a ‘upon request’ service that can be deployed across jurisdictions. Although I don’t think Halo fills any regulatory need per se currently, it is certainly comparable to similar investment fund audit services and once the crypto industry becomes mainstream, I would expect this sort of audit service to be required by regulators.”
Martin maintains a similar position. According to the Blockforce Capital’s CIO, PwC should be well-poised to take on the regulatory complexities, given its experience with running auditing and accounting practices in multiple countries:
“While adjusting to different jurisdictions is difficult, PwC is in a great position to take on the task. They are a highly respected accounting firm and have the resources to apply to such an endeavor.”
In the end, the problem seems to come down to the aspect of adoption: While the cryptocurrency industry continues to grow, the recognition from mainstream corporations — such as the Big Four — could speed up this process. That is why PwC's work with Halo is “validating” the institutionalization of the crypto space, in Tsai’s view.
On the other hand, the need for crypto-specific audits could be fulfilled even without the participation PwC, Deloitte and others, according to what Raffone told Cointelegraph:
“A whole host of specialist firms are emerging as leading crypto audit service providers, challenging the Big Four and their cost structure. EvenIBMis getting in the game with a recently patented solution to audit blockchains.”
While time will tell if Halo turns out to be a viable solution for the crypto space, the remaining Big Four players have now been challenged to release their own software that would be on par with Halo in terms of functionality.
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• IOTA to Enter a New Partnership to Track Potentially Fatal Food Allergens With DLT || Will PwC’s New Software Solve the Cryptocurrency Auditing Problem?: Earlier this week, Big Four firm PwC announced the release of a cryptocurrency auditing software solution. According to the multinational professional services network , its Halo auditing suite has now been updated to accommodate “entities engaging in cryptocurrency transactions.” The new tool reportedly allows PwC to establish crypto asset ownership and gather information about transactions and balances from blockchains. While it is currently unclear whether Halo will now be picked up by cryptocurrency-related businesses, PwC’s move seems to mark another landmark step for the industry. Specifics of auditing in the crypto space Auditing in the crypto space is still a developing practice that varies substantially between stakeholders, as Maurizio Raffone, founder and CEO of Finetiq, told Cointelegraph. He also drew a parallel between on-chain and off-chain audits, explaining: “On one side, crypto exchanges have historically focused on cyber-security measures, processes and procedures dealing with corporate governance and so forth, just like most other businesses. There are then on-chain audits that tend to focus on checking for bugs and correct workflow of a blockchain protocol or, more often, smart contracts.” Indeed, the Association of Chartered Certified Accountants (ACCA) — a global body for professional accountants — believes that “robust and consistent” accounting treatment is required for different types of cryptocurrencies, as Narayanan Vaidyanathan, head of business insights at ACCA, told Cointelegraph via email: “This is currently an on-going challenge that is still under deliberation within the accountancy profession. Is a crypto currency cash, inventory, a financial asset, or an intangible asset? Because if there are accounting issues, it therefore as a downstream implication also becomes an audit issue.” Auditing services might also depend on how companies utilize cryptocurrencies, adds David Martin, chief investment officer at Blockforce Capital: Story continues “It is important to differentiate how a firm is using digital assets in its business dealings. For instance, a company that uses cryptocurrency as a way to make transactions requires different services than an investment firm that is holding digital assets as a form of investment.” Perhaps the most notable example here would be Tether, the company behind the eponymous stablecoin ( USDT ) and a wholly owned subsidiary of iFinex — which also owns crypto exchange Bitfinex . Related: Tether, Bitfinex Stay Afloat Amid Controversy In early 2018, Tether’s plans to release a third-party audit fell through , although the company had previously announced that it was undergoing a “balance sheet audit” by Friedman LLP, a New York-based accounting firm. However, in late June 2018, a document was finally produced — although it turned out to be a memorandum rather than an audit performed by an auditing company. As Tether’s general counsel explained at the time, mainstream accounting firms would not conduct official audits on companies working with cryptocurrencies. While it is unclear whether Tether was willing to provide all the required information to third-party auditors (which could be the reason it could not complete the inspection), the general problem seems to persist within the crypto industry. Ben Tsai, president and managing partner of Wave Financial, told Cointelegraph: “Cryptocurrency companies definitely have an audit problem. Major players such as exchanges, stablecoins and hedge funds are not consistently providing proof of solvency despite the fact they need to.” According to experts, the regulatory uncertainty within the space might be part of the issue. As Tsai told Cointelegraph, the current regulatory climate allows crypto businesses to turn to auditing firm only in case of emergency: “Regulation does not currently require ‘proof of funds’ for stablecoins and for exchanges, which is the main reason these audits aren’t taking place. Mostly, the big four come in and audit companies after they ‘mess up.’” Indeed, as Martin opines, cryptocurrencies remain in “a precarious situation” in regard to regulation: “Regulatory systems are primarily reactive and laws haven’t necessarily caught up to the innovation of digital assets quite yet. The financial reporting standards in the US which are set by GAAP (Generally Accepted Accounting Principles) don’t currently directly address the accounting for cryptocurrencies. Nuances like this make auditing business activities involving digital assets and cryptocurrencies inherently difficult.” The Big Four’s relationship with cryptocurrencies The Big Four is a commonly accepted term used to refer to the four biggest auditing firms in the world: Ernst & Young ( EY ), PwC, Deloitte and KPMG . Handling the vast majority of audits for companies around the world, both private and public, they are considered a cornerstone of the mainstream financial world. Notably, during the past few years, the Big Four have been showing particular interest in the crypto industry. However, all of the major auditors have established long-term blockchain roadmaps to remain relevant in the space. Related: How Big Four Auditors Delve Into Blockchain: PwC, Deloitte, EY and KPMG Approaches Compared PwC has arguably been the most active Big Four company when it comes to cryptocurrencies. It started accepting bitcoin ( BTC ) for its services back in 2017 and announced a training program to enhance its employees’ blockchain knowledge in the following year. Further, PwC has also recognized the regulatory uncertainty, naming it one of the main obstacles on the road to mass blockchain adoption in its 2018 report entitled “ Blockchain is here. What’s your next move? ” The Big Four giant had also pinpointed the lack of insurance as another problem hindering crypto businesses in a separate interview with Reutres. Moreover, PwC has not only recognized the importance of the field, but has started to explore it firsthand. First, in May 2018, the auditing firm invested in VeChain , a major cryptocurrency project specializing in the Internet of Things ( IoT ), supply chain management and anti-counterfeiting. Related: PwC’s Pierre-Edouard Wahl: Blockchain Can Bring Positive Competition to Swiss Banking Space In March 2019, PwC began conducting a trial of its blockchain-powered platform for ensuring the integrity of employee credentials. By the end of the same month, the company had become the top recruiter for blockchain-related jobs on headhunting platform Indeed, being responsible for as many as 40 blockchain-related job offers there (EY had 17, Deloitte had 10, while KPMG didn’t have any offers). PwC had 400 blockchain experts on board in 2018 to cater to cryptocurrency-related clients, according to the Financial Times, while this number could be higher at this point. “We are devoting significant resources to how we might provide audit services in not just cryptocurrency, but blockchain,” a PwC representative told the publication at the time. However, PwC wasn’t the first Big Four venture to adjust its auditing tools for the needs of cryptocurrency companies. In that sense, it has been outraced by the competing EY, which rolled out its blockchain analytics program called “Blockchain Analyzer” in April 2018. So, can PwC’s new solution outshine its rivals in the crypto space and will it actually have an impact on the industry at all? Details about the new version of Halo As PwC stated in the press release , the tool newly added to its Halo auditing suite can be used to “provide assurance services for entities engaging in cryptocurrency transactions.” The firm claims that, after the update, the Halo suite permits PwC to provide independent evidence of private-public key pairing, which is used to establish crypto asset ownership. “Proof of ownership is really the main blocking point,” notes Tsai of Wave Financial. He told Cointelegraph: “We had a California state auditor come into the office who struggled to grasp what ‘ownership’ of cryptocurrencies looks like. Auditors are used to custodial statements, paperwork and other forms of ‘proof’. With the blockchain, only your private key proves ownership, which makes it difficult to show ownership without exerting control over the funds (moving them around, etc.).” Therefore, if Halo can actually prove ownership of funds and auditors can trust the tool, it would “speed up audits and cut costs and headaches,” Tsai concluded. Raffone also argued that Halo might prove to be efficient, given that it focuses on a specific on-chain audit niche: “This is a useful tool for sure, focused on transactional history and balances which seems suitable for institutional investors and fund managers, entities that normally require audits relating to financial transactions and assets ownership.” Further, PwC’s Halo can now reportedly gather information about transactions and balances from blockchains. That, according to Martin of Blockforce Capital, is also a potentially effective feature. “The Halo platform offers an easy-to-use way for firms to access blockchain information without having to spend manpower and resources that could be better spent somewhere else,” Martin told Cointelegraph, elaborating: “For instance, the Bitcoin blockchain is open-source and can be viewed by anyone. However, just because the information is available doesn’t mean it doesn’t require a unique skill set to access.” According to PwC, the upgraded version of the Halo suite is already being employed to support audits of clients involved with cryptocurrencies and assisting companies for which the firm is not the auditor in implementing processes and controls necessary to obtain assurance reports from their auditors. Theoretically, that could ease cryptocurrency-related audits not only for PwC, but the industry at large. Still, the Big Four firm notes that the tool has its limitations: namely, client’s control environment, and, “at this stage,” the breadth of tokens supported by Halo. The software reportedly supports bitcoin ( BTC ), bitcoin cash ( BCH ), bitcoin gold ( BTG ), bitcoin diamond ( BCD ), litecoin ( LTC ), ether ( ETH ), OAX (ERC-20 token) and XRP . “These considerations will be key when determining whether we are comfortable to accept an audit engagement,” PwC wrote in the press release . It is currently unclear whether Halo is deployable in all 158 countries that PwC claims to be operating in . Cointelegraph has reached out to the Big Four company to clarify this, but has not heard back as of publication. Related: Daniel Diemers From PwC Strategy& Switzerland: Adoption of New Technologies Requires More Education Experts suggest that the vast geography should not be a problem for Halo, however. ACCA’s Vaidyanathan reminded that the international auditing standards (ISAs) apply globally when asked about potential clashes. Raffone of Finetiq, in turn, stressed the technical nature of PwC’s solution: “The audit function provided by Halo is purely technical and doesn’t seem driven by any regulatory requirement, therefore it seems a ‘upon request’ service that can be deployed across jurisdictions. Although I don’t think Halo fills any regulatory need per se currently, it is certainly comparable to similar investment fund audit services and once the crypto industry becomes mainstream, I would expect this sort of audit service to be required by regulators.” Martin maintains a similar position. According to the Blockforce Capital’s CIO, PwC should be well-poised to take on the regulatory complexities, given its experience with running auditing and accounting practices in multiple countries: “While adjusting to different jurisdictions is difficult, PwC is in a great position to take on the task. They are a highly respected accounting firm and have the resources to apply to such an endeavor.” Do things get better as we go along? In the end, the problem seems to come down to the aspect of adoption: While the cryptocurrency industry continues to grow, the recognition from mainstream corporations — such as the Big Four — could speed up this process. That is why PwC's work with Halo is “validating” the institutionalization of the crypto space, in Tsai’s view. On the other hand, the need for crypto-specific audits could be fulfilled even without the participation PwC, Deloitte and others, according to what Raffone told Cointelegraph: “A whole host of specialist firms are emerging as leading crypto audit service providers, challenging the Big Four and their cost structure. Even IBM is getting in the game with a recently patented solution to audit blockchains.” While time will tell if Halo turns out to be a viable solution for the crypto space, the remaining Big Four players have now been challenged to release their own software that would be on par with Halo in terms of functionality. Related Articles: Malta to Register All Property Rental Contracts on Blockchain Tracking Drugs on Blockchain: How Significant Is Walmart and IBM's New Collaboration? Australian Reserve Bank Official Advises Caution in Anticipation of Libra IOTA to Enter a New Partnership to Track Potentially Fatal Food Allergens With DLT || Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
Bitcoin’s dominance has reached 58.6% and its rally has helped the total market capitalization of cryptocurrencies cross$325billion. This rise has been backed by an increase in Bitcoin futuresopen interestthat hit an all-time high on the CME on June 17. The recovery from the lows has also helped bitcoin’shashrateclock a new high. Both these are bullish signs and indicate that the rally is on firm ground.
A new survey by Moscow-based cybersecurity firm Kaspersky Lab has stated that19%of people across the world have bought cryptocurrencies before 2019. For a new asset class, this is a very high and impressive number.RippleCEO Brad Garlinghouse recently revealed that he waslong on Bitcoinbecause he considered it a store of value.
While the adoption of cryptocurrencies is increasing, it still has its naysayers. The Reserve Bank ofAustraliadoes notexpectcryptocurrencies to find wide use in Australia if the existing financial system remains robust. Similarly, Patrick Gaulthier, vice president ofAmazonPay, said that they do not have any plans of creating crypto in the short-term as they do not deal inspeculativeassets.
With the Bitcoin price topping $11,000, is it a good time to buy or should investors look to other altcoins? Let’s find out.
The up-move of the past couple of days is reminiscent of the rally during the previous bull market. Bitcoin (BTC) has covered the distance from$10,000to$11,000within a day. It has broken out of the ascending channel and looks to be on target to reach the overhead resistance of $12,000. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level.
However, when a cryptocurrency is backed by momentum, it is difficult to predict where it will stop.
Both the moving averages are sloping up and the RSI is deep in overbought territory. This suggests that the rally is looking stretched in the short term. However, in early April and mid-May of this year, the RSI had reached just above 88, which shows that there is some more room for the up-move to extend.
If theBTC/USDpair breaks out of $12,000, it can move up to $13,000. But these vertical rallies are unsustainable. Therefore, we anticipate a minor correction or a consolidation for a few days. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive.
Ether (ETH) broke out of $225.49 to $280 range on June 21. Thereafter, it quickly rallied above the overhead resistance of $322.06 and came very close to its target objective of $335. However, profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels.
Both the moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in command. If they can propel theETH/USDpair above $322.06 and sustain it, there is no major resistance until $480.
Ripple (XRP) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage.
Our bullish view will be invalidated if the bulls fail to sustain the breakout and theXRP/USDpair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on thelongposition to $0.41. We will suggest to raise the stop loss again as the price moves up.
After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Litecoin (LTC) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside.
The breakout and close (UTC time frame) above $143.3047 could propel theLTC/USDpair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaininglongposition with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits.
Bitcoin Cash (BCH) bounced off the 20-day EMA on June 21. Currently, the bulls are trying to sustain above $481.99. If successful, a move to the resistance line of the ascending channel is probable. This might act as a minor hurdle, but if it is crossed, the rally can extend to $639 and above it to $889.
On the other hand, if theBCH/USDpair struggles to break out of the overhead resistance, it might dip back to the 20-day EMA. It remains bullish as long as both the moving averages are sloping up and the price remains above the moving averages. It will signal a change in trend on a breakdown and close (UTC time frame) below the support line of the channel.
EOSbounced off the 20-day EMA on June 21. It is likely to rally to the resistance line of the channel. If this level is crossed, the next move is toward $8.6503 and above it, $9.30. The 20-day EMA is starting to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. Traders can trail the stop loss on thelongposition to $6.40.
If theEOS/USDpair struggles to break out of the resistance line of the channel or $8.6503, traders can book partial profits on about 50% of the long positions and trail the rest with a tight stop. The momentum will weaken if the price sinks below $6.8299 and the trend will turn bearish on a breakdown of the support line of the ascending channel. This can result in a fall to $4.4930.
Binance Coin (BNB) has made a new high once again. This is a positive sign as it shows buying at higher levels. The price spiked to $43.2813888, close to our target objective of $46.1645899. However, profit booking at higher levels has dragged the price back near the breakout level of $38.6463356.
If the bulls defend the support around $38.6463356, we anticipate another attempt to break out of $46.1645899. If successful, a move to $50 is possible, which is likely to act as a psychological resistance.
Traders can book partial profits if the pair hits our target objective and trail the stop loss on the remaininglongposition to just below the 20-day EMA. However, if theBNB/USDpair plunges much below $38.6463356, it can drop to the 20-day EMA, which is an important support. A break of this support will weaken the momentum.
Bitcoin SV (BSV) is looking strong as it is attempting to resume its uptrend. It clocked a new high of $255.620 today, but profit booking at higher levels has dragged the price lower. Both the moving averages are sloping up and the RSI is close to the overbought zone, which suggests that the bulls are in command.
If the bulls sustain the rally above $240, the next level to watch is $307.789 and if this level is also scaled, the rally can reach $340.248. However if theBSV/USDpair fails to sustain above $240, it can correct to the 20-day EMA, which is likely to act as a strong support. If this support cracks, the drop can extend to $176.083, which is the 50% retracement of the recent rally.
Stellar (XLM) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in anearlieranalysis.
However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if theXLM/USDpair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855.
Cardano (ADA) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, we retain our buy recommendation given in anearlieranalysis.
Nevertheless, if theADA/USDpair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 12/06 || Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Bitcoin’s dominance has reached 58.6% and its rally has helped the total market capitalization of cryptocurrencies cross $325 billion. This rise has been backed by an increase in Bitcoin futures open interest that hit an all-time high on the CME on June 17. The recovery from the lows has also helped bitcoin’s hashrate clock a new high. Both these are bullish signs and indicate that the rally is on firm ground. A new survey by Moscow-based cybersecurity firm Kaspersky Lab has stated that 19% of people across the world have bought cryptocurrencies before 2019. For a new asset class, this is a very high and impressive number. Ripple CEO Brad Garlinghouse recently revealed that he was long on Bitcoin because he considered it a store of value. While the adoption of cryptocurrencies is increasing, it still has its naysayers. The Reserve Bank of Australia does not expect cryptocurrencies to find wide use in Australia if the existing financial system remains robust. Similarly, Patrick Gaulthier, vice president of Amazon Pay, said that they do not have any plans of creating crypto in the short-term as they do not deal in speculative assets. With the Bitcoin price topping $11,000, is it a good time to buy or should investors look to other altcoins? Let’s find out. BTC/USD The up-move of the past couple of days is reminiscent of the rally during the previous bull market. Bitcoin ( BTC ) has covered the distance from $10,000 to $11,000 within a day. It has broken out of the ascending channel and looks to be on target to reach the overhead resistance of $12,000. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level. However, when a cryptocurrency is backed by momentum, it is difficult to predict where it will stop. BTC/USD Both the moving averages are sloping up and the RSI is deep in overbought territory. This suggests that the rally is looking stretched in the short term. However, in early April and mid-May of this year, the RSI had reached just above 88, which shows that there is some more room for the up-move to extend. If the BTC/USD pair breaks out of $12,000, it can move up to $13,000. But these vertical rallies are unsustainable. Therefore, we anticipate a minor correction or a consolidation for a few days. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive. Story continues ETH/USD Ether ( ETH ) broke out of $225.49 to $280 range on June 21. Thereafter, it quickly rallied above the overhead resistance of $322.06 and came very close to its target objective of $335. However, profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels. ETH/USD Both the moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in command. If they can propel the ETH/USD pair above $322.06 and sustain it, there is no major resistance until $480. XRP/USD Ripple ( XRP ) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage. XRP/USD Our bullish view will be invalidated if the bulls fail to sustain the breakout and the XRP/USD pair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on the long position to $0.41. We will suggest to raise the stop loss again as the price moves up. LTC/USD After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Litecoin ( LTC ) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside. LTC/USD The breakout and close (UTC time frame) above $143.3047 could propel the LTC/USD pair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaining long position with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits. BCH/USD Bitcoin Cash ( BCH ) bounced off the 20-day EMA on June 21. Currently, the bulls are trying to sustain above $481.99. If successful, a move to the resistance line of the ascending channel is probable. This might act as a minor hurdle, but if it is crossed, the rally can extend to $639 and above it to $889. BCH/USD On the other hand, if the BCH/USD pair struggles to break out of the overhead resistance, it might dip back to the 20-day EMA. It remains bullish as long as both the moving averages are sloping up and the price remains above the moving averages. It will signal a change in trend on a breakdown and close (UTC time frame) below the support line of the channel. EOS/USD EOS bounced off the 20-day EMA on June 21. It is likely to rally to the resistance line of the channel. If this level is crossed, the next move is toward $8.6503 and above it, $9.30. The 20-day EMA is starting to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. Traders can trail the stop loss on the long position to $6.40. EOS/USD If the EOS/USD pair struggles to break out of the resistance line of the channel or $8.6503, traders can book partial profits on about 50% of the long positions and trail the rest with a tight stop. The momentum will weaken if the price sinks below $6.8299 and the trend will turn bearish on a breakdown of the support line of the ascending channel. This can result in a fall to $4.4930. BNB/USD Binance Coin ( BNB ) has made a new high once again. This is a positive sign as it shows buying at higher levels. The price spiked to $43.2813888, close to our target objective of $46.1645899. However, profit booking at higher levels has dragged the price back near the breakout level of $38.6463356. BNB/USD If the bulls defend the support around $38.6463356, we anticipate another attempt to break out of $46.1645899. If successful, a move to $50 is possible, which is likely to act as a psychological resistance. Traders can book partial profits if the pair hits our target objective and trail the stop loss on the remaining long position to just below the 20-day EMA. However, if the BNB/USD pair plunges much below $38.6463356, it can drop to the 20-day EMA, which is an important support. A break of this support will weaken the momentum. BSV/USD Bitcoin SV ( BSV ) is looking strong as it is attempting to resume its uptrend. It clocked a new high of $255.620 today, but profit booking at higher levels has dragged the price lower. Both the moving averages are sloping up and the RSI is close to the overbought zone, which suggests that the bulls are in command. BSV/USD If the bulls sustain the rally above $240, the next level to watch is $307.789 and if this level is also scaled, the rally can reach $340.248. However if the BSV/USD pair fails to sustain above $240, it can correct to the 20-day EMA, which is likely to act as a strong support. If this support cracks, the drop can extend to $176.083, which is the 50% retracement of the recent rally. XLM/USD Stellar ( XLM ) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in an earlier analysis. XLM/USD However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if the XLM/USD pair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855. ADA/USD Cardano ( ADA ) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, we retain our buy recommendation given in an earlier analysis. ADA/USD Nevertheless, if the ADA/USD pair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 12/06 View comments || Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
Bitcoin’s dominance has reached 58.6% and its rally has helped the total market capitalization of cryptocurrencies cross$325billion. This rise has been backed by an increase in Bitcoin futuresopen interestthat hit an all-time high on the CME on June 17. The recovery from the lows has also helped bitcoin’shashrateclock a new high. Both these are bullish signs and indicate that the rally is on firm ground.
A new survey by Moscow-based cybersecurity firm Kaspersky Lab has stated that19%of people across the world have bought cryptocurrencies before 2019. For a new asset class, this is a very high and impressive number.RippleCEO Brad Garlinghouse recently revealed that he waslong on Bitcoinbecause he considered it a store of value.
While the adoption of cryptocurrencies is increasing, it still has its naysayers. The Reserve Bank ofAustraliadoes notexpectcryptocurrencies to find wide use in Australia if the existing financial system remains robust. Similarly, Patrick Gaulthier, vice president ofAmazonPay, said that they do not have any plans of creating crypto in the short-term as they do not deal inspeculativeassets.
With the Bitcoin price topping $11,000, is it a good time to buy or should investors look to other altcoins? Let’s find out.
The up-move of the past couple of days is reminiscent of the rally during the previous bull market. Bitcoin (BTC) has covered the distance from$10,000to$11,000within a day. It has broken out of the ascending channel and looks to be on target to reach the overhead resistance of $12,000. As the price has reversed direction from $12,000 on three occasions, between the end of January and early March of last year, we expect some resistance at this level.
However, when a cryptocurrency is backed by momentum, it is difficult to predict where it will stop.
Both the moving averages are sloping up and the RSI is deep in overbought territory. This suggests that the rally is looking stretched in the short term. However, in early April and mid-May of this year, the RSI had reached just above 88, which shows that there is some more room for the up-move to extend.
If theBTC/USDpair breaks out of $12,000, it can move up to $13,000. But these vertical rallies are unsustainable. Therefore, we anticipate a minor correction or a consolidation for a few days. We do not suggest traders chase the price higher as the risk to reward ratio is not attractive.
Ether (ETH) broke out of $225.49 to $280 range on June 21. Thereafter, it quickly rallied above the overhead resistance of $322.06 and came very close to its target objective of $335. However, profit booking has pushed the price back below $322.06. This shows a lack of demand at higher levels.
Both the moving averages are sloping up and the RSI is in the overbought zone, which shows that the bulls are in command. If they can propel theETH/USDpair above $322.06 and sustain it, there is no major resistance until $480.
Ripple (XRP) has broken out of the symmetrical triangle, which is a positive sign. It can now move up to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in the positive zone, which shows that bulls have the advantage.
Our bullish view will be invalidated if the bulls fail to sustain the breakout and theXRP/USDpair plummets back below $0.450. Until then, every dip will be viewed as a buying opportunity. Traders can trail the stop loss on thelongposition to $0.41. We will suggest to raise the stop loss again as the price moves up.
After trading in a small range near $140.3450 for the past few days, the bulls are attempting to resume the uptrend. Litecoin (LTC) has broken out of $140.3450 but is struggling to sustain it. This shows profit booking at higher levels. However, both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the path of least resistance is to the upside.
The breakout and close (UTC time frame) above $143.3047 could propel theLTC/USDpair to $158.91 and above it to $184.7949. Conversely, if the pair turns down from current levels and breaks down of the 20-day EMA, momentum will weaken. Therefore, traders can protect the remaininglongposition with a stop loss below the 20-day EMA. As the price surges higher, traders can tighten the stops further to protect paper profits.
Bitcoin Cash (BCH) bounced off the 20-day EMA on June 21. Currently, the bulls are trying to sustain above $481.99. If successful, a move to the resistance line of the ascending channel is probable. This might act as a minor hurdle, but if it is crossed, the rally can extend to $639 and above it to $889.
On the other hand, if theBCH/USDpair struggles to break out of the overhead resistance, it might dip back to the 20-day EMA. It remains bullish as long as both the moving averages are sloping up and the price remains above the moving averages. It will signal a change in trend on a breakdown and close (UTC time frame) below the support line of the channel.
EOSbounced off the 20-day EMA on June 21. It is likely to rally to the resistance line of the channel. If this level is crossed, the next move is toward $8.6503 and above it, $9.30. The 20-day EMA is starting to turn up and the RSI has jumped into positive territory, which suggests that bulls have the upper hand. Traders can trail the stop loss on thelongposition to $6.40.
If theEOS/USDpair struggles to break out of the resistance line of the channel or $8.6503, traders can book partial profits on about 50% of the long positions and trail the rest with a tight stop. The momentum will weaken if the price sinks below $6.8299 and the trend will turn bearish on a breakdown of the support line of the ascending channel. This can result in a fall to $4.4930.
Binance Coin (BNB) has made a new high once again. This is a positive sign as it shows buying at higher levels. The price spiked to $43.2813888, close to our target objective of $46.1645899. However, profit booking at higher levels has dragged the price back near the breakout level of $38.6463356.
If the bulls defend the support around $38.6463356, we anticipate another attempt to break out of $46.1645899. If successful, a move to $50 is possible, which is likely to act as a psychological resistance.
Traders can book partial profits if the pair hits our target objective and trail the stop loss on the remaininglongposition to just below the 20-day EMA. However, if theBNB/USDpair plunges much below $38.6463356, it can drop to the 20-day EMA, which is an important support. A break of this support will weaken the momentum.
Bitcoin SV (BSV) is looking strong as it is attempting to resume its uptrend. It clocked a new high of $255.620 today, but profit booking at higher levels has dragged the price lower. Both the moving averages are sloping up and the RSI is close to the overbought zone, which suggests that the bulls are in command.
If the bulls sustain the rally above $240, the next level to watch is $307.789 and if this level is also scaled, the rally can reach $340.248. However if theBSV/USDpair fails to sustain above $240, it can correct to the 20-day EMA, which is likely to act as a strong support. If this support cracks, the drop can extend to $176.083, which is the 50% retracement of the recent rally.
Stellar (XLM) has broken out of the downtrend line of the descending triangle. It can now move up to the overhead resistance of $0.14861760. A breakout and close (UTC time frame) above this level will complete an inverse head and shoulders pattern that can start a new uptrend. Therefore, traders can initiate long position as suggested in anearlieranalysis.
However, both moving averages are flat and the RSI is just above the midpoint, which suggests equilibrium between bulls and bears. The trend will turn in favor of the bears if theXLM/USDpair fails to sustain above the resistance line of the triangle and plunges below $0.11507853. The next support on the downside is at $0.0855.
Cardano (ADA) is trying to break out of the overhead resistance at $0.10. In the previous five instances, the price had turned down from this resistance. This time, if the bulls succeed in breaking out of $0.10, the cryptocurrency will complete a rounding pattern that has target objective of $0.22466773. Therefore, we retain our buy recommendation given in anearlieranalysis.
Nevertheless, if theADA/USDpair fails to break out and close above $0.10, it is likely to remain range bound between $0.076254 and $0.10. The 20-day EMA has flattened out and the RSI is just above 50, which suggests consolidation in the short term. A breakdown of $0.076254 will signal that the bears are back in command.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
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• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 12/06 || Russian Ministry of Finance Considers Allowing Cryptocurrency Trading: A representative of theRussianMinistry of Finance (MinFin) says the ministry is considering allowingcryptocurrencytrading, Russian news service Interfaxreportedon June 21.
Per the report, the Deputy Minister of FinanceAlexei Moiseyevtold journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation.
A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year.
Anatoly Aksakov, head of the Duma Financial Market Committee, called the pending decision a compromise and pointed out that the Financial Action Task Force recommended that Russia adopt a bill regulating the circulation of cryptocurrencies by the end of this year.
As Cointelegraphreportedearlier this week, the State Duma, Russia's parliament, expects to adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks.
At the time, Moiseev declared that MinFin has also approved separate legislation for initial coin offerings, which will be a part of Russia’s law oncrowdfunding.
Also this week, newsbrokethat the head of theBankof Russia said that while they are exploring the possibility of launching a central bank digital currency (CBDC), it is not planned for the near future.
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• Santander Loses Appeal Against Brazilian Crypto Exchange, Fine Upheld || Russian Ministry of Finance Considers Allowing Cryptocurrency Trading: A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21. Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation. A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year. Anatoly Aksakov, head of the Duma Financial Market Committee, called the pending decision a compromise and pointed out that the Financial Action Task Force recommended that Russia adopt a bill regulating the circulation of cryptocurrencies by the end of this year. As Cointelegraph reported earlier this week, the State Duma, Russia's parliament, expects to adopt the countrys major crypto bill On Digital Financial Assets (DFA) in the next two weeks. At the time, Moiseev declared that MinFin has also approved separate legislation for initial coin offerings, which will be a part of Russias law on crowdfunding . Also this week, news broke that the head of the Bank of Russia said that while they are exploring the possibility of launching a central bank digital currency (CBDC), it is not planned for the near future. Related Articles: Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister Russia Will Not Legalize Facebooks Cryptocurrency, Official Says US CFTC Brings Action Against $147 Million Bitcoin Investment Scheme Santander Loses Appeal Against Brazilian Crypto Exchange, Fine Upheld || 21 Brutally Honest Opinions About Facebook’s Libra Cryptocurrency: Facebook cryptocurrency Libra has taken the world by storm. We rounded up 21 opinions from crypto, governments, and financial analysts. | Source: AP Photo/Andrew Harnik (i), Shutterstock (ii). Image Edited by CCN. By CCN Markets : Maybe you heard the news? Facebook is launching a cryptocurrency called Libra . Cue the endless tweet-storms and Medium posts and think-pieces! Here are some of the most important comments from regulators, blockchain experts, finance analysts, regulators, and Facebook executives themselves. Bitcoin community on Facebook cryptocurrency The crypto community is split over Facebook’s crypto announcement. Most were quick to point out it’s not a real blockchain, but they almost unanimously believe it will open the door for bitcoin and threaten traditional finance. 1. Ryan Selkis (Messari CEO) – Facebook’s Libra is a “ gateway drug ” for crypto. Read the full story on CCN.com . || From Clean Water Supply to Rebuilding Notre Dame: Crypto and Blockchain in Charity: The technology that underpins cryptocurrencies has been gradually entering the charity sector, purportedly providing more transparency and trust to the industry — especially given adecreasein people’s trust in charity organizations, where the public is increasingly concerned about how charities spend raised money.
Governments around the world have been showing increasing interest in blockchain deployment and digital currency adoption for philanthropy, although few of them have implemented clearregulationstoward the new type of currency at the legislative level.
Recently, the British Virgin Islands — a United Kingdom overseas territory in the Carribean —partneredwith blockchain firm Lifelabs.io to launch an alternative cryptocurrency-enabled payments infrastructure for residents across its network of islands to ensure that residents can continue access essential goods and services in the event of a humanitarian crisis.
Andrew Fahie — premier and minister of finance ofthe British Virgin Islands— said that blockchain-based financial innovation “comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting.”
The mayor of theSouth Koreancapital, Seoul,introduceda five-year plan for developing the blockchain industry in the city last October. The project entitled “Blockchain City of Seoul” contains a number of measures for promoting and developing blockchain-related initiatives and education in the city from 2018 to 2022.
Last September,China’sMinistry of Civil Affairs (MCA)revealedplans to implement blockchain as part of an overhaul of its charity tracking system. The MCA’s four-year plan through 2022 specifically pledges to “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and elsewhere.
Officials were set to “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.” The plan confirmed that the blockchain tech component was chosen to “complete the new round of the ‘Charity China’ platform’s upgrade.”
Recent years have seen a number of blockchain and crypto-focused organizations — from well-known to newly formed ones — stepping into the charity industry as well. Just recently, news broke that a charitable campaign dubbed“Airdrop Venezuela”— which is set to enable direct transfer of $1 million in cryptocurrency donations to the country’s citizens —registered60,000 verified beneficiaries and raised $272,000.
The campaign leader, professor Steve Hanke, underscored that the project aims to demonstrate how crypto can be used by relief agencies globally to securely and transparently deliver funds and aid to people in need. As the country struggles astill-ongoingpolitical crisis and ongoing economic turmoil, bitcoin (BTC) trading volumes inVenezuelawere reported to havereachedan all-time high in February of this year.
In theUnited States, theBail Bloc Initiativestartedusing cryptocurrency raised through charity to help people get out of the U.S. Immigration and Customs Enforcement (ICE) pretrial incarceration last November. ICE is a law enforcement agency of the federal government of the U.S., the mission of which is to monitor cross-bordercrimeand illegal immigration.
The Bail Bloc set a goal to help charged immigrants pay their bail with money raised through cryptocurrency mining. The initiative released an app that consumes a small portion — from 10% by default to 50% optionally — of users’ computing power to mine monero (XMR) once it is installed.
Leading cryptocurrency exchangeBinancerevealed in February that its philanthropic arm, Binance Charity Foundation (BCF) — which was firstlaunchedin October 2018 — rolled out its charity campaign “Lunch for Children” in the capital of Uganda, Kampala. According to the program, the organization is set to provide two meals a day during the full year of 2019 to more than 200 students and school staff.
In late 2018, the BCFopeneda new fundraising channel on its blockchain-powered donation platform. The program is conducted in support of terminally ill patients and disadvantaged children inMaltaand Gozo.
The CEO of cryptocurrency exchangeCoinbase,Brian Armstrong, announced the launch of a charitable initiative dubbed “GiveCrypto.org” to “financially empower people by distributing cryptocurrency globally,” last June. GiveCrypto.org intends to raise funds from crypto owners and distribute small amounts to people who live in emerging markets — more specifically, to those going through financial crisis.
A bitcoin-only charity called thePineapple Fundthat was established by an anonymous donorcontributed5,104 BTC to 60 charities around the world in 2017, supporting a variety of projects, from clean water supply in sub-Saharan Africa to digital rights protection. At the time, the donated digital currency was exchanged into $55,750,000.
The progressive adoption of digital currencies makes traditional nonprofit organizations more flexible in attracting funds from new sources. According to a report by the largest donor-advised fund in the U.S.,Fidelity Charitable, the organization received over $30 million in cryptocurrency contributions in 2018 and $106 million since the program’s launch.
In2017, Fidelity reportedly received $69 million — which made it a record year for cryptocurrency donations — while in 2016, the value of crypto donations amounted to only $7 million. Fidelity notes in the report that digital currency donations “eliminate any capital gains taxes and give the full fair market value to charity.”
Recently, the world was appalled by the massive destruction of the 800-year-old French cathedral Notre Dame de Paris following the devastating fire that engulfed the church on April 15. Days after, an array of companies, organizations and individualsdonatedmillions of dollars to reconstruct the damaged cathedral, with the international cryptocurrency and blockchain community reacting promptly by launching donation campaigns as well. The French crypto community also launched a cryptocurrency donation campaign dubbed“Notre Dame des Cryptos”to help rebuild the cathedral. The team behind the campaign emphasized that many people around the world want to fund the reconstruction, with bitcoin being a global and universal cross-border solution that is reliable against censorship.
Blockchain’s potential to ensure fairer, more equitable aid and distribution of donated funds has been recognized by leading organizations around the world, including theUnited Nations, the Red Cross and Save the Children, and the Notre Dame case is just a local example of how effectively blockchain has been helping raise charitable donations in recent years.
United Kingdom-basedCharities Aid Foundation (CAF)recognizesdigital currency and blockchain as the technologies that “have some fascinating features that could have a huge impact on charities and charitable giving,” and points out their “potential for ‘radical transparency’ of donations, and the possibility of making it easier to get aid money to where it is needed.”
Commenting on blockchain integration into internal processes of charity organizations,Rhodri Davies, head of policy and program leader at CAF, told Cointelegraph:
“Radical transparency through the use of decentralised ledgers (either using crypto or some form of tokening) bring the potential for enhancing trust among donors by giving far greater certainty over how money is spent — this would be particularly valuable when giving cross-border into jurisdictions where there are often justifiable fears about corruption and mismanagement.”
However, Davies noted that radical transparency may cause problems, as well as that “many nonprofits already face challenges convincing sceptical donors about the need to spend money on core costs (which are seen as ‘overheads’ or ‘admin cost’) — if those donors were able to see where their individual donations went within an organisation, this is likely to exacerbate the problem as there would probably be many instances where a donor would not be happy that THEIR money wasn’t going to the perceived ‘front line.’”
Recent years have marked a significant progress in the adoption of digital currencies and blockchain in philanthropy by some governments and international organizations. Indeed, blockchain enables donors to see what path their donations came from — from the moment it was contributed to the moment it was spent — purportedly ensuring a high level of transparency and eliminating misreporting.
The blockchain-powered project GiveTrack, backed by bitcoin nonprofit organizationBitGive, was created with the objective to let donors trace transactions on a public platform in real time, thus being aware of the final destination of their donations. Over the life of the platform, it recorded fund flows to projects featured from Code to Inspire, Desafio, Run for Water and America Solidaria. BitGive — which supports 12 cryptocurrencies —carried outglobal campaigns, including Medic Mobile, the Water Project, Save the Children, Techno, Fundación Parlas and Team Rubicon for Tornado Relief.
Davies stressed that charities also need to be careful what they put on a ledger:
“For instance, if a grantmaker is funding LGBTQ rights in a country where homosexuality is still illegal (e.g. Uganda) and they use a blockchain-based platform to move money, they would need to be very careful that they didn’t unwittingly publish information that allowed organisations or individuals to be identified and arrested.”
News broke in 2015, when nonprofit media outlet ProPublicareportedabout inappropriate expenditures of donated funds that the Red Cross received in the course of the Lamika project, which was aimed at building of hundreds of permanent homes for those affected by the earthquake in Haiti’s capital city, Port-au-Prince, in 2011. The Red Cross had reportedly received nearly half a billion dollars, while only six houses were built as of 2015. “The Red Cross won’t disclose details of how it has spent the hundreds of millions of dollars donated for Haiti. But our reporting shows that less money reached those in need than the Red Cross has said,” the news outlet argued.
Notably, the survey “Trust in Charities and the Overseas Developments Sector” prepared by research consultancy firm nfpSynergyshowsa 6% fall in people’s trust in charities in 2017, wherein 54% of 1,000 surveyed adults said they trusted charities “a great deal” or “quite a lot” compared with 60% a year earlier. Blockchain is set to cut out middlemen and issues presented by bureaucracy, as well as a lack of administrative expertise, which could subsequently improve the reputation of charities.
Francesco Nazari Fusetti, social entrepreneurand founder of Ethereum blockchain-based token AidCoin and full-service platform CharityStars, which was designed to allow charitable organizations to raise funds, told Cointelegraph that “charities must keep in touch with their donors all the way through the project, and keep updating them about the new milestones reached” in order to prove that a success story is true, as well as to ensure the work is sustainable. Nazari Fusetti continued:
“Adding financials and proofs of payment definitely helps to create a success story, but only with crypto and blockchain we can aim to give full transparency about the use of funds.”
Davies made an example of the use of decentralized autonomous organization (DAO) structures that purportedly enable social movements to coordinate and operate more effectively at scale:
“We have already seen a growing trend for such movements to take the form of loose networks rather than traditional centralised organizations (e.g. Black Lives Matter, #MeToo, the climate strikes). Often these movements face challenges in terms of maintaining focus and momentum, or carrying out practical action, and the additional structure provided by a DAO might enable them to overcome these challenges but without having to adopt traditional approaches.”
Among other challenges blockchain can purportedly help solve are slow settlement times for transferring funds from philanthropy organizations to beneficiaries and the volatility of contributions made in foreign currency or securities. Although price volatility of digital currencies poses the risk that donations could be worth something different the moment it is needed, it also applies to foreign currency markets.
Last October, Binancereleaseda report on crypto donations to provide relief for west Japan following devastating floods in mid-July, stating it had raised $1.41 million in various types of ERC-20 tokens at the time. Volunteer service provider Open Japan — which received 169.85 ether (ETH) (5.3 million yen, or $47,257, at that time) from Binance — said that “it was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Bitcoin is currently the leading cryptocurrency in terms of charitable donations. While no exact figure is available for the amount of bitcoin that charities received in 2017, it was certainly in excess of $100 million, eXeBlock’s survey dubbed “Eight Ways Charities are Cashing in on Cryptocurrencies” says, and further adds:
“For U.S. donors, making charitable contributions in cryptocurrency is a good tax planning strategy because if the IRS considers these currencies as property for tax purposes, meaning that upon liquidation, any appreciation of the assets are subject to capital gains tax. However, if the cryptocurrency is donated prior to be being converted to dollars, the donor receives a tax credit equal to the market value of the asset at the time of donation. There is no tax on cryptocurrencies that are converted to cash in a donor advised account. This approach increases the donation size by up to 21%.”
Speaking about major obstacles that stand between a charity and its mission, Nazari Fusetti named fundraising to be the biggest issue for charities nowadays. This is, according to him, why charities are keen to explore new tech opportunities to attract new donors.
Sharing his experience of working with charities,Jorge Mejia, assistant professor of operations and decisions technologies at the Kelley School of Business at IndianaUniversity, told Cointelegraph that charities are “often not led by tech-savvy leaders, but I think they are getting better over time. Particularly, because many charities have realized they need some online presence to tap into the charity crowdfunding market. I think a large gap for charities is obtaining volunteers that want to work on the tech side of things.”
Meanwhile, among 5,352 nongovernmental organizations surveyed, 72% accepted website donations, with only 1% accepting bitcoin, and only 3% had a digital wallet. In the United Kingdom, only 15% ofsurveyed charitieshave been through the full digital transformation process and have embedded it, while 45% did not have a digital strategy at all.
In 2018, the survey showed skills to be the second-biggest barrier (51%) for charities, following funding (58%). Over half (53%) reportedly saw their digital strategy skills low, and 55% rated themselves as fair or low at keeping up to date with digital trends.
Notably, 73% of the surveyed charities said that they had low to very low skills in artificial intelligence (AI), which is up from 68% a year earlier. Also, 62% of the survey participants reportedly rated their digital fundraising skills as fair to low, with 58% saying their digital governance skills as fair to low.
Nazari Fusetti argued that “through blockchain we could score a life changing goal for charitable organizations.” However, the general trend shows that charities are reluctant to tech adoption:
“Generally charities are reluctant to tech adoptions but there are some cases, especially with big brands such as UNICEF, which show the opposite. Innovation takes time, skilled employees and financial capital which are limited resources to small charities. Therefore it makes it more difficult for them to embrace new technologies.”
Davies stated that technologies such as augmented reality (AR) and virtual reality (VR) have already entered the charity sector, as these technologies can purportedly be deployed to craft compelling narratives and drive empathy. According to Davies, a number of nonprofits already use AR and VR in their fundraising and awareness-raising.
The key findings from TechTrust’s “Digital Survey 2018” report, which surveyed 1,262 charity organizations, show that in 2017, the majority (58%) of charities did not incorporate digital into their overall strategy, with 14% of those with no IT staff being from large multinational companies.
Of them, 82% reportedly hold sensitive data that is not to be shared and are aware of the General Data Protection Regulation (GDPR). Also, 27% of the surveyed said they would upgrade their IT infrastructure, and only 9% of charities were planning to reduce their spending on IT infrastructure. Of the surveyed charities, 31% did not have applications in the cloud, 9% did not have remote access to their customer relationship management (CRM), and 27% saw benefit in cloud software.
According to theInternational Fund for Agricultural Development, “transaction costs to send remittances currently exceed $30 billion annually, with fees particularly high to the poorest countries and remote rural areas.” The World Food Program — the food-assistance branch of the United Nations and the largest humanitarian organization fighting hunger —claimedthat, through the implementation of blockchain, it managed to reduce fees for international payment transactions, which let the program to save around $150,000 a month.
Mejia argued that philanthropic organizations can strive to record and track their successes and failures using mobile and web apps, and added:
“A charity no longer needs to depend on a small but influential number of donors but can actually reach millions of people through the web. However, I think to be successful online, charities need to document their ability to deliver value. They need to be able to show potential donors that they can truly solve problems for people in need. [...] The question is whether they can do it consistently. I have always felt that there is too much distance between donors and charities. For example, if I donate $10 for an emergency relief effort, why can’t I get some assurance that the money was used properly?”
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• Binance Announces Bitcoin-Pegged Token on Binance Chain || From Clean Water Supply to Rebuilding Notre Dame: Crypto and Blockchain in Charity: The technology that underpins cryptocurrencies has been gradually entering the charity sector, purportedly providing more transparency and trust to the industry — especially given a decrease in people’s trust in charity organizations, where the public is increasingly concerned about how charities spend raised money. Governments and blockchain projects embrace charity space Governments around the world have been showing increasing interest in blockchain deployment and digital currency adoption for philanthropy, although few of them have implemented clear regulations toward the new type of currency at the legislative level. Recently, the British Virgin Islands — a United Kingdom overseas territory in the Carribean — partnered with blockchain firm Lifelabs.io to launch an alternative cryptocurrency-enabled payments infrastructure for residents across its network of islands to ensure that residents can continue access essential goods and services in the event of a humanitarian crisis. Andrew Fahie — premier and minister of finance of the British Virgin Islands — said that blockchain-based financial innovation “comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting.” The mayor of the South Korean capital, Seoul, introduced a five-year plan for developing the blockchain industry in the city last October. The project entitled “Blockchain City of Seoul” contains a number of measures for promoting and developing blockchain-related initiatives and education in the city from 2018 to 2022. Last September, China’s Ministry of Civil Affairs (MCA) revealed plans to implement blockchain as part of an overhaul of its charity tracking system. The MCA’s four-year plan through 2022 specifically pledges to “explore the use of blockchain technology in charitable donations, charity tracking, transparent management” and elsewhere. Story continues Officials were set to “build a tamper-proof charity organization information query system and enhance the authority, transparency and public trust of information publishing and search services.” The plan confirmed that the blockchain tech component was chosen to “complete the new round of the ‘Charity China’ platform’s upgrade.” Recent years have seen a number of blockchain and crypto-focused organizations — from well-known to newly formed ones — stepping into the charity industry as well. Just recently, news broke that a charitable campaign dubbed “Airdrop Venezuela” — which is set to enable direct transfer of $1 million in cryptocurrency donations to the country’s citizens — registered 60,000 verified beneficiaries and raised $272,000. The campaign leader, professor Steve Hanke, underscored that the project aims to demonstrate how crypto can be used by relief agencies globally to securely and transparently deliver funds and aid to people in need. As the country struggles a still-ongoing political crisis and ongoing economic turmoil, bitcoin ( BTC ) trading volumes in Venezuela were reported to have reached an all-time high in February of this year. In the United States , the Bail Bloc Initiative started using cryptocurrency raised through charity to help people get out of the U.S. Immigration and Customs Enforcement (ICE) pretrial incarceration last November. ICE is a law enforcement agency of the federal government of the U.S., the mission of which is to monitor cross-border crime and illegal immigration. The Bail Bloc set a goal to help charged immigrants pay their bail with money raised through cryptocurrency mining. The initiative released an app that consumes a small portion — from 10% by default to 50% optionally — of users’ computing power to mine monero ( XMR ) once it is installed. Leading cryptocurrency exchange Binance revealed in February that its philanthropic arm, Binance Charity Foundation (BCF) — which was first launched in October 2018 — rolled out its charity campaign “Lunch for Children” in the capital of Uganda, Kampala. According to the program, the organization is set to provide two meals a day during the full year of 2019 to more than 200 students and school staff. In late 2018, the BCF opened a new fundraising channel on its blockchain-powered donation platform. The program is conducted in support of terminally ill patients and disadvantaged children in Malta and Gozo. The CEO of cryptocurrency exchange Coinbase , Brian Armstrong , announced the launch of a charitable initiative dubbed “GiveCrypto.org” to “financially empower people by distributing cryptocurrency globally,” last June. GiveCrypto.org intends to raise funds from crypto owners and distribute small amounts to people who live in emerging markets — more specifically, to those going through financial crisis. A bitcoin-only charity called the Pineapple Fund that was established by an anonymous donor contributed 5,104 BTC to 60 charities around the world in 2017, supporting a variety of projects, from clean water supply in sub-Saharan Africa to digital rights protection. At the time, the donated digital currency was exchanged into $55,750,000. The progressive adoption of digital currencies makes traditional nonprofit organizations more flexible in attracting funds from new sources. According to a report by the largest donor-advised fund in the U.S., Fidelity Charitable , the organization received over $30 million in cryptocurrency contributions in 2018 and $106 million since the program’s launch. In 2017 , Fidelity reportedly received $69 million — which made it a record year for cryptocurrency donations — while in 2016, the value of crypto donations amounted to only $7 million. Fidelity notes in the report that digital currency donations “eliminate any capital gains taxes and give the full fair market value to charity.” Recently, the world was appalled by the massive destruction of the 800-year-old French cathedral Notre Dame de Paris following the devastating fire that engulfed the church on April 15. Days after, an array of companies, organizations and individuals donated millions of dollars to reconstruct the damaged cathedral, with the international cryptocurrency and blockchain community reacting promptly by launching donation campaigns as well. The French crypto community also launched a cryptocurrency donation campaign dubbed “ Notre Dame des Cryptos ” to help rebuild the cathedral. The team behind the campaign emphasized that many people around the world want to fund the reconstruction, with bitcoin being a global and universal cross-border solution that is reliable against censorship. Blockchain’s potential to ensure fairer, more equitable aid and distribution of donated funds has been recognized by leading organizations around the world, including the United Nations , the Red Cross and Save the Children, and the Notre Dame case is just a local example of how effectively blockchain has been helping raise charitable donations in recent years. United Kingdom -based Charities Aid Foundation (CAF) recognizes digital currency and blockchain as the technologies that “have some fascinating features that could have a huge impact on charities and charitable giving,” and points out their “potential for ‘radical transparency’ of donations, and the possibility of making it easier to get aid money to where it is needed.” Commenting on blockchain integration into internal processes of charity organizations, Rhodri Davies, head of policy and program leader at CAF , told Cointelegraph: “Radical transparency through the use of decentralised ledgers (either using crypto or some form of tokening) bring the potential for enhancing trust among donors by giving far greater certainty over how money is spent — this would be particularly valuable when giving cross-border into jurisdictions where there are often justifiable fears about corruption and mismanagement.” However, Davies noted that radical transparency may cause problems, as well as that “many nonprofits already face challenges convincing sceptical donors about the need to spend money on core costs (which are seen as ‘overheads’ or ‘admin cost’) — if those donors were able to see where their individual donations went within an organisation, this is likely to exacerbate the problem as there would probably be many instances where a donor would not be happy that THEIR money wasn’t going to the perceived ‘front line.’” How blockchain and crypto may transform the charity space Recent years have marked a significant progress in the adoption of digital currencies and blockchain in philanthropy by some governments and international organizations. Indeed, blockchain enables donors to see what path their donations came from — from the moment it was contributed to the moment it was spent — purportedly ensuring a high level of transparency and eliminating misreporting. The blockchain-powered project GiveTrack, backed by bitcoin nonprofit organization BitGive , was created with the objective to let donors trace transactions on a public platform in real time, thus being aware of the final destination of their donations. Over the life of the platform, it recorded fund flows to projects featured from Code to Inspire, Desafio, Run for Water and America Solidaria. BitGive — which supports 12 cryptocurrencies — carried out global campaigns, including Medic Mobile, the Water Project, Save the Children, Techno, Fundación Parlas and Team Rubicon for Tornado Relief. Davies stressed that charities also need to be careful what they put on a ledger: “For instance, if a grantmaker is funding LGBTQ rights in a country where homosexuality is still illegal (e.g. Uganda) and they use a blockchain-based platform to move money, they would need to be very careful that they didn’t unwittingly publish information that allowed organisations or individuals to be identified and arrested.” News broke in 2015, when nonprofit media outlet ProPublica reported about inappropriate expenditures of donated funds that the Red Cross received in the course of the Lamika project, which was aimed at building of hundreds of permanent homes for those affected by the earthquake in Haiti’s capital city, Port-au-Prince, in 2011. The Red Cross had reportedly received nearly half a billion dollars, while only six houses were built as of 2015. “The Red Cross won’t disclose details of how it has spent the hundreds of millions of dollars donated for Haiti. But our reporting shows that less money reached those in need than the Red Cross has said,” the news outlet argued. Notably, the survey “Trust in Charities and the Overseas Developments Sector” prepared by research consultancy firm nfpSynergy shows a 6% fall in people’s trust in charities in 2017, wherein 54% of 1,000 surveyed adults said they trusted charities “a great deal” or “quite a lot” compared with 60% a year earlier. Blockchain is set to cut out middlemen and issues presented by bureaucracy, as well as a lack of administrative expertise, which could subsequently improve the reputation of charities. Francesco Nazari Fusetti, social entrepreneur and founder of Ethereum blockchain-based token AidCoin and full-service platform CharityStars, which was designed to allow charitable organizations to raise funds, told Cointelegraph that “charities must keep in touch with their donors all the way through the project, and keep updating them about the new milestones reached” in order to prove that a success story is true, as well as to ensure the work is sustainable. Nazari Fusetti continued: “Adding financials and proofs of payment definitely helps to create a success story, but only with crypto and blockchain we can aim to give full transparency about the use of funds.” Davies made an example of the use of decentralized autonomous organization (DAO) structures that purportedly enable social movements to coordinate and operate more effectively at scale: “We have already seen a growing trend for such movements to take the form of loose networks rather than traditional centralised organizations (e.g. Black Lives Matter, #MeToo, the climate strikes). Often these movements face challenges in terms of maintaining focus and momentum, or carrying out practical action, and the additional structure provided by a DAO might enable them to overcome these challenges but without having to adopt traditional approaches.” Among other challenges blockchain can purportedly help solve are slow settlement times for transferring funds from philanthropy organizations to beneficiaries and the volatility of contributions made in foreign currency or securities. Although price volatility of digital currencies poses the risk that donations could be worth something different the moment it is needed, it also applies to foreign currency markets. Last October, Binance released a report on crypto donations to provide relief for west Japan following devastating floods in mid-July, stating it had raised $1.41 million in various types of ERC-20 tokens at the time. Volunteer service provider Open Japan — which received 169.85 ether (ETH) (5.3 million yen, or $47,257, at that time) from Binance — said that “it was carried out instantly, and after confirming the transfer we were able to convert it to Japanese yen. Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.” Digital competence of charities Bitcoin is currently the leading cryptocurrency in terms of charitable donations. While no exact figure is available for the amount of bitcoin that charities received in 2017, it was certainly in excess of $100 million, eXeBlock’s survey dubbed “ Eight Ways Charities are Cashing in on Cryptocurrencies ” says, and further adds: “For U.S. donors, making charitable contributions in cryptocurrency is a good tax planning strategy because if the IRS considers these currencies as property for tax purposes, meaning that upon liquidation, any appreciation of the assets are subject to capital gains tax. However, if the cryptocurrency is donated prior to be being converted to dollars, the donor receives a tax credit equal to the market value of the asset at the time of donation. There is no tax on cryptocurrencies that are converted to cash in a donor advised account. This approach increases the donation size by up to 21%.” Speaking about major obstacles that stand between a charity and its mission, Nazari Fusetti named fundraising to be the biggest issue for charities nowadays. This is, according to him, why charities are keen to explore new tech opportunities to attract new donors. Sharing his experience of working with charities, Jorge Mejia, assistant professor of operations and decisions technologies at the Kelley School of Business at Indiana University , told Cointelegraph that charities are “often not led by tech-savvy leaders, but I think they are getting better over time. Particularly, because many charities have realized they need some online presence to tap into the charity crowdfunding market. I think a large gap for charities is obtaining volunteers that want to work on the tech side of things.” Meanwhile, among 5,352 nongovernmental organizations surveyed, 72% accepted website donations, with only 1% accepting bitcoin, and only 3% had a digital wallet. In the United Kingdom, only 15% of surveyed charities have been through the full digital transformation process and have embedded it, while 45% did not have a digital strategy at all. In 2018, the survey showed skills to be the second-biggest barrier (51%) for charities, following funding (58%). Over half (53%) reportedly saw their digital strategy skills low, and 55% rated themselves as fair or low at keeping up to date with digital trends. Notably, 73% of the surveyed charities said that they had low to very low skills in artificial intelligence (AI), which is up from 68% a year earlier. Also, 62% of the survey participants reportedly rated their digital fundraising skills as fair to low, with 58% saying their digital governance skills as fair to low. Nazari Fusetti argued that “through blockchain we could score a life changing goal for charitable organizations.” However, the general trend shows that charities are reluctant to tech adoption: “Generally charities are reluctant to tech adoptions but there are some cases, especially with big brands such as UNICEF, which show the opposite. Innovation takes time, skilled employees and financial capital which are limited resources to small charities. Therefore it makes it more difficult for them to embrace new technologies.” Davies stated that technologies such as augmented reality (AR) and virtual reality (VR) have already entered the charity sector, as these technologies can purportedly be deployed to craft compelling narratives and drive empathy. According to Davies, a number of nonprofits already use AR and VR in their fundraising and awareness-raising. The key findings from TechTrust’s “ Digital Survey 2018 ” report, which surveyed 1,262 charity organizations, show that in 2017, the majority (58%) of charities did not incorporate digital into their overall strategy, with 14% of those with no IT staff being from large multinational companies. Digital Charity Survey 2018 (Part 1) Digital Charity Survey 2018 (Part 2) Of them, 82% reportedly hold sensitive data that is not to be shared and are aware of the General Data Protection Regulation ( GDPR ). Also, 27% of the surveyed said they would upgrade their IT infrastructure, and only 9% of charities were planning to reduce their spending on IT infrastructure. Of the surveyed charities, 31% did not have applications in the cloud, 9% did not have remote access to their customer relationship management (CRM), and 27% saw benefit in cloud software. Digital Charity Survey 2018 (Part 3) Digital Charity Survey 2018 (Part 4) According to the International Fund for Agricultural Development , “transaction costs to send remittances currently exceed $30 billion annually, with fees particularly high to the poorest countries and remote rural areas.” The World Food Program — the food-assistance branch of the United Nations and the largest humanitarian organization fighting hunger — claimed that, through the implementation of blockchain, it managed to reduce fees for international payment transactions, which let the program to save around $150,000 a month. Mejia argued that philanthropic organizations can strive to record and track their successes and failures using mobile and web apps, and added: “A charity no longer needs to depend on a small but influential number of donors but can actually reach millions of people through the web. However, I think to be successful online, charities need to document their ability to deliver value. They need to be able to show potential donors that they can truly solve problems for people in need. [...] The question is whether they can do it consistently. I have always felt that there is too much distance between donors and charities. For example, if I donate $10 for an emergency relief effort, why can’t I get some assurance that the money was used properly?” Related Articles: Oxfam Partners With Tech Firms to Test Dai’s Use in Disaster Aid KuCoin Lists Binance Coin, Supports Binance Chain Projects Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software Binance Announces Bitcoin-Pegged Token on Binance Chain || Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost: Coin Rivet: What are your initial thoughts re. this weeks Libra announcements and whitepaper? IG: It is a very exciting announcement for the wider awareness of digital currencies. When Libra goes live, suddenly it will be in front of 2.5 billion users, forcing mass awareness of crypto and its uses. Facebook is educating the market faster than any pureplay crypto company could, so it will be a hugely interesting 2020 for the blockchain world. Coin Rivet: Libra has divided opinion, with some saying it will take cryptocurrencies into the mainstream and others arguing that a digital currency controlled by tech and payment cartels such as Facebook, Visa and Mastercard, is not the way forward. Do you agree with either of these arguments or does the truth lie somewhere in between? IG: It is great for wider adoption and legitimacy of digital currencies amongst the general public. It is, however, against the core principles of an open, decentralised cryptocurrency. It will bring great benefits to a wide population of the unbanked, who to date have struggled with cryptocurrencies designed to help them due to a lack of wide availability and popularity. Facebook will help provide a meaningful solution here. International payments can be very expensive and time consuming and the introduction of Libra will address this head on. It will, though, be an incredibly divisive cryptocurrency among the blockchain community. Coin Rivet: Libra, blockchain without the block and the chain. Discuss. IG: Im a massive fan of the decentralised nature of open blockchain and believe companies play an important role in helping develop the technology at scale and ensuring wider adoption. The global talent pool of people skilled in blockchain technology is aided by corporations investing heavily. This will lead to many spin off innovations and new startups. Story continues Facebook has invested heavily in solving engineering problems of scale and performance most companies will never face. Their commitment to a digital currency will help accelerate the sector and drive innovation, not least from the hardcore crypto community as well as other corporations wanting to establish competing digital currencies. Coin Rivet: Based on the theory that Bitcoin doesnt need to worry (indeed Libra may even help Bitcoin adoption by driving millions of people to seek out what a real cryptocurrency is), whose piece of the pie is Facebook taking? The banks? IG: They are establishing themselves as a major threat to the banks. With Open Banking and their own digital currency they can move to a position to own the client relationship for a wide range of financial transactions. This is not their desire at the moment, but these trends develop over time. Libra will have a very positive impact on the price of Bitcoin, raising the profile and wider belief in the future of digital currencies. The media attention has already been significant and will continue over the next year. Coin Rivet: Given Facebooks troubled past, I am requesting that it agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. So said Rep. Maxine Waters, Chairwoman of the US House of Representatives Financial Services Committee, this week. Could Libra be derailed by the regulators? IG: There is no doubt that governments and regulators have an active role in determining how money is defined, governed and issued. Facebook has the audience reach and financial power to make a strong case to get this project launched. It will not be a smooth ride with lots of competing interests potentially affected. We will see issues of privacy, control and competition addressed as Facebook forges its way through the FinTech world and there will doubtless be many legal and ethical issues that it will need to confront. The post Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost appeared first on Coin Rivet . || Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost: Coin Rivet: What are your initial thoughts re. this weeks Libra announcements and whitepaper? IG: It is a very exciting announcement for the wider awareness of digital currencies. When Libra goes live, suddenly it will be in front of 2.5 billion users, forcing mass awareness of crypto and its uses. Facebook is educating the market faster than any pureplay crypto company could, so it will be a hugely interesting 2020 for the blockchain world. Coin Rivet: Libra has divided opinion, with some saying it will take cryptocurrencies into the mainstream and others arguing that a digital currency controlled by tech and payment cartels such as Facebook, Visa and Mastercard, is not the way forward. Do you agree with either of these arguments or does the truth lie somewhere in between? IG: It is great for wider adoption and legitimacy of digital currencies amongst the general public. It is, however, against the core principles of an open, decentralised cryptocurrency. It will bring great benefits to a wide population of the unbanked, who to date have struggled with cryptocurrencies designed to help them due to a lack of wide availability and popularity. Facebook will help provide a meaningful solution here. International payments can be very expensive and time consuming and the introduction of Libra will address this head on. It will, though, be an incredibly divisive cryptocurrency among the blockchain community. Coin Rivet: Libra, blockchain without the block and the chain. Discuss. IG: Im a massive fan of the decentralised nature of open blockchain and believe companies play an important role in helping develop the technology at scale and ensuring wider adoption. The global talent pool of people skilled in blockchain technology is aided by corporations investing heavily. This will lead to many spin off innovations and new startups. Story continues Facebook has invested heavily in solving engineering problems of scale and performance most companies will never face. Their commitment to a digital currency will help accelerate the sector and drive innovation, not least from the hardcore crypto community as well as other corporations wanting to establish competing digital currencies. Coin Rivet: Based on the theory that Bitcoin doesnt need to worry (indeed Libra may even help Bitcoin adoption by driving millions of people to seek out what a real cryptocurrency is), whose piece of the pie is Facebook taking? The banks? IG: They are establishing themselves as a major threat to the banks. With Open Banking and their own digital currency they can move to a position to own the client relationship for a wide range of financial transactions. This is not their desire at the moment, but these trends develop over time. Libra will have a very positive impact on the price of Bitcoin, raising the profile and wider belief in the future of digital currencies. The media attention has already been significant and will continue over the next year. Coin Rivet: Given Facebooks troubled past, I am requesting that it agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. So said Rep. Maxine Waters, Chairwoman of the US House of Representatives Financial Services Committee, this week. Could Libra be derailed by the regulators? IG: There is no doubt that governments and regulators have an active role in determining how money is defined, governed and issued. Facebook has the audience reach and financial power to make a strong case to get this project launched. It will not be a smooth ride with lots of competing interests potentially affected. We will see issues of privacy, control and competition addressed as Facebook forges its way through the FinTech world and there will doubtless be many legal and ethical issues that it will need to confront. The post Currency.coms Ivan Gowan: Facebook Libra move will give crypto space a massive boost appeared first on Coin Rivet . || Bitcoin Price Smashes Past $11,000 – Should Traders Fear a Dump?: ByCCN Markets: Thebitcoin pricerally refuses to let up, and the dominant cryptocurrency just soared above $11,000 for the first time since March 2018.
Around 12:00 UTC, investors bid the bitcoin price up to $11,215.89 on US cryptocurrency exchange Coinbase. The move pushed the asset up by 13 percent for the day, launching its month-to-date gains above 30 percent. The past 24 hours also saw bitcoin’s “real 10” volume, whicheliminates suspicious trades, swell to $2.58 billion.
Bitcoin Surges Past the $11,000 Level For the First Time in nearly 15 Months | Source:TradingView
Following the upside move, the bitcoin price is now trading just 45 percent lower than its all-time high near $20,000, established in December 2017. Furthermore, the cryptocurrency has recovered by 260 percent from its 2018 low of $3,126, including a year-to-date return of more than 200 percent.
Read the full story on CCN.com. || Bitcoin Price Smashes Past $11,000 – Should Traders Fear a Dump?: ByCCN Markets: Thebitcoin pricerally refuses to let up, and the dominant cryptocurrency just soared above $11,000 for the first time since March 2018.
Around 12:00 UTC, investors bid the bitcoin price up to $11,215.89 on US cryptocurrency exchange Coinbase. The move pushed the asset up by 13 percent for the day, launching its month-to-date gains above 30 percent. The past 24 hours also saw bitcoin’s “real 10” volume, whicheliminates suspicious trades, swell to $2.58 billion.
Bitcoin Surges Past the $11,000 Level For the First Time in nearly 15 Months | Source:TradingView
Following the upside move, the bitcoin price is now trading just 45 percent lower than its all-time high near $20,000, established in December 2017. Furthermore, the cryptocurrency has recovered by 260 percent from its 2018 low of $3,126, including a year-to-date return of more than 200 percent.
Read the full story on CCN.com. || Bitcoin Price Smashes Past $11,000 Should Traders Fear a Dump?: The bitcoin price just smashed through $11,000 for the first time since March 2018. | Source: Shutterstock By CCN Markets : The bitcoin price rally refuses to let up, and the dominant cryptocurrency just soared above $11,000 for the first time since March 2018. Bitcoin Price Rushes to 15-Month High Around 12:00 UTC, investors bid the bitcoin price up to $11,215.89 on US cryptocurrency exchange Coinbase. The move pushed the asset up by 13 percent for the day, launching its month-to-date gains above 30 percent. The past 24 hours also saw bitcoins real 10 volume, which eliminates suspicious trades , swell to $2.58 billion. bitcoin, bitcoin price Bitcoin Surges Past the $11,000 Level For the First Time in nearly 15 Months | Source: TradingView Following the upside move, the bitcoin price is now trading just 45 percent lower than its all-time high near $20,000, established in December 2017. Furthermore, the cryptocurrency has recovered by 260 percent from its 2018 low of $3,126, including a year-to-date return of more than 200 percent. Read the full story on CCN.com . || Why the Bitcoin Halving is Bullish for Every Single Cryptocurrency: ByCCN Markets: The old adage “a rising tide lifts all boats” appears to be more applicable to the crypto market than perhaps any other asset class. Need proof? Just look at the resounding impact the loomingbitcoinhalving is having on virtually every majorcryptocurrency.
For those who are not familiar, the bitcoin halving is a much-anticipated event in which BTC block rewards are reduced by 50 percent. One halving happens every four years.
From an economic standpoint, the bitcoin halving is a bullish event because it significantly reduces the inflation rate of the asset that has a fixed supply of 21 million. The third halving will drop BTC’s annual issuance rate from 3.70 percent down to 1.79 percent, which is lower than the inflation rate of some wealthy nations. For instance, the inflation rate in the US is 1.90 percent.
Bitcoin’s juggernaut runs after the first two halvings | Source:The Journal Blog
Market participants have responded by frantically buying the asset after every halving event, as inflation rate decreases intensify demand pressure.
Read the full story on CCN.com. || Why the Bitcoin Halving is Bullish for Every Single Cryptocurrency: ByCCN Markets: The old adage “a rising tide lifts all boats” appears to be more applicable to the crypto market than perhaps any other asset class. Need proof? Just look at the resounding impact the loomingbitcoinhalving is having on virtually every majorcryptocurrency.
For those who are not familiar, the bitcoin halving is a much-anticipated event in which BTC block rewards are reduced by 50 percent. One halving happens every four years.
From an economic standpoint, the bitcoin halving is a bullish event because it significantly reduces the inflation rate of the asset that has a fixed supply of 21 million. The third halving will drop BTC’s annual issuance rate from 3.70 percent down to 1.79 percent, which is lower than the inflation rate of some wealthy nations. For instance, the inflation rate in the US is 1.90 percent.
Bitcoin’s juggernaut runs after the first two halvings | Source:The Journal Blog
Market participants have responded by frantically buying the asset after every halving event, as inflation rate decreases intensify demand pressure.
Read the full story on CCN.com.
[Social Media Buzz]
👤 ACCOUNT INFORMATION
💰 Balance: ฿ 0.00517016
🤖 Owned machines: AutoBit Free only
⚡ Total Mining Speed:
฿ 0.00057600/day
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Referral link: https://t.co/35QohBGqRY https://t.co/nefg8LRMBN || BCHABC/BTC touched 0.051929 ✅ Target 2 achieved
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|
11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43, 57229.83, 56477.82, 53598.25, 49200.70, 49368.85, 50582.62, 50700.09, 50504.80, 47672.12, 47243.30, 49362.51, 50098.34, 46737.48, 46612.63, 48896.72, 47665.43, 46202.14.
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[Bitcoin Technical Analysis for 2021-12-17]
Volume: 32902725329, RSI (14-day): 35.32, 50-day EMA: 53896.22, 200-day EMA: 49905.13
[Wider Market Context]
Gold Price: 1803.80, Gold RSI: 53.94
Oil Price: 70.86, Oil RSI: 43.71
[Recent News (last 7 days)]
First Mover Asia: Crypto Rally Fizzles Amid Widespread Inflationary Concerns: (Edited by James Rubin)
Good morning. Here’s what’s happening this morning:
Market moves:Bitcoin’s relief rally” appears to be temporary, after major central banks announced plans to battle high inflation
Technician’s take:Bitcoin could see a brief price bounce, although sellers remain in control.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $47, 683 -2.3%
Ether (ETH): $3,981 -1.54%
S&P 500: $4,668 -0.8%
Dow Jones Industrial Average: $35,896 -0.08%
Nasdaq: $15,180 -2.4%
Gold: $1,798 +1%
Bitcoin’s “relief rally”afterthe U.S. Federal Reserve officialsapprovedthe acceleration of its plan to withdraw the pandemic stimulus efforts appeared to be short-lived, as the oldest cryptocurrency dropped below $48,000 on Thursday.
The drop came after major U.S. stock indexes fell amidplansby Europe’s top central banks to battle high inflation. The S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Compositedeclined, the Nasdaq by over 2%.
“Bitcoin and [Big Tech] are getting punished today as investors reallocate some of their more profitable risky bets,” Edward Moya, senior market analyst of the Americas at OANDA, wrote in his newsletter. “The crypto space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium- and -long-term outlooks remain firmly in place.”
Bitcoin’s spot trading volume across major centralized exchanges was also low on Thursday.
Alternative cryptocurrencies also fell. Ether dropped below $4,000 again and yesterday’s biggest winners including solana and avalanche were in the red too, at the time of publication.
Bitcoin Oversold Near $46K Support; Resistance at $55K
Bitcoin (BTC) continues to hold support above $46,000, which is near its 200-day moving average. The cryptocurrency could see a brief price bounce toward $55,000 if buyers react to oversold signals on the charts.
Price momentum is starting to turn positive on the daily chart for the first time since October, which preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means upside could be limited beyond $55,000 to $60,000.
The relative strength index (RSI) on the daily chart is the most oversold since late September, although buying has been weak relative to prior RSI signals.
12 a.m. HGT/SGT (8 a.m. UTC): New Zealand business confidence (Dec.)
12 p.m. HGT/SGT (3 a.m. UTC): Bank of Japan policy statement
3 p.m. HGT/SGT (7 a.m. UTC): U.K. retail sales except fuel (Nov. YoY/MoM)
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
AccuWeather Partners With Chainlink to Apply Weather Data on Blockchain, State of India’s Crypto Ban and More
“First Mover” hosts spoke with Paul Lentz, senior vice president of Business Development at Accuweather about the company teaming up with Chainlink to apply weather data on the blockchain. WazirX co-founder and Chief Operating Officer Siddharth Menon shared crypto market analysis and discussed the state of India’s crypto regulation. Plus, CoinDesk Managing Editor for Global Policy and Regulation Nikhilesh De shed light on relevant regulatory news.
French Central Bank Completes First Stage of Its CBDC Experiments:The final stage of the first tranche of experiments consisted of the issuance of a digital bond on a blockchain with settlement in CBDC.
Melania Trump Pitches NFT Plans; ‘Cobalt Blue Eyes’ Captivate Crypto Twitter:The former first lady is donating some of the proceeds from her first sale to help children in the foster care system.
India’s Biggest Crypto Exchange Saw 17-Fold Jump in Trading Volume in 2021:Crypto adoption is booming in semi-urban and rural areas of India despite lingering regulatory deadlock.
NBA Top Shot Maker Dapper Labs Commits $80M for Startup Acquisitions:Dapper already bought a “young, scrappy company” but wouldn’t say which.
8 Trends That Will Shape Bitcoin Mining in 2022:CoinDesk’s first year-end survey of crypto miners reveals a competitive but mature business with the potential for merger activity to accelerate.
Web 3 Is More Than Fun and Games; It’s for Work:The internet is where culture forms. How can we make it as secure as possible?
Today’s crypto explainer:A Crypto Guide to the Metaverse
Other voices: Secret Chats Show How Cybergang Became a Ransomware Powerhouse:As the ransomware industry exploded, a Russian-speaking outfit called DarkSide offered would-be computer crooks not just the tools, but also customer support. We got an inside look. (The New York Times)
“Despite bitcoin’s recent 39% correction, the number of addresses with a non-zero balance continues to break all-time highs. Also, since the $69,000 all-time high, the Canadian Bitcoin Purpose ETF has added 6,341 BTC in assets under management, representing a 26.2% increase in coin holdings. This suggests institutional interest is prevalent at these prices and that whales are buying up bitcoin supply during this correction.“ (GlobalBlock analyst Marcus Sotiriou/CoinDesk) ... “Remote work requires a set of tools for communication, information sharing and project management, but we are already seeing the dire consequences of these tools in regard to individual privacy and organizational security – which are overlapping sets.” (David Chaum, legendary cryptography, privacy advocate/CoinDesk) ...“Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero,” he told the BBC. (Bank of England Deputy Governor Sir Jon Cunliffe/The Guardian) || First Mover Asia: Crypto Rally Fizzles Amid Widespread Inflationary Concerns: (Edited by James Rubin) Good morning. Here’s what’s happening this morning: Market moves: Bitcoin’s relief rally” appears to be temporary, after major central banks announced plans to battle high inflation Technician’s take: Bitcoin could see a brief price bounce, although sellers remain in control. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $47, 683 -2.3% Ether ( ETH ): $3,981 -1.54% Markets S&P 500: $4,668 -0.8% Dow Jones Industrial Average: $35,896 -0.08% Nasdaq: $15,180 -2.4% Gold: $1,798 +1% Market moves Bitcoin’s “relief rally” after the U.S. Federal Reserve officials approved the acceleration of its plan to withdraw the pandemic stimulus efforts appeared to be short-lived, as the oldest cryptocurrency dropped below $48,000 on Thursday. The drop came after major U.S. stock indexes fell amid plans by Europe’s top central banks to battle high inflation. The S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite declined , the Nasdaq by over 2%. “Bitcoin and [Big Tech] are getting punished today as investors reallocate some of their more profitable risky bets,” Edward Moya, senior market analyst of the Americas at OANDA, wrote in his newsletter. “The crypto space is seeing a lot of repositioning and that is leading to some unwanted selling pressure, but the medium- and -long-term outlooks remain firmly in place.” Bitcoin’s spot trading volume across major centralized exchanges was also low on Thursday. (CoinDesk/CryptoCompare) Alternative cryptocurrencies also fell. Ether dropped below $4,000 again and yesterday’s biggest winners including solana and avalanche were in the red too, at the time of publication. Technician’s take Bitcoin Oversold Near $46K Support; Resistance at $55K Bitcoin daily price chart (Damanick Dantes/CoinDesk, TradingView) Bitcoin (BTC) continues to hold support above $46,000, which is near its 200-day moving average. The cryptocurrency could see a brief price bounce toward $55,000 if buyers react to oversold signals on the charts. Story continues Price momentum is starting to turn positive on the daily chart for the first time since October, which preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means upside could be limited beyond $55,000 to $60,000. The relative strength index ( RSI ) on the daily chart is the most oversold since late September, although buying has been weak relative to prior RSI signals. Important events 12 a.m. HGT/SGT (8 a.m. UTC): New Zealand business confidence (Dec.) 12 p.m. HGT/SGT (3 a.m. UTC): Bank of Japan policy statement 3 p.m. HGT/SGT (7 a.m. UTC): U.K. retail sales except fuel (Nov. YoY/MoM) CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV : AccuWeather Partners With Chainlink to Apply Weather Data on Blockchain, State of India’s Crypto Ban and More “First Mover” hosts spoke with Paul Lentz, senior vice president of Business Development at Accuweather about the company teaming up with Chainlink to apply weather data on the blockchain. WazirX co-founder and Chief Operating Officer Siddharth Menon shared crypto market analysis and discussed the state of India’s crypto regulation. Plus, CoinDesk Managing Editor for Global Policy and Regulation Nikhilesh De shed light on relevant regulatory news. Latest headlines French Central Bank Completes First Stage of Its CBDC Experiments: The final stage of the first tranche of experiments consisted of the issuance of a digital bond on a blockchain with settlement in CBDC. Melania Trump Pitches NFT Plans; ‘Cobalt Blue Eyes’ Captivate Crypto Twitter: The former first lady is donating some of the proceeds from her first sale to help children in the foster care system. India’s Biggest Crypto Exchange Saw 17-Fold Jump in Trading Volume in 2021: Crypto adoption is booming in semi-urban and rural areas of India despite lingering regulatory deadlock. NBA Top Shot Maker Dapper Labs Commits $80M for Startup Acquisitions: Dapper already bought a “young, scrappy company” but wouldn’t say which. 8 Trends That Will Shape Bitcoin Mining in 2022: CoinDesk’s first year-end survey of crypto miners reveals a competitive but mature business with the potential for merger activity to accelerate. Longer reads Web 3 Is More Than Fun and Games; It’s for Work: The internet is where culture forms. How can we make it as secure as possible? Today’s crypto explainer: A Crypto Guide to the Metaverse Other voices: Secret Chats Show How Cybergang Became a Ransomware Powerhouse: As the ransomware industry exploded, a Russian-speaking outfit called DarkSide offered would-be computer crooks not just the tools, but also customer support. We got an inside look. (The New York Times) Said and heard “Despite bitcoin’s recent 39% correction, the number of addresses with a non-zero balance continues to break all-time highs. Also, since the $69,000 all-time high, the Canadian Bitcoin Purpose ETF has added 6,341 BTC in assets under management, representing a 26.2% increase in coin holdings. This suggests institutional interest is prevalent at these prices and that whales are buying up bitcoin supply during this correction.“ ( GlobalBlock analyst Marcus Sotiriou/CoinDesk ) ... “Remote work requires a set of tools for communication, information sharing and project management, but we are already seeing the dire consequences of these tools in regard to individual privacy and organizational security – which are overlapping sets.” ( David Chaum, legendary cryptography, privacy advocate/CoinDesk ) ...“Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero,” he told the BBC. ( Bank of England Deputy Governor Sir Jon Cunliffe/The Guardian ) || First Command Bank Buys iShares 0-5 Year TIPS Bond ETF, iShares Gold Trust, Invesco ...: Investment company First Command Bank ( Current Portfolio ) buys iShares 0-5 Year TIPS Bond ETF, iShares Gold Trust, Invesco BulletShares 2023 Corporate Bond ETF, iShares S&P Mid-Cap 400 Value ETF, Vanguard Total Stock Market ETF, sells iShares Core S&P 500 ETF, BTC iShares Core MSCI EAFE ETF, iShares Core Dividend Growth ETF, Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF, Vanguard Real Estate Index Fund ETF during the 3-months ended 2021Q3, according to the most recent filings of the investment company, First Command Bank. As of 2021Q3, First Command Bank owns 453 stocks with a total value of $583 million. These are the details of the buys and sells. New Purchases: IAU, BSCN, BND, LII, BSCS, BSCR, BSCO, BSCP, BSCQ, XEL, BSCT, BSCU, DFUS, DFAX, DRIV, VT, ARKK, VSTO, SPLK, ASPN, PAYX, AEE, BTI, NOK, NRG, MMC, KSU, INTU, PFC, FRT, DBD, CCI, OGN, DFAU, BLK, BBY, ASH, NANR, SBIO, PLD, ES, O, SNY, STT, ZION, SPXX, TMUS, NTIC, ALE, PVH, ASIX, VVV, ADNT, HWM, JHG, BTBT, BSTZ, GTX, Added Positions: STIP, IJJ, IJR, VTI, HON, HD, VXUS, CL, VLUE, BNDX, CSCO, DIS, LOW, VZ, WBA, COST, C, IHI, AXP, AVGO, TSLA, V, ABBV, WMT, MCD, RSP, ABT, BA, DUK, JPM, CVX, FE, CNP, AAPL, GE, INTC, T, AMT, ALK, AMAT, ETN, ICLN, AFL, REZI, ADBE, PSX, CMCSA, COP, MA, LLY, EPD, VOD, UPS, USB, WEN, TGT, SYK, CRM, QCOM, PRU, PPL, MDT, MDLZ, Reduced Positions: IVV, IEFA, DGRO, GSLC, VNQ, VUG, SPLV, FVD, BSCM, BSCL, XOM, VIG, EMR, JNJ, MTB, PFE, SRE, TXN, NEE, GOOGL, LMT, SPGI, PG, RY, EFA, EMB, GEM, GXC, IWP, TLH, VOO, VWO, XLU, A, APD, ALGN, ALL, TFC, BLDP, BK, VIAC, GIB, CCL, CAT, CLX, KO, CMA, GLW, DHR, DLTR, D, ETR, FL, GPN, GBX, LHX, HUN, IBM, ITW, ISRG, KEY, LEG, MDC, MCK, MRK, VTRS, NTAP, OGE, ORCL, PNC, PBCT, NTR, PEG, ROK, SNA, VFC, WFC, GDV, MELI, PM, BUD, DG, BAH, FB, GOOG, GGZ, PDD, CHWY, BSV, DES, EEM, FNDA, IDV, IJH, ILF, IVW, IWF, IWM, JETS, QQQ, SLYG, SMH, VB, VEA, VYM, XLC, XLF, XLK, XLP, XLY, Sold Out: ILMN, SU, VEEV, GGN, SLY, SCHH, SCHD, INTF, DTM, BEAM, WORK, ZEPP, VMD, SPCE, LIND, DTE, AWF, TSM, RBBN, SWKS, MU, MCHP, GGB, AJRD, FMNB, Story continues Warning! GuruFocus has detected 7 Warning Signs with PEP. Click here to check it out. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? For the details of First Command Bank's stock buys and sells, go to https://www.gurufocus.com/guru/first+command+bank/current-portfolio/portfolio These are the top 5 holdings of First Command Bank iShares Core Dividend Growth ETF ( DGRO ) - 1,922,273 shares, 16.57% of the total portfolio. Shares reduced by 37.86% iShares Core S&P 500 ETF ( IVV ) - 216,674 shares, 16.02% of the total portfolio. Shares reduced by 47.37% BTC iShares Core MSCI EAFE ETF ( IEFA ) - 846,296 shares, 10.78% of the total portfolio. Shares reduced by 48.38% Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF ( GSLC ) - 723,602 shares, 10.68% of the total portfolio. Shares reduced by 47.83% iShares 0-5 Year TIPS Bond ETF ( STIP ) - 409,117 shares, 7.42% of the total portfolio. Shares added by 156.50% New Purchase: iShares Gold Trust (IAU) First Command Bank initiated holding in iShares Gold Trust. The purchase prices were between $32.85 and $34.83, with an estimated average price of $34.07. The stock is now traded at around $34.220000. The impact to a portfolio due to this purchase was 4.13%. The holding were 719,432 shares as of 2021-09-30. New Purchase: Invesco BulletShares 2023 Corporate Bond ETF (BSCN) First Command Bank initiated holding in Invesco BulletShares 2023 Corporate Bond ETF. The purchase prices were between $21.57 and $21.65, with an estimated average price of $21.62. The stock is now traded at around $21.520000. The impact to a portfolio due to this purchase was 0.17%. The holding were 45,432 shares as of 2021-09-30. New Purchase: Lennox International Inc (LII) First Command Bank initiated holding in Lennox International Inc. The purchase prices were between $294.17 and $353.91, with an estimated average price of $326.97. The stock is now traded at around $324.930000. The impact to a portfolio due to this purchase was 0.06%. The holding were 1,102 shares as of 2021-09-30. New Purchase: Vanguard Total Bond Market ETF (BND) First Command Bank initiated holding in Vanguard Total Bond Market ETF. The purchase prices were between $85.45 and $86.85, with an estimated average price of $86.33. The stock is now traded at around $85.220000. The impact to a portfolio due to this purchase was 0.06%. The holding were 3,904 shares as of 2021-09-30. New Purchase: Invesco BulletShares 2028 Corporate Bond ETF (BSCS) First Command Bank initiated holding in Invesco BulletShares 2028 Corporate Bond ETF. The purchase prices were between $22.85 and $23.29, with an estimated average price of $23.05. The stock is now traded at around $22.760000. The impact to a portfolio due to this purchase was 0.04%. The holding were 10,329 shares as of 2021-09-30. New Purchase: Invesco BulletShares 2027 Corporate Bond ETF (BSCR) First Command Bank initiated holding in Invesco BulletShares 2027 Corporate Bond ETF. The purchase prices were between $21.72 and $21.97, with an estimated average price of $21.86. The stock is now traded at around $21.570000. The impact to a portfolio due to this purchase was 0.04%. The holding were 10,902 shares as of 2021-09-30. Added: iShares 0-5 Year TIPS Bond ETF (STIP) First Command Bank added to a holding in iShares 0-5 Year TIPS Bond ETF by 156.50%. The purchase prices were between $105.49 and $107.1, with an estimated average price of $106.09. The stock is now traded at around $105.390000. The impact to a portfolio due to this purchase was 4.53%. The holding were 409,117 shares as of 2021-09-30. Added: iShares S&P Mid-Cap 400 Value ETF (IJJ) First Command Bank added to a holding in iShares S&P Mid-Cap 400 Value ETF by 46.05%. The purchase prices were between $99.84 and $108.44, with an estimated average price of $105.08. The stock is now traded at around $106.880000. The impact to a portfolio due to this purchase was 0.12%. The holding were 20,657 shares as of 2021-09-30. Added: Honeywell International Inc (HON) First Command Bank added to a holding in Honeywell International Inc by 83.58%. The purchase prices were between $212.28 and $234.18, with an estimated average price of $226.13. The stock is now traded at around $209.610000. The impact to a portfolio due to this purchase was 0.09%. The holding were 5,142 shares as of 2021-09-30. Added: The Home Depot Inc (HD) First Command Bank added to a holding in The Home Depot Inc by 29.03%. The purchase prices were between $317.05 and $341.41, with an estimated average price of $328.29. The stock is now traded at around $399.530000. The impact to a portfolio due to this purchase was 0.09%. The holding were 6,841 shares as of 2021-09-30. Added: Vanguard Total Stock Market ETF (VTI) First Command Bank added to a holding in Vanguard Total Stock Market ETF by 68.36%. The purchase prices were between $219.23 and $234.37, with an estimated average price of $228.04. The stock is now traded at around $236.520000. The impact to a portfolio due to this purchase was 0.09%. The holding were 5,950 shares as of 2021-09-30. Added: Colgate-Palmolive Co (CL) First Command Bank added to a holding in Colgate-Palmolive Co by 302.83%. The purchase prices were between $75.58 and $84.39, with an estimated average price of $79.42. The stock is now traded at around $83.950000. The impact to a portfolio due to this purchase was 0.06%. The holding were 6,119 shares as of 2021-09-30. Sold Out: Illumina Inc (ILMN) First Command Bank sold out a holding in Illumina Inc. The sale prices were between $405.61 and $524.84, with an estimated average price of $472.7. Sold Out: Veeva Systems Inc (VEEV) First Command Bank sold out a holding in Veeva Systems Inc. The sale prices were between $282.94 and $341, with an estimated average price of $317.34. Sold Out: Suncor Energy Inc (SU) First Command Bank sold out a holding in Suncor Energy Inc. The sale prices were between $17.5 and $24.39, with an estimated average price of $20.04. Sold Out: Virgin Galactic Holdings Inc (SPCE) First Command Bank sold out a holding in Virgin Galactic Holdings Inc. The sale prices were between $22.56 and $52.69, with an estimated average price of $29.83. Sold Out: SPDR S&P 600 Small Cap ETF (SLY) First Command Bank sold out a holding in SPDR S&P 600 Small Cap ETF. The sale prices were between $90.5 and $98.39, with an estimated average price of $95.25. Sold Out: Microchip Technology Inc (MCHP) First Command Bank sold out a holding in Microchip Technology Inc. The sale prices were between $65.99 and $83.04, with an estimated average price of $75.02. Here is the complete portfolio of First Command Bank. Also check out: 1. First Command Bank's Undervalued Stocks 2. First Command Bank's Top Growth Companies, and 3. First Command Bank's High Yield stocks 4. Stocks that First Command Bank keeps buyingThis article first appeared on GuruFocus . || First Command Bank Buys iShares 0-5 Year TIPS Bond ETF, iShares Gold Trust, Invesco ...: Investment companyFirst Command Bank(Current Portfolio) buys iShares 0-5 Year TIPS Bond ETF, iShares Gold Trust, Invesco BulletShares 2023 Corporate Bond ETF, iShares S&P Mid-Cap 400 Value ETF, Vanguard Total Stock Market ETF, sells iShares Core S&P 500 ETF, BTC iShares Core MSCI EAFE ETF, iShares Core Dividend Growth ETF, Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF, Vanguard Real Estate Index Fund ETF during the 3-months ended 2021Q3, according to the most recent filings of the investment company, First Command Bank. As of 2021Q3, First Command Bank owns 453 stocks with a total value of $583 million. These are the details of the buys and sells.
• New Purchases:IAU, BSCN, BND, LII, BSCS, BSCR, BSCO, BSCP, BSCQ, XEL, BSCT, BSCU, DFUS, DFAX, DRIV, VT, ARKK, VSTO, SPLK, ASPN, PAYX, AEE, BTI, NOK, NRG, MMC, KSU, INTU, PFC, FRT, DBD, CCI, OGN, DFAU, BLK, BBY, ASH, NANR, SBIO, PLD, ES, O, SNY, STT, ZION, SPXX, TMUS, NTIC, ALE, PVH, ASIX, VVV, ADNT, HWM, JHG, BTBT, BSTZ, GTX,
• Added Positions:STIP, IJJ, IJR, VTI, HON, HD, VXUS, CL, VLUE, BNDX, CSCO, DIS, LOW, VZ, WBA, COST, C, IHI, AXP, AVGO, TSLA, V, ABBV, WMT, MCD, RSP, ABT, BA, DUK, JPM, CVX, FE, CNP, AAPL, GE, INTC, T, AMT, ALK, AMAT, ETN, ICLN, AFL, REZI, ADBE, PSX, CMCSA, COP, MA, LLY, EPD, VOD, UPS, USB, WEN, TGT, SYK, CRM, QCOM, PRU, PPL, MDT, MDLZ,
• Reduced Positions:IVV, IEFA, DGRO, GSLC, VNQ, VUG, SPLV, FVD, BSCM, BSCL, XOM, VIG, EMR, JNJ, MTB, PFE, SRE, TXN, NEE, GOOGL, LMT, SPGI, PG, RY, EFA, EMB, GEM, GXC, IWP, TLH, VOO, VWO, XLU, A, APD, ALGN, ALL, TFC, BLDP, BK, VIAC, GIB, CCL, CAT, CLX, KO, CMA, GLW, DHR, DLTR, D, ETR, FL, GPN, GBX, LHX, HUN, IBM, ITW, ISRG, KEY, LEG, MDC, MCK, MRK, VTRS, NTAP, OGE, ORCL, PNC, PBCT, NTR, PEG, ROK, SNA, VFC, WFC, GDV, MELI, PM, BUD, DG, BAH, FB, GOOG, GGZ, PDD, CHWY, BSV, DES, EEM, FNDA, IDV, IJH, ILF, IVW, IWF, IWM, JETS, QQQ, SLYG, SMH, VB, VEA, VYM, XLC, XLF, XLK, XLP, XLY,
• Sold Out:ILMN, SU, VEEV, GGN, SLY, SCHH, SCHD, INTF, DTM, BEAM, WORK, ZEPP, VMD, SPCE, LIND, DTE, AWF, TSM, RBBN, SWKS, MU, MCHP, GGB, AJRD, FMNB,
• Warning! GuruFocus has detected 7 Warning Signs with PEP. Click here to check it out.
• High Yield Dividend Stocks in Gurus' Portfolio
• This Powerful Chart Made Peter Lynch 29% A Year For 13 Years
• How to calculate the intrinsic value of a stock?
For the details of First Command Bank's stock buys and sells,go tohttps://www.gurufocus.com/guru/first+command+bank/current-portfolio/portfolio
These are the top 5 holdings of First Command Bank
1. iShares Core Dividend Growth ETF (DGRO) - 1,922,273 shares, 16.57% of the total portfolio. Shares reduced by 37.86%
2. iShares Core S&P 500 ETF (IVV) - 216,674 shares, 16.02% of the total portfolio. Shares reduced by 47.37%
3. BTC iShares Core MSCI EAFE ETF (IEFA) - 846,296 shares, 10.78% of the total portfolio. Shares reduced by 48.38%
4. Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) - 723,602 shares, 10.68% of the total portfolio. Shares reduced by 47.83%
5. iShares 0-5 Year TIPS Bond ETF (STIP) - 409,117 shares, 7.42% of the total portfolio. Shares added by 156.50%
New Purchase: iShares Gold Trust (IAU)
First Command Bank initiated holding in iShares Gold Trust. The purchase prices were between $32.85 and $34.83, with an estimated average price of $34.07. The stock is now traded at around $34.220000. The impact to a portfolio due to this purchase was 4.13%. The holding were 719,432 shares as of 2021-09-30.
New Purchase: Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
First Command Bank initiated holding in Invesco BulletShares 2023 Corporate Bond ETF. The purchase prices were between $21.57 and $21.65, with an estimated average price of $21.62. The stock is now traded at around $21.520000. The impact to a portfolio due to this purchase was 0.17%. The holding were 45,432 shares as of 2021-09-30.
New Purchase: Lennox International Inc (LII)
First Command Bank initiated holding in Lennox International Inc. The purchase prices were between $294.17 and $353.91, with an estimated average price of $326.97. The stock is now traded at around $324.930000. The impact to a portfolio due to this purchase was 0.06%. The holding were 1,102 shares as of 2021-09-30.
New Purchase: Vanguard Total Bond Market ETF (BND)
First Command Bank initiated holding in Vanguard Total Bond Market ETF. The purchase prices were between $85.45 and $86.85, with an estimated average price of $86.33. The stock is now traded at around $85.220000. The impact to a portfolio due to this purchase was 0.06%. The holding were 3,904 shares as of 2021-09-30.
New Purchase: Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
First Command Bank initiated holding in Invesco BulletShares 2028 Corporate Bond ETF. The purchase prices were between $22.85 and $23.29, with an estimated average price of $23.05. The stock is now traded at around $22.760000. The impact to a portfolio due to this purchase was 0.04%. The holding were 10,329 shares as of 2021-09-30.
New Purchase: Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
First Command Bank initiated holding in Invesco BulletShares 2027 Corporate Bond ETF. The purchase prices were between $21.72 and $21.97, with an estimated average price of $21.86. The stock is now traded at around $21.570000. The impact to a portfolio due to this purchase was 0.04%. The holding were 10,902 shares as of 2021-09-30.
Added: iShares 0-5 Year TIPS Bond ETF (STIP)
First Command Bank added to a holding in iShares 0-5 Year TIPS Bond ETF by 156.50%. The purchase prices were between $105.49 and $107.1, with an estimated average price of $106.09. The stock is now traded at around $105.390000. The impact to a portfolio due to this purchase was 4.53%. The holding were 409,117 shares as of 2021-09-30.
Added: iShares S&P Mid-Cap 400 Value ETF (IJJ)
First Command Bank added to a holding in iShares S&P Mid-Cap 400 Value ETF by 46.05%. The purchase prices were between $99.84 and $108.44, with an estimated average price of $105.08. The stock is now traded at around $106.880000. The impact to a portfolio due to this purchase was 0.12%. The holding were 20,657 shares as of 2021-09-30.
Added: Honeywell International Inc (HON)
First Command Bank added to a holding in Honeywell International Inc by 83.58%. The purchase prices were between $212.28 and $234.18, with an estimated average price of $226.13. The stock is now traded at around $209.610000. The impact to a portfolio due to this purchase was 0.09%. The holding were 5,142 shares as of 2021-09-30.
Added: The Home Depot Inc (HD)
First Command Bank added to a holding in The Home Depot Inc by 29.03%. The purchase prices were between $317.05 and $341.41, with an estimated average price of $328.29. The stock is now traded at around $399.530000. The impact to a portfolio due to this purchase was 0.09%. The holding were 6,841 shares as of 2021-09-30.
Added: Vanguard Total Stock Market ETF (VTI)
First Command Bank added to a holding in Vanguard Total Stock Market ETF by 68.36%. The purchase prices were between $219.23 and $234.37, with an estimated average price of $228.04. The stock is now traded at around $236.520000. The impact to a portfolio due to this purchase was 0.09%. The holding were 5,950 shares as of 2021-09-30.
Added: Colgate-Palmolive Co (CL)
First Command Bank added to a holding in Colgate-Palmolive Co by 302.83%. The purchase prices were between $75.58 and $84.39, with an estimated average price of $79.42. The stock is now traded at around $83.950000. The impact to a portfolio due to this purchase was 0.06%. The holding were 6,119 shares as of 2021-09-30.
Sold Out: Illumina Inc (ILMN)
First Command Bank sold out a holding in Illumina Inc. The sale prices were between $405.61 and $524.84, with an estimated average price of $472.7.
Sold Out: Veeva Systems Inc (VEEV)
First Command Bank sold out a holding in Veeva Systems Inc. The sale prices were between $282.94 and $341, with an estimated average price of $317.34.
Sold Out: Suncor Energy Inc (SU)
First Command Bank sold out a holding in Suncor Energy Inc. The sale prices were between $17.5 and $24.39, with an estimated average price of $20.04.
Sold Out: Virgin Galactic Holdings Inc (SPCE)
First Command Bank sold out a holding in Virgin Galactic Holdings Inc. The sale prices were between $22.56 and $52.69, with an estimated average price of $29.83.
Sold Out: SPDR S&P 600 Small Cap ETF (SLY)
First Command Bank sold out a holding in SPDR S&P 600 Small Cap ETF. The sale prices were between $90.5 and $98.39, with an estimated average price of $95.25.
Sold Out: Microchip Technology Inc (MCHP)
First Command Bank sold out a holding in Microchip Technology Inc. The sale prices were between $65.99 and $83.04, with an estimated average price of $75.02.
Here is the complete portfolio of First Command Bank. Also check out:1. First Command Bank's Undervalued Stocks2. First Command Bank's Top Growth Companies, and3. First Command Bank's High Yield stocks4. Stocks that First Command Bank keeps buyingThis article first appeared onGuruFocus. || 7 Hidden Gem Cryptos to Buy Before They Break Out: Its interesting to look at the largest gainers in the crypto world on a daily basis. Invariably, there are cryptos that have surged by over 1,000% in the last 24 hours . I had recently read a comment that one year in crypto is equal to about 10 years in fiat currency. That seems entirely true when it comes to returns. With hundreds of projects getting listed on a weekly basis, there are cryptos to buy that can change fortunes. At the same time, there are cryptos that decline by over 90% on a daily basis. The screening process therefore needs to be robust. Additionally, not all cryptos to buy would give returns like Dogecoin (CCC: DOGE-USD ) or Shiba Inu (CCC: SHIB-USD ). Investors need to have realistic expectations. I would personally be more than happy with a 5x or 10x in few quarters. This column intends to talk about cryptos to buy that might be flying under the radar. However, these cryptos are non-speculative and can surge higher when there is an altcoin rally. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Its worth noting that Bitcoin (CCC: BTC-USD ) has struggled in the recent past. I see this as a buying opportunity in Bitcoin and altcoins. With increasing crypto adoption, the long-term outlook still remains bullish. 7 Dividend Stocks to Buy for 2022 With Dividend Yields Over 5% Lets talk about seven cryptos to buy that might be poised for a big break-out in the next few quarters. Bogged Finance (CCC: BOG-USD ) Cere Network (CCC: CERE-USD ) Solarmine (CCC: SOLAR-USD ) Zignaly (CCC: ZIG-USD ) iMe Lab (CCC: LIME-USD ) ShopNEXT (CCC: NEXT-USD ) WazirX (CCC: WRX-USD ) Cryptos to Buy: Bogged Finance (BOG) cash and a pen lay atop a paper with graphs and tables Source: Shutterstock Bogged Finance is among the top hidden gem cryptos to buy. The objective of the project is to provide decentralized finance investors with tools that include decentralized exchange (DEX) aggregation, stop loss and trailing stop loss. In general, these features are available only on centralized exchanges. An important point to note is that Bogged already has two million monthly platform users with $249.5 million in transactions last month . Its therefore among the actively used trading tools on the Binance Smart Chain. Story continues Further, BogSwap has also extended to Polygon (CCC: MATIC-USD ). In the coming days, further cross-chain integration is coming. This is likely to boost trading volumes. Bogged Finance will also be launching BogFolio . The latter is a detailed app for portfolio tracking, price notifications, among others. Another reason to like Bogged Finance is the Tokenomics. BOG token has a limited supply of 15 million and a current supply of 14.24 million. Further, 1% of every transaction is burnt and another 3% returned to holders. Therefore, the token supply will diminish over time. Additionally, BOG token will be required to use premium features in the Bogged Finance platform. With a market capitalization of $16 million, the project looks attractive. I would not be surprised if the project delivers 10x returns. Cere Network (CERE) a stock image of a person working on data charts using a futuristic computer. Source: Shutterstock Cere Network is another recently listed project that has still not gained the visibility it deserves. One of the key objectives of the project is to be a decentralized data cloud provider. Cere compares itself with Snowflake (NYSE: SNOW ) that empowers enterprises with dynamic data services and purposefully structured datasets. However, unlike Snowflake, this is in a decentralized world. With growth in non-fungible tokens, Cere has also launched Freeport. The latter is an all-in-one suite for NFT backed assets. In simple words, it serves as a digital asset vault for NFTs. Its worth noting that Filecoin (CCC: FIL-USD ) is also in the decentralized cloud space. However, its a full suite of NFT solutions thats a differentiating factor for Cere project. Furthermore, Cere intends to provide cross-chain blockchain as a service, which gives the project an edge over Filecoin. Cere also has the potential to scale up significantly considering the backing. One of the investors in the project is Binance Labs . Strategic funding is unlikely to be a challenge. 7 Tech Stocks Worth Snatching Up After Their Tumble In terms of use cases, Cere already claims to have made inroads in industries that include travel, retail, banking and media . The decentralized Snowflake seems to have ample growth potential in the coming years. Cryptos to Buy: Solarmine (SOLAR) ESG stocks: Solar energy panels are arranged in a green field under a sunny sky. Source: Diyana Dimitrova / Shutterstock.com Solarmine is another early-stage project among cryptos that seems interesting. Being at a very early stage, I would not recommend big exposure. However, green Bitcoin mining seems attractive. In the centralized world, Bitcoin mining companies have witnessed success in the last 12-24 months. Some notable examples include Marathon Digital (NASDAQ: MARA ) and Riot Blockchain (NASDAQ: RIOT ). Solarmine intends to bring Bitcoin mining to the decentralized world. However, the company will be using solar energy for mining. One attractive feature about the project is as follows Solarmine will retain 75% of the Bitcoin mined for future expansion. The remaining 25% of the mined Bitcoin will be distributed to SOLAR holders. The distribution will be in the form of Binance Coin (CCC: BNB-USD ). With 75% of the Bitcoin mined being utilized to buy more miners, its likely that BNB coin awards will increase over time. The concept seems attractive and Solarmine is in the process of buying miners. The project will therefore take few quarters in terms of commencement of mining activities. I would consider bigger exposure only after mining activity commences. However, the project seems to be authentic based on the Safety Audit results . Zigcoinf (ZIG) Source: Shutterstock ZIG coin had surged from just over 2 cents to 15 cents within one-month. However, with the broad market correction and the AscendEx hack, the coin has corrected sharply. At current levels of 8 cents, ZIG looks like an attractive long-term investment. An important point to note is that there are thousands of new entrants in the cryptocurrency world. The lure of quick money has attracted investors. However, traders often end-up incurring losses. Zignaly is a platform that intends to serve as a fund manager in the decentralized world. To make it simpler, Zignaly is a platform where crypto investors let established traders manage trading. In return, traders get a share of the profit. According to Zignaly, the annual return from its top-20 traders is 270% . Therefore, an investor would have earned over 200% returns by simply copy-trading. 7 Stocks to Buy to Hedge Against Omicron Variant Risks Zignaly has witnessed healthy growth. The project currently has 350,000 users. Further, the project has $120 million in assets under management. With increasing numbers of hacks in the space, Zignaly has also ensured that the project is protected by the insurance from exchanges. Additionally, the internal wallet is covered by an insurance of $1 million. Cryptos to Buy: iMe Lab (LIME) a person holding an iphone in one hand and a credit card in the othr Source: apichon_tee/ShutterStock.com LIME token is another quality name among cryptos to buy. The token has moved higher by over 100% in the last 12 months. However, considering the use case, there seems to be more upside potential in the coming quarters. One reason that makes iMe Lab attractive is Telegram customization . The project can implement advance features that lack in Telegram. This includes translator in chats, voice-to-text translation, text from photos extraction, cloud albums, among others. The project will also be introducing a Telegram catalogue, which is a collection of Telegram channels, groups and chat-bots with a convenient search by categories, countries and languages. In terms of the upcoming features, iMe will be launching a non-custodial wallet that can be used for storing, buying, swapping and transferring cryptocurrencies. iMe Lab also has plans to enter the NFT space with NFT Marketplace. All this looks interesting for a project that trades at a market capitalization of $14 million. LIME token is therefore another potential 10x candidate in 2022. ShopNEXT (NEXT) a laptop displays a pair of white tennis shoes while one hand types on the laptop and another holds a credit card Source: Shutterstock There has been a steady growth in online shipping globally. With this momentum likely to sustain, ShopNEXT looks like an attractive project. The project aims at wider crypto adoption through a unique strategy. When users shop on any brand using ShopNEXT, the brands will pay a sales commission . ShopNEXT shares a part of the sales commission with users. Its worth noting that the project already has Binance Pay and Binance Smart Chain as strategic partners. Additionally, the project has tied-up with Shopiness, which is a cashback and loyalty platform in Vietnam. Through this partnership, the ShopNEXT already has sales and marketing integration with 600 brands regionally. In the coming quarters, ShopNEXT also plans to reward users for in-store shopping. The higher the number of NEXT tokens owned, the larger is the crypto reward for shopping online and in-store. Therefore, the token has a strong utility. 7 Stocks to Buy Now for a Potential Year-End Rally ShopNEXT plans to launch the mobile app in six Southeast Asian markets . The region has a rapidly growing e-commerce sector. As the project visibility grows and user base expands, there is potential for NEXT to trend higher. Cryptos to Buy: WazirX (WRX) A person holds a phone with a stock chart visible on it with another chart visible on a computer nearby. Source: Bro Crock / Shutterstock.com In the recent past, there have been uncertainties related to the treatment of cryptocurrencies in India. Initially, it was speculated that the new government bill will ban crypto. However, it seems more probable that cryptocurrencies will be regulated. WazirX is one of the largest crypto trading platforms in India. After having surged to an all-time high of $5.94 in April 2021, the token has witnessed a sharp correction. Currently, WRX trades at $1.12. In a scenario of cryptocurrency being banned, WRX token might slide further. However, in a scenario of crypto regulations in India, WRX token is likely to re-test previous highs. Therefore, there is an element of high risk considering regulatory headwinds. That being said, it makes sense to consider some exposure to WRX. India has among the largest number of crypto users in the world. Even if the asset class is regulated, it would not deter wider adoption. This makes WRX one of the cryptos to buy for the long-term. On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector. More From InvestorPlace Stock Prodigy Who Found NIO at $2
Says Buy THIS Now Man Who Called Black Monday: Prepare Now. #1 EV Stock Still Flying Under the Radar Interested in Crypto? Read This First... The post 7 Hidden Gem Cryptos to Buy Before They Break Out appeared first on InvestorPlace . || 7 Hidden Gem Cryptos to Buy Before They Break Out: It’s interesting to look at the largest gainers in the crypto world on a daily basis. Invariably, there are cryptos that havesurged by over 1,000% in the last 24 hours. I had recently read a comment that one year in crypto is equal to about 10 years in fiat currency. That seems entirely true when it comes to returns. With hundreds of projects getting listed on a weekly basis, there are cryptos to buy that can change fortunes.
At the same time, there are cryptos that decline by over 90% on a daily basis. The screening process therefore needs to be robust. Additionally, not all cryptos to buy would give returns likeDogecoin(CCC:DOGE-USD) orShiba Inu(CCC:SHIB-USD). Investors need to have realistic expectations. I would personally be more than happy with a 5x or 10x in few quarters.
This column intends to talk about cryptos to buy that might be flying under the radar. However, these cryptos are non-speculative and can surge higher when there is an altcoin rally.
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It’s worth noting thatBitcoin(CCC:BTC-USD) has struggled in the recent past. I see this as a buying opportunity in Bitcoin and altcoins. With increasing crypto adoption, the long-term outlook still remains bullish.
• 7 Dividend Stocks to Buy for 2022 With Dividend Yields Over 5%
Let’s talk about seven cryptos to buy that might be poised for a big break-out in the next few quarters.
• Bogged Finance(CCC:BOG-USD)
• Cere Network(CCC:CERE-USD)
• Solarmine(CCC:SOLAR-USD)
• Zignaly(CCC:ZIG-USD)
• iMe Lab(CCC:LIME-USD)
• ShopNEXT(CCC:NEXT-USD)
• WazirX(CCC:WRX-USD)
Source: Shutterstock
Bogged Finance is among the top hidden gem cryptos to buy. The objective of the project is to provide decentralized finance investors with tools that include decentralized exchange (DEX) aggregation, stop loss and trailing stop loss. In general, these features are available only on centralized exchanges.
An important point to note is that Bogged already has two million monthly platform users with$249.5 million in transactions last month. It’s therefore among the actively used trading tools on the Binance Smart Chain.
Further, BogSwap has also extended toPolygon(CCC:MATIC-USD). In the coming days, further cross-chain integration is coming. This is likely to boost trading volumes.
Bogged Finance will also be launchingBogFolio. The latter is a detailed app for portfolio tracking, price notifications, among others.
Another reason to like Bogged Finance is the Tokenomics. BOG token has alimited supply of 15 millionand a current supply of 14.24 million. Further, 1% of every transaction is burnt and another 3% returned to holders. Therefore, the token supply will diminish over time.
Additionally, BOG token will be required to use premium features in the Bogged Finance platform. With a market capitalization of $16 million, the project looks attractive. I would not be surprised if the project delivers 10x returns.
Source: Shutterstock
Cere Network is another recently listed project that has still not gained the visibility it deserves.
One of the key objectives of the project is to be a decentralized data cloud provider. Cere compares itself withSnowflake(NYSE:SNOW) that “empowers enterprises withdynamic data servicesand purposefully structured datasets.” However, unlike Snowflake, this is in a decentralized world.
With growth in non-fungible tokens, Cere has also launched“Freeport.”The latter is an all-in-one suite for NFT backed assets. In simple words, it serves as a digital asset vault for NFTs.
It’s worth noting thatFilecoin(CCC:FIL-USD) is also in the decentralized cloud space. However, it’s a full suite of NFT solutions that’s a differentiating factor for Cere project. Furthermore, Cere intends to provide cross-chain blockchain as a service, which gives the project an edge over Filecoin.
Cere also has the potential to scale up significantly considering the backing. One of the investors in the project isBinance Labs. Strategic funding is unlikely to be a challenge.
• 7 Tech Stocks Worth Snatching Up After Their Tumble
In terms of use cases, Cere already claims to have made inroads in industries thatinclude travel, retail, banking and media. The decentralized Snowflake seems to have ample growth potential in the coming years.
Source: Diyana Dimitrova / Shutterstock.com
Solarmine is another early-stage project among cryptos that seems interesting. Being at a very early stage, I would not recommend big exposure. However, green Bitcoin mining seems attractive.
In the centralized world, Bitcoin mining companies have witnessed success in the last 12-24 months. Some notable examples includeMarathon Digital(NASDAQ:MARA) andRiot Blockchain(NASDAQ:RIOT).
Solarmine intends to bring Bitcoin mining to the decentralized world. However, the company will be using solar energy for mining.
One attractive feature about the project is as follows — Solarmine will retain75% of the Bitcoinmined for future expansion. The remaining 25% of the mined Bitcoin will be distributed to SOLAR holders. The distribution will be in the form ofBinance Coin(CCC:BNB-USD).
With 75% of the Bitcoin mined being utilized to buy more miners, it’s likely that BNB coin awards will increase over time. The concept seems attractive and Solarmine is in the process of buying miners. The project will therefore take few quarters in terms of commencement of mining activities.
I would consider bigger exposure only after mining activity commences. However, the projectseems to be authentic based on the Safety Audit results.
Source: Shutterstock
ZIG coin had surged from just over 2 cents to 15 cents within one-month. However, with the broad market correction and the AscendEx hack, the coin has corrected sharply. At current levels of 8 cents, ZIG looks like an attractive long-term investment.
An important point to note is that there are thousands of new entrants in the cryptocurrency world. The lure of quick money has attracted investors. However, traders often end-up incurring losses. Zignaly is a platform that intends to serve as a fund manager in the decentralized world.
To make it simpler, Zignaly is a platform where crypto investors let established traders manage trading. In return, traders get a share of the profit. According to Zignaly, theannual return from its top-20 traders is 270%. Therefore, an investor would have earned over 200% returns by simply copy-trading.
• 7 Stocks to Buy to Hedge Against Omicron Variant Risks
Zignaly has witnessed healthy growth. The project currently has 350,000 users. Further, the project has $120 million in assets under management. With increasing numbers of hacks in the space, Zignaly has also ensured that the project is protected by the insurance from exchanges. Additionally, the internal wallet is covered by an insurance of $1 million.
Source: apichon_tee/ShutterStock.com
LIME token is another quality name among cryptos to buy. The token has moved higher by over 100% in the last 12 months. However, considering the use case, there seems to be more upside potential in the coming quarters.
One reason that makes iMe Lab attractive isTelegramcustomization. The project can implement advance features that lack in Telegram. This includes translator in chats, voice-to-text translation, text from photos extraction, cloud albums, among others.
The project will also be introducing a Telegram catalogue, which is a collection of Telegram channels, groups and chat-bots with a convenient search by categories, countries and languages.
In terms of the upcoming features, iMe will be launching a non-custodial wallet that can be used for storing, buying, swapping and transferring cryptocurrencies. iMe Lab also has plans to enter the NFT space with NFT Marketplace.
All this looks interesting for a project that trades at a market capitalization of $14 million. LIME token is therefore another potential 10x candidate in 2022.
Source: Shutterstock
There has been a steady growth in online shipping globally. With this momentum likely to sustain, ShopNEXT looks like an attractive project.
The project aims at wider crypto adoption through a unique strategy. When users shop on any brand using ShopNEXT, the brands willpay a sales commission. ShopNEXT shares a part of the sales commission with users.
It’s worth noting that the project already has Binance Pay and Binance Smart Chain as strategic partners. Additionally, the project has tied-up with Shopiness, which is a cashback and loyalty platform in Vietnam. Through this partnership, the ShopNEXT already has sales and marketing integration with 600 brands regionally.
In the coming quarters, ShopNEXT also plans to reward users for in-store shopping. The higher the number of NEXT tokens owned, the larger is the crypto reward for shopping online and in-store. Therefore, the token has a strong utility.
• 7 Stocks to Buy Now for a Potential Year-End Rally
ShopNEXT plans to launch themobile app in six Southeast Asian markets. The region has a rapidly growing e-commerce sector. As the project visibility grows and user base expands, there is potential for NEXT to trend higher.
Source: Bro Crock / Shutterstock.com
In the recent past, there have been uncertainties related to the treatment of cryptocurrencies in India. Initially, it was speculated that the new government bill will ban crypto. However, it seems more probable that cryptocurrencies will be regulated.
WazirX is one of the largest crypto trading platforms in India. After having surged to an all-time high of $5.94 in April 2021, the token has witnessed a sharp correction. Currently, WRX trades at $1.12.
In a scenario of cryptocurrency being banned, WRX token might slide further. However, in a scenario of crypto regulations in India, WRX token is likely to re-test previous highs. Therefore, there is an element of high risk considering regulatory headwinds. That being said, it makes sense to consider some exposure to WRX.
India has among the largest number of crypto users in the world. Even if the asset class is regulated, it would not deter wider adoption. This makes WRX one of the cryptos to buy for the long-term.
On the date of publication,Faisal Humayundid not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
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• Interested in Crypto? Read This First...
The post7 Hidden Gem Cryptos to Buy Before They Break Outappeared first onInvestorPlace. || Should Crypto and Porn Get Intimate?: When I think about culture, I think sex, drugs and rock and roll. Given that bitcoin found its first true use as a medium of exchange on popular (now-defunct) darknet market Silk Road, and the explosion of interest in music-geared NFTs and crypto brands, it’s safe to say crypto is becoming a cultural force. CoinDesk’s Layer 2 has a whole package on that theme running this week. But what of sex? Last summer, when OnlyFans decided to boot sex workers off its platform (basically used for holding intimate meetings between creators and fans) many made the call for the adult industry to embrace cryptocurrency. The site, which at the time and is currently filled entirely with bespoke porn, almost killed that business line at the behest of banks. At the last second, OnlyFans reversed course. This article is part of Culture Week , which explores how crypto is changing media and entertainment. It published first in The Node newsletter, which you can subscribe to here . The situation revealed how clearly crypto could benefit the adult industry. Crypto’s technological innovation is pretty simple when it comes down to it: distributed, digital tools are difficult to censor or stop. For an industry that’s routinely under fire by socially conservative moralists, having a little resilience to censorship could help. “Independence and counterculture. That is what the two industries have in common,” Deborah Sundahl , a celebrated author and leading expert on female ejaculation, told CoinDesk in an email. There are a number of crypto platforms built with sex in mind. SpankChain, founded by Ameen Soleimani, wants to be the go-to tool for buying anything from naughty videos to sex swings. Bits and Chains is a wallet that lets sex workers take greater control over their BTC. LiveStars launched on Ethereum as a sexy streaming platform and social network. Individual creators also benefited from this year’s NFT revolution; auctioning off “thirst traps” and nudes for hundreds, sometimes thousands, of dollars. Story continues Then there are industry heavyweights like Pornhub, one of the most traffic sites online, period, which moved to only accept cryptocurrency payments in 2020. This came after feeling pressure from traditional payments operators like Visa and PayPal. Playboy, the “men’s lifestyle” brand, has long experimented with crypto. A few years ago, they issued the “vice industries token” that would power a “video entertainment platform” with crypto as its native currency. This year, Playboy issued a rabbit-themed non-fungible token (NFT) set and is supporting a more cerebral meditation on “the art of gender and sexuality.” A host of smaller sites either launched with or incorporated crypto as a payment option. Some – like Strip 4 Bit, Xotica, Tits For Bitcoin – build bitcoin into their brands, following a long lineage of punny porn titles. But here’s the nut. As intimate as crypto and porn are, most of these services are hardly used. To the extent that Spankchain is discussed, it’s usually by media publications by people with a financial stake in $SPANK making the same case that I’m laying down: that crypto and porn should intermingle, not that they have . It’s been slow going, at the very least. For instance, Litecoin creator Charlie Lee said, the “[$97 billion] porn industry is definitely a leading indicator of technology adoption … I’m glad to see them opening up to cryptocurrency.” That was in 2018, when Pornhub first announced it would integrate the altcoin Verge (out of all coins) for payments. Has the industry really developed much further since then? Porn is often celebrated for driving technological adoption. There’s good evidence that the home-tape standard VHS beat out the more-established Betamax because it was the preferred option for the porn industry. It’s an industry that was early on “independent cinemas” and DVDs, too. “They took new technology and made a product out of it. Practical use. Innovative. It would be very, very interesting to know what they are doing now with blockchain, payment systems and who knows what else,” the ejaculate scholar Sundahl said, referring to the innovators in the adult industry. Innovation For one thing, it’s possible that most of the innovation with crypto is happening behind closed doors, so to say. Crypto is a powerful tool for online creators, those who strike out on their own to build brands and businesses independent of larger structures. Porn is seeing a similar fragmentation and specialization as elsewhere on the web – there are more independent creators than ever. Crypto could empower sex workers unaffiliated with talent managers to publish content that is a little much even for sites like Pornhub, which has certain regulations and stipulations. So those with particular fetishes – like really particular – might be willing to go through the process of paying with crypto if they’re already forced to use a specific site for their desires. Plus, crypto provides a certain level of anonymity. It’s exceedingly difficult for anyone, even platform managers, to gauge how many individuals are using crypto services because not every address corresponds to a unique user. This semi-privacy is attractive for buyers and sellers, for pretty obvious reasons. To the extent that crypto-tools are helping sex workers diversify their revenue streams or opt out of fiat-payment systems (Mastercard could drop anyone at a nickel), it remains to be seen whether crypto-sex tie ups can ever go mainstream. (Not that a niche industry should set that as its objective.) Many popular social apps, including SnapChat and Tumblr, basically used sex as a test subject. Users embraced them for their lax standards on nudity. Communities formed, platforms scaled – only for porn to later be purged. It’s easy to write off Christian moralizers like Exodus Cry, the group that led the effort against OnlyFans, as out of touch. But there are lots of good reasons why the adult industry should have some form of oversight. So far, no one has figured out how platforms can weed out abuse, exploitation and human trafficking without harming the vast majority of well-intentioned creators. See also: Porn, Mastercard Moderation and How Bitcoin Doesn’t Fix It Many popular social apps, including SnapChat and Tumblr, basically used sex as a test subject when getting started. Users embraced them for their lax standards on nudity. Communities formed, platforms scaled – only for porn to later be purged. That’s because it was difficult to manage things like age restrictions and FOSTA/SESTA regulations while keeping the platform open for all. Crypto platforms, in theory dedicated to open source/open access, have a ready-made answer to people or governments looking to censor abuse claims of copyright infringement: that you must take the good with the bad. When it comes to human rights violations that may not be a satisfactory answer. And, in reality, it’s more often just a bit of mental masturbation, as plenty of crypto projects have been willing to give up the pretense of decentralization to reverse transactions, block content and uphold copyrights. (You might ask, what’s the point of crypto then?) Clearly, crypto is not a perfect solution. But to the extent that it’s helping people explore their boundaries, it’s a good thing. It’s perfectly OK for some things to stay niche. || Should Crypto and Porn Get Intimate?: When I think about culture, I think sex, drugs and rock and roll. Given that bitcoin found its first true use as a medium of exchange on popular (now-defunct) darknet market Silk Road, and the explosion of interest in music-geared NFTs and crypto brands, it’s safe to say crypto is becoming a cultural force. CoinDesk’s Layer 2 has a whole package on that theme running this week. But what of sex? Last summer, when OnlyFans decided to boot sex workers off its platform (basically used for holding intimate meetings between creators and fans) many made the call for the adult industry to embrace cryptocurrency. The site, which at the time and is currently filled entirely with bespoke porn, almost killed that business line at the behest of banks. At the last second, OnlyFans reversed course. This article is part of Culture Week , which explores how crypto is changing media and entertainment. It published first in The Node newsletter, which you can subscribe to here . The situation revealed how clearly crypto could benefit the adult industry. Crypto’s technological innovation is pretty simple when it comes down to it: distributed, digital tools are difficult to censor or stop. For an industry that’s routinely under fire by socially conservative moralists, having a little resilience to censorship could help. “Independence and counterculture. That is what the two industries have in common,” Deborah Sundahl , a celebrated author and leading expert on female ejaculation, told CoinDesk in an email. There are a number of crypto platforms built with sex in mind. SpankChain, founded by Ameen Soleimani, wants to be the go-to tool for buying anything from naughty videos to sex swings. Bits and Chains is a wallet that lets sex workers take greater control over their BTC. LiveStars launched on Ethereum as a sexy streaming platform and social network. Individual creators also benefited from this year’s NFT revolution; auctioning off “thirst traps” and nudes for hundreds, sometimes thousands, of dollars. Story continues Then there are industry heavyweights like Pornhub, one of the most traffic sites online, period, which moved to only accept cryptocurrency payments in 2020. This came after feeling pressure from traditional payments operators like Visa and PayPal. Playboy, the “men’s lifestyle” brand, has long experimented with crypto. A few years ago, they issued the “vice industries token” that would power a “video entertainment platform” with crypto as its native currency. This year, Playboy issued a rabbit-themed non-fungible token (NFT) set and is supporting a more cerebral meditation on “the art of gender and sexuality.” A host of smaller sites either launched with or incorporated crypto as a payment option. Some – like Strip 4 Bit, Xotica, Tits For Bitcoin – build bitcoin into their brands, following a long lineage of punny porn titles. But here’s the nut. As intimate as crypto and porn are, most of these services are hardly used. To the extent that Spankchain is discussed, it’s usually by media publications by people with a financial stake in $SPANK making the same case that I’m laying down: that crypto and porn should intermingle, not that they have . It’s been slow going, at the very least. For instance, Litecoin creator Charlie Lee said, the “[$97 billion] porn industry is definitely a leading indicator of technology adoption … I’m glad to see them opening up to cryptocurrency.” That was in 2018, when Pornhub first announced it would integrate the altcoin Verge (out of all coins) for payments. Has the industry really developed much further since then? Porn is often celebrated for driving technological adoption. There’s good evidence that the home-tape standard VHS beat out the more-established Betamax because it was the preferred option for the porn industry. It’s an industry that was early on “independent cinemas” and DVDs, too. “They took new technology and made a product out of it. Practical use. Innovative. It would be very, very interesting to know what they are doing now with blockchain, payment systems and who knows what else,” the ejaculate scholar Sundahl said, referring to the innovators in the adult industry. Innovation For one thing, it’s possible that most of the innovation with crypto is happening behind closed doors, so to say. Crypto is a powerful tool for online creators, those who strike out on their own to build brands and businesses independent of larger structures. Porn is seeing a similar fragmentation and specialization as elsewhere on the web – there are more independent creators than ever. Crypto could empower sex workers unaffiliated with talent managers to publish content that is a little much even for sites like Pornhub, which has certain regulations and stipulations. So those with particular fetishes – like really particular – might be willing to go through the process of paying with crypto if they’re already forced to use a specific site for their desires. Plus, crypto provides a certain level of anonymity. It’s exceedingly difficult for anyone, even platform managers, to gauge how many individuals are using crypto services because not every address corresponds to a unique user. This semi-privacy is attractive for buyers and sellers, for pretty obvious reasons. To the extent that crypto-tools are helping sex workers diversify their revenue streams or opt out of fiat-payment systems (Mastercard could drop anyone at a nickel), it remains to be seen whether crypto-sex tie ups can ever go mainstream. (Not that a niche industry should set that as its objective.) Many popular social apps, including SnapChat and Tumblr, basically used sex as a test subject. Users embraced them for their lax standards on nudity. Communities formed, platforms scaled – only for porn to later be purged. It’s easy to write off Christian moralizers like Exodus Cry, the group that led the effort against OnlyFans, as out of touch. But there are lots of good reasons why the adult industry should have some form of oversight. So far, no one has figured out how platforms can weed out abuse, exploitation and human trafficking without harming the vast majority of well-intentioned creators. See also: Porn, Mastercard Moderation and How Bitcoin Doesn’t Fix It Many popular social apps, including SnapChat and Tumblr, basically used sex as a test subject when getting started. Users embraced them for their lax standards on nudity. Communities formed, platforms scaled – only for porn to later be purged. That’s because it was difficult to manage things like age restrictions and FOSTA/SESTA regulations while keeping the platform open for all. Crypto platforms, in theory dedicated to open source/open access, have a ready-made answer to people or governments looking to censor abuse claims of copyright infringement: that you must take the good with the bad. When it comes to human rights violations that may not be a satisfactory answer. And, in reality, it’s more often just a bit of mental masturbation, as plenty of crypto projects have been willing to give up the pretense of decentralization to reverse transactions, block content and uphold copyrights. (You might ask, what’s the point of crypto then?) Clearly, crypto is not a perfect solution. But to the extent that it’s helping people explore their boundaries, it’s a good thing. It’s perfectly OK for some things to stay niche. || Federal Regulator Says Credit Unions Can Partner With Crypto Providers: Federally insured credit unions (FICUs) can partner with third-party digital asset service providers, the National Credit Union Administration (NCUA)announcedThursday.
“This includes facilitating member relationships with third parties that allow FICU members to buy, sell and hold various uninsured digital assets with the third-party provider outside of the FICU,” according to the statement from the NCUA. The NCUA is a U.S. regulator that oversees credit unions, acting as a counterpart to the Office of the Comptroller of the Currency (OCC), which regulates national banks.
The NCUA said it wants to offer clarity around the existing authority that FICUs have when it comes to building relationships with third-party digital asset providers. The NCUA said further guidance may be necessary as digital assets and technologies evolve, and the association will continue to study and address issues that arise.
Kyle Hauptman, vice chair of NCUA, said the guidance was the result of two things that have been happening in the marketplace.
“Credit unions have been watching endless outflows of cash to crypto exchanges, and many people would rather use their primary financial institution for their first foray into crypto investing,” Hauptman told CoinDesk. “Today’s guidance helps both concerns and gives a new revenue stream to credit unions [that] want to try it out. Financial services has always been ‘adapt or die’ and I don’t want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation.”
Federal credit unions may continue to act as finders to bring together their members with providers of third-party services, including those related to digital assets, the NCUA added.
In July, the NCUApublished a request for information (RFI)after its three board members unanimously voted to do so. These requests asked how distributed ledger technology (DLT) and decentralized finance (DeFi) might affect the credit union system, and how the NCUA’s regulated entities might interact with these technologies and other crypto-related tools.
Read more:Bitcoin at Your Bank: NYDIG Names First 2 Firms to Roll Out BTC Buys || Federal Regulator Says Credit Unions Can Partner With Crypto Providers: Federally insured credit unions (FICUs) can partner with third-party digital asset service providers, the National Credit Union Administration (NCUA) announced Thursday. “This includes facilitating member relationships with third parties that allow FICU members to buy, sell and hold various uninsured digital assets with the third-party provider outside of the FICU,” according to the statement from the NCUA. The NCUA is a U.S. regulator that oversees credit unions, acting as a counterpart to the Office of the Comptroller of the Currency (OCC), which regulates national banks. The NCUA said it wants to offer clarity around the existing authority that FICUs have when it comes to building relationships with third-party digital asset providers. The NCUA said further guidance may be necessary as digital assets and technologies evolve, and the association will continue to study and address issues that arise. Kyle Hauptman, vice chair of NCUA, said the guidance was the result of two things that have been happening in the marketplace. “Credit unions have been watching endless outflows of cash to crypto exchanges, and many people would rather use their primary financial institution for their first foray into crypto investing,” Hauptman told CoinDesk. “Today’s guidance helps both concerns and gives a new revenue stream to credit unions [that] want to try it out. Financial services has always been ‘adapt or die’ and I don’t want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation.” Federal credit unions may continue to act as finders to bring together their members with providers of third-party services, including those related to digital assets, the NCUA added. In July, the NCUA published a request for information (RFI) after its three board members unanimously voted to do so. These requests asked how distributed ledger technology (DLT) and decentralized finance (DeFi) might affect the credit union system, and how the NCUA’s regulated entities might interact with these technologies and other crypto-related tools. Read more: Bitcoin at Your Bank: NYDIG Names First 2 Firms to Roll Out BTC Buys || Natural Gas Price Prediction – Prices Whipsaw and Trade Lower: Natural gas prices moved sideways and whipsawed following Thursday’s inventory report from the Department of Energy. The weather pattern shows cold weather in their planes and the East coast, while the weather will be warmer than normal in the mid-West and much hotter than normal in Texas. That should increase cooling demand in Texas at a time of year that is normally milder. Technical Analysis Natural gas prices continue to form a bull flag pattern that is a pause that refreshes lower. Resistance is seen near the 10-day moving average at 3.81. Support is seen near the December lows at 3.65. Momentum is consolidating as the MACD (moving average convergence divergence) histogram is printing in negative territory with a rising trajectory which points to consolidation. Prices are oversold. The fast stochastic is printing a reading of 9, well below the oversold trigger level of 20. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. Inventories Declined More than Expected According to the EIA, natural gas in storage was 3,417 Bcf as of Friday, December 10, 2021. This represents a net decrease of 88 Bcf from the previous week. Expectations were for a 69 Bcf draw in stockpiles, according to survey provider Estimize. Stocks were 326 Bcf less than last year at this time and 64 Bcf below the five-year average of 3,481 Bcf. At 3,417 Bcf, total working gas is within the five-year historical range. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Markets Continue Consolidating Franklin LibertyQ U.S. Equity ETF Could Target the $50 Mark Soon Natural Gas Price Prediction – Prices Whipsaw and Trade Lower Silver Price Forecast – Silver Markets Continue Recovery E-mini S&P 500 Index (ES) Futures Technical Analysis – Testing Retracement Zone at 4669.75 – 4652.50 A Bitcoin (BTC) Move back Through $48,500 Would Bring the Elusive $50,000 into Play || Natural Gas Price Prediction – Prices Whipsaw and Trade Lower: Natural gas prices moved sideways and whipsawed following Thursday’s inventory report from the Department of Energy. The weather pattern shows cold weather in their planes and the East coast, while the weather will be warmer than normal in the mid-West and much hotter than normal in Texas. That should increase cooling demand in Texas at a time of year that is normally milder.
Natural gas prices continue to form a bull flag pattern that is a pause that refreshes lower. Resistance is seen near the 10-day moving average at 3.81. Support is seen near the December lows at 3.65. Momentum is consolidating as the MACD (moving average convergence divergence) histogram is printing in negative territory with a rising trajectory which points to consolidation. Prices are oversold. The fast stochastic is printing a reading of 9, well below the oversold trigger level of 20. Short-term momentum is positive as the fast stochastic generated a crossover buy signal.
According to the EIA, natural gas in storage was 3,417 Bcf as of Friday, December 10, 2021. This represents a net decrease of 88 Bcf from the previous week. Expectations were for a 69 Bcf draw in stockpiles, according to survey provider Estimize. Stocks were 326 Bcf less than last year at this time and 64 Bcf below the five-year average of 3,481 Bcf. At 3,417 Bcf, total working gas is within the five-year historical range.
Thisarticlewas originally posted on FX Empire
• Crude Oil Price Forecast – Crude Oil Markets Continue Consolidating
• Franklin LibertyQ U.S. Equity ETF Could Target the $50 Mark Soon
• Natural Gas Price Prediction – Prices Whipsaw and Trade Lower
• Silver Price Forecast – Silver Markets Continue Recovery
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Testing Retracement Zone at 4669.75 – 4652.50
• A Bitcoin (BTC) Move back Through $48,500 Would Bring the Elusive $50,000 into Play || Behind the Scenes of El Salvador’s Bitcoin Bond With the Man Who Designed It: El Salvador’s national adoption of bitcoin was easily the most transformationalcryptocurrency landmarkin a year full of them. The use of bitcoin as legal tender seems poised to attract a wave of experiments and investment, while a program to mine bitcoin usingvolcanic energycould be a significant boost for the lower-income economy.
But El Salvador’s recently-announced “Bitcoin Bond” may be the most truly disruptive and empowering part of the project. By selling bitcoin-backed bonds through blockchain infrastructure, El Salvador will bypass the Wall Street banks and international institutions that have had a century-long choke hold on loans to developing economies. There are signs that this could escalate into afull-scale public battleas global financiers angle toretain controlof the system.
Still, there are plenty of questions about the functional details of the bond, and a lot of unknowns about its real impact. To find out more, I recently spoke with Samson Mow, Chief Strategy Officer of Blockstream. Mow and Blockstream acted as advisors on the design of the bond, and the bond will be issuedusing Liquid, a bitcoin-based service created by Blockstream. But Blockstream won’t be directly involved in issuing, selling or servicing the bond, which will be handled by El Salvador’s central bank and the Bitfinex crypto exchange.
Read more:David Morris’s profile of Jack Mallersfor “Most Influential 2021″
Mow got involved with El Salvador through Strike CEO Jack Mallers, recognized recently by CoinDesk as one of themost influential people in cryptocurrencyfor helping spearhead El Salvador’s program.
“Our relationship goes back to theblocksize wars,” Mow said. “He came in on the small block side … That was a formative period in bitcoin history, when a lot of alliances were made. A lot of those alliances are still in place today.”
Mow says he first pitched the bond idea, via Mallers, ahead of the Bitcoin 2021 conference in June. But with the Salvadoran government focused on the retail rollout, real work on the bond didn’t get underway until October. Despite the project’s accelerated timeline, Mow was able to spend a good amount of time in El Salvador, and took away a positive impression of the Salvadoran government and its officials.
“The overarching feeling was one of very strong cohesion and direction,” he said. “I’ve been on trade missions before, with the government of Canada, but I’ve never felt this kind of drive from government officials … I felt, this is a once in a lifetime, a once in a thousand years chance to do something.”
That sense of shared purpose and commitment extended to Mow’s interactions with a variety of government agencies – not just finance teams, but also those focused on tourism, agriculture and energy.
“They were arranging things on the weekends, they were all scrambling to make something happen,” said Mow. “I met with the guys at [state power companies] Cel and LaGeo – those guys are on all the time. Everyone is really rallying behind [President Nayib] Bukele, and everyone believes in his ability to lead. That’s why they’re able to do things so quickly.”
Mow contrasts that focus with Canada, where he said, “We’re sitting on massive hydropower, but we’re not doing anything with it.” (Blockstream is based in Victoria, British Columbia.) Mow’s takeaway is particularly interesting in light of attempts to paint Bukele as a nascent dictator, which are hard to square with the sky-highpublic approval ratingshe’s maintained since winning power in a 2019 election that theU.S. State Departmentcalled “transparent and credible.”
Ultimately Mow said he developed three possible designs for the bond. One proposal was closer to themining-backed notesissued by Blockstream. Another proposal on the table was a more traditional bond issued in the form of a crypto token. The decision was ultimately made to go with the initial proposal, which tied bond returns strongly to bitcoin’s price performance over the next 10 years.
Amazingly, Mow said there was little discussion of whether the bonds would sell. “The target market for at least the first few bonds is people familiar with the Bitcoin space. I don’t think marketability was ever an issue, because there’s so much capital in the space. We never really thought it would be an issue to fill one bond, if not five bonds.”
As of our conversation in early December, Mow said there were already $300 million worth of “soft commitments” to the bond, which is still being refined ahead of its expected launch in 2022. “These are just Bitfinex whales, mostly,” said Mow.
That demand is great news for El Salvador, though it does highlight one of the potential risks of the project. Bitfinex is very closely aligned with tether, a dollar-denominated stablecoin that has been caughtmisrepresenting its reservesand accused of printing unbacked tokens. El Salvador will have to be vigilant to ensure it trades its assets for the real U.S. dollars or bitcoin it needs to run its economy, not questionable synthetic USD.
For regulators and authorities outside of El Salvador, the role of Bitfinex is worrying for other reasons. The exchange does not have a history of strong anti-money laundering (AML) or other financial controls, and operates with scattershotregulatory oversight. El Salvador is a sovereign nation, and has the right to sell its bonds to anyone who’s interested, in theory leaving a very large lane for money laundering or other abuses.
Ironically, Bitfinex officially doesn’t serve U.S. customers, meaning they’re among the most likely to be effectively barred from the bond sale. “It will be up to U.S. broker-dealers to see if they can source it,” said Mow.
“I think the bonds are probably the next biggest thing since Bitcoin’s invention,” Mow said of the larger stakes. “It’s a way for a huge flood of capital to flow into this bitcoin-based financial system. And the challenge has been, who will do it. Most people are followers, and nation-states are the same. They need to see someone do it, and they need to see it succeed, and then they’ll do it.”
As for the mounting hostility of the International Monetary Fund (IMF) and other legacy players, Mow sees them sweating.
“I think it’s definitely a threat. They’re feeling it. But I don’t think it matters in the long run,” he said. “These organizations do harm people, and they do make nation-states into vassal states. There’s a high degree of interference with sovereign nations who are not so sovereign. That’s going to be hard for organizations like the IMF to swallow, but I just don’t think there’s anything they can do about it.”
Blockstream is happy to help push that challenge along. Mow says that the design of the bond, like Blockstream’s software, will be open-sourced. “All of the things we’re designing for the bonds, specifications, the economics, the legal framework, people are welcome to adopt this.”
Mow predicts a dramatic domino effect as countries follow El Salvador’s lead and decouple from the U.S. dollar system.
“We’re at a stage where Bitcoin is pretty secure and pretty resilient against any attack. We saw that with China shutting down mining. The mining will move, it’ll adjust. But [the Bitcoin Bond] is another level of going up against massive institutions. Your SDR [Special Drawing Rights, foreign exchange reserves housed at the IMF] aren’t going to work anymore if fiat doesn’t work anymore.
“You either get with the program or you become obsolete. Banks like JPMorgan and everyone else, they have to bend the knee.” || Behind the Scenes of El Salvador’s Bitcoin Bond With the Man Who Designed It: El Salvador’s national adoption of bitcoin was easily the most transformationalcryptocurrency landmarkin a year full of them. The use of bitcoin as legal tender seems poised to attract a wave of experiments and investment, while a program to mine bitcoin usingvolcanic energycould be a significant boost for the lower-income economy.
But El Salvador’s recently-announced “Bitcoin Bond” may be the most truly disruptive and empowering part of the project. By selling bitcoin-backed bonds through blockchain infrastructure, El Salvador will bypass the Wall Street banks and international institutions that have had a century-long choke hold on loans to developing economies. There are signs that this could escalate into afull-scale public battleas global financiers angle toretain controlof the system.
Still, there are plenty of questions about the functional details of the bond, and a lot of unknowns about its real impact. To find out more, I recently spoke with Samson Mow, Chief Strategy Officer of Blockstream. Mow and Blockstream acted as advisors on the design of the bond, and the bond will be issuedusing Liquid, a bitcoin-based service created by Blockstream. But Blockstream won’t be directly involved in issuing, selling or servicing the bond, which will be handled by El Salvador’s central bank and the Bitfinex crypto exchange.
Read more:David Morris’s profile of Jack Mallersfor “Most Influential 2021″
Mow got involved with El Salvador through Strike CEO Jack Mallers, recognized recently by CoinDesk as one of themost influential people in cryptocurrencyfor helping spearhead El Salvador’s program.
“Our relationship goes back to theblocksize wars,” Mow said. “He came in on the small block side … That was a formative period in bitcoin history, when a lot of alliances were made. A lot of those alliances are still in place today.”
Mow says he first pitched the bond idea, via Mallers, ahead of the Bitcoin 2021 conference in June. But with the Salvadoran government focused on the retail rollout, real work on the bond didn’t get underway until October. Despite the project’s accelerated timeline, Mow was able to spend a good amount of time in El Salvador, and took away a positive impression of the Salvadoran government and its officials.
“The overarching feeling was one of very strong cohesion and direction,” he said. “I’ve been on trade missions before, with the government of Canada, but I’ve never felt this kind of drive from government officials … I felt, this is a once in a lifetime, a once in a thousand years chance to do something.”
That sense of shared purpose and commitment extended to Mow’s interactions with a variety of government agencies – not just finance teams, but also those focused on tourism, agriculture and energy.
“They were arranging things on the weekends, they were all scrambling to make something happen,” said Mow. “I met with the guys at [state power companies] Cel and LaGeo – those guys are on all the time. Everyone is really rallying behind [President Nayib] Bukele, and everyone believes in his ability to lead. That’s why they’re able to do things so quickly.”
Mow contrasts that focus with Canada, where he said, “We’re sitting on massive hydropower, but we’re not doing anything with it.” (Blockstream is based in Victoria, British Columbia.) Mow’s takeaway is particularly interesting in light of attempts to paint Bukele as a nascent dictator, which are hard to square with the sky-highpublic approval ratingshe’s maintained since winning power in a 2019 election that theU.S. State Departmentcalled “transparent and credible.”
Ultimately Mow said he developed three possible designs for the bond. One proposal was closer to themining-backed notesissued by Blockstream. Another proposal on the table was a more traditional bond issued in the form of a crypto token. The decision was ultimately made to go with the initial proposal, which tied bond returns strongly to bitcoin’s price performance over the next 10 years.
Amazingly, Mow said there was little discussion of whether the bonds would sell. “The target market for at least the first few bonds is people familiar with the Bitcoin space. I don’t think marketability was ever an issue, because there’s so much capital in the space. We never really thought it would be an issue to fill one bond, if not five bonds.”
As of our conversation in early December, Mow said there were already $300 million worth of “soft commitments” to the bond, which is still being refined ahead of its expected launch in 2022. “These are just Bitfinex whales, mostly,” said Mow.
That demand is great news for El Salvador, though it does highlight one of the potential risks of the project. Bitfinex is very closely aligned with tether, a dollar-denominated stablecoin that has been caughtmisrepresenting its reservesand accused of printing unbacked tokens. El Salvador will have to be vigilant to ensure it trades its assets for the real U.S. dollars or bitcoin it needs to run its economy, not questionable synthetic USD.
For regulators and authorities outside of El Salvador, the role of Bitfinex is worrying for other reasons. The exchange does not have a history of strong anti-money laundering (AML) or other financial controls, and operates with scattershotregulatory oversight. El Salvador is a sovereign nation, and has the right to sell its bonds to anyone who’s interested, in theory leaving a very large lane for money laundering or other abuses.
Ironically, Bitfinex officially doesn’t serve U.S. customers, meaning they’re among the most likely to be effectively barred from the bond sale. “It will be up to U.S. broker-dealers to see if they can source it,” said Mow.
“I think the bonds are probably the next biggest thing since Bitcoin’s invention,” Mow said of the larger stakes. “It’s a way for a huge flood of capital to flow into this bitcoin-based financial system. And the challenge has been, who will do it. Most people are followers, and nation-states are the same. They need to see someone do it, and they need to see it succeed, and then they’ll do it.”
As for the mounting hostility of the International Monetary Fund (IMF) and other legacy players, Mow sees them sweating.
“I think it’s definitely a threat. They’re feeling it. But I don’t think it matters in the long run,” he said. “These organizations do harm people, and they do make nation-states into vassal states. There’s a high degree of interference with sovereign nations who are not so sovereign. That’s going to be hard for organizations like the IMF to swallow, but I just don’t think there’s anything they can do about it.”
Blockstream is happy to help push that challenge along. Mow says that the design of the bond, like Blockstream’s software, will be open-sourced. “All of the things we’re designing for the bonds, specifications, the economics, the legal framework, people are welcome to adopt this.”
Mow predicts a dramatic domino effect as countries follow El Salvador’s lead and decouple from the U.S. dollar system.
“We’re at a stage where Bitcoin is pretty secure and pretty resilient against any attack. We saw that with China shutting down mining. The mining will move, it’ll adjust. But [the Bitcoin Bond] is another level of going up against massive institutions. Your SDR [Special Drawing Rights, foreign exchange reserves housed at the IMF] aren’t going to work anymore if fiat doesn’t work anymore.
“You either get with the program or you become obsolete. Banks like JPMorgan and everyone else, they have to bend the knee.” || Behind the Scenes of El Salvador’s Bitcoin Bond With the Man Who Designed It: El Salvador’s national adoption of bitcoin was easily the most transformational cryptocurrency landmark in a year full of them. The use of bitcoin as legal tender seems poised to attract a wave of experiments and investment, while a program to mine bitcoin using volcanic energy could be a significant boost for the lower-income economy. But El Salvador’s recently-announced “Bitcoin Bond” may be the most truly disruptive and empowering part of the project. By selling bitcoin-backed bonds through blockchain infrastructure, El Salvador will bypass the Wall Street banks and international institutions that have had a century-long choke hold on loans to developing economies. There are signs that this could escalate into a full-scale public battle as global financiers angle to retain control of the system. Still, there are plenty of questions about the functional details of the bond, and a lot of unknowns about its real impact. To find out more, I recently spoke with Samson Mow, Chief Strategy Officer of Blockstream. Mow and Blockstream acted as advisors on the design of the bond, and the bond will be issued using Liquid , a bitcoin-based service created by Blockstream. But Blockstream won’t be directly involved in issuing, selling or servicing the bond, which will be handled by El Salvador’s central bank and the Bitfinex crypto exchange. Read more: David Morris’s profile of Jack Mallers for “Most Influential 2021″ Mow got involved with El Salvador through Strike CEO Jack Mallers, recognized recently by CoinDesk as one of the most influential people in cryptocurrency for helping spearhead El Salvador’s program. “Our relationship goes back to the blocksize wars ,” Mow said. “He came in on the small block side … That was a formative period in bitcoin history, when a lot of alliances were made. A lot of those alliances are still in place today.” Mow says he first pitched the bond idea, via Mallers, ahead of the Bitcoin 2021 conference in June. But with the Salvadoran government focused on the retail rollout, real work on the bond didn’t get underway until October. Despite the project’s accelerated timeline, Mow was able to spend a good amount of time in El Salvador, and took away a positive impression of the Salvadoran government and its officials. Story continues “The overarching feeling was one of very strong cohesion and direction,” he said. “I’ve been on trade missions before, with the government of Canada, but I’ve never felt this kind of drive from government officials … I felt, this is a once in a lifetime, a once in a thousand years chance to do something.” The Last Confirmation - a collaboration between Norman & Robness (Norman Harman & Robness/CoinDesk) That sense of shared purpose and commitment extended to Mow’s interactions with a variety of government agencies – not just finance teams, but also those focused on tourism, agriculture and energy. “They were arranging things on the weekends, they were all scrambling to make something happen,” said Mow. “I met with the guys at [state power companies] Cel and LaGeo – those guys are on all the time. Everyone is really rallying behind [President Nayib] Bukele, and everyone believes in his ability to lead. That’s why they’re able to do things so quickly.” Mow contrasts that focus with Canada, where he said, “We’re sitting on massive hydropower, but we’re not doing anything with it.” (Blockstream is based in Victoria, British Columbia.) Mow’s takeaway is particularly interesting in light of attempts to paint Bukele as a nascent dictator, which are hard to square with the sky-high public approval ratings he’s maintained since winning power in a 2019 election that the U.S. State Department called “transparent and credible.” Ultimately Mow said he developed three possible designs for the bond. One proposal was closer to the mining-backed notes issued by Blockstream. Another proposal on the table was a more traditional bond issued in the form of a crypto token. The decision was ultimately made to go with the initial proposal, which tied bond returns strongly to bitcoin’s price performance over the next 10 years. Amazingly, Mow said there was little discussion of whether the bonds would sell. “The target market for at least the first few bonds is people familiar with the Bitcoin space. I don’t think marketability was ever an issue, because there’s so much capital in the space. We never really thought it would be an issue to fill one bond, if not five bonds.” As of our conversation in early December, Mow said there were already $300 million worth of “soft commitments” to the bond, which is still being refined ahead of its expected launch in 2022. “These are just Bitfinex whales, mostly,” said Mow. That demand is great news for El Salvador, though it does highlight one of the potential risks of the project. Bitfinex is very closely aligned with tether, a dollar-denominated stablecoin that has been caught misrepresenting its reserves and accused of printing unbacked tokens. El Salvador will have to be vigilant to ensure it trades its assets for the real U.S. dollars or bitcoin it needs to run its economy, not questionable synthetic USD. For regulators and authorities outside of El Salvador, the role of Bitfinex is worrying for other reasons. The exchange does not have a history of strong anti-money laundering (AML) or other financial controls, and operates with scattershot regulatory oversight . El Salvador is a sovereign nation, and has the right to sell its bonds to anyone who’s interested, in theory leaving a very large lane for money laundering or other abuses. Ironically, Bitfinex officially doesn’t serve U.S. customers, meaning they’re among the most likely to be effectively barred from the bond sale. “It will be up to U.S. broker-dealers to see if they can source it,” said Mow. “I think the bonds are probably the next biggest thing since Bitcoin’s invention,” Mow said of the larger stakes. “It’s a way for a huge flood of capital to flow into this bitcoin-based financial system. And the challenge has been, who will do it. Most people are followers, and nation-states are the same. They need to see someone do it, and they need to see it succeed, and then they’ll do it.” As for the mounting hostility of the International Monetary Fund (IMF) and other legacy players, Mow sees them sweating. “I think it’s definitely a threat. They’re feeling it. But I don’t think it matters in the long run,” he said. “These organizations do harm people, and they do make nation-states into vassal states. There’s a high degree of interference with sovereign nations who are not so sovereign. That’s going to be hard for organizations like the IMF to swallow, but I just don’t think there’s anything they can do about it.” Blockstream is happy to help push that challenge along. Mow says that the design of the bond, like Blockstream’s software, will be open-sourced. “All of the things we’re designing for the bonds, specifications, the economics, the legal framework, people are welcome to adopt this.” Mow predicts a dramatic domino effect as countries follow El Salvador’s lead and decouple from the U.S. dollar system. “We’re at a stage where Bitcoin is pretty secure and pretty resilient against any attack. We saw that with China shutting down mining. The mining will move, it’ll adjust. But [the Bitcoin Bond] is another level of going up against massive institutions. Your SDR [Special Drawing Rights, foreign exchange reserves housed at the IMF] aren’t going to work anymore if fiat doesn’t work anymore. “You either get with the program or you become obsolete. Banks like JPMorgan and everyone else, they have to bend the knee.” || Ares Management Llc Buys Infrastructure and Energy Alternatives Inc, Pennant Park Investment ...: Los Angeles, CA, based Investment companyAres Management Llc(Current Portfolio) buys Infrastructure and Energy Alternatives Inc, Pennant Park Investment Corp, New Mountain Finance Corp, BlackRock TCP Capital Corp, Antero Resources Corp, sells California Resources Corp, Vanguard High Dividend Yield Indx ETF, , BTC iShares International Select Dividend ETF, WhiteHorse Finance Inc during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Ares Management Llc. As of 2021Q3, Ares Management Llc owns 47 stocks with a total value of $3 billion. These are the details of the buys and sells.
• New Purchases:IEA, TCPC, AR, JETS, SAFM, ALGT, DAL, TPVG,
• Added Positions:CCO, PNNT, BBDC, ORCC, OCSL, NMFC, GBDC, FSK, ARCC, BKCC, TSLX, FTSI, SLRC, TRIN, SCM, BCSF,
• Reduced Positions:CRC, XOG, WHF, SMLP,
• Sold Out:VYM, IDV, EFV, CHPT, CHPT, VNQ, VNQI, VWOB, VEI, EMLC,
• Warning! GuruFocus has detected 5 Warning Sign with PNNT. Click here to check it out.
• List of 52-Week Lows
• List of 3-Year Lows
• List of 5-Year Lows
For the details of ARES MANAGEMENT LLC's stock buys and sells,go tohttps://www.gurufocus.com/guru/ares+management+llc/current-portfolio/portfolio
These are the top 5 holdings of ARES MANAGEMENT LLC
1. Frontier Communications Parent Inc (FYBR) - 35,205,132 shares, 32.57% of the total portfolio.
2. The AZEK Co Inc (AZEK) - 19,096,090 shares, 23.16% of the total portfolio.
3. California Resources Corp (CRC) - 11,288,922 shares, 15.36% of the total portfolio. Shares reduced by 20.32%
4. Infrastructure and Energy Alternatives Inc (IEA) - 11,821,039 shares, 4.49% of the total portfolio. New Position
5. Clear Channel Outdoor Holdings Inc (CCO) - 46,774,772 shares, 4.21% of the total portfolio. Shares added by 5.41%
New Purchase: Infrastructure and Energy Alternatives Inc (IEA)
Ares Management Llc initiated holding in Infrastructure and Energy Alternatives Inc. The purchase prices were between $11.31 and $13.47, with an estimated average price of $12.29. The stock is now traded at around $9.210000. The impact to a portfolio due to this purchase was 4.49%. The holding were 11,821,039 shares as of 2021-09-30.
New Purchase: BlackRock TCP Capital Corp (TCPC)
Ares Management Llc initiated holding in BlackRock TCP Capital Corp. The purchase prices were between $13.36 and $14.39, with an estimated average price of $14.04. The stock is now traded at around $13.500000. The impact to a portfolio due to this purchase was 0.1%. The holding were 230,008 shares as of 2021-09-30.
New Purchase: Antero Resources Corp (AR)
Ares Management Llc initiated holding in Antero Resources Corp. The purchase prices were between $11.38 and $19.11, with an estimated average price of $14.63. The stock is now traded at around $17.970000. The impact to a portfolio due to this purchase was 0.06%. The holding were 95,000 shares as of 2021-09-30.
New Purchase: ESS U.S.Global Jets ETF (JETS)
Ares Management Llc initiated holding in ESS U.S.Global Jets ETF. The purchase prices were between $21.57 and $24.62, with an estimated average price of $23.06. The stock is now traded at around $20.025000. The impact to a portfolio due to this purchase was 0.06%. The holding were 75,000 shares as of 2021-09-30.
New Purchase: Sanderson Farms Inc (SAFM)
Ares Management Llc initiated holding in Sanderson Farms Inc. The purchase prices were between $181.06 and $196.67, with an estimated average price of $188.72. The stock is now traded at around $189.880000. The impact to a portfolio due to this purchase was 0.04%. The holding were 5,700 shares as of 2021-09-30.
New Purchase: Allegiant Travel Co (ALGT)
Ares Management Llc initiated holding in Allegiant Travel Co. The purchase prices were between $174.94 and $208.17, with an estimated average price of $191.9. The stock is now traded at around $176.930000. The impact to a portfolio due to this purchase was 0.03%. The holding were 4,473 shares as of 2021-09-30.
Added: Pennant Park Investment Corp (PNNT)
Ares Management Llc added to a holding in Pennant Park Investment Corp by 21.47%. The purchase prices were between $6.28 and $6.88, with an estimated average price of $6.57. The stock is now traded at around $6.779900. The impact to a portfolio due to this purchase was 0.17%. The holding were 4,415,025 shares as of 2021-09-30.
Added: New Mountain Finance Corp (NMFC)
Ares Management Llc added to a holding in New Mountain Finance Corp by 74.45%. The purchase prices were between $12.83 and $13.65, with an estimated average price of $13.38. The stock is now traded at around $13.279900. The impact to a portfolio due to this purchase was 0.12%. The holding were 609,420 shares as of 2021-09-30.
Sold Out: Vanguard High Dividend Yield Indx ETF (VYM)
Ares Management Llc sold out a holding in Vanguard High Dividend Yield Indx ETF. The sale prices were between $101.6 and $107.59, with an estimated average price of $105.07.
Sold Out: BTC iShares International Select Dividend ETF (IDV)
Ares Management Llc sold out a holding in BTC iShares International Select Dividend ETF. The sale prices were between $30.22 and $32.32, with an estimated average price of $31.55.
Sold Out: BTC iShares MSCI EAFE Value ETF (EFV)
Ares Management Llc sold out a holding in BTC iShares MSCI EAFE Value ETF. The sale prices were between $49.8 and $52.99, with an estimated average price of $51.81.
Sold Out: ChargePoint Holdings Inc (CHPT)
Ares Management Llc sold out a holding in ChargePoint Holdings Inc. The sale prices were between $19.91 and $32.98, with an estimated average price of $23.39.
Sold Out: ChargePoint Holdings Inc (CHPT)
Ares Management Llc sold out a holding in ChargePoint Holdings Inc. The sale prices were between $19.91 and $32.98, with an estimated average price of $23.39.
Sold Out: Vanguard Real Estate Index Fund ETF (VNQ)
Ares Management Llc sold out a holding in Vanguard Real Estate Index Fund ETF. The sale prices were between $101.6 and $110.24, with an estimated average price of $105.46.
Here is the complete portfolio of ARES MANAGEMENT LLC. Also check out:1. ARES MANAGEMENT LLC's Undervalued Stocks2. ARES MANAGEMENT LLC's Top Growth Companies, and3. ARES MANAGEMENT LLC's High Yield stocks4. Stocks that ARES MANAGEMENT LLC keeps buyingThis article first appeared onGuruFocus. || Ares Management Llc Buys Infrastructure and Energy Alternatives Inc, Pennant Park Investment ...: Los Angeles, CA, based Investment company Ares Management Llc ( Current Portfolio ) buys Infrastructure and Energy Alternatives Inc, Pennant Park Investment Corp, New Mountain Finance Corp, BlackRock TCP Capital Corp, Antero Resources Corp, sells California Resources Corp, Vanguard High Dividend Yield Indx ETF, , BTC iShares International Select Dividend ETF, WhiteHorse Finance Inc during the 3-months ended 2021Q3, according to the most recent filings of the investment company, Ares Management Llc. As of 2021Q3, Ares Management Llc owns 47 stocks with a total value of $3 billion. These are the details of the buys and sells. New Purchases: IEA, TCPC, AR, JETS, SAFM, ALGT, DAL, TPVG, Added Positions: CCO, PNNT, BBDC, ORCC, OCSL, NMFC, GBDC, FSK, ARCC, BKCC, TSLX, FTSI, SLRC, TRIN, SCM, BCSF, Reduced Positions: CRC, XOG, WHF, SMLP, Sold Out: VYM, IDV, EFV, CHPT, CHPT, VNQ, VNQI, VWOB, VEI, EMLC, Warning! GuruFocus has detected 5 Warning Sign with PNNT. Click here to check it out. List of 52-Week Lows List of 3-Year Lows List of 5-Year Lows For the details of ARES MANAGEMENT LLC's stock buys and sells, go to https://www.gurufocus.com/guru/ares+management+llc/current-portfolio/portfolio These are the top 5 holdings of ARES MANAGEMENT LLC Frontier Communications Parent Inc ( FYBR ) - 35,205,132 shares, 32.57% of the total portfolio. The AZEK Co Inc ( AZEK ) - 19,096,090 shares, 23.16% of the total portfolio. California Resources Corp ( CRC ) - 11,288,922 shares, 15.36% of the total portfolio. Shares reduced by 20.32% Infrastructure and Energy Alternatives Inc (IEA) - 11,821,039 shares, 4.49% of the total portfolio. New Position Clear Channel Outdoor Holdings Inc (CCO) - 46,774,772 shares, 4.21% of the total portfolio. Shares added by 5.41% New Purchase: Infrastructure and Energy Alternatives Inc (IEA) Ares Management Llc initiated holding in Infrastructure and Energy Alternatives Inc. The purchase prices were between $11.31 and $13.47, with an estimated average price of $12.29. The stock is now traded at around $9.210000. The impact to a portfolio due to this purchase was 4.49%. The holding were 11,821,039 shares as of 2021-09-30. Story continues New Purchase: BlackRock TCP Capital Corp (TCPC) Ares Management Llc initiated holding in BlackRock TCP Capital Corp. The purchase prices were between $13.36 and $14.39, with an estimated average price of $14.04. The stock is now traded at around $13.500000. The impact to a portfolio due to this purchase was 0.1%. The holding were 230,008 shares as of 2021-09-30. New Purchase: Antero Resources Corp (AR) Ares Management Llc initiated holding in Antero Resources Corp. The purchase prices were between $11.38 and $19.11, with an estimated average price of $14.63. The stock is now traded at around $17.970000. The impact to a portfolio due to this purchase was 0.06%. The holding were 95,000 shares as of 2021-09-30. New Purchase: ESS U.S.Global Jets ETF (JETS) Ares Management Llc initiated holding in ESS U.S.Global Jets ETF. The purchase prices were between $21.57 and $24.62, with an estimated average price of $23.06. The stock is now traded at around $20.025000. The impact to a portfolio due to this purchase was 0.06%. The holding were 75,000 shares as of 2021-09-30. New Purchase: Sanderson Farms Inc (SAFM) Ares Management Llc initiated holding in Sanderson Farms Inc. The purchase prices were between $181.06 and $196.67, with an estimated average price of $188.72. The stock is now traded at around $189.880000. The impact to a portfolio due to this purchase was 0.04%. The holding were 5,700 shares as of 2021-09-30. New Purchase: Allegiant Travel Co (ALGT) Ares Management Llc initiated holding in Allegiant Travel Co. The purchase prices were between $174.94 and $208.17, with an estimated average price of $191.9. The stock is now traded at around $176.930000. The impact to a portfolio due to this purchase was 0.03%. The holding were 4,473 shares as of 2021-09-30. Added: Pennant Park Investment Corp (PNNT) Ares Management Llc added to a holding in Pennant Park Investment Corp by 21.47%. The purchase prices were between $6.28 and $6.88, with an estimated average price of $6.57. The stock is now traded at around $6.779900. The impact to a portfolio due to this purchase was 0.17%. The holding were 4,415,025 shares as of 2021-09-30. Added: New Mountain Finance Corp (NMFC) Ares Management Llc added to a holding in New Mountain Finance Corp by 74.45%. The purchase prices were between $12.83 and $13.65, with an estimated average price of $13.38. The stock is now traded at around $13.279900. The impact to a portfolio due to this purchase was 0.12%. The holding were 609,420 shares as of 2021-09-30. Sold Out: Vanguard High Dividend Yield Indx ETF (VYM) Ares Management Llc sold out a holding in Vanguard High Dividend Yield Indx ETF. The sale prices were between $101.6 and $107.59, with an estimated average price of $105.07. Sold Out: BTC iShares International Select Dividend ETF (IDV) Ares Management Llc sold out a holding in BTC iShares International Select Dividend ETF. The sale prices were between $30.22 and $32.32, with an estimated average price of $31.55. Sold Out: BTC iShares MSCI EAFE Value ETF (EFV) Ares Management Llc sold out a holding in BTC iShares MSCI EAFE Value ETF. The sale prices were between $49.8 and $52.99, with an estimated average price of $51.81. Sold Out: ChargePoint Holdings Inc (CHPT) Ares Management Llc sold out a holding in ChargePoint Holdings Inc. The sale prices were between $19.91 and $32.98, with an estimated average price of $23.39. Sold Out: ChargePoint Holdings Inc (CHPT) Ares Management Llc sold out a holding in ChargePoint Holdings Inc. The sale prices were between $19.91 and $32.98, with an estimated average price of $23.39. Sold Out: Vanguard Real Estate Index Fund ETF (VNQ) Ares Management Llc sold out a holding in Vanguard Real Estate Index Fund ETF. The sale prices were between $101.6 and $110.24, with an estimated average price of $105.46. Here is the complete portfolio of ARES MANAGEMENT LLC. Also check out: 1. ARES MANAGEMENT LLC's Undervalued Stocks 2. ARES MANAGEMENT LLC's Top Growth Companies, and 3. ARES MANAGEMENT LLC's High Yield stocks 4. Stocks that ARES MANAGEMENT LLC keeps buyingThis article first appeared on GuruFocus . || Crypto OGs love a 'crypto winter' because the fakers clear out and the builders keep building, a top Coinbase exec says: • OGs love a crypto winter because genuine fans like them can do without the excess hype, a top Coinbase exec said.
• "Everybody who kind of disproportionately benefits from crypto tends to just ride it out on the long term," Emilie Choi said.
• Bitcoin is down 30% from its peak of near $69,000 about a month ago, but is up 67% in the year to date.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Real crypto believers celebrate a "crypto winter" because it filters out the skeptics, according to topCoinbaseexecutive Emilie Choi.
That's a period when digital assets linger at uncharacteristically low prices, coming after a recent bullish run higher.
"The OGs in the space absolutely love the winters. Like, Brian Armstrong loves a winter," Choi toldBloomberg in an interview Wednesday, referring to the boss of crypto exchange Coinbase, where she is chief operating officer.
"And the reason that they love the winters is frankly the fakers get out of the space, the builders keep building. They can focus without all the crazy hype around the fakers," she added.
Crypto investors shouldn't expect to score quick gains, but should be patient, according to Choi.
"Everybody who kind of disproportionately benefits from crypto tends to just ride it out on the long term and be holders throughout the ups and downs," she said. "It's definitely not for the faint of heart."
"It's just one of those things where you have to truly believe in the idea that long term, and if you stick through it, it's great," she added.
"If you're a short-term investor, it's probably not a great thing."
Leading cryptocurrencybitcoinhit its all-time high of almost $69,000 in November, having doubled in price in the months since July. It's now down almost 30% from that record, and is trading around $48,520. But the token is still up 67% for the year so far.
Meanwhile, second-placeetherhas tumbled about 20% in the last three months to $4,064. For 2021, though, the coin has risen about 455%.
More recently, crypto prices slid in the days leading up to the Federal Reserve's monetary policy decision on Wednesday, as investors grappled with the prospect of faster cuts to stimulus and sooner interest-rate hikes. Many view bitcoin as ahedge against inflation, which the Fed is trying to tackle.
Kraken CEO Jesse Powellrecentlysaid a crypto winter is now "possible," but that it would be a buying opportunity.
In the Bloomberg interview, Choi also explained the reason behind Coinbase's platform displayingastronomically-high cryptocurrency pricesTuesday. Popular data provider CoinMarketCap first began displaying the inaccurate prices, leading many users to momentarily think they'd scored enormous gains.
"We are dependent upon another provider CoinMarketCap for data. And so there was a glitch," Choi said. "It didn't actually cause anything, other than the superficial thing that you saw with the pricing."
The crypto exec said such an incident is "indicative of an emerging industry," and Coinbase is "still building out infrastructure to make sure that this stuff scales in the right way."
Read More:The co-founder of a virtual real estate company that's seeking to be the 'Zillow for the Metaverse' shares 3 AR metaverses he's excited about — and explains why some digital properties will be valuable even though 99% of the projects are likely to fail
Read the original article onBusiness Insider || Crypto OGs love a 'crypto winter' because the fakers clear out and the builders keep building, a top Coinbase exec says: Emilie Choi, president and chief operating officer at Coinbase. Coinbase/YouTube OGs love a crypto winter because genuine fans like them can do without the excess hype, a top Coinbase exec said. "Everybody who kind of disproportionately benefits from crypto tends to just ride it out on the long term," Emilie Choi said. Bitcoin is down 30% from its peak of near $69,000 about a month ago, but is up 67% in the year to date. Sign up here for our daily newsletter, 10 Things Before the Opening Bell . Real crypto believers celebrate a "crypto winter" because it filters out the skeptics, according to top Coinbase executive Emilie Choi. That's a period when digital assets linger at uncharacteristically low prices, coming after a recent bullish run higher. "The OGs in the space absolutely love the winters. Like, Brian Armstrong loves a winter," Choi told Bloomberg in an interview Wednesday , referring to the boss of crypto exchange Coinbase, where she is chief operating officer. "And the reason that they love the winters is frankly the fakers get out of the space, the builders keep building. They can focus without all the crazy hype around the fakers," she added. Crypto investors shouldn't expect to score quick gains, but should be patient, according to Choi. "Everybody who kind of disproportionately benefits from crypto tends to just ride it out on the long term and be holders throughout the ups and downs," she said. "It's definitely not for the faint of heart." "It's just one of those things where you have to truly believe in the idea that long term, and if you stick through it, it's great," she added. "If you're a short-term investor, it's probably not a great thing." Leading cryptocurrency bitcoin hit its all-time high of almost $69,000 in November, having doubled in price in the months since July. It's now down almost 30% from that record, and is trading around $48,520. But the token is still up 67% for the year so far. Story continues Meanwhile, second-place ether has tumbled about 20% in the last three months to $4,064. For 2021, though, the coin has risen about 455%. More recently, crypto prices slid in the days leading up to the Federal Reserve's monetary policy decision on Wednesday, as investors grappled with the prospect of faster cuts to stimulus and sooner interest-rate hikes. Many view bitcoin as a hedge against inflation , which the Fed is trying to tackle. Kraken CEO Jesse Powell recently said a crypto winter is now "possible," but that it would be a buying opportunity. In the Bloomberg interview, Choi also explained the reason behind Coinbase's platform displaying astronomically-high cryptocurrency prices Tuesday. Popular data provider CoinMarketCap first began displaying the inaccurate prices, leading many users to momentarily think they'd scored enormous gains. "We are dependent upon another provider CoinMarketCap for data. And so there was a glitch," Choi said. "It didn't actually cause anything, other than the superficial thing that you saw with the pricing." The crypto exec said such an incident is "indicative of an emerging industry," and Coinbase is "still building out infrastructure to make sure that this stuff scales in the right way." Read More: The co-founder of a virtual real estate company that's seeking to be the 'Zillow for the Metaverse' shares 3 AR metaverses he's excited about — and explains why some digital properties will be valuable even though 99% of the projects are likely to fail Read the original article on Business Insider || Russian central bank looks to ban crypto investments: Don’t expect to find any crypto in the Kremlin.
Russia’s central bank isseeking to bancryptocurrency investments, an escalation of the financial authority’s longstanding skepticism toward Bitcoin and other digital tokens. The ban would prevent future transactions, but would not force current holders to divest their portfolio.
Authorities in Russia have long held that cryptocurrencies can be used for money laundering and to finance terrorism. One source told Reuters that the bank’s current position is a "complete rejection" of all cryptocurrencies. (It is, however, working on a ruble-backed digital currency of its own and, in 2019, the country reportedlyinvested in cryptoto limit the impact of sanctions for meddling in the 2016 U.S. election.)
The country’s central bank did give digital currencies legal status in 2020, however. But it prohibited using them as a means of payment.
As it contemplates this larger ban, the central bank issued new rules for mutual funds in Russia earlier this week, saying funds were prohibited from investing in cryptocurrencies or “financial instruments, the value of which depends on the prices of digital currencies.”
Crypto trading is anotable business in Russia. Annually, roughly $5 billion in crypto transactions take place—and one estimate shows thatnearly 12% of the populationalready owns crypto (compared to a little over 8% of the U.S. population).
The possible crackdown comes on the heels of Chinaramping up effortstoban crypto miningearlier this year. In September, that country’s central bank said all cryptocurrency transactions are illegal and must be banned.
This story was originally featured onFortune.com
[Social Media Buzz]
None available.
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46848.78, 46707.02, 46880.28, 48936.61, 48628.51, 50784.54, 50822.20, 50429.86, 50809.52, 50640.42
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29.
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[Bitcoin Technical Analysis for 2016-01-28]
Volume: 59247900, RSI (14-day): 41.48, 50-day EMA: 405.25, 200-day EMA: 341.66
[Wider Market Context]
Gold Price: 1115.60, Gold RSI: 59.91
Oil Price: 33.22, Oil RSI: 50.26
[Recent News (last 7 days)]
New Ways To Trade China, Crude Oil And The Fed: You’re reading the news about China and oil . The Fed will be talking about that news and much more and making news of its own. Some traders will find ways to profit. But will you trade the news you read? Or does the cost and risk keep you on the sidelines? George Soros got a shout-out Tuesday from no less than China’s People’s Daily, considered the official paper of China’s Communist Party. China sent a rare personal warning to the man who once “broke the Bank of England” by shorting the pound and making a billion in a day, not to try short-selling the yuan. The opinion piece by a commerce ministry researcher was quite specific: “Soros's war on the renminbi and the Hong Kong dollar cannot possibly succeed...” You may agree or disagree with what Soros said in Davos about a hard landing for the yuan and Chinese stocks. You may have an opinion about where Chinese stocks are headed next. But does that mean you can turn that opinion into a trade? You might speculate on how China’s problems might affect your Apple stock. You might even try a China-based ETF, but you’d still be dependent on the skill of the fund’s manager and other factors. How to directly trade the price of a Chinese stock index yourself? Oil is another fun topic to have opinions about. I’ve heard guys talk for 10 minutes about which gas station has the cheapest price that week. Even Bloomberg Businessweek did some of that, reporting that gas is now cheaper in Houston than in Dubai for the first time since 2008. Dennis Gartman, whose “Gartman Letter” many read and some even agree with, recently said oil would not go above $44 a barrel “in his lifetime.” Mr. Gartman is in great health, so this is a long-term forecast. Some of you almost certainly disagree. Last year I made a cocky prediction on oil when it was around $70 a barrel, that it would be under $45 by August. The cocky part was that I made it to a friend who worked for Koch Industries and knew petroleum up close and personal. When I was proven right, I gloated for a few minutes, but not much. Because I didn’t trade that prediction. I’ve traded for 18 years, but I took a pass on crude even when I was confident. Trading crude futures or even options was more risk than I wanted to take on just then. Story continues FOMC meeting week is usually a time for wide-ranging discussions. While the Fed is talking, so is everyone else, it seems. And when the Fed is done, they often move many markets and the US and other economies with their opinions. Stock markets will have short-term reactions and counter-reactions. Currencies may fluctuate and so can commodities, which are priced in dollars. Traders on all these markets stand to profit. Soros has an opinion, Gartman has an opinion, the FOMC has a dozen opinions. The rest of us have valid opinions of our own, but few ways to turn those opinions into opportunities to profit. Too much capital required or too much risk involved. The Nadex binary options exchange offers a secure, CFTC-regulated, affordable new way to trade not just crude oil, but even more exotic (to US traders) markets like the China A50 stock index of China’s 50 biggest companies. Exchange-traded binary options from Nadex offer guaranteed limited risk, low fees, and thousands of contracts traded daily with great liquidity thanks to the exploding growth in the popularity. Last year, a special report in Bloomberg Businessweek called Nadex binary options “The Future of Trading” because they address the problems of cost and risk. You can start with a minimum balance of just $100, the fees are 90 cents a side or less, and you always know your maximum possible loss before you enter the trade. No worrying about stop-losses or unlimited risk. That means you, too, can trade your opinions on China’s markets. You probably won’t get called out by the People’s Daily, either. And next time you’re talking gas prices, you could pull up the Nadex app on your phone and trade crude oil for less than $100 of risk. And of course, you can trade the most popular global stock indexes, commodities, and forex pairs—all from one screen and one account. Nadex even has binaries on Bitcoin (without having to own bitcoins). And if you have an opinion on whether the Fed will raise rates this week or not, Nadex has a binary option for that. Regulated by the CFTC, with your money held in US banks, Nadex offers an innovative new way for the rest of us to find profit opportunities in all parts of the world’s markets (well, except cannabis). This information has been prepared by Nadex, a trading name of North American Derivatives Exchange, Inc., prepared by independent third parties contracted by Nadex or reproduced form third party news agencies. In addition to the disclaimer below, the material on this page does not contain an offer of, or solicitation for, a transaction in any financial instrument. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. See more from Benzinga Here's How The Rate Hike Will Affect Oil And Inflation © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Ways To Trade China, Crude Oil And The Fed: You’re reading the newsabout China and oil. The Fed will be talking about that news and much more and making news of its own. Some traders will find ways to profit. But will you trade the news you read? Or does the cost and risk keep you on the sidelines?
George Soros got a shout-out Tuesday from no less than China’s People’s Daily, considered the official paper of China’s Communist Party. China sent a rare personal warning to the man who once “broke the Bank of England” by shorting the pound and making a billion in a day, not to try short-selling the yuan. The opinion piece by a commerce ministry researcher was quite specific: “Soros's war on the renminbi and the Hong Kong dollar cannot possibly succeed...”
You may agree or disagree with what Soros said in Davos about a hard landing for the yuan and Chinese stocks. You may have an opinion about where Chinese stocks are headed next. But does that mean you can turn that opinion into a trade? You might speculate on how China’s problems might affect your Apple stock. You might even try a China-based ETF, but you’d still be dependent on the skill of the fund’s manager and other factors. How to directly trade the price of a Chinese stock index yourself?
Oil is another fun topic to have opinions about. I’ve heard guys talk for 10 minutes about which gas station has the cheapest price that week. Even Bloomberg Businessweek did some of that, reporting that gas is now cheaper in Houston than in Dubai for the first time since 2008.
Dennis Gartman, whose “Gartman Letter” many read and some even agree with, recently said oil would not go above $44 a barrel “in his lifetime.” Mr. Gartman is in great health, so this is a long-term forecast. Some of you almost certainly disagree.
Last year I made a cocky prediction on oil when it was around $70 a barrel, that it would be under $45 by August. The cocky part was that I made it to a friend who worked for Koch Industries and knew petroleum up close and personal. When I was proven right, I gloated for a few minutes, but not much. Because I didn’t trade that prediction. I’ve traded for 18 years, but I took a pass on crude even when I was confident. Trading crude futures or even options was more risk than I wanted to take on just then.
FOMC meeting week is usually a time for wide-ranging discussions. While the Fed is talking, so is everyone else, it seems. And when the Fed is done, they often move many markets and the US and other economies with their opinions. Stock markets will have short-term reactions and counter-reactions. Currencies may fluctuate and so can commodities, which are priced in dollars. Traders on all these markets stand to profit.
Soros has an opinion, Gartman has an opinion, the FOMC has a dozen opinions. The rest of us have valid opinions of our own, but few ways to turn those opinions into opportunities to profit. Too much capital required or too much risk involved.
The Nadex binary options exchange offers a secure, CFTC-regulated, affordable new way to trade not just crude oil, but even more exotic (to US traders) markets like the China A50 stock index of China’s 50 biggest companies. Exchange-traded binary options from Nadex offer guaranteed limited risk, low fees, and thousands of contracts traded daily with great liquidity thanks to the exploding growth in the popularity.
Last year, a special report in Bloomberg Businessweek called Nadex binary options “The Future of Trading” because they address the problems of cost and risk. You can start with a minimum balance of just $100, the fees are 90 cents a side or less, and you always know your maximum possible loss before you enter the trade. No worrying about stop-losses or unlimited risk.
That means you, too, can trade your opinions on China’s markets. You probably won’t get called out by the People’s Daily, either. And next time you’re talking gas prices, you could pull up the Nadex app on your phone and trade crude oil for less than $100 of risk.
And of course, you can trade the most popular global stock indexes, commodities, and forex pairs—all from one screen and one account. Nadex even has binaries on Bitcoin (without having to own bitcoins).
And if you have an opinion on whether the Fed will raise rates this week or not, Nadex has a binary option for that. Regulated by the CFTC, with your money held in US banks, Nadex offers an innovative new way for the rest of us to find profit opportunities in all parts of the world’s markets (well, except cannabis).
This information has been prepared by Nadex, a trading name of North American Derivatives Exchange, Inc., prepared by independent third parties contracted by Nadex or reproduced form third party news agencies. In addition to the disclaimer below, the material on this page does not contain an offer of, or solicitation for, a transaction in any financial instrument. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.
See more from Benzinga
• Here's How The Rate Hike Will Affect Oil And Inflation
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Study Shows Bitcoin Still Has A Long Way To Go: Bitcoin has gained notoriety quickly over the past few years, as more people become familiar with cryptocurrencies. While the majority of the public is still skeptical regarding the safety and security of the currency, bitcoin's user base has been growing. However, although bitcoin enthusiasts say the payment system has made major gains over the past few years, a new study shows the cryptocurrency is still widely misunderstood, even by those who use it. Limited Understanding A peer-reviewed study conducted by Janne Lindqvist of Rutgers Wireless Information Network Laboratory showed both users and non-users of the cryptocurrency have only a basic understanding of how bitcoin works and how safe it is to use. Related Link: Interest In Bitcoin Mining Returns For those who have yet to try bitcoin, the study indicated they worried about adopting the currency and saw setting up an account as too difficult. Users Misinformed Surprisingly, the study also showed that many of those who use bitcoin regularly also found the system difficult to understand. Not only were bitcoin users misinformed about the level of security bitcoin transactions provide, but they also struggled to wrap their minds around how bitcoin transactions are carried out. Government Backing Important Another factor from the study that garners attention was that both users and non-users were keen for further government intervention for Bitcoin. While users typically expressed anti-government views and said less regulation was important to them, they still said that backing from the government would make the bitcoin system more secure. Image Credit: Public Domain See more from Benzinga Under Armour's Partnership With IBM Could Revive Both Brands Can Bank Stocks Recover? A New Way To Advertise © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || New Study Shows Bitcoin Still Has A Long Way To Go: Bitcoin has gained notoriety quickly over the past few years, as more people become familiar with cryptocurrencies. While the majority of the public is still skeptical regarding the safety and security of the currency, bitcoin's user base has been growing. However, although bitcoin enthusiasts say the payment system has made major gains over the past few years, a new study shows the cryptocurrency is still widely misunderstood, even by those who use it. Limited Understanding A peer-reviewed study conducted by Janne Lindqvist of Rutgers Wireless Information Network Laboratory showed both users and non-users of the cryptocurrency have only a basic understanding of how bitcoin works and how safe it is to use. Related Link: Interest In Bitcoin Mining Returns For those who have yet to try bitcoin, the study indicated they worried about adopting the currency and saw setting up an account as too difficult. Users Misinformed Surprisingly, the study also showed that many of those who use bitcoin regularly also found the system difficult to understand. Not only were bitcoin users misinformed about the level of security bitcoin transactions provide, but they also struggled to wrap their minds around how bitcoin transactions are carried out. Government Backing Important Another factor from the study that garners attention was that both users and non-users were keen for further government intervention for Bitcoin. While users typically expressed anti-government views and said less regulation was important to them, they still said that backing from the government would make the bitcoin system more secure. Image Credit: Public Domain See more from Benzinga Under Armour's Partnership With IBM Could Revive Both Brands Can Bank Stocks Recover? A New Way To Advertise © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || New Study Shows Bitcoin Still Has A Long Way To Go: Bitcoin has gained notoriety quickly over the past few years, as more people become familiar with cryptocurrencies. While the majority of the public is still skeptical regarding the safety and security of the currency, bitcoin's user base has been growing. However, although bitcoin enthusiasts say the payment system has made major gains over the past few years, a new study shows the cryptocurrency is still widely misunderstood, even by those who use it. Limited Understanding A peer-reviewed study conducted by Janne Lindqvist of Rutgers Wireless Information Network Laboratory showed both users and non-users of the cryptocurrency have only a basic understanding of how bitcoin works and how safe it is to use. Related Link: Interest In Bitcoin Mining Returns For those who have yet to try bitcoin, the study indicated they worried about adopting the currency and saw setting up an account as too difficult. Users Misinformed Surprisingly, the study also showed that many of those who use bitcoin regularly also found the system difficult to understand. Not only were bitcoin users misinformed about the level of security bitcoin transactions provide, but they also struggled to wrap their minds around how bitcoin transactions are carried out. Government Backing Important Another factor from the study that garners attention was that both users and non-users were keen for further government intervention for Bitcoin. While users typically expressed anti-government views and said less regulation was important to them, they still said that backing from the government would make the bitcoin system more secure. Image Credit: Public Domain See more from Benzinga Under Armour's Partnership With IBM Could Revive Both Brands Can Bank Stocks Recover? A New Way To Advertise © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || C&W Networks Selects Xtera for Upgrading Its Multiple Submarine Cable Systems to 100G Technology: MIAMI, FL and DALLAS, TX--(Marketwired - Jan 26, 2016) -C&W Networks, part ofCable & Wireless Communications(CWC), the largest telecommunications service provider across the Caribbean, Central America, Mexico and United States with more than 48,000 miles of subsea fiber-optic network has selectedXtera Communications, Inc. (NASDAQ:XCOM), a leading provider of high-capacity, cost-effective optical transport solutions, for upgrading its submarine cable systems in the western Atlantic ocean and the Caribbean Sea to 100G. By introducing Xtera's 100G coherent solution, C&W Networks continues to offer robust services across 42 countries with superior reliability and scalability of international wholesale capacity.
C&W Networks has bolstered its subsea network capacity by upgrading several unrepeatered and repeatered segments to 100G, using Xtera's Nu-Wave Optima™ multi-purpose optical networking platform. The submarine cable systems were upgraded with new 100G channels to include the 1,570 km Gemini - Bermuda cable system, the 1,700 km Caribbean - US (CBUS) cable system, the 1,700 km East West Cable (EWC) system, the 1,440 km festoon Eastern Caribbean Fiber System (ECFS), and part of the 8,700 km ARCOS-1 submarine ring.
"The global build-out of data centers, coupled with rapid deployment of cloud-based services, are driving renewed demand for even higher fixed and burst rate connections with emphasis on high availability through redundancy," said Paul Scott, President of C&W Networks. "Our goal is to proactively prepare our networks with the right technology to efficiently address the evolving business needs of today and the future. We are very excited to enhance our network performance to100G and 100G+ and Xtera was a natural choice for us."
The same optical networking platform was used over the unrepeatered and repeatered segments, enabling a unified, seamless network from an operational perspective. For the upgrade of unrepeatered segments, advanced 100G optical channel technology combined with Xtera's Wise Raman™ solution raised the capacity to multi terabits per second level even on the longest unrepeatered segments (approaching 400 km spans). This combination of technologies also enabled C&W Networks to bypass some intermediate sites when no local add/drop of 100G waves was needed, eliminating the need for back-to-back terminal equipment as found in the previous network design based on 10G optical channel technology.
"Strengthening our relationship with C&W Networks, these new upgrade projects are further evidence of the confidence network operators place in Xtera's capabilities to improve subsea optical transmission infrastructure already deployed across the world," said Jon Hopper, President and Chief Executive Officer of Xtera. "Upgrading existing subsea cable systems to increase their capacity and extend their lifetime -- from a capacity-cost perspective -- is part of our subsea solution portfolio, which includes subsea cable recovery and re-lay, and as well as new build."
About C&W NetworksC&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit:www.cwnetworks.com.
About Cable & Wireless CommunicationsCable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information, please visit:www.cwc.com.
About Xtera Communications, Inc.Xtera Communications, Inc. (NASDAQ:XCOM) is a leading provider of high-capacity, cost-effective optical transport solutions, supporting the high growth in global demand for bandwidth. Xtera sells solutions to telecommunications service providers, content service providers, enterprises and government entities worldwide. Xtera's proprietary Wise Raman™ optical amplification technology leads to capacity and reach performance advantages over competitive products. Xtera's solutions enable cost-effective capacity to meet customers' bandwidth requirements of today and to support their increasing bandwidth demand fueled by the development of data centers and related cloud-based services.
For more information, visitwww.xtera.com, [email protected] connect viaLinkedIn,Twitter,FacebookandYouTube. || C&W Networks Selects Xtera for Upgrading Its Multiple Submarine Cable Systems to 100G Technology: MIAMI, FL and DALLAS, TX--(Marketwired - Jan 26, 2016) - C&W Networks , part of Cable & Wireless Communications (CWC), the largest telecommunications service provider across the Caribbean, Central America, Mexico and United States with more than 48,000 miles of subsea fiber-optic network has selected Xtera Communications, Inc . ( NASDAQ : XCOM ), a leading provider of high-capacity, cost-effective optical transport solutions, for upgrading its submarine cable systems in the western Atlantic ocean and the Caribbean Sea to 100G. By introducing Xtera's 100G coherent solution, C&W Networks continues to offer robust services across 42 countries with superior reliability and scalability of international wholesale capacity. C&W Networks has bolstered its subsea network capacity by upgrading several unrepeatered and repeatered segments to 100G, using Xtera's Nu-Wave Optima™ multi-purpose optical networking platform. The submarine cable systems were upgraded with new 100G channels to include the 1,570 km Gemini - Bermuda cable system, the 1,700 km Caribbean - US (CBUS) cable system, the 1,700 km East West Cable (EWC) system, the 1,440 km festoon Eastern Caribbean Fiber System (ECFS), and part of the 8,700 km ARCOS-1 submarine ring. "The global build-out of data centers, coupled with rapid deployment of cloud-based services, are driving renewed demand for even higher fixed and burst rate connections with emphasis on high availability through redundancy," said Paul Scott, President of C&W Networks. "Our goal is to proactively prepare our networks with the right technology to efficiently address the evolving business needs of today and the future. We are very excited to enhance our network performance to100G and 100G+ and Xtera was a natural choice for us." The same optical networking platform was used over the unrepeatered and repeatered segments, enabling a unified, seamless network from an operational perspective. For the upgrade of unrepeatered segments, advanced 100G optical channel technology combined with Xtera's Wise Raman™ solution raised the capacity to multi terabits per second level even on the longest unrepeatered segments (approaching 400 km spans). This combination of technologies also enabled C&W Networks to bypass some intermediate sites when no local add/drop of 100G waves was needed, eliminating the need for back-to-back terminal equipment as found in the previous network design based on 10G optical channel technology. "Strengthening our relationship with C&W Networks, these new upgrade projects are further evidence of the confidence network operators place in Xtera's capabilities to improve subsea optical transmission infrastructure already deployed across the world," said Jon Hopper, President and Chief Executive Officer of Xtera. "Upgrading existing subsea cable systems to increase their capacity and extend their lifetime -- from a capacity-cost perspective -- is part of our subsea solution portfolio, which includes subsea cable recovery and re-lay, and as well as new build." Story continues About C&W Networks C&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit: www.cwnetworks.com . About Cable & Wireless Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information, please visit: www.cwc.com . About Xtera Communications, Inc. Xtera Communications, Inc. ( NASDAQ : XCOM ) is a leading provider of high-capacity, cost-effective optical transport solutions, supporting the high growth in global demand for bandwidth. Xtera sells solutions to telecommunications service providers, content service providers, enterprises and government entities worldwide. Xtera's proprietary Wise Raman™ optical amplification technology leads to capacity and reach performance advantages over competitive products. Xtera's solutions enable cost-effective capacity to meet customers' bandwidth requirements of today and to support their increasing bandwidth demand fueled by the development of data centers and related cloud-based services. For more information, visit www.xtera.com , contact [email protected] or connect via LinkedIn , Twitter , Facebook and YouTube . View comments || Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers. With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become a battle ground for world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal. Data Tug Of War Government officials are pushing tech firms like Facebook Inc (NASDAQ: FB ) and Twitter Inc (NYSE: TWTR ) to make their data more accessible in order to give law enforcement better surveillance options. Related Link: Bitcoin Makes An Appearance At Davos They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks. However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith, Microsoft Corporation (NASDAQ: MSFT )'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests. Making Customers Happy Companies like Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) and Apple Inc. (NASDAQ: AAPL ) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to. Story continues Image Credit: Public Domain See more from Benzinga Apple Moves Into India Twitter Begins The Year On A Low Are Share Repurchases On The Horizon? © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers.
With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become abattle groundfor world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal.
Data Tug Of War
Government officials are pushing tech firms likeFacebook Inc(NASDAQ:FB) andTwitter Inc(NYSE:TWTR) to make their data more accessible in order to give law enforcement better surveillance options.
Related Link:Bitcoin Makes An Appearance At Davos
They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks.
However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith,Microsoft Corporation(NASDAQ:MSFT)'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests.
Making Customers Happy
Companies likeAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL) andApple Inc.(NASDAQ:AAPL) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to.
Image Credit:Public Domain
See more from Benzinga
• Apple Moves Into India
• Twitter Begins The Year On A Low
• Are Share Repurchases On The Horizon?
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions. However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses. Related Link: Now You Can Play The Lottery With Bitcoin Cross-Border Payments One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions. The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions. Closer To Integration From January 11 to January 15, several major banks began testing whether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal. Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions like Barclays PLC (ADR) (NYSE: BCS ), Credit Suisse Group AG (ADR) (NYSE: CS ) and Wells Fargo & Co (NYSE: WFC ), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice. Story continues See more from Benzinga Top 5 Losers When The Fed Raises Rates © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions.
However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses.
Related Link:Now You Can Play The Lottery With Bitcoin
Cross-Border Payments
One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions.
The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions.
Closer To Integration
From January 11 to January 15, several major banks begantestingwhether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal.
Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions likeBarclays PLC (ADR)(NYSE:BCS),Credit Suisse Group AG (ADR)(NYSE:CS) andWells Fargo & Co(NYSE:WFC), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice.
See more from Benzinga
• Top 5 Losers When The Fed Raises Rates
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
1 #BTC (#Bitcoin) quotes:
$381.43/$382.13 #Bitstamp
$383.72/$384.27 #BTCe
⇢$1.59/$2.84
$382.00/$382.22 #Coinbase
⇢$-0.13/$0.79 || In the last 10 mins, there were arb opps spanning 12 exchange pair(s), yielding profits ranging between $0.00 and $20.77 #bitcoin #btc || In the last 10 mins, there were arb opps spanning 17 exchange pair(s), yielding profits ranging between $0.00 and $276.80 #bitcoin #btc || #RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000007
Average $2.7E-5 per #reddcoi...
|
379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80.
|
[Bitcoin Technical Analysis for 2021-05-10]
Volume: 71776546298, RSI (14-day): 48.77, 50-day EMA: 55652.58, 200-day EMA: 41719.28
[Wider Market Context]
Gold Price: 1837.50, Gold RSI: 69.35
Oil Price: 64.92, Oil RSI: 58.46
[Recent News (last 7 days)]
Why You Shouldn’t Jump On Investing Bandwagons: LPETTET / Getty Images Everyone wants to invest to make money, and investing truly is a great way to meet your long-term financial goals. However, the financial press — and your friends and neighbors — can make it seem as if everyone in the world is getting rich while you are plodding away, barely earning anything. Small Business Boost: Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31 This type of “fear of missing out” can lead some investors to hop on every investing bandwagon in the hopes of making a quick buck . While this desire is very human, it can also be very destructive to your long-term financial health. Here’s a look at just a few reasons why you shouldn’t jump on investing bandwagons . Last updated: May 5, 2021 frustrated man looking at stocks tanking on his laptop You Won't Know When To Get Out One of the biggest problems with jumping on a hot stock or other investing trend is that it’s hard to know when to get out. Hot stocks can often rise rapidly and offer dramatic profits, but they can just as easily turn on a dime and trade sharply lower. Imagine a stock that runs up 100% before you decide to pile in and buy it. When the stock sells off 10%, what will you do? What about if the decline reaches 20% or 30%? Many investors will be inclined to buy more of a stock they like if it sells off a little, but what if the stock continues to drop? Would a 50% decline be a huge buying opportunity or an indication that a stock will go down even more? It’s unlikely that the stock message boards or your friends who got you into a stock will have any answers, and that is one of the big risks of jumping on an investing bandwagon. Costly Errors: 10 Most Expensive Investing Mistakes, According To Experts gamestop store front You Won't Know When To Get In The flip side of not knowing when to get out of a stock is not knowing when to get in. Usually, hot stocks or other popular investment trends only attract the general public after big gains have already been achieved. Take the example of GameStop. In early 2021, no one in the financial press was talking about GameStop, as the stock traded at about $18 per share. It was only when the stock began skyrocketing by as much as 400% in a single week that the financial press couldn’t stop talking about it. Once the news of the hot stock reached the masses, it exploded upwards to $483 in a matter of days — but if you decided that was the time to buy in, you made a huge mistake, as the stock now sits at just $160 per share. Trying to time a hot stock is usually a fool’s errand. Story continues See Also: 9 Safe Investments With the Highest Returns Short-Term Wins Come at a Big Cost One of the rarely discussed flaws of trading in and out of hot stocks is the hidden cost you’ll have to pay, in the form of taxes. Any short-term profits you take on hot stocks can trigger a massive tax bill, as positions held for one year or less are taxed at ordinary income tax rates. This means that depending on your income, you might owe as much as 37% in federal taxes alone on your short-term gains. In high-tax states like California, your combined tax rate could reach about 50%. If you could instead hold your positions for longer than one year, you’d likely pay just 15% on those gains, and you might owe as little as 0% if your taxable income is less than $80,000. More: 9 Outdated Myths About Investing Close up of women's hands holding smartphone. Investment Trends Change One of the main reasons to avoid investing bandwagons is that investment trends change. Even if you’ve done the research and confirmed that there are sound investment principles behind the current hot trend, you shouldn’t expect it to last forever. And, as with any hot stock, it can be hard to know exactly when the winds of change will come. The closest thing to “a sure thing” on Wall Street is that the overall market will rise over the long run, a principle that no less than billionaire investor Warren Buffet subscribes to. But if you’re investing according to the latest hot trend, you can never be sure when the party will be over. Read: Top Investing Tips for Those Who Don’t Follow the Market Stock market concept You're Gambling, Not Investing Let’s call a spade a spade — the bottom line is that if you are jumping on hot investing bandwagons, you are gambling with your money, not investing. And that is OK if you understand what you are doing. There’s no doubt that investing speculatively can be exciting, and sometimes it can result in tremendous profits. However, just like gambling in a casino, these types of risks can just as often result in losing a significant amount of your money. If you want to speculate with a small portion of your portfolio — say, 5% — most financial advisors will say that is fine. However, if you’re looking to reach your long-term investment goals, gambling with money you can’t lose — just as in a casino — is foolhardy. Check Out: The Best Investing Advice From Jim Cramer and 9 Other Top Experts Focused college student sitting in cafeteria taking notes while using laptop. It's Time-Consuming Trying to keep on top of all of the latest investment trends can take up a lot more of your time than you might imagine. Hot investment trends tend to come and go rapidly, so if you aren’t paying constant attention, you might miss out when the trend turns. In fact, if you aren’t willing to keep up with how your investments are going, you’re better off just holding a long-term, “buy-and-hold” investment portfolio to begin with. The Big Picture: 7 Best Long Term Investments To Consider businessman experiencing stress during a late night at work It's Stressful Jumping in and out of hot stocks or investment trends can be immensely stressful. If you’re buying and selling stocks like GameStop that can literally move 100% in a single day, your stress level could skyrocket as much as the stock. Especially if you are playing with money you can’t afford to lose — like your retirement or college savings funds — trying to ride the hot trend can put you in a constant state of tension and stress. As stress can create long-term health problems, at some point you’ll have to ask yourself, is chasing the hot trend really worth it? More: 9 Investing Bubbles That Will Make You Rethink Bitcoin couple on the floor filling out paper work It's Unsustainable Riding hot investment trends is ultimately unsustainable. If you’re just looking for short-term speculation, sure, it can be fun to hop on to the latest trend. However, if following the crowd is your long-term investment strategy, it’s simply unsustainable. While you might get lucky and succeed once, twice or even three times, over the long run, it’s inevitable that you will get whipsawed and time the trend incorrectly. And if you’re dealing with hot stocks, just one miss can be enough to wipe out your whole bankroll. Imagine you buy a stock and you take a 100% profit, then reinvest that in the next hot stock and earn 200%. You’re doing great, right? Well, if your third investment loses 90%, your entire bankroll is essentially gone. It’s hard to reach long-term financial goals with that type of volatility. Against Type: 13 Investing Rules You Should Break During the Pandemic man counting USD money It Can Be Expensive It goes without saying that if you’re planning to day trade with a traditional brokerage firm, all of the commissions you pay from trading in and out of stocks can easily eat up all of your profits. But even at the zero-commission brokers, costs can add up. In addition to the taxes you’ll pay, as mentioned above, zero-commission brokers carry another risk — down service time. Brokers such as Robinhood may charge no commissions, but they’ve also had notable service outages, right when customers needed to buy or sell a stock the most. In fact, in 2020, Robinhood was actually under SEC and FINRA investigation for a day-long outage in the midst of the March market turmoil. If you need to get out of a stock that’s plunging and you can’t access your broker’s website, your losses can add up to a lot more than the commissions you are saving. See: Reasons These 10 Hot Stocks Might Not Survive 2021 Businessman checking stock market data on tablet on night background Slow and Steady Wins the Race If you’re not yet convinced that “slow and steady wins the race” when it comes to investing, just take a look at the history of the S&P 500 index. Although the market can certainly be volatile at times, hanging on for the long haul has proved immensely profitable for patient investors. Not only is the long-term average return of the S&P 500 index about 10% per year, but there has also actually been no 20-year rolling period in history where the S&P 500 index has lost money. Considering the market has a reputation as being “too risky” for some investors, that’s an amazing statistic. If you told the average investor that there was an investment where they could earn about 10% per year while having no historical risk of losing money over any 20-year period, a lot more might get excited about putting more money into the stock market. More From GOBankingRates Money’s Most Influential: Where Do Americans Get Their Financial Advice? Everything You Need To Know About Taxes This Year ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’ Here’s How Much You Should Have in Your 401(k) Account, Based on Your Age This article originally appeared on GOBankingRates.com : Why You Shouldn’t Jump On Investing Bandwagons || Why You Shouldn’t Jump On Investing Bandwagons: LPETTET / Getty Images Everyone wants to invest to make money, and investing truly is a great way to meet your long-term financial goals. However, the financial press — and your friends and neighbors — can make it seem as if everyone in the world is getting rich while you are plodding away, barely earning anything. Small Business Boost: Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31 This type of “fear of missing out” can lead some investors to hop on every investing bandwagon in the hopes of making a quick buck . While this desire is very human, it can also be very destructive to your long-term financial health. Here’s a look at just a few reasons why you shouldn’t jump on investing bandwagons . Last updated: May 5, 2021 frustrated man looking at stocks tanking on his laptop You Won't Know When To Get Out One of the biggest problems with jumping on a hot stock or other investing trend is that it’s hard to know when to get out. Hot stocks can often rise rapidly and offer dramatic profits, but they can just as easily turn on a dime and trade sharply lower. Imagine a stock that runs up 100% before you decide to pile in and buy it. When the stock sells off 10%, what will you do? What about if the decline reaches 20% or 30%? Many investors will be inclined to buy more of a stock they like if it sells off a little, but what if the stock continues to drop? Would a 50% decline be a huge buying opportunity or an indication that a stock will go down even more? It’s unlikely that the stock message boards or your friends who got you into a stock will have any answers, and that is one of the big risks of jumping on an investing bandwagon. Costly Errors: 10 Most Expensive Investing Mistakes, According To Experts gamestop store front You Won't Know When To Get In The flip side of not knowing when to get out of a stock is not knowing when to get in. Usually, hot stocks or other popular investment trends only attract the general public after big gains have already been achieved. Take the example of GameStop. In early 2021, no one in the financial press was talking about GameStop, as the stock traded at about $18 per share. It was only when the stock began skyrocketing by as much as 400% in a single week that the financial press couldn’t stop talking about it. Once the news of the hot stock reached the masses, it exploded upwards to $483 in a matter of days — but if you decided that was the time to buy in, you made a huge mistake, as the stock now sits at just $160 per share. Trying to time a hot stock is usually a fool’s errand. Story continues See Also: 9 Safe Investments With the Highest Returns Short-Term Wins Come at a Big Cost One of the rarely discussed flaws of trading in and out of hot stocks is the hidden cost you’ll have to pay, in the form of taxes. Any short-term profits you take on hot stocks can trigger a massive tax bill, as positions held for one year or less are taxed at ordinary income tax rates. This means that depending on your income, you might owe as much as 37% in federal taxes alone on your short-term gains. In high-tax states like California, your combined tax rate could reach about 50%. If you could instead hold your positions for longer than one year, you’d likely pay just 15% on those gains, and you might owe as little as 0% if your taxable income is less than $80,000. More: 9 Outdated Myths About Investing Close up of women's hands holding smartphone. Investment Trends Change One of the main reasons to avoid investing bandwagons is that investment trends change. Even if you’ve done the research and confirmed that there are sound investment principles behind the current hot trend, you shouldn’t expect it to last forever. And, as with any hot stock, it can be hard to know exactly when the winds of change will come. The closest thing to “a sure thing” on Wall Street is that the overall market will rise over the long run, a principle that no less than billionaire investor Warren Buffet subscribes to. But if you’re investing according to the latest hot trend, you can never be sure when the party will be over. Read: Top Investing Tips for Those Who Don’t Follow the Market Stock market concept You're Gambling, Not Investing Let’s call a spade a spade — the bottom line is that if you are jumping on hot investing bandwagons, you are gambling with your money, not investing. And that is OK if you understand what you are doing. There’s no doubt that investing speculatively can be exciting, and sometimes it can result in tremendous profits. However, just like gambling in a casino, these types of risks can just as often result in losing a significant amount of your money. If you want to speculate with a small portion of your portfolio — say, 5% — most financial advisors will say that is fine. However, if you’re looking to reach your long-term investment goals, gambling with money you can’t lose — just as in a casino — is foolhardy. Check Out: The Best Investing Advice From Jim Cramer and 9 Other Top Experts Focused college student sitting in cafeteria taking notes while using laptop. It's Time-Consuming Trying to keep on top of all of the latest investment trends can take up a lot more of your time than you might imagine. Hot investment trends tend to come and go rapidly, so if you aren’t paying constant attention, you might miss out when the trend turns. In fact, if you aren’t willing to keep up with how your investments are going, you’re better off just holding a long-term, “buy-and-hold” investment portfolio to begin with. The Big Picture: 7 Best Long Term Investments To Consider businessman experiencing stress during a late night at work It's Stressful Jumping in and out of hot stocks or investment trends can be immensely stressful. If you’re buying and selling stocks like GameStop that can literally move 100% in a single day, your stress level could skyrocket as much as the stock. Especially if you are playing with money you can’t afford to lose — like your retirement or college savings funds — trying to ride the hot trend can put you in a constant state of tension and stress. As stress can create long-term health problems, at some point you’ll have to ask yourself, is chasing the hot trend really worth it? More: 9 Investing Bubbles That Will Make You Rethink Bitcoin couple on the floor filling out paper work It's Unsustainable Riding hot investment trends is ultimately unsustainable. If you’re just looking for short-term speculation, sure, it can be fun to hop on to the latest trend. However, if following the crowd is your long-term investment strategy, it’s simply unsustainable. While you might get lucky and succeed once, twice or even three times, over the long run, it’s inevitable that you will get whipsawed and time the trend incorrectly. And if you’re dealing with hot stocks, just one miss can be enough to wipe out your whole bankroll. Imagine you buy a stock and you take a 100% profit, then reinvest that in the next hot stock and earn 200%. You’re doing great, right? Well, if your third investment loses 90%, your entire bankroll is essentially gone. It’s hard to reach long-term financial goals with that type of volatility. Against Type: 13 Investing Rules You Should Break During the Pandemic man counting USD money It Can Be Expensive It goes without saying that if you’re planning to day trade with a traditional brokerage firm, all of the commissions you pay from trading in and out of stocks can easily eat up all of your profits. But even at the zero-commission brokers, costs can add up. In addition to the taxes you’ll pay, as mentioned above, zero-commission brokers carry another risk — down service time. Brokers such as Robinhood may charge no commissions, but they’ve also had notable service outages, right when customers needed to buy or sell a stock the most. In fact, in 2020, Robinhood was actually under SEC and FINRA investigation for a day-long outage in the midst of the March market turmoil. If you need to get out of a stock that’s plunging and you can’t access your broker’s website, your losses can add up to a lot more than the commissions you are saving. See: Reasons These 10 Hot Stocks Might Not Survive 2021 Businessman checking stock market data on tablet on night background Slow and Steady Wins the Race If you’re not yet convinced that “slow and steady wins the race” when it comes to investing, just take a look at the history of the S&P 500 index. Although the market can certainly be volatile at times, hanging on for the long haul has proved immensely profitable for patient investors. Not only is the long-term average return of the S&P 500 index about 10% per year, but there has also actually been no 20-year rolling period in history where the S&P 500 index has lost money. Considering the market has a reputation as being “too risky” for some investors, that’s an amazing statistic. If you told the average investor that there was an investment where they could earn about 10% per year while having no historical risk of losing money over any 20-year period, a lot more might get excited about putting more money into the stock market. More From GOBankingRates Money’s Most Influential: Where Do Americans Get Their Financial Advice? Everything You Need To Know About Taxes This Year ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’ Here’s How Much You Should Have in Your 401(k) Account, Based on Your Age This article originally appeared on GOBankingRates.com : Why You Shouldn’t Jump On Investing Bandwagons || Dogecoin’s Major Price Increase: Is It Still Worth an Investment?: If you’re bored with index funds and you’re ready to roll the dice on one of those sexy and mysterious new alternative investments,you have plenty of options. One of those options involves a Japanese dog, Elon Musk and what appears to be fake money from a toy cash register.
Read:How Does Cryptocurrency Work – and Is It Safe?
That’s Dogecoin (DOGE), and it’s here to rescue anyone who couldn’t bear to wait one second longer for the latest next-big-thing cryptocurrency that promises to out-Bitcoin Bitcoin.
Dogecoin is a joke — or at least it started out as one. Two software engineers — IBM’s Billy Markus and Adobe’s Jackson Palmer — created Dogecoin in 2013 to lampoon all the altcoin wannabes that popped up after Bitcoin rose to blockchain fame. As a logo, they chose a Shiba Inu from a meme called Doge, which went viral that same year.
Important:What Is Unrealized Gain or Loss and Is It Taxed?
Like Bitcoin and all cryptocurrency, Dogecoin is:
• Decentralized — it’s not issued or backed by a government or bank
• “Mined” independently and recorded on a blockchain
• Anonymous — privacy is part of the reason crypto is so popular
Unlike Bitcoin and other “deflationary” cryptocurrencies that exist in limited quantities, there is no cap on “inflationary” Dogecoin.
It started as tech-geek satire, but Palmer and Markus were skilled, experienced and imaginative professionals. Their blockchain, proof-of-work process and minting procedures were stable, efficient and secure. Crypto wonks recognized its potential and the fake currency began amassing a very real following.
More Economy Explained:What Is Inflation and What Does It Mean When It Goes Up or Down?
It already had achieved cult status by the time Tesla CEO Elon Musk startedtweeting about Dogecoin in 2021. The props from Musk made Dogecoin a household name and sent its value soaring. It’s now one of the most-used altcoins, particularly for tipping on social media.
Investors who are put off by the $59,000 asking price of a single Bitcoin will be happy to know that comparatively, Dogecoin trades at a bargain.As of March 19, Dogecoin was trading at $0.0585 per coin.A single Bitcoin would have bought you almost exactly 1 million Dogecoins. But as of May 4, the price was up to $0.53, according to CoinDesk — a huge increase for people who had already bought in.
Find Out:Why Some Money Experts Believe In Bitcoin and Others Don’t
If you’re reading a basic primer like this, you’re probably better off sticking with your ETF until you learn the ropes. Investing in crypto is not like buying shares of Walmart or UPS. First, it’s incredibly volatile. Wild price swings that would make the common investor queasy are par for the course.
The way that cryptocurrency is generated, distributed, validated and accounted for is completely foreign even to most tech-savvy investors. It’s not backed by any bank, government or corporation, and despite the fact that it feels like everyone’s talking about it, crypto is still a highly experimental niche concept that the vast majority of people know almost nothing about and are nowhere near adopting.
Read:How To Invest In Cryptocurrency: What You Should Know Before Investing
There’s a steep learning curve to investing in cryptocurrency. It requires immersion. If you’re just hearing about Dogecoin now, it’s probably best to invest time in research before you invest a single dollar in an imaginary coin adorned with a picture of a smiling dog.
This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.
GOBankingRates’ Crypto Guides
More From GOBankingRates
• Money’s Most Influential: Where Do Americans Get Their Financial Advice?
• Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31
• ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’
• Everything You Need To Know About Taxes This Year
Last updated: May 4, 2021
This article originally appeared onGOBankingRates.com:Dogecoin’s Major Price Increase: Is It Still Worth an Investment? || Dogecoin’s Major Price Increase: Is It Still Worth an Investment?: epicimages / iStock.com If you’re bored with index funds and you’re ready to roll the dice on one of those sexy and mysterious new alternative investments, you have plenty of options . One of those options involves a Japanese dog, Elon Musk and what appears to be fake money from a toy cash register. Read: How Does Cryptocurrency Work – and Is It Safe? That’s Dogecoin (DOGE), and it’s here to rescue anyone who couldn’t bear to wait one second longer for the latest next-big-thing cryptocurrency that promises to out-Bitcoin Bitcoin. What Is Dogecoin? Dogecoin is a joke — or at least it started out as one. Two software engineers — IBM’s Billy Markus and Adobe’s Jackson Palmer — created Dogecoin in 2013 to lampoon all the altcoin wannabes that popped up after Bitcoin rose to blockchain fame. As a logo, they chose a Shiba Inu from a meme called Doge, which went viral that same year. Important: What Is Unrealized Gain or Loss and Is It Taxed? Like Bitcoin and all cryptocurrency, Dogecoin is: Decentralized — it’s not issued or backed by a government or bank “Mined” independently and recorded on a blockchain Anonymous — privacy is part of the reason crypto is so popular Unlike Bitcoin and other “deflationary” cryptocurrencies that exist in limited quantities, there is no cap on “inflationary” Dogecoin. It started as tech-geek satire, but Palmer and Markus were skilled, experienced and imaginative professionals. Their blockchain, proof-of-work process and minting procedures were stable, efficient and secure. Crypto wonks recognized its potential and the fake currency began amassing a very real following. More Economy Explained: What Is Inflation and What Does It Mean When It Goes Up or Down? It already had achieved cult status by the time Tesla CEO Elon Musk started tweeting about Dogecoin in 2021 . The props from Musk made Dogecoin a household name and sent its value soaring. It’s now one of the most-used altcoins, particularly for tipping on social media. How Much Is Dogecoin Worth? Investors who are put off by the $59,000 asking price of a single Bitcoin will be happy to know that comparatively, Dogecoin trades at a bargain. As of March 19, Dogecoin was trading at $0.0585 per coin. A single Bitcoin would have bought you almost exactly 1 million Dogecoins. But as of May 4, the price was up to $0.53, according to CoinDesk — a huge increase for people who had already bought in. Story continues Find Out: Why Some Money Experts Believe In Bitcoin and Others Don’t Is Dogecoin a Good Investment? If you’re reading a basic primer like this, you’re probably better off sticking with your ETF until you learn the ropes. Investing in crypto is not like buying shares of Walmart or UPS. First, it’s incredibly volatile. Wild price swings that would make the common investor queasy are par for the course. The way that cryptocurrency is generated, distributed, validated and accounted for is completely foreign even to most tech-savvy investors. It’s not backed by any bank, government or corporation, and despite the fact that it feels like everyone’s talking about it, crypto is still a highly experimental niche concept that the vast majority of people know almost nothing about and are nowhere near adopting. Read: How To Invest In Cryptocurrency: What You Should Know Before Investing There’s a steep learning curve to investing in cryptocurrency. It requires immersion. If you’re just hearing about Dogecoin now, it’s probably best to invest time in research before you invest a single dollar in an imaginary coin adorned with a picture of a smiling dog. This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system. GBR_Logo More From GOBankingRates Money’s Most Influential: Where Do Americans Get Their Financial Advice? Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31 ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’ Everything You Need To Know About Taxes This Year Last updated: May 4, 2021 This article originally appeared on GOBankingRates.com : Dogecoin’s Major Price Increase: Is It Still Worth an Investment? || Fintech Focus For May 10, 2021: Fintech Header Quote To Start The Day: “The world is a book and those who do not travel read only one page.” Source: St. Augustine One Big Thing In Fintech: While recent information could indicate that some of the most lucrative trading activity at companies like Robinhood could be slowing, there’s also encouraging app download information that paints a more bullish picture regarding the durability of the boom in consumer interest regarding savings and investing. Source: TechCrunch giphy-May-09-2021-06-59-37-02-P Other Key Fintech Developments: Galaxy to acquire BitGo for $1.2B. Dfinity to launch an AWS DLT rival. Paystack expands post-Stripe buy. SEC setting sight on Citadel, Virtu. IGM CEO discusses Wealthsimple. NYDIG hired on Bridgewater CFO. Green Dot joins exodus from Cali. Open banks and LatAm innovation . Goldman leads Coin Metrics round. African fintechs raised more funds. Tribevest has added banking tools. Flywire makes US IPO filing public. An analysis from dYdX’s L2 launch. Watch Out For This: The US Federal Reserve has warned that existing measures of hedge fund leverage “may not be capturing important risks”, pointing to the collapse of Archegos Capital as an example of hidden vulnerabilities in the global financial system. Source: Financial Times Interesting Reads: Vanta taps Sequoia for $50M round. Story on how Jeff Bezos beat press. Could incentives sway anti-vaxxers? Josh Brown talks BTC, market risks. Market Moving Headline: Here are the things you need to know for next week. Index futures in price discovery. Other key takeaways include: - JPMorgan puts emphasis on reflation. - Earnings were great. NFP not so much. - Big bets over a Jackson Hole surprise. - Indices diverge. S&P 500, Dow higher. Technically speaking, equity indexes are at an interesting juncture. The Dow Jones Industrial Average and S&P 500 resolved their multi-week consolidations, to the upside, while the Russell 2000 is rotating within prior range and Nasdaq 100 is relatively weak, losing support and auctioning into a low-volume area. Story continues Further, the strong break in the S&P 500, which targets the Fibonacci-derived price extension near $4,300, has thus far been validated by numerous hours of trade outside of the consolidation zone (i.e., balance area). To note, though, the structure left behind Friday’s price discovery was very poor, opening the door for potential repair. Source: Physik Invest See more from Benzinga Click here for options trades from Benzinga Fintech Focus Roundup For May 9, 2021 Fintech Focus For May 7, 2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Sterling surges above $1.41 on Tory election triumph: Sterling surged to more than $1.41 as investors celebrated the Scottish National Party’s failure to win a majority in Holyrood’s elections, pushing the prospect of a second independence referendum off the table for now.
The rise of more than 1pc against the dollar to a two-month high was matched by a similar appreciation against the euro meaning the pound is worth more than €1.16.
Nicola Sturgeon’s party won 64 seats in the Scottish Parliament, one short of the 65 needed for a majority, which FX analyst John Hardy at Saxo Bank said means international investors can put referendum fears “in the rearview mirror” and buy more UK assets.
“Clearly the market was concerned the SNP could get an outright majority and this could shorten the timeline to some eventual new referendum campaign,” he said.
“By falling one seat short, the mandate isn't quite there and it sends the whole referendum scenario over the horizon for investors.”
This is combined with a strong economic outlook as well as some wobbles in the US which make the dollar relatively less attractive, strengthening sterling.
Francesco Pesole, an FX strategist at ING, said the fundamental picture is one of a strong economy supporting the pound.
“Hopes of a strong economic rebound continue to be fuelled by the reopening plans in the UK and this should continue to put a floor under sterling,” he said.
At the same time markets reacted badly to Friday’s weak jobs report in the US which saw the unemployment rate creep up to 6.1pc in April, raising fears for the sustainability of the recovery in the world’s largest economy.
Analysts at UBS predict a wider shift away from US assets as the rest of the world recovers, which could push the pound to $1.49 by the end of the year.
A rise on this scale would put sterling back up at a level last seen before the Brexit vote knocked the currency five years ago.
That is all from us today - here are some of our top stories:
• Sadiq Khan hit by Tube strike threat as second term begins
• Shadow Chancellor Rachel Reeves banks on being 'more ambitious than the Tories'
• Waitrose expands Deliveroo tie-up and scraps its own two-hour service
• Malaysia's 1MDB sues JP Morgan and Deutsche Bank over $23bn loss
• BT pensions black hole set to shrink by £2.2bn
Thank you for following along and see you again tomorrow morning!
Tech shares are falling in the US, as rising commodity prices are igniting concerns about whether inflation will derail a growth rebound and spoil a record stock rally.
• The tech-heavy Nasdaq fell 1.5pc.
• The Dow Jones, meanwhile, rose to a record to top 35,000 for the first time. It was up almost 0.7pc.
• The benchmark S&P 500 was little changed, losing 0.1pc.
Make sure you're up to date with all the fresh details on how the roadmap out of lockdown is panning out inour coronavirus live blog. Boris' press conference is ongoing.
The Government is due to sell another 5pc stake in NatWest, taking British taxpayers closer to ending their status as the bank's majority shareholder.
The sale, which starts with immediate effect as of this afternoon's announcement, is expected to be of about 580m shares with the price determined by demand from institutional investors.
It will reduce HM Treasury's holding from just under 60pc, to just under 55pc of the bank. This would mark the Government's lowest stake since it bailed NatWest out for £45.5bn in the autumn of 2008.
Barclays, Citigroup, Goldman Sachs and Morgan Stanley are acting as joint bookrunners.
Shares dived on the news before recouping some losses:
Forty-four attorneys general from across the US sent a letter to Mark Zuckerberg today, asking him to abandon plans to create a version of Instagram aimed at children under 13.
The letter, signed by attorneys general from New York and Massachusetts, among others,said:
Facebook has a record of failing to protect the safety and privacy of children on its platform, despite claims that its products have strict privacy controls.Reports from 2019 showed that Facebook’s Messenger Kids app, intended for kids between the ages of six and 12, contained a significant design flaw that allowed children to circumvent restrictions on online interactions and join group chats with strangers that were not previously approved by the children’s parents.Just recently, a “mistake” with Instagram’s algorithm promoted diet content to users with eating disorders, where the app’s search function recommended terms including “appetite suppressants” and “fasting” to vulnerable people who were at risk of relapsing.These alarming failures cast doubt on Facebook’s ability to protect children on their proposed Instagram platform and comply with relevant privacy laws such as the Children’s Online Privacy Protection Act.
A Facebook spokesperson said: “We’ve just started exploring a version of Instagram for kids. We agree that any experience we develop must prioritize their safety and privacy, and we will consult with experts in child development, child safety and mental health, and privacy advocates to inform it.
"We also look forward to working with legislators and regulators, including the attorneys general in the US. In addition, we commit today to not showing ads in any Instagram experience we develop for people under the age of 13.”
A London start-up that works with Vivienne Westwood, Farfetch and Soho Home has raised £30m to expand rapidly overseas, reports my colleague Laura Onita.
Zencargo, a digital freight forwarder, helps firms to manage and organise their stock more efficiently, especially if there are disruptions to air, sea or land freight services.
External factors such as the impact of Brexit and the pandemic on supply chains globally, as well as the recent the Ever Given crisis on the Suez Canal, have all boosted trade.
“In the past year there have been three or four once-in-a-life time events,” said Alex Hersham, chief executive. “Supply chain agility is a buzzword for a reason. It has tangible bottom line implications for our customers.”
Zencargo will use the cash to grow the team from 150 staff currently to 350 in the next year, invest in technology and expand overseas. It has headquarters in London and is opening offices in the Netherlands and Hong Kong.
The cash injection comes after a $20m (£14m) raise in 2019. Source close to the deal said valued the company at $200m.
The firm expects to make £100m in revenue this year and “more than double that by the end of 2022”. Hersham declined to say if Zencargo was profitable.
Ruth Davidson, the former leader of the Scottish Conservative Party, has joined the board of life insurer Royal London as a non-executive director, reports my colleague Simon Foy.
The appointment comes less than a week after the Scottish parliamentary elections, which Ms Davidson chose not to contest.
She led the Tories north of the border between 2011 and 2019 and was widely credited with boosting the party’s support amid a decline in the popularity of the Labour Party during a tumultuous period in Scottish politics.
Royal London previously hired former pensions minister Steve Webb after he left Government in 2015.
Ms Davidson will take up the role at the pension provider and life insurer from June 8.
The hacking group thought to be responsible for the major oil pipe shutdown in the US has reportedly released a statement saying their goal was to get money and not to create problems for society.
The Colonial Pipeline, which carries 2.5m barrels a day, 45pc of the East Coast's supply of diesel, petrol and jet fuel, was hit by a ransomware cyber attack on Sunday forcing it offline.
Boston-based cyber-security company Cybereason discovered the statement on the dark web and said it had been posted by the cyber crime gang DarkSide, which has been tied to the ransomware attack.
"We are apolitical, we do not participate in geopolitics, do not need to tie us with a defined government and look for other our (sic) motives. Our goal is to make money, and not creating a problem for society," the statement said, which was first reported byCNN.
"From today we introduce moderation and check each company that our partners want to encrypt to avoid social consequences in the future."
Copper has hit another all time high today, with three-month copper on the London Metal Exchange climbing to $10,747.50 a tonne after breaking a decade-old record on Friday.
So why is copper surging now? Bloomberg has the answers:
It’s partly due to evidence of recoveries in other major industrial economies, with manufacturing output surging in places like the U.S., Germany and Japan.But investors have also been piling into copper on a bet that global efforts to cut carbon emissions are going to mean the world needs a lot more of the metal, putting a strain on supply. New mine production may be slow to arrive, as mines are hard to find and expensive to develop.
The FTSE 100 fell to daily lows of 7,110 at around 2pm today, as a strong sterling weighed on companies with overseas earnings.
US stocks crept higher in New York this morning, amid optimism that interest rates would stay low for longer and a surge in commodity prices lifted shares of miners, energy and steel companies.
The S&P 500 rose 0.1pc while the Dow Jones Industrial Average added 0.4pc.
The S&P 500 and the Dow both closed at record highs on Friday as disappointing jobs data fuelled bets that the U.S. Federal Reserve would stay accommodative for longer.
Expensive tech stocks however weighed on the wider indexes, with the Nasdaq down 0.5pc after the opening bell.
Oil prices have climbed after a vital US pipeline was put out of action by a cyber attack.
Oil rose after the weekend attack hit the Colonial Pipeline Company, the largest in the US, which ships petrol and jet fuel from Texas to the East Coast. It serves 50 million consumers.
The US government declared a regional emergency on Sunday, while the company was unable to say when operations would return to normal.
In reaction, New York's WTI crude and London Brent gained roughly 0.75pc and 1pc respectively.
Here's an interesting nugget from the US, where fears abound that we could be on the cusp of a jump in inflation: Chipotle is raising its average wage to $15 an hour as it moves to hire 20,000 workers.
The burrito chain plans to reach that level by the end of June and will set starting wages at $11 to $18 an hour. Chipotle said in January that its average hourly rate was about $13, with starting wages at its restaurants over $10.
It joins a growing number of companies reconsidering worker pay amid widespread labour shortages, Bloomberg reports.
Labour was a major concern for the industry even before the pandemic, with restaurants struggling to attract workers even at higher pay. Now the crisis has given a boost to delivery services and fast-food chains at the expense of their sit-down counterparts.
A Labour Department report on Friday showed US job growth last month fell well short of estimates, suggesting that employers are facing challenges attracting workers.
Wages for restaurant workers have risen steadily in recent years, according to data from the Bureau of Labor Statistics, though the trend has eased during the pandemic.
Landlords have lost a legal challenge against fashion chain New Look’s controversial company voluntary arrangement,Laura Onitawrites.
The retailer, which has almost 500 stores and employs more than 12,000, asked property owners to switch to turnover-based rents as part of a wider restructuring of the business last year.
The majority of landlords agreed to receive no rent for three years on 68 stores and as little as 2pc of turnover on 402 others, under the terms of the CVA. Four property firms, including British Land and Land Securities, however, took New Look to court, arguing that a bare minimum market rent should be paid and the period of rent reductions was excessive.
Judge Antony Zacaroli quashed the claim in its entirety on Monday.
Doug Robertson, a restructuring and insolvency partner at Irwin Mitchell, said that other firms would now seek to switch to paying turnover-linked rent though CVAs.
Inovio Pharmaceuticals has said its Covid-19 vaccine candidate is safe, well-tolerated and produced immune response against the coronavirus in all tested age groups as part of a mid-stage clinical trial.
The company's shares were up 7pc at $7.34 before the bell on the Nasdaq.
The trial enrolled about 400 participants aged 18 years and older at 16 US sites. The company said it had selected a 2mg dose for the phase 3 segment of the trial. Inovio plans to file preliminary mid-stage results with the U.S. Food and Drug Administration (FDA), Reuters reports.
National Grid is installing new equipment it hopes will eliminate bottlenecks on renewable energy being generated and stop it going to waste, reports my colleague James Cook.
Power flow technology called SmartValve is being installed on five circuits at three substation sites in the north of England, the company said on Monday.
The National Grid has struggled to overcome bottlenecks caused when some circuits reach maximum capacity, preventing renewable energy being made available to the rest of the UK.
SmartValve technology will route power through circuits that do have available capacity, helping renewable energy to continue to be made available and eliminating bottlenecks.
Much of Britain's wind capacity is generated from wind farms in the North Sea, for example.
The electricity grid occasionally struggles to route the power generated around the network and has been forced to pay wind farms to stop spinning the blades of turbines to prevent further bottlenecks.
German pharmaceutical company BioNTech has reported a net profit of €1.13bn (£974m) in the first quarter of this year on the back of strong revenues from the Pfizer-BioNTech coronavirus vaccine.
AP has more details:
The company's estimated revenues surged to over €2bn for the period from January to March, compared with just €28m in the same period last year.BioNTech developed the first widely used vaccine against COVID-19 together with U.S. partner Pfizer, which holds the market and distribution rights in much of the world.The Mainz-based company said its revenues included over 1.75bn in gross profits from vaccine sales in Pfizer's territories, and almost 200 million from sales to customers in its region.BioNTech shares rose by more than 8pc to $198.55 in pre-market trading on Nasdaq Monday.The results are a significant turnaround for the company, which made a net loss of 53 million euros in the first quarter of 2020.
The world's second largest cryptocurrency Ethereum has broken through the $4,000 level, after climbing more than 2,000pc in the past year.
My colleague Matthew Field wrote yesterday about how Ethereum was emerging from Bitcoin's shadow. Read his articlehere.
The pound climbed as high as $1.411 today, its strongest in more than two months, fuelled by a weaker dollar, optimism surrounding the economic recovery and market relief that a Scottish independence referendum looks unlikely in the near term after The SNP failed to win a majority in Scottish elections.
The world's largest bitcoin exchange Binance temporarily suspended withdrawals for around half an hour today, although did not explain the reason why.
The exchange says on its website that withdrawals can be suspended when the wallet is under maintenance or if there is a problem with the asset customers wish to withdraw.
The company, which was founded by Chinese Canadian Changpeng Zhao, has been head to head with the German regulator in recent weeks after The Federal Financial Supervisory Authority (also known as BaFin) threatened to fine the exchange for selling 'share tokens' without offering necessary prospectuses.
Binance, however, has asked the regulator to retract its allegation that it may be breaking securities laws by offering ‘tokens’ which are meant to imitate US stocks. BaFin has so far refused.
According to CoinMarketCap.com, Binance has a turnover often exceeding $50bn (£35.5bn) per day.
Footfall in UK retail destinations declined 4.1pc last week, compared to the week before, with analysts blaming rain rather than a slowdown in recovery.
According to data from Spingboard showed high streets saw a 6.6pc drop in activity while footfall in retail parks and shopping centres declined much less, by 1.3pc and 1.5pc.
Diane Wehrle, Insights Director at Springboard, said:
Rain across much of the UK for most of last week meant that footfall dipped again from the week before. The impact of the rain was evident, with a more modest drop in activity in the enclosed environments of shopping centres and in retail parks that are easily accessible by car than in high streets.... Footfall in both high streets and shopping centres remained more than a quarter below than their levels in 2019, however it is likely to be these two destination types that will receive the greatest boost from the reopening of indoor hospitality next week.
Read the latest from The Telegraph's Money team:
'We lost three bidding wars’:Desperate property buyers face a battle in frenzied market Buyers are in ferocious contests amid a shortage of homes on the market
'Can I double my pension to £1m in three years?'Steven Cody has big ambitions for retirement but an unconventional approach to investing
Landlords paying double tax because of flawed HMRC systems:New rules are triggering overpayments and are 'not fit for purpose'
Average total pay for chief executives at the UK's biggest listed companies has dropped by more than $1m (£719,000) to £3.5m from about £4.3m this year, according to PwC.
Analysis by PwC, which looked at the first 50 FTSE 100 companies to publish their 2021 annual remuneration reports, found that over half of those chief executives had their bonuses frozen this year. Also around one-third saw their bonuses reduced, waived or cancelled.
The telecoms giant is expected to reveal the deficit for the UK's biggest corporate pensions scheme is down to about £7.5bn - far lower than expected, reports my colleague Ben Woods.
Read his full storyhere.
Russ Mould, AJ Bell investment director, said:
The commodities market continues to be on fire with a near 8pc rally in iron ore and a 2.6pc jump in the price of copper setting the tone for what could be an interesting week on the markets.Commodities are being driven by stronger demand as the global economy recovers from the pandemic and supplies are getting tighter.Given its heavy weighting towards natural resources, the FTSE 100 benefited from the latest surge in commodity prices, with seven of the index’s top 10 risers being mining companies, led by Rio Tinto and BHP.The index traded 0.1pc higher at 7,138, with the miners more than offsetting weakness from consumer goods and tobacco companies – effectively showing that investors today were ‘risk-on’ and happy to bid up higher risk stocks and less interested in more defensive names like Unilever and British American Tobacco which tend to see earnings tick over in both good and bad economic conditions.
UBS will pay a $40,000 (£28,400) one-time bonus to its global banking analysts when they are promoted, in an effort to stop junior bankers leaving.
The bonus is double what some competitors are offering, as lenders seek to reward younger employees weighed down by a surge in dealmaking.
Bloomberg has more details:
Starting as soon as this month the Swiss bank will pay the sign-on bonus to analysts promoted to associates on top of any regular salary increases, said people familiar with the move who asked not to be identified because the information is private.The amount represents about 30pc of the annual base pay of a newly promoted associate, one of the people said.Banks are raising pay for junior employees to prevent defections and ease discontent amid a jump in deals and an intensifying focus on work-life issues sparked by the pandemic.Wall Street was set abuzz earlier this year by a leaked presentation from junior analysts at Goldman Sachs that detailed their gruelling workload and punishing hours.
After kicking off 2021 on something of a tear, sterling has been treading water for a couple of months now, reports my colleague, Louis Ashworth.
Re-taking $1.40 somewhat reflects smooth outcomes from recent elections and last week’s Bank of England decision, but the main driver for the pound remains shifts on the dollar side.
The dollar – which spent most of last year underwinding a burst in strength brought on by pandemic-induced market strain – has come under pressure again following Friday’s disappointing jobs report.
US assets, and risk assets more widely, remain in a weird spot: traders are embracing both goods news (as indicative of a recovery) and bad news (which further bulwarks the case for Federal Reserve support).
At the start of 2021, strategists predicted the pound could reach a post-EU referendum high of $1.45 by the end of the year. That still looks eminently possible, but most of the drive to that level will likely come from across the pond.
Boss of British gas owner Centrica has defended the "difficult but necessary" process of moving workers onto new contracts which include no extra overtime pay.
The company has previously said the controversial new contracts are "essential if we're to become more flexible and price competitive".
Over the past decade, British Gas has seen profits half and lost more than three million customers. Last year, Centrica announced 5,000 jobs were being cut.
Chris O'Shea, Group Chief Executive said 98pc of UK workers had accepted the new terms. The 2pc who refused amount to around 500 engineers, my colleague Rachel Millardreportedlast month.
Centrica said Covid-19 continued to impact the company in the first quarter of 2021. Electricity demand from business customers was down 15pc, residential boiler installations were down 11pc compared to last year and non-essential service visits were postponed.
“Calls for an independence referendum certainly won’t go away, but the FX market doesn’t seem to be reading the election outcome as heralding fresh immediate political risks for the pound,” Richard Franulovich, head of foreign-exchange strategy at Westpac Banking Corp. in Sydney, told Bloomberg.
The UK's only listed funeral services provider, Dignity PLC, has reported a jump in revenue, as a result of a significantly higher than expected number of deaths.
Revenue rose to £94.7m in the first quarter, compared to £83.1m last year.
But in a trading update, the company said Covid-19 had a distorting impact on the business' operations and financial results, making comparisons to the previous year difficult.
"It also makes the short-term future hard to predict because we don't know whether we face a period of a lower than the average death rate or another wave of contagion and a subsequent higher number of deaths," the company said.
"The restrictions on funeral sizes continue to impact the average revenue per funeral."
Iron ore prices leapt 10pc in Asia trading today, with the global recovery from the pandemic expected to supercharge commodities markets.
Steel prices jumped 6pc as well, amid concerns over supply after China announced on Friday it would tighten steel controls on steel production, to control pollution and "disorderly constructions".
UK house prices surged by 8.2pc annually in April, passing a record high set the previous month, according to the Halifax house price index.
Across the UK, the average house price in April was £258,204 and property values increased by 1.4pc month on month.
"House prices in April eclipsed the record high set the month before as the market continued to maintain its recent momentum," said Russell Galley, managing director at Halifax.
"In cash terms, almost £20,000 has been added to the value of the average home since the market had essentially come to a standstill in April 2020."
The pound has broken above the key $1.40 level for the first time in more than two months this morning, climbing to $1.40725 against the dollar in early trading, despite a win for pro-independence parties in Scottish elections.
The pound may also be boosted by the weaker dollar, which dropped on Friday after a disappointing US employment report, dampened optimism about US recovery.
Against the euro, the pound's move was less noticeable but still its strongest since last Thursday - up 0.6pc on the day at 86.415 pence per euro.
The FTSE 100 has opened up this morning, touching 7,157 points before dipping back to around 7,136.
The new 14-month high comes as UK companies continue to be upbeat about their prospects as restrictions continue to be eased.
Mining companies continue to rally, lifted by the commodity prices boom. Leading the FTSE 100 for gains were Rio Tinto (up 3.4pc), BHP Group (up 2.9pc) and Fresnillo (up 2pc).
Hotel Chocolat said a digital sales surge was responsible for the group's revenue increasing 60pc in the eight weeks to 25 April, compared to the previous year.
The company also noted "encouraging" signs as shops reopened and the Board now expects trading for the full year ending 27 June to be significantly ahead of expectations.
Upbeat Greggs expects a bounce back in sales and believes profits could return to 2019 levels this year, if restrictions continue to be eased.
The business performed well during the first few weeks after non-essential retailers reopened the company said, adding sales in the eight weeks to May 8 sales dropped just 3.9pc compared with a 23.3pc fall in the 10 weeks to March 13.
Despite warning of "considerable uncertainty", the sausage-roll maker seemed upbeat about Greggs' prospects for the year.
More on this storyhere.
Provident Financial has called time on its doorstep-lending division, putting 2,100 jobs at risk, as the pandemic hit the last nail on a business that survived the Wall Street crash of 1929 and the global financial crisis.
The company had been trying to revive the unit for years after botching an overhaul of the division in 2017 when it sought to replace its army of self-employed doorstep collection agents with direct employees.
"In light of the changing industry and regulatory dynamics in the home-credit sector, as well as shifting customer preferences, it is with deepest regret that we have decided to withdraw from the home-credit market," chief executive Malcolm Le May said.
The Provvy, a sub-prime lender since it was established in 1880, said it planned to either place the business into managed run-off or consider a disposal. It expects costs relating to an exit to be as much as £100m.
Good morning. The FTSE is tipped to push on higher above 7,100 as investors digest more upbeat noises around the economy.
High-street chain Greggs upgraded its profit forecasts for the year this morning, predicting it would bounce back to pre-pandemic levels sooner than expected.
The Halifax House Price Index this morning will give the latest snapshot on Britain's property market.
1)AstraZeneca chief’s £2.3m pay hike sparks row.Two of the pharma firm’s biggest shareholders have pushed against plans to increase boss Pascal Soriot’s pay packet ahead its annual meeting tomorrow.
2)Peanut allergy vaccine begins first human tests.The world is one step closer to a vaccine against peanut allergy after British biotech company Allergy Therapeutics announced plans to test its jab in human clinical trials.
3)Zoom-free Fridays to be tested out at HSBC. The bank is piloting the policy as it becomes the latest major UK business to tackle burnout during the pandemic.
4)Musk’s self driving claims contradicted by Tesla engineers. Documents obtained from California’s Department of Motor Vehicles appear to show that a Tesla director told the regulator that the company remained far away from developing fully-autonomous technology.
5)New CBI boss tells Brexiters to rejoin business lobby group. Britain’s leading business lobby group is trying to heal its divisions with members who quit over its anti-Brexit stance.
Asian shares rose on Monday, cheered by a rally on Wall Street as a grim jobs report signalled to investors that interest rates will likely stay low.
Japan's Nikkei 225 rose 1.0pc in morning trading to 29,644.96. Australia's S&P/ASX 200 jumped 1.2pc to 7,166.10. South Korea's Kospi added 1.0pc to 3,230.35. Hong Kong's Hang Seng edged up 0.4pc to 28,729.22, while the Shanghai Composite was little changed but inched up to 3,418.95.
The regional gains are coming despite a recent surge in coronavirus infections in Asia.
• Full-year results:Provident Financial
• Interim results:Victrex
• Trading update:Centrica, Dignity, HG Capital Trust
• Economics:Halifax house prices(UK), FDI(China), economic sentiment(EU) || Sterling surges above $1.41 on Tory election triumph: Sterling Sterling surged to more than $1.41 as investors celebrated the Scottish National Partys failure to win a majority in Holyroods elections, pushing the prospect of a second independence referendum off the table for now. The rise of more than 1pc against the dollar to a two-month high was matched by a similar appreciation against the euro meaning the pound is worth more than 1.16. Nicola Sturgeons party won 64 seats in the Scottish Parliament, one short of the 65 needed for a majority, which FX analyst John Hardy at Saxo Bank said means international investors can put referendum fears in the rearview mirror and buy more UK assets. Clearly the market was concerned the SNP could get an outright majority and this could shorten the timeline to some eventual new referendum campaign, he said. By falling one seat short, the mandate isn't quite there and it sends the whole referendum scenario over the horizon for investors. This is combined with a strong economic outlook as well as some wobbles in the US which make the dollar relatively less attractive, strengthening sterling. Francesco Pesole, an FX strategist at ING, said the fundamental picture is one of a strong economy supporting the pound. Hopes of a strong economic rebound continue to be fuelled by the reopening plans in the UK and this should continue to put a floor under sterling, he said. At the same time markets reacted badly to Fridays weak jobs report in the US which saw the unemployment rate creep up to 6.1pc in April, raising fears for the sustainability of the recovery in the worlds largest economy. Analysts at UBS predict a wider shift away from US assets as the rest of the world recovers, which could push the pound to $1.49 by the end of the year. A rise on this scale would put sterling back up at a level last seen before the Brexit vote knocked the currency five years ago. 05:13 PM Wrapping up That is all from us today - here are some of our top stories: Sadiq Khan hit by Tube strike threat as second term begins Shadow Chancellor Rachel Reeves banks on being 'more ambitious than the Tories' Waitrose expands Deliveroo tie-up and scraps its own two-hour service Malaysia's 1MDB sues JP Morgan and Deutsche Bank over $23bn loss BT pensions black hole set to shrink by £2.2bn Story continues Thank you for following along and see you again tomorrow morning! 05:09 PM Tech falls in the US Tech shares are falling in the US, as rising commodity prices are igniting concerns about whether inflation will derail a growth rebound and spoil a record stock rally. The tech-heavy Nasdaq fell 1.5pc. The Dow Jones, meanwhile, rose to a record to top 35,000 for the first time. It was up almost 0.7pc. The benchmark S&P 500 was little changed, losing 0.1pc. 04:32 PM Roadmap updates Make sure you're up to date with all the fresh details on how the roadmap out of lockdown is panning out in our coronavirus live blog . Boris' press conference is ongoing. 04:01 PM Government to sell another 5pc stake in NatWest The Government is due to sell another 5pc stake in NatWest, taking British taxpayers closer to ending their status as the bank's majority shareholder. The sale, which starts with immediate effect as of this afternoon's announcement, is expected to be of about 580m shares with the price determined by demand from institutional investors. It will reduce HM Treasury's holding from just under 60pc, to just under 55pc of the bank. This would mark the Government's lowest stake since it bailed NatWest out for £45.5bn in the autumn of 2008. Barclays, Citigroup, Goldman Sachs and Morgan Stanley are acting as joint bookrunners. Shares dived on the news before recouping some losses: 03:35 PM Attorneys general unite against Facebook's 'harmful' plans for under-13s Instagram Forty-four attorneys general from across the US sent a letter to Mark Zuckerberg today, asking him to abandon plans to create a version of Instagram aimed at children under 13. The letter, signed by attorneys general from New York and Massachusetts, among others, said : Facebook has a record of failing to protect the safety and privacy of children on its platform, despite claims that its products have strict privacy controls. Reports from 2019 showed that Facebooks Messenger Kids app, intended for kids between the ages of six and 12, contained a significant design flaw that allowed children to circumvent restrictions on online interactions and join group chats with strangers that were not previously approved by the childrens parents. Just recently, a mistake with Instagrams algorithm promoted diet content to users with eating disorders, where the apps search function recommended terms including appetite suppressants and fasting to vulnerable people who were at risk of relapsing. These alarming failures cast doubt on Facebooks ability to protect children on their proposed Instagram platform and comply with relevant privacy laws such as the Childrens Online Privacy Protection Act. A Facebook spokesperson said: Weve just started exploring a version of Instagram for kids. We agree that any experience we develop must prioritize their safety and privacy, and we will consult with experts in child development, child safety and mental health, and privacy advocates to inform it. "We also look forward to working with legislators and regulators, including the attorneys general in the US. In addition, we commit today to not showing ads in any Instagram experience we develop for people under the age of 13. 03:11 PM London digital freight start-up Zencargo raises £30m A London start-up that works with Vivienne Westwood, Farfetch and Soho Home has raised £30m to expand rapidly overseas, reports my colleague Laura Onita. Zencargo, a digital freight forwarder, helps firms to manage and organise their stock more efficiently, especially if there are disruptions to air, sea or land freight services. External factors such as the impact of Brexit and the pandemic on supply chains globally, as well as the recent the Ever Given crisis on the Suez Canal, have all boosted trade. In the past year there have been three or four once-in-a-life time events, said Alex Hersham, chief executive. Supply chain agility is a buzzword for a reason. It has tangible bottom line implications for our customers. Zencargo will use the cash to grow the team from 150 staff currently to 350 in the next year, invest in technology and expand overseas. It has headquarters in London and is opening offices in the Netherlands and Hong Kong. The cash injection comes after a $20m (£14m) raise in 2019. Source close to the deal said valued the company at $200m. The firm expects to make £100m in revenue this year and more than double that by the end of 2022. Hersham declined to say if Zencargo was profitable. 02:54 PM Former Scottish Conservative leader Ruth Davidson joins Royal London Ruth Davidson - Ken Jack /Getty Images Europe Ruth Davidson, the former leader of the Scottish Conservative Party, has joined the board of life insurer Royal London as a non-executive director, reports my colleague Simon Foy. The appointment comes less than a week after the Scottish parliamentary elections, which Ms Davidson chose not to contest. She led the Tories north of the border between 2011 and 2019 and was widely credited with boosting the partys support amid a decline in the popularity of the Labour Party during a tumultuous period in Scottish politics. Royal London previously hired former pensions minister Steve Webb after he left Government in 2015. Ms Davidson will take up the role at the pension provider and life insurer from June 8. 02:51 PM Alleged US pipeline hackers say goal was money, not "problems for society" The hacking group thought to be responsible for the major oil pipe shutdown in the US has reportedly released a statement saying their goal was to get money and not to create problems for society. The Colonial Pipeline, which carries 2.5m barrels a day, 45pc of the East Coast's supply of diesel, petrol and jet fuel, was hit by a ransomware cyber attack on Sunday forcing it offline. Boston-based cyber-security company Cybereason discovered the statement on the dark web and said it had been posted by the cyber crime gang DarkSide, which has been tied to the ransomware attack. "We are apolitical, we do not participate in geopolitics, do not need to tie us with a defined government and look for other our (sic) motives. Our goal is to make money, and not creating a problem for society," the statement said, which was first reported by CNN . "From today we introduce moderation and check each company that our partners want to encrypt to avoid social consequences in the future." 02:26 PM Copper price surges to all time high Workers of the Next Mineral mining company inspect the Comahue copper mine in Antofagasta, Chile - GLENN ARCOS /AFP Copper has hit another all time high today, with three-month copper on the London Metal Exchange climbing to $10,747.50 a tonne after breaking a decade-old record on Friday. So why is copper surging now? Bloomberg has the answers: Its partly due to evidence of recoveries in other major industrial economies, with manufacturing output surging in places like the U.S., Germany and Japan. But investors have also been piling into copper on a bet that global efforts to cut carbon emissions are going to mean the world needs a lot more of the metal, putting a strain on supply. New mine production may be slow to arrive, as mines are hard to find and expensive to develop. 02:08 PM Strong sterling pulls down FTSE 100 The FTSE 100 fell to daily lows of 7,110 at around 2pm today, as a strong sterling weighed on companies with overseas earnings. 01:44 PM US stocks rise after record closing on Friday US stocks crept higher in New York this morning, amid optimism that interest rates would stay low for longer and a surge in commodity prices lifted shares of miners, energy and steel companies. The S&P 500 rose 0.1pc while the Dow Jones Industrial Average added 0.4pc. The S&P 500 and the Dow both closed at record highs on Friday as disappointing jobs data fuelled bets that the U.S. Federal Reserve would stay accommodative for longer. Expensive tech stocks however weighed on the wider indexes, with the Nasdaq down 0.5pc after the opening bell. 01:25 PM Oil rises Oil prices have climbed after a vital US pipeline was put out of action by a cyber attack. Oil rose after the weekend attack hit the Colonial Pipeline Company, the largest in the US, which ships petrol and jet fuel from Texas to the East Coast. It serves 50 million consumers. The US government declared a regional emergency on Sunday, while the company was unable to say when operations would return to normal. In reaction, New York's WTI crude and London Brent gained roughly 0.75pc and 1pc respectively. 01:12 PM US fast-food chain hikes pay Here's an interesting nugget from the US, where fears abound that we could be on the cusp of a jump in inflation: Chipotle is raising its average wage to $15 an hour as it moves to hire 20,000 workers. The burrito chain plans to reach that level by the end of June and will set starting wages at $11 to $18 an hour. Chipotle said in January that its average hourly rate was about $13, with starting wages at its restaurants over $10. It joins a growing number of companies reconsidering worker pay amid widespread labour shortages, Bloomberg reports. Chipotle restaurant Labour was a major concern for the industry even before the pandemic, with restaurants struggling to attract workers even at higher pay. Now the crisis has given a boost to delivery services and fast-food chains at the expense of their sit-down counterparts. A Labour Department report on Friday showed US job growth last month fell well short of estimates, suggesting that employers are facing challenges attracting workers. Wages for restaurant workers have risen steadily in recent years, according to data from the Bureau of Labor Statistics, though the trend has eased during the pandemic. 12:58 PM Landlords lose New Look fight Landlords have lost a legal challenge against fashion chain New Looks controversial company voluntary arrangement, Laura Onita writes. The retailer, which has almost 500 stores and employs more than 12,000, asked property owners to switch to turnover-based rents as part of a wider restructuring of the business last year. The majority of landlords agreed to receive no rent for three years on 68 stores and as little as 2pc of turnover on 402 others, under the terms of the CVA. Four property firms, including British Land and Land Securities, however, took New Look to court, arguing that a bare minimum market rent should be paid and the period of rent reductions was excessive. New Look store Judge Antony Zacaroli quashed the claim in its entirety on Monday. Doug Robertson, a restructuring and insolvency partner at Irwin Mitchell, said that other firms would now seek to switch to paying turnover-linked rent though CVAs. 12:50 PM Another vaccine on the way? Inovio Pharmaceuticals has said its Covid-19 vaccine candidate is safe, well-tolerated and produced immune response against the coronavirus in all tested age groups as part of a mid-stage clinical trial. The company's shares were up 7pc at $7.34 before the bell on the Nasdaq. The trial enrolled about 400 participants aged 18 years and older at 16 US sites. The company said it had selected a 2mg dose for the phase 3 segment of the trial. Inovio plans to file preliminary mid-stage results with the U.S. Food and Drug Administration (FDA), Reuters reports. 12:33 PM National Grid installs new kit to stop green power going to waste People walk on the beach at New Brighton in north west England with the Burbo Bank wind farm in the Irish Sea in the background - PAUL ELLIS /AFP National Grid is installing new equipment it hopes will eliminate bottlenecks on renewable energy being generated and stop it going to waste, reports my colleague James Cook. Power flow technology called SmartValve is being installed on five circuits at three substation sites in the north of England, the company said on Monday. The National Grid has struggled to overcome bottlenecks caused when some circuits reach maximum capacity, preventing renewable energy being made available to the rest of the UK. SmartValve technology will route power through circuits that do have available capacity, helping renewable energy to continue to be made available and eliminating bottlenecks. Much of Britain's wind capacity is generated from wind farms in the North Sea, for example. The electricity grid occasionally struggles to route the power generated around the network and has been forced to pay wind farms to stop spinning the blades of turbines to prevent further bottlenecks. 12:18 PM Vaccine maker BioNTech reports over 1bn in profits German pharmaceutical company BioNTech has reported a net profit of 1.13bn (£974m) in the first quarter of this year on the back of strong revenues from the Pfizer-BioNTech coronavirus vaccine. AP has more details: The company's estimated revenues surged to over 2bn for the period from January to March, compared with just 28m in the same period last year. BioNTech developed the first widely used vaccine against COVID-19 together with U.S. partner Pfizer, which holds the market and distribution rights in much of the world. The Mainz-based company said its revenues included over 1.75bn in gross profits from vaccine sales in Pfizer's territories, and almost 200 million from sales to customers in its region. BioNTech shares rose by more than 8pc to $198.55 in pre-market trading on Nasdaq Monday. The results are a significant turnaround for the company, which made a net loss of 53 million euros in the first quarter of 2020. 12:06 PM Ethereum breaks $4,000 The world's second largest cryptocurrency Ethereum has broken through the $4,000 level, after climbing more than 2,000pc in the past year. My colleague Matthew Field wrote yesterday about how Ethereum was emerging from Bitcoin's shadow. Read his article here . 11:50 AM Pound keeps climbing to $1.411 The pound climbed as high as $1.411 today, its strongest in more than two months, fuelled by a weaker dollar, optimism surrounding the economic recovery and market relief that a Scottish independence referendum looks unlikely in the near term after The SNP failed to win a majority in Scottish elections. 11:42 AM World's largest Bitcoin exchange suspends withdrawals The world's largest bitcoin exchange Binance temporarily suspended withdrawals for around half an hour today, although did not explain the reason why. The exchange says on its website that withdrawals can be suspended when the wallet is under maintenance or if there is a problem with the asset customers wish to withdraw. The company, which was founded by Chinese Canadian Changpeng Zhao, has been head to head with the German regulator in recent weeks after The Federal Financial Supervisory Authority (also known as BaFin) threatened to fine the exchange for selling 'share tokens' without offering necessary prospectuses. Binance, however, has asked the regulator to retract its allegation that it may be breaking securities laws by offering tokens which are meant to imitate US stocks. BaFin has so far refused. According to CoinMarketCap.com, Binance has a turnover often exceeding $50bn (£35.5bn) per day. Withdrawals are now resumed. Thank you for your patience. https://t.co/DYHhEc32uu Binance (@binance) May 10, 2021 11:12 AM High street footfall slides Shoppers queue outside TK Maxx store on Oxford Street in April as shops open their premises to customers after being closed for over three months under coronavirus lockdown - Barcroft Media Footfall in UK retail destinations declined 4.1pc last week, compared to the week before, with analysts blaming rain rather than a slowdown in recovery. According to data from Spingboard showed high streets saw a 6.6pc drop in activity while footfall in retail parks and shopping centres declined much less, by 1.3pc and 1.5pc. Diane Wehrle, Insights Director at Springboard, said: Rain across much of the UK for most of last week meant that footfall dipped again from the week before. The impact of the rain was evident, with a more modest drop in activity in the enclosed environments of shopping centres and in retail parks that are easily accessible by car than in high streets. ... Footfall in both high streets and shopping centres remained more than a quarter below than their levels in 2019, however it is likely to be these two destination types that will receive the greatest boost from the reopening of indoor hospitality next week. 10:49 AM Money round-up Read the latest from The Telegraph's Money team: 'We lost three bidding wars: Desperate property buyers face a battle in frenzied market Buyers are in ferocious contests amid a shortage of homes on the market 'Can I double my pension to £1m in three years?' Steven Cody has big ambitions for retirement but an unconventional approach to investing Landlords paying double tax because of flawed HMRC systems: New rules are triggering overpayments and are 'not fit for purpose' 10:27 AM Total pay for top UK CEOs falls by $1m Average total pay for chief executives at the UK's biggest listed companies has dropped by more than $1m (£719,000) to £3.5m from about £4.3m this year, according to PwC. Analysis by PwC, which looked at the first 50 FTSE 100 companies to publish their 2021 annual remuneration reports, found that over half of those chief executives had their bonuses frozen this year. Also around one-third saw their bonuses reduced, waived or cancelled. 10:11 AM BT pensions black hole set to shrink by £2.2bn The telecoms giant is expected to reveal the deficit for the UK's biggest corporate pensions scheme is down to about £7.5bn - far lower than expected, reports my colleague Ben Woods. Read his full story here . 09:45 AM FTSE 100 rides surge in commodity prices A worker inspects iron ore stockpiles at Rio Tinto's location of Marandoo in western Australia - Getty Images/Fairfax Media Russ Mould, AJ Bell investment director, said: The commodities market continues to be on fire with a near 8pc rally in iron ore and a 2.6pc jump in the price of copper setting the tone for what could be an interesting week on the markets. Commodities are being driven by stronger demand as the global economy recovers from the pandemic and supplies are getting tighter. Given its heavy weighting towards natural resources, the FTSE 100 benefited from the latest surge in commodity prices, with seven of the indexs top 10 risers being mining companies, led by Rio Tinto and BHP. The index traded 0.1pc higher at 7,138, with the miners more than offsetting weakness from consumer goods and tobacco companies effectively showing that investors today were risk-on and happy to bid up higher risk stocks and less interested in more defensive names like Unilever and British American Tobacco which tend to see earnings tick over in both good and bad economic conditions. 09:42 AM UBS offers $40,000 bonus to stop defections among junior bankers UBS will pay a $40,000 (£28,400) one-time bonus to its global banking analysts when they are promoted, in an effort to stop junior bankers leaving. The bonus is double what some competitors are offering, as lenders seek to reward younger employees weighed down by a surge in dealmaking. Bloomberg has more details: Starting as soon as this month the Swiss bank will pay the sign-on bonus to analysts promoted to associates on top of any regular salary increases, said people familiar with the move who asked not to be identified because the information is private. The amount represents about 30pc of the annual base pay of a newly promoted associate, one of the people said. Banks are raising pay for junior employees to prevent defections and ease discontent amid a jump in deals and an intensifying focus on work-life issues sparked by the pandemic. Wall Street was set abuzz earlier this year by a leaked presentation from junior analysts at Goldman Sachs that detailed their gruelling workload and punishing hours. 09:28 AM Analysis: 'Main driver for the pound remains shifts on the dollar side' After kicking off 2021 on something of a tear, sterling has been treading water for a couple of months now, reports my colleague, Louis Ashworth. Re-taking $1.40 somewhat reflects smooth outcomes from recent elections and last weeks Bank of England decision, but the main driver for the pound remains shifts on the dollar side. The dollar which spent most of last year underwinding a burst in strength brought on by pandemic-induced market strain has come under pressure again following Fridays disappointing jobs report. US assets, and risk assets more widely, remain in a weird spot: traders are embracing both goods news (as indicative of a recovery) and bad news (which further bulwarks the case for Federal Reserve support). At the start of 2021, strategists predicted the pound could reach a post-EU referendum high of $1.45 by the end of the year. That still looks eminently possible, but most of the drive to that level will likely come from across the pond. 09:15 AM Centrica chief defends 'difficult but necessary' decisions in contracts row Boss of British gas owner Centrica has defended the "difficult but necessary" process of moving workers onto new contracts which include no extra overtime pay. The company has previously said the controversial new contracts are "essential if we're to become more flexible and price competitive". Over the past decade, British Gas has seen profits half and lost more than three million customers. Last year, Centrica announced 5,000 jobs were being cut. Chris O'Shea, Group Chief Executive said 98pc of UK workers had accepted the new terms. The 2pc who refused amount to around 500 engineers, my colleague Rachel Millard reported last month. Centrica said Covid-19 continued to impact the company in the first quarter of 2021. Electricity demand from business customers was down 15pc, residential boiler installations were down 11pc compared to last year and non-essential service visits were postponed. 08:54 AM Strong pound responding to SNP results, say analysts Calls for an independence referendum certainly wont go away, but the FX market doesnt seem to be reading the election outcome as heralding fresh immediate political risks for the pound, Richard Franulovich, head of foreign-exchange strategy at Westpac Banking Corp. in Sydney, told Bloomberg. #GBP +0.66% against other currencies #GBPUSD 1.40837 +0.68% #EURGBP 0.86326 -0.73% #GBPAUD 1.79108 +0.43% #GBPJPY 153.32 +0.94% #GBPCAD 1.70524 +0.54% #GBPCHF 1.2684 +0.69% #GBPEUR 1.15839 +0.73% IGSquawk (@IGSquawk) May 10, 2021 08:36 AM Revenues jump at funeral provider Dignity The UK's only listed funeral services provider, Dignity PLC, has reported a jump in revenue, as a result of a significantly higher than expected number of deaths. Revenue rose to £94.7m in the first quarter, compared to £83.1m last year. But in a trading update, the company said Covid-19 had a distorting impact on the business' operations and financial results, making comparisons to the previous year difficult. "It also makes the short-term future hard to predict because we don't know whether we face a period of a lower than the average death rate or another wave of contagion and a subsequent higher number of deaths," the company said. "The restrictions on funeral sizes continue to impact the average revenue per funeral." 08:21 AM Iron ore prices leap 10pc Iron ore prices leapt 10pc in Asia trading today, with the global recovery from the pandemic expected to supercharge commodities markets. Steel prices jumped 6pc as well, amid concerns over supply after China announced on Friday it would tighten steel controls on steel production, to control pollution and "disorderly constructions". #Ironore up another 9% today! #Copper also making fresh new all-time highs. pic.twitter.com/Ovi309my7U jeroen blokland (@jsblokland) May 10, 2021 07:56 AM UK house prices surge 8pc UK house prices surged by 8.2pc annually in April, passing a record high set the previous month, according to the Halifax house price index. Across the UK, the average house price in April was £258,204 and property values increased by 1.4pc month on month. "House prices in April eclipsed the record high set the month before as the market continued to maintain its recent momentum," said Russell Galley, managing director at Halifax. "In cash terms, almost £20,000 has been added to the value of the average home since the market had essentially come to a standstill in April 2020." Instant Info Halifax UK House Price Index pic.twitter.com/7nWRpXeUvi BuiltPlace (@BuiltPlace) May 10, 2021 07:45 AM Pound breaks $1.40 The pound has broken above the key $1.40 level for the first time in more than two months this morning, climbing to $1.40725 against the dollar in early trading, despite a win for pro-independence parties in Scottish elections. The pound may also be boosted by the weaker dollar, which dropped on Friday after a disappointing US employment report, dampened optimism about US recovery. Against the euro, the pound's move was less noticeable but still its strongest since last Thursday - up 0.6pc on the day at 86.415 pence per euro. 07:36 AM FTSE opens higher, with companies upbeat about reopening The FTSE 100 has opened up this morning, touching 7,157 points before dipping back to around 7,136. The new 14-month high comes as UK companies continue to be upbeat about their prospects as restrictions continue to be eased. Mining companies continue to rally, lifted by the commodity prices boom. Leading the FTSE 100 for gains were Rio Tinto (up 3.4pc), BHP Group (up 2.9pc) and Fresnillo (up 2pc). 07:23 AM Digital sales surge at Hotel Chocolat Hotel Chocolat store in Kensington - Claudiu Balaceanu /Hotel Chocolat Hotel Chocolat said a digital sales surge was responsible for the group's revenue increasing 60pc in the eight weeks to 25 April, compared to the previous year. The company also noted "encouraging" signs as shops reopened and the Board now expects trading for the full year ending 27 June to be significantly ahead of expectations. 07:07 AM Greggs upbeat despite 'considerable uncertainty' Upbeat Greggs expects a bounce back in sales and believes profits could return to 2019 levels this year, if restrictions continue to be eased. The business performed well during the first few weeks after non-essential retailers reopened the company said, adding sales in the eight weeks to May 8 sales dropped just 3.9pc compared with a 23.3pc fall in the 10 weeks to March 13. Despite warning of "considerable uncertainty", the sausage-roll maker seemed upbeat about Greggs' prospects for the year. More on this story here . 06:38 AM Provident axes doorstep lending Provident Financial has called time on its doorstep-lending division, putting 2,100 jobs at risk, as the pandemic hit the last nail on a business that survived the Wall Street crash of 1929 and the global financial crisis. The company had been trying to revive the unit for years after botching an overhaul of the division in 2017 when it sought to replace its army of self-employed doorstep collection agents with direct employees. "In light of the changing industry and regulatory dynamics in the home-credit sector, as well as shifting customer preferences, it is with deepest regret that we have decided to withdraw from the home-credit market," chief executive Malcolm Le May said. The Provvy, a sub-prime lender since it was established in 1880, said it planned to either place the business into managed run-off or consider a disposal. It expects costs relating to an exit to be as much as £100m. 06:28 AM Markets buoyant Good morning. The FTSE is tipped to push on higher above 7,100 as investors digest more upbeat noises around the economy. High-street chain Greggs upgraded its profit forecasts for the year this morning, predicting it would bounce back to pre-pandemic levels sooner than expected. The Halifax House Price Index this morning will give the latest snapshot on Britain's property market. 5 things to start your day 1) AstraZeneca chiefs £2.3m pay hike sparks row . Two of the pharma firms biggest shareholders have pushed against plans to increase boss Pascal Soriots pay packet ahead its annual meeting tomorrow. 2) Peanut allergy vaccine begins first human tests . The world is one step closer to a vaccine against peanut allergy after British biotech company Allergy Therapeutics announced plans to test its jab in human clinical trials. 3) Zoom-free Fridays to be tested out at HSBC . The bank is piloting the policy as it becomes the latest major UK business to tackle burnout during the pandemic. 4) Musks self driving claims contradicted by Tesla engineers . Documents obtained from Californias Department of Motor Vehicles appear to show that a Tesla director told the regulator that the company remained far away from developing fully-autonomous technology. 5) New CBI boss tells Brexiters to rejoin business lobby group . Britains leading business lobby group is trying to heal its divisions with members who quit over its anti-Brexit stance. What happened overnight Asian shares rose on Monday, cheered by a rally on Wall Street as a grim jobs report signalled to investors that interest rates will likely stay low. Japan's Nikkei 225 rose 1.0pc in morning trading to 29,644.96. Australia's S&P/ASX 200 jumped 1.2pc to 7,166.10. South Korea's Kospi added 1.0pc to 3,230.35. Hong Kong's Hang Seng edged up 0.4pc to 28,729.22, while the Shanghai Composite was little changed but inched up to 3,418.95. The regional gains are coming despite a recent surge in coronavirus infections in Asia. Coming up today Full-year results: Provident Financial Interim results: Victrex Trading update: Centrica, Dignity, HG Capital Trust Economics: Halifax house prices (UK) , FDI (China) , economic sentiment (EU) || How Does Cryptocurrency Work – and Is It Safe?: If you’ve been following the news, you undoubtedly know afew things about Bitcoin right now.
Find:Why Some Money Experts Believe In Bitcoin and Others Don’t
One: It’s a cryptocurrency.
Two: One Bitcoin is worth more than $40,000 in U.S. dollars, although the price fluctuates wildly day to day.
Three: Electric vehicle manufacturer Tesla recently invested in Bitcoin and announced it would soon allow people to purchase its cars using the cryptocurrency.
But, if you’re like many people, you’re still fuzzy on a few things, including exactly what cryptocurrency is, how it works and if it’s a safe way to invest your money.
See:Dogecoin’s Major Price Increase: Is It a Worthwhile Investment?Find:Bitcoin Is Pricey and Headed for a Crash – Consider These Smart Crypto Alternatives
Bitcoin was invented in 2009 as a form of digital currency. Unlike paper money or debit cards, which represent paper money the buyer holds in a bank, Bitcoin has no physical form. It’s all stored digitally, providing increased security over checks, paper money transactions and even other digital transactions, which, again, represent the exchange of paper money held in accounts.
As of Monday morning, Bitcoin’s value sits at $47,794, up approximately 20% since last week, according to Reuters. For perspective, in 2010, a single Bitcoin was worth only 8 cents in USD, Investopedia writes.
See:Long-Term Investors Hold Most of the Bitcoin SupplyThe Hype Around NFTs:What Are They? And How Pricey Do They Get?
Bitcoin was the first cryptocurrency, but today there are more than 6,700 cryptocurrencies traded on public markets, according to the website CoinMarketCap. Although Bitcoin and other cryptocurrencies are used for the exchange of goods and services on the private market, they are not considered legal tender like U.S. dollars and coins.
Some of the most common cryptos right now include Ethereum, Bitcoin Cash and Litecoin, which you can purchase through Paypal. Other, less common cryptos are termed altcoins. The most popular altcoin is Dogecoin, popularized by billionaire Elon Musk’s tweets. He recently shared, “Bought some Dogecoin for lil X, so he can be a toddler hodler.”
The tweet was accompanied by a video of Musk and singer Grimes’ infant son declaring, “Dadada!”
See:Musk Tweets Again and Dogecoin – a Bitcoin Rival – SkyrocketsOptions:All About Ethereum (ETH) — To Help You Decided If It’s Worth the Investment
“Cryptocurrency is a fully decentralized peer-to-peer electronic money implemented by cryptography,” says Rob Zel, founder of crypto exchange bitni.com. Due to their nature, cryptocurrencies are not regulated, which carries risk of market volatility and loss for investors. However, the security risks and risk of fraud when using Bitcoin and other cryptocurrencies are vastly reduced.
Also, due to the highly secure nature of transactions, purchases cannot be traced. That means individuals can use crypto to purchase illegal or highly regulated merchandise, including certain classes of drugs or firearms.
Cryptocurrencies use cryptography technology to keep transactions and coins secure. “Cryptography, or cryptology, is the practice and study of techniques for secure communication in the presence of third parties called adversaries. The most common form of cryptography is using codes to send messages securely between two individuals,” says Dr. Alexander Shipilov, CEO of iModX, a blockchain-based marketplace.
See:Crypto Bubble Brings a Curious Problem for InvestorsFind:What Are Digital Wallets?
Cryptocurrencies are traded by means of a blockchain, which Shipilov describes as “a way for multiple computers to come to a consensus about a set of information.” He says, “The most common use of a blockchain is to create a ledger of financial transactions between multiple individuals.”
Blockchains operate via cryptography, with each block in the chain cryptographically connected to the previous one. “The blockchain is stored and shared across a network of peer-to-peer nodes, similar to file-sharing torrents. The blocks are cryptographically secured against tampering. This makes it very difficult for nefarious parties to modify or shut down,” Zel says.
See:How to Invest in CryptocurrencyFind:The Most Googled Money Questions – Answered
So, thanks to blockchain technology, Bitcoin and other crypto transactions may be inherently more secure than other types of digital transactions, such as online banking, money transfers through digital wallets or peer-to-peer payment services. But it’s important to emphasize that these services all use state-of-the-art encryption technology to protect your funds digitally. Also, most banks offer fraud protection so that if your account is hacked, the bank will return your missing funds up to a certain amount, which varies by institution.
The technology used to keep crypto investments secure is also effective. In fact, it’s so secure that some people who invested in Bitcoin years ago have lost their password with no way to reset it. That wouldn’t happen with a regular bank account or peer-to-peer payment service, which offer ways to reset your online banking password so you can access your money.
See:Steal These Money Secrets from 25 Millionaires Under 25Find:How to Invest Your Money in 2021
Although your crypto investment is likely “secure,” that doesn’t mean it’s “safe” by any means. There are two elements that make cryptocurrency riskier than holding cash in a bank account: market volatility and lack of federal insurance and regulation.
When you hold your money in a bank account, it is FDIC-insured for up to $250,000 per depositor, per account class, per bank. That means if you have your own checking account with $100,000 in it, a savings account with $50,000 in it and a CD with a $100,000 investment, all within a single FDIC-insured bank, your funds are all protected by the Federal Deposit Insurance Corporation. If your bank goes out of business, you will not lose your money.
On the other hand, if something happens to the company holding your crypto, you could lose your entire investment.
See:Banks Might Treat Bitcoin Like ‘Real Money’ – These Experts Weigh the Pros and ConsFind:Mark Cuban – “Bitcoin is Exactly like the Dot Com Bubble”
Crypto, like stocks and other investments, also tend to fluctuate wildly. When you hold cash in a bank, the value of your money will fluctuate marginally based on inflation or deflation. That represents the value of the dollar. But it’s highly unlikely you would lose — or gain — large amounts of money overnight.
“Cryptocurrencies tend to be highly volatile,” Zel says. “In one day, a coin can move 20% or more. Some newly invented coins can jump 40x in their first few months.”
There’s another concern for those seeking a safe haven for their money. “Occasionally, a newly invented coin will be a complete scam and the founders will take the money from investors and disappear, leaving them holding a worthless token,” Zel says.
See:9 Investing Bubbles That Will Make You Rethink BitcoinFind:The Classic Cons Behind These Digital-Age Scams
Right now, Bitcoin and other cryptocurrencies are considered both an asset, traded like stocks, and a currency, used in the exchange of goods and services. However, high transaction fees and the volatility of the coins prevent its widespread adoption as a currency, Zel says.
You can use Bitcoin and other cryptos to make purchases, but it’s not always ideal.
See:PayPal Finally Welcomes Bitcoin, More Cryptocurrencies
Shipilov adds that the vast majority of cryptos right now are being treated as assets rather than currency. “They are being speculated on by investors who assume the asset will increase in value over a long-time horizon,” he says.
However, although people have gained millions through their Bitcoin investments in the past year, crypto may not be the best choice for beginning investors or those with low risk tolerance.
“Crypto are non-regulated assets with a high degree of volatility, limited government oversight, and the majority of cryptocurrency lose most or all their value extremely quickly, with over half failing in the first four months,” Shipilov warns.
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Last updated: Feb. 15, 2021
This article originally appeared onGOBankingRates.com:How Does Cryptocurrency Work – and Is It Safe? || How Does Cryptocurrency Work – and Is It Safe?: gopixa / iStock.com If you’ve been following the news, you undoubtedly know a few things about Bitcoin right now . Find: Why Some Money Experts Believe In Bitcoin and Others Don’t One: It’s a cryptocurrency. Two: One Bitcoin is worth more than $40,000 in U.S. dollars, although the price fluctuates wildly day to day. Three: Electric vehicle manufacturer Tesla recently invested in Bitcoin and announced it would soon allow people to purchase its cars using the cryptocurrency. But, if you’re like many people, you’re still fuzzy on a few things, including exactly what cryptocurrency is, how it works and if it’s a safe way to invest your money. See: Dogecoin’s Major Price Increase: Is It a Worthwhile Investment? Find: Bitcoin Is Pricey and Headed for a Crash – Consider These Smart Crypto Alternatives History of Bitcoin Bitcoin was invented in 2009 as a form of digital currency. Unlike paper money or debit cards, which represent paper money the buyer holds in a bank, Bitcoin has no physical form. It’s all stored digitally, providing increased security over checks, paper money transactions and even other digital transactions, which, again, represent the exchange of paper money held in accounts. As of Monday morning, Bitcoin’s value sits at $47,794, up approximately 20% since last week, according to Reuters. For perspective, in 2010, a single Bitcoin was worth only 8 cents in USD, Investopedia writes. See: Long-Term Investors Hold Most of the Bitcoin Supply The Hype Around NFTs: What Are They? And How Pricey Do They Get? Other Cryptocurrencies Bitcoin was the first cryptocurrency, but today there are more than 6,700 cryptocurrencies traded on public markets, according to the website CoinMarketCap. Although Bitcoin and other cryptocurrencies are used for the exchange of goods and services on the private market, they are not considered legal tender like U.S. dollars and coins. Some of the most common cryptos right now include Ethereum, Bitcoin Cash and Litecoin, which you can purchase through Paypal. Other, less common cryptos are termed altcoins. The most popular altcoin is Dogecoin, popularized by billionaire Elon Musk’s tweets. He recently shared, “Bought some Dogecoin for lil X, so he can be a toddler hodler.” Story continues The tweet was accompanied by a video of Musk and singer Grimes’ infant son declaring, “Dadada!” Bought some Dogecoin for lil X, so he can be a toddler hodler — Elon Musk (@elonmusk) February 10, 2021 See: Musk Tweets Again and Dogecoin – a Bitcoin Rival – Skyrockets Options: All About Ethereum (ETH) — To Help You Decided If It’s Worth the Investment What Is Cryptocurrency and Cryptography? “Cryptocurrency is a fully decentralized peer-to-peer electronic money implemented by cryptography,” says Rob Zel, founder of crypto exchange bitni.com. Due to their nature, cryptocurrencies are not regulated, which carries risk of market volatility and loss for investors. However, the security risks and risk of fraud when using Bitcoin and other cryptocurrencies are vastly reduced. Also, due to the highly secure nature of transactions, purchases cannot be traced. That means individuals can use crypto to purchase illegal or highly regulated merchandise, including certain classes of drugs or firearms. Cryptocurrencies use cryptography technology to keep transactions and coins secure. “Cryptography, or cryptology, is the practice and study of techniques for secure communication in the presence of third parties called adversaries. The most common form of cryptography is using codes to send messages securely between two individuals,” says Dr. Alexander Shipilov, CEO of iModX, a blockchain-based marketplace. See: Crypto Bubble Brings a Curious Problem for Investors Find: What Are Digital Wallets? How Does a Blockchain Work? Cryptocurrencies are traded by means of a blockchain, which Shipilov describes as “a way for multiple computers to come to a consensus about a set of information.” He says, “The most common use of a blockchain is to create a ledger of financial transactions between multiple individuals.” Blockchains operate via cryptography, with each block in the chain cryptographically connected to the previous one. “The blockchain is stored and shared across a network of peer-to-peer nodes, similar to file-sharing torrents. The blocks are cryptographically secured against tampering. This makes it very difficult for nefarious parties to modify or shut down,” Zel says. See: How to Invest in Cryptocurrency Find: The Most Googled Money Questions – Answered Understand That a “Secure” Investment May Not Be a “Safe” Investment So, thanks to blockchain technology, Bitcoin and other crypto transactions may be inherently more secure than other types of digital transactions, such as online banking, money transfers through digital wallets or peer-to-peer payment services. But it’s important to emphasize that these services all use state-of-the-art encryption technology to protect your funds digitally. Also, most banks offer fraud protection so that if your account is hacked, the bank will return your missing funds up to a certain amount, which varies by institution. The technology used to keep crypto investments secure is also effective. In fact, it’s so secure that some people who invested in Bitcoin years ago have lost their password with no way to reset it. That wouldn’t happen with a regular bank account or peer-to-peer payment service, which offer ways to reset your online banking password so you can access your money. See: Steal These Money Secrets from 25 Millionaires Under 25 Find: How to Invest Your Money in 2021 Understand Why Crypto Is So Risky Although your crypto investment is likely “secure,” that doesn’t mean it’s “safe” by any means. There are two elements that make cryptocurrency riskier than holding cash in a bank account: market volatility and lack of federal insurance and regulation. When you hold your money in a bank account, it is FDIC-insured for up to $250,000 per depositor, per account class, per bank. That means if you have your own checking account with $100,000 in it, a savings account with $50,000 in it and a CD with a $100,000 investment, all within a single FDIC-insured bank, your funds are all protected by the Federal Deposit Insurance Corporation. If your bank goes out of business, you will not lose your money. On the other hand, if something happens to the company holding your crypto, you could lose your entire investment. See: Banks Might Treat Bitcoin Like ‘Real Money’ – These Experts Weigh the Pros and Cons Find: Mark Cuban – “Bitcoin is Exactly like the Dot Com Bubble” Crypto, like stocks and other investments, also tend to fluctuate wildly. When you hold cash in a bank, the value of your money will fluctuate marginally based on inflation or deflation. That represents the value of the dollar. But it’s highly unlikely you would lose — or gain — large amounts of money overnight. “Cryptocurrencies tend to be highly volatile,” Zel says. “In one day, a coin can move 20% or more. Some newly invented coins can jump 40x in their first few months.” There’s another concern for those seeking a safe haven for their money. “Occasionally, a newly invented coin will be a complete scam and the founders will take the money from investors and disappear, leaving them holding a worthless token,” Zel says. See: 9 Investing Bubbles That Will Make You Rethink Bitcoin Find: The Classic Cons Behind These Digital-Age Scams Can You Use Bitcoin to Buy Things? Right now, Bitcoin and other cryptocurrencies are considered both an asset, traded like stocks, and a currency, used in the exchange of goods and services. However, high transaction fees and the volatility of the coins prevent its widespread adoption as a currency, Zel says. You can use Bitcoin and other cryptos to make purchases, but it’s not always ideal. See: PayPal Finally Welcomes Bitcoin, More Cryptocurrencies Shipilov adds that the vast majority of cryptos right now are being treated as assets rather than currency. “They are being speculated on by investors who assume the asset will increase in value over a long-time horizon,” he says. However, although people have gained millions through their Bitcoin investments in the past year, crypto may not be the best choice for beginning investors or those with low risk tolerance. “Crypto are non-regulated assets with a high degree of volatility, limited government oversight, and the majority of cryptocurrency lose most or all their value extremely quickly, with over half failing in the first four months,” Shipilov warns. More From GOBankingRates Money’s Most Influential: Where Do Americans Get Their Financial Advice? Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31 ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’ Everything You Need To Know About Taxes This Year Last updated: Feb. 15, 2021 This article originally appeared on GOBankingRates.com : How Does Cryptocurrency Work – and Is It Safe? || Elon Musk, Snoop Dogg and Mark Cuban love Dogecoin. Should you? How to stay safe when investing in cryptocurrency: Billionaires, celebrities and athletes can’t get enough of the crypto craze.
Tesla CEO Elon Musk thinks digital currencies are here to stay. So does investor and Dallas Mavericks owner Mark Cuban.
They’re not alone. Rapper Snoop Dogg jumped on the Dogecoin bandwagon along with Kiss singer Gene Simmons and restaurateur Guy Fieri after the meme-inspired cryptocurrency surged a whopping 10,000% this year.
Athletes are also flocking to bigger cryptos like bitcoin and ether following a record-breaking rally. Trevor Lawrence, the No. 1 NFL draft pick in 2021, partnered with a global cryptocurrency investment app called Blockfolio and plans to place his signing bonus into an account with the company.
SPAC mania:Shaq, Ciara and A-Rod have one, but are SPACs, the latest investment craze, right for you?
But it’s no longer just enthusiasts and public figures who are dabbling with digital coins.
Amateurs like Earl S. Bell of Brooklyn, New York, are jumping in. He says he’s been an investor for a decade and started to put his money in different cryptocurrencies about a year ago.
“I saw crypto as freedom. In the COVID era, I wasn’t able to get enough work,” says Bell, an architect by trade. “My future plans are to come out with my own coin.”
Bell says his plan would include creating bank-like safes for cryptocurrency investors to store their crypto wallets.
So with all the hype around cryptocurrencies like Dogecoin, bitcoin and ether, should you jump in on the mania, too? It depends on how much you can tolerate extreme volatility in your portfolio.
Cryptocurrencies are digital currency created and exchanged over a decentralized computer network where transactions are secured and verified through coding.
Bitcoin, which launched in 2009, is the original and the world’s most popular crypto. It was designed as an alternative to government money and is based on blockchain technology, which acts as a public ledger of transactions.
Bitcoin’s value depends on investors’ confidence in it because there is no central authority governing supply. It has mainly been used for speculation by traders rather than for payments.
Prices for cryptocurrencies are based on supply and demand. That means the rate at which a cryptocurrency can be exchanged for another currency can fluctuate vastly since the design of many cryptocurrencies ensures a high degree of scarcity.
Bitcoin bulls have called it a “store of value” – which has historically been reserved for safe-haven investments like gold – and argue that it’s a good investment to hedge against inflation.
That's because there’s not an unlimited supply of bitcoin. In fact, there are only 21 million bitcoins that can be mined, and about 18 million have been mined so far. Bitcoin mining is the process that creates cryptocurrency. It is resource-intensive in an effort to control the number of bitcoins in circulation.
Enthusiasm around Bitcoin spurred other digital tokens.
Ethereum, which launched in 2015, is a blockchain-based software platform that is primarily used to support ether, the world's second-largest cryptocurrency by market value at more than $400 billion. It eclipsed $3,900 on Saturday to touch another all-time high, rising more than 400% in 2021.
Ether supply, however, isn't capped and new tokens are created through a similar mining process as bitcoin.
The "memecoin" Dogecoin was created in 2013 as a joke poking fun at the surge in other digital coins. Dogecoin was inspired by the popular Doge meme, which is an image of a Shiba Inu dog staring sideways at the camera with raised eyebrows.
The latest surge has pushed Dogecoin’s market capitalization to $62 billion, which means it’s valued more highly than Ford and Twitter. In 2021, it has surged from less than half a penny to a record of nearly 75 cents. It's currently trading just below 50 cents.
Cryptocurrencies aren't a currency supported by governments, and they aren't a piece of a company, like a stock. But the factors that determine their underlying worth are unclear, experts say.
For those who invest in a stock, the price of a share should be the present value or future profit that a company is going to generate, according to Itay Goldstein, a professor of finance and economics at the University of Pennsylvania's Wharton School of Business.
When it comes to cryptocurrencies, it’s really up in the air, he says.
“No one can tell you whether bitcoin priced at $50,000, $60,000, or $70,000 is too much or too little,” says Goldstein. “So as a result, it takes on a life of its own. ... People start to believe that’s what it should be and then it crashes with no clear guidance on where it should stop.”
Cuban is one of the core investors on NBC’s reality show "Shark Tank." He told USA TODAY he’s a big believer and investor in cryptocurrency.
Cuban says he first started investing in cryptocurrencies in 2017 and added to his investments last year and this year. He declined to say how much he has invested, except that it’s “not enough.”
He likes Dogecoin because there’s a limit to it with annual inflation of 5 billion coins.
“So, if more places take Doge and more people spend it, then those 5 billion coins annually will be consumed and that may increase the value of Doge,” Cuban says.
As for cryptocurrency becoming mainstream, Cuban says that can mean a lot of different things.
“I think the first impact of crypto, particularly Ethereum, will be for business applications,” Cuban says.
First-time investors should proceed with caution. Piling all of your nest egg into something as volatile as cryptocurrencies poses big risks to your retirement, experts say. Wealth managers and finance experts have long been skeptical of these speculative investments for amateur investors due to their extreme swings.
“The risks are huge. Crypto prices are a roller coaster,” says Goldstein. “Certainly, people who put money in bitcoin a few years ago could make a huge return. But there were points in between where it saw big drops.”
In 2013, bitcoin began trading around $13 and spiked to more than $1,000 by December. In late 2017, the digital token surged to nearly $20,000, before crashing to almost $3,000 the following year before its dizzying rise to above $64,000 last month.
"If you have a small amount of money that you’re trying to save and have plans for what to use it for, this isn’t something you should invest in," Goldstein adds. "This is for people who want to take on risk and speculate."
Dogecoin has seen similar booms before where it reached all-time highs in 2017, but it was short-lived.
“I don’t think this time is any different,” says Leeor Shimron, vice president of digital-asset strategy at Fundstrat Global Advisors.
Late Saturday, dogecoin slumped more than 20% during Musk’s "Saturday Night Live" appearance as host. It was unclear what drove the selloff. But analysts say it was likely a “buy the rumor, sell the news” strategy, an old market adage based on the belief that an asset may rise in anticipation of rumors, then stagnate or fall when investors take profits following the event.
“These types of meme coins have more power in the pandemic because more people are plugged into social media on Twitter or TikTok," adds Shimron, who is bullish on larger coins like bitcoin and ether. "But it’s not healthy or sustainable for smaller coins like Dogecoin that don’t necessarily have fundamental value.”
But that hasn't stopped non-professional investors from throwing themselves into the mix.
Like other investments, such as SPACs or special purpose acquisition companies, cryptocurrency has a mass following on social media sites.
Facebook, for example, is where Abdullah Taimur of Pakistan trades information with other cryptocurrency investors in the United States and elsewhere.
He says he began investing in at least six cryptocurrencies, including Dogecoin, SafeMoon and WINk, the past few months. Taimur adds he doesn’t mind the volatility in the crypto markets. He has advice for others looking to jump in:
“If you’re a beginner, just don’t invest right away," he says. "Join these (online) crypto groups. You really get to know about the market, and you also learn from other people’s experience.”
Most importantly, he says, never sell at a loss or jump on a "flying rocket.”
A number of factors are driving the crypto craze in prices.
With the stock market at record highs, interest rates at historic lows and real estate prices strengthening, investors are looking for more ways to generate returns and diversify their portfolios, according to Goldstein.
Investment banks like Morgan Stanley and rival Goldman Sachs have offered some of their wealthiest clients access to Bitcoin funds.
The debut of Coinbase — a cryptocurrency exchange — as a publicly traded company last month attracted both day traders and new amateur investors and helped spur the latest rally in cryptocurrencies, pushing virtual tokens like Dogecoin, bitcoin and ether to record highs. The exchange was founded as a simpler way to trade digital coins.
The surge in popularity of “memecoins” like Dogecoin follows a recent boom in retail trading during the coronavirus pandemic as more people worked online, spurring interest in “meme stocks” like GameStop.
The rise in participation among retail, or amateur, investors was helped in part by the injection of stimulus checks into the economy, analysts say. For instance, 10% of stimulus payments in the third round, or nearly $40 billion of the $380 billion in direct checks, wereexpected to be used to buy bitcoins and stocks, according to Mizuho Securities.
In fact, bitcoin was the preferred investment choice among 200 of the respondents who expect to receive a third round of direct payments.
Dogecoin has ridden a similar Reddit-driven wave as stocks like GameStop and AMC in recent months, accelerated by a series of tweets by tech billionaire Musk, who was pumping the cryptocurrency. Earlier this year, Dogecoin soared following enthusiasm from a Reddit group called r/SatoshiStreetBets, which aims to jack up the prices of cryptocurrencies.
Musk, who has more than 53 million followers on Twitter, has driven traders into frenzies by mentioning Dogecoin at times, although on Friday, he tweeted a note of caution: "Cryptocurrency is promising, but please invest with caution!" he posted.
Jeff Eriks of Scottsdale, Arizona, also is part of an investment Facebook group, but he said he avoids cryptocurrencies.
“There’s a lot of risk and reward as long as you have the cash back-up to deal with it,” Eriks says.
Eriks says he’s a small-business owner who likes to throw some cash into the market to see what it will do, but he likely would never use cryptocurrencies to pay his 22 employees.
That’s because he says it’s difficult for him to see cryptocurrencies becoming a common form of payment even though some businesses are accepting it.
There have also been growing concerns about a regulatory crackdown on bitcoin. Turkey’s central bank banned the use of cryptocurrencies from the end of April, saying crypto payments came with “significant risks.”
India is also reportedly set to propose a law banning cryptocurrencies, fining anyone trading in the country, or holding such digital assets.
Taimur and Bell add that new investors in cryptocurrencies need to be careful of scammers.
The Securities and Exchange Commission agrees.
The SEC in recent years has issued several warnings for investors to “watch out” for fraudulent digital asset and crypto trading websites, and there have been dozens of criminal charges brought against alleged fraudsters.
The agency charged or settled at least 23 cases last year and five this year involving alleged cryptocurrency fraud.
In one case in March, the SEC said it filed an emergency action and obtained a temporary restraining order against an Idaho man who had allegedly raised millions of dollars from hundreds of investors by falsely claiming to be a financial adviser with securities licenses. He overstated investment returns and misappropriating money received from investors.
An SEC spokesman referred questions to the agency’s website on cryptocurrency enforcement actions.
The sharp rise in the value of bitcoins has some analysts worried about a potential bubble in the cryptocurrency market, with bitcoin's price – at one point – more than doubling since the start of 2021.
More wealth advisors, however, are starting to take these alternative investments seriously. Their clients are asking how they can incorporate cryptocurrencies into their portfolios to generate more money for their nest eggs.
"Interest in cryptos is the highest it's ever been. Now the investment community is trying to wrap its head around this asset class," says Shimron of Fundstrat Global Advisors.
Just over 60% of financial advisers say they have been approached by clients for information about cryptocurrencies, according to a recent study from Grayscale, the world’s largest digital currency asset manager.
But just 10% of advisers surveyed recommend or use cryptocurrencies in client portfolios. Why? Lack of familiarity is often the main reason advisers steer clear of recommending particular investments, the survey showed.
In the highly regulated world of broker-dealers and registered investment advisory firms, the evolving state of cryptocurrency regulation has prompted many firms to stand on the sidelines. As a result, 48% of advisers surveyed said that firm policy or compliance issues currently keep them from recommending or using cryptocurrencies in client portfolios.
Of the roughly half of advisers surveyed who said they don’t recommend cryptocurrency because of a formal prohibition, nearly a quarter of them said they would expect to begin using them as soon as they’re able.
Cryptocurrencies stand to benefit from a massive generational wealth transfer over the next decade, experts say. By 2030, millennials will hold five times as much wealth as they have today and are expected to inherit over $68 trillion from their predecessors, according to a study by Coldwell Banker Global Luxury.
Shimron has advised clients who are more conservative with their investments to allocate between 2% to 5% of their portfolio in crypto, with 80% of that toward bitcoin and 20% toward Ethereum.
Fundstrat expects bitcoin and ether to reach $100,000 and $10,500, respectively, by the end of the year.
For those who want to be more aggressive, he recommends that they use up to 10% of their total portfolio allocation toward crypto, though some younger investors could go a little higher than that if they’re willing to accept the risk, he adds.
Shimron says that investors should buy and hold because investing in cryptos a "multi-decadelong play" as investors wait for the societal and technological shift to take place.
When it comes to cryptos, investors should stick to a rigid investing plan by using a dollar-cost average approach, Shimron added. From there, investors can determine how much they want to invest, their allocation and a time frame they’re comfortable with to help them ride out bumps along the way.
"Volatility will always be there," says Shimron. "Never put in more money than you’re willing to lose."
This article originally appeared on USA TODAY:Dogecoin: Elon Musk loves it and bitcoin. How to stay safe with crypto || Elon Musk, Snoop Dogg and Mark Cuban love Dogecoin. Should you? How to stay safe when investing in cryptocurrency: Billionaires, celebrities and athletes cant get enough of the crypto craze. Tesla CEO Elon Musk thinks digital currencies are here to stay. So does investor and Dallas Mavericks owner Mark Cuban. Theyre not alone. Rapper Snoop Dogg jumped on the Dogecoin bandwagon along with Kiss singer Gene Simmons and restaurateur Guy Fieri after the meme-inspired cryptocurrency surged a whopping 10,000% this year. Athletes are also flocking to bigger cryptos like bitcoin and ether following a record-breaking rally. Trevor Lawrence, the No. 1 NFL draft pick in 2021, partnered with a global cryptocurrency investment app called Blockfolio and plans to place his signing bonus into an account with the company. SPAC mania: Shaq, Ciara and A-Rod have one, but are SPACs, the latest investment craze, right for you? But its no longer just enthusiasts and public figures who are dabbling with digital coins. Amateurs like Earl S. Bell of Brooklyn, New York, are jumping in. He says hes been an investor for a decade and started to put his money in different cryptocurrencies about a year ago. I saw crypto as freedom. In the COVID era, I wasnt able to get enough work, says Bell, an architect by trade. My future plans are to come out with my own coin. Bell says his plan would include creating bank-like safes for cryptocurrency investors to store their crypto wallets. So with all the hype around cryptocurrencies like Dogecoin, bitcoin and ether, should you jump in on the mania, too? It depends on how much you can tolerate extreme volatility in your portfolio. What are cryptos? Cryptocurrencies are digital currency created and exchanged over a decentralized computer network where transactions are secured and verified through coding. Bitcoin, which launched in 2009, is the original and the worlds most popular crypto. It was designed as an alternative to government money and is based on blockchain technology, which acts as a public ledger of transactions. Story continues Bitcoins value depends on investors confidence in it because there is no central authority governing supply. It has mainly been used for speculation by traders rather than for payments. Prices for cryptocurrencies are based on supply and demand. That means the rate at which a cryptocurrency can be exchanged for another currency can fluctuate vastly since the design of many cryptocurrencies ensures a high degree of scarcity. Bitcoin bulls have called it a store of value which has historically been reserved for safe-haven investments like gold and argue that its a good investment to hedge against inflation. That's because theres not an unlimited supply of bitcoin. In fact, there are only 21 million bitcoins that can be mined, and about 18 million have been mined so far. Bitcoin mining is the process that creates cryptocurrency. It is resource-intensive in an effort to control the number of bitcoins in circulation. Enthusiasm around Bitcoin spurred other digital tokens. Ethereum, which launched in 2015, is a blockchain-based software platform that is primarily used to support ether, the world's second-largest cryptocurrency by market value at more than $400 billion. It eclipsed $3,900 on Saturday to touch another all-time high, rising more than 400% in 2021. Ether supply, however, isn't capped and new tokens are created through a similar mining process as bitcoin. The "memecoin" Dogecoin was created in 2013 as a joke poking fun at the surge in other digital coins. Dogecoin was inspired by the popular Doge meme, which is an image of a Shiba Inu dog staring sideways at the camera with raised eyebrows. The latest surge has pushed Dogecoins market capitalization to $62 billion, which means its valued more highly than Ford and Twitter. In 2021, it has surged from less than half a penny to a record of nearly 75 cents. It's currently trading just below 50 cents. What cryptos aren't Cryptocurrencies aren't a currency supported by governments, and they aren't a piece of a company, like a stock. But the factors that determine their underlying worth are unclear, experts say. For those who invest in a stock, the price of a share should be the present value or future profit that a company is going to generate, according to Itay Goldstein, a professor of finance and economics at the University of Pennsylvania's Wharton School of Business. When it comes to cryptocurrencies, its really up in the air, he says. No one can tell you whether bitcoin priced at $50,000, $60,000, or $70,000 is too much or too little, says Goldstein. So as a result, it takes on a life of its own. ... People start to believe thats what it should be and then it crashes with no clear guidance on where it should stop. Why Mark Cuban loves them Cuban is one of the core investors on NBCs reality show "Shark Tank." He told USA TODAY hes a big believer and investor in cryptocurrency. Cuban says he first started investing in cryptocurrencies in 2017 and added to his investments last year and this year. He declined to say how much he has invested, except that its not enough. He likes Dogecoin because theres a limit to it with annual inflation of 5 billion coins. So, if more places take Doge and more people spend it, then those 5 billion coins annually will be consumed and that may increase the value of Doge, Cuban says. As for cryptocurrency becoming mainstream, Cuban says that can mean a lot of different things. I think the first impact of crypto, particularly Ethereum, will be for business applications, Cuban says. Are cryptos right for you? First-time investors should proceed with caution. Piling all of your nest egg into something as volatile as cryptocurrencies poses big risks to your retirement, experts say. Wealth managers and finance experts have long been skeptical of these speculative investments for amateur investors due to their extreme swings. The risks are huge. Crypto prices are a roller coaster, says Goldstein. Certainly, people who put money in bitcoin a few years ago could make a huge return. But there were points in between where it saw big drops. In 2013, bitcoin began trading around $13 and spiked to more than $1,000 by December. In late 2017, the digital token surged to nearly $20,000, before crashing to almost $3,000 the following year before its dizzying rise to above $64,000 last month. "If you have a small amount of money that youre trying to save and have plans for what to use it for, this isnt something you should invest in," Goldstein adds. "This is for people who want to take on risk and speculate." Dogecoin has seen similar booms before where it reached all-time highs in 2017, but it was short-lived. I dont think this time is any different, says Leeor Shimron, vice president of digital-asset strategy at Fundstrat Global Advisors. Late Saturday, dogecoin slumped more than 20% during Musks "Saturday Night Live" appearance as host. It was unclear what drove the selloff. But analysts say it was likely a buy the rumor, sell the news strategy, an old market adage based on the belief that an asset may rise in anticipation of rumors, then stagnate or fall when investors take profits following the event. These types of meme coins have more power in the pandemic because more people are plugged into social media on Twitter or TikTok," adds Shimron, who is bullish on larger coins like bitcoin and ether. "But its not healthy or sustainable for smaller coins like Dogecoin that dont necessarily have fundamental value. But that hasn't stopped non-professional investors from throwing themselves into the mix. Like other investments, such as SPACs or special purpose acquisition companies, cryptocurrency has a mass following on social media sites. Facebook, for example, is where Abdullah Taimur of Pakistan trades information with other cryptocurrency investors in the United States and elsewhere. He says he began investing in at least six cryptocurrencies, including Dogecoin, SafeMoon and WINk, the past few months. Taimur adds he doesnt mind the volatility in the crypto markets. He has advice for others looking to jump in: If youre a beginner, just dont invest right away," he says. "Join these (online) crypto groups. You really get to know about the market, and you also learn from other peoples experience. Most importantly, he says, never sell at a loss or jump on a "flying rocket. Why are cryptos surging? A number of factors are driving the crypto craze in prices. With the stock market at record highs, interest rates at historic lows and real estate prices strengthening, investors are looking for more ways to generate returns and diversify their portfolios, according to Goldstein. Investment banks like Morgan Stanley and rival Goldman Sachs have offered some of their wealthiest clients access to Bitcoin funds. The debut of Coinbase a cryptocurrency exchange as a publicly traded company last month attracted both day traders and new amateur investors and helped spur the latest rally in cryptocurrencies, pushing virtual tokens like Dogecoin, bitcoin and ether to record highs. The exchange was founded as a simpler way to trade digital coins. The surge in popularity of memecoins like Dogecoin follows a recent boom in retail trading during the coronavirus pandemic as more people worked online, spurring interest in meme stocks like GameStop. The rise in participation among retail, or amateur, investors was helped in part by the injection of stimulus checks into the economy, analysts say. For instance, 10% of stimulus payments in the third round, or nearly $40 billion of the $380 billion in direct checks, were expected to be used to buy bitcoins and stocks , according to Mizuho Securities. In fact, bitcoin was the preferred investment choice among 200 of the respondents who expect to receive a third round of direct payments. Dogecoin has ridden a similar Reddit-driven wave as stocks like GameStop and AMC in recent months, accelerated by a series of tweets by tech billionaire Musk, who was pumping the cryptocurrency. Earlier this year, Dogecoin soared following enthusiasm from a Reddit group called r/SatoshiStreetBets, which aims to jack up the prices of cryptocurrencies. Musk, who has more than 53 million followers on Twitter, has driven traders into frenzies by mentioning Dogecoin at times, although on Friday, he tweeted a note of caution: "Cryptocurrency is promising, but please invest with caution!" he posted. What are the risks? Jeff Eriks of Scottsdale, Arizona, also is part of an investment Facebook group, but he said he avoids cryptocurrencies. Theres a lot of risk and reward as long as you have the cash back-up to deal with it, Eriks says. Eriks says hes a small-business owner who likes to throw some cash into the market to see what it will do, but he likely would never use cryptocurrencies to pay his 22 employees. Thats because he says its difficult for him to see cryptocurrencies becoming a common form of payment even though some businesses are accepting it. There have also been growing concerns about a regulatory crackdown on bitcoin. Turkeys central bank banned the use of cryptocurrencies from the end of April, saying crypto payments came with significant risks. India is also reportedly set to propose a law banning cryptocurrencies, fining anyone trading in the country, or holding such digital assets. Taimur and Bell add that new investors in cryptocurrencies need to be careful of scammers. The Securities and Exchange Commission agrees. The SEC in recent years has issued several warnings for investors to watch out for fraudulent digital asset and crypto trading websites, and there have been dozens of criminal charges brought against alleged fraudsters. The agency charged or settled at least 23 cases last year and five this year involving alleged cryptocurrency fraud. In one case in March, the SEC said it filed an emergency action and obtained a temporary restraining order against an Idaho man who had allegedly raised millions of dollars from hundreds of investors by falsely claiming to be a financial adviser with securities licenses. He overstated investment returns and misappropriating money received from investors. An SEC spokesman referred questions to the agencys website on cryptocurrency enforcement actions. How can you protect yourself? The sharp rise in the value of bitcoins has some analysts worried about a potential bubble in the cryptocurrency market, with bitcoin's price at one point more than doubling since the start of 2021. More wealth advisors, however, are starting to take these alternative investments seriously. Their clients are asking how they can incorporate cryptocurrencies into their portfolios to generate more money for their nest eggs. "Interest in cryptos is the highest it's ever been. Now the investment community is trying to wrap its head around this asset class," says Shimron of Fundstrat Global Advisors. Just over 60% of financial advisers say they have been approached by clients for information about cryptocurrencies, according to a recent study from Grayscale, the worlds largest digital currency asset manager. But just 10% of advisers surveyed recommend or use cryptocurrencies in client portfolios. Why? Lack of familiarity is often the main reason advisers steer clear of recommending particular investments, the survey showed. In the highly regulated world of broker-dealers and registered investment advisory firms, the evolving state of cryptocurrency regulation has prompted many firms to stand on the sidelines. As a result, 48% of advisers surveyed said that firm policy or compliance issues currently keep them from recommending or using cryptocurrencies in client portfolios. Of the roughly half of advisers surveyed who said they dont recommend cryptocurrency because of a formal prohibition, nearly a quarter of them said they would expect to begin using them as soon as theyre able. Cryptocurrencies stand to benefit from a massive generational wealth transfer over the next decade, experts say. By 2030, millennials will hold five times as much wealth as they have today and are expected to inherit over $68 trillion from their predecessors, according to a study by Coldwell Banker Global Luxury. Shimron has advised clients who are more conservative with their investments to allocate between 2% to 5% of their portfolio in crypto, with 80% of that toward bitcoin and 20% toward Ethereum. Fundstrat expects bitcoin and ether to reach $100,000 and $10,500, respectively, by the end of the year. For those who want to be more aggressive, he recommends that they use up to 10% of their total portfolio allocation toward crypto, though some younger investors could go a little higher than that if theyre willing to accept the risk, he adds. Shimron says that investors should buy and hold because investing in cryptos a "multi-decadelong play" as investors wait for the societal and technological shift to take place. When it comes to cryptos, investors should stick to a rigid investing plan by using a dollar-cost average approach, Shimron added. From there, investors can determine how much they want to invest, their allocation and a time frame theyre comfortable with to help them ride out bumps along the way. "Volatility will always be there," says Shimron. "Never put in more money than youre willing to lose." This article originally appeared on USA TODAY: Dogecoin: Elon Musk loves it and bitcoin. How to stay safe with crypto || DOGE Leads Liquidations with $280 million in Last 12 Hours: Dogecoin (DOGE) is at the top of the Bybt.com liquidations list from the last 12 hours, with over $280 million liquidated across exchanges.
In a rare turn of events, DOGE was the subject of, at time of reporting, $282 million worth of liquidations. More than Bitcoin (BTC), Ether (ETH) or Ripple (XRP).According to data, that includes the largest single liquidation order, which occurred on Binance. The DOGE involved in this order was valued at $12.07 million.
This amount accounts for nearly 40% of the $707 million cryptocurrencies liquidated in the same 12-hour period. BTC followed DOGE with just under $120 million liquidated. Then ETH was the subject of the third-most orders, amounting to another near $95 million worth.
According to data recorded on cryptocurrency futures trading and information platform Bybt.com, around 35% of these liquidations were made on the Huobi exchange. A further 20% were made on Bybit and another near 19% on Binance.
DOGE has dominated the cryptocurrency space over the past few weeks. It has accelerated its position from the lowly fraction of a penny it was worth back in January. Helped along in no small amount by continued plugging on Twitter by celebrities such as Tesla CEO Elon Musk. A man who may, arguably, be just as responsible for DOGE’s sudden decline.
After hittingan all-time highof $0.73 on May 8, DOGE’s price maintained course along the $0.70 until the small hours. Around which time, Elon Musk hosted Saturday Night Live. Following this appearance, in which the tech mogul made several quips and mentions of DOGE, the altcoin’s price tooka sudden, sharp turn. In the space of 45 minutes on May 9, DOGE’s value crashed from $0.66 to $0.50.
That has only continued to decline in the ensuing hours,according to data. Despite a brief clamber back up from the $0.50 position, at time of reporting, the value of DOGE has fallen even further. As of 15:30 CET, it is valued at $0.47. All this being said, the same data indicates that the meme-inspired altcoin remains in the top five most valuable cryptocurrencies by market cap.
The vast number of liquidations reflect the mass sell-off that Musk’s SNL appearance allegedly sparked. Crypto trading app Robinhood suffered system downtime amid users’ rush to sell off their DOGE. This is not the first time the app has crashed on account of DOGE-fuelled traffic. || DOGE Leads Liquidations with $280 million in Last 12 Hours: Dogecoin (DOGE) is at the top of the Bybt.com liquidations list from the last 12 hours, with over $280 million liquidated across exchanges. In a rare turn of events, DOGE was the subject of, at time of reporting, $282 million worth of liquidations. More than Bitcoin (BTC), Ether (ETH) or Ripple (XRP). According to data , that includes the largest single liquidation order, which occurred on Binance. The DOGE involved in this order was valued at $12.07 million. This amount accounts for nearly 40% of the $707 million cryptocurrencies liquidated in the same 12-hour period. BTC followed DOGE with just under $120 million liquidated. Then ETH was the subject of the third-most orders, amounting to another near $95 million worth. According to data recorded on cryptocurrency futures trading and information platform Bybt.com, around 35% of these liquidations were made on the Huobi exchange. A further 20% were made on Bybit and another near 19% on Binance. A fall from grace for DOGE DOGE has dominated the cryptocurrency space over the past few weeks. It has accelerated its position from the lowly fraction of a penny it was worth back in January. Helped along in no small amount by continued plugging on Twitter by celebrities such as Tesla CEO Elon Musk. A man who may, arguably, be just as responsible for DOGE’s sudden decline. After hitting an all-time high of $0.73 on May 8, DOGE’s price maintained course along the $0.70 until the small hours. Around which time, Elon Musk hosted Saturday Night Live. Following this appearance, in which the tech mogul made several quips and mentions of DOGE, the altcoin’s price took a sudden, sharp turn . In the space of 45 minutes on May 9, DOGE’s value crashed from $0.66 to $0.50. That has only continued to decline in the ensuing hours, according to data . Despite a brief clamber back up from the $0.50 position, at time of reporting, the value of DOGE has fallen even further. As of 15:30 CET, it is valued at $0.47. All this being said, the same data indicates that the meme-inspired altcoin remains in the top five most valuable cryptocurrencies by market cap. The vast number of liquidations reflect the mass sell-off that Musk’s SNL appearance allegedly sparked. Crypto trading app Robinhood suffered system downtime amid users’ rush to sell off their DOGE. This is not the first time the app has crashed on account of DOGE-fuelled traffic. || Here's The Elon Musk Dogecoin Bit On 'SNL' Everyone Is Talking About: Dogecoin (CRYPTO: DOGE) was not as mentioned as much as some had expected during Tesla Inc (NASDAQ: TSLA ) CEO Elon Musk's guest host appearance on "Saturday Night Live" last night. But it did come up and is generating some buzz because Musk admits Dogecoin is "a hustle" at one point. What Happened : Musk appeared as Lloyd Ostertag, financial expert, on the "Weekend Update" portion of the show to speak about cryptocurrencies with SNL's Michael Che. After first asking to be called the "Dogefather" (a moniker he has used on social media), Ostertag and Che begin a discussion when Che asks what cryptocurrencies are. "They're a type of digital money but instead of being controlled by a central government, they're decentralized using blockchain technology. And lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin," Ostertag says. "And what is Dogecoin?" Che asks. "Well, actually it started as a joke based on an internet meme. But now it's taken over in a very real way." Lloyd Ostertag stopped by the desk to talk cryptocurrency. pic.twitter.com/cuILxOBJlj — Saturday Night Live - SNL (@nbcsnl) May 9, 2021 "OK, but what is Dogecoin?" "Well, it was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been mined." "Cool. So what is Dogecoin?" "Yeah, like I said, it's a digital currency." "OK, like, for instance," Che says, pulling out a U.S. dollar, "this is a dollar, right? It's real." "Sort of." "So what is Dogecoin?" "About as real as that dollar." Che asks fellow Weekend Update host Colin Jost to chime in, and Jost also ends up asking simply, "What is Dogecoin?" Story continues "It's the future of currency," Ostertag replies. "It's an unstoppable financial vehicle that's going to take over the world." "I get that, but what is it, man?" Che asks again. "I keep telling you. It's a cryptocurrency you can trade for conventional money," Ostertag says. "Oh. So it's a hustle?" "Yeah, it's a hustle." "Why didn't you just say that, man? Dogefather, everybody!" "To the mooooon!" Ostertag says to end the bit. Learn more: How to Buy Dogecoin Why It Matters : The price of Dogecoin was expected to be affected by Musk's appearance on the show, given that his tweets on the cryptocurrency in the past have moved the price. Price Action : Dogecoin is down 35.41% at $0.4618 as of publication time, according to CoinMarketCap . Photo: Screenshot of "Lloyd Ostertag" on "Weekend Update" as he says "To the moooon!" See more from Benzinga Click here for options trades from Benzinga Watch Elon Musk Deliver Monologue on 'SNL' Tesla Cybertruck Makes Appearance In New York Ahead Of Musk's Hosting Of 'SNL' © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Here's The Elon Musk Dogecoin Bit On 'SNL' Everyone Is Talking About: Dogecoin(CRYPTO: DOGE) was not as mentioned as much as some had expected duringTesla Inc(NASDAQ:TSLA) CEO Elon Musk's guest host appearance on "Saturday Night Live" last night.
But it did come up and is generating some buzz because Musk admits Dogecoin is "a hustle" at one point.
What Happened: Musk appeared as Lloyd Ostertag, financial expert, on the "Weekend Update" portion of the show to speak about cryptocurrencies with SNL's Michael Che.
After first asking to be called the "Dogefather" (a moniker he has used on social media), Ostertag and Che begin a discussion when Che asks what cryptocurrencies are.
"They're a type of digital money but instead of being controlled by a central government, they're decentralized using blockchain technology. And lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin," Ostertag says.
"And what is Dogecoin?" Che asks.
"Well, actually it started as a joke based on an internet meme. But now it's taken over in a very real way."
"OK, but what is Dogecoin?"
"Well, it was created in 2013 and has a circulating supply of 117 billion coins, of which 113 billion have already been mined."
"Cool. So what is Dogecoin?"
"Yeah, like I said, it's a digital currency."
"OK, like, for instance," Che says, pulling out a U.S. dollar, "this is a dollar, right? It's real."
"Sort of."
"So what is Dogecoin?"
"About as real as that dollar."
Che asks fellow Weekend Update host Colin Jost to chime in, and Jost also ends up asking simply, "What is Dogecoin?"
"It's the future of currency," Ostertag replies. "It's an unstoppable financial vehicle that's going to take over the world."
"I get that, but what is it, man?" Che asks again.
"I keep telling you. It's a cryptocurrency you can trade for conventional money," Ostertag says.
"Oh. So it's a hustle?"
"Yeah, it's a hustle."
"Why didn't you just say that, man? Dogefather, everybody!"
"To the mooooon!" Ostertag says to end the bit.
Learn more:How to Buy Dogecoin
Why It Matters: The price of Dogecoin was expected to be affected by Musk's appearance on the show, given that his tweets on the cryptocurrency in the past have moved the price.
Price Action: Dogecoin is down 35.41% at $0.4618 as of publication time, according toCoinMarketCap.
Photo: Screenshot of "Lloyd Ostertag" on "Weekend Update" as he says "To the moooon!"
See more from Benzinga
• Click here for options trades from Benzinga
• Watch Elon Musk Deliver Monologue on 'SNL'
• Tesla Cybertruck Makes Appearance In New York Ahead Of Musk's Hosting Of 'SNL'
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus Roundup For May 9, 2021: Fintech Header Founder At Miami-Based Accelerator TheVentureCity Talks Returnly Exit, #MiamiTech And More Affirm, a leader in payments, recently announced it would acquire Returnly, a return and post-purchase payments solution, for $300 million. Benzinga spoke with Laura González-Estéfani, the founder and CEO of Miami-based TheVentureCity, on her firm’s role in bolstering Returnly growth initiatives and steps going forward. CME Group Ends In-Person Trade, Successfully Launches Micro Bitcoin Futures What Happened: Founded in 1848, CME Group is an exchange that builds markets around derivatives like futures, or agreements to buy and sell assets at a particular price and time in the future. The company has a long-standing history, offering global benchmark products based on interest rates, equity indices, foreign exchange, and commodities. In addition to building products, CME also facilitates and clears trades through its clearinghouse, CME Clearing. The organization’s move to end in-person trade for most products accelerated around 2015, after open outcry fell to just 1% of total volume. Now, only CME’s Eurodollar options pit will continue to operate. Takeaway: The move to end in-person trade comes as the pandemic accelerated the digital disruption in finance; by and large, market participants demand the efficiency, transparency, and prospects of growth electronic markets offer. Adding, CME, in meeting the demands of emerging market participants, recently launched Micro Bitcoin futures, which are 1/10 the size of one bitcoin and 1/50 the size of the standard CME Bitcoin future. The smaller size makes the product easier to consume by smaller participants. The product, thus far, has been well-received trading nearly 2.5 times as many contracts as the standard Bitcoin future, Tuesday. Fintech Spotlight: Metromile To Accept Premiums, Pay Claims In Bitcoin Metromile Inc, an insurance-focused fintech powered by data science and machine learning, announced Thursday it will allow policyholders the option to pay for insurance and receive payment for claims in Bitcoin or U.S. dollars. Story continues JPMorgan, Confluence Expand Partnership, Improve Multi-Asset Portfolio Analytics J.P. Morgan Chase & Co and global tech provider Confluence announced a new development in their partnership to deliver advanced multi-asset portfolio analytics solutions. Lynk, UBS Group Collab Over Actionable, AI-Driven Insights Lynk, an AI-driven knowledge-as-a-service platform, and global wealth manager UBS Group AG formally announced a collaboration to help UBS’s institutional clients tap into expert insights during their investment process. TikTok Superstar Griffin Johnson Explains His Vision To Innovate And Inspire Influencer marketing, which is on track to become a $15 billion industry by 2022, is a unique way for creators to monetize their content and outreach. The problem with this industry is both the supply and demand dynamics, as well as an unfulfilling culture, according to some. More and more, creators are being faced with a tough decision, innovate or die. 22-year-old Illinois native Griffin Johnson has done just that. The media influencer, who recently made a pivot into angel investing and entrepreneurship, is not only looking to diversify his earnings but also spread increased value to his highly engaged audience, from his experiences networking with the likes of hedge fund manager Steve Cohen, Miami mayor Francis X. Suarez and others. In an exclusive interview, Benzinga chatted with Johnson to learn more about his pivot to investing and entrepreneurship, as well as his vision for the future and how he will continue to engage those followers that have been with him since the beginning. See more from Benzinga Click here for options trades from Benzinga Fintech Focus For May 7, 2021 TikTok Superstar Griffin Johnson Explains His Vision To Innovate And Inspire © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus Roundup For May 9, 2021: Founder At Miami-Based Accelerator TheVentureCity Talks Returnly Exit, #MiamiTech And MoreAffirm, a leader in payments, recently announced it would acquire Returnly, a return and post-purchase payments solution, for $300 million.
Benzinga spoke with Laura González-Estéfani, the founder and CEO of Miami-based TheVentureCity, on her firm’s role in bolstering Returnly growth initiatives and steps going forward.
CME Group Ends In-Person Trade, Successfully Launches Micro Bitcoin FuturesWhat Happened:Founded in 1848, CME Group is an exchange that builds markets around derivatives like futures, or agreements to buy and sell assets at a particular price and time in the future.
The company has a long-standing history, offering global benchmark products based on interest rates, equity indices, foreign exchange, and commodities. In addition to building products, CME also facilitates and clears trades through its clearinghouse, CME Clearing.
The organization’s move to end in-person trade for most products accelerated around 2015, after open outcry fell to just 1% of total volume. Now, only CME’s Eurodollar options pit will continue to operate.
Takeaway:The move to end in-person trade comes as the pandemic accelerated the digital disruption in finance; by and large, market participants demand the efficiency, transparency, and prospects of growth electronic markets offer.
Adding, CME, in meeting the demands of emerging market participants, recently launched Micro Bitcoin futures, which are 1/10 the size of one bitcoin and 1/50 the size of the standard CME Bitcoin future. The smaller size makes the product easier to consume by smaller participants.
The product, thus far, has been well-received trading nearly 2.5 times as many contracts as the standard Bitcoin future, Tuesday.
Fintech Spotlight: Metromile To Accept Premiums, Pay Claims In BitcoinMetromile Inc, an insurance-focused fintech powered by data science and machine learning, announced Thursday it will allow policyholders the option to pay for insurance and receive payment for claims in Bitcoin or U.S. dollars.
JPMorgan, Confluence Expand Partnership, Improve Multi-Asset Portfolio AnalyticsJ.P. Morgan Chase & Co and global tech provider Confluence announced a new development in their partnership to deliver advanced multi-asset portfolio analytics solutions.
Lynk, UBS Group Collab Over Actionable, AI-Driven InsightsLynk, an AI-driven knowledge-as-a-service platform, and global wealth manager UBS Group AG formally announced a collaboration to help UBS’s institutional clients tap into expert insights during their investment process.
TikTok Superstar Griffin Johnson Explains His Vision To Innovate And InspireInfluencer marketing, which is on track to become a $15 billion industry by 2022, is a unique way for creators to monetize their content and outreach.
The problem with this industry is both the supply and demand dynamics, as well as an unfulfilling culture, according to some. More and more, creators are being faced with a tough decision, innovate or die.
22-year-old Illinois native Griffin Johnson has done just that. The media influencer, who recently made a pivot into angel investing and entrepreneurship, is not only looking to diversify his earnings but also spread increased value to his highly engaged audience, from his experiences networking with the likes of hedge fund manager Steve Cohen, Miami mayor Francis X. Suarez and others.
In an exclusive interview, Benzinga chatted with Johnson to learn more about his pivot to investing and entrepreneurship, as well as his vision for the future and how he will continue to engage those followers that have been with him since the beginning.
See more from Benzinga
• Click here for options trades from Benzinga
• Fintech Focus For May 7, 2021
• TikTok Superstar Griffin Johnson Explains His Vision To Innovate And Inspire
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Days of Torrid Dogecoin Gains Erased as Musk ‘SNL’ Episode Airs: (Bloomberg) -- Dogecoin, the fifth most valuable cryptocurrency, retreated from an all-time high after billionaire Elon Musk, appearing on “Saturday Night Live,” jokingly called it “a hustle.”
The altcoin had surpassed 73 cents on Saturday before dropping to 46.01 cents as of 8:08 a.m. in New York Sunday, a 35% decline in 24 hours, according to pricing from CoinGecko.
Dogecoin hadn’t been below 50 cents since May 4, amid a rally in anticipation of the “SNL” episode. The activity may also have affected Robinhood, which said earlier that it was having some issues with crypto trading, citing high volume and volatility.
Musk was asked repeatedly during the “Weekend Update” segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yeah, it’s a hustle.”
Musk, 49, is the world’s second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. In his monologue, he said he’s the first person with Asperger’s to host the show; Dan Aykroyd actually was. Musk helped drive Dogecoin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu, the dog breed that lends its image to the altcoin, on the set of the NBC show.
Dogecoin, a cryptocurrency that started as a joke in 2013, has surged more than 16,000% in the past year, according to CoinGecko. Musk has been among its biggest boosters, along with Mark Cuban, Snoop Dogg and Gene Simmons. Dogecoin traders around the world organized watch parties for the “SNL” episode.
An earlier Dogecoin reference came during the opening monologue where his mother, Maye Musk, joined him on stage. The author and model said she was excited about her Mother’s Day gift, and she hoped it’s not Dogecoin -- to which he said, “it is.”
In the character of the financial expert, Musk also called Dogecoin “the future of currency, it’s an unstoppable financial vehicle that’s going to take over the world.”
Meanwhile, DCG Holdco Inc. CEO Barry Silbert posted on Twitter hours before the “SNL” episode that he’d gone short Dogecoin via a leveraged token, and that it was time for people to convert Dogecoin into Bitcoin. He later added that if Dogecoin hits $1 by May 31, $1 million would be donated “to a charitable cause selected by the Dogecoin community.”
Bitcoin, the largest cryptocurrency, retreated more than 1% to about $58,000. Musk’s Tesla Inc. announced in February that it had bought $1.5 billion of Bitcoin, and the head of the electric-car giant himself has spoken of the digital asset in favorable terms.
Read more: It’s Hard to Take Dogecoin Seriously, But the Doge Doesn’t Care
Cryptocurrencies are “promising, but please invest with caution,” Musk tweeted on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That followed months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable.
For more articles like this, please visit us atbloomberg.com
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©2021 Bloomberg L.P. || Days of Torrid Dogecoin Gains Erased as Musk ‘SNL’ Episode Airs: (Bloomberg) -- Dogecoin, the fifth most valuable cryptocurrency, retreated from an all-time high after billionaire Elon Musk, appearing on “Saturday Night Live,” jokingly called it “a hustle.” The altcoin had surpassed 73 cents on Saturday before dropping to 46.01 cents as of 8:08 a.m. in New York Sunday, a 35% decline in 24 hours, according to pricing from CoinGecko. Dogecoin hadn’t been below 50 cents since May 4, amid a rally in anticipation of the “SNL” episode. The activity may also have affected Robinhood, which said earlier that it was having some issues with crypto trading, citing high volume and volatility. Musk was asked repeatedly during the “Weekend Update” segment to explain what Dogecoin is. After reciting multiple facts about the cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “hustle.” He responded, “yeah, it’s a hustle.” Musk, 49, is the world’s second-richest person with a net worth of $183.9 billion, according to the Bloomberg Billionaires Index. In his monologue, he said he’s the first person with Asperger’s to host the show; Dan Aykroyd actually was. Musk helped drive Dogecoin to new heights on Friday and Saturday after tweeting a picture of himself and a Shiba Inu, the dog breed that lends its image to the altcoin, on the set of the NBC show. Dogecoin, a cryptocurrency that started as a joke in 2013, has surged more than 16,000% in the past year, according to CoinGecko. Musk has been among its biggest boosters, along with Mark Cuban, Snoop Dogg and Gene Simmons. Dogecoin traders around the world organized watch parties for the “SNL” episode. An earlier Dogecoin reference came during the opening monologue where his mother, Maye Musk, joined him on stage. The author and model said she was excited about her Mother’s Day gift, and she hoped it’s not Dogecoin -- to which he said, “it is.” In the character of the financial expert, Musk also called Dogecoin “the future of currency, it’s an unstoppable financial vehicle that’s going to take over the world.” Meanwhile, DCG Holdco Inc. CEO Barry Silbert posted on Twitter hours before the “SNL” episode that he’d gone short Dogecoin via a leveraged token, and that it was time for people to convert Dogecoin into Bitcoin. He later added that if Dogecoin hits $1 by May 31, $1 million would be donated “to a charitable cause selected by the Dogecoin community.” Bitcoin, the largest cryptocurrency, retreated more than 1% to about $58,000. Musk’s Tesla Inc. announced in February that it had bought $1.5 billion of Bitcoin, and the head of the electric-car giant himself has spoken of the digital asset in favorable terms. Story continues Read more: It’s Hard to Take Dogecoin Seriously, But the Doge Doesn’t Care Cryptocurrencies are “promising, but please invest with caution,” Musk tweeted on Friday, linking to a video that showed him talking about the merits of crypto, particularly Dogecoin. That followed months of Twitter posts from Musk about the likes of Bitcoin and Dogecoin, almost all favorable. For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2021 Bloomberg L.P. View comments || HIVE Blockchain Technologies Is A Compelling Under-the-Radar Crypto Play: Investors who appreciate the fast pace of Bitcoin ( XBT ) and Ethereum ( ETH ) will like HIVE Blockchain Technologies ( HVBTF ). This stock can serve as a proxy for accounts that do not permit cryptocurrency trading, such as some retirement accounts. HIVE is involved in green energy, which is a red-hot market in 2021. Plus, HIVE now has a DeFi (decentralized finance) angle, which could enhance the company’s shareholder value even further. A Quick Look At HVBTF Stock Recently, HIVE’s stock has experienced lightning-fast price action. As recently as January of 2020, HVBTF stock was available for just 9 cents. It then soared to a 52-week high of $5.75 in February 2021. However, the share price has retraced to the $3 range since that time. ( See HIVE stock analysis on TipRanks ) This sector is prone to bouts of extreme volatility, so investors should be cautious. A small position in the stock could yield substantial returns – just make sure that you’re wearing your seat belt, as it could be a wild ride. A Green Energy Blockchain Leader Is it possible to invest in cryptocurrency mining and consider ESG (environmental, social and governance) factors at the same time? Cryptocurrency mining is notorious for using tremendous amounts of energy. Yet HIVE’s investor presentation confirms its commitment to clean, responsible crypto mining. HIVE conducts its crypto mining operations in cold climates because it is power-efficient, and therefore cost-efficient. The company mines for Ethereum and Bitcoin in Sweden, Iceland and Canada – some of the coldest regions in the world. This has contributed to improved profitability, with HIVE going from adjusted EBITDA of -$5 million in fiscal year 2019 to $7.8 million in fiscal year 2020. 2020 was the first year in which HIVE achieved profitability, and it has grown from there. Additionally, all of HIVE’s cryptocurrency mining facilities have been powered by green energy from day one. Further proving its commitment to going green, the company just acquired a massive data center in Canada with access to 50 megawatts of low-cost green power. Story continues Expanding Into DeFi Along with the company’s robust yet clean mining operations, HIVE is moving aggressively into the DeFi (decentralized finance) space. DeFi refers to financial applications built on blockchain technologies, which are meant to disrupt the traditional world of finance. The company is not building its own DeFi business from scratch, which would be a costly and time-consuming project. Instead, HIVE is engaging in a share swap with decentralized finance asset manager DeFi Technologies Inc. ( DEFI ). As a result of the share swap, HIVE will own around 5% of DeFi Technologies’ outstanding common shares, while DeFi Technologies will own roughly 1% of HIVE’s outstanding common shares. This partnership, according to the press release, will “provide HIVE with a strategic stake in DeFi Technologies and a broader partnership surrounding the DeFi ecosystem with a specific focus on the Ethereum based MEV space and developments surrounding it.” MEV refers to the amount of profit that cryptocurrency miners can extract from reordering and censoring transactions on the blockchain. In other words, this transaction will not only diversify HIVE’s business, but could also enhance HIVE’s profit potential as a cryptocurrency miner. Weighing All Of The Factors Looking at its TipRanks Smart Score, which is derived from 8 unique data sets, HIVE earns a 5. That means it is likely to perform in line with market averages. Takeaway For HIVE Blockchain Technologies and its shareholders, the deal with DeFi Technologies sounds like a win-win. Investors who are in the market for an ultra-efficient cryptocurrency miner with an ESG angle should find it in HIVE. To find other compelling plays in this fast-growing space, check out the Cryptocurrency Stock Comparison tool on TipRanks. Disclosure: On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.
[Social Media Buzz]
None available.
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56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68.
|
[Bitcoin Technical Analysis for 2015-08-19]
Volume: 60869200, RSI (14-day): 30.52, 50-day EMA: 265.80, 200-day EMA: 261.37
[Wider Market Context]
Gold Price: 1128.10, Gold RSI: 56.84
Oil Price: 40.80, Oil RSI: 25.51
[Recent News (last 7 days)]
Will The New York Times Piece Damage Amazon?: On August 15, the New York Times published an article slamming e-commerce giant Amazon.com, Inc. (NASDAQ: AMZN ) for its unforgiving corporate culture. The piece describes in with anecdotal stories how employees are pushed to their limits in an environment that thrives on tension and inspires fear. The piece gained traction on social media and many customers said it was enough to stop them from using the service in the future. However, shares of Amazon are up 72.46 percent year-to-date, leading many to wonder just how much damage the article will do. Bezos Strikes Back Following the release of the article, Amazon CEO Jeff Bezos sent out a staff memo in which he asked employees to contact him directly if they'd received the kind of treatment the New York Times had described. He maintained that Amazon's culture is very different from what was depicted and said he was shocked by the stories told. Other current Amazon employees took to the Internet in defense of Amazon, saying that the descriptions were inaccurate and that the company has been misrepresented. Related Link: Amazon's Quarter Was A 'Full-On Crusher' Solid Performance While the article may have temporarily tarnished Amazon's glow, the company's solid Q2 performance is likely to overshadow complaints about management from an investors' perspective. In July, the company released strong Q2 sales and impressive financials which suggest that Amazon is on an upward trajectory. From a money-making point of view, the article has done little hurt the retail giant's appeal. Public Perception In the social media age, public perception is a huge part of a company's success. SeaWorld Entertainment Inc . (NYSE: SEAS ) lost a huge volume of customers after being slammed in the media for its treatment of orcas and Amazon similarly runs the risk of being known as a cruel company that treats its workers poorly, something that could deter shoppers from using the site. However, so far the fallout from the article appears to be minimal, with most expecting more outrageous comments from the 2016 Presidential hopefuls to redirect the public's attention in the coming days. Story continues See more from Benzinga What's Happening To Media Stocks? Bitcoin Rewards Gain Popularity Bitcoin, Marijuana And Drones: Meet Trees © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Will The New York Times Piece Damage Amazon?: On August 15, the New York Times published anarticleslamming e-commerce giantAmazon.com, Inc.(NASDAQ:AMZN) for its unforgiving corporate culture. The piece describes in with anecdotal stories how employees are pushed to their limits in an environment that thrives on tension and inspires fear.
The piece gained traction on social media and many customers said it was enough to stop them from using the service in the future. However, shares of Amazon are up 72.46 percent year-to-date, leading many to wonder just how much damage the article will do.
Bezos Strikes Back
Following the release of the article, Amazon CEO Jeff Bezos sent outa staff memoin which he asked employees to contact him directly if they'd received the kind of treatment the New York Times had described. He maintained that Amazon's culture is very different from what was depicted and said he was shocked by the stories told. Other current Amazon employees took to the Internet in defense of Amazon, saying that the descriptions were inaccurate and that the company has been misrepresented.
Related Link:Amazon's Quarter Was A 'Full-On Crusher'
Solid Performance
While the article may have temporarily tarnished Amazon's glow, the company's solid Q2 performance is likely to overshadow complaints about management from an investors' perspective. In July, the company released strong Q2 sales and impressive financials which suggest that Amazon is on an upward trajectory.
From a money-making point of view, the article has done little hurt the retail giant's appeal.
Public Perception
In the social media age, public perception is a huge part of a company's success.SeaWorld Entertainment Inc. (NYSE:SEAS) lost a huge volume of customers after being slammed in the media for its treatment of orcas and Amazon similarly runs the risk of being known as a cruel company that treats its workers poorly, something that could deter shoppers from using the site.
However, so far the fallout from the article appears to be minimal, with most expecting more outrageous comments from the 2016 Presidential hopefuls to redirect the public's attention in the coming days.
See more from Benzinga
• What's Happening To Media Stocks?
• Bitcoin Rewards Gain Popularity
• Bitcoin, Marijuana And Drones: Meet Trees
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Reaches A Fork In The Road: Since its arrival on the fintech scene, bitcoin has always been an open source, decentralized cryptocurrency. That means that no individual can update the system without a consensus among bitcoin users.
However, a fiercedebatewithin the community has threatened to pull bitcoin users in two separate directions.
The Problem
The bitcoin community has been locked in a heated debate over whether or not developers should increase block sizes to greater than 1MB. A block records recent bitcoin transactions, and increasing its size would help to accommodate the cryptocurrency's growing demand. However, critics say that making blocks larger could prevent ordinary users from hosting and would lead to more centralization.
Related Link:Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched
A Choice To Make
Now, developers Gavin Andresen and Mike Hearn have released a new version of software called Bitcoin XT which supports increased block sizes. The move has forced users to choose between Bitcoin Core, which keeps blocks under 1MB, or Bitcoin XT which allows their expansion when necessary.
Core Or XT?
While the two are compatible at the moment, Bitcoin XT is planning to update its system to incorporate larger block sizes if 75 percent of the cryptocurrency's users adopt it. Many worry that even if XT gains the majority needed for an update, the 25 percent of Core users will continue with that system. Such a decision would effectively tear the currency in two and could have the potential to significantly decrease adoption of the cryptocurrencies as a whole.
See more from Benzinga
• Automation Serves Up Massive Travel Delays For The Second Time This Summer
• Disney Looks To A Galaxy Far, Far Away To Revamp Its Theme Parks
• Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Reaches A Fork In The Road: Since its arrival on the fintech scene, bitcoin has always been an open source, decentralized cryptocurrency. That means that no individual can update the system without a consensus among bitcoin users. However, a fierce debate within the community has threatened to pull bitcoin users in two separate directions. The Problem The bitcoin community has been locked in a heated debate over whether or not developers should increase block sizes to greater than 1MB. A block records recent bitcoin transactions, and increasing its size would help to accommodate the cryptocurrency's growing demand. However, critics say that making blocks larger could prevent ordinary users from hosting and would lead to more centralization. Related Link: Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched A Choice To Make Now, developers Gavin Andresen and Mike Hearn have released a new version of software called Bitcoin XT which supports increased block sizes. The move has forced users to choose between Bitcoin Core, which keeps blocks under 1MB, or Bitcoin XT which allows their expansion when necessary. Core Or XT? While the two are compatible at the moment, Bitcoin XT is planning to update its system to incorporate larger block sizes if 75 percent of the cryptocurrency's users adopt it. Many worry that even if XT gains the majority needed for an update, the 25 percent of Core users will continue with that system. Such a decision would effectively tear the currency in two and could have the potential to significantly decrease adoption of the cryptocurrencies as a whole. See more from Benzinga Automation Serves Up Massive Travel Delays For The Second Time This Summer Disney Looks To A Galaxy Far, Far Away To Revamp Its Theme Parks Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Reaches A Fork In The Road: Since its arrival on the fintech scene, bitcoin has always been an open source, decentralized cryptocurrency. That means that no individual can update the system without a consensus among bitcoin users.
However, a fiercedebatewithin the community has threatened to pull bitcoin users in two separate directions.
The Problem
The bitcoin community has been locked in a heated debate over whether or not developers should increase block sizes to greater than 1MB. A block records recent bitcoin transactions, and increasing its size would help to accommodate the cryptocurrency's growing demand. However, critics say that making blocks larger could prevent ordinary users from hosting and would lead to more centralization.
Related Link:Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched
A Choice To Make
Now, developers Gavin Andresen and Mike Hearn have released a new version of software called Bitcoin XT which supports increased block sizes. The move has forced users to choose between Bitcoin Core, which keeps blocks under 1MB, or Bitcoin XT which allows their expansion when necessary.
Core Or XT?
While the two are compatible at the moment, Bitcoin XT is planning to update its system to incorporate larger block sizes if 75 percent of the cryptocurrency's users adopt it. Many worry that even if XT gains the majority needed for an update, the 25 percent of Core users will continue with that system. Such a decision would effectively tear the currency in two and could have the potential to significantly decrease adoption of the cryptocurrencies as a whole.
See more from Benzinga
• Automation Serves Up Massive Travel Delays For The Second Time This Summer
• Disney Looks To A Galaxy Far, Far Away To Revamp Its Theme Parks
• Bitcoin's Image As A Tool For Criminals May Not Be Far-Fetched
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || BitX Selects Zazoo to Offer Interoperable Spend via Mobile Virtual Card Technology: LONDON, UNITED KINGDOM --(Marketwired - August 13, 2015) - ZAZOO , a business unit of Net 1 UEPS Technologies, Inc. ("Net1") ( UEPS ) (JSE:NT1) , has signed an exclusive deal with BitX , a leading universal Bitcoin platform that will make it possible for Bitcoin users to spend their crypto-currency online or in-app exclusively using VCpay, ZAZOO's patented mobile virtual card ("MVC") technology. "We are very excited to be working with BitX as crypto-currencies are starting to gain prominence worldwide, and are positioned to be one of the next big things in the fin-tech space," says Philip Belamant, Managing Director of ZAZOO. "This collaboration eliminates the current challenge experienced by these new currencies, namely that of interoperability with the existing financial system, by providing a seamless gateway between crypto-currencies and traditional payment channels, resulting in the immediate and pervasive acceptance of Bitcoins as a payment currency in the online world. This collaboration will enable BitX and VCpay users to now spend Bitcoins agnostically, anywhere online and anywhere in the world, without any changes to the existing acquiring or switching infrastructures. We believe that BitX is an ideal partner for our technology as it is a rising star in the crypto-currency field, and supported by astute investors such as Naspers," says Belamant. Marcus Swanepoel, Chief Executive Officer of BitX said: "The gap between the speculative trade in digital currency and users' ability to trade the currency for any item that they choose is closing, with VCpay as a critical enabler in this transition." Bitcoin is a decentralised digital commodity that provides an alternative to transacting with traditional currencies. Bitcoin is like digital cash, and can be transferred from person to person or from a person to a business, instantly, securely and irreversibly, without going via a processing house. Users can buy and sell Bitcoin from Bitcoin platforms like BitX, using traditional currencies, and they can use the crypto-currency to buy a select range of goods and services online and offline. "Inter-connecting VCpay and BitX means that anyone who has Bitcoin will be able use MVCs from their mobile device, completely offline and without the need to access a mobile phone network," says Belamant. "Customers can then use these MVCs to pay for goods and services online or at any merchant that accepts debit or credit card payments, or they can transfer funds to family or friends who do not own Bitcoin via standard remittance applications." Story continues Users activate VCpay by following a simple over-the-air registration process and linking the application to numerous funding options, including credit cards, EFTs, direct top-ups, crypto-currencies and more. VCpay provides a secure alternative to conventional plastic cards by using existing international payment structures. MVC technology can thus be used anywhere in the world, without requiring merchants to make any changes to their hardware or software platforms. MVC is also NFC ready and can be used to transact at NFC enabled points of sale. The deal between VCpay and BitX will make it possible for Bitcoin users to integrate the various virtual worlds in which they operate in order for them to gain tangible benefits. For example, an MMO ("Massively Multiplayer Online") gamer will be able to sell materials within the game in exchange for Bitcoins and will then be able to generate a VCpay MVC to pay for his UBER ride. Alternatively, he could speculate in Bitcoins on BitX and convert his balance or gains into a VCpay MVC to spend anywhere online. "We look forward to rolling out this technology over the coming months, and whilst users will be able to spend their Bitcoin funded virtual card anywhere in the world, the initial target markets include Europe, Singapore, Philippines, South Africa, Nigeria, Kenya, Malaysia and Indonesia," adds Belamant. About ZAZOO ( www.zazooltd.com ) ZAZOO is an aggregation of innovative technology companies and a leading provider of payment solutions and transaction processing services. ZAZOO's diverse product offering is consolidated into five primary business lines, namely: Mobile Banking, MNO Solutions, Third Party Payments, Cryptography, and Smart Card technologies. About Net 1 UEPS Technologies, Inc. ( www.net1.com ) Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System ("UEPS"), to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. Net1's UEPS/EMV solution is interoperable with global EMV standards that seamlessly permit access to all the UEPS functionality in a traditional EMV environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification. Net1 operates market-leading payment processors in South Africa and the Republic of Korea. In addition, Net1's proprietary MVC technology offers secure mobile payments and banking services in developed and emerging countries. Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock Exchange. About BitX ( https://bitx.co/ ) BitX was founded in 2013 and is headquartered in Singapore with offices in Cape Town and Jakarta. The company aims to make money frictionless and universally accessible by building an open, intelligent global platform that leverages the most optimal technologies available, including Bitcoin and the blockchain. || BitX Selects Zazoo to Offer Interoperable Spend via Mobile Virtual Card Technology: LONDON, UNITED KINGDOM--(Marketwired - August 13, 2015) -ZAZOO, a business unit of Net 1 UEPS Technologies, Inc. ("Net1")(UEPS)(JSE:NT1), has signed an exclusive deal withBitX, a leading universalBitcoinplatform that will make it possible for Bitcoin users to spend their crypto-currency online or in-app exclusively using VCpay™, ZAZOO's patented mobile virtual card ("MVC") technology.
"We are very excited to be working with BitX as crypto-currencies are starting to gain prominence worldwide, and are positioned to be one of the next big things in the fin-tech space," says Philip Belamant, Managing Director of ZAZOO.
"This collaboration eliminates the current challenge experienced by these new currencies, namely that of interoperability with the existing financial system, by providing a seamless gateway between crypto-currencies and traditional payment channels, resulting in the immediate and pervasive acceptance of Bitcoins as a payment currency in the online world. This collaboration will enable BitX and VCpay™ users to now spend Bitcoins agnostically, anywhere online and anywhere in the world, without any changes to the existing acquiring or switching infrastructures. We believe that BitX is an ideal partner for our technology as it is a rising star in the crypto-currency field, and supported by astute investors such as Naspers," says Belamant.
Marcus Swanepoel, Chief Executive Officer of BitX said: "The gap between the speculative trade in digital currency and users' ability to trade the currency for any item that they choose is closing, with VCpay™ as a critical enabler in this transition."
Bitcoin is a decentralised digital commodity that provides an alternative to transacting with traditional currencies. Bitcoin is like digital cash, and can be transferred from person to person or from a person to a business, instantly, securely and irreversibly, without going via a processing house. Users can buy and sell Bitcoin from Bitcoin platforms like BitX, using traditional currencies, and they can use the crypto-currency to buy a select range of goods and services online and offline."Inter-connecting VCpay™ and BitX means that anyone who has Bitcoin will be able use MVCs from their mobile device, completely offline and without the need to access a mobile phone network," says Belamant. "Customers can then use these MVCs to pay for goods and services online or at any merchant that accepts debit or credit card payments, or they can transfer funds to family or friends who do not own Bitcoin via standard remittance applications."
Users activate VCpay™ by following a simple over-the-air registration process and linking the application to numerous funding options, including credit cards, EFTs, direct top-ups, crypto-currencies and more. VCpay™ provides a secure alternative to conventional plastic cards by using existing international payment structures. MVC technology can thus be used anywhere in the world, without requiring merchants to make any changes to their hardware or software platforms. MVC is also NFC ready and can be used to transact at NFC enabled points of sale.
The deal between VCpay™ and BitX will make it possible for Bitcoin users to integrate the various virtual worlds in which they operate in order for them to gain tangible benefits. For example, an MMO ("Massively Multiplayer Online") gamer will be able to sell materials within the game in exchange for Bitcoins and will then be able to generate a VCpay™ MVC to pay for his UBER ride. Alternatively, he could speculate in Bitcoins on BitX and convert his balance or gains into a VCpay™ MVC to spend anywhere online.
"We look forward to rolling out this technology over the coming months, and whilst users will be able to spend their Bitcoin funded virtual card anywhere in the world, the initial target markets include Europe, Singapore, Philippines, South Africa, Nigeria, Kenya, Malaysia and Indonesia," adds Belamant.About ZAZOO(www.zazooltd.com)ZAZOO is an aggregation of innovative technology companies and a leading provider of payment solutions and transaction processing services. ZAZOO's diverse product offering is consolidated into five primary business lines, namely: Mobile Banking, MNO Solutions, Third Party Payments, Cryptography, and Smart Card technologies.
About Net 1 UEPS Technologies, Inc. (www.net1.com)Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System ("UEPS"), to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. Net1's UEPS/EMV solution is interoperable with global EMV standards that seamlessly permit access to all the UEPS functionality in a traditional EMV environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification. Net1 operates market-leading payment processors in South Africa and the Republic of Korea. In addition, Net1's proprietary MVC technology offers secure mobile payments and banking services in developed and emerging countries. Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock Exchange.
About BitX (https://bitx.co/)BitX was founded in 2013 and is headquartered in Singapore with offices in Cape Town and Jakarta. The company aims to make money frictionless and universally accessible by building an open, intelligent global platform that leverages the most optimal technologies available, including Bitcoin and the blockchain. || Car Sharing Is Transforming The German Auto Market: In busy German cities, the need to own a car is steadily decreasing. Residents, who say the expenses associated with owning their own vehicle and the hassle of finding a parking space are not worth it, have turned to car-sharing services, which have caught on in a big way. While the idea of sharing a car rather than buying it may not sound like a good business plan for an automaker, German car manufacturers BMW AG and Daimler AG (OTC: DDAIF ) have both launched their own successful sharing programs. Taking Off Car sharing has exploded in popularity in Germany where many young people who would ordinarily buy a mid-range vehicle are opting instead to save that cash and enroll in a sharing service that allows them to drive higher end vehicles like BMW's. The result has been a decline in car ownership in major cities, which has in turn cut down on vehicle density. Related Link: Uber To Shift Into Financial Services What's In It For Them? For car dealers like BMW and Daimler, car sharing represents an interesting opportunity to gain loyal customers. Young professionals in their 30's use the service at a time when they would have traditionally purchased their own car. As the target market for higher-end vehicles tends to center on a higher age group between 40-50 years old, the car sharing service gives younger people a chance to get hooked on the car maker's brand. Working Together Daimler's Car2Go service and BMW's DriveNow program are both hoping to see their success in Germany replicated in other cities around the world. Car2Go has already begun setting up shop in places like Milan and Columbus, Ohio, while DriveNow is working to secure deals on free parking for its drivers. See more from Benzinga Security Proves A Challenge In Today's Market Yet Again How China's Devaluation Is Impacting Markets Are Yuan Holders Turning To Bitcoin? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Car Sharing Is Transforming The German Auto Market: In busy German cities, the need to own a car is steadily decreasing. Residents, who say the expenses associated with owning their own vehicle and the hassle of finding a parking space are not worth it, have turned to car-sharing services, which have caught on in a big way.
While the idea of sharing a car rather than buying it may not sound like a good business plan for an automaker, German car manufacturersBMW AGandDaimler AG(OTC:DDAIF) have both launched their own successful sharing programs.
Taking Off
Car sharing hasexploded in popularityin Germany where many young people who would ordinarily buy a mid-range vehicle are opting instead to save that cash and enroll in a sharing service that allows them to drive higher end vehicles like BMW's. The result has been a decline in car ownership in major cities, which has in turn cut down on vehicle density.
Related Link:Uber To Shift Into Financial Services
What's In It For Them?
For car dealers like BMW and Daimler, car sharing represents an interesting opportunity to gain loyal customers. Young professionals in their 30's use the service at a time when they would have traditionally purchased their own car. As the target market for higher-end vehicles tends to center on a higher age group between 40-50 years old, the car sharing service gives younger people a chance to get hooked on the car maker's brand.
Working Together
Daimler's Car2Go service and BMW's DriveNow program are both hoping to see their success in Germany replicated in other cities around the world. Car2Go has already begun setting up shop in places like Milan and Columbus, Ohio, while DriveNow is working to secure deals on free parking for its drivers.
See more from Benzinga
• Security Proves A Challenge In Today's Market Yet Again
• How China's Devaluation Is Impacting Markets
• Are Yuan Holders Turning To Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
1 #BTC (#Bitcoin) quotes:
$231.91/$232.00 #Bitstamp
$228.62/$229.50 #BTCe
⇢$-3.38/$-2.41
$233.49/$233.71 #Coinbase
⇢$1.49/$1.80 || Bitcoin traded at $218.17 USD on BTC-e at 05:00 PM Pacific Time || Current price: 148.88£ $BTCGBP $btc #bitcoin 2015-08-19 06:00:02 BST || Current price: 143.41£ $BTCGBP $btc #bitcoin 2015-08-19 23:00:04 BST || LIVE: Profit = $200.69 (0.54 %). BUY B162.10 @ $230.00 (#BTCe). SELL @ $231.50 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || LIVE: Profit = $536....
|
235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33.
|
[Bitcoin Technical Analysis for 2016-07-06]
Volume: 134960992, RSI (14-day): 54.33, 50-day EMA: 612.18, 200-day EMA: 482.90
[Wider Market Context]
Gold Price: 1364.90, Gold RSI: 74.57
Oil Price: 47.43, Oil RSI: 47.77
[Recent News (last 7 days)]
EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. ($1 = 0.8967 euros) (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee
STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism.
Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions.
Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros.
"Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said.
Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds.
French authorities have proved that pre-paid cards were used by the Paris attackers.
Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money.
MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them.
The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector.
The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing.
In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public.
Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts.
"These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said.
"However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added.
Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law.
(Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism. Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions. Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros. "Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said. Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds. French authorities have proved that pre-paid cards were used by the Paris attackers. Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money. MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them. The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector. The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing. In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public. Story continues Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts. "These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said. "However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added. Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law. (Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || EU proposes stricter rules on Bitcoin, prepaid cards in terrorism fight: By Foo Yun Chee
STRASBOURG (Reuters) - The European Commission proposed on Tuesday stricter rules on the use of virtual currencies and prepaid cards in a bid to reduce anonymous payments and curb the financing of terrorism.
Virtual currency exchange platforms will have to increase checks on the identities of people exchanging virtual currencies, such as Bitcoin, for real currencies and report suspicious transactions.
Under the Commission's proposals the threshold for making anonymous payments with pre-paid cards was lowered to 150 euros ($167.28) from 250 euros.
"Member states will be able to get and share vital information about who really owns companies or trusts, who is dealing in online currencies, and who is using pre-paid cards," EU Commission First Vice-President Frans Timmermans said.
Following attacks in Paris last November by Islamic State militants the EU executive said it would step up measures to cut off terrorists' access to funds.
French authorities have proved that pre-paid cards were used by the Paris attackers.
Prepaid cards are issued by a wide range of operators including banks using major networks, such as Visa and MasterCard. They are different from debit and credit cards because they need to be loaded before payments can be made, but can carry substantial amounts of money.
MasterCard said it supported the Commission's objective of strengthening the security of prepaid cards while ensuring that people less well-off could still use them.
The proposed higher controls on virtual currencies and pre-paid cards "are important in tackling black market and terrorist financing", said Chas Roy-Chowdhury, head of tax at ACCA, which represents the interests of the accountancy sector.
The Commission proposed increasing the amount of checks banks have to carry out on financial flows from risky third countries, namely states with poor anti-money laundering rules and difficulties countering terrorism financing.
In a bid to end tax evasion after the publication in April of the Panama Papers - which revealed widespread tax avoidance practices by wealthy individuals - the Commission also proposed rules requiring the beneficial owners of trusts to be recorded in registers that in many cases will be accessible to the public.
Existing and new accounts will be subject to due diligence controls and the Commission will look into finding effective ways for each member state to share information on beneficial owners of companies and trusts.
"These proposals for public registers will be welcomed by citizens and anti-corruption activists who want to follow the trail of dirty money," Laure Brillaud, Transparency International EU policy officer, said.
"However, we are concerned that it will be all too easy to evade being on the registers in the first place by gaming the rules on trusts. By simply nominating a non-EU resident as a trustee the secrecy can carry on as before," she added.
Tuesday's proposals will need to be approved by the EU Parliament and EU states before they become law.
(Writing by Julia Fioretti and Ines Kagubare; editing by Susan Thomas) || WRIT Media Group Announces Beta Availability of CrypStock Crypto Currency Exchange: LOS ANGELES, CA--(Marketwired - Jul 5, 2016) - WRIT Media Group, Inc. ( OTCQB : WRIT ) today introduces beta availability for its CrypStock crypto currency exchange at the following website: www.CrypStock.com . CrypStock is a crypto-currency exchange, striving to combine the crypto-currency uniqueness with the benefits of a user-friendly but sophisticated exchange system. The platform aims to give a great user experience matched with fast support, and will add new digital currencies based on popularity and requests by account holders. The Company plans to introduce a number of proprietary trading modules, including: Binary options on the Bitcoin/USD pair - the simplest type of derivative financial instruments, allowing traders to make potential profit from trend forecasting. Futures on the Bitcoin/USD pair - the most popular financial instrument in the world, providing an ability to trade with big leverage and volume. Algorithm trading subsystem - traders will benefit from a friendly visual wizard for automatic trading creation, back-testing and real-time execution. "Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company's Pelecoin currency," states Eric Mitchell, President of WRIT Media Group. "Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding." WRIT Media Group plans to integrate a full system into the platform to run a digital currency exchange, including a solution for automatic market-making on exchange using third party exchanges. When launched, it will work with Pelecoin, Bitcoin and other digital currency exchanges around the world. "Having the opportunity to test and plan, with early access by real clients, has been very helpful while preparing for the planned 2017 CrypStock launch," adds Mr. Mitchell. Story continues Opening a CrypStock Account New users can sign up online for free and secure their own CrypStock trading account by completing a New Account Application Form at www.crypstock.com . Once registered, users can navigate the beta version of the trading platform to monitor trading prices for various digital currencies, execute sample trades in various currencies, and provide feedback to WRIT Media Group's active development and support team. Upon its completion of external user acceptance testing, the exchange intends to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the US and abroad. Once registered, Pelecoin may be traded in several states in the US as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the Company's proprietary CrypStock trading platform. About WRIT Media Group WRIT Media Group, Inc. ( OTCQB : WRIT ) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions. The Company's portfolio of wholly owned businesses includes: Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming; Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles; Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions. Cautionary Note Regarding Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Pandora Venture Capital Corp., Pelecoin, CrypStock.com and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || WRIT Media Group Announces Beta Availability of CrypStock Crypto Currency Exchange: LOS ANGELES, CA--(Marketwired - Jul 5, 2016) - WRIT Media Group, Inc. (OTCQB:WRIT) today introduces beta availability for its CrypStock crypto currency exchange at the following website:www.CrypStock.com.CrypStock is a crypto-currency exchange, striving to combine the crypto-currency uniqueness with the benefits of a user-friendly but sophisticated exchange system. The platform aims to give a great user experience matched with fast support, and will add new digital currencies based on popularity and requests by account holders.
The Company plans to introduce a number of proprietary trading modules, including:
• Binary optionson the Bitcoin/USD pair - the simplest type of derivative financial instruments, allowing traders to make potential profit from trend forecasting.
• Futureson the Bitcoin/USD pair - the most popular financial instrument in the world, providing an ability to trade with big leverage and volume.
• Algorithm tradingsubsystem- traders will benefit from a friendly visual wizard for automatic trading creation, back-testing and real-time execution.
"Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company's Pelecoin currency," states Eric Mitchell, President of WRIT Media Group. "Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding."
WRIT Media Group plans to integrate a full system into the platform to run a digital currency exchange, including a solution for automatic market-making on exchange using third party exchanges. When launched, it will work with Pelecoin, Bitcoin and other digital currency exchanges around the world.
"Having the opportunity to test and plan, with early access by real clients, has been very helpful while preparing for the planned 2017 CrypStock launch," adds Mr. Mitchell.
Opening a CrypStock Account
New users can sign up online for free and secure their own CrypStock trading account by completing a New Account Application Form atwww.crypstock.com. Once registered, users can navigate the beta version of the trading platform to monitor trading prices for various digital currencies, execute sample trades in various currencies, and provide feedback to WRIT Media Group's active development and support team.
Upon its completion of external user acceptance testing, the exchange intends to register as a Money Service Business with the United States Department of Treasury and other necessary regulatory agencies in the US and abroad. Once registered, Pelecoin may be traded in several states in the US as a digital currency. Pelecoin is also finalizing the technical and regulatory ability to trade in Asia and other continents. Qualifying account holders will then be able to trade Pelecoin, other digital currencies, and derivatives on the Company's proprietary CrypStock trading platform.
About WRIT Media GroupWRIT Media Group, Inc. (OTCQB:WRIT) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions.
The Company's portfolio of wholly owned businesses includes:
• Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming;
• Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles;
• Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and
• Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions.
Cautionary Note Regarding Forward-Looking StatementsExcept for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Pandora Venture Capital Corp., Pelecoin, CrypStock.com and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || NetCents Partners with European Powerhouse Bitstamp: VANCOUVER BC / ACCESSWIRE / July 5, 2016 / NetCents Technology Inc.(CSE: NC)("NetCents" or the "Company")is proud to announce its newest partnership with Bitstamp Ltd., Europe's largest Bitcoin exchange and one of the world's leading industry players. This initiative opens up our platform for our users, provides even more access to digital currencies, and moves us into the European market.
"We are extremely excited about this integration with European powerhouse, Bitstamp. This is another important milestone in our ongoing global expansion and a key part of our business development strategy in broadening our services with leading blockchain groups," commented Clayton Moore, CEO & Founder. "NetCents will leverage this relationship to continue growing our digital currency options. We are committed to solidifying a robust, worldwide digital assets ecosystem that is secure, transparent, and regulated."
Bitstamp recently obtained a Payment Institution License in Luxembourg, which will legally allow them to operate as a financial platform in the European Union. Consisting of 28 countries, Bitstamp is the only licensed and regulated exchange in Europe. This partnership will yield several industry initiatives for the Company, further expanding its services and user base.
"Our team has made exponential progress building our high performance platform. We expect to grow substantially this year and look forward to continually adding new and innovative services as we do so," commented Gord Jessop, President & COO. "We have a number of exciting initiatives that will be launched this quarter as we are build our platform and team to scale with our users. This integration is expected to derive revenue in line with its projections and business model, and our team is excited on collaborating with Bitstamp to accelerate both of our growth strategies."
About Bitstamp
Bitstamp is a European Union (Luxembourg) based bitcoin marketplace. It allows people from all around the world to safely buy and sell Bitcoins. As of 2016, Bitstamp was the world's second largest exchange by volume. Bitstamp allows trading between USD, EUR currency and bitcoin, and acts as a gateway for the Ripple payment protocol.
In 2016, the Luxembourg government granted Bitstamp a license as a fully regulated Payment Institution. The license is usable around the 28 member states of the EU.
About NetCents
NetCents is an online payments platform, offering consumers and merchants online services for managing electronic payments. The Company is focused on capturing the migration from cash to digital currency by utilizing innovative Blockchain Technology to provide payment solutions that are simple to use, secure and worry free. NetCents works with its financial partners, mobile operators, exchanges, etc., to streamline the user experience of transacting online. NetCents technology is integrated into the Automated Clearing House ("ACH"), which ensures our consumer's security and privacy. This agreement allows the Company to expand its reach throughout the European Union and its 28 countries, enhancing the users online experience, granting them the freedom and convenience to Pay. Your Way.™
For the latest information on Blockchain, Bitcoin or Fintech we urge our readers to visit our Blog on our website (www.netcents.biz) or visit industry websites such as CoinDesk (www.coindesk.com) a world leader in news, prices and information on bitcoin and other digital currencies.
Further information about the Company it is available under its profile on the SEDAR website,www.sedar.com, on the CSE websitewww.thecse.com, on our websitewww.netcents.bizor contact Robert Meister, Capital Markets at Ph: 604.676.5248 or email:[email protected].
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO & Founder
NetCents Technology Inc.
Suite 1500, 885 West Georgia Street
Vancouver, British Columbia V6C 3E8
The Canadian Securities Exchange has neither approved nor disapproved of the contents of this press release. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE:NetCents Technology Inc. || Wall Street's favorite technology set out to disrupt how we transfer money, but may end up changing everything else instead: Bitcoin money laundering virtual currency transactions (Dana Byerlee, 33, of Santa Monica, prepares to use one of Southern California's first two bitcoin-to-cash ATMs, in Locali Conscious Convenience store in Venice, Los Angeles, California, June 21, 2014.REUTERS/Lucy Nicholson) Bitcoin was created to revolutionize the way we pay for things. The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments. The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using it. No longer would you have to rely on a bank to verify transactions. The people who use Bitcoin double as the verification method using a technology known as the "blockchain." The widespread nature of Bitcoin means it can't be controlled by a malicious government or a single company. No single person has power over Bitcoin, and any changes to the payment system would have to be agreed upon by a majority of the people using it, a refreshing change from other payment methods. "Bitcoin is a very successful proof of concept for a peer to peer electronic cash system, which allows for the transfer of value over the internet without the need for a trusted third party," Citigroup analyst Keith Horowitz said in a note to clients. It's now becoming clear that bitcoin is unlikely to succeed in getting rid of cash or credit cards. There are too many barriers to its widespread availability. That doesn 't mean it's a failure, though. The technology that Bitcoin popularized is being put to use in other exciting areas now. (BII) Barriers It turns out that Bitcoin's biggest feature, its decentralized nature, is also one of its biggest weaknesses. Let's illustrate the problem with an example. Imagine sending money to a family member who is overseas, but accidentally typing in the wrong account number. On the Bitcoin network, you would have to contact the account you mistakenly sent money to and have them agree to send it back. If you had used a bank or credit card, the central power could resolve the issue, and refund your account with the money you mistakenly sent. Story continues Even if you manage to correctly send Bitcoin to your family member, they would have to find someone willing to trade their new Bitcoin into currency they could use locally. The decentralized nature of Bitcoin actually hurts it in an example like this. Additionally, in developed nations, a central power often help suppress volatility and increase adoption. It's hard to convince a user that Bitcoin is the best payment option when systems issued by banks and government entities are just as fast and easy to use. "When we compare Bitcoin to centralized systems on messaging, settlement and regulation, we believe that overall centralized systems come out on top, and consequently we do not believe that banks and the card networks (Visa/MasterCard) are at risk from disruption," Horowitz said. Bitcoin's impact on payments Despite it's shortcomings, Bitcoin is not a failure. It has succeeded in highlighting several problem areas in current payment systems, and people are working on a number of different options for utilizing the technology Bitcoin popularized. A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustration taken, June 8, 2016. REUTERS/Dado Ruvic/Illustration (A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustrationThomson Reuters) Major banks are investigating the practicality of a 'blockchain' technology , for example. Autonomous Research has called the technology a " game changer ," and Goldman Sachs has said the technology " has the potential to redefine transactions ." The estimated annual budget for blockchain initiatives on Wall Street is $1 billion . Goldman Sachs recently published a report highlighting practical use cases for blockchain outside of finance, including applications in the sharing economy, electricity market and in property. "Groundbreaking innovations have often come from not one but many different technologies coming together," Horowitz said. Bitcoin could provide a framework for incredibly quick microtransactions, which would revolutionize several industries. Imagine the streaming music services, like Spotify and Apple Music, paying an artist a small amount of money every time you play a song. This happens now, but is done slowly and is hard to track. Plumbing a database of music with a Bitcoin like technology would allow artists to be paid immediately for people listening to their work, and the system could theoretically work across streaming services. Bitcoin also has interesting applications in the Internet of Things.As more of our everyday objects start connecting to the internet, the potential for small micropayments increases. Imagine your dryer, fridge and AC all communicating with each other and talking to the power grid to barter over power usage. A decentralized, Bitcoin like system could allow these devices to all talk to each other . Instead of having to be connected to a centralized hub the devices could provide their own smarts. The possible applications of Bitcoin technology are potentially infinite, and are only just starting to be realized. NOW WATCH: MICHAEL MOORE: 'I think there’s an excellent chance' Trump will be president More From Business Insider Here's what the $99 flight from LA to Iceland is like A right-wing experiment sarcastically known as the 'bank of KDOT' is ruining Kansas' roads The Warriors recruited Kevin Durant with a pitch that should terrify the rest of the NBA || Wall Street's favorite technology set out to disrupt how we transfer money, but may end up changing everything else instead: (Dana Byerlee, 33, of Santa Monica, prepares to use one of Southern California's first two bitcoin-to-cash ATMs, in Locali Conscious Convenience store in Venice, Los Angeles, California, June 21, 2014.REUTERS/Lucy Nicholson)
Bitcoin was created to revolutionize the way we pay for things.
The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments.
The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using it.
No longer would you have to rely on a bank to verify transactions. The people who use Bitcoin double as the verification method using a technology known as the "blockchain."
The widespread nature of Bitcoin means it can't be controlled by a malicious government or a single company. No single person has power over Bitcoin, and any changes to the payment system would have to be agreed upon by a majority of the people using it, a refreshing change from other payment methods.
"Bitcoin is a very successful proof of concept for a peer to peer electronic cash system, which allows for the transfer of value over the internet without the need for a trusted third party," Citigroup analyst Keith Horowitz said in a note to clients.
It's now becoming clear that bitcoin is unlikely tosucceed in getting rid of cash or credit cards. There are too many barriers to its widespread availability.That doesn't mean it's a failure, though.The technology that Bitcoin popularized is being put to use in other exciting areas now.
It turns out that Bitcoin's biggest feature, its decentralized nature, is also one of its biggest weaknesses.
Let's illustrate the problem with an example.
Imagine sending money to a family member who is overseas, but accidentally typing in the wrong account number. On the Bitcoin network, you would have to contact the account you mistakenly sent money to and have them agree to send it back. If you had used a bank or credit card, the central power could resolve the issue, and refund your account with the money you mistakenly sent.
Even if you manage to correctly send Bitcoin to your family member, they would have to find someone willing to trade their new Bitcoin into currency they could use locally.
The decentralized nature of Bitcoin actually hurts it in an example like this.
Additionally, in developed nations, a central power often help suppress volatility and increase adoption. It's hard to convince a user that Bitcoin is the best payment option when systems issued by banks and government entities are just as fast and easy to use.
"When we compare Bitcoin to centralized systems on messaging, settlement and regulation, we believe that overall centralized systems come out on top, and consequently we do not believe that banks and the card networks (Visa/MasterCard) are at risk from disruption," Horowitz said.
Despite it's shortcomings, Bitcoin is not a failure. It has succeeded in highlighting several problem areas in current payment systems, and people are working on a number of different options for utilizing the technology Bitcoin popularized.
(A 3D printed people's models are seen in front of a displayed Airbnb logo in this illustrationThomson Reuters)
Major banks are investigating thepracticality of a 'blockchain' technology, for example.
Autonomous Research has called the technology a "game changer," and Goldman Sachs has said the technology "has the potential to redefine transactions."
The estimated annual budget for blockchain initiativeson Wall Street is $1 billion.
Goldman Sachs recently published areport highlighting practical use casesfor blockchain outside of finance, including applications in the sharing economy, electricity market and in property.
"Groundbreaking innovations have often come from not one but many different technologies coming together," Horowitz said.
Bitcoin could provide a framework for incredibly quick microtransactions, which would revolutionize several industries.
Imagine the streaming music services, like Spotify and Apple Music, paying an artist a small amount of money every time you play a song. This happens now, but is done slowly and is hard to track.
Plumbing a database of music with a Bitcoinlike technology would allow artists to be paid immediately for people listening to their work, and the system could theoretically work across streaming services.
Bitcoin also has interesting applications in the Internet of Things.As more of our everyday objects start connecting to the internet, the potential for small micropayments increases.
Imagine your dryer, fridge and AC all communicating with each other and talking to the power grid to barter over power usage. A decentralized, Bitcoin like systemcould allow these devices to all talk to each other. Instead of having to be connected to a centralized hub the devices could provide their own smarts.
The possible applications of Bitcoin technology are potentially infinite, and are only just starting to be realized.
NOW WATCH:MICHAEL MOORE: 'I think there’s an excellent chance' Trump will be president
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• A right-wing experiment sarcastically known as the 'bank of KDOT' is ruining Kansas' roads
• The Warriors recruited Kevin Durant with a pitch that should terrify the rest of the NBA || As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half.
Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%.
In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF (SILJ) surged 181.1%, Global X Gold Explorers ETF (GLDX) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF (SLVP) advanced 129.5%, Global X Silver Miners ETF (SIL) increased 127.8% andVanEckVectors Gold Miners ETF (GDXJ) rose 118.9%.
SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining (CDE), 14.2% Pan American Silver (PAAS) and 14.1% First Majestic Silver (AG). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure.
Related:Playing It Safe With Gold Miners ETFs
GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies.
SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp (SLW).
SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW.
Related:Another Rally Looms for Gold ETFs
Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K.
Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook.
Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June.
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During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit.
Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices.
Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world.
Related:A New Leg up Could be Coming for Gold ETFs
The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them.
Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares (GLD) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June.
We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated.
For more information on the Gold ETFs, visit ourGold category.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || As Q3 Begins, Gold Miner ETFs Keep Shining: Looking back to the first half of 2016, exchange traded funds that track precious metals miners have been the top performers so far this year, and the metal producers group may continue to shine through the second half. Year-to-date, the S&P 500 rose 2.4%, the Dow Jones Industrial Average gained 2.9% and the Nasdaq Composite dipped 3.9%. In contrast, among the top ETFs of the year, the PureFunds ISE Junior Silver ETF ( SILJ ) surged 181.1%, Global X Gold Explorers ETF ( GLDX ) jumped 137.4%, iShares MSCI Global Silver Miners Fund ETF ( SLVP ) advanced 129.5%, Global X Silver Miners ETF ( SIL ) increased 127.8% and VanEck Vectors Gold Miners ETF ( GDXJ ) rose 118.9%. SILJ tries to reflect the performance of the ISE Junior Silver (Small Cap Miners/Explorers) Index, which is comprised of silver exploration and mining exposure of small-cap companies, such as 16.5% Coeur Mining ( CDE ), 14.2% Pan American Silver ( PAAS ) and 14.1% First Majestic Silver ( AG ). The junior silver miner ETF has a large 67.8% tilt toward Canadian names, followed by 33.9% U.S. exposure. Related: Playing It Safe With Gold Miners ETFs GLDX tracks the Solactive Global Gold Explorers Total Return Index, which includes global gold miners, with heavy 81.8% emphasis on Canadian miners, along with 16.6% Australian companies. SLVP follows the MSCI ACWI Select Silver Miners Investable Market Index, which includes global silver mining stocks, and also has a large 63.7% tilt toward Canadian companies, along with 12.7% U.S., 12.0% U.K. and 5.4% Mexico. The silver miner ETF also holds a large 22.1% position in Silver Wheaton Corp ( SLW ). SIL, the largest silver miner-related ETF, tries to mirror the Solactive Global Silver Miners Total Return Index, which is also comprised of global silver miners. However, SIL has a lower 50.5% country tilt toward Canada, but a much larger 22.0% position in the U.S. and 21.0% in Mexico. Additionally, SIL is slightly more diversified, with only a 11.6% weight in SLW. Related: Another Rally Looms for Gold ETFs Lastly, GDXJ, the largest junior gold miner ETF, tries to reflect the performance of the MVIS Global Junior Gold Miners Index, which includes micro- and small-cap gold miners. The fund has a large 65.0% country weight toward Canada, along with 12.4% U.S., 8.8% Australia and 5.0% U.K. Precious metals miners have been the hot spot for most of the year as gold bullion strengthened on safe-haven demand and a more dovish Federal Reserve outlook. Gold prices have jumped 25% to $1,325.5 per ounce as of the end of June. Trending on ETF Trends Supply Concerns Linger for Oil ETFs Story continues 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely Winklevoss Bitcoin ETF Will Trade on BATS During the start of the year when the equities markets saw two-digit percentage point declines, investors shifted into the gold hard asset as a safe store of wealth. In addition, once equities started rebounding, traders maintained their gold positions on the depreciating U.S. dollar and the extended low rate outlook from the Federal Reserve, betting that precious metals will continue to be a good store of wealth and also help hedge against a more volatile outlook, such as the United Kingdom’s recent referendum vote on breaking away from the European Union, or Brexit. Meanwhile, gold miners, which have been among the worst performing assets over recent years, staged a rally on the sudden improvement in gold prices. Looking ahead, gold bullion and miners could continue to shine as a safe-haven play in a post-Brexit world. Related: A New Leg up Could be Coming for Gold ETFs The Fed has signaled it would slow the pace of interest rate normalization this year – higher interest rates typically weigh on gold prices since the hard asset provide no yield and would become less attractive to higher-yielding conservative debt assets in a rising rate environment. Moreover, futures traders are even pricing in a chance that the Fed is more likely to cut interest rates than raise them. Robust demand is also supporting the gold market. For instance, ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce. The SPDR Gold Shares ( GLD ) , the largest gold-related ETF by assets, has been the most popular ETF play of 2016, attracting $12.2 billion in net inflows as of the end of June. We might still see more out of the emerging markets as demand has not been as robust in the developing world. For instance, China has shown little demand, with the Shanghai Gold Exchange seeing muted growth in volume. While the higher prices may have deterred Asian buyers, demand could pick up if people expect prices to remain elevated. For more information on the Gold ETFs, visit our Gold category . The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. View comments || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn
SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday.
In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say.
Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation.
According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere.
“Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said.
The Secret Service and Bridges' attorney Steven Levin declined to comment.
In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence.
(Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman) || Former U.S. Secret Service agent suspected in additional Bitcoin thefts: By Joseph Menn SAN FRANCISCO (Reuters) - A Secret Service agent who stole money seized by the government in the investigation of underground drug bazaar Silk Road is now suspected of stealing money in at least two other cases, according to court filings unsealed on Thursday. In the larger of those cases, he is thought to have been behind the theft of about $700,000 worth of Bitcoin from a Secret Service account three months after the agency was urged to block his access, the documents say. Former agent Shaun Bridges pleaded guilty last year and was sentenced in December to nearly six years in prison for stealing more than $800,000 of the crypto currency Bitcoin during the Silk Road investigation. According to an affidavit unsealed Thursday, the Justice Department learned in April 2015 that Bridges might have kept a private cryptographic key giving him access to a Bitcoin wallet with the $700,000 in currency that the Silk Road task force had seized in 2014. The department urged the agency to move the funds elsewhere. “Unfortunately, the U.S. Secret Service did not do so and the funds were thereafter stolen, something the U.S, Secret Service only discovered once it was ordered by a court to pay a portion of the seizure back to affected claimants,” a team of prosecutors wrote in an accompanying motion. The Bitcoin in question was moved in July 2015 but only discovered missing in December, the affidavit said. The Secret Service and Bridges' attorney Steven Levin declined to comment. In the previous case, Bridges admitted he stole money from Silk Road accounts and framed someone else for it, leading Silk Road chief Ross Ulbricht to plan a murder. Ulbricht is now serving a life sentence. (Reporting by Joseph Menn; Editing by Cynthia Osterman)
[Social Media Buzz]
$673.75 at 16:15 UTC [24h Range: $665.01 - $679.00 Volume: 2825 BTC] || #TrinityCoin #TTY $ 0.000007 (0.95 %) 0.00000001 BTC (-0.00 %) || Bitstamp: $672.00
Bitfinex: $672.41
Coinbase: $672.82
Get a #Bitcion loan today https://goo.gl/smQBq1
#btc #FreeBitcoin || Current price of Bitcoin is $675.00. || One Bitcoin now worth $675.16@bitstamp. High $679.00. Low $665.01. Market Cap $10.629 Billion #bitcoin || Telegram Channel Solicits Bitcoin Donations for Jihadi Groups in Palestine https://t.co/1spa...
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640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63.
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[Bitcoin Technical Analysis for 2016-10-16]
Volume: 40298100, RSI (14-day): 71.31, 50-day EMA: 613.88, 200-day EMA: 565.06
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Coen brothers are writing 'Dark Web,' the Silk Road movie: Heads up,Fargofans: Fox is making a movie calledDark Webabout Silk Road founderRoss Ulbricht, and the studioenlistedthe help of the Coen brothers. The siblings are on board to write the film's screenplay based on theWiredseries that tells the story of Ulbricht's empire and its fall in the hands of authorities. Silk Road was once a thriving online black market selling illegal drugs, weapons and even the services of hitmen, where buyers and sellers dealt in Bitcoins as their main currency.
Ulbricht, who was known in the community under the pseudonym Dread Pirate Roberts, began building it back in 2010. Five years later, he wassentenced to lifein prison after he was convicted on seven charges of money laundering, drug trafficking, conspiracy and computer hacking, among other things. The controversial figure also ordered a hit on five people, including a blackmailer, according to a transcript of his conversations with assassins thatWiredpublished. While DPR paid for the hits,nobodyactually got killed.
As if those elements weren't enough to make a good thriller, one of the federal agents who investigated the case alsoreceiveda six-and-a-half year sentence. He was found guilty of stealing $800,000 worth of Bitcoins from the marketplace while the feds were investigating the case.
It's unclear if the Coen brothers will also directDark Web,but we're sure a lot of people will be thrilled if they sign up for that part, as well. Besides the crime thrillerFargo, they also directed and wrote a number of other award-winning films, includingTrue Grit,No Country for Old Menand Spielberg'sBridge of Spies. || Coen brothers are writing 'Dark Web,' the Silk Road movie: Heads up, Fargo fans: Fox is making a movie called Dark Web about Silk Road founder Ross Ulbricht , and the studio enlisted the help of the Coen brothers. The siblings are on board to write the film's screenplay based on the Wired series that tells the story of Ulbricht's empire and its fall in the hands of authorities. Silk Road was once a thriving online black market selling illegal drugs, weapons and even the services of hitmen, where buyers and sellers dealt in Bitcoins as their main currency. Ulbricht, who was known in the community under the pseudonym Dread Pirate Roberts, began building it back in 2010. Five years later, he was sentenced to life in prison after he was convicted on seven charges of money laundering, drug trafficking, conspiracy and computer hacking, among other things. The controversial figure also ordered a hit on five people, including a blackmailer, according to a transcript of his conversations with assassins that Wired published . While DPR paid for the hits, nobody actually got killed. As if those elements weren't enough to make a good thriller, one of the federal agents who investigated the case also received a six-and-a-half year sentence. He was found guilty of stealing $800,000 worth of Bitcoins from the marketplace while the feds were investigating the case. It's unclear if the Coen brothers will also direct Dark Web, but we're sure a lot of people will be thrilled if they sign up for that part, as well. Besides the crime thriller Fargo , they also directed and wrote a number of other award-winning films, including True Grit , No Country for Old Men and Spielberg's Bridge of Spies . || Payments In The Marijuana Industry: How Blockchain Can Increase Profit And Security: Blockchain was born with the bitcoin, conceived as a way to make databases secure but not managed by one single person. This allows “people who do not know or trust each other [to] build a dependable ledger,” an article fromThe Economistexplained.
As the technology evolved and became more programmable, other applications like tracing a product’s identity/authenticity were found for it. In some cases, blockchain technologies have even managed to replace banks and services like those offered byPaypal Holdings Inc(NASDAQ:PYPL),Moneygram International Inc(NASDAQ:MGI) orThe Western Union Company(NYSE:WU), making transactions faster, cheaper and more secure.
Related Link:You're So Money: NY Judge Rules Bitcoin Qualify As "Funds"
“While software reduces global inequalities through intellectual capital, the blockchain today is helping to reduce global inequalities through financial capital,” Forbes contributor Jonathan Chester explained in arecent piece.
The Marijuana Industry
The legal marijuana industry often finds big hurdles in the banking system; afraid of federal regulators and the money laundering risk derived from such a cash intensive space, most banks don’t want to open accounts for these companies. In this vacuum, a few companies have come up with creative solutions.
For instance,Tokken, provides online banking services to companies in the emerging marijuana industry. As per their site, they offer “safe payment methods to consumers, and a robust compliance platform to partner banks... [eliminating] the risk of money laundering by creating a virtual barrier to cash transactions.”
“Using an indelible Blockchain ledger to ensure data integrity and a proprietary compliance program based on structured analytic techniques, Tokken is designed to comply with every relevant regulatory requirement and provide a sustainable banking solution for the cannabis,” the site added.
CEO Lamine Zarrad recently sat down with Chester and explained that operating in cash costs the marijuana industry between 20 and 25 percent of its revenue. “This is typically lost through the costs of security, storage and shrinkage, a euphemism for employee theft,” he stated. “In order to get cash back into the banking systems, Marijuana companies will work with holding companies that will hold funds on behalf of the dispensary, which the dispensary can then access. In order to get funds into the accounts, these dispensaries need to hire groups of runners who take the cash to ATMs throughout the city to deposit cash in small batches.”
But, how can the company achieve this without recurring to a bank?
Related Link:Reads For The Weed-Kend: Franchising, Canada And Snoop Dogg, Damian Marley's Cannabis Prison Venture
As Chester expounded, blockchains were created specifically to avoid banks while still meeting most audit requirements — as each transaction is both public and protected from “book-cooks.” Tokken, for example, notarizes its transactions via Tierion, a platform that “puts an immutably cryptographic summary of business records on the blockchain, which permits verification while maintaining customer privacy,” Chester concluded.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.
See more from Benzinga
• Apple, PayPal A Couple Of The Only Stocks That Traded Green Today
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Payments In The Marijuana Industry: How Blockchain Can Increase Profit And Security: Blockchain was born with the bitcoin, conceived as a way to make databases secure but not managed by one single person. This allows “people who do not know or trust each other [to] build a dependable ledger,” an article from The Economist explained. As the technology evolved and became more programmable, other applications like tracing a product’s identity/authenticity were found for it. In some cases, blockchain technologies have even managed to replace banks and services like those offered by Paypal Holdings Inc (NASDAQ: PYPL ), Moneygram International Inc (NASDAQ: MGI ) or The Western Union Company (NYSE: WU ), making transactions faster, cheaper and more secure. Related Link: You're So Money: NY Judge Rules Bitcoin Qualify As "Funds" “While software reduces global inequalities through intellectual capital, the blockchain today is helping to reduce global inequalities through financial capital,” Forbes contributor Jonathan Chester explained in a recent piece . The Marijuana Industry The legal marijuana industry often finds big hurdles in the banking system; afraid of federal regulators and the money laundering risk derived from such a cash intensive space, most banks don’t want to open accounts for these companies. In this vacuum, a few companies have come up with creative solutions. For instance, Tokken , provides online banking services to companies in the emerging marijuana industry. As per their site, they offer “safe payment methods to consumers, and a robust compliance platform to partner banks... [eliminating] the risk of money laundering by creating a virtual barrier to cash transactions.” “Using an indelible Blockchain ledger to ensure data integrity and a proprietary compliance program based on structured analytic techniques, Tokken is designed to comply with every relevant regulatory requirement and provide a sustainable banking solution for the cannabis,” the site added. CEO Lamine Zarrad recently sat down with Chester and explained that operating in cash costs the marijuana industry between 20 and 25 percent of its revenue. “This is typically lost through the costs of security, storage and shrinkage, a euphemism for employee theft,” he stated. “In order to get cash back into the banking systems, Marijuana companies will work with holding companies that will hold funds on behalf of the dispensary, which the dispensary can then access. In order to get funds into the accounts, these dispensaries need to hire groups of runners who take the cash to ATMs throughout the city to deposit cash in small batches.” Story continues But, how can the company achieve this without recurring to a bank? Related Link: Reads For The Weed-Kend: Franchising, Canada And Snoop Dogg, Damian Marley's Cannabis Prison Venture As Chester expounded, blockchains were created specifically to avoid banks while still meeting most audit requirements — as each transaction is both public and protected from “book-cooks.” Tokken, for example, notarizes its transactions via Tierion, a platform that “puts an immutably cryptographic summary of business records on the blockchain, which permits verification while maintaining customer privacy,” Chester concluded. Full ratings data available on Benzinga Pro. Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card! Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above. See more from Benzinga Apple, PayPal A Couple Of The Only Stocks That Traded Green Today © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || THMiners Release 2 New CryptoCurrency Miners: MOUNTAIN VIEW, CA / ACCESSWIRE / October 14, 2016 / THMiners Inc. ( www.THMiners.com ) has officially launched two new, highly powerful miners for Bitcoin and Litecoin, two of the leading cryptocurrencies in the world. The company has developed the minersBitcoin Miner 60/THs and Litecoin Miner 1200MH/sto enable users to more easily process digital transactions and quickly monitor the release of new digital coins. Each miner retails at $3,000 and comes with all of the necessary equipment, including the control unit, cabling and casing, making it fast and easy to set up and operate. "We are absolutely thrilled to launch these two new cryptocurrency miners and make them available to people located all around the world," said David Treeman, CEO of THMiners. "Our top priority is to make sure our products allow users to make the most out of the digital currency revolution that continues to grow on a global level." THMiners's new Litecoin Miner 1200 MH/s comes with the ability to mine both Litecoin and a variety of other cryptocurrencies across the globe. Both miners have undergone comprehensive testing throughout multiple stages of their manufacturing processes, ensuring the highest standards of quality possible. The company, based in California, has a team of specialists on staff with years of experience working closely with both Bitcoin and Litecoin hardware. In creating its cryptocurrency miners, the team uses only top-quality materials and components, making the products highly durable and long-lasting for users. THMiners only accepts payment in Bitcoin, provides an extended 5-year warranty to cover any types of failure in its products and offers free shipping to anywhere in the world via UPS or FedEx. Bitcoin and Litecoin have risen significantly in popularity over the past several years, with one Bitcoin currently worth about $600 U.S. dollars. Litecoin is now worth a more modest four U.S. dollars, but has been gradually on the rise since its launch in 2011. In fact, retailers, financial institutions and members of the public are increasingly viewing these cybercurrencies as viable alternatives to more traditional forms of money, which are vulnerable to socioeconomic and political shocks occurring with greater frequency worldwide. Story continues THMiners aims to deliver high-tech solutions for effectively and profitably mining cryptocurrencies, using proprietary components rather than sourcing them from outside parties. All of its hardware, including the chips that run its miners, is manufactured at the company's partner facilities in Asia. This gives THMiners the ability to maintain quality while offering its products at affordable prices. For more information on THMiners and its new cryptocurrency miners, please visit http://www.THMiners.com . SOURCE: THMiners Inc. via Submit Press Release 123 || THMiners Release 2 New CryptoCurrency Miners: MOUNTAIN VIEW, CA / ACCESSWIRE / October 14, 2016 /THMiners Inc. (www.THMiners.com) has officially launched two new, highly powerful miners for Bitcoin and Litecoin, two of the leading cryptocurrencies in the world.
The company has developed the miners—Bitcoin Miner 60/THs and Litecoin Miner 1200MH/s—to enable users to more easily process digital transactions and quickly monitor the release of new digital coins. Each miner retails at $3,000 and comes with all of the necessary equipment, including the control unit, cabling and casing, making it fast and easy to set up and operate.
"We are absolutely thrilled to launch these two new cryptocurrency miners and make them available to people located all around the world," said David Treeman, CEO of THMiners. "Our top priority is to make sure our products allow users to make the most out of the digital currency revolution that continues to grow on a global level."
THMiners's new Litecoin Miner 1200 MH/s comes with the ability to mine both Litecoin and a variety of other cryptocurrencies across the globe. Both miners have undergone comprehensive testing throughout multiple stages of their manufacturing processes, ensuring the highest standards of quality possible.
The company, based in California, has a team of specialists on staff with years of experience working closely with both Bitcoin and Litecoin hardware. In creating its cryptocurrency miners, the team uses only top-quality materials and components, making the products highly durable and long-lasting for users. THMiners only accepts payment in Bitcoin, provides an extended 5-year warranty to cover any types of failure in its products and offers free shipping to anywhere in the world via UPS or FedEx.
Bitcoin and Litecoin have risen significantly in popularity over the past several years, with one Bitcoin currently worth about $600 U.S. dollars. Litecoin is now worth a more modest four U.S. dollars, but has been gradually on the rise since its launch in 2011. In fact, retailers, financial institutions and members of the public are increasingly viewing these cybercurrencies as viable alternatives to more traditional forms of money, which are vulnerable to socioeconomic and political shocks occurring with greater frequency worldwide.
THMiners aims to deliver high-tech solutions for effectively and profitably mining cryptocurrencies, using proprietary components rather than sourcing them from outside parties.
All of its hardware, including the chips that run its miners, is manufactured at the company's partner facilities in Asia. This gives THMiners the ability to maintain quality while offering its products at affordable prices.
For more information on THMiners and its new cryptocurrency miners, please visithttp://www.THMiners.com.
SOURCE:THMiners Inc. via Submit Press Release 123 || Traders take their position on bank stocks ahead of earnings: The " Fast Money " traders weighed in on the bank stocks ahead of earnings reports from Citigroup (NYSE: C) , Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM) before the market open on Friday. Trader Brian Kelly said he's keeping an eye on the financial sector, but thinks the "banks are a sell here." Trader Tim Seymour disagreed and said investors should be looking at the banks and find companies with relatively "pristine balance sheets" and "earnings power." Trader Karen Finerman said she likes the valuation of the banks at current levels. Disclosures: TIM SEYMOUR Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM KAREN FINERMAN Karen is long AAL, BAC, C, DAL, long DB calls, short DB preferred, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International. BRIAN KELLY Brian Kelly is long Bitcoin, DXJ, US Dollar UUP. He is short the euro and Japanese yen. GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. || Traders take their position on bank stocks ahead of earnings: The "Fast Money" traders weighed in on the bank stocks ahead of earnings reports from Citigroup(NYSE: C), Wells Fargo(NYSE: WFC)and JPMorgan Chase(NYSE: JPM)before the market open on Friday.
Trader Brian Kelly said he's keeping an eye on the financial sector, but thinks the "banks are a sell here."
Trader Tim Seymour disagreed and said investors should be looking at the banks and find companies with relatively "pristine balance sheets" and "earnings power."
Trader Karen Finerman said she likes the valuation of the banks at current levels.
Disclosures:
TIM SEYMOUR
Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM
KAREN FINERMAN
Karen is long AAL, BAC, C, DAL, long DB calls, short DB preferred, FB, FL, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International.
BRIAN KELLY
Brian Kelly is long Bitcoin, DXJ, US Dollar UUP. He is short the euro and Japanese yen.
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. || SEC Approves Fund Liquidity Rules, Goes Easy On ETFs: WASHINGTON/NEW YORK (Reuters) – The top U.S. securities regulator on Thursday approved rules designed to protect mutual fund investors from the effects of a sudden sell-off, but it left for another day some of the dicier issues involved. The U.S. Securities and Exchange Commission's new rules take aim at liquidity issues of the $18 billion traditional mutual fund market. But the agency deferred action on a separate plan to regulate the use of derivatives in funds and carved out significant exemptions for exchange-traded funds. Thursday's action was part of a sweeping set of reforms that SEC Chair Mary Jo White has sought in the asset management industry, which includes the open-end fund market. On Thursday, she said the SEC will finish rules on how the funds use derivatives "in the near term," and is also working on annual stress-testing for large investment advisors. ‘More Targeted Approach To ETFs’ White said the rules have been strengthened since they were first proposed more than a year ago. They are "better tailored to the liquidity risks faced by different kinds of funds, with an improved classification scheme for the liquidity of fund investments and a more targeted approach to ETFs," she said before the vote. But the mutual fund and ETF industry did win some major concessions. The three members of the SEC unanimously approved a final version that exempts "in kind" exchange-traded funds, those that honor redemptions in securities instead of cash, from some of its requirements. Several, but not all, ETF issuers asked to keep their products exempt from the rules because they often meet redemption requests from large sellers by handing over stocks or other securities, rather cash. The issuers had said the proposal better fit mutual funds that face pressure to raise cash when investors head to the exits. Three Fund Classifications Under the final rules, funds would have to classify investments into the categories of highly liquid, moderately liquid, less liquid and illiquid. They also would be permitted to classify investments by asset class. The first draft had proposed stricter definitions of categorizing investments. Story continues The new version also keeps in place a requirement that funds keep on hand a certain level of assets that can be converted into cash in three days, but leaves it to the funds' boards to decide how to rectify any dip below that threshold. The original proposal had blocked funds from buying any more assets until they got back up to the minimum. That change should reassure some ETF managers who said that being prevented from buying some assets could contradict their strategies. ETFs have faced fears that they cannot manage rampant selling. On Aug. 24, 2015, heavy demand to sell U.S. ETFs pushed many of their market prices far below the value they could have fetched if they had been redeemed by the issuer. But ETFs operate differently from mutual funds, because most individuals sell them in the public market and cannot redeem them directly with the issuers. Recommended Stories Swedroe: Cross Trading Boosts Mutual Funds Returns Dave Nadig's Deep Dive On New ETF Liquidity Rules SEC Approves Fund Liquidity Rules, Goes Easy On ETFs SEC Wants To Hear From You On Bitcoin ETF 6 ETFs To Gain From Money Market Mutual Fund Reform Permalink | © Copyright 2016 ETF.com. All rights reserved || SEC Approves Fund Liquidity Rules, Goes Easy On ETFs: WASHINGTON/NEW YORK (Reuters) – The top U.S. securities regulator on Thursday approved rules designed to protect mutual fund investors from the effects of a sudden sell-off, but it left for another day some of the dicier issues involved.
The U.S. Securities and Exchange Commission's new rules take aim at liquidity issues of the $18 billion traditional mutual fund market. But the agency deferred action on a separate plan to regulate the use of derivatives in funds and carved out significant exemptions for exchange-traded funds.
Thursday's action was part of a sweeping set of reforms that SEC Chair Mary Jo White has sought in the asset management industry, which includes the open-end fund market. On Thursday, she said the SEC will finish rules on how the funds use derivatives "in the near term," and is also working on annual stress-testing for large investment advisors.
‘More Targeted Approach To ETFs’
White said the rules have been strengthened since they were first proposed more than a year ago. They are "better tailored to the liquidity risks faced by different kinds of funds, with an improved classification scheme for the liquidity of fund investments and a more targeted approach to ETFs," she said before the vote.
But the mutual fund and ETF industry did win some major concessions. The three members of the SEC unanimously approved a final version that exempts "in kind" exchange-traded funds, those that honor redemptions in securities instead of cash, from some of its requirements.
Several, but not all, ETF issuers asked to keep their products exempt from the rules because they often meet redemption requests from large sellers by handing over stocks or other securities, rather cash. The issuers had said the proposal better fit mutual funds that face pressure to raise cash when investors head to the exits.
Three Fund Classifications
Under the final rules, funds would have to classify investments into the categories of highly liquid, moderately liquid, less liquid and illiquid. They also would be permitted to classify investments by asset class. The first draft had proposed stricter definitions of categorizing investments.
The new version also keeps in place a requirement that funds keep on hand a certain level of assets that can be converted into cash in three days, but leaves it to the funds' boards to decide how to rectify any dip below that threshold. The original proposal had blocked funds from buying any more assets until they got back up to the minimum.
That change should reassure some ETF managers who said that being prevented from buying some assets could contradict their strategies.
ETFs have faced fears that they cannot manage rampant selling. On Aug. 24, 2015, heavy demand to sell U.S. ETFs pushed many of their market prices far below the value they could have fetched if they had been redeemed by the issuer.
But ETFs operate differently from mutual funds, because most individuals sell them in the public market and cannot redeem them directly with the issuers.
Recommended Stories
• Swedroe: Cross Trading Boosts Mutual Funds Returns
• Dave Nadig's Deep Dive On New ETF Liquidity Rules
• SEC Approves Fund Liquidity Rules, Goes Easy On ETFs
• SEC Wants To Hear From You On Bitcoin ETF
• 6 ETFs To Gain From Money Market Mutual Fund Reform
Permalink| © Copyright 2016ETF.com.All rights reserved || Bitcoin Services Inc. to Develop Online Marketplace Where Bitcoin Can Be Exchanged for Goods & Services: GRANDVILLE, MI / ACCESSWIRE / October 13, 2016 /Bitcoin Services Inc., (OTC Pink: BTSC) announced today that it plans to develop an online marketplace where bitcoin can be exchanged for goods & services. Some of the goods will include real estate, cars, apparel, and electronics. The services will include plumbing, catering, and delivering. The advantages of users paying in Bitcoin is being able to send and get money anywhere in the world at any given time. Payments in Bitcoin can also be made and finalized without one's personal information being tied to the transactions. Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft. Furthermore, Bitcoin protocol cannot be manipulated by any person, organization, or government. This is due to Bitcoin being cryptographically secure. In addition, there are currently either no fees, or very low fees within Bitcoin payments.
About Bitcoin Services Inc.:Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Contact:
[email protected]
SOURCE:Bitcoin Services Inc. || Bitcoin Services Inc. to Develop Online Marketplace Where Bitcoin Can Be Exchanged for Goods & Services: GRANDVILLE, MI / ACCESSWIRE / October 13, 2016 /Bitcoin Services Inc., (OTC Pink: BTSC) announced today that it plans to develop an online marketplace where bitcoin can be exchanged for goods & services. Some of the goods will include real estate, cars, apparel, and electronics. The services will include plumbing, catering, and delivering. The advantages of users paying in Bitcoin is being able to send and get money anywhere in the world at any given time. Payments in Bitcoin can also be made and finalized without one's personal information being tied to the transactions. Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft. Furthermore, Bitcoin protocol cannot be manipulated by any person, organization, or government. This is due to Bitcoin being cryptographically secure. In addition, there are currently either no fees, or very low fees within Bitcoin payments.
About Bitcoin Services Inc.:Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Contact:
[email protected]
SOURCE:Bitcoin Services Inc. || Bitcoin Services Inc. to Develop Online Marketplace Where Bitcoin Can Be Exchanged for Goods & Services: GRANDVILLE, MI / ACCESSWIRE / October 13, 2016 / Bitcoin Services Inc., (OTC Pink: BTSC) announced today that it plans to develop an online marketplace where bitcoin can be exchanged for goods & services. Some of the goods will include real estate, cars, apparel, and electronics. The services will include plumbing, catering, and delivering. The advantages of users paying in Bitcoin is being able to send and get money anywhere in the world at any given time. Payments in Bitcoin can also be made and finalized without one's personal information being tied to the transactions. Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft. Furthermore, Bitcoin protocol cannot be manipulated by any person, organization, or government. This is due to Bitcoin being cryptographically secure. In addition, there are currently either no fees, or very low fees within Bitcoin payments. About Bitcoin Services Inc.: Our business operations are Internet based to the consumer and consist of three separate streams, as follows: (1) bitcoin escrow services, (2) bitcoin mining, and (3) blockchain software development. The principal products and services are the mining of bitcoins, providing escrow services for buyers and sellers of bitcoins, and the development and sale of blockchain software. The market for these services and products is worldwide, and sold and marketed on the Internet. Safe Harbor Statement This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies. Story continues Contact: [email protected] SOURCE: Bitcoin Services Inc. || C&W Communications Expands Network With Ericsson Across Caribbean and Panama: MIAMI, FL--(Marketwired - Oct 13, 2016) - C&W's customers to enjoy best-in-class high speed, high performance network to address increasing data traffic demands Expansion is currently underway and expected to be completed in November 2016 Radio Access Network (RAN) and Core expansion includes both 3G and Long-Term Evolution (LTE), plus indoor coverage based on Ericsson Radio Dot System Ericsson ( NASDAQ : ERIC ) and C&W Communications (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin American region, now part of Liberty Global (LiLAC Group) today announce the delivery of a complete network expansion for C&W across their operations in the Caribbean and Panama. The expansion includes hardware, software, licensing and services for C&W brands FLOW (Caribbean), BTC (Bahamas) and CWP (Panama). In addition, C&W's network expansion will provide all C&W markets across the Caribbean and Panama access to software upgrades and the opportunity to migrate to the Ericsson Software Model, which provides operators with the best available performance through a simple and transparent upgrade subscription. With 3G and LTE, C&W customers will benefit from a network capable of supporting advanced technologies and other high-speed features designed to provide a better user experience. "Ericsson is committed to providing C&W Communications with excellence in end-user satisfaction and delivering best-in-class results. In the journey that we envision undertaking with C&W, Ericsson will provide solid guidance and support throughout all of the project's critical phases, enabling C&W to provide its customers with the best in mobile connectivity solutions," said Clayton Cruz, Vice-president, Ericsson Latin America and Caribbean. "We are happy to once again partner with Ericsson in this network expansion project across all of our markets. Considering the clear trend in the growth of subscribers, mobile data and smartphone usage, C&W's key objective is to deploy a mobile network with world-class quality, performance and operational convenience in order to exceed our customers' expectations," said Carlo Alloni, Executive Vice-president and CTIO, C&W Communications. According to the latest Ericsson Mobility Report, by 2021, smartphone subscriptions in Latin America and the Caribbean will comprise 65% of all mobile subscriptions; LTE will account for approximately 30% of all mobile subscriptions, representing more than 250 million mobile subscriptions. In addition, mobile data traffic is expected to grow nine times in the region by 2021, reaching 75% of all mobile traffic. Story continues To meet these increasing traffic demands, C&W's network expansion increases site capacity, improves the performance of the existing network through hardware and software upgrades, facilitates the implementation of carrier aggregation, and allows for the addition of small cells. The expansion is currently underway and expected to be completed in November 2016. Ericsson is present today in all high-traffic LTE markets, including the US, Japan and South Korea, and handles the most global LTE traffic. In addition, 40 percent of the world's total mobile traffic is carried over Ericsson networks. More than 270 LTE RAN and Evolved Packet Core networks have been delivered by Ericsson worldwide, of which 200 are live commercially. NOTES TO EDITORS Cable & Wireless and Ericsson deliver world-class mobile broadband for Caribbean & Latin America Cable & Wireless partners with Ericsson and Cisco to enhance its Caribbean IP networks Ericsson core to enable Wi-Fi calling and VoLTE for Cable & Wireless in Panama For media kits, backgrounders and high-resolution photos, please visit www.ericsson.com/press Ericsson is the driving force behind the Networked Society -- a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future. Our services, software and infrastructure -- especially in mobility, broadband and the cloud -- are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities. With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions -- and our customers -- stay in front. Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in 2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York. Ericsson has been present in Latin America since 1896, when the company established an agreement in Colombia and delivered equipment for the first time in the region. In the early 1900s, Ericsson increased its presence in Latin America by signing commercial deals in Argentina, Brazil and Mexico. Today, Ericsson is present in 56 countries within South America, Central America, Mexico and the Caribbean, which combined count the region as one of the few with complete Ericsson installations, including a Production Unit, R&D Center and Training Center. Ericsson is the market leading telecom supplier, with over 40% market share in Latin America and more than 100 telecom service contracts in the region. www.ericsson.com/jm www.ericsson.com/jm/news www.twitter.com/EricssonCarib www.facebook.com/EricssonLatinAmerica www.youtube.com/EricssonLatam www.slideshare.net/EricssonLatinAmerica FOR FURTHER INFORMATION, PLEASE CONTACT Wendi Patrick, External Communications Phone: +506 2519 0800 E-mail: [email protected] About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . View comments || C&W Communications Expands Network With Ericsson Across Caribbean and Panama: MIAMI, FL--(Marketwired - Oct 13, 2016) -
• C&W's customers to enjoy best-in-class high speed, high performance network to address increasing data traffic demands
• Expansion is currently underway and expected to be completed in November 2016
• Radio Access Network (RAN) and Core expansion includes both 3G and Long-Term Evolution (LTE), plus indoor coverage based on Ericsson Radio Dot System
Ericsson (NASDAQ:ERIC) andC&W Communications(C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin American region, now part ofLiberty Global(LiLAC Group) today announce the delivery of a complete network expansion for C&W across their operations in the Caribbean and Panama. The expansion includes hardware, software, licensing and services for C&W brandsFLOW(Caribbean),BTC(Bahamas) andCWP(Panama).
In addition, C&W's network expansion will provide all C&W markets across the Caribbean and Panama access to software upgrades and the opportunity to migrate to the Ericsson Software Model, which provides operators with the best available performance through a simple and transparent upgrade subscription. With 3G and LTE, C&W customers will benefit from a network capable of supporting advanced technologies and other high-speed features designed to provide a better user experience.
"Ericsson is committed to providing C&W Communications with excellence in end-user satisfaction and delivering best-in-class results. In the journey that we envision undertaking with C&W, Ericsson will provide solid guidance and support throughout all of the project's critical phases, enabling C&W to provide its customers with the best in mobile connectivity solutions," said Clayton Cruz, Vice-president, Ericsson Latin America and Caribbean.
"We are happy to once again partner with Ericsson in this network expansion project across all of our markets. Considering the clear trend in the growth of subscribers, mobile data and smartphone usage, C&W's key objective is to deploy a mobile network with world-class quality, performance and operational convenience in order to exceed our customers' expectations," said Carlo Alloni, Executive Vice-president and CTIO, C&W Communications.
According to the latest Ericsson Mobility Report, by 2021, smartphone subscriptions in Latin America and the Caribbean will comprise 65% of all mobile subscriptions; LTE will account for approximately 30% of all mobile subscriptions, representing more than 250 million mobile subscriptions. In addition, mobile data traffic is expected to grow nine times in the region by 2021, reaching 75% of all mobile traffic.
To meet these increasing traffic demands, C&W's network expansion increases site capacity, improves the performance of the existing network through hardware and software upgrades, facilitates the implementation of carrier aggregation, and allows for the addition of small cells. The expansion is currently underway and expected to be completed in November 2016.
Ericsson is present today in all high-traffic LTE markets, including the US, Japan and South Korea, and handles the most global LTE traffic. In addition, 40 percent of the world's total mobile traffic is carried over Ericsson networks. More than 270 LTE RAN and Evolved Packet Core networks have been delivered by Ericsson worldwide, of which 200 are live commercially.
NOTES TO EDITORSCable & Wireless and Ericsson deliver world-class mobile broadband for Caribbean & Latin AmericaCable & Wireless partners with Ericsson and Cisco to enhance its Caribbean IP networksEricsson core to enable Wi-Fi calling and VoLTE for Cable & Wireless in PanamaFor media kits, backgrounders and high-resolution photos, please visitwww.ericsson.com/press
Ericsson is the driving force behind the Networked Society -- a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future.
Our services, software and infrastructure -- especially in mobility, broadband and the cloud -- are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities.
With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions -- and our customers -- stay in front.
Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York.
Ericsson has been present in Latin America since 1896, when the company established an agreement in Colombia and delivered equipment for the first time in the region. In the early 1900s, Ericsson increased its presence in Latin America by signing commercial deals in Argentina, Brazil and Mexico. Today, Ericsson is present in 56 countries within South America, Central America, Mexico and the Caribbean, which combined count the region as one of the few with complete Ericsson installations, including a Production Unit, R&D Center and Training Center. Ericsson is the market leading telecom supplier, with over 40% market share in Latin America and more than 100 telecom service contracts in the region.
www.ericsson.com/jmwww.ericsson.com/jm/newswww.twitter.com/EricssonCaribwww.facebook.com/EricssonLatinAmericawww.youtube.com/EricssonLatamwww.slideshare.net/EricssonLatinAmerica
FOR FURTHER INFORMATION, PLEASE CONTACTWendi Patrick, External CommunicationsPhone:+506 2519 0800E-mail:[email protected]
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Nadex Q3 2016: Interest Keeps Growing in Limited Risk Trading: Total number of trades up over 53% versus Q3 2015 Faster, easier deposits and withdrawals using bank debit cards on mobile devices Major updates for Android and iPhone apps New Market Filter gives traders greater control and precision CHICAGO, IL / ACCESSWIRE / October 12, 2016 / Following the Trading Update for the quarter ending August 31, 2016 reported by parent company IG Group (LSE: IGG), Nadex reported over 37% growth in trade volume and over 53% growth in total trades of binary options during the third quarter of 2016 compared to Q3 2015. Nadex has seen quarterly increases in volume and total trades for 19 of the last 20 quarters. This sustained growth points to an important movement: demand for limited-risk alternatives to conventional trading. Individual traders are increasingly attracted to the low fees, low minimum opening balance, and guaranteed limited risk offered by exchange-traded binary options and spreads. Faster, Easier Deposits and Withdrawals The latest updates to the Nadex mobile apps make it easy and quick to open and manage an account from anywhere. Mobile users can upload application documents and deposit funds instantly. Members can withdraw funds to their checking accounts just as quickly and securely, anytime from PC or mobile. Powerful Market Filter Tool With over 10,000 contracts available daily, Nadex added a major new feature to its proprietary trading platform: Market Filter. Traders can search for markets and contracts to trade based on several criteria, including asset class, current trading price, length of contract, and time to expiration. For example, a trader can filter for crude oil binaries costing less than $40, to sell, with under an hour until expiration. Or for weekly euro binary options that are at or in the money. This feature, available in both the free demo and live platform with free real-time market data, allows traders to test a virtually limitless range of strategies. Growing Awareness of the Value of Regulated Exchanges The importance of trading binary options on a CFTC-regulated exchange has received mainstream acceptance. In 2013, the CFTC issued an advisory stating that only three exchanges, including Nadex, were legally authorized to solicit US clients. In early 2016, a major Cyprus-based binary options vendor found to have offered off-exchange contracts to US customers settled with the CFTC and SEC for $11 million and closed its US operation. Story continues Such developments have highlighted the contrast between illegal offshore vendors and regulated, US-based exchanges like Nadex. Nadex has emerged as a leading CFTC-regulated exchange offering limited-risk trading in binary options and spreads on multiple asset classes. "We're no longer just trying to introduce the concept of limited-risk trading," said Nadex CEO Timothy McDermott. "People are aware of it. Now our job is to get them asking, 'If I can trade the same markets with limited risk on a CFTC regulated exchange - with lower fees and capital requirements - why not?' Frankly, we hope everyone starts asking that question." Nadex: US-based, regulated, secure Nadex is the first and largest CFTC-regulated online exchange in the U.S offering binary options and spreads to individual traders seeking low-cost, limited risk ways to participate in the markets. Member funds are segregated and held in top-tier US banks. Using Nadex's online and mobile platforms, traders can trade short-term price movements in the most heavily traded currency, commodity, and stock index markets, as well as on economic events and the price of Bitcoin, with limited-risk hourly, daily and weekly contracts. Notes to Editors Nadex offers traders a trusted, secure way to trade binary options and spreads on a wide range of the most heavily traded forex, commodities and stock indices. Nadex is headquartered in Chicago, and is subject to regulatory oversight by the CFTC. Follow us on Twitter: @Nadex_US Like us on Facebook: nadexUS To learn more about Nadex, please visit https://nadex.com . For information on becoming a Nadex member, call 1-866-296-0167 or email [email protected] . Disclaimer: Trading on Nadex involves risk and may not be appropriate for all investors. SOURCE: Nadex || Nadex Q3 2016: Interest Keeps Growing in Limited Risk Trading: Total number of trades up over 53% versus Q3 2015 Faster, easier deposits and withdrawals using bank debit cards on mobile devices Major updates for Android and iPhone apps New Market Filter gives traders greater control and precision CHICAGO, IL / ACCESSWIRE / October 12, 2016 / Following the Trading Update for the quarter ending August 31, 2016 reported by parent company IG Group (LSE: IGG), Nadex reported over 37% growth in trade volume and over 53% growth in total trades of binary options during the third quarter of 2016 compared to Q3 2015. Nadex has seen quarterly increases in volume and total trades for 19 of the last 20 quarters. This sustained growth points to an important movement: demand for limited-risk alternatives to conventional trading. Individual traders are increasingly attracted to the low fees, low minimum opening balance, and guaranteed limited risk offered by exchange-traded binary options and spreads. Faster, Easier Deposits and Withdrawals The latest updates to the Nadex mobile apps make it easy and quick to open and manage an account from anywhere. Mobile users can upload application documents and deposit funds instantly. Members can withdraw funds to their checking accounts just as quickly and securely, anytime from PC or mobile. Powerful Market Filter Tool With over 10,000 contracts available daily, Nadex added a major new feature to its proprietary trading platform: Market Filter. Traders can search for markets and contracts to trade based on several criteria, including asset class, current trading price, length of contract, and time to expiration. For example, a trader can filter for crude oil binaries costing less than $40, to sell, with under an hour until expiration. Or for weekly euro binary options that are at or in the money. This feature, available in both the free demo and live platform with free real-time market data, allows traders to test a virtually limitless range of strategies. Growing Awareness of the Value of Regulated Exchanges The importance of trading binary options on a CFTC-regulated exchange has received mainstream acceptance. In 2013, the CFTC issued an advisory stating that only three exchanges, including Nadex, were legally authorized to solicit US clients. In early 2016, a major Cyprus-based binary options vendor found to have offered off-exchange contracts to US customers settled with the CFTC and SEC for $11 million and closed its US operation. Story continues Such developments have highlighted the contrast between illegal offshore vendors and regulated, US-based exchanges like Nadex. Nadex has emerged as a leading CFTC-regulated exchange offering limited-risk trading in binary options and spreads on multiple asset classes. "We're no longer just trying to introduce the concept of limited-risk trading," said Nadex CEO Timothy McDermott. "People are aware of it. Now our job is to get them asking, 'If I can trade the same markets with limited risk on a CFTC regulated exchange - with lower fees and capital requirements - why not?' Frankly, we hope everyone starts asking that question." Nadex: US-based, regulated, secure Nadex is the first and largest CFTC-regulated online exchange in the U.S offering binary options and spreads to individual traders seeking low-cost, limited risk ways to participate in the markets. Member funds are segregated and held in top-tier US banks. Using Nadex's online and mobile platforms, traders can trade short-term price movements in the most heavily traded currency, commodity, and stock index markets, as well as on economic events and the price of Bitcoin, with limited-risk hourly, daily and weekly contracts. Notes to Editors Nadex offers traders a trusted, secure way to trade binary options and spreads on a wide range of the most heavily traded forex, commodities and stock indices. Nadex is headquartered in Chicago, and is subject to regulatory oversight by the CFTC. Follow us on Twitter: @Nadex_US Like us on Facebook: nadexUS To learn more about Nadex, please visit https://nadex.com . For information on becoming a Nadex member, call 1-866-296-0167 or email [email protected] . Disclaimer: Trading on Nadex involves risk and may not be appropriate for all investors. SOURCE: Nadex || A Harvard Professor Studied Infamous White-Collar Criminals. Here’s What He Learned.: Who knows what evil lurks in the hearts of men? Eugene Soltes does, at least if the men are disgraced corporate executives. Soltes, an associate professor at Harvard Business School, struck up relationships--mainly by phone, email, and letter--with close to 50 prominent white-collar criminals in order to learn what made them tick, why they blew it all, and what, if anything, distinguishes them from us. He eventually got to knowPonzi schemers Bernard Madoffand Allen Stanford, former Tyco CEO Dennis Kozlowski, Enron CFO Andy Fastow, ImClone CEO Samuel Waksal, McKinsey partner Anil Kumar, KPMG partner Scott London, and many others.
The resulting book,Why They Do It: Inside the Mind of the White-Collar Criminal(Public Affairs, 447 pages), comes out October 11. For this article, Soltes also struck up a brief telephone relationship withFortunelegal affairs writer Roger Parloff, though he has not yet been convicted of anything.
Fortune: When did you start working on this project and why?
The project began almost a decade ago, although at the time it wasn't even a scholarly endeavor. It was just my curiosity. I was a graduate student, finishing my doctorate at the University of Chicago School of Business. One night I was working on my dissertation, which involved a large empirical dataset, and was waiting for some data output. I was watching TV and came across a show on MSNBC calledLockup--a cross between a reality and documentary show.
It was about criminals--mostly violent offenders. From this I started wondering: What about all the nonviolent offenders--like the executives I'd read about in the papers. That spurred me to write down the first ten questions that came to mind and to send letters to a number of prominent white-collar criminals. That led, down the road, to this project.
Were most the white-collar criminals fundamentally like you and me, or were they sociopaths?
By and large, they were like us. That's one of the main things I took away in this project.
Once they've been indicted or convicted, we tend to distance them from ourselves and say we'd never do this. We're not like them. But when we look at their errors more carefully, they're actually ones we are all susceptible to making. The main difference is that we are not generally in those types of leadership positions that when we make an error it actually has that kind of cataclysmic consequences on thousands or tens of thousands of people.
The main challenge that not just managers face, but that we all face as humans, is that we're not hardwired to detect harm that we're doing when the harm is distant. It's not enough to know the difference between right and wrong. One actually has to feel that one's actions are harmful to avoid going forward. So take something like insider trading. You don't see the victims. It's actually impossible in many instances to identify who those victims are. So it's not surprising that if you engage in insider trading, there's not going to be any internal alarm screaming out that you're engaging in some extraordinarily heinous crime.
So I could sit in a room all day with these executives and never be worried about them going into my back pocket and taking $5 out of my wallet. They're socialized. They wouldn't do that. Yet many of these individuals--I've held stock in some of their firms--they've taken actually far more than that out of my retirement account, or my stock account. But they don't feel any kind of deep harm in doing so. That's a discrepancy.
Was Bernie Madoff a sociopath?
Out of all the individuals I've spent time with, Madoff is different. Unlike other managers, Madoff knew his victims in intimate ways--they were family, friends, people in his religious circle.
Madoff is a brilliant individual. Cordial. Open. I see why he was such a successful manager in terms of bringing people into his fund and taking on this leadership position. But he doesn't feel a great deal of remorse for his actions. He’s simply less empathetic.
Did most people feel remorse?
Very few. That was something that did surprise me. That's something I found puzzling for awhile until I started appreciating the fact that it's hard to feel deep remorse if you don't actually see the people whom you've hurt. You read that you've harmed the integrity of the markets--but that doesn't resonate internally with us very well.
Do you think any of the people you met were actually innocent?
There were a couple cases where the penalties they faced seemed quite remarkable. One person that particularly resonated with me Scott Harkonen, the CEO of a biotech firm called InterMune. In his case they were developing a new drug for a fatal lung disease called IPF (idiopathic pulmonary fibrosis). They ran this trial. When the results came back, they found some things potentially working, and other things weren't quite so successful. They put together a press release describing all the technical detail, all the nitty gritty. But they started the press release at the top saying that the trial demonstrated that this had some success in treating IPF. A number of years later the government went after them for fraud, saying that "demonstrate" was misleading. And in his particular case, I'd say the word "suggest" would probably have been a more conservative way of framing it. But he faced up to 10 years in prison, which is what the government sought.
He received probation, but, still, the effects on his life and career are really extraordinary. He spent millions of dollars in defense. The loss of his license. The loss of his reputation.
And I look at the current political discourse, and some of the things that our potential leaders are saying, and how they frame them, and I think ofhow Scott Harkonen faced ten years in prisonbecause he used the word "demonstrate" rather than "suggest"?
The two major presidential candidates have each been accused by their critics of criminal wrongdoing. How do their personalities and temperaments stack up against those of the people in your book? [This interview took place beforedisclosure of the 2005Access Hollywoodvideoin which Republican candidate Donald Trump made lewd comments about groping women.]
There's a trait associated with being a leader of any large firm. We have people who are CEOs and CFOs come regularly to Harvard Business School and there's a lot of similarities. You don't become head of large firm by luck. There are some characteristics of temperament that allow you to get there. Temperament, discipline, and self-control are crucial.
I see momentary lapses of self-control and restraint as being one of the things that actually undermined the executives in my book. They showed discipline and self-control for decades. But we all have momentary lapses.
I think Secretary [Hillary] Clinton has said about her email server: This was a mistake. It was a lapse in judgment.
And then I think what we've seen from Mr. Trump is, he's struggling to maintain that discipline and temperament in any consistent way. It's actually being able to maintain discipline and control under stress, under different circumstances, which is, it seems to me, one of the most important characteristics of being a successful leader. This is what took down the people I've been speaking with, who are, in many cases, really remarkable individuals. Brilliant individuals. And when you see the mistakes they made, and how that has changed their lives and careers and harmed others, it is really remarkable and humbling.
So when I look at the political candidates, I think of that. It doesn't require very many mistakes to have really catastrophic consequences not only for their own careers, but for those around them. In the business context, the victims are shareholders. But in politics, the victims would be us, and citizens of the world.
See original article on Fortune.com
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• Here's Who's Most Likely to Rip Off Their Employer
• Justice Department is setting its sights on white-collar criminals
• These hackers allegedly stole insider info to make big trades
• Bitcoin's first criminal goes to prison today
• This is what white collar criminals do after prison || A Harvard Professor Studied Infamous White-Collar Criminals. Heres What He Learned.: Who knows what evil lurks in the hearts of men? Eugene Soltes does, at least if the men are disgraced corporate executives. Soltes, an associate professor at Harvard Business School, struck up relationships--mainly by phone, email, and letter--with close to 50 prominent white-collar criminals in order to learn what made them tick, why they blew it all, and what, if anything, distinguishes them from us. He eventually got to know Ponzi schemers Bernard Madoff and Allen Stanford, former Tyco CEO Dennis Kozlowski, Enron CFO Andy Fastow, ImClone CEO Samuel Waksal, McKinsey partner Anil Kumar, KPMG partner Scott London, and many others. The resulting book, Why They Do It: Inside the Mind of the White-Collar Criminal (Public Affairs, 447 pages), comes out October 11. For this article, Soltes also struck up a brief telephone relationship with Fortune legal affairs writer Roger Parloff, though he has not yet been convicted of anything. Fortune : When did you start working on this project and why? The project began almost a decade ago, although at the time it wasn't even a scholarly endeavor. It was just my curiosity. I was a graduate student, finishing my doctorate at the University of Chicago School of Business. One night I was working on my dissertation, which involved a large empirical dataset, and was waiting for some data output. I was watching TV and came across a show on MSNBC called Lockup --a cross between a reality and documentary show. It was about criminals--mostly violent offenders. From this I started wondering: What about all the nonviolent offenders--like the executives I'd read about in the papers. That spurred me to write down the first ten questions that came to mind and to send letters to a number of prominent white-collar criminals. That led, down the road, to this project. Were most the white-collar criminals fundamentally like you and me, or were they sociopaths? By and large, they were like us. That's one of the main things I took away in this project. Story continues Once they've been indicted or convicted, we tend to distance them from ourselves and say we'd never do this. We're not like them. But when we look at their errors more carefully, they're actually ones we are all susceptible to making. The main difference is that we are not generally in those types of leadership positions that when we make an error it actually has that kind of cataclysmic consequences on thousands or tens of thousands of people. The main challenge that not just managers face, but that we all face as humans, is that we're not hardwired to detect harm that we're doing when the harm is distant. It's not enough to know the difference between right and wrong. One actually has to feel that one's actions are harmful to avoid going forward. So take something like insider trading. You don't see the victims. It's actually impossible in many instances to identify who those victims are. So it's not surprising that if you engage in insider trading, there's not going to be any internal alarm screaming out that you're engaging in some extraordinarily heinous crime. So I could sit in a room all day with these executives and never be worried about them going into my back pocket and taking $5 out of my wallet. They're socialized. They wouldn't do that. Yet many of these individuals--I've held stock in some of their firms--they've taken actually far more than that out of my retirement account, or my stock account. But they don't feel any kind of deep harm in doing so. That's a discrepancy. Was Bernie Madoff a sociopath? Out of all the individuals I've spent time with, Madoff is different. Unlike other managers, Madoff knew his victims in intimate ways--they were family, friends, people in his religious circle. Madoff is a brilliant individual. Cordial. Open. I see why he was such a successful manager in terms of bringing people into his fund and taking on this leadership position. But he doesn't feel a great deal of remorse for his actions. Hes simply less empathetic. Did most people feel remorse? Very few. That was something that did surprise me. That's something I found puzzling for awhile until I started appreciating the fact that it's hard to feel deep remorse if you don't actually see the people whom you've hurt. You read that you've harmed the integrity of the markets--but that doesn't resonate internally with us very well. Do you think any of the people you met were actually innocent? There were a couple cases where the penalties they faced seemed quite remarkable. One person that particularly resonated with me Scott Harkonen, the CEO of a biotech firm called InterMune. In his case they were developing a new drug for a fatal lung disease called IPF (idiopathic pulmonary fibrosis). They ran this trial. When the results came back, they found some things potentially working, and other things weren't quite so successful. They put together a press release describing all the technical detail, all the nitty gritty. But they started the press release at the top saying that the trial demonstrated that this had some success in treating IPF. A number of years later the government went after them for fraud, saying that "demonstrate" was misleading. And in his particular case, I'd say the word "suggest" would probably have been a more conservative way of framing it. But he faced up to 10 years in prison, which is what the government sought. He received probation, but, still, the effects on his life and career are really extraordinary. He spent millions of dollars in defense. The loss of his license. The loss of his reputation. And I look at the current political discourse, and some of the things that our potential leaders are saying, and how they frame them, and I think of how Scott Harkonen faced ten years in prison because he used the word "demonstrate" rather than "suggest"? The two major presidential candidates have each been accused by their critics of criminal wrongdoing. How do their personalities and temperaments stack up against those of the people in your book? [This interview took place before disclosure of the 2005 Access Hollywood video in which Republican candidate Donald Trump made lewd comments about groping women.] There's a trait associated with being a leader of any large firm. We have people who are CEOs and CFOs come regularly to Harvard Business School and there's a lot of similarities. You don't become head of large firm by luck. There are some characteristics of temperament that allow you to get there. Temperament, discipline, and self-control are crucial. I see momentary lapses of self-control and restraint as being one of the things that actually undermined the executives in my book. They showed discipline and self-control for decades. But we all have momentary lapses. I think Secretary [Hillary] Clinton has said about her email server: This was a mistake. It was a lapse in judgment. And then I think what we've seen from Mr. Trump is, he's struggling to maintain that discipline and temperament in any consistent way. It's actually being able to maintain discipline and control under stress, under different circumstances, which is, it seems to me, one of the most important characteristics of being a successful leader. This is what took down the people I've been speaking with, who are, in many cases, really remarkable individuals. Brilliant individuals. And when you see the mistakes they made, and how that has changed their lives and careers and harmed others, it is really remarkable and humbling. So when I look at the political candidates, I think of that. It doesn't require very many mistakes to have really catastrophic consequences not only for their own careers, but for those around them. In the business context, the victims are shareholders. But in politics, the victims would be us, and citizens of the world. See original article on Fortune.com More from Fortune.com Here's Who's Most Likely to Rip Off Their Employer Justice Department is setting its sights on white-collar criminals These hackers allegedly stole insider info to make big trades Bitcoin's first criminal goes to prison today This is what white collar criminals do after prison || 10 paid iPhone apps on sale for free for a limited time: Galaxy Note 7s are exploding... iPhones are exploding... it's time for some uplifting news and nothing is more uplifting than scoring a bunch of paid iPhone and iPad apps for free. Today's batch includes several solid apps as well as a few nifty sticker packs for iMessage, but these sales won't last so be sure to check them out right away. DON’T MISS: No matter what happens next, the Galaxy Note 7 is dead to us These are paid iPhone and iPad apps that have been made available for free for a limited time by their developers. There is no way to tell how long they will be free. These sales could end an hour from now or a week from now — obviously, the only thing we can guarantee is that they were free at the time this post was written. If you click on a link and see a price listed next to an app instead of the word “get,” it is no longer free. The sale has ended. If you download the app, you will be charged. Widget Calendar widget-calendar Normally $0.99. “Quotes: Widget & Watch” gives 2 beautiful quotes a day. “Memory: Your Memo” helps you remember everything by various colors. --- Widget Calendar shows the full calendar in widget. - See the calendar and the events in widget - Hide events of category that you don't want to see in widget - View all the reminders and manage it - Open Calendar app of the date - Open Reminders by touching the list name - Smooth transitions and no buggy moment The fastest way to check your calendar whenever you need to, even when the screen is locked! Download Widget Calendar Union union Normally $1.99. - "A professional image blending tool that’s actually easy to use." - TECHCRUNCH - "A quick and easy way to turn your iPhone or iPad into a photo manipulation tool." - GIZMODO - "The best image-blending app around." - CULT OF MAC *** From the creators of Fragment, Tangent and Matter, previous App Store Editors' Choice and App of the Week *** Union is an elegant image blending tool that lets you create superimposed, silhouetted, and double-exposed photos. Here's how it works. 1. Load a background image, solid color, or transparent layer 2. Load a foreground image, solid color, or shape 3. Efficiently erase areas of the foreground image using Union’s palette of intuitive, user-friendly tools 4. Adjust the position and size of the foreground image to reach desired composition 5. Make color adjustments on the background and foreground so they blend seamlessly 6. Save your work in full resolution and share your work with friends Also included in Union is Pixite Source, a free resource for professional quality images, textures, and overlays that you can use in your edits. Union invites professionals and hobbyists alike to explore image blending and photo editing. Story continues Download Union Election Stickers election-stickers Normally $0.99. Election Stickers: 2016 Edition Express your political views in iMessages with this U.S. Election sticker pack that contains our 2016 presidential candidates: Hillary and Trump. Quick tips on installing and using Sticker apps: • To access iMessage apps, tap the App Store icon alongside the compose field to see your most recently used iMessage app. • To continue browsing, tap the icon on the lower left corner which brings up the app drawer. From there, tap the plus icon to access the App Store for iMessage, where you can browse and download more apps. Here, you can also go to Manage where you can add your apps to your app drawer. • To use a sticker within a conversation, you simply tap to send or you can touch and hold to place them on top of bubbles, other Stickers, or even photos. It feels just like peeling and pasting a traditional sticker. • iPhone and iPad users (running iOS 10) and Apple Watch owners (running watchOS 3) can receive stickers. On Apple Watch, you can send any of the stickers you recently sent from iPhone or iPad. You can receive stickers on earlier versions of iOS and other platforms but they’re received inline as images and don’t support being pasted on top of text, photos etc. Express yourself in new ways with Election Stickers you can put anywhere in your chat. Scale, rotate, and layer stickers—even place them on photos you send and receive! • SEND stickers in chat • PLACE stickers anywhere on your iMessages • CUSTOMIZE your photos with stickers in chat • LAYER stickers over each other, in chat, and on photos • SCALE & ROTATE stickers Download Election Stickers Halloween halloween Normally $0.99. Halloween stickers for iMessage. Special price for launch only so download now and try it out! The pack contains 15 high quality ANIMATED stickers you can put everywhere on your messages. No in-app purchase. all stickers are included with the app! Download Halloween Mobdro Plus mobdro-plus Normally $0.99. Mobdro Plus is built for music lovers. This is the only outstanding music app for millions songs from YouTube. Get the app, discover, organise and play thousands of premium tracks or playlists seamlessly. Feature Sections of Mobdro app: Trending Songs & PlayLists - Realtime hottest official music tracks by Genres. - Trending premium songs on overall. - Season, spotlight and Index playlists. Search - One search button to continuously listen best songs on your favourite topics. - Easy to create playlist and add tracks to your library. - Search by track and playlist. PlayList - Organise unlimited number of playlists. - Play your list on your own favours : normal, repeat and shuffle. Player - Best optimised player for watch music mvs. - Best experiences on listening music, just like normal music app. Please do send your voices so we can get it and deliver your favourite features at the best manner. Download Mobdro Plus let's led lets-led Normally $0.99. Let’s Led turns your iphone/ipad into an ticker display. a time clock, and with over 100 symbol, you can send any message you want. Download let's led mixsuite mixsuite Normally $0.99. MixSuite allows you to mix your favourite tracks with your favourite videos effortlessly. This app allows you to select your video(s) from a variety of different areas, to make sure you never miss out on capturing the perfect video for your mood. Choose from YouTube, Vimeo, or even upload your own videos from your personal device! Now onto the Music - MixSuite brings through all your personal tracks from your native music app to allow for quick and easy selection of the tracks you wish to listen to. Now you can create your own Mix! Simply Double-tap the tracks from first to last to order them along with the selected video(s). MixSuite will even allow you to add a voiceover to the video - narrate over your favourite videos to give a truly unique mix. Tap save and you’re ready to listen to your mix! All mixes are saved to a dedicated library within the app to allow for playback at any time. Don’t forget to share the app to your friends for them to give it a try! Download mixsuite CryptoTrader cryptotrader Normally $2.99. CryptoTrader: Interactive, Real-Time Cryptocurrency Advisor! - Handy & clear chart optimized for mobile screens - Up-to-date real-time price data of digital coins and tokens - Historical price data to analyze trends - Current order book and recent trades - EMA and MACD indicators Supported cryptocurrencies: - Bitcoin (Bitfinex, Coinbase, Btc-e, Okcoin) - Ethereum (Poloniex, Kraken, Bitfinex) - Monero - Augur - Ripple - Dash - Steem - Litecoin - Ethereum Classic - and many more. Download CryptoTrader MORPH morph Normally $0.99. From the ominous dangers of a dark square world, MORPH an adorable little creature is propelled by adept chooses into the light, finding his way from world to world in this extremely astute puzzle game. Careful thought is necessary to avoid treacherous obstacles which would lead to a certain horrible death and find the hidden path to the portal leading to the light a symbol of your growing enlightenment. Download MORPH Clean&Clean cleanclean Normally $0.99. CLEANER MASTER FOR IOS … √ Clean&Clean Master – The World's Leading Cleaner & Optimizer for Mobile. √ "Memory Cleaner" helps you free up your RAM on device to boost performance. √ "Lightning Disk Cleaner": we bring the new technology for this feature to helps you clean junk/temp files on disk, which is faster than other apps same feature. Do you think your device is well organize? You will surprised how app can upgrade and make it more smooth & faster!!! Main Features: √ Find & Merge duplicate contacts, phone √ Delete multiple contacts √ One tap backup your contacts √ Quick find the contacts you need √ Show system statistics: memory, storage Download Clean&Clean Trending right now: Apple launches investigation as another iPhone goes up in flames Don’t expect a Surface Book 2 to take on Apple’s new MacBook Pro this year Tests show that one iPhone 7 model is actually slower than all the others See the original version of this article on BGR.com View comments
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639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05.
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[Bitcoin Technical Analysis for 2019-08-19]
Volume: 16038264603, RSI (14-day): 52.13, 50-day EMA: 10514.59, 200-day EMA: 8208.02
[Wider Market Context]
Gold Price: 1500.40, Gold RSI: 66.92
Oil Price: 56.21, Oil RSI: 51.72
[Recent News (last 7 days)]
AUD/USD and NZD/USD Fundamental Weekly Forecast Dovish RBA Minutes Already Priced In; Focus on Fed Powells Speech on Friday: The Australian and New Zealand Dollars finished lower last week, with the Kiwi absorbing most of the losses. The lack of progress in U.S.-China trade talks continued to keep a lid on prices as well as fear of a global recession. Excessive volatility in the global bond market also fueled a choppy, two-sided trade. With investors in both the Aussie and the Kiwi expecting more rate cuts by their respective central banks, its going to be hard to mount a meaningful rally although the recent price action suggests the currencies may be ripe for a counter-trend rally. Last week, the AUD/USD settled at .6783, down 0.0005 or -0.07% and the NZD/USD closed at .6425, down 0.0041 or -0.63%. New Zealand Dollar There wasnt much movement in the NZD/USD last week with the Forex pair posting an inside move, following the previous weeks extremely wide range. The shock of the unexpected 50-basis point rate cut by the Reserve Bank of New Zealand (RBNZ) continues to influence the price action with buyers reluctant to go against the down trend. Australian Dollar The AUD/USD performed relatively well last week, helped by an unexpected jump in the Employment Change report. The overall labor situation looked rosier than expected with the Wage Price Index coming in at 0.6%, better than the 0.5% forecast. The Employment Change report showed the economy added 41.1K jobs in July versus a 14.2K estimate. The Unemployment Rate held steady at 5.2%. Gains were limited last week by a dovish speech from the Reserve Bank of Australias (RBA) No. 2 official, Deputy Guy Debelle. He said global firms are unlikely to maintain their strong hiring while they stall investment amid the U.S.-China confrontation, pushing the world into an avoidable slump. Debelle further warned that while Australia is currently benefiting from Beijings domestic stimulus, it too will eventually suffer from the trade war fallout. In the end, the decision to build or not build that new factory needs to be taken, Debelle said in the text of a speech in Sydney on August 15. The longer businesses hold off, the weaker demand will be, which will further confirm the decision to wait. That runs the risk of a self-fulfilling downturn. Weekly Forecast New Zealand Dollar traders will have the chance to reaction to a Retail Sales report on Friday. It is expected to come in at 0.1%, below the previous quarters 0.7% increase. The Reserve Bank of Australia Monetary Policy Meeting Minutes will be featured on Tuesday. Traders will be looking for clues that could help them determine the frequency of future rate cuts by policymakers. Story continues Going into the August RBA meeting, there was a 44% chance of a 25-basis point rate cut in September. After the August RBA meeting on August 6, there was a 47% chance of a 25-basis point rate cut. At the end of last week, there was a 77% chance of no change in rates at the September RBA meeting. We expect the RBA minutes to come in dovish, but any selling pressure is likely to be short-lived because of the drop in the chances of a September rate cut. Many are saying that President Trumps announcement of a delay in new tariffs on China has caused traders to ease up on expectations of aggressive rate cuts by the central bank. On Friday, all eyes will be on a speech by Fed Chair Jerome Powell at the Jackson Hole Symposium. Powell has to talk about the wild swings in the stock market and the Treasury yield curve inversion. He is also going to have to say the Fed is prepared to act aggressively if needed to prevent a global recession from spreading to the United States. He has to deliver a tough-talk speech or he could trigger a volatile response in the global equity and global bond markets. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Fundamental Weekly Forecast Cooling Trend Expected to Start Middle of Week Through August 30 AUD/USD and NZD/USD Fundamental Weekly Forecast Dovish RBA Minutes Already Priced In; Focus on Fed Powells Speech on Friday Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 18/08/19 Oil Price Fundamental Weekly Forecast Easing of Recession Fears Could Underpin Prices European Equities: Futures Point to a Positive Start to the Week
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone View comments || AUD/USD and NZD/USD Fundamental Weekly Forecast – Dovish RBA Minutes Already Priced In; Focus on Fed Powell’s Speech on Friday: The Australian and New Zealand Dollars finished lower last week, with the Kiwi absorbing most of the losses. The lack of progress in U.S.-China trade talks continued to keep a lid on prices as well as fear of a global recession. Excessive volatility in the global bond market also fueled a choppy, two-sided trade. With investors in both the Aussie and the Kiwi expecting more rate cuts by their respective central banks, it’s going to be hard to mount a meaningful rally although the recent price action suggests the currencies may be ripe for a counter-trend rally.
Last week, theAUD/USDsettled at .6783, down 0.0005 or -0.07% and theNZD/USDclosed at .6425, down 0.0041 or -0.63%.
There wasn’t much movement in the NZD/USD last week with the Forex pair posting an inside move, following the previous week’s extremely wide range. The shock of the unexpected 50-basis point rate cut by the Reserve Bank of New Zealand (RBNZ) continues to influence the price action with buyers reluctant to go against the down trend.
The AUD/USD performed relatively well last week, helped by an unexpected jump in the Employment Change report. The overall labor situation looked rosier than expected with the Wage Price Index coming in at 0.6%, better than the 0.5% forecast. The Employment Change report showed the economy added 41.1K jobs in July versus a 14.2K estimate. The Unemployment Rate held steady at 5.2%.
Gains were limited last week by a dovish speech from the Reserve Bank of Australia’s (RBA) No. 2 official, Deputy Guy Debelle. He said global firms’ are unlikely to maintain their strong hiring while they stall investment amid the U.S.-China confrontation, pushing the world into an avoidable slump.
Debelle further warned that while Australia is currently benefiting from Beijing’s domestic stimulus, it too will eventually suffer from the trade war fallout.
“In the end, the decision to build or not build that new factory needs to be taken,” Debelle said in the text of a speech in Sydney on August 15. “The longer businesses hold off, the weaker demand will be, which will further confirm the decision to wait. That runs the risk of a self-fulfilling downturn.”
New Zealand Dollar traders will have the chance to reaction to a Retail Sales report on Friday. It is expected to come in at 0.1%, below the previous quarter’s 0.7% increase.
The Reserve Bank of Australia Monetary Policy Meeting Minutes will be featured on Tuesday. Traders will be looking for clues that could help them determine the frequency of future rate cuts by policymakers.
Going into the August RBA meeting, there was a 44% chance of a 25-basis point rate cut in September. After the August RBA meeting on August 6, there was a 47% chance of a 25-basis point rate cut. At the end of last week, there was a 77% chance of no change in rates at the September RBA meeting.
We expect the RBA minutes to come in dovish, but any selling pressure is likely to be short-lived because of the drop in the chances of a September rate cut. Many are saying that President Trump’s announcement of a delay in new tariffs on China has caused traders to ease up on expectations of aggressive rate cuts by the central bank.
On Friday, all eyes will be on a speech by Fed Chair Jerome Powell at the Jackson Hole Symposium. Powell has to talk about the wild swings in the stock market and the Treasury yield curve inversion. He is also going to have to say the Fed is prepared to act aggressively if needed to prevent a global recession from spreading to the United States. He has to deliver a “tough-talk” speech or he could trigger a volatile response in the global equity and global bond markets.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Fundamental Weekly Forecast – Cooling Trend Expected to Start Middle of Week Through August 30
• AUD/USD and NZD/USD Fundamental Weekly Forecast – Dovish RBA Minutes Already Priced In; Focus on Fed Powell’s Speech on Friday
• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/08/19
• Oil Price Fundamental Weekly Forecast – Easing of Recession Fears Could Underpin Prices
• European Equities: Futures Point to a Positive Start to the Week…
• E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Overcoming 26012 Puts Dow on Strong Side of Major Retracement Zone || Bitcoin slides below $11,000, taking the market with it: The price ofBitcoinhas fallen below $11,000, and is currently hovering $10,980–signifying a 3.5 percent drop for the day. It remained relatively stable just below $11,400 for the majority of the day before falling 1.7 percent in a single hour.
The top three coins have followed suit, withEthereumheading back towards the $200 mark and XRP staying below $0.30.
Most of the coins in the top 100 are in the red with VestChain and Maximine Coin (a coinpumped beyond degree) posting the greatest losses. Both are down by more than ten percent. In contrast, ABBC coin is up 18 percent after its coin spiked 64 percent in one hour yesterday before slowly coming back down to Earth.
When the price of Bitcoin dropped, traders going long (betting the price would go up) were thereby liquidated. Datamishshowsthat more than $30 million in longs were liquidated on BitMEX alone.
This doesn't pose well for anyone betting on Goldman Sachs' advice. The investment company sent a note to its institutional clients speculating that Bitcoin may retrace to $11,094 before pumping towards $13,000. Might it recover in time? || Bitcoin slides below $11,000, taking the market with it: The price of Bitcoin has fallen below $11,000, and is currently hovering $10,980signifying a 3.5 percent drop for the day. It remained relatively stable just below $11,400 for the majority of the day before falling 1.7 percent in a single hour. The top three coins have followed suit, with Ethereum heading back towards the $200 mark and XRP staying below $0.30. Most of the coins in the top 100 are in the red with VestChain and Maximine Coin (a coin pumped beyond degree ) posting the greatest losses. Both are down by more than ten percent. In contrast, ABBC coin is up 18 percent after its coin spiked 64 percent in one hour yesterday before slowly coming back down to Earth. When the price of Bitcoin dropped, traders going long (betting the price would go up) were thereby liquidated. Datamish shows that more than $30 million in longs were liquidated on BitMEX alone. This doesn't pose well for anyone betting on Goldman Sachs' advice. The investment company sent a note to its institutional clients speculating that Bitcoin may retrace to $11,094 before pumping towards $13,000. Might it recover in time? || Bitcoin slides below $11,000, taking the market with it: The price ofBitcoinhas fallen below $11,000, and is currently hovering $10,980–signifying a 3.5 percent drop for the day. It remained relatively stable just below $11,400 for the majority of the day before falling 1.7 percent in a single hour.
The top three coins have followed suit, withEthereumheading back towards the $200 mark and XRP staying below $0.30.
Most of the coins in the top 100 are in the red with VestChain and Maximine Coin (a coinpumped beyond degree) posting the greatest losses. Both are down by more than ten percent. In contrast, ABBC coin is up 18 percent after its coin spiked 64 percent in one hour yesterday before slowly coming back down to Earth.
When the price of Bitcoin dropped, traders going long (betting the price would go up) were thereby liquidated. Datamishshowsthat more than $30 million in longs were liquidated on BitMEX alone.
This doesn't pose well for anyone betting on Goldman Sachs' advice. The investment company sent a note to its institutional clients speculating that Bitcoin may retrace to $11,094 before pumping towards $13,000. Might it recover in time? || Bitcoin outperformed top ten cryptos in the last year, minus BNB: Bitcoin has proved to be the second most resilient cryptocurrency over the last year, out of the top ten coins by market cap (excluding stablecoins). According to Coin Metrics , eight of the top ten coins collapsed in relation to Bitcoin . The worst performing asset was its long lost twin, Bitcoin Cash, which lost 68 percent of its value, measured against Bitcoin. Bitcoin SV, born in November, 2018, was least in the red, having lost only 15 percent of its Bitcoin value. On the other side of the table, Binance Coin became more valuable against Bitcoin, gaining 44 percent in the same timeframe. Much of this can be attributed to crypto exchange Binance, which burns 20 percent of its quarterly profits in BNB. This lowers the supply, helping to push the price upwards. CoinMetrics also points out that many smaller-capped coins saw even greater losses against Bitcoin, with Cardano, IOTA, and Ethereum Classic all down by more than 70 percent in Bitcoin value. This isn't particularly surprising for those keeping an eye on Bitcoin's market dominance . It currently sits at 68.5 percent, controlling more than two-thirds of the entire market. But if there's one thing consistent in crypto, it's that things can change in the blink of an eye. || Bitcoin outperformed top ten cryptos in the last year, minus BNB: Bitcoinhas proved to be the second most resilient cryptocurrency over the last year, out of the top ten coins by market cap (excluding stablecoins).
According toCoin Metrics, eight of the top ten coins collapsed in relation toBitcoin. The worst performing asset was its long lost twin, Bitcoin Cash, which lost 68 percent of its value, measured against Bitcoin. Bitcoin SV, born in November, 2018, was least in the red, having lost only 15 percent of its Bitcoin value.
On the other side of the table,Binance Coinbecame more valuable against Bitcoin, gaining 44 percent in the same timeframe. Much of this can be attributed to crypto exchange Binance, whichburns 20 percentof its quarterly profits in BNB. This lowers the supply, helping to push the price upwards.
CoinMetrics also points out that many smaller-capped coins saw even greater losses against Bitcoin, with Cardano, IOTA, and Ethereum Classic all down by more than 70 percent in Bitcoin value.
This isn't particularly surprising for those keeping an eye on Bitcoin'smarket dominance. It currently sits at 68.5 percent, controlling more than two-thirds of the entire market. But if there's one thing consistent in crypto, it's that things can change in the blink of an eye. || Bitcoin outperformed top ten cryptos in the last year, minus BNB: Bitcoinhas proved to be the second most resilient cryptocurrency over the last year, out of the top ten coins by market cap (excluding stablecoins).
According toCoin Metrics, eight of the top ten coins collapsed in relation toBitcoin. The worst performing asset was its long lost twin, Bitcoin Cash, which lost 68 percent of its value, measured against Bitcoin. Bitcoin SV, born in November, 2018, was least in the red, having lost only 15 percent of its Bitcoin value.
On the other side of the table,Binance Coinbecame more valuable against Bitcoin, gaining 44 percent in the same timeframe. Much of this can be attributed to crypto exchange Binance, whichburns 20 percentof its quarterly profits in BNB. This lowers the supply, helping to push the price upwards.
CoinMetrics also points out that many smaller-capped coins saw even greater losses against Bitcoin, with Cardano, IOTA, and Ethereum Classic all down by more than 70 percent in Bitcoin value.
This isn't particularly surprising for those keeping an eye on Bitcoin'smarket dominance. It currently sits at 68.5 percent, controlling more than two-thirds of the entire market. But if there's one thing consistent in crypto, it's that things can change in the blink of an eye. || Bitcoin Tech Analysis – Recap and Mid-Day Review – 18/08/19: Bitcoin declined by 1.36% on Saturday. Reversing a 0.44% gain from Friday with interest, Bitcoin ended the day at $10,228.
A bearish start to the day saw Bitcoin fall to an early morning low $10,237 before finding support. Steering clear of the first major support level at $9,908, Bitcoin recovered to a late morning intraday high $10,494.7.
Despite the morning rebound, Bitcoin came up short of the first major resistance level at $10,699.
A broad-based crypto sell-off ultimately weighed, however, with Bitcoin sliding to a late afternoon intraday low $10,004.
Bitcoin managed to steer clear of sub-$10,000 levels and the first major support level at $9,908 in the afternoon sell-off.
Support late in the day led to a move back through to $10,200 levels to limit the downside on the day.
For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 38.2% FIB of $9,734.
The downside on the day was the 6thin 9-days, however, leaving Bitcoin down by 11.64% for the current week. For the current month, Bitcoin was up by 1.39%. This week’s losses offset a particularly bullish start to the month that saw Bitcoin strike $12,000 levels.
On a rollercoaster of a day, Bitcoin’s market cap slid from a high $186.81bn levels to a day low $180.56bn. At the time of writing, Bitcoin’s market cap stood at $182.39bn, well below $205bn levels at the start of the week.
Bitcoin’s first hold onto $10,000 levels since Tuesday supported Bitcoin’s dominance, which continued to hold at 68% levels.
At the time of writing, Bitcoin up by 0.01% to $10,229. A bullish start to the day saw Bitcoin strike an early morning intraday high $10,280 before hitting reverse.
Falling short of the first major resistance level at $10,480.47, Bitcoin fell back to a morning low $10,086 before finding support.
Steering clear of the first major support level at $9,989.77, Bitcoin move back through to $10,200 levels to reverse the early losses.
A move back through to $10,250 to $10,300 levels would bring the first major resistance level at $10,480.47 into play.
Bitcoin would need the continued support of the broader market, however, to break through to $10,300 levels.
In the event of a broad-based crypto rally, Bitcoin would likely visit $10,560 levels reached on Friday before any pullback.
Barring a crypto breakout, Bitcoin would likely come up short of the first major resistance level at $10,480.47 and Saturday’s high $10,494.7.
Failure to move back through to $10,250 levels would likely leave Bitcoin in the red on the day.
A slide back through the morning low $10,086 would see Bitcoin test the first major support level at $9,989.77.
Barring a crypto meltdown, Bitcoin should avoid sub-$9,800 levels and the 38.2% FIB of $9,734.
Major Support Level: $9,989.77
Major Resistance Level: $10,480.47
23.6% FIB Retracement Level: $11,275
38.2% FIB Retracement Level: $9,734
62% FIB Retracement Level: $7,245
The article was written byAnthony Darvall, Chief Market Analyst at easyMarkets (www.easymarkets.com)
Thisarticlewas originally posted on FX Empire
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75
• The Week Ahead: Monetary Policy, Stats and Geopolitics In Focus
• USD/JPY Forex Technical Analysis – Establishing Support at 106.013 Could Fuel Rally into 107.183
• U.S. Dollar Index Futures (DX) Technical Analysis – Needs Weaker Euro to Sustain Rally into 98.70
• Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50
• Crude Oil Price Update – Rangebound – Strengthens Over $55.72, Weakens Under $53.95 || Bitcoin Tech Analysis – Recap and Mid-Day Review – 18/08/19: Bitcoin declined by 1.36% on Saturday. Reversing a 0.44% gain from Friday with interest, Bitcoin ended the day at $10,228.
A bearish start to the day saw Bitcoin fall to an early morning low $10,237 before finding support. Steering clear of the first major support level at $9,908, Bitcoin recovered to a late morning intraday high $10,494.7.
Despite the morning rebound, Bitcoin came up short of the first major resistance level at $10,699.
A broad-based crypto sell-off ultimately weighed, however, with Bitcoin sliding to a late afternoon intraday low $10,004.
Bitcoin managed to steer clear of sub-$10,000 levels and the first major support level at $9,908 in the afternoon sell-off.
Support late in the day led to a move back through to $10,200 levels to limit the downside on the day.
For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 38.2% FIB of $9,734.
The downside on the day was the 6thin 9-days, however, leaving Bitcoin down by 11.64% for the current week. For the current month, Bitcoin was up by 1.39%. This week’s losses offset a particularly bullish start to the month that saw Bitcoin strike $12,000 levels.
On a rollercoaster of a day, Bitcoin’s market cap slid from a high $186.81bn levels to a day low $180.56bn. At the time of writing, Bitcoin’s market cap stood at $182.39bn, well below $205bn levels at the start of the week.
Bitcoin’s first hold onto $10,000 levels since Tuesday supported Bitcoin’s dominance, which continued to hold at 68% levels.
At the time of writing, Bitcoin up by 0.01% to $10,229. A bullish start to the day saw Bitcoin strike an early morning intraday high $10,280 before hitting reverse.
Falling short of the first major resistance level at $10,480.47, Bitcoin fell back to a morning low $10,086 before finding support.
Steering clear of the first major support level at $9,989.77, Bitcoin move back through to $10,200 levels to reverse the early losses.
A move back through to $10,250 to $10,300 levels would bring the first major resistance level at $10,480.47 into play.
Bitcoin would need the continued support of the broader market, however, to break through to $10,300 levels.
In the event of a broad-based crypto rally, Bitcoin would likely visit $10,560 levels reached on Friday before any pullback.
Barring a crypto breakout, Bitcoin would likely come up short of the first major resistance level at $10,480.47 and Saturday’s high $10,494.7.
Failure to move back through to $10,250 levels would likely leave Bitcoin in the red on the day.
A slide back through the morning low $10,086 would see Bitcoin test the first major support level at $9,989.77.
Barring a crypto meltdown, Bitcoin should avoid sub-$9,800 levels and the 38.2% FIB of $9,734.
Major Support Level: $9,989.77
Major Resistance Level: $10,480.47
23.6% FIB Retracement Level: $11,275
38.2% FIB Retracement Level: $9,734
62% FIB Retracement Level: $7,245
The article was written byAnthony Darvall, Chief Market Analyst at easyMarkets (www.easymarkets.com)
Thisarticlewas originally posted on FX Empire
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75
• The Week Ahead: Monetary Policy, Stats and Geopolitics In Focus
• USD/JPY Forex Technical Analysis – Establishing Support at 106.013 Could Fuel Rally into 107.183
• U.S. Dollar Index Futures (DX) Technical Analysis – Needs Weaker Euro to Sustain Rally into 98.70
• Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50
• Crude Oil Price Update – Rangebound – Strengthens Over $55.72, Weakens Under $53.95 || Bitcoin Tech Analysis Recap and Mid-Day Review 18/08/19: Bitcoin declined by 1.36% on Saturday. Reversing a 0.44% gain from Friday with interest, Bitcoin ended the day at $10,228. A bearish start to the day saw Bitcoin fall to an early morning low $10,237 before finding support. Steering clear of the first major support level at $9,908, Bitcoin recovered to a late morning intraday high $10,494.7. Despite the morning rebound, Bitcoin came up short of the first major resistance level at $10,699. A broad-based crypto sell-off ultimately weighed, however, with Bitcoin sliding to a late afternoon intraday low $10,004. Bitcoin managed to steer clear of sub-$10,000 levels and the first major support level at $9,908 in the afternoon sell-off. Support late in the day led to a move back through to $10,200 levels to limit the downside on the day. For the Bitcoin bulls, the near-term bullish trend, formed at mid-Decembers swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 38.2% FIB of $9,734. The downside on the day was the 6 th in 9-days, however, leaving Bitcoin down by 11.64% for the current week. For the current month, Bitcoin was up by 1.39%. This weeks losses offset a particularly bullish start to the month that saw Bitcoin strike $12,000 levels. On a rollercoaster of a day, Bitcoins market cap slid from a high $186.81bn levels to a day low $180.56bn. At the time of writing, Bitcoins market cap stood at $182.39bn, well below $205bn levels at the start of the week. Bitcoins first hold onto $10,000 levels since Tuesday supported Bitcoins dominance, which continued to hold at 68% levels. This Morning At the time of writing, Bitcoin up by 0.01% to $10,229. A bullish start to the day saw Bitcoin strike an early morning intraday high $10,280 before hitting reverse. Falling short of the first major resistance level at $10,480.47, Bitcoin fell back to a morning low $10,086 before finding support. Steering clear of the first major support level at $9,989.77, Bitcoin move back through to $10,200 levels to reverse the early losses. Story continues For the Day Ahead A move back through to $10,250 to $10,300 levels would bring the first major resistance level at $10,480.47 into play. Bitcoin would need the continued support of the broader market, however, to break through to $10,300 levels. In the event of a broad-based crypto rally, Bitcoin would likely visit $10,560 levels reached on Friday before any pullback. Barring a crypto breakout, Bitcoin would likely come up short of the first major resistance level at $10,480.47 and Saturdays high $10,494.7. Failure to move back through to $10,250 levels would likely leave Bitcoin in the red on the day. A slide back through the morning low $10,086 would see Bitcoin test the first major support level at $9,989.77. Barring a crypto meltdown, Bitcoin should avoid sub-$9,800 levels and the 38.2% FIB of $9,734. Looking at the Technical Indicators Major Support Level: $9,989.77 Major Resistance Level: $10,480.47 23.6% FIB Retracement Level: $11,275 38.2% FIB Retracement Level: $9,734 62% FIB Retracement Level: $7,245 The article was written by Anthony Darvall , Chief Market Analyst at easyMarkets ( www.easymarkets.com ) This article was originally posted on FX Empire More From FXEMPIRE: E-mini S&P 500 Index (ES) Futures Technical Analysis Closed on Strong Side of Main Retracement Zone at 2881.00 to 2845.75 The Week Ahead: Monetary Policy, Stats and Geopolitics In Focus USD/JPY Forex Technical Analysis Establishing Support at 106.013 Could Fuel Rally into 107.183 U.S. Dollar Index Futures (DX) Technical Analysis Needs Weaker Euro to Sustain Rally into 98.70 Gold Price Futures (GC) Technical Analysis Steep Drop Possible Under $1517.50 Crude Oil Price Update Rangebound Strengthens Over $55.72, Weakens Under $53.95 || The Real Benefits of Blockchain Are Here. They’re Being Ignored: Roham Gharegozlouis the CEO of Dapper Labs, the company behind the viral blockchain game CryptoKitties.Brian Flynnworks on the Dapper Labs product team.
Introducing as many people as possible to the benefits of decentralization is a cause almost everyone in this industry shares. The issue is that, in making the technology more accessible, many developers are sacrificing the benefits of decentralization for the sake of convenience.
A decentralized product should keep three key promises to its customers:
• Censorship-resistant: your stuff is safe and can’t be tampered with
• Self-sovereign: you own and control your assets, identity, and data
• Open ecosystems: everyone gets value from new contributions
Related:This ICO Startup Didn’t Die During Crypto Winter. It Has DAI to Thank
Dapper Labs has a few horses in this race: we started with CryptoKitties, still the most popular blockchain game by transaction volume, and recently announcedNBA Top Shot, a new blockchain-based ecosystem being developed in partnership with the NBA and NBPA. We also shippedDapper, one of the first ‘smart wallets’ for ethereum.
The value of censorship resistance and customers owning their own data is relatively well understood. Less attention is being paid to the other big benefit of crypto that centralized approaches compromise: open ecosystems.
Open ecosystems enable anyone to contribute to a platform or someone else’s work on the platform and receive rewards for their work. On ethereum, we’re seeing open ecosystems appear in the realm of decentralized finance (DeFi).
MakerDAO’s DAI, an algorithmic stablecoin, is used by dapps like Dharma, Compound Finance, and many others. These decentralized lending applications provide competitive rates using Dai to attract borrowers while enabling lenders to earn from assets they already own.
Related:These Bitcoin Users Want DAI and DeFi – Here’s How They Plan to Get It
Compound FinanceandUniswapmake MakerDAO stronger when combined together as opposed to existing individually. These open ecosystems are even multi-layered, using smart contracts from multiple primitives to create infinite possibilities. For example,Opynis a non-custodial trading platform built on top of Ethereum, Compound, Uniswap, and MakerDAO’s DAI.
Without Compound or Uniswap, Opyn wouldn’t be able to exist.
“The combination of Primitives will enable the creation of protocols and systems that weren’t possible prior to their existence. These emergent systems will be greater than any of the individual primitives on their own.” —The Emergence of Cryptoeconomic Primitivesby Jacob Horne
In an open ecosystem, users, developers, and the original creators can all capture value.
Users get more choice (because anyone can add features on anything), and users ultimately decide what’s important. The speed of software innovation increases because developers can use each others code like lego blocks.
Developers who build on existing code are, in many ways, marketing the original creator’s product for them, further increasing the reach of the brand. In return, developers tap into an existing and qualified user base.
As a result, trust is built through a cyclical relationship between all participating parties.
“I feel like we’re in a unique position where the users of the platform have an incentive to work hard to see the platform succeed, and if given the opportunity, we would move mountains.”
In the context of MakerDAO’s DAI, every developer using DAI in their dapp is preaching what MakerDAO has done for the decentralized finance ecosystem.
Open ecosystems have significant long-term benefits, but as CoinDesk’s Brady Dalerecently pointed out, they’re difficult to create in games. By using sidechains or centralizing the data that matters most to third-party creators, dapp developers are inhibiting potential open ecosystems tied to their experiences.
Developers are building full-stack games, with most of the data existing off-chain, resulting in less composability, less shared data, and effectively closed ecosystems.
One of the major design decisions for CryptoKitties was to compute and store the genes on the ethereum blockchain. It would have been far easier not to do so, and the resulting experience would have been more accessible — but many of the things that make CryptoKitties interesting or valuableto this daywould have been possible.
Developers need access to these genes to make third-party games likeKotoWarsandMythereum, both of which create more utility and value for specific genes (i.e. certain cats are more valuable because these experiences exist).
If CryptoKitties had decided to reduce the decentralized value of the game for the sake of accessibility,The KittyVersewouldn’t exist, the game wouldn’t be as trustworthy, and the tokens wouldn’t have nearly as much value or utility to players as a result.
Cheeze Wizards, Dapper Labs’ newest game, attempts to leverage as many lessons as possible from CryptoKitties.
It’s specifically designed as an open ecosystem:third-party developers can utilize the Cheeze Wizards API and art assetsbefore the game launches its first official tournament later this summer. Cheeze Wizards is further encouraging developers to play in the open ecosystem viaa month-long hackathon, with $15,000 in cash prizes and a whole host of other rewards as incentives.
Cheeze Wizards itself is composed of “tournaments” hosted by either Dapper Labs or third-party developers. The contract and logic for these tournaments are entirely on-chain, which means any developer can create their own tournament and take a percentage from the amount raised.
The tournament contract is a built-in business model for developers to build on top of existing IP, something that has never been possible before with second-layer experiences.
Acknowledging the reality that ethereum doesn’t scale today, CheezeWizards is really by and for the crypto community.
Blockchains and dapps can be designed so developers can earn their fair share in contributing to an ecosystem. Rewarding developers for maintaining or improving a network is the hidden treasure that’s yearning to be discovered by open ecosystems.
“In the same way that the vibrant ecosystem of exchanges and consumer experiences around bitcoin, ether, and ERC20 drove liquidity for the assets, the ecosystem created by [third party] experiences will be what drives consumer excitement and confidence in digitally scarce assets.”
Many developers are turning to so-called “Layer 2” scaling solutions (e.g. sidechains, Lightning network) to reduce the load on the base blockchain and provide a better user experience. Major corporations are also beginning to build on blockchain technology,compromising decentralizationin favor of performance.
The pendulum for blockchain games in particular seems to be swinging towards more centralized solutions in a bid to attract mainstream users.
Unfortunately, while this means that while developers will have users interact cheaply and easily with their application, the major benefit of building software in an open ecosystem — like the network effects of other developers — will be impossible to realize.
Apps on sidechains and sharded blockchains will have a difficult time communicating with each other because of the friction and lack of standards to transport digital assets across networks.
On the other hand, applications on networks that support open ecosystems can build on each other freely and transparently, creating more choice for consumers and compounding network effects for the system as a whole.
“Decentralized systems start out half-baked but, under the right conditions, grow exponentially as they attract new contributors.”
We want to push the pendulum back in the other direction, toward open ecosystems and permissionless composability. Open ecosystems empower customers as well as developers, ultimately creating more value for everyone involved.
Swingsimage via Shutterstock
• Ethereum Coders Approve 6 Changes for Upcoming Istanbul Hard Fork
• Moscow to Develop a Blockchain System for Transparent City Services || The Real Benefits of Blockchain Are Here. They’re Being Ignored: Roham Gharegozlou is the CEO of Dapper Labs, the company behind the viral blockchain game CryptoKitties. Brian Flynn works on the Dapper Labs product team. Introducing as many people as possible to the benefits of decentralization is a cause almost everyone in this industry shares. The issue is that, in making the technology more accessible, many developers are sacrificing the benefits of decentralization for the sake of convenience. A decentralized product should keep three key promises to its customers: Censorship-resistant: your stuff is safe and can’t be tampered with Self-sovereign: you own and control your assets, identity, and data Open ecosystems: everyone gets value from new contributions Related: This ICO Startup Didn’t Die During Crypto Winter. It Has DAI to Thank Dapper Labs has a few horses in this race: we started with CryptoKitties, still the most popular blockchain game by transaction volume, and recently announced NBA Top Shot , a new blockchain-based ecosystem being developed in partnership with the NBA and NBPA. We also shipped Dapper , one of the first ‘smart wallets’ for ethereum. The value of censorship resistance and customers owning their own data is relatively well understood. Less attention is being paid to the other big benefit of crypto that centralized approaches compromise: open ecosystems. Open ecosystems are the cornerstone Open ecosystems enable anyone to contribute to a platform or someone else’s work on the platform and receive rewards for their work. On ethereum, we’re seeing open ecosystems appear in the realm of decentralized finance (DeFi). MakerDAO’s DAI, an algorithmic stablecoin, is used by dapps like Dharma, Compound Finance, and many others. These decentralized lending applications provide competitive rates using Dai to attract borrowers while enabling lenders to earn from assets they already own. Related: These Bitcoin Users Want DAI and DeFi – Here’s How They Plan to Get It Compound Finance and Uniswap make MakerDAO stronger when combined together as opposed to existing individually. These open ecosystems are even multi-layered, using smart contracts from multiple primitives to create infinite possibilities. For example, Opyn is a non-custodial trading platform built on top of Ethereum, Compound, Uniswap, and MakerDAO’s DAI. Story continues Without Compound or Uniswap, Opyn wouldn’t be able to exist. “The combination of Primitives will enable the creation of protocols and systems that weren’t possible prior to their existence. These emergent systems will be greater than any of the individual primitives on their own.” — The Emergence of Cryptoeconomic Primitives by Jacob Horne Turning creators, users and developers into stakeholders In an open ecosystem, users, developers, and the original creators can all capture value. Users get more choice (because anyone can add features on anything), and users ultimately decide what’s important. The speed of software innovation increases because developers can use each others code like lego blocks. Developers who build on existing code are, in many ways, marketing the original creator’s product for them, further increasing the reach of the brand. In return, developers tap into an existing and qualified user base. As a result, trust is built through a cyclical relationship between all participating parties. “I feel like we’re in a unique position where the users of the platform have an incentive to work hard to see the platform succeed, and if given the opportunity, we would move mountains.” – kabciane, a KittyVerse developer creating numerous utility contracts In the context of MakerDAO’s DAI, every developer using DAI in their dapp is preaching what MakerDAO has done for the decentralized finance ecosystem. Why aren’t there more blockchain games? Open ecosystems have significant long-term benefits, but as CoinDesk’s Brady Dale recently pointed out , they’re difficult to create in games. By using sidechains or centralizing the data that matters most to third-party creators, dapp developers are inhibiting potential open ecosystems tied to their experiences. Developers are building full-stack games, with most of the data existing off-chain, resulting in less composability, less shared data, and effectively closed ecosystems. One of the major design decisions for CryptoKitties was to compute and store the genes on the ethereum blockchain. It would have been far easier not to do so, and the resulting experience would have been more accessible — but many of the things that make CryptoKitties interesting or valuable to this day would have been possible. Developers need access to these genes to make third-party games like KotoWars and Mythereum , both of which create more utility and value for specific genes (i.e. certain cats are more valuable because these experiences exist). If CryptoKitties had decided to reduce the decentralized value of the game for the sake of accessibility, The KittyVerse wouldn’t exist, the game wouldn’t be as trustworthy, and the tokens wouldn’t have nearly as much value or utility to players as a result. Open ecosystems are important outside of DeFi Cheeze Wizards, Dapper Labs’ newest game, attempts to leverage as many lessons as possible from CryptoKitties. It’s specifically designed as an open ecosystem: third-party developers can utilize the Cheeze Wizards API and art assets before the game launches its first official tournament later this summer. Cheeze Wizards is further encouraging developers to play in the open ecosystem via a month-long hackathon , with $15,000 in cash prizes and a whole host of other rewards as incentives. Cheeze Wizards itself is composed of “tournaments” hosted by either Dapper Labs or third-party developers. The contract and logic for these tournaments are entirely on-chain, which means any developer can create their own tournament and take a percentage from the amount raised. The tournament contract is a built-in business model for developers to build on top of existing IP, something that has never been possible before with second-layer experiences. Acknowledging the reality that ethereum doesn’t scale today, CheezeWizards is really by and for the crypto community. Blockchains and dapps can be designed so developers can earn their fair share in contributing to an ecosystem. Rewarding developers for maintaining or improving a network is the hidden treasure that’s yearning to be discovered by open ecosystems. “In the same way that the vibrant ecosystem of exchanges and consumer experiences around bitcoin, ether, and ERC20 drove liquidity for the assets, the ecosystem created by [third party] experiences will be what drives consumer excitement and confidence in digitally scarce assets.” – Blockchain Gaming, Separating the signal from the noise by Devin Finzer Choices we make now will shape the future Many developers are turning to so-called “Layer 2” scaling solutions (e.g. sidechains, Lightning network) to reduce the load on the base blockchain and provide a better user experience. Major corporations are also beginning to build on blockchain technology, compromising decentralization in favor of performance. The pendulum for blockchain games in particular seems to be swinging towards more centralized solutions in a bid to attract mainstream users. Unfortunately, while this means that while developers will have users interact cheaply and easily with their application, the major benefit of building software in an open ecosystem — like the network effects of other developers — will be impossible to realize. Apps on sidechains and sharded blockchains will have a difficult time communicating with each other because of the friction and lack of standards to transport digital assets across networks. On the other hand, applications on networks that support open ecosystems can build on each other freely and transparently, creating more choice for consumers and compounding network effects for the system as a whole. “ Decentralized systems start out half-baked but, under the right conditions, grow exponentially as they attract new contributors.” – “ Why Decentralization Matters ” by Chris Dixon We want to push the pendulum back in the other direction, toward open ecosystems and permissionless composability. Open ecosystems empower customers as well as developers, ultimately creating more value for everyone involved. Swings image via Shutterstock Related Stories Ethereum Coders Approve 6 Changes for Upcoming Istanbul Hard Fork Moscow to Develop a Blockchain System for Transparent City Services || Is the real Satoshi Nakamoto about to stand up?: Brace yourselves, good people
The real Satoshi Nakamoto could be about to reveal himself as the true inventor of Bitcoin. A company called Satoshi Nakamoto Renaissance Holdings is claiming that this will happen in three instalments, starting today. It will include his real name, why he hasnt moved any of his 980,000 Bitcoin, country of origin, and his plans for a Bitcoin renaissance. A press release states that Nakamoto will also illustrate the role that cyphers and encryption related to his devotion to Chaldean numerology played in many decisions in his creation of Bitcoin. Nakamoto also will disclose why he chose the date 18th August not only to register bitcoin.org in 2008, but also to release Part I of My Reveal on the 11 th anniversary of his registration of bitcoin.org through AnonymousSpeech.com, it adds. PR stunt? Earlier this week, PR and marketing agency Ivy McLemore & Associates (IM&A) announced that it had been retained by Satoshi Nakamoto Renaissance Holdings to support the revolutionary new companys commitment to provide superior blockchain technologies to help transform peoples lives. We are talking about some of the most closely followed and talked-about advancements in blockchain technology since Satoshi Nakamoto published his seminal whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System, in 2008, claimed IM&A President Ivy McLemore. The focus of our digital marketing and public relations efforts for our newest client will be the creation and distribution of insightful, thought provoking content that attracts and engages investors, provides overall value, and builds public trust. So, are we talking about a real thing here or a public relations stunt from yet another blockchain venture claiming it will change the world? Stay tuned for more details over the coming days. The post Is the real Satoshi Nakamoto about to stand up? appeared first on Coin Rivet . || Is the real Satoshi Nakamoto about to stand up?: Brace yourselves, good people
The real Satoshi Nakamoto could be about to reveal himself as the true inventor of Bitcoin. A company called Satoshi Nakamoto Renaissance Holdings is claiming that this will happen in three instalments, starting today. It will include his real name, why he hasnt moved any of his 980,000 Bitcoin, country of origin, and his plans for a Bitcoin renaissance. A press release states that Nakamoto will also illustrate the role that cyphers and encryption related to his devotion to Chaldean numerology played in many decisions in his creation of Bitcoin. Nakamoto also will disclose why he chose the date 18th August not only to register bitcoin.org in 2008, but also to release Part I of My Reveal on the 11 th anniversary of his registration of bitcoin.org through AnonymousSpeech.com, it adds. PR stunt? Earlier this week, PR and marketing agency Ivy McLemore & Associates (IM&A) announced that it had been retained by Satoshi Nakamoto Renaissance Holdings to support the revolutionary new companys commitment to provide superior blockchain technologies to help transform peoples lives. We are talking about some of the most closely followed and talked-about advancements in blockchain technology since Satoshi Nakamoto published his seminal whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System, in 2008, claimed IM&A President Ivy McLemore. The focus of our digital marketing and public relations efforts for our newest client will be the creation and distribution of insightful, thought provoking content that attracts and engages investors, provides overall value, and builds public trust. So, are we talking about a real thing here or a public relations stunt from yet another blockchain venture claiming it will change the world? Stay tuned for more details over the coming days. The post Is the real Satoshi Nakamoto about to stand up? appeared first on Coin Rivet . || Stellar Dips Below 0.07051 Level, Down 2%: Investing.com - Stellar fell bellow the $0.07051 level on Sunday. Stellar was trading at 0.07051 by 06:46 (10:46 GMT) on the Investing.com Index, down 2.20% on the day. It was the largest one-day percentage loss since August 18.
The move downwards pushed Stellar's market cap down to $1.36833B, or 0.50% of the total cryptocurrency market cap. At its highest, Stellar's market cap was $12.12000B.
Stellar had traded in a range of $0.06741 to $0.07196 in the previous twenty-four hours.
Over the past seven days, Stellar has seen a drop in value, as it lost 8.34%. The volume of Stellar traded in the twenty-four hours to time of writing was $55.04677M or 0.13% of the total volume of all cryptocurrencies. It has traded in a range of $0.0666 to $0.0787 in the past 7 days.
At its current price, Stellar is still down 92.34% from its all-time high of $0.92 set on January 3, 2018.
Bitcoin was last at $10,355.0 on the Investing.com Index, down 0.24% on the day.
Ethereum was trading at $188.94 on the Investing.com Index, a gain of 2.26%.
Bitcoin's market cap was last at $185.57118B or 67.96% of the total cryptocurrency market cap, while Ethereum's market cap totaled $20.38294B or 7.46% of the total cryptocurrency market value.
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Price Analysis 17/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM || Stellar Dips Below 0.07051 Level, Down 2%: Investing.com - Stellar fell bellow the $0.07051 level on Sunday. Stellar was trading at 0.07051 by 06:46 (10:46 GMT) on the Investing.com Index, down 2.20% on the day. It was the largest one-day percentage loss since August 18. The move downwards pushed Stellar's market cap down to $1.36833B, or 0.50% of the total cryptocurrency market cap. At its highest, Stellar's market cap was $12.12000B. Stellar had traded in a range of $0.06741 to $0.07196 in the previous twenty-four hours. Over the past seven days, Stellar has seen a drop in value, as it lost 8.34%. The volume of Stellar traded in the twenty-four hours to time of writing was $55.04677M or 0.13% of the total volume of all cryptocurrencies. It has traded in a range of $0.0666 to $0.0787 in the past 7 days. At its current price, Stellar is still down 92.34% from its all-time high of $0.92 set on January 3, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $10,355.0 on the Investing.com Index, down 0.24% on the day. Ethereum was trading at $188.94 on the Investing.com Index, a gain of 2.26%. Bitcoin's market cap was last at $185.57118B or 67.96% of the total cryptocurrency market cap, while Ethereum's market cap totaled $20.38294B or 7.46% of the total cryptocurrency market value. Related Articles Cardano Dips Below 0.047068 Level, Down 1% Stellar Dips Below 0.06901 Level, Down 0.79% Price Analysis 17/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM || Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/08/19: Bitcoin Cash ABC fell by 1.33% on Saturday. Following on from a 1.69% fall from Friday, Bitcoin Cash ABC ended the day at $304.89.
A relatively range-bound start to the day saw Bitcoin Cash ABC recover from an early morning low $306.66 to an intraday high $311.31.
Bitcoin Cash ABC left the major support and resistance levels untested ahead of a bearish afternoon.
Succumbing to pressure from the broader market, Bitcoin Cash ABC slid to a late intraday low $300.1 before finding support.
The pullback saw Bitcoin Cash ABC come within range of the first major support level at $299.84.
At the time of writing, Bitcoin Cash ABC was down by 0.1% to $304.58. A bearish start to the day saw Bitcoin Cash ABC fall from a high $308.20 to an early morning low $304.58.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a move back through to $305.50 levels would support a run at the first major resistance level at $310.77.
Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturday’s high $311.31.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $316.64.
Failure to move back through to $305.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $304.58 to $303 levels would bring the first major support level at $299.56 into play.
Litecoin slid by 2.74% on Saturday. Following on from a 1.95% decline on Friday, Litecoin ended the day at $72.71.
Finding support at sub-$74 levels, Litecoin struck an early morning intraday low $75.44 before hitting reverse.
Falling well short of the first major resistance level at $76.68, Litecoin slid to a late afternoon intraday low $71.63.
The sell-off saw Litecoin fall through the first major support level at $72.54 before finding support late on.
Steering clear of the second major support level at $70.33 and the 62% FIB of $70 supported a move back to $72 levels.
At the time of writing, Litecoin was down by 0.52% to $72.33. A bearish start to the day saw Litecoin fall from an early morning high $72.91 to a low $71.97 before steadying.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move through to $73.30 levels would support a run at the first major resistance level at $74.89.
Litecoin would need the support of the broader market, however, to break out from this morning’s high $72.91.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $75.44 would likely cap any upside.
Failure to move through to $73.30 levels could see Litecoin spend another day in the red. A fall back to sub-$72 levels would bring the first major support level at $71.08 into play.
Barring a crypto meltdown, Litecoin should steer clear of sub-$70 levels and the second major support level at $69.45.
Ripple’s XRP rose by 1.71% on Saturday. Reversing a 1.28% decline Friday, Ripple’s XRP ended the day at $0.26569.
A choppy start to the day saw Ripple’s XRP fall to an early morning intraday low $0.25876 before making a move.
Steering clear of the first major support level at $0.2557, Ripple’s XRP rallied to a mid-morning intraday high $0.27041.
Ripple’s XRP broke through the first major resistance level at $0.2662 to come up against the second major resistance level at $0.2712.
Pressure from the broader market weighed through the afternoon. Ripple’s XRP fell back to an afternoon low $0.26212.
Avoiding negative territory, Ripple’s XRP tested the first major resistance level at $0.2662 for a second time late on.
At the time of writing, Ripple’s XRP was down by 0.03% to $0.26561. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.26669. Falling short of the first major resistance level at $0.2711, Ripple’s XRP fell to a morning low $0.26466 before finding support.
Ripple’s XRP steered well clear of the first major support level at $0.2595 early on.
For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.2711.
Ripple’s XRP would need the support of the broader market, however, to break out from $0.2670 levels.
Barring a broad-based crypto rally, Saturday’s high $0.27041 and the first major resistance level will likely limit any upside.
Failure to move back through the morning high could see Ripple’s XRP test the first major support level at $0.2595.
Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2533 would likely limit any downside.
Please let us know what you think in the comments below
Thanks, Bob
Thisarticlewas originally posted on FX Empire
• NZD/USD Forex Technical Analysis – Closed on Weak Side of Minor Pivot at .6483
• Weekly Wrap – Bond Yields, the Trade War and the Stats Did the Talking
• Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97
• U.S Mortgage Rates Hold Steady as Applications Jump
• AUD/USD Forex Technical Analysis – Establishing Support at .6749 Minor Pivot
• Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50 || Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 18/08/19: Bitcoin Cash ABC fell by 1.33% on Saturday. Following on from a 1.69% fall from Friday, Bitcoin Cash ABC ended the day at $304.89.
A relatively range-bound start to the day saw Bitcoin Cash ABC recover from an early morning low $306.66 to an intraday high $311.31.
Bitcoin Cash ABC left the major support and resistance levels untested ahead of a bearish afternoon.
Succumbing to pressure from the broader market, Bitcoin Cash ABC slid to a late intraday low $300.1 before finding support.
The pullback saw Bitcoin Cash ABC come within range of the first major support level at $299.84.
At the time of writing, Bitcoin Cash ABC was down by 0.1% to $304.58. A bearish start to the day saw Bitcoin Cash ABC fall from a high $308.20 to an early morning low $304.58.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a move back through to $305.50 levels would support a run at the first major resistance level at $310.77.
Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturday’s high $311.31.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $316.64.
Failure to move back through to $305.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $304.58 to $303 levels would bring the first major support level at $299.56 into play.
Litecoin slid by 2.74% on Saturday. Following on from a 1.95% decline on Friday, Litecoin ended the day at $72.71.
Finding support at sub-$74 levels, Litecoin struck an early morning intraday low $75.44 before hitting reverse.
Falling well short of the first major resistance level at $76.68, Litecoin slid to a late afternoon intraday low $71.63.
The sell-off saw Litecoin fall through the first major support level at $72.54 before finding support late on.
Steering clear of the second major support level at $70.33 and the 62% FIB of $70 supported a move back to $72 levels.
At the time of writing, Litecoin was down by 0.52% to $72.33. A bearish start to the day saw Litecoin fall from an early morning high $72.91 to a low $71.97 before steadying.
Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move through to $73.30 levels would support a run at the first major resistance level at $74.89.
Litecoin would need the support of the broader market, however, to break out from this morning’s high $72.91.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $75.44 would likely cap any upside.
Failure to move through to $73.30 levels could see Litecoin spend another day in the red. A fall back to sub-$72 levels would bring the first major support level at $71.08 into play.
Barring a crypto meltdown, Litecoin should steer clear of sub-$70 levels and the second major support level at $69.45.
Ripple’s XRP rose by 1.71% on Saturday. Reversing a 1.28% decline Friday, Ripple’s XRP ended the day at $0.26569.
A choppy start to the day saw Ripple’s XRP fall to an early morning intraday low $0.25876 before making a move.
Steering clear of the first major support level at $0.2557, Ripple’s XRP rallied to a mid-morning intraday high $0.27041.
Ripple’s XRP broke through the first major resistance level at $0.2662 to come up against the second major resistance level at $0.2712.
Pressure from the broader market weighed through the afternoon. Ripple’s XRP fell back to an afternoon low $0.26212.
Avoiding negative territory, Ripple’s XRP tested the first major resistance level at $0.2662 for a second time late on.
At the time of writing, Ripple’s XRP was down by 0.03% to $0.26561. A mixed start to the day saw Ripple’s XRP strike an early morning high $0.26669. Falling short of the first major resistance level at $0.2711, Ripple’s XRP fell to a morning low $0.26466 before finding support.
Ripple’s XRP steered well clear of the first major support level at $0.2595 early on.
For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.2711.
Ripple’s XRP would need the support of the broader market, however, to break out from $0.2670 levels.
Barring a broad-based crypto rally, Saturday’s high $0.27041 and the first major resistance level will likely limit any upside.
Failure to move back through the morning high could see Ripple’s XRP test the first major support level at $0.2595.
Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2533 would likely limit any downside.
Please let us know what you think in the comments below
Thanks, Bob
Thisarticlewas originally posted on FX Empire
• NZD/USD Forex Technical Analysis – Closed on Weak Side of Minor Pivot at .6483
• Weekly Wrap – Bond Yields, the Trade War and the Stats Did the Talking
• Brent Crude Oil Price Update – Short-Term Direction Controlled by Minor Pivot at $57.97
• U.S Mortgage Rates Hold Steady as Applications Jump
• AUD/USD Forex Technical Analysis – Establishing Support at .6749 Minor Pivot
• Gold Price Futures (GC) Technical Analysis – Steep Drop Possible Under $1517.50 || Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 18/08/19: Bitcoin Cash ABC Sees Red Bitcoin Cash ABC fell by 1.33% on Saturday. Following on from a 1.69% fall from Friday, Bitcoin Cash ABC ended the day at $304.89. A relatively range-bound start to the day saw Bitcoin Cash ABC recover from an early morning low $306.66 to an intraday high $311.31. Bitcoin Cash ABC left the major support and resistance levels untested ahead of a bearish afternoon. Succumbing to pressure from the broader market, Bitcoin Cash ABC slid to a late intraday low $300.1 before finding support. The pullback saw Bitcoin Cash ABC come within range of the first major support level at $299.84. At the time of writing, Bitcoin Cash ABC was down by 0.1% to $304.58. A bearish start to the day saw Bitcoin Cash ABC fall from a high $308.20 to an early morning low $304.58. Bitcoin Cash ABC left the major support and resistance levels untested early on. For the day ahead, a move back through to $305.50 levels would support a run at the first major resistance level at $310.77. Bitcoin Cash ABC would need the support of the broader market, however, to break out from Saturdays high $311.31. Barring a broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $316.64. Failure to move back through to $305.50 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through the morning low $304.58 to $303 levels would bring the first major support level at $299.56 into play. Litecoin on the Back Foot Litecoin slid by 2.74% on Saturday. Following on from a 1.95% decline on Friday, Litecoin ended the day at $72.71. Finding support at sub-$74 levels, Litecoin struck an early morning intraday low $75.44 before hitting reverse. Falling well short of the first major resistance level at $76.68, Litecoin slid to a late afternoon intraday low $71.63. The sell-off saw Litecoin fall through the first major support level at $72.54 before finding support late on. Story continues Steering clear of the second major support level at $70.33 and the 62% FIB of $70 supported a move back to $72 levels. At the time of writing, Litecoin was down by 0.52% to $72.33. A bearish start to the day saw Litecoin fall from an early morning high $72.91 to a low $71.97 before steadying. Litecoin left the major support and resistance levels untested early on. For the day ahead, a move through to $73.30 levels would support a run at the first major resistance level at $74.89. Litecoin would need the support of the broader market, however, to break out from this mornings high $72.91. Barring a broad-based crypto rally, the first major resistance level and Saturdays high $75.44 would likely cap any upside. Failure to move through to $73.30 levels could see Litecoin spend another day in the red. A fall back to sub-$72 levels would bring the first major support level at $71.08 into play. Barring a crypto meltdown, Litecoin should steer clear of sub-$70 levels and the second major support level at $69.45. Ripples XRP Bucked the Trend Ripples XRP rose by 1.71% on Saturday. Reversing a 1.28% decline Friday, Ripples XRP ended the day at $0.26569. A choppy start to the day saw Ripples XRP fall to an early morning intraday low $0.25876 before making a move. Steering clear of the first major support level at $0.2557, Ripples XRP rallied to a mid-morning intraday high $0.27041. Ripples XRP broke through the first major resistance level at $0.2662 to come up against the second major resistance level at $0.2712. Pressure from the broader market weighed through the afternoon. Ripples XRP fell back to an afternoon low $0.26212. Avoiding negative territory, Ripples XRP tested the first major resistance level at $0.2662 for a second time late on. At the time of writing, Ripples XRP was down by 0.03% to $0.26561. A mixed start to the day saw Ripples XRP strike an early morning high $0.26669. Falling short of the first major resistance level at $0.2711, Ripples XRP fell to a morning low $0.26466 before finding support. Ripples XRP steered well clear of the first major support level at $0.2595 early on. For the day ahead, a move back through the morning high would support a run at the first major resistance level at $0.2711. Ripples XRP would need the support of the broader market, however, to break out from $0.2670 levels. Barring a broad-based crypto rally, Saturdays high $0.27041 and the first major resistance level will likely limit any upside. Failure to move back through the morning high could see Ripples XRP test the first major support level at $0.2595. Barring a crypto meltdown, Ripples XRP should steer clear of sub-$0.25 levels on the day. The second major support level at $0.2533 would likely limit any downside. Please let us know what you think in the comments below Thanks, Bob This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis Closed on Weak Side of Minor Pivot at .6483 Weekly Wrap Bond Yields, the Trade War and the Stats Did the Talking Brent Crude Oil Price Update Short-Term Direction Controlled by Minor Pivot at $57.97 U.S Mortgage Rates Hold Steady as Applications Jump AUD/USD Forex Technical Analysis Establishing Support at .6749 Minor Pivot Gold Price Futures (GC) Technical Analysis Steep Drop Possible Under $1517.50
[Social Media Buzz]
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10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32.
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[Bitcoin Technical Analysis for 2017-10-23]
Volume: 2401840128, RSI (14-day): 72.88, 50-day EMA: 4753.02, 200-day EMA: 3314.76
[Wider Market Context]
Gold Price: 1277.70, Gold RSI: 43.51
Oil Price: 51.90, Oil RSI: 58.29
[Recent News (last 7 days)]
Americans have more debt than ever — and it's creating an economic trap: teoria risky black stone rock hanging crush smash REUTERS/Andrew Winning An International Monetary Fund report finds that high levels of household debt deepen and prolong recessions. US household debt is at pre-Great Recession levels. Household debt jumped by over $500 billion in the second quarter to $12.84 trillion. A scary little statistic is buried beneath the US economy's apparent stability: Consumer-debt levels are now well above those seen before the Great Recession. As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion — also, incidentally, about two-thirds of gross domestic product. The proportion of overall debt that was delinquent in the second quarter was steady at 4.8%, but the New York Fed warned over transitions of credit-card balances into delinquency, which "ticked up notably." Here's the thing: Unlike government debt, which can be rolled over continuously, consumer loans actually need to be paid back. And despite low official interest rates from the Federal Reserve, those often do not trickle down to financial products like credit cards and small-business loans. Michael Lebowitz, the cofounder of the market-analysis firm 720 Global, says the US economy is already dangerously close to the edge. "Most consumers, especially those in the bottom 80%, are tapped out," he told Business Insider. "They have borrowed about as much as they can. Servicing this debt will act like a wet towel on economic growth for years to come. Until wages can grow faster than our true costs of inflation, this problem will only worsen." The International Monetary Fund devotes two chapters of its latest Global Financial Stability Report to the issue of household debt. It finds that, rather intuitively, high debt levels tend to make economic downturns deeper and more prolonged. "Increases in household debt consistently [signal] higher risks when initial debt levels are already high," the IMF says. Story continues Nonetheless, the results indicate that the threshold levels for household-debt increases being associated with negative macro outcomes start relatively low, at about 30% of GDP. Clearly, America is already well past that point. As households become more indebted, the IMF says, future GDP growth and consumption decline and unemployment rises relative to their average values. "Changes in household debt have a positive contemporaneous relationship to real GDP growth and a negative association with future real GDP growth," the report says. Specifically, the IMF says a 5% increase in household debt to GDP over a three-year period leads to a 1.25% fall in real GDP growth three years into the future. The following chart helps visualize the process by which this takes place: Household Debt IMF International Monetary Fund "Housing busts and recessions preceded by larger run-ups in household debt tend to be more severe and protracted," the IMF said. Is there a solution? If things reach a tipping point, yes, says the IMF — there's always debt forgiveness. Even creditors stand to benefit. "We find that government policies can help prevent prolonged contractions in economic activity by addressing the problem of excessive household debt," the report said. The IMF cites "bold household debt restructuring programs such as those implemented in the United States in the 1930s and in Iceland today" as historical precedents. "Such policies can, therefore, help avert self-reinforcing cycles of household defaults, further house price declines, and additional contractions in output." It's no coincidence that household debt soared across many countries right before the most recent global slump. The figures are rather startling: In the five years to 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138%, in advanced economies. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200% of household income, the IMF said. In other words: We’ve seen this movie before. NOW WATCH: RAY DALIO: You have to bet against the consensus and be right to be successful in the markets See Also: Tesla strikes another deal that shows it's about to turn the car insurance world upside down 21 photos that show just how imposing US aircraft carriers are Bitcoin just hit an all-time high — here's how you buy and sell it SEE ALSO: Tens of millions of Americans are being left out of the economic recovery — and it's easier than ever to see who they are || Americans have more debt than ever — and it's creating an economic trap: teoria risky black stone rock hanging crush smash REUTERS/Andrew Winning An International Monetary Fund report finds that high levels of household debt deepen and prolong recessions. US household debt is at pre-Great Recession levels. Household debt jumped by over $500 billion in the second quarter to $12.84 trillion. A scary little statistic is buried beneath the US economy's apparent stability: Consumer-debt levels are now well above those seen before the Great Recession. As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion — also, incidentally, about two-thirds of gross domestic product. The proportion of overall debt that was delinquent in the second quarter was steady at 4.8%, but the New York Fed warned over transitions of credit-card balances into delinquency, which "ticked up notably." Here's the thing: Unlike government debt, which can be rolled over continuously, consumer loans actually need to be paid back. And despite low official interest rates from the Federal Reserve, those often do not trickle down to financial products like credit cards and small-business loans. Michael Lebowitz, the cofounder of the market-analysis firm 720 Global, says the US economy is already dangerously close to the edge. "Most consumers, especially those in the bottom 80%, are tapped out," he told Business Insider. "They have borrowed about as much as they can. Servicing this debt will act like a wet towel on economic growth for years to come. Until wages can grow faster than our true costs of inflation, this problem will only worsen." The International Monetary Fund devotes two chapters of its latest Global Financial Stability Report to the issue of household debt. It finds that, rather intuitively, high debt levels tend to make economic downturns deeper and more prolonged. "Increases in household debt consistently [signal] higher risks when initial debt levels are already high," the IMF says. Story continues Nonetheless, the results indicate that the threshold levels for household-debt increases being associated with negative macro outcomes start relatively low, at about 30% of GDP. Clearly, America is already well past that point. As households become more indebted, the IMF says, future GDP growth and consumption decline and unemployment rises relative to their average values. "Changes in household debt have a positive contemporaneous relationship to real GDP growth and a negative association with future real GDP growth," the report says. Specifically, the IMF says a 5% increase in household debt to GDP over a three-year period leads to a 1.25% fall in real GDP growth three years into the future. The following chart helps visualize the process by which this takes place: Household Debt IMF International Monetary Fund "Housing busts and recessions preceded by larger run-ups in household debt tend to be more severe and protracted," the IMF said. Is there a solution? If things reach a tipping point, yes, says the IMF — there's always debt forgiveness. Even creditors stand to benefit. "We find that government policies can help prevent prolonged contractions in economic activity by addressing the problem of excessive household debt," the report said. The IMF cites "bold household debt restructuring programs such as those implemented in the United States in the 1930s and in Iceland today" as historical precedents. "Such policies can, therefore, help avert self-reinforcing cycles of household defaults, further house price declines, and additional contractions in output." It's no coincidence that household debt soared across many countries right before the most recent global slump. The figures are rather startling: In the five years to 2007, the ratio of household debt to income rose by an average of 39 percentage points, to 138%, in advanced economies. In Denmark, Iceland, Ireland, the Netherlands, and Norway, debt peaked at more than 200% of household income, the IMF said. In other words: We’ve seen this movie before. NOW WATCH: RAY DALIO: You have to bet against the consensus and be right to be successful in the markets See Also: Tesla strikes another deal that shows it's about to turn the car insurance world upside down 21 photos that show just how imposing US aircraft carriers are Bitcoin just hit an all-time high — here's how you buy and sell it SEE ALSO: Tens of millions of Americans are being left out of the economic recovery — and it's easier than ever to see who they are || You've Got to See What the CEOs of JPMorgan Chase and Wells Fargo Just Said About Bitcoin: To put it mildly, cryptocurrencies are redefining "investment gains" for folks in 2017. Whereas the stock market has traditionally returned 7% a year, inclusive of dividend reinvestment, the aggregate value of more than 1,100 digital currencies has increased from $17.65 billion to begin the year to $167 billion as of Oct. 18. You know, just your standard 846% gain in a span of nine-and-a-half months. Leading the charge higher has primarily been bitcoin and ethereum, the largest and second largest cryptocurrencies by market cap. Bitcoin's value has more than quintupled year to date, with its market cap recently approaching $100 billion . For context, bitcoin was valued closer to $3 billion just two years ago. Meanwhile, ethereum is up more than 3,800% since the beginning of the year. Combined, ethereum and bitcoin make up $123 billion of the aforementioned $167 billion in digital currency market cap. A physical gold bitcoin on a table. Image source: Getty Images. The prime catalysts pushing bitcoin and other cryptocurrencies higher There are a number of reasons investors have been excited about bitcoin and cryptocurrencies as a whole. To begin with, there's the blockchain technology that underlies most virtual currencies. Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary such as a bank. Because these are usually open-source networks, altering data within blockchain would be almost impossible to do. Thus, blockchain could be the next-generation platform for secure peer-to-peer and business-to-business transactions. A falling dollar has also lent to bullish moves higher in digital currencies -- especially bitcoin. When the U.S. dollar falls, investors holding cash will often seek a safe-haven asset like gold. Gold and the dollar have historically moved in opposite directions, and gold is a finite resource, making it a perfect store of value. In other words, what gold is on the planet right now is all there will ever be, unless we figure out a way to mine asteroids or foreign planets. Bitcoin shares this perceived scarcity with gold, given that its protocols limit the number of minable coins to 21 million. In effect, bitcoin has been a go-to safe-haven asset of late. Story continues We also shouldn't overlook the power of momentum in pushing the price of bitcoin and other digital currencies higher. The gains in cryptocurrencies can aptly be described as once in a lifetime, so it's possible that investors simply fear missing the boat if they don't buy in now. An executive in a suit giving the thumbs-down sign with both hands. Image source: Getty Images. Big bank CEOs weigh in on bitcoin But not everyone is a fan of bitcoin and the digital currency movement. This past week, the CEOs of the largest and third largest money center banks in the U.S. voiced their opinions on bitcoin, and you simply have to see what they said. The most recent interjection came from Wells Fargo (NYSE: WFC) CEO Tim Sloan, who, when questioned about bitcoin by CNBC, said that "in terms of it as a cryptocurrency, I'd probably rather own a dollar than a dollar of bitcoin." Of course, that's just a tiny slap compared to what JPMorgan Chase 's (NYSE: JPM) CEO has said about bitcoin . In September, Jamie Dimon called bitcoin a "fraud" and suggested he'd "fire in a second" any of his investment employees who were actively trading bitcoin. Last week, Dimon was at it again while taking questions from a moderator at an Institute of International Finance conference. Said Dimon: If you're stupid enough to buy it [bitcoin], you'll pay the price for it one day. The only value of bitcoin is what the other guy'll pay for it. Honestly I think there's a good chance of the buyers out there are out there jazzing it up very day so that maybe you'll buy it too, and take them out. What is noteworthy, though, is that while both men could care less for bitcoin the virtual currency, they both appreciate the blockchain technology that underlies cryptocurrencies. "I think in terms of the underlying technology, it's very interesting. Distributed ledger technology is very interesting in terms of how it can be applied to all sorts of products and services within financial services," Sloan said. Similarly, Dimon has said he believes the underlying blockchain technology is valid, but he has no interest in the non-fiat digital coins. A street sign that reads "Risk Ahead." Image source: Getty Images. This is a far bigger worry than comments from big-bank CEOs While you could construe the comments of big-bank CEOs as blunt and opinionated, one factor that can't be spun is just how exposed digital currencies are to competition. Right now, bitcoin and ethereum are sort of a one-two punch in terms of popularity. Investors have latched on to bitcoin as a payment platform, although recent software upgrades to its blockchain are designed to attract big businesses. Meanwhile, ethereum derives its valuation from the potential for its blockchain. More than 150 organizations, including nine brand-name companies , are testing a version of ethereum's blockchain in pilot and small-scale projects. But none of these technologies is protected or guaranteed to remain popular. For instance, six banking giants, including Credit Suisse and Barclays , recently joined a project UBS began in 2015. These banks are working on technology that'll allow for the clearing and settling of transactions worldwide over blockchain. This partnership also comes with its very own digital coin, which is being called the "utility settlement coin." The point is that all it really takes is some time and capital, and anyone can be a blockchain player. There's nothing particularly unique at all about bitcoin, other than its current size, that could keep a consortium of companies from dethroning it with superior blockchain technology Now that's a real-world concern that should have bitcoin investors seriously worried. More From The Motley Fool 5 Expected Social Security Changes in 2018 Why You're Smart to Buy Shopify Inc. (US) -- Despite Citron's Report 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing Here's My Top Stock to Buy in October 3 Growth Stocks at Deep-Value Prices NVIDIA Scores 2 Drone Wins -- Including the AI for an E-Commerce Giant's Delivery Drones Sean Williams has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || You've Got to See What the CEOs of JPMorgan Chase and Wells Fargo Just Said About Bitcoin: To put it mildly, cryptocurrencies are redefining "investment gains" for folks in 2017. Whereas the stock market has traditionally returned 7% a year, inclusive of dividend reinvestment, the aggregate value of more than 1,100 digital currencies has increased from $17.65 billion to begin the year to $167 billion as of Oct. 18. You know, just your standard 846% gain in a span of nine-and-a-half months.
Leading the charge higher has primarily been bitcoin and ethereum, the largest and second largest cryptocurrencies by market cap. Bitcoin's value has more than quintupled year to date, with its market caprecently approaching $100 billion. For context, bitcoin was valued closer to $3 billion just two years ago. Meanwhile, ethereum is up more than 3,800% since the beginning of the year. Combined, ethereum and bitcoin make up $123 billion of the aforementioned $167 billion in digital currency market cap.
Image source: Getty Images.
There are a number of reasons investors have been excited about bitcoin and cryptocurrencies as a whole. To begin with, there's the blockchain technology that underlies most virtual currencies. Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary such as a bank. Because these are usually open-source networks, altering data within blockchain would be almost impossible to do. Thus, blockchain could be the next-generation platform for secure peer-to-peer and business-to-business transactions.
A falling dollar has also lent to bullish moves higher in digital currencies -- especially bitcoin. When the U.S. dollar falls, investors holding cash will often seek a safe-haven asset like gold. Gold and the dollar have historically moved in opposite directions, and gold is a finite resource, making it a perfect store of value. In other words, what gold is on the planet right now is all there will ever be, unless we figure out a way to mine asteroids or foreign planets. Bitcoin shares this perceived scarcity with gold, given that its protocols limit the number of minable coins to 21 million. In effect, bitcoin has been a go-to safe-haven asset of late.
We also shouldn't overlook the power of momentum in pushing the price of bitcoin and other digital currencies higher. The gains in cryptocurrencies can aptly be described as once in a lifetime, so it's possible that investors simply fear missing the boat if they don't buy in now.
Image source: Getty Images.
But not everyone is a fan of bitcoin and the digital currency movement. This past week, the CEOs of the largest and third largest money center banks in the U.S. voiced their opinions on bitcoin, and you simply have to see what they said.
The most recent interjection came fromWells Fargo(NYSE: WFC)CEO Tim Sloan, who, when questioned about bitcoin by CNBC, said that "in terms of it as a cryptocurrency, I'd probably rather own a dollar than a dollar of bitcoin."
Of course, that's just a tiny slap compared to whatJPMorgan Chase's(NYSE: JPM)CEO hassaid about bitcoin. In September, Jamie Dimon called bitcoin a "fraud" and suggested he'd "fire in a second" any of his investment employees who were actively trading bitcoin.
Last week, Dimon was at it again while taking questions from a moderator at an Institute of International Finance conference. Said Dimon:
If you're stupid enough to buy it [bitcoin], you'll pay the price for it one day. The only value of bitcoin is what the other guy'll pay for it. Honestly I think there's a good chance of the buyers out there are out there jazzing it up very day so that maybe you'll buy it too, and take them out.
What is noteworthy, though, is that while both men could care less for bitcoin the virtual currency, they both appreciate the blockchain technology that underlies cryptocurrencies. "I think in terms of the underlying technology, it's very interesting. Distributed ledger technology is very interesting in terms of how it can be applied to all sorts of products and services within financial services," Sloan said. Similarly, Dimon has said he believes the underlying blockchain technology is valid, but he has no interest in the non-fiat digital coins.
Image source: Getty Images.
While you could construe the comments of big-bank CEOs as blunt and opinionated, one factor that can't be spun is just how exposed digital currencies are to competition.
Right now, bitcoin and ethereum are sort of a one-two punch in terms of popularity. Investors have latched on to bitcoin as a payment platform, although recent software upgrades to its blockchain are designed to attract big businesses. Meanwhile, ethereum derives its valuation from the potential for its blockchain. More than 150 organizations, includingnine brand-name companies, are testing a version of ethereum's blockchain in pilot and small-scale projects. But none of these technologies is protected or guaranteed to remain popular.
For instance, six banking giants, includingCredit SuisseandBarclays, recently joined a projectUBSbegan in 2015. These banks are working on technology that'll allow for the clearing and settling of transactions worldwide over blockchain. This partnership also comes with its very own digital coin, which is being called the "utility settlement coin." The point is that all it really takes is some time and capital, and anyone can be a blockchain player. There's nothing particularly unique at all about bitcoin, other than its current size, that could keep a consortium of companies from dethroning it with superior blockchain technology
Now that's a real-world concern that should have bitcoin investors seriously worried.
More From The Motley Fool
• 5 Expected Social Security Changes in 2018
• Why You're Smart to Buy Shopify Inc. (US) -- Despite Citron's Report
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• Here's My Top Stock to Buy in October
• 3 Growth Stocks at Deep-Value Prices
• NVIDIA Scores 2 Drone Wins -- Including the AI for an E-Commerce Giant's Delivery Drones
Sean Williamshas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || You've Got to See What the CEOs of JPMorgan Chase and Wells Fargo Just Said About Bitcoin: To put it mildly, cryptocurrencies are redefining "investment gains" for folks in 2017. Whereas the stock market has traditionally returned 7% a year, inclusive of dividend reinvestment, the aggregate value of more than 1,100 digital currencies has increased from $17.65 billion to begin the year to $167 billion as of Oct. 18. You know, just your standard 846% gain in a span of nine-and-a-half months.
Leading the charge higher has primarily been bitcoin and ethereum, the largest and second largest cryptocurrencies by market cap. Bitcoin's value has more than quintupled year to date, with its market caprecently approaching $100 billion. For context, bitcoin was valued closer to $3 billion just two years ago. Meanwhile, ethereum is up more than 3,800% since the beginning of the year. Combined, ethereum and bitcoin make up $123 billion of the aforementioned $167 billion in digital currency market cap.
Image source: Getty Images.
There are a number of reasons investors have been excited about bitcoin and cryptocurrencies as a whole. To begin with, there's the blockchain technology that underlies most virtual currencies. Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary such as a bank. Because these are usually open-source networks, altering data within blockchain would be almost impossible to do. Thus, blockchain could be the next-generation platform for secure peer-to-peer and business-to-business transactions.
A falling dollar has also lent to bullish moves higher in digital currencies -- especially bitcoin. When the U.S. dollar falls, investors holding cash will often seek a safe-haven asset like gold. Gold and the dollar have historically moved in opposite directions, and gold is a finite resource, making it a perfect store of value. In other words, what gold is on the planet right now is all there will ever be, unless we figure out a way to mine asteroids or foreign planets. Bitcoin shares this perceived scarcity with gold, given that its protocols limit the number of minable coins to 21 million. In effect, bitcoin has been a go-to safe-haven asset of late.
We also shouldn't overlook the power of momentum in pushing the price of bitcoin and other digital currencies higher. The gains in cryptocurrencies can aptly be described as once in a lifetime, so it's possible that investors simply fear missing the boat if they don't buy in now.
Image source: Getty Images.
But not everyone is a fan of bitcoin and the digital currency movement. This past week, the CEOs of the largest and third largest money center banks in the U.S. voiced their opinions on bitcoin, and you simply have to see what they said.
The most recent interjection came fromWells Fargo(NYSE: WFC)CEO Tim Sloan, who, when questioned about bitcoin by CNBC, said that "in terms of it as a cryptocurrency, I'd probably rather own a dollar than a dollar of bitcoin."
Of course, that's just a tiny slap compared to whatJPMorgan Chase's(NYSE: JPM)CEO hassaid about bitcoin. In September, Jamie Dimon called bitcoin a "fraud" and suggested he'd "fire in a second" any of his investment employees who were actively trading bitcoin.
Last week, Dimon was at it again while taking questions from a moderator at an Institute of International Finance conference. Said Dimon:
If you're stupid enough to buy it [bitcoin], you'll pay the price for it one day. The only value of bitcoin is what the other guy'll pay for it. Honestly I think there's a good chance of the buyers out there are out there jazzing it up very day so that maybe you'll buy it too, and take them out.
What is noteworthy, though, is that while both men could care less for bitcoin the virtual currency, they both appreciate the blockchain technology that underlies cryptocurrencies. "I think in terms of the underlying technology, it's very interesting. Distributed ledger technology is very interesting in terms of how it can be applied to all sorts of products and services within financial services," Sloan said. Similarly, Dimon has said he believes the underlying blockchain technology is valid, but he has no interest in the non-fiat digital coins.
Image source: Getty Images.
While you could construe the comments of big-bank CEOs as blunt and opinionated, one factor that can't be spun is just how exposed digital currencies are to competition.
Right now, bitcoin and ethereum are sort of a one-two punch in terms of popularity. Investors have latched on to bitcoin as a payment platform, although recent software upgrades to its blockchain are designed to attract big businesses. Meanwhile, ethereum derives its valuation from the potential for its blockchain. More than 150 organizations, includingnine brand-name companies, are testing a version of ethereum's blockchain in pilot and small-scale projects. But none of these technologies is protected or guaranteed to remain popular.
For instance, six banking giants, includingCredit SuisseandBarclays, recently joined a projectUBSbegan in 2015. These banks are working on technology that'll allow for the clearing and settling of transactions worldwide over blockchain. This partnership also comes with its very own digital coin, which is being called the "utility settlement coin." The point is that all it really takes is some time and capital, and anyone can be a blockchain player. There's nothing particularly unique at all about bitcoin, other than its current size, that could keep a consortium of companies from dethroning it with superior blockchain technology
Now that's a real-world concern that should have bitcoin investors seriously worried.
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Sean Williamshas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Box CEO Aaron Levie says artificial intelligence will change your life and create huge opportunities (BOX, MSFT, AMZN, GOOG, GOOGL): box ceo aaron levie boxworks 2017 Box Last week, Box introduced Box Skills, which lets app developers apply artificial intelligence from Microsoft, Google, and IBM to their cloud files. Box CEO Aaron Levie says that AI could be as big a shift in our technical lives as the PC revolution was letting machines do more for us as our digital lives sprawl out. He says the real opportunity is in taking Silicon Valley-borne cutting-edge AI and making it accessible to developers everywhere. Levie also says that he's largely made his peace with his rivals at Dropbox, given that they target different markets. Everywhere you go in Silicon Valley, the trendy technology du jour is "artificial intelligence." It's a major selling point for Google's new Pixel phones , the Amazon Echo speaker , Microsoft Office , and a whole mess of tech startups . Aaron Levie, the CEO of $2.75 billion cloud file company Box, acknowledges that when it comes to AI, people are "already tired of the buzzword." And yet, at the company's Boxworks conference where we spoke last week, Levie announced that Box was making a big bet on artificial intelligence, with new features and capabilities. With its new AI upgrades , Box customers can pick and choose AI services from Google, Microsoft, and IBM, which can then be used to automatically classify and tag the voice, video, and image files stashed in your cloud. If you're, say, a hospital, Box is making it easier to build a system such that any X-rays are automatically tagged, secured under federal law, and locked down to only the doctors who are allowed to see them. "We're finally at a point where computers can do things on our behalf," says Levie. Levie likens the rise of artificial intelligence to the PC revolution in the '80s a shift that could change everything about how we interact with our technology, creating huge opportunities for those with the foresight to invest in AI now. Story continues "We're literally at the beginning of what we can do in this space," says Levie. box skills Box That's where Box comes in, says Levie. Box is taking AI and using it to play to the company's strengths, says Levie. As people and companies stash away ever-increasing amounts of data in the cloud, it gets harder for humans to organize. When companies go looking for smarter ways to handle that growth, Levie wants Box to be there. "There's been few examples of [machine learning] and AI being applied to that problem set," says Levie. "In an enterprise business, that's a really hard problem." Along those lines, Levie says that artificial intelligence is beginning to come into its own, but difficult to use for most people. Platforms like Amazon Web Services, Microsoft Azure, and Google Cloud are offering increasingly intelligent services for building software, but you have to be a pretty sophisticated developer to take advantage. Most companies might need some help. "We've played that role in this context," says Levie. Box is a publicly traded company, and Wall Street apparently thinks Box is poised for growth at the time of writing, analyst consensus sets a price target for Box of around $24 , up from its current price of about $20 at the time of writing. Drew Houston Johannes Simon/Getty Images Box is a category leader with differentiated technology that targets the boom in mobile devices and cloud computing," writes JP Morgan in an analyst note rating the stock "neutral" following the Boxworks event. JP Morgan says that despite Box's history of operating losses, its technology makes it well-positioned against cloud storage companies like Dropbox, Microsoft, and Google. And on the subject of cloud collaboration, Levie says that he's largely made his peace with Dropbox, once his most public rival , ahead of its expected IPO later this year . The recent Dropbox redesign proved to Levie that the two companies are really going after different customers. He says that while the two companies still compete in small businesses, he believes that Dropbox has begun to focused on power users and creative professionals. Levie has set is eye on the largest of large businesses. "We have a very different strategy," says Levie. "We've staked slightly different markets." NOW WATCH: HENRY BLODGET: Technology may destroy jobs, but it also creates them See Also: Tesla strikes another deal that shows it's about to turn the car insurance world upside down 21 photos that show just how imposing US aircraft carriers are Bitcoin just hit an all-time high here's how you buy and sell it SEE ALSO: While Amazon and Microsoft battle in the cloud wars, this startup quietly built a $175 million business by picking up their slack || Box CEO Aaron Levie says artificial intelligence will change your life and create huge opportunities (BOX, MSFT, AMZN, GOOG, GOOGL): box ceo aaron levie boxworks 2017 Box Last week, Box introduced Box Skills, which lets app developers apply artificial intelligence from Microsoft, Google, and IBM to their cloud files. Box CEO Aaron Levie says that AI could be as big a shift in our technical lives as the PC revolution was letting machines do more for us as our digital lives sprawl out. He says the real opportunity is in taking Silicon Valley-borne cutting-edge AI and making it accessible to developers everywhere. Levie also says that he's largely made his peace with his rivals at Dropbox, given that they target different markets. Everywhere you go in Silicon Valley, the trendy technology du jour is "artificial intelligence." It's a major selling point for Google's new Pixel phones , the Amazon Echo speaker , Microsoft Office , and a whole mess of tech startups . Aaron Levie, the CEO of $2.75 billion cloud file company Box, acknowledges that when it comes to AI, people are "already tired of the buzzword." And yet, at the company's Boxworks conference where we spoke last week, Levie announced that Box was making a big bet on artificial intelligence, with new features and capabilities. With its new AI upgrades , Box customers can pick and choose AI services from Google, Microsoft, and IBM, which can then be used to automatically classify and tag the voice, video, and image files stashed in your cloud. If you're, say, a hospital, Box is making it easier to build a system such that any X-rays are automatically tagged, secured under federal law, and locked down to only the doctors who are allowed to see them. "We're finally at a point where computers can do things on our behalf," says Levie. Levie likens the rise of artificial intelligence to the PC revolution in the '80s a shift that could change everything about how we interact with our technology, creating huge opportunities for those with the foresight to invest in AI now. Story continues "We're literally at the beginning of what we can do in this space," says Levie. box skills Box That's where Box comes in, says Levie. Box is taking AI and using it to play to the company's strengths, says Levie. As people and companies stash away ever-increasing amounts of data in the cloud, it gets harder for humans to organize. When companies go looking for smarter ways to handle that growth, Levie wants Box to be there. "There's been few examples of [machine learning] and AI being applied to that problem set," says Levie. "In an enterprise business, that's a really hard problem." Along those lines, Levie says that artificial intelligence is beginning to come into its own, but difficult to use for most people. Platforms like Amazon Web Services, Microsoft Azure, and Google Cloud are offering increasingly intelligent services for building software, but you have to be a pretty sophisticated developer to take advantage. Most companies might need some help. "We've played that role in this context," says Levie. Box is a publicly traded company, and Wall Street apparently thinks Box is poised for growth at the time of writing, analyst consensus sets a price target for Box of around $24 , up from its current price of about $20 at the time of writing. Drew Houston Johannes Simon/Getty Images Box is a category leader with differentiated technology that targets the boom in mobile devices and cloud computing," writes JP Morgan in an analyst note rating the stock "neutral" following the Boxworks event. JP Morgan says that despite Box's history of operating losses, its technology makes it well-positioned against cloud storage companies like Dropbox, Microsoft, and Google. And on the subject of cloud collaboration, Levie says that he's largely made his peace with Dropbox, once his most public rival , ahead of its expected IPO later this year . The recent Dropbox redesign proved to Levie that the two companies are really going after different customers. He says that while the two companies still compete in small businesses, he believes that Dropbox has begun to focused on power users and creative professionals. Levie has set is eye on the largest of large businesses. "We have a very different strategy," says Levie. "We've staked slightly different markets." NOW WATCH: HENRY BLODGET: Technology may destroy jobs, but it also creates them See Also: Tesla strikes another deal that shows it's about to turn the car insurance world upside down 21 photos that show just how imposing US aircraft carriers are Bitcoin just hit an all-time high here's how you buy and sell it SEE ALSO: While Amazon and Microsoft battle in the cloud wars, this startup quietly built a $175 million business by picking up their slack || Apple explored buying a medical-clinic start-up as part of a bigger push into health care: Apple (AAPL) has considered an expansion into health care clinics, and had talks to buy a start-up called Crossover Health, which works with big employers to build and run on-site medical clinics, according to three sources familiar. Crossover Health is one of a small number of companies that specialize in working with self-insured employers to provide medical and wellness services on or near to campus. Among its clients are Apple and Facebook. Crossover also has clinics in New York and the Bay Area, and touts its digital features like same-day appointments via a mobile app. The Apple-Crossover talks went on for months but didn't materialize into a deal, one of the sources said. Apple also approached nationwide primary care group One Medical, said two other sources.
Crossover Health did not respond to a request for comment. Apple declined to comment. The discussions about expanding into primary care have been happening inside Apple's health team for more than a year, one of the people said. It is not yet clear whether Apple would build out its own network of primary care clinics, in a similar manner to its highly successful retail stores, or simply partner with existing players. It's also possible Apple will just decide not to make this move. Some experts see a move into primary care as a way to build out its retail footprint. Apple's worldwide network of more than 300 stores has been one of its most important sales channels. Canaan's Nina Kjellson, a prominent health tech investor who has no knowledge of Apple's plans, believes the move is plausible. "It would help build credibility with Apple Watch and other health apps," she explained. "Apple has cracked a nut in terms of consumer delight, and in the health care setting a non-trivial proportion of satisfaction comes from the quality of interaction in the waiting room and physical space," she continued. Richard Milani, chief clinical transformation officer at Ochsner Health System in New Orleans, which was one of the first hospitals to use the Apple Watch as a patient health monitoring tool, agrees it might make sense. "Such a move wouldn't surprise me as Apple has demonstrated that its interest in health care isn't superficial," said Milani. "Primary care is in great need of re-imagining and rethinking." Apple has a lot of health-related projects going on Apple is expected to make a big move into health care in the coming years. CEO Tim Cook has said recently that he sees health as a "business opportunity," rather than a philanthropic endeavor. "There's much more in the health area," he said in an interview with Fortune. "There's a lot of stuff I can't tell you about that we're working on, some of which it's clear there's a commercial business there." In the U.S., the demand for primary care services is outstripping the supply of physicians. According to some estimates, there could be a shortage of up to 35,000 primary care doctors by 2025. In recent years, Apple has hired dozens of doctors, health consultants and other medical experts, working on campus. As CNBC recently reported, it scooped up Stanford's rising star in digital health Sumbul Desai for a senior leadership role. Apple is working with the U.S. Food and Drug Administration on finding better ways to fast-track digital health software through the regulatory approval process. It is also partnered up with researchers at Stanford to determine whether the Apple Watch is accurate and sensitive enough to be used as a tool to screen for a heart rhythm disorder known as atrial fibrillation. It has other research and development projects, including a team working on a sensor to non-invasively and continuously track blood sugar levels. The company is also working to make the iPhone the central repository for patient health information. Already, it has developed software tools for health developers to make it easier to recruit patients for clinical studies (ResearchKit) and share health information with third-party developers with consent (HealthKit).
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• Apple plan to make stores into 'town squares' || Apple explored buying a medical-clinic start-up as part of a bigger push into health care: Apple ( AAPL ) has considered an expansion into health care clinics, and had talks to buy a start-up called Crossover Health, which works with big employers to build and run on-site medical clinics, according to three sources familiar. Crossover Health is one of a small number of companies that specialize in working with self-insured employers to provide medical and wellness services on or near to campus. Among its clients are Apple and Facebook. Crossover also has clinics in New York and the Bay Area, and touts its digital features like same-day appointments via a mobile app. The Apple-Crossover talks went on for months but didn't materialize into a deal, one of the sources said. Apple also approached nationwide primary care group One Medical, said two other sources. Crossover Health did not respond to a request for comment. Apple declined to comment. The discussions about expanding into primary care have been happening inside Apple's health team for more than a year, one of the people said. It is not yet clear whether Apple would build out its own network of primary care clinics, in a similar manner to its highly successful retail stores, or simply partner with existing players. It's also possible Apple will just decide not to make this move. Some experts see a move into primary care as a way to build out its retail footprint. Apple's worldwide network of more than 300 stores has been one of its most important sales channels. Canaan's Nina Kjellson, a prominent health tech investor who has no knowledge of Apple's plans, believes the move is plausible. "It would help build credibility with Apple Watch and other health apps," she explained. "Apple has cracked a nut in terms of consumer delight, and in the health care setting a non-trivial proportion of satisfaction comes from the quality of interaction in the waiting room and physical space," she continued. Richard Milani, chief clinical transformation officer at Ochsner Health System in New Orleans, which was one of the first hospitals to use the Apple Watch as a patient health monitoring tool, agrees it might make sense. "Such a move wouldn't surprise me as Apple has demonstrated that its interest in health care isn't superficial," said Milani. "Primary care is in great need of re-imagining and rethinking." Apple has a lot of health-related projects going on Apple is expected to make a big move into health care in the coming years. CEO Tim Cook has said recently that he sees health as a "business opportunity," rather than a philanthropic endeavor. "There's much more in the health area," he said in an interview with Fortune. "There's a lot of stuff I can't tell you about that we're working on, some of which it's clear there's a commercial business there." In the U.S., the demand for primary care services is outstripping the supply of physicians. According to some estimates, there could be a shortage of up to 35,000 primary care doctors by 2025. In recent years, Apple has hired dozens of doctors, health consultants and other medical experts, working on campus. As CNBC recently reported, it scooped up Stanford's rising star in digital health Sumbul Desai for a senior leadership role. Apple is working with the U.S. Food and Drug Administration on finding better ways to fast-track digital health software through the regulatory approval process. It is also partnered up with researchers at Stanford to determine whether the Apple Watch is accurate and sensitive enough to be used as a tool to screen for a heart rhythm disorder known as atrial fibrillation. It has other research and development projects, including a team working on a sensor to non-invasively and continuously track blood sugar levels. The company is also working to make the iPhone the central repository for patient health information. Already, it has developed software tools for health developers to make it easier to recruit patients for clinical studies (ResearchKit) and share health information with third-party developers with consent (HealthKit). WATCH: Super cycle will surprise Apple naysayers More From CNBC Bitcoin smashes through $6,100 to hit a new record high JPMorgan slashes its Tesla Model 3 fourth-quarter forecast in half Apple plan to make stores into 'town squares' || STOCKS HIT RECORD HIGHS: Here's what you need to know: US Navy George H.W. Bush aircraft carrier Seahawk helicopter US Navy/Mass Communication Specialist 3rd Class Matt Matlage The major averages closed at record highs on Friday. The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell. But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time. Here's the scoreboard: Dow : 23,317.90, +154.86, (0.67%) S&P 500: 2,574.65, +12.55, (0.49%) Nasdaq: 6,625.41, +23.99, (0.36%) US 10-year yield: 2.318 %, -0.02 WTI crude oil: $51.66, 0.26, 0.51% General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts. Other headlines The stock market's robot revolution is here JPMORGAN: Tesla could have to raise the price of the Model 3 Republicans are considering a proposal that would radically change the way you save for retirement Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one NOW WATCH: The stock market has been turned completely upside down See Also: Amazon has triggered a $5 billion bidding war — here are some of the craziest proposals for its new headquarters 2 former presidents — from both parties — blast the state of American politics in unprecedented day STOCKS HIT RECORD HIGHS: Here's what you need to know SEE ALSO: What you need to know on Wall Street today View comments || STOCKS HIT RECORD HIGHS: Here's what you need to know: US Navy George H.W. Bush aircraft carrier Seahawk helicopter US Navy/Mass Communication Specialist 3rd Class Matt Matlage The major averages closed at record highs on Friday. The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell. But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time. Here's the scoreboard: Dow : 23,328.63, +165.36, (0.71%) S&P 500: 2,575.21, +13.11, (0.51%) Nasdaq: 6,625.41, +23.99, (0.36%) US 10-year yield: 2.318 %, -0.02 WTI crude oil: $51.66, 0.26, 0.51% General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts. Other headlines The stock market's robot revolution is here JPMORGAN: Tesla could have to raise the price of the Model 3 Republicans are considering a proposal that would radically change the way you save for retirement Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one NOW WATCH: Debating the odds of a stock market correction See Also: Amazon has triggered a $5 billion bidding war — here are some of the craziest proposals for its new headquarters 2 former presidents — from both parties — blast the state of American politics in unprecedented day STOCKS HIT RECORD HIGHS: Here's what you need to know SEE ALSO: What you need to know on Wall Street today || STOCKS HIT RECORD HIGHS: Here's what you need to know: US Navy George H.W. Bush aircraft carrier Seahawk helicopter US Navy/Mass Communication Specialist 3rd Class Matt Matlage The major averages closed at record highs on Friday. The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell. But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time. Here's the scoreboard: Dow : 23,328.63, +165.36, (0.71%) S&P 500: 2,575.21, +13.11, (0.51%) Nasdaq: 6,625.41, +23.99, (0.36%) US 10-year yield: 2.318 %, -0.02 WTI crude oil: $51.66, 0.26, 0.51% General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts. Other headlines The stock market's robot revolution is here JPMORGAN: Tesla could have to raise the price of the Model 3 Republicans are considering a proposal that would radically change the way you save for retirement Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one NOW WATCH: Debating the odds of a stock market correction See Also: Amazon has triggered a $5 billion bidding war — here are some of the craziest proposals for its new headquarters 2 former presidents — from both parties — blast the state of American politics in unprecedented day STOCKS HIT RECORD HIGHS: Here's what you need to know SEE ALSO: What you need to know on Wall Street today || STOCKS HIT RECORD HIGHS: Here's what you need to know: US Navy George H.W. Bush aircraft carrier Seahawk helicopter US Navy/Mass Communication Specialist 3rd Class Matt Matlage The major averages closed at record highs on Friday. The day didn't start out so well though, as General Electric caught investors off-guard with its disastrous earnings report ahead of the bell. But, after sliding more than 6% at the open, GE ended the day higher and the S&P 500, Dow Jones industrial average and Nasdaq posted their best closes of all-time. Here's the scoreboard: Dow : 23,317.90, +154.86, (0.67%) S&P 500: 2,574.65, +12.55, (0.49%) Nasdaq: 6,625.41, +23.99, (0.36%) US 10-year yield: 2.318 %, -0.02 WTI crude oil: $51.66, 0.26, 0.51% General Electric's disastrous earnings report caught traders off-guard. The stock clawed its way back on Friday as traders digested CEO John Flannery's restructuring plan. Snap hit with more layoffs, plans to slow hiring in 2018. Snap's stock, on the other hand, rose as the company cut workers and said it was slowing plans for future hiring. Bitcoin spikes to a record high near $6,000. The currency is at all-time highs, even as Wall Street wrestles over its future. Catalonia's fight for independence is about to hit a wall. Tensions in the Spanish region are simmering, and the Spain's stock market has been reflecting that volatility. The GOP has found an innovative new way to steal from your future self. Republicans want to punish people saving for retirement to finance Trump's tax cuts. Other headlines The stock market's robot revolution is here JPMORGAN: Tesla could have to raise the price of the Model 3 Republicans are considering a proposal that would radically change the way you save for retirement Apple will have only shipped 3 million iPhone X units when it launches — good luck finding one NOW WATCH: The stock market has been turned completely upside down See Also: Amazon has triggered a $5 billion bidding war — here are some of the craziest proposals for its new headquarters 2 former presidents — from both parties — blast the state of American politics in unprecedented day STOCKS HIT RECORD HIGHS: Here's what you need to know SEE ALSO: What you need to know on Wall Street today View comments || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.
The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day.
On Friday, bitcoin hit a record peak $6,000.10 (BTC=BTSP) on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day.
Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions.
It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million.
Analysts said it was a combination of factors that drove Friday's surge in price.
Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause.
"As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter.
Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges.
But many in the market believe the Chinese ban is temporary.
"China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain.
"As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added.
Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies.
A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs.
(Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies. The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day. On Friday, bitcoin hit a record peak $6,000.10 (BTC=BTSP) on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day. Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions. It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million. Analysts said it was a combination of factors that drove Friday's surge in price. Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause. "As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter. Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges. But many in the market believe the Chinese ban is temporary. "China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain. Story continues "As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added. Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies. A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs. (Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.
The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day.
On Friday, bitcoin hit a record peak $6,000.10 (BTC=BTSP) on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day.
Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions.
It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million.
Analysts said it was a combination of factors that drove Friday's surge in price.
Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause.
"As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter.
Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges.
But many in the market believe the Chinese ban is temporary.
"China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain.
"As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added.
Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies.
A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs.
(Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies. The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day. On Friday, bitcoin hit a record peak $6,000.10 (BTC=BTSP) on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day. Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions. It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million. Analysts said it was a combination of factors that drove Friday's surge in price. Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause. "As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter. Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges. But many in the market believe the Chinese ban is temporary. "China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain. Story continues "As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added. Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies. A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs. (Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.
The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day.
On Friday, bitcoin hit a record peak $6,000.10 <BTC=BTSP> on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day.
Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions.
It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million.
Analysts said it was a combination of factors that drove Friday's surge in price.
Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause.
"As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter.
Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges.
But many in the market believe the Chinese ban is temporary.
"China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain.
"As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added.
Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies.
A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs.
(Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.
The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day.
On Friday, bitcoin hit a record peak $6,000.10 <BTC=BTSP> on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day.
Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions.
It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million.
Analysts said it was a combination of factors that drove Friday's surge in price.
Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause.
"As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter.
Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges.
But many in the market believe the Chinese ban is temporary.
"China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain.
"As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added.
Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies.
A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs.
(Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft) || Bitcoin soars to record high above $6,000: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies. The original virtual currency has gained over 500 percent this year, more than any other tradable asset class. Bitcoin though is very volatile - posting gains and losses as high as 26 percent and 16 percent respectively on any given day. On Friday, bitcoin hit a record peak $6,000.10 <BTC=BTSP> on the BitStamp platform, and was last at $5,964.24, up 4.7 percent on the day. Bitcoin is a digital currency that can either be held as an investment, or used as a foundation for future applications through the blockchain, its underlying technology. The blockchain is a digital ledger of transactions. It is more scarce though than most people realize. The number of bitcoins in existence is not expected to exceed 21 million. Analysts said it was a combination of factors that drove Friday's surge in price. Charles Hayter, co-founder of data analysis website Cryptocompare in London said hopes that China will soften its regulatory stance on crypto-currencies helped bitcoin's cause. "As China ... fears fade, the price is unlocked and driven by demand and buyers entering the markets," said Hayter. Over the summer, China has banned the practice of raising capital through the sale of tokens to the public in what is known as initial coin offerings. It has also ordered the shutdown of digital currency exchanges. But many in the market believe the Chinese ban is temporary. "China would not want to be left out of the digital currency market nor the development of blockchain applications in general," said Jason English, vice president of Protocol Marketing, at Sweetbridge, a global alliance in Zug, Switzerland that aims to use blockchain to create a liquid supply chain. Story continues "As much as 60 percent of the world's bitcoin mining is happening in China, and therefore, many of the large ... investments in ICO projects have also been coming from crypto-currency holders in China, whether directly or indirectly," English added. Sean Walsh, a partner at venture capital firm Redwood City, Ventures in Redwood City, California, also believes investors have been going back into bitcoin given the still uncertain global regulatory environment on crypto-currencies. A big part of bitcoin's recent surge was the ICO craze, which exploded this year. Bitcoins and ether, another digital currency, are used to purchase tokens for ICOs. (Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft)
[Social Media Buzz]
10/24 02:00現在
#Bitcoin : 662,895円↑
#NEM #XEM : 22.8399円↑
#Monacoin : 318円↓
#Ethereum : 32,100円→
#Zaif : 0.5099円↑ || BTC Real Time Price: $5915.99 #GDAX;
$5909.64 #bitstamp;
$5911.50 #gemini;
$5900.00 #kraken;
$5911.92 #hitbtc;
$5978.80 #cex; || Current price of Bitcoin is $5735.00 || Oct 24, 2017 01:30:00 UTC | 5,641.40$ | 4,797.30€ | 4,271.10£ | #Bitcoin #btc pic.twitter.com/3K00OybXDW || Acho o cara meio louco mas tem bastante conhecimento e razão!Uma vez achei um outro louco falando que Bitc...
|
5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76.
|
[Bitcoin Technical Analysis for 2020-05-21]
Volume: 39326160532, RSI (14-day): 52.18, 50-day EMA: 8473.27, 200-day EMA: 8170.47
[Wider Market Context]
Gold Price: 1720.50, Gold RSI: 52.59
Oil Price: 33.92, Oil RSI: 62.08
[Recent News (last 7 days)]
How To Earn 8% Yields In A Zero-Interest Rate World With Crypto: For most of this year and last, youd have been lucky to earn a stingy 1.5% interest yield on the average money-market fund. Then, pandemic panic erupted and the Federal Reserve slashed interest rates to near zero. Yields on U.S. Treasuries plunged and, in late March, actually fell below zero. Now, former IMF Chief Economist Kenneth Rogoff is calling on global central banks to push for -3% interest rates. So, if you need to earn income from your investments, where on earth do you turn? Well, what few investors are aware of ... is that cryptocurrencies now offer yields up to 8%. And in some cases, more. In other words, up to five times the yield you'd earn on your money market fund. Hard to believe? Just go to loanscan.io where you can find a number of crypto yields summarized in one place: image3.png Figure 1: Some crypto interest rates on loanscan.io. The most suitable cryptos for earning interest are stablecoins that is, cryptos pegged 1:1 to the U.S. dollar. That's because unlike Bitcoin (BTC, Tech/Adoption Grade A) and Ethereum (ETH, Tech/Adoption Grade A) they are stable enough for you to accrue interest without worrying about wild price swings during your holding period. Examples of such stable coins include USDC, DAI and USDT. For the purpose of this article, we will use USDC as an example to earn passive income. Enter BlockFi Crypto lending platforms like BlockFi, Nexo and Aave work much like traditional banks. Only instead of offering deposit accounts denominated in dollars, they're denominated in USDC. Like banks, they pay interest on the crypto you deposit, and then lend these funds out to borrowers. In this article, we will only focus on how to use BlockFi because it's the most secure lending platform available now. And it's reasonably simple to use. Please keep in mind, though, that we do not recommend or make referrals to brokerage firms, crypto exchanges or lending platforms. And aside from trading accounts that we ourselves may have, we have no business relationships with any that we cover. Story continues We think BlockFi is secure and simple to use, but only you can determine if its the right lending platform for you. For more information on the other lending platforms mentioned above, click here for Nexo and here for Aave. Now, back to BlockFi. Wiring fiat dollars to BlockFi is no different than any other conventional wire transfers that you are used to. When the dollars arrive, BlockFi automatically converts them 1-for-1 to USDC and puts them in your deposit account. When the deposit is successful, you will receive an email saying something to the following effect: The 48.920000 USDC you sent BlockFi has been confirmed. These funds are now stored in your BlockFi Interest Account. This means your funds have already started to earn interest. Its as simple as that. In our trial case, we accrued $0.04 in interest after only four days. Thats equivalent to an interest rate of 8.6%. However, these earnings are not withdrawable until interest is actually paid which is the beginning of every month. Interested also compounds on a monthly basis. So, if you were to withdraw your funds in the middle of the month, you wont earn any interest on the withdrawn amount. Miscellaneous, But Important, Additional Information Lots of key questions are answered in the BlockFi FAQ. But lets discuss some important points here: Income taxes : U.S. customers will receive an IRS Form 1099 at year-end, detailing the total dollar value of interest paid. Non-U.S. customers are responsible for determining their own tax obligations. BlockFi will provide international clients a summary of account activity upon request. Security : BlockFi stores its funds with the Gemini Cryptocurrency Exchange (run by the famous Winklevoss twins) and is licensed by the New York State Department of Financial Services. BlockFi funds go into Geminis cold storage system, which is not normally connected to the Internet. For more details on custody, please see this. In short, your funds are insured and secure. Withdrawal fees : BlockFi allows one free withdrawal per month. After that, there is a withdrawal fee of either the U.S. dollar equivalent of 0.0025 BTC or 0.0015 ETH. Earning up to 8% passive income or more with USDC deposits on BlockFi is a great way to fight back against today's near-zero interest rate climate. If you love income as much as we do ... why not give it a try? Best, Bruce Ng and Juan Villaverde Check out Weiss Crypto Ratings and Indexes: https://www.benzinga.com/cryptocurrency/weiss-crypto-ratings/ https://www.benzinga.com/cryptocurrency/weiss-crypto-indexes/ See more from Benzinga 3 Easiest Ways To Buy Bitcoin Without A Crypto Exchange Account Fed Money Printing Fuels Crypto Boom Just As Crypto Gets Easier To Buy Coinbase: The One-Stop Shop For Trading Crypto Assets © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How To Earn 8% Yields In A Zero-Interest Rate World —With Crypto: For most of this year and last, you’d have been lucky to earn a stingy 1.5% interest yield on the average money-market fund.
Then, pandemic panic erupted and the Federal Reserve slashed interest rates to near zero. Yields on U.S. Treasuries plunged and, in late March, actually fell below zero.
Now, former IMF Chief Economist Kenneth Rogoff is calling on global central banks to push for -3% interest rates.
So, if you need to earn income from your investments, where on earth do you turn?
Well, what few investors are aware of ... is that cryptocurrencies now offer yields up to 8%. And in some cases, more.
In other words, up to five times the yield you'd earn on your money market fund.
Hard to believe? Just go to loanscan.io — where you can find a number of crypto yields summarized in one place:
Figure 1: Some crypto interest rates on loanscan.io.
The most suitable cryptos for earning interest are stablecoins — that is, cryptos pegged 1:1 to the U.S. dollar. That's because — unlike Bitcoin (BTC, Tech/Adoption Grade “A”) and Ethereum (ETH, Tech/Adoption Grade “A”) — they are stable enough for you to accrue interest without worrying about wild price swings during your holding period.
Examples of such stable coins include USDC, DAI and USDT. For the purpose of this article, we will use USDC as an example to earn passive income.
Enter BlockFi
Crypto lending platforms like BlockFi, Nexo and Aave work much like traditional banks. Only instead of offering deposit accounts denominated in dollars, they're denominated in USDC. Like banks, they pay interest on the crypto you deposit, and then lend these funds out to borrowers.
In this article, we will only focus on how to use BlockFi because it's the most secure lending platform available now. And it's reasonably simple to use.
Please keep in mind, though, that we do not recommend or make referrals to brokerage firms, crypto exchanges or lending platforms. And aside from trading accounts that we ourselves may have, we have no business relationships with any that we cover.
We think BlockFi is secure and simple to use, but only you can determine if it’s the right lending platform for you. For more information on the other lending platforms mentioned above, click here for Nexo and here for Aave.
Now, back to BlockFi.
Wiring fiat dollars to BlockFi is no different than any other conventional wire transfers that you are used to. When the dollars arrive, BlockFi automatically converts them 1-for-1 to USDC and puts them in your deposit account.
When the deposit is successful, you will receive an email saying something to the following effect:
The 48.920000 USDC you sent BlockFi has been confirmed. These funds are now stored in your BlockFi Interest Account.
This means your funds have already started to earn interest. It’s as simple as that.
In our trial case, we accrued $0.04 in interest after only four days. That’s equivalent to an interest rate of 8.6%.
However, these earnings are not withdrawable until interest is actually paid — which is the beginning of every month.
Interested also compounds on a monthly basis. So, if you were to withdraw your funds in the middle of the month, you won’t earn any interest on the withdrawn amount.
Miscellaneous, But Important, Additional Information
Lots of key questions are answered in the BlockFi FAQ. But let’s discuss some important points here:
Income taxes: U.S. customers will receive an IRS Form 1099 at year-end, detailing the total dollar value of interest paid. Non-U.S. customers are responsible for determining their own tax obligations. BlockFi will provide international clients a summary of account activity upon request.
Security: BlockFi stores its funds with the Gemini Cryptocurrency Exchange (run by the famous Winklevoss twins) and is licensed by the New York State Department of Financial Services. BlockFi funds go into Gemini’s cold storage system, which is not normally connected to the Internet. For more details on custody, please see this. In short, your funds are insured and secure.
Withdrawal fees: BlockFi allows one free withdrawal per month. After that, there is a withdrawal fee of either the U.S. dollar equivalent of 0.0025 BTC or 0.0015 ETH.
Earning up to 8% passive income or more — with USDC deposits on BlockFi — is a great way to fight back against today's near-zero interest rate climate.
If you love income as much as we do ... why not give it a try?
Best,
Bruce Ng and Juan Villaverde
Check out Weiss Crypto Ratings and Indexes:https://www.benzinga.com/cryptocurrency/weiss-crypto-ratings/https://www.benzinga.com/cryptocurrency/weiss-crypto-indexes/
See more from Benzinga
• 3 Easiest Ways To Buy Bitcoin — Without A Crypto Exchange Account
• Fed Money Printing Fuels Crypto Boom — Just As Crypto Gets Easier To Buy
• Coinbase: The One-Stop Shop For Trading Crypto Assets
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Why $4M Dai Made From WBTC Matters for DeFi’s Maturation: The first large minting of MakerDAO’s dai stablecoin using a bitcoin synthetic has occurred, signaling user demand for inter-blockchain asset support on Ethereum’s largest decentralized finance (DeFi) protocol. Crypto lending platform Nexo minted $4 million dai Wednesday by using WBTC as collateral. WBTC, an ERC-20 token created by placing deposits of bitcoin with crypto custodian BitGo, was approved as collateral on the MakerDAO platform on May 3 . Launched in January 2019 , WBTC’s market cap is currently $21.7 million, according to DeFi Pulse . Related: Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession “This really showcases the latent demand for non- ETH assets,” MakerDAO founder Rune Christensen said in a tweet , “and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the ethereum blockchain.” Adding exposure to bitcoin is a major step by DeFi’s leading protocol, giving Maker lenders access to the largest cryptocurrency by market cap for further issuance of dai-based loans. Read more: The CoinDesk 50: MakerDAO Is the Godzilla of DeFi Calls to add bitcoin onto the protocol have floated around the Maker community before but gained steam following the flash crash of ether (ETH) on March 12. At the time, Maker community members considered adding bitcoin, stablecoins and even tokenized gold as collateral assets to protect against further plunges in ETH’s price. Related: UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC The community eventually added support for USD Coin (USDC) , which largely alleviated dai’s dollar peg issues during the month of April. Yet, the wheels were in motion for the addition of bitcoin – as demonstrated with the early April addition of an ETH/BTC pricing feed on MakerDAO. Some DeFi developers also believed porting bitcoin onto Ethereum would be a win-win: DeFi users could gain exposure to bitcoin’s liquidity – such as derivatives platform dYdX – while utilizing Ethereum’s transaction speeds. And, as the oldest and largest DeFi protocol, the addition of bitcoin to Maker would pave the way for bitcoin onto Ethereum in general. Story continues The WBTC-generated dai could be used for a variety of purposes, data scientist Alex Svanevik said in a Medium post last week, including lending the dai at interest. The initial WBTC minting took place on token sale platform CoinList , with Nexo minting 999.6 WBTC May 11. Those funds were then moved to Maker compatible wallet Oasis in two transactions of 1 WBTC – perhaps as a test – and 997 WBTC on May 13 and May 20, respectively. (Nexo did not return a request for comment.) Read more: Why MakerDAO Should Consider Negative Interest Rates for Dai The minting of $4 million in stablecoins represents some 3% of the amount of dai currently minted, but about 50% of the WBTC market cap, according to DeFi Pulse. WBTC isn’t the only tokenized bitcoin competing for space on Maker. Keep’s tBTC was working on a listing on the DeFi protocol before pausing operations after a bug was found in the protocol less than a week after it launched. Related Stories Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans || Why $4M Dai Made From WBTC Matters for DeFi’s Maturation: The first large minting of MakerDAO’s dai stablecoin using abitcoinsynthetic has occurred, signaling user demand for inter-blockchain asset support on Ethereum’s largest decentralized finance (DeFi) protocol.
Crypto lending platform Nexo minted $4 million dai Wednesday by using WBTC as collateral.
WBTC, an ERC-20 token created by placing deposits of bitcoin with crypto custodian BitGo, was approved as collateral on theMakerDAO platform on May 3.Launched in January 2019, WBTC’s market cap is currently $21.7 million, according toDeFi Pulse.
Related:Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession
“This really showcases the latent demand for non-ETHassets,” MakerDAO founder Rune Christensensaid in a tweet, “and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the ethereum blockchain.”
Adding exposure to bitcoin is a major step by DeFi’s leading protocol, giving Maker lenders access to the largest cryptocurrency by market cap for further issuance of dai-based loans.
Read more:The CoinDesk 50: MakerDAO Is the Godzilla of DeFi
Calls to add bitcoin onto the protocol have floated around the Maker community before butgained steamfollowing the flash crash of ether (ETH) on March 12. At the time, Maker community members considered adding bitcoin, stablecoins and even tokenized gold ascollateral assetsto protect against further plunges in ETH’s price.
Related:UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC
The community eventuallyadded support for USD Coin (USDC), which largely alleviated dai’s dollar peg issues during the month of April. Yet, the wheels were in motion for the addition of bitcoin – as demonstrated with the early April addition of anETH/BTC pricing feedon MakerDAO.
Some DeFi developers also believed porting bitcoin onto Ethereum would be a win-win: DeFi users could gain exposure to bitcoin’s liquidity – such asderivatives platform dYdX– while utilizing Ethereum’s transaction speeds. And, as the oldest and largest DeFi protocol, the addition of bitcoin to Maker would pave the way for bitcoin onto Ethereum in general.
The WBTC-generated dai could be used for a variety of purposes, data scientist Alex Svanevik said in aMedium postlast week, including lending the dai at interest.
The initial WBTCminting took place on token sale platform CoinList, with Nexo minting 999.6 WBTC May 11. Those funds were then moved to Maker compatible walletOasis in two transactionsof 1 WBTC – perhaps as a test – and 997 WBTC on May 13 and May 20, respectively. (Nexo did not return a request for comment.)
Read more:Why MakerDAO Should Consider Negative Interest Rates for Dai
The minting of $4 million in stablecoins represents some3%of the amount of dai currently minted, but about 50% of the WBTC market cap, according to DeFi Pulse.
WBTC isn’t the only tokenized bitcoin competing for space on Maker. Keep’s tBTC was working on a listing on the DeFi protocol before pausing operations after abug was found in the protocolless than a week after it launched.
• Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year
• Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans || UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC: Want to bet the price ofether(ETH) is rising relative to the price ofbitcoin(BTC)? There’s now a token for precisely that.
On Tuesday night, theUMA Projectcommunity approved contracts that allowed creating its first token: ETHBTC. This is a synthetic token whose value tracks the relative value of ETH to BTC, so if ETH is worth $200 and BTC is worth $10,000, an ETHBTC should be worth $0.02.
The intriguing thing about ETHBTC, though? No ETH or BTC is needed to make it.
Related:Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession
This will be the first deployment of what UMA, a decentralized finance (DeFi) project, callsthe priceless token model, one built from the start to minimize the need for oracles.
“ETHBTC was selected as the first test for UMA’s priceless synthetic design because it’s DeFi-centric but not too serious,” Hart Lambur, UMA’s co-founder, told CoinDesk in an email. “This first token is still experimental, so it felt wise to choose a product that appeals to hardcore DeFi natives – the type of people that might want to bet on this rate, and who best understand the risks of ‘new’ things.”
ETHBTC is available now onthe new Uniswap, though the team is warning interested buyers: “The mechanisms behind this design have not been proven in the wild. Users should proceed with extreme caution.”
RepresentingBTC on Ethereumto prove its value as collateral has become a prominent theme for DeFi in 2020.
Related:Why $4M Dai Made From WBTC Matters for DeFi’s Maturation
Below is an explanation of how ETHBTC is created, and it should basically describe how any other synthetic tokens might be created on UMA, though some of the variables will likely change.
To generate ETHBTC, a user posts dai as collateral to the smart contract. Based on the collateralization rate of 120%,the contractwill allow the user to generate a specific amount of ETHBTC. They can then sell the new ETHBTC on the open market or they can use it to add liquidity to the ETHBTC pool that will be created on Uniswap (most interested buyers will probably choose to just acquire it directly on Uniswap).
Read more:Trust No Dapp: Chainlink Launches Oracle for Provable Randomness
UMA’s synthetic tokens trade like any Ethereum-based token until their contract comes to an end. At that moment, the staked DAI will be split between token holders and stakers. If the value of ETH vs. BTC has gone up at the close of the contract, the token holder will get a profit on what they paid for it. If it hasn’t, the staker will earn a profit on that original sale as the contract releases more dai back to them.
So token holders are long and stakers are short ETHBTC. Lambur described it as “a sort of meta-bet on DeFi as a whole,” because the most likely explanation for growth in ETH uncorrelated to BTC would be more people using DeFi products.
This is all quite new. The UMA team noted in their message that this is very much an alpha test in the real world. While it has been audited by OpenZeppelin, users should be very cautious about the amount of risk they take on.
“We strongly encourage interested users to do their own research and proceed with caution in this experiment,” Lambur wrote.
Under the priceless token model, UMA does not need an oracle to function on a day to day basis.
“What we’re saying is: Let’s not do any on-chain price ever,” Lambur told CoinDesk in an interview. “This is how you’re going to have to scale DeFi,” he added later.
The idea here is that everyone knows that the contract is going to have this defining moment when it comes to the end and the stakes get split up between stakers and coin holders. If the definition of the price is clear and transparent to everyone, the truth of the world should not be confusing at that moment. If so, then an oracle will never be necessary. People will just see what the truth was and accept that outcome.
“Minimizing the dependency you have on your oracles is just good system design,” Nik Kunkel, on the oracles teamat MakerDAO, told CoinDesk. “This type of oracle’less design is very unique to their system and the characteristics of the UMA system. It can’t really be applied anywhere else.”
Read more:Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
This was a point that Sergey Nazarov, creator ofChainlink, a network of oracles, also emphasized.
“If you say, ‘I’m not going to build data feeds to build financial products,’ the number of financial products you can build is very small,” Nazarov said. “I think what they are doing is essentially an interesting experiment.”
That said, Lambur compared UMA’s approach to paper contracts in the real world. Traditional contracts don’t have to be publicly posted to function and most of the time no one but the parties ever see them because every one honors their side of the deal.
“We are really trying to frame the oracle itself as being like taking someone to court,” Lambur said.
In order to backstop price throughout the life of the contract, UMA also has a liquidation model. If anyone spots an undercollateralized position, they can trigger a liquidation event. Again, if they initiated it accurately under the conditions, ostensibly there will be no need to turn to oracles.
If there’s a dispute, UMA token holders will settle it by coming together to vote. The holders who voted on the winning side will be rewarded in new token emissions. The economic model of UMA is designed so that it will always be unprofitable to buy up UMA tokens in order to vote through a false choice.
“The tokens themselves, the token holders, form this court system which ultimately is the security of the whole platform,” Lambur said. “The whole overall premise for our token economics is we need the cost of bribing the system to be greater than the value of the system.”
• Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year
• Hybrid Blockchain Maker Kadena Adds Chainlink Price Feeds || UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC: Want to bet the price of ether (ETH) is rising relative to the price of bitcoin (BTC)? There’s now a token for precisely that. On Tuesday night, the UMA Project community approved contracts that allowed creating its first token: ETHBTC. This is a synthetic token whose value tracks the relative value of ETH to BTC, so if ETH is worth $200 and BTC is worth $10,000, an ETHBTC should be worth $0.02. The intriguing thing about ETHBTC, though? No ETH or BTC is needed to make it. Related: Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession This will be the first deployment of what UMA, a decentralized finance (DeFi) project, calls the priceless token model , one built from the start to minimize the need for oracles. “ETHBTC was selected as the first test for UMA’s priceless synthetic design because it’s DeFi-centric but not too serious,” Hart Lambur, UMA’s co-founder, told CoinDesk in an email. “This first token is still experimental, so it felt wise to choose a product that appeals to hardcore DeFi natives – the type of people that might want to bet on this rate, and who best understand the risks of ‘new’ things.” ETHBTC is available now on the new Uniswap , though the team is warning interested buyers: “The mechanisms behind this design have not been proven in the wild. Users should proceed with extreme caution.” Representing BTC on Ethereum to prove its value as collateral has become a prominent theme for DeFi in 2020. ‘ Priceless ‘ Related: Why $4M Dai Made From WBTC Matters for DeFi’s Maturation Below is an explanation of how ETHBTC is created, and it should basically describe how any other synthetic tokens might be created on UMA, though some of the variables will likely change. To generate ETHBTC, a user posts dai as collateral to the smart contract. Based on the collateralization rate of 120%, the contract will allow the user to generate a specific amount of ETHBTC. They can then sell the new ETHBTC on the open market or they can use it to add liquidity to the ETHBTC pool that will be created on Uniswap (most interested buyers will probably choose to just acquire it directly on Uniswap). Read more: Trust No Dapp: Chainlink Launches Oracle for Provable Randomness UMA’s synthetic tokens trade like any Ethereum-based token until their contract comes to an end. At that moment, the staked DAI will be split between token holders and stakers. If the value of ETH vs. BTC has gone up at the close of the contract, the token holder will get a profit on what they paid for it. If it hasn’t, the staker will earn a profit on that original sale as the contract releases more dai back to them. Story continues So token holders are long and stakers are short ETHBTC. Lambur described it as “a sort of meta-bet on DeFi as a whole,” because the most likely explanation for growth in ETH uncorrelated to BTC would be more people using DeFi products. This is all quite new. The UMA team noted in their message that this is very much an alpha test in the real world. While it has been audited by OpenZeppelin, users should be very cautious about the amount of risk they take on. “We strongly encourage interested users to do their own research and proceed with caution in this experiment,” Lambur wrote. Eliminating oracles Under the priceless token model, UMA does not need an oracle to function on a day to day basis. “What we’re saying is: Let’s not do any on-chain price ever,” Lambur told CoinDesk in an interview. “This is how you’re going to have to scale DeFi,” he added later. The idea here is that everyone knows that the contract is going to have this defining moment when it comes to the end and the stakes get split up between stakers and coin holders. If the definition of the price is clear and transparent to everyone, the truth of the world should not be confusing at that moment. If so, then an oracle will never be necessary. People will just see what the truth was and accept that outcome. “Minimizing the dependency you have on your oracles is just good system design,” Nik Kunkel, on the oracles team at MakerDAO , told CoinDesk. “This type of oracle’less design is very unique to their system and the characteristics of the UMA system. It can’t really be applied anywhere else.” Read more: Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans This was a point that Sergey Nazarov, creator of Chainlink , a network of oracles, also emphasized. “If you say, ‘I’m not going to build data feeds to build financial products,’ the number of financial products you can build is very small,” Nazarov said. “I think what they are doing is essentially an interesting experiment.” That said, Lambur compared UMA’s approach to paper contracts in the real world. Traditional contracts don’t have to be publicly posted to function and most of the time no one but the parties ever see them because every one honors their side of the deal. “We are really trying to frame the oracle itself as being like taking someone to court,” Lambur said. In order to backstop price throughout the life of the contract, UMA also has a liquidation model. If anyone spots an undercollateralized position, they can trigger a liquidation event. Again, if they initiated it accurately under the conditions, ostensibly there will be no need to turn to oracles. If there’s a dispute, UMA token holders will settle it by coming together to vote. The holders who voted on the winning side will be rewarded in new token emissions. The economic model of UMA is designed so that it will always be unprofitable to buy up UMA tokens in order to vote through a false choice. “The tokens themselves, the token holders, form this court system which ultimately is the security of the whole platform,” Lambur said. “The whole overall premise for our token economics is we need the cost of bribing the system to be greater than the value of the system.” Related Stories Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year Hybrid Blockchain Maker Kadena Adds Chainlink Price Feeds View comments || UMA Project Creates Its First Synthetic Coin, Matching ETH Against BTC: Want to bet the price ofether(ETH) is rising relative to the price ofbitcoin(BTC)? There’s now a token for precisely that.
On Tuesday night, theUMA Projectcommunity approved contracts that allowed creating its first token: ETHBTC. This is a synthetic token whose value tracks the relative value of ETH to BTC, so if ETH is worth $200 and BTC is worth $10,000, an ETHBTC should be worth $0.02.
The intriguing thing about ETHBTC, though? No ETH or BTC is needed to make it.
Related:Why Kyber Network Tokens Tripled to $100M Despite the Coronavirus Recession
This will be the first deployment of what UMA, a decentralized finance (DeFi) project, callsthe priceless token model, one built from the start to minimize the need for oracles.
“ETHBTC was selected as the first test for UMA’s priceless synthetic design because it’s DeFi-centric but not too serious,” Hart Lambur, UMA’s co-founder, told CoinDesk in an email. “This first token is still experimental, so it felt wise to choose a product that appeals to hardcore DeFi natives – the type of people that might want to bet on this rate, and who best understand the risks of ‘new’ things.”
ETHBTC is available now onthe new Uniswap, though the team is warning interested buyers: “The mechanisms behind this design have not been proven in the wild. Users should proceed with extreme caution.”
RepresentingBTC on Ethereumto prove its value as collateral has become a prominent theme for DeFi in 2020.
Related:Why $4M Dai Made From WBTC Matters for DeFi’s Maturation
Below is an explanation of how ETHBTC is created, and it should basically describe how any other synthetic tokens might be created on UMA, though some of the variables will likely change.
To generate ETHBTC, a user posts dai as collateral to the smart contract. Based on the collateralization rate of 120%,the contractwill allow the user to generate a specific amount of ETHBTC. They can then sell the new ETHBTC on the open market or they can use it to add liquidity to the ETHBTC pool that will be created on Uniswap (most interested buyers will probably choose to just acquire it directly on Uniswap).
Read more:Trust No Dapp: Chainlink Launches Oracle for Provable Randomness
UMA’s synthetic tokens trade like any Ethereum-based token until their contract comes to an end. At that moment, the staked DAI will be split between token holders and stakers. If the value of ETH vs. BTC has gone up at the close of the contract, the token holder will get a profit on what they paid for it. If it hasn’t, the staker will earn a profit on that original sale as the contract releases more dai back to them.
So token holders are long and stakers are short ETHBTC. Lambur described it as “a sort of meta-bet on DeFi as a whole,” because the most likely explanation for growth in ETH uncorrelated to BTC would be more people using DeFi products.
This is all quite new. The UMA team noted in their message that this is very much an alpha test in the real world. While it has been audited by OpenZeppelin, users should be very cautious about the amount of risk they take on.
“We strongly encourage interested users to do their own research and proceed with caution in this experiment,” Lambur wrote.
Under the priceless token model, UMA does not need an oracle to function on a day to day basis.
“What we’re saying is: Let’s not do any on-chain price ever,” Lambur told CoinDesk in an interview. “This is how you’re going to have to scale DeFi,” he added later.
The idea here is that everyone knows that the contract is going to have this defining moment when it comes to the end and the stakes get split up between stakers and coin holders. If the definition of the price is clear and transparent to everyone, the truth of the world should not be confusing at that moment. If so, then an oracle will never be necessary. People will just see what the truth was and accept that outcome.
“Minimizing the dependency you have on your oracles is just good system design,” Nik Kunkel, on the oracles teamat MakerDAO, told CoinDesk. “This type of oracle’less design is very unique to their system and the characteristics of the UMA system. It can’t really be applied anywhere else.”
Read more:Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
This was a point that Sergey Nazarov, creator ofChainlink, a network of oracles, also emphasized.
“If you say, ‘I’m not going to build data feeds to build financial products,’ the number of financial products you can build is very small,” Nazarov said. “I think what they are doing is essentially an interesting experiment.”
That said, Lambur compared UMA’s approach to paper contracts in the real world. Traditional contracts don’t have to be publicly posted to function and most of the time no one but the parties ever see them because every one honors their side of the deal.
“We are really trying to frame the oracle itself as being like taking someone to court,” Lambur said.
In order to backstop price throughout the life of the contract, UMA also has a liquidation model. If anyone spots an undercollateralized position, they can trigger a liquidation event. Again, if they initiated it accurately under the conditions, ostensibly there will be no need to turn to oracles.
If there’s a dispute, UMA token holders will settle it by coming together to vote. The holders who voted on the winning side will be rewarded in new token emissions. The economic model of UMA is designed so that it will always be unprofitable to buy up UMA tokens in order to vote through a false choice.
“The tokens themselves, the token holders, form this court system which ultimately is the security of the whole platform,” Lambur said. “The whole overall premise for our token economics is we need the cost of bribing the system to be greater than the value of the system.”
• Market Wrap: Here’s Why Ether’s Price Has Jumped 65% So Far This Year
• Hybrid Blockchain Maker Kadena Adds Chainlink Price Feeds || Bitcoin is up big since the start of coronavirus lockdown: Bitcoin is faring very well during the pandemic, up 94% since March 16, when the U.S. first began widespread school closures and stay-at-home orders. During the same period, the Dow Jones Industrial Average is up 22% and the S&P 500 up 24%.
That’s a very different story for bitcoin than the beginning of March, whencrypto fell precipitously, along with stocks, from negative headlines about coronavirus cases, before U.S. quarantine began. On March 13, bitcoin fell 25% in 24 hours.
The recent surge can’t all be attributed to thethird bitcoin halving on May 11, an event every four years when the reward for mining bitcoins gets cut in half in order to limit the creation of new bitcoin. The price was already on a ride prior to the halving, up 80% between March 16 and May 11. Now it’s up just another 10% since the halving.
Bitcoin flag-wavers see the price action as proof that bitcoin is what they say it is: a store of value, and a hedge against uncertainty. This is certainly a time of uncertainty, with U.S. unemployment spiking amid aglobal pandemic, publicly traded companies withdrawing their 2020 guidance, and theFederal Reserve taking a range of measuresto boost the economy.
Grayscale Investments, a crypto asset management fund owned byDigital Currency Group, says it has seen a spike in crypto investments from existing clients.
“There is now a pretty widely held belief amongst our investors that bitcoin has solidified its place as digital gold,” says Grayscale managing director Michael Sonnenshein. “As things have become increasingly uncertain and we’ve seen levers get pulled by central banks and governments, investors have allocated to bitcoin. When the shelter-in-place began and everything was getting deleveraged, stocks were getting sold, gold getting sold, bitcoin getting sold... now bitcoin has rebounded like crazy. That’s bitcoin demonstrating its resilience as an investment.”
Daily bitcoin trading volume on 10 leading exchanges (including Coinbase and Gemini) has hit an average $2.5 billion per day, the highest trading volume level since July 2018,according to Decrypt.
And there’s additional anecdotal evidence of a general spike in interest: bitcoinshopping rewards app Lollisays it had more new user signups in the first two weeks of May than it’s ever had in two weeks, since launching in 2018; and Google searches for bitcoin have doubled since one year ago.
—
Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @readDanwrite.
Read more:
What the third bitcoin halving means for crypto investors
Bitcoin tumbles along with stocks from coronavirus, questioning 'safe haven' theory
Fed Chair Jay Powell grilled on China's cryptocurrency plans, US response
Facebook-led Libra Association has lost 8 'founding members'
IRS adds specific crypto question to 2019 tax form
Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic'
Exclusive: SEC quietly widens its crackdown on ICOs
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit. || Bitcoin is up big since the start of coronavirus lockdown: Bitcoin is faring very well during the pandemic, up 94% since March 16, when the U.S. first began widespread school closures and stay-at-home orders. During the same period, the Dow Jones Industrial Average is up 22% and the S&P 500 up 24%.
That’s a very different story for bitcoin than the beginning of March, whencrypto fell precipitously, along with stocks, from negative headlines about coronavirus cases, before U.S. quarantine began. On March 13, bitcoin fell 25% in 24 hours.
The recent surge can’t all be attributed to thethird bitcoin halving on May 11, an event every four years when the reward for mining bitcoins gets cut in half in order to limit the creation of new bitcoin. The price was already on a ride prior to the halving, up 80% between March 16 and May 11. Now it’s up just another 10% since the halving.
Bitcoin flag-wavers see the price action as proof that bitcoin is what they say it is: a store of value, and a hedge against uncertainty. This is certainly a time of uncertainty, with U.S. unemployment spiking amid aglobal pandemic, publicly traded companies withdrawing their 2020 guidance, and theFederal Reserve taking a range of measuresto boost the economy.
Grayscale Investments, a crypto asset management fund owned byDigital Currency Group, says it has seen a spike in crypto investments from existing clients.
“There is now a pretty widely held belief amongst our investors that bitcoin has solidified its place as digital gold,” says Grayscale managing director Michael Sonnenshein. “As things have become increasingly uncertain and we’ve seen levers get pulled by central banks and governments, investors have allocated to bitcoin. When the shelter-in-place began and everything was getting deleveraged, stocks were getting sold, gold getting sold, bitcoin getting sold... now bitcoin has rebounded like crazy. That’s bitcoin demonstrating its resilience as an investment.”
Daily bitcoin trading volume on 10 leading exchanges (including Coinbase and Gemini) has hit an average $2.5 billion per day, the highest trading volume level since July 2018,according to Decrypt.
And there’s additional anecdotal evidence of a general spike in interest: bitcoinshopping rewards app Lollisays it had more new user signups in the first two weeks of May than it’s ever had in two weeks, since launching in 2018; and Google searches for bitcoin have doubled since one year ago.
—
Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @readDanwrite.
Read more:
What the third bitcoin halving means for crypto investors
Bitcoin tumbles along with stocks from coronavirus, questioning 'safe haven' theory
Fed Chair Jay Powell grilled on China's cryptocurrency plans, US response
Facebook-led Libra Association has lost 8 'founding members'
IRS adds specific crypto question to 2019 tax form
Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic'
Exclusive: SEC quietly widens its crackdown on ICOs
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit. || Bitcoin is up more than 90% during coronavirus quarantine: Bitcoin is faring very well during the pandemic, up 94% since March 16, when the U.S. first began widespread school closures and stay-at-home orders. During the same period, the Dow Jones Industrial Average is up 22% and the S&P 500 up 24%. Thats a very different story for bitcoin than the beginning of March, when crypto fell precipitously , along with stocks, from negative headlines about coronavirus cases, before U.S. quarantine began. On March 13, bitcoin fell 25% in 24 hours. The recent surge cant all be attributed to the third bitcoin halving on May 11 , an event every four years when the reward for mining bitcoins gets cut in half in order to limit the creation of new bitcoin. The price was already on a ride prior to the halving, up 80% between March 16 and May 11. Now its up just another 10% since the halving. POLAND - 2020/05/04: In this photo illustration a Bitcoin cryptocurrency logo seen displayed on a smartphone. (Photo Illustration by Filip Radwanski/SOPA Images/LightRocket via Getty Images) Bitcoin flag-wavers see the price action as proof that bitcoin is what they say it is: a store of value, and a hedge against uncertainty. This is certainly a time of uncertainty, with U.S. unemployment spiking amid a global pandemic , publicly traded companies withdrawing their 2020 guidance, and the Federal Reserve taking a range of measures to boost the economy. Grayscale Investments , a crypto asset management fund owned by Digital Currency Group , says it has seen a spike in crypto investments from existing clients. There is now a pretty widely held belief amongst our investors that bitcoin has solidified its place as digital gold, says Grayscale managing director Michael Sonnenshein. As things have become increasingly uncertain and weve seen levers get pulled by central banks and governments, investors have allocated to bitcoin. When the shelter-in-place began and everything was getting deleveraged, stocks were getting sold, gold getting sold, bitcoin getting sold... now bitcoin has rebounded like crazy. Thats bitcoin demonstrating its resilience as an investment. Bitcoin price, March 16 through May 19, 2020. Daily bitcoin trading volume on 10 leading exchanges (including Coinbase and Gemini) has hit an average $2.5 billion per day, the highest trading volume level since July 2018, according to Decrypt . Story continues And theres additional anecdotal evidence of a general spike in interest: bitcoin shopping rewards app Lolli says it had more new user signups in the first two weeks of May than its ever had in two weeks, since launching in 2018; and Google searches for bitcoin have doubled since one year ago. Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @ readDanwrite . Read more: What the third bitcoin halving means for crypto investors Bitcoin tumbles along with stocks from coronavirus, questioning 'safe haven' theory Fed Chair Jay Powell grilled on China's cryptocurrency plans, US response Facebook-led Libra Association has lost 8 'founding members' IRS adds specific crypto question to 2019 tax form Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic' Exclusive: SEC quietly widens its crackdown on ICOs Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit . || AAX Partners with Crypto Market Surveillance Provider Solidus Labs to Tackle Trade Manipulation and Ensure Market Integrity: The next generation digital asset exchange, the only crypto trading platform leveraging LSEG Technology's matching engine, will harness Wall Street-based Solidus Labs' crypto-native compliance platform to improve integrity and comply with regulation HONG KONG and NEW YORK, NY / ACCESSWIRE / May 20, 2020 / AAX , the next-generation cryptocurrency exchange powered by London Stock Exchange Group Technology's Millennium Exchange, and member of London Stock Exchange Group's Partner Platform , announced today it is partnering with Solidus Labs . AAX will work with the New York-based provider of crypto-native market surveillance and compliance software to monitor for trade abuse risks and improve market integrity. In partnering with Solidus Labs, AAX is adopting the highest digital asset market surveillance standards. Solidus Labs' market surveillance solutions will enhance AAX's institutional-grade trading infrastructure with state-of-the-art compliance tools tailored for digital assets. AAX is gaining a heightened ability to detect, investigate, manage and report abusive behavior based on behavioral and historical patterns - using a single unified dashboard for holistic risk monitoring and increased operational efficiency. The threats addressed with the new capabilities include common concerns like wash trading, spoofing and pump-and-dump, as well as new crypto-specific manipulation typologies like cross-market manipulation, and hack-and-trade. According to the CryptoCompare Exchange Benchmark report , only five out of 159 ranked exchanges employ an externally provided surveillance system - and those who do are leading the ranking for trading volume credibility. As a result, n umerous studies consistently raise concerns that as much as 95% of crypto trading volume is potentially manipulative. Due to the lack of high surveillance standards across the crypto industry, it is difficult to account for the exact amount of funds manipulators swindle from legitimate crypto traders, but the number is estimated at tens of billions of dollars. An analysis by the Wall Street Journal from August 2018, as one example, estimated that pump & dump schemes in crypto markets accounted for $825 million in trading activity in only six months, translating to hundreds of millions of dollars in lost funds. Story continues Market manipulation is one of the biggest hurdles to increasing institutional adoption and regulatory approval of digital assets. Citing concerns about high levels of manipulation, the United States Securities and Exchange Commission has so far consistently rejected Bitcoin-ETF applications, with Chairman Jay Clayton stating the agency will need to see effective market surveillance . Regulators globally are introducing compliance guidelines and intensifying licensing requirements, with leading agencies like the Hong Kong Securities and Futures Commission and the Malaysia Securities Commission listing detailed requirements for market surveillance. "We believe that all investors, retail and institutional, deserve fair markets, where prices are accurate and trade volumes are real. We are excited to partner with Solidus Labs to provide state-of-the-art market surveillance," says Thor Chan, AAX CEO. "It's all about taking it to the next level," Chan continues. "Heeding valid regulatory concerns and safeguarding our markets against manipulation with Solidus Labs' advanced systems. This opens the door for the development of more sophisticated digital assets, ETFs other instruments that will further integrate crypto with global finance." "Solidus Labs gets our mission and understands how important market integrity is to the further expansion of this emerging investment space," Michael Wong, AAX COO, explains. "For us, adopting this technology represents a significant step forward in our effort to deliver a cutting-edge crypto exchange where investors can trade with confidence and trust." "More than ever before in crypto, compliance and integrity mean growth, and the industry's future depends on individual exchanges effectively monitoring for manipulation to improve the credibility of the industry and accelerate adoption" says Solidus Labs CEO Asaf Meir. "AAX has built an exchange that sets the highest bar for integrity, compliance and fairness for both retail and institutional investors, and we're delighted to support their mission with our tailored solutions." AAX Launched in November 2019, AAX is the first crypto exchange to be powered by LSEG Technology. It Is also the first exchange to have joined London Stock Exchange Group's Partner Platform, providing institutional clients ease of access to the crypto market. Offering OTC, Spot, and Futures trading, quoting more than 50 cryptocurrency pairs, including its native exchange token AAB, and listing 5 perpetual futures contracts for Bitcoin, Ether, Litecoin, Ripple, and EOS, which can be traded with up to 100x leverage, AAX provides a secure, deeply liquid, ultra-low latency and fully compliant trading platform. http://www.aax.com About Solidus Labs Founded in New York in 2017 by Goldman Sachs FinTech veterans, Solidus Labs offers a crypto-native market surveillance platform built from the ground up for the unique compliance challenges of digital assets and crypto data. Harnessing advanced technologies like machine learning and SaaS principles, Solidus Labs' mission is to help crypto businesses grow faster - and safer - by reducing the operational costs of compliance and minimizing regulatory risk. The firm currently serves a global client base including exchanges, brokerages, regulators, self-regulatory organizations and others. Contact for Solidus Labs Chen Arad, CMO [email protected] SOURCE: AAX View source version on accesswire.com: https://www.accesswire.com/590689/AAX-Partners-with-Crypto-Market-Surveillance-Provider-Solidus-Labs-to-Tackle-Trade-Manipulation-and-Ensure-Market-Integrity || AAX Partners with Crypto Market Surveillance Provider Solidus Labs to Tackle Trade Manipulation and Ensure Market Integrity: The next generation digital asset exchange, the only crypto trading platform leveraging LSEG Technology's matching engine, will harness Wall Street-based Solidus Labs' crypto-native compliance platform to improve integrity and comply with regulation
HONG KONG and NEW YORK, NY / ACCESSWIRE / May 20, 2020 /AAX, the next-generation cryptocurrency exchange powered by London Stock Exchange Group Technology's Millennium Exchange, and member ofLondon Stock Exchange Group's Partner Platform, announced today it is partnering withSolidus Labs. AAX will work with the New York-based provider of crypto-native market surveillance and compliance software to monitor for trade abuse risks and improve market integrity. In partnering with Solidus Labs, AAX is adopting the highest digital asset market surveillance standards.
Solidus Labs' market surveillance solutions will enhance AAX's institutional-grade trading infrastructure with state-of-the-art compliance tools tailored for digital assets. AAX is gaining a heightened ability to detect, investigate, manage and report abusive behavior based on behavioral and historical patterns - using a single unified dashboard for holistic risk monitoring and increased operational efficiency. The threats addressed with the new capabilities include common concerns like wash trading, spoofing and pump-and-dump, as well as new crypto-specific manipulation typologies like cross-market manipulation, and hack-and-trade.
According to theCryptoCompare Exchange Benchmark report, only five out of 159 ranked exchanges employ an externally provided surveillance system - and those who do are leading the ranking for trading volume credibility. As a result,numerous studiesconsistently raise concerns that as much as 95%of crypto trading volume is potentially manipulative.
Due to the lack of high surveillance standards across the crypto industry, it is difficult to account for the exact amount of funds manipulators swindle from legitimate crypto traders, but the number is estimated at tens of billions of dollars. Ananalysis by the Wall Street Journalfrom August 2018, as one example, estimated that pump & dump schemes in crypto markets accounted for $825 million in trading activity in only six months, translating to hundreds of millions of dollars in lost funds.
Market manipulation is one of the biggest hurdles to increasing institutional adoption and regulatory approval of digital assets. Citing concerns about high levels of manipulation, the United States Securities and Exchange Commission has so far consistently rejected Bitcoin-ETF applications, with Chairman Jay Clayton statingthe agency will need to see effective market surveillance. Regulators globally are introducing compliance guidelines and intensifying licensing requirements, with leading agencies like theHong Kong Securities and Futures Commissionand theMalaysia Securities Commissionlisting detailed requirements for market surveillance.
"We believe that all investors, retail and institutional, deserve fair markets, where prices are accurate and trade volumes are real. We are excited to partner with Solidus Labs to provide state-of-the-art market surveillance," says Thor Chan, AAX CEO. "It's all about taking it to the next level," Chan continues. "Heeding valid regulatory concerns and safeguarding our markets against manipulation with Solidus Labs' advanced systems. This opens the door for the development of more sophisticated digital assets, ETFs other instruments that will further integrate crypto with global finance."
"Solidus Labs gets our mission and understands how important market integrity is to the further expansion of this emerging investment space," Michael Wong, AAX COO, explains. "For us, adopting this technology represents a significant step forward in our effort to deliver a cutting-edge crypto exchange where investors can trade with confidence and trust."
"More than ever before in crypto, compliance and integrity mean growth, and the industry's future depends on individual exchanges effectively monitoring for manipulation to improve the credibility of the industry and accelerate adoption" says Solidus Labs CEO Asaf Meir. "AAX has built an exchange that sets the highest bar for integrity, compliance and fairness for both retail and institutional investors, and we're delighted to support their mission with our tailored solutions."
AAX
Launched in November 2019, AAX is the first crypto exchange to be powered by LSEG Technology. It Is also the first exchange to have joined London Stock Exchange Group's Partner Platform, providing institutional clients ease of access to the crypto market.
Offering OTC, Spot, and Futures trading, quoting more than 50 cryptocurrency pairs, including its native exchange token AAB, and listing 5 perpetual futures contracts for Bitcoin, Ether, Litecoin, Ripple, and EOS, which can be traded with up to 100x leverage, AAX provides a secure, deeply liquid, ultra-low latency and fully compliant trading platform.http://www.aax.com
About Solidus Labs
Founded in New York in 2017 by Goldman Sachs FinTech veterans, Solidus Labs offers acrypto-nativemarket surveillance platform built from the ground up for the unique compliance challenges of digital assets and crypto data. Harnessing advanced technologies like machine learning and SaaS principles, Solidus Labs' mission is to help crypto businesses grow faster - and safer - by reducing the operational costs of compliance and minimizing regulatory risk. The firm currently serves a global client base including exchanges, brokerages, regulators, self-regulatory organizations and others.
Contact for Solidus Labs
Chen Arad, [email protected]
SOURCE:AAX
View source version on accesswire.com:https://www.accesswire.com/590689/AAX-Partners-with-Crypto-Market-Surveillance-Provider-Solidus-Labs-to-Tackle-Trade-Manipulation-and-Ensure-Market-Integrity || Someone just moved a block of bitcoins first mined in February 2009: Fifty original bitcoins moved from a wallet that has been dormant since 2009. The coins, mined on block 3654 one month into Bitcoin's existence, were sent to two addresses today. One address received 40 of the more than decade-old coins, equating to $391,055. Another address received 9.99 and is currently separating the sum into smaller pieces sent to other addresses. This marks the first time since August 2017 that an account has moved coins from 2009, according to Antoine Le Calvez, lead data engineer at Coin Metrics. Some are speculating the transfer came from a wallet owned by anonymous Bitcoin creator Satoshi Nakamoto. However, these coins are unlikely to be Satoshis according to past research looking at nonce data. The address of the once-dormant wallet appears on Craig Wright's filing of claimed wallet addresses relating to his case with the Kleiman estate. Wright has claimed he is the identity behind Satoshi, and the address one of thousands of unclaimed addresses Wright listed in the filing. However, there is substantial doubt that Wright is Satoshi or even the owner of all filed addresses, including the one at hand. One Memo.cash user created a post verifying the signature of the address and calling Wright a "liar and fraud," more than a year ago. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Someone just moved a block of bitcoins first mined in February 2009: Fifty original bitcoins moved from a wallet that has been dormant since 2009. The coins, mined on block 3654 one month into Bitcoin's existence, were sent to two addresses today. One address received 40 of the more than decade-old coins, equating to $391,055. Another address received 9.99 and is currently separating the sum into smaller pieces sent to other addresses. This marks the first time since August 2017 that an account has moved coins from 2009, according to Antoine Le Calvez, lead data engineer at Coin Metrics. Some are speculating the transfer came from a wallet owned by anonymous Bitcoin creator Satoshi Nakamoto. However, these coins are unlikely to be Satoshis according to past research looking at nonce data. The address of the once-dormant wallet appears on Craig Wright's filing of claimed wallet addresses relating to his case with the Kleiman estate. Wright has claimed he is the identity behind Satoshi, and the address one of thousands of unclaimed addresses Wright listed in the filing. However, there is substantial doubt that Wright is Satoshi or even the owner of all filed addresses, including the one at hand. One Memo.cash user created a post verifying the signature of the address and calling Wright a "liar and fraud," more than a year ago. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Latest Bitcoin Cash price and analysis (BCH to USD): With much of the attention being focused on Bitcoin over the past few weeks altcoins like Bitcoin Cash have seemingly fallen by the wayside, with significant reductions being reported in daily trade volume. As a result, Bitcoin Cash continues to trade at the same level it is has been at for the past six weeks, with it failing to break out above the 200 EMA at $270 and the level of resistance at $282. At the time of writing BCH remains in a bearish position despite rallying by more than 113% since March 13’s gruelling flash crash to $133. At the time of writing it is trading at $246 after suffering at 3.72% drawdown over the past three days. It needs to ensure it closes the weekly candle on Sunday above the $238 level of support to avoid a dreaded break down in price, which would see a price target of $201 begin to emerge. The clear lack of momentum and volume is undeniably another bearish sign for Bitcoin Cash, which surprisingly rallied to a 14-month high of $496 in February before the Coronavirus pandemic put the markets into turmoil. In order to trigger a bullish reversal the first hurdle is trading back above the daily 200 EMA for the first time since early March, while taking out the $357 level of resistance will also be critical. Much of the upcoming direction will also depend on the trajectory of Bitcoin, which recently underwent a block reward halving, an event that has previously acted as a catalyst for a bull market. If Bitcoin can begin to trade above $10,000 in the coming weeks it would likely pave the way for an altcoin rally, with Bitcoin Cash potentially benefiting with upside price action. For more news, guides and cryptocurrency analysis, click here . Pricing Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: Story continues US Dollar – BCHtoUSD British Pound Sterling – BCHtoGBP Japanese Yen – BCHtoJPY Euro – BCHtoEUR Australian Dollar – BCHtoAUD Russian Rouble – BCHtoRUB Bitcoin – BCHtoBTC About Bitcoin Cash Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017. More Bitcoin Cash news and information If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started: https://coinrivet.com/roger-ver-to-launch-crypto-exchange-on-bitcoin-com/ As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . || Latest Bitcoin Cash price and analysis (BCH to USD): With much of the attention being focused on Bitcoin over the past few weeks altcoins like Bitcoin Cash have seemingly fallen by the wayside, with significant reductions being reported in daily trade volume. As a result, Bitcoin Cash continues to trade at the same level it is has been at for the past six weeks, with it failing to break out above the 200 EMA at $270 and the level of resistance at $282. At the time of writing BCH remains in a bearish position despite rallying by more than 113% since March 13’s gruelling flash crash to $133. At the time of writing it is trading at $246 after suffering at 3.72% drawdown over the past three days. It needs to ensure it closes the weekly candle on Sunday above the $238 level of support to avoid a dreaded break down in price, which would see a price target of $201 begin to emerge. The clear lack of momentum and volume is undeniably another bearish sign for Bitcoin Cash, which surprisingly rallied to a 14-month high of $496 in February before the Coronavirus pandemic put the markets into turmoil. In order to trigger a bullish reversal the first hurdle is trading back above the daily 200 EMA for the first time since early March, while taking out the $357 level of resistance will also be critical. Much of the upcoming direction will also depend on the trajectory of Bitcoin, which recently underwent a block reward halving, an event that has previously acted as a catalyst for a bull market. If Bitcoin can begin to trade above $10,000 in the coming weeks it would likely pave the way for an altcoin rally, with Bitcoin Cash potentially benefiting with upside price action. For more news, guides and cryptocurrency analysis, click here . Pricing Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: Story continues US Dollar – BCHtoUSD British Pound Sterling – BCHtoGBP Japanese Yen – BCHtoJPY Euro – BCHtoEUR Australian Dollar – BCHtoAUD Russian Rouble – BCHtoRUB Bitcoin – BCHtoBTC About Bitcoin Cash Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017. More Bitcoin Cash news and information If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started: https://coinrivet.com/roger-ver-to-launch-crypto-exchange-on-bitcoin-com/ As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . || Latest Bitcoin Cash price and analysis (BCH to USD): With much of the attention being focused on Bitcoin over the past few weeks altcoins like Bitcoin Cash have seemingly fallen by the wayside, with significant reductions being reported in daily trade volume. As a result, Bitcoin Cash continues to trade at the same level it is has been at for the past six weeks, with it failing to break out above the 200 EMA at $270 and the level of resistance at $282. At the time of writing BCH remains in a bearish position despite rallying by more than 113% since March 13’s gruelling flash crash to $133. At the time of writing it is trading at $246 after suffering at 3.72% drawdown over the past three days. It needs to ensure it closes the weekly candle on Sunday above the $238 level of support to avoid a dreaded break down in price, which would see a price target of $201 begin to emerge. The clear lack of momentum and volume is undeniably another bearish sign for Bitcoin Cash, which surprisingly rallied to a 14-month high of $496 in February before the Coronavirus pandemic put the markets into turmoil. In order to trigger a bullish reversal the first hurdle is trading back above the daily 200 EMA for the first time since early March, while taking out the $357 level of resistance will also be critical. Much of the upcoming direction will also depend on the trajectory of Bitcoin, which recently underwent a block reward halving, an event that has previously acted as a catalyst for a bull market. If Bitcoin can begin to trade above $10,000 in the coming weeks it would likely pave the way for an altcoin rally, with Bitcoin Cash potentially benefiting with upside price action. For more news, guides and cryptocurrency analysis, click here . Pricing Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: Story continues US Dollar – BCHtoUSD British Pound Sterling – BCHtoGBP Japanese Yen – BCHtoJPY Euro – BCHtoEUR Australian Dollar – BCHtoAUD Russian Rouble – BCHtoRUB Bitcoin – BCHtoBTC About Bitcoin Cash Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, day-to-day payments. In May 2017, Bitcoin payments took about four days unless a fee was paid, which was proportionately too large for small transactions. A change to the code was implemented and Bitcoin Cash was born on 1st August 2017. More Bitcoin Cash news and information If you want to find out more information about Bitcoin Cash or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started: https://coinrivet.com/roger-ver-to-launch-crypto-exchange-on-bitcoin-com/ As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . || Legendary Bitcoin trader ActualAdviceBTC has passed away: Given that the ecosystem of cryptocurrency traders is mostly made up of 20-something males, it comes as a painful shock to write an obituary for a well-known figure in the space. Yesterday evening it was announced that Ben, known by the alias ActualAdviceBTC, had tragically passed away with it later being confirmed by a number of close friends on social media. Tributes poured in for AABTC, who rose to popularity among crypto Twitter before, during and after the bull market of 2017 . Close friend Romano, known by the Twitter handle @RNR_0, recapped a various memories that highlighted Ben’s generosity and selflessness, while CryptoCobain wrote : “You truly changed my life. Thank you for being a friend and guiding me through crypto when I was new. I wouldn’t be here without you.” I lost someone I love today but crypto lost a legend. RIP Ben 💔 @ActualAdviceBTC pic.twitter.com/EOO7hKlQfR — Diana Biggs (@DianacBiggs) May 19, 2020 Diana Biggs, who advises on emerging technology at Oxford University, added : “ I lost someone I love today but crypto lost a legend. RIP Ben.” Even BitMEX CEO Arthur Hayes commented on Ben’s passing by writing : “He was a true friend and a legend. Our magic internet money ecosystem won’t be the same without him. Much love.” ActualAdviceBTC’s reputation within the cryptocurrency community grew immensely in April, 2018, when he documented position sizes upwards of $30 million on BitMEX before the market made a 15% move to the upside, earning himself a spot on the BitMEX leaderboard. Ben then gave away two Bitcoins to a follower who made a jovial video replicating the recent events over a South Park clip. Thousands of others paid tributes on social media as the tragic news continued to circulate, demonstrating what a meaningful and long-lasting impact he had on so many. Rest in peace, Ben. || Legendary Bitcoin trader ActualAdviceBTC has passed away: Given that the ecosystem of cryptocurrency traders is mostly made up of 20-something males, it comes as a painful shock to write an obituary for a well-known figure in the space. Yesterday evening it was announced that Ben, known by the alias ActualAdviceBTC, had tragically passed away with it later being confirmed by a number of close friends on social media. Tributes poured in for AABTC, who rose to popularity among crypto Twitter before, during and after the bull market of 2017 . Close friend Romano, known by the Twitter handle @RNR_0, recapped a various memories that highlighted Ben’s generosity and selflessness, while CryptoCobain wrote : “You truly changed my life. Thank you for being a friend and guiding me through crypto when I was new. I wouldn’t be here without you.” I lost someone I love today but crypto lost a legend. RIP Ben 💔 @ActualAdviceBTC pic.twitter.com/EOO7hKlQfR — Diana Biggs (@DianacBiggs) May 19, 2020 Diana Biggs, who advises on emerging technology at Oxford University, added : “ I lost someone I love today but crypto lost a legend. RIP Ben.” Even BitMEX CEO Arthur Hayes commented on Ben’s passing by writing : “He was a true friend and a legend. Our magic internet money ecosystem won’t be the same without him. Much love.” ActualAdviceBTC’s reputation within the cryptocurrency community grew immensely in April, 2018, when he documented position sizes upwards of $30 million on BitMEX before the market made a 15% move to the upside, earning himself a spot on the BitMEX leaderboard. Ben then gave away two Bitcoins to a follower who made a jovial video replicating the recent events over a South Park clip. Thousands of others paid tributes on social media as the tragic news continued to circulate, demonstrating what a meaningful and long-lasting impact he had on so many. Rest in peace, Ben. || Legendary Bitcoin trader ActualAdviceBTC has passed away: Given that the ecosystem of cryptocurrency traders is mostly made up of 20-something males, it comes as a painful shock to write an obituary for a well-known figure in the space. Yesterday evening it was announced that Ben, known by the alias ActualAdviceBTC, had tragically passed away with it later being confirmed by a number of close friends on social media. Tributes poured in for AABTC, who rose to popularity among crypto Twitter before, during and after the bull market of 2017 . Close friend Romano, known by the Twitter handle @RNR_0, recapped a various memories that highlighted Ben’s generosity and selflessness, while CryptoCobain wrote : “You truly changed my life. Thank you for being a friend and guiding me through crypto when I was new. I wouldn’t be here without you.” I lost someone I love today but crypto lost a legend. RIP Ben 💔 @ActualAdviceBTC pic.twitter.com/EOO7hKlQfR — Diana Biggs (@DianacBiggs) May 19, 2020 Diana Biggs, who advises on emerging technology at Oxford University, added : “ I lost someone I love today but crypto lost a legend. RIP Ben.” Even BitMEX CEO Arthur Hayes commented on Ben’s passing by writing : “He was a true friend and a legend. Our magic internet money ecosystem won’t be the same without him. Much love.” ActualAdviceBTC’s reputation within the cryptocurrency community grew immensely in April, 2018, when he documented position sizes upwards of $30 million on BitMEX before the market made a 15% move to the upside, earning himself a spot on the BitMEX leaderboard. Ben then gave away two Bitcoins to a follower who made a jovial video replicating the recent events over a South Park clip. Thousands of others paid tributes on social media as the tragic news continued to circulate, demonstrating what a meaningful and long-lasting impact he had on so many. Rest in peace, Ben.
[Social Media Buzz]
None available.
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9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71.
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[Bitcoin Technical Analysis for 2018-08-10]
Volume: 4528680000, RSI (14-day): 32.56, 50-day EMA: 7165.68, 200-day EMA: 7832.03
[Wider Market Context]
Gold Price: 1211.10, Gold RSI: 33.17
Oil Price: 67.63, Oil RSI: 44.83
[Recent News (last 7 days)]
Bitcoin Only ‘Masquerades’ as a Currency: BIS Research Chief: Hyun Song Shin, Economic Adviser and Head of Research of the Switzerland-based Bank for International Settlements (BIS), told Bloomberg that bitcoin and other cryptocurrencies “fall a long way short of being able to sustain a monetary system” and really only “masquerade” as real currencies.
Speaking in the latest episode of theBloomberg Benchmark podcast, Shin argued that money, in the form digital cash or tokens, is a “record keeping device” and is essentially worthless — its value is only increased when others begin accepting it.
Last month,Agustín Carstens, general manager of BIS, called bitcoin “a bubble, a Ponzi scheme and an environmental disaster.” When asked about Carstens’ statement, Shin said that miners have two incentives for verifying transactions. They collect their reward in the form of bitcoins as well as transaction fees paid by users.
If the capacity of the network is increased, not only will the problem be solved but the transaction fees would also become zero. Hence, miners will lose their incentive to verify blocks and this is where “the economics really bump into technology.” Shin added that while this statement is true for bitcoin, however, other cryptocurrencies may provide better solutions.
“What is a valid payment depends on what the bookkeepers agree is a valid payment. It is the result of a collective decision of the bookkeepers themselves,” said Shin regarding bitcoin’s finality issue. Since miners interact with each other, it is theoretically possible that they may group together and agree on creating a hard fork. As result of this, the transactions on the previous “branch” would become useless and invalid. Therefore, he alleged, transactions made on blockchains are never 100% valid and can result in a disaster.
Shin said that regulation shouldn’t be a big issue for cryptocurrencies. However, cryptocurrencies’ connection with the traditional monetary system has raised some concerns from regulators. Some people have started calling them financial assets, while others have used them to lure people into fraud. These situations have sparked a debate over the importance of crypto regulations.
When asked aboutblockchain technologyin general, Shin said that it has many useful applications all over the world, “I think where it becomes much more difficult is when the technology takes on the attribute of a financial asset, which then masquerades as a currency. And then gives rise to promises that may not be fully fulfilled.” Shin concluded that even if crypto technology is improved, the problems in economics will continue to exist.
Featured Images from Shutterstock
The postBitcoin Only ‘Masquerades’ as a Currency: BIS Research Chiefappeared first onCCN. || Bitcoin Only Masquerades as a Currency: BIS Research Chief: bitcoin bank for international settlements Hyun Song Shin, Economic Adviser and Head of Research of the Switzerland-based Bank for International Settlements (BIS), told Bloomberg that bitcoin and other cryptocurrencies fall a long way short of being able to sustain a monetary system and really only masquerade as real currencies. Speaking in the latest episode of the Bloomberg Benchmark podcast , Shin argued that money, in the form digital cash or tokens, is a record keeping device and is essentially worthless its value is only increased when others begin accepting it. Is Bitcoin a Bubble? Last month, Agustín Carstens , general manager of BIS, called bitcoin a bubble, a Ponzi scheme and an environmental disaster. When asked about Carstens statement, Shin said that miners have two incentives for verifying transactions. They collect their reward in the form of bitcoins as well as transaction fees paid by users. If the capacity of the network is increased, not only will the problem be solved but the transaction fees would also become zero. Hence, miners will lose their incentive to verify blocks and this is where the economics really bump into technology. Shin added that while this statement is true for bitcoin, however, other cryptocurrencies may provide better solutions. Bitcoins Finality Problem bank for international settlements What is a valid payment depends on what the bookkeepers agree is a valid payment. It is the result of a collective decision of the bookkeepers themselves, said Shin regarding bitcoins finality issue. Since miners interact with each other, it is theoretically possible that they may group together and agree on creating a hard fork. As result of this, the transactions on the previous branch would become useless and invalid. Therefore, he alleged, transactions made on blockchains are never 100% valid and can result in a disaster. Will Bitcoin Replace Traditional Money? Shin said that regulation shouldnt be a big issue for cryptocurrencies. However, cryptocurrencies connection with the traditional monetary system has raised some concerns from regulators. Some people have started calling them financial assets, while others have used them to lure people into fraud. These situations have sparked a debate over the importance of crypto regulations. Story continues When asked about blockchain technology in general, Shin said that it has many useful applications all over the world, I think where it becomes much more difficult is when the technology takes on the attribute of a financial asset, which then masquerades as a currency. And then gives rise to promises that may not be fully fulfilled. Shin concluded that even if crypto technology is improved, the problems in economics will continue to exist. Featured Images from Shutterstock The post Bitcoin Only Masquerades as a Currency: BIS Research Chief appeared first on CCN . || Bitcoin Only ‘Masquerades’ as a Currency: BIS Research Chief: Hyun Song Shin, Economic Adviser and Head of Research of the Switzerland-based Bank for International Settlements (BIS), told Bloomberg that bitcoin and other cryptocurrencies “fall a long way short of being able to sustain a monetary system” and really only “masquerade” as real currencies.
Speaking in the latest episode of theBloomberg Benchmark podcast, Shin argued that money, in the form digital cash or tokens, is a “record keeping device” and is essentially worthless — its value is only increased when others begin accepting it.
Last month,Agustín Carstens, general manager of BIS, called bitcoin “a bubble, a Ponzi scheme and an environmental disaster.” When asked about Carstens’ statement, Shin said that miners have two incentives for verifying transactions. They collect their reward in the form of bitcoins as well as transaction fees paid by users.
If the capacity of the network is increased, not only will the problem be solved but the transaction fees would also become zero. Hence, miners will lose their incentive to verify blocks and this is where “the economics really bump into technology.” Shin added that while this statement is true for bitcoin, however, other cryptocurrencies may provide better solutions.
“What is a valid payment depends on what the bookkeepers agree is a valid payment. It is the result of a collective decision of the bookkeepers themselves,” said Shin regarding bitcoin’s finality issue. Since miners interact with each other, it is theoretically possible that they may group together and agree on creating a hard fork. As result of this, the transactions on the previous “branch” would become useless and invalid. Therefore, he alleged, transactions made on blockchains are never 100% valid and can result in a disaster.
Shin said that regulation shouldn’t be a big issue for cryptocurrencies. However, cryptocurrencies’ connection with the traditional monetary system has raised some concerns from regulators. Some people have started calling them financial assets, while others have used them to lure people into fraud. These situations have sparked a debate over the importance of crypto regulations.
When asked aboutblockchain technologyin general, Shin said that it has many useful applications all over the world, “I think where it becomes much more difficult is when the technology takes on the attribute of a financial asset, which then masquerades as a currency. And then gives rise to promises that may not be fully fulfilled.” Shin concluded that even if crypto technology is improved, the problems in economics will continue to exist.
Featured Images from Shutterstock
The postBitcoin Only ‘Masquerades’ as a Currency: BIS Research Chiefappeared first onCCN. || Satellite TV Giant DISH Network Now Accepts Bitcoin Cash: Bitcoin cash has been confirmed as the second cryptocurrency payment option by subscription model pay-TV provider, DISH.As announced on the company’s website, in addition to bitcoin which was adopted in 2014 as a payment system, subscribers can now pay for services using bitcoin cash.
Since 1980,DISH Network Corporationhas played a significant role in the evolution of pay-TV. The company provides services to millions of customers across the globe through its numerous subsidiaries. The services include satellite DISH TV and streaming Sling TV services. The company also operates a national in-home installation workforce and advertising solutions among other services.
The adoption of bitcoin cash by DISH happens at a time when the company is also migrating toBitPayas a new blockchain payment processor for cryptocurrency transaction with customers.
John Swieringa, executive vice president and chief operating officer of DISH, notes that the addition of bitcoin cash as a payment system is aimed at serving customers who have adopted a new way of doing business.
“We have a steady volume of customers paying with cryptocurrency each month, and BitPay will allow us to continue offering more choice and convenience to our customers.”
BitPay is the pioneer company in bitcoin and blockchain payment processing. With offices in North America, Europe and South America, the company is also established in cross-border payments, and enables consumers to manage digital assets with the BitPay Wallet.
To pay with bitcoin or bitcoin cash, a one-time payment is executed by a DISH customer through thewebsiteor DISH’s hopper DVR. On sending the exact payment amount in bitcoin or bitcoin cash, BitPay exchanges the funds into U.S. dollars immediately, thereby avoiding the risk of volatility usually associated with cryptocurrency transactions.
According to Sonny Singh, chief commercial officer of BitPay, the goal of his company is to offer DISH Network a seamless transition that will enable all customers who are currentlyuse bitcoin for paymentto have the extra option of paying with bitcoin cash.
Singh notes that cryptocurrency is an increasingly popular way for customers to make purchases and pay for services online as it reduces credit card fraud and is cheaper for the merchants.
Featured Image from Shutterstock
The postSatellite TV Giant DISH Network Now Accepts Bitcoin Cashappeared first onCCN. || Satellite TV Giant DISH Network Now Accepts Bitcoin Cash: Bitcoin cash has been confirmed as the second cryptocurrency payment option by subscription model pay-TV provider, DISH.As announced on the company’s website, in addition to bitcoin which was adopted in 2014 as a payment system, subscribers can now pay for services using bitcoin cash.
Since 1980,DISH Network Corporationhas played a significant role in the evolution of pay-TV. The company provides services to millions of customers across the globe through its numerous subsidiaries. The services include satellite DISH TV and streaming Sling TV services. The company also operates a national in-home installation workforce and advertising solutions among other services.
The adoption of bitcoin cash by DISH happens at a time when the company is also migrating toBitPayas a new blockchain payment processor for cryptocurrency transaction with customers.
John Swieringa, executive vice president and chief operating officer of DISH, notes that the addition of bitcoin cash as a payment system is aimed at serving customers who have adopted a new way of doing business.
“We have a steady volume of customers paying with cryptocurrency each month, and BitPay will allow us to continue offering more choice and convenience to our customers.”
BitPay is the pioneer company in bitcoin and blockchain payment processing. With offices in North America, Europe and South America, the company is also established in cross-border payments, and enables consumers to manage digital assets with the BitPay Wallet.
To pay with bitcoin or bitcoin cash, a one-time payment is executed by a DISH customer through thewebsiteor DISH’s hopper DVR. On sending the exact payment amount in bitcoin or bitcoin cash, BitPay exchanges the funds into U.S. dollars immediately, thereby avoiding the risk of volatility usually associated with cryptocurrency transactions.
According to Sonny Singh, chief commercial officer of BitPay, the goal of his company is to offer DISH Network a seamless transition that will enable all customers who are currentlyuse bitcoin for paymentto have the extra option of paying with bitcoin cash.
Singh notes that cryptocurrency is an increasingly popular way for customers to make purchases and pay for services online as it reduces credit card fraud and is cheaper for the merchants.
Featured Image from Shutterstock
The postSatellite TV Giant DISH Network Now Accepts Bitcoin Cashappeared first onCCN. || International ETFs That Can Help You Better Manage Currency Risks: This article was originally published on ETFTrends.com. Investors who are looking into international stocks should be wary of the potential negative effects of a strengthening U.S. dollar on their investments and may consider currency-hedged ETF strategies to limit the foreign exchange risks. "We really want people to think about this strategically and long-term that being hedged makes a lot of sense," Luke Oliver, Managing Director and Head of Capital Markets for DWS , said at the 2018 Morningstar Investment Conference. DWS has maintained a belief that the U.S. dollar could strengthen based on their call that interest rates will rise as the U.S. Federal Reserve tightens its monetary policy and weaker data out of foreign markets that suggest possible easing or at the very least not tightening. When investing in international markets, most investors are only looking at the possible opportunities or diversification effect provided by these foreign markets. However, many may be overlooking potential risks. "Generally, what investors do when they look to international, they are thinking about those companies, the diversification they can get from those, and they take on all those currency risks," Oliver said. However, a rebounding dollar or weakening overseas currencies are likely to help currency hedged exchange traded funds, such as the Xtrackers MSCI EAFE Hedged Equity ETF ( DBEF ) . As the U.S. dollar strengthens, foreign currencies would depreciate. If an investor holds a foreign stock that is denominated in the local currencies, a weaker foreign currency would translate to a lower USD-denominated return on that foreign equity exposure. DBEF provides exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies. For more ETF-related commentary from Tom Lydon and other industry experts, visit our video category . Story continues POPULAR ARTICLES FROM ETFTRENDS.COM Tesla Board to Meet Next Week About Going Private Bitcoin Suffers from ‘Week of Pain,’ Bounce Ahead? Investors Flocked to Healthcare ETFs in July Bill Gates: Current Trade Tensions are ‘Scary’ Trump vs. Obama: The Most Jobs Created in First 20 Months READ MORE AT ETFTRENDS.COM > || International ETFs That Can Help You Better Manage Currency Risks: This article was originally published onETFTrends.com.
Investors who are looking into international stocks should be wary of the potential negative effects of a strengthening U.S. dollar on their investments and may consider currency-hedged ETF strategies to limit the foreign exchange risks.
"We really want people to think about this strategically and long-term that being hedged makes a lot of sense," Luke Oliver, Managing Director and Head of Capital Markets forDWS, said at the 2018 Morningstar Investment Conference.
DWS has maintained a belief that the U.S. dollar could strengthen based on their call that interest rates will rise as the U.S. Federal Reserve tightens its monetary policy and weaker data out of foreign markets that suggest possible easing or at the very least not tightening.
When investing in international markets, most investors are only looking at the possible opportunities or diversification effect provided by these foreign markets. However, many may be overlooking potential risks.
"Generally, what investors do when they look to international, they are thinking about those companies, the diversification they can get from those, and they take on all those currency risks," Oliver said.
However, a rebounding dollar or weakening overseas currencies are likely to help currency hedged exchange traded funds, such as the Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) . As the U.S. dollar strengthens, foreign currencies would depreciate. If an investor holds a foreign stock that is denominated in the local currencies, a weaker foreign currency would translate to a lower USD-denominated return on that foreign equity exposure. DBEF provides exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.
For more ETF-related commentary from Tom Lydon and other industry experts, visit ourvideo category.
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READ MORE AT ETFTRENDS.COM > || Bitcoin Falls After SEC Postpones ETF Decision: After Winklevoss brothers, it is VanEck-SolidX that has hit the roadblock, created bythe Securities and Exchange Commission (SEC), in its path to launching a bitcoin ETF. The SEC has deferred the decision on the proposed bitcoin ETF to Sep 30 (read: SEC Disapproves Winklevoss Bitcoin ETF: What Next?).
In late July, the regulatory body forbade an application by the Winklevoss brothers to come up with a bitcoin ETF, finding the product not safe enough for investors. Bitcoin dropped sharply on Aug 8 due to the SEC’s latest decision.
In fact, more than $9 billion bitcoin's value was wiped out after SEC’s decision of postponement, per an article published on CNBC.com. Bitcoin prices have been gathering steam in recent weeks (before the Winklevoss brothers’decision) on rumors that the SEC could give a nod to a bitcoin ETF as early as August.
InsideVanEck-SolidX’s Product
It was VanEck’s third attempt for a bitcoin ETF and the company has collaborated with blockchain company SolidX this time. The plan is to make the product physical and not futures based. This means the product will hold actual bitcoin, which will be “insured against any loss or theft.” The VanEck SolidX Bitcoin Trust will have “XBTC” as the ticker symbol (read: Will VanEck's Renewed Attempt to Launch Bitcoin ETF Work?).
There are a few factors that seem positive about the formation of XBTC. First, the underlying currencies will be insured, which makes it insulated against any kind of a hacking attack. Secondly, the issuers purposely kept retail investors far from the proposed fund, which reduces the broad-based risk factor associated with this kind of a product (read: Will the SEC Finally Approve Bitcoin ETFs?).
Will SEC Give a Nod?
Hopes were high about a probable bitcoin ETF debut this year since December 2017, when Cboe Global Markets launched three bitcoin futures contracts on the Cboe Futures Exchange. But SEC has so far been stringent on ETF launches.
The SEC will now give its final verdict on nine proposed ETFs in the next two months. But SEC is worried about its extreme price volatility in cryptocurrencies. Several central banks issued warnings against it.
Some fear that cryptocurrencies may be used to escape taxes, launder money or finance terrorism.AlphabetGOOGL banned bitcoin advertisements to prevent scams while advertisers that are okayed by Facebook via an application process can endorse crypto products. However, Facebook prohibits advertisements encouraging binary options and ICOs.
Try Blockchain ETFs
There are Blockchain ETFs available in the market, namelyReality Shares Nasdaq NexGen Economy ETFBLCN,Amplify Transformational Data Sharing ETFBLOK andFirst Trust Indxx Innovative Transaction & Process ETFLEGR. These funds look to track a portfolio of stocks from companies that are deemed to have strong exposure to blockchain technology development. But the issuers are not allowed to use the word “blockchain” in the name (read: Forget Bitcoin, Bet on Blockchain With These New ETFs).
As per a source, “the blockchain in Bitcoin literally acts a ledger; it keeps track of the balances for all users and updates them as money changes hands.” So, if investors are not getting a bitcoin ETF now, they can definitely be in touch with the concept through blockchain ETFs.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAlphabet Inc. (GOOGL) : Free Stock Analysis ReportAMP-TFR DAT SHR (BLOK): ETF Research ReportsREALT-NDQ NEXGN (BLCN): ETF Research ReportsFT-INDXX INN TP (LEGR): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin Falls After SEC Postpones ETF Decision: After Winklevoss brothers, it is VanEck-SolidX that has hit the roadblock, created bythe Securities and Exchange Commission (SEC), in its path to launching a bitcoin ETF. The SEC has deferred the decision on the proposed bitcoin ETF to Sep 30 (read: SEC Disapproves Winklevoss Bitcoin ETF: What Next?).
In late July, the regulatory body forbade an application by the Winklevoss brothers to come up with a bitcoin ETF, finding the product not safe enough for investors. Bitcoin dropped sharply on Aug 8 due to the SEC’s latest decision.
In fact, more than $9 billion bitcoin's value was wiped out after SEC’s decision of postponement, per an article published on CNBC.com. Bitcoin prices have been gathering steam in recent weeks (before the Winklevoss brothers’decision) on rumors that the SEC could give a nod to a bitcoin ETF as early as August.
InsideVanEck-SolidX’s Product
It was VanEck’s third attempt for a bitcoin ETF and the company has collaborated with blockchain company SolidX this time. The plan is to make the product physical and not futures based. This means the product will hold actual bitcoin, which will be “insured against any loss or theft.” The VanEck SolidX Bitcoin Trust will have “XBTC” as the ticker symbol (read: Will VanEck's Renewed Attempt to Launch Bitcoin ETF Work?).
There are a few factors that seem positive about the formation of XBTC. First, the underlying currencies will be insured, which makes it insulated against any kind of a hacking attack. Secondly, the issuers purposely kept retail investors far from the proposed fund, which reduces the broad-based risk factor associated with this kind of a product (read: Will the SEC Finally Approve Bitcoin ETFs?).
Will SEC Give a Nod?
Hopes were high about a probable bitcoin ETF debut this year since December 2017, when Cboe Global Markets launched three bitcoin futures contracts on the Cboe Futures Exchange. But SEC has so far been stringent on ETF launches.
The SEC will now give its final verdict on nine proposed ETFs in the next two months. But SEC is worried about its extreme price volatility in cryptocurrencies. Several central banks issued warnings against it.
Some fear that cryptocurrencies may be used to escape taxes, launder money or finance terrorism.AlphabetGOOGL banned bitcoin advertisements to prevent scams while advertisers that are okayed by Facebook via an application process can endorse crypto products. However, Facebook prohibits advertisements encouraging binary options and ICOs.
Try Blockchain ETFs
There are Blockchain ETFs available in the market, namelyReality Shares Nasdaq NexGen Economy ETFBLCN,Amplify Transformational Data Sharing ETFBLOK andFirst Trust Indxx Innovative Transaction & Process ETFLEGR. These funds look to track a portfolio of stocks from companies that are deemed to have strong exposure to blockchain technology development. But the issuers are not allowed to use the word “blockchain” in the name (read: Forget Bitcoin, Bet on Blockchain With These New ETFs).
As per a source, “the blockchain in Bitcoin literally acts a ledger; it keeps track of the balances for all users and updates them as money changes hands.” So, if investors are not getting a bitcoin ETF now, they can definitely be in touch with the concept through blockchain ETFs.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAlphabet Inc. (GOOGL) : Free Stock Analysis ReportAMP-TFR DAT SHR (BLOK): ETF Research ReportsREALT-NDQ NEXGN (BLCN): ETF Research ReportsFT-INDXX INN TP (LEGR): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin Falls After SEC Postpones ETF Decision: After Winklevoss brothers, it is VanEck-SolidX that has hit the roadblock, created bythe Securities and Exchange Commission (SEC), in its path to launching a bitcoin ETF. The SEC has deferred the decision on the proposed bitcoin ETF to Sep 30 (read: SEC Disapproves Winklevoss Bitcoin ETF: What Next?). In late July, the regulatory body forbade an application by the Winklevoss brothers to come up with a bitcoin ETF, finding the product not safe enough for investors. Bitcoin dropped sharply on Aug 8 due to the SECs latest decision. In fact, more than $9 billion bitcoin's value was wiped out after SECs decision of postponement, per an article published on CNBC.com. Bitcoin prices have been gathering steam in recent weeks (before the Winklevoss brothersdecision) on rumors that the SEC could give a nod to a bitcoin ETF as early as August. Inside VanEck-SolidXs Product It was VanEcks third attempt for a bitcoin ETF and the company has collaborated with blockchain company SolidX this time. The plan is to make the product physical and not futures based. This means the product will hold actual bitcoin, which will be insured against any loss or theft. The VanEck SolidX Bitcoin Trust will have XBTC as the ticker symbol (read: Will VanEck's Renewed Attempt to Launch Bitcoin ETF Work?). There are a few factors that seem positive about the formation of XBTC. First, the underlying currencies will be insured, which makes it insulated against any kind of a hacking attack. Secondly, the issuers purposely kept retail investors far from the proposed fund, which reduces the broad-based risk factor associated with this kind of a product (read: Will the SEC Finally Approve Bitcoin ETFs?). Will SEC Give a Nod? Hopes were high about a probable bitcoin ETF debut this year since December 2017, when Cboe Global Markets launched three bitcoin futures contracts on the Cboe Futures Exchange. But SEC has so far been stringent on ETF launches. Story continues The SEC will now give its final verdict on nine proposed ETFs in the next two months. But SEC is worried about its extreme price volatility in cryptocurrencies. Several central banks issued warnings against it. Some fear that cryptocurrencies may be used to escape taxes, launder money or finance terrorism. Alphabet GOOGL banned bitcoin advertisements to prevent scams while advertisers that are okayed by Facebook via an application process can endorse crypto products. However, Facebook prohibits advertisements encouraging binary options and ICOs. Try Blockchain ETFs There are Blockchain ETFs available in the market, namely Reality Shares Nasdaq NexGen Economy ETF BLCN, Amplify Transformational Data Sharing ETF BLOK and First Trust Indxx Innovative Transaction & Process ETF LEGR. These funds look to track a portfolio of stocks from companies that are deemed to have strong exposure to blockchain technology development. But the issuers are not allowed to use the word blockchain in the name (read: Forget Bitcoin, Bet on Blockchain With These New ETFs). As per a source, the blockchain in Bitcoin literally acts a ledger; it keeps track of the balances for all users and updates them as money changes hands. So, if investors are not getting a bitcoin ETF now, they can definitely be in touch with the concept through blockchain ETFs. Want key ETF info delivered straight to your inbox? Zacks free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alphabet Inc. (GOOGL) : Free Stock Analysis Report AMP-TFR DAT SHR (BLOK): ETF Research Reports REALT-NDQ NEXGN (BLCN): ETF Research Reports FT-INDXX INN TP (LEGR): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Cryptocurrencies to Constitute 5% of US Investment Pool in 2019 : Survey: Traditional investments such as real estate, stocks and government bonds may still be favorites among U.S. investors but crypto is not to be underestimated as it attracted nearly as much interest asETFs.
According to a survey done by The Harris Poll on behalf of theAmerican Institute of CPAs(AICPA), among the 35% of Americans who currently invest or are planning to do so in 2019, cryptocurrencies will constitute 5% of their investment mix. This compared favorably to exchange-traded funds which will comprise 8% of the portfolios, according to the poll.
The same survey also posed questions seeking to find out the levels of cryptocurrency awareness in theUnited Statesamong the various demographics. According to the study, close to 50% of adults in the world’s largest economy had little to no understanding of cryptocurrencies.
“Cryptocurrency appears to be foreign to many investors. The survey found that nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin,” AICPAwrotein a statement.
Among those who disclosed that they had some knowledge of cryptocurrencies, opinion was split on what the future held for these digital assets especially in the face of the global cryptocurrency market capitalization falling from over US$0.5 trillion recorded late last year to under US$200 billion currently.
Roughly 24% of the respondents in the survey who were familiar with cryptocurrencies expect them to appreciate in price, while 29% expect cryptocurrency prices to fall. With regards to volatility, only 12% of the respondents expect the prices to remain stable while 35% expressed the view thatcryptocurrencyprices would fluctuate wildly.
Though directed at all kinds of investments, the chairperson of the National CPA Financial Literacy Commission of the AICPA, Greg Anton, offered counsel likely to be greeted warmly by HODLers:
“Before Americans invest their hard-earned money, it is important they take control of their financial future and do some research … A well-researched and properly diversified portfolio that matches an investors risk tolerance will give confidence to stay focused on long-term strategy and protect from the temptation to sell during short-term price swings.”
While the AICPA survey did not reveal the reason why cryptocurrencies will only constitute 5% of the investment mix, a study conducted by Gallup on behalf ofWells Fargolate last month disclosed thatrisk perception was the biggest factor hindering investmentsin the space, as CCN reported. In that poll involving U.S. investors, 75% respondents indicated that bitcoin was ‘very risky’. On the other hand, 23% considered the flagship cryptocurrency to be ‘somewhat risky’.
Featured image from Shutterstock.
The postCryptocurrencies to Constitute 5% of US Investment Pool in 2019 : Surveyappeared first onCCN. || Cryptocurrencies to Constitute 5% of US Investment Pool in 2019 : Survey: Bitcoin price Bitcoin Cash Traditional investments such as real estate, stocks and government bonds may still be favorites among U.S. investors but crypto is not to be underestimated as it attracted nearly as much interest as ETFs . According to a survey done by The Harris Poll on behalf of the American Institute of CPAs (AICPA), among the 35% of Americans who currently invest or are planning to do so in 2019, cryptocurrencies will constitute 5% of their investment mix. This compared favorably to exchange-traded funds which will comprise 8% of the portfolios, according to the poll. Crypto Awareness Levels The same survey also posed questions seeking to find out the levels of cryptocurrency awareness in the United States among the various demographics. According to the study, close to 50% of adults in the world’s largest economy had little to no understanding of cryptocurrencies. “Cryptocurrency appears to be foreign to many investors. The survey found that nearly half of U.S. adults (48 percent) are not familiar with Bitcoin, Ethereum, or Litecoin,” AICPA wrote in a statement. Among those who disclosed that they had some knowledge of cryptocurrencies, opinion was split on what the future held for these digital assets especially in the face of the global cryptocurrency market capitalization falling from over US$0.5 trillion recorded late last year to under US$200 billion currently. Future Price Expectations Roughly 24% of the respondents in the survey who were familiar with cryptocurrencies expect them to appreciate in price, while 29% expect cryptocurrency prices to fall. With regards to volatility, only 12% of the respondents expect the prices to remain stable while 35% expressed the view that cryptocurrency prices would fluctuate wildly. Though directed at all kinds of investments, the chairperson of the National CPA Financial Literacy Commission of the AICPA, Greg Anton, offered counsel likely to be greeted warmly by HODLers: “Before Americans invest their hard-earned money, it is important they take control of their financial future and do some research … A well-researched and properly diversified portfolio that matches an investors risk tolerance will give confidence to stay focused on long-term strategy and protect from the temptation to sell during short-term price swings.” Story continues Risk Factor While the AICPA survey did not reveal the reason why cryptocurrencies will only constitute 5% of the investment mix, a study conducted by Gallup on behalf of Wells Fargo late last month disclosed that risk perception was the biggest factor hindering investments in the space, as CCN reported. In that poll involving U.S. investors, 75% respondents indicated that bitcoin was ‘very risky’. On the other hand, 23% considered the flagship cryptocurrency to be ‘somewhat risky’. Featured image from Shutterstock. The post Cryptocurrencies to Constitute 5% of US Investment Pool in 2019 : Survey appeared first on CCN . || Blockchain firm Soluna to build 900MW wind farm in Morocco: CEO: By Ahmed Eljechtimi RABAT (Reuters) - Blockchain company Soluna plans to build a 900-megawatt wind farm to power a computing center in Dakhla in the Morocco-administered Western Sahara, its chief executive John Belizaire said in an interview. Work on the initial off-grid phase will start in 2019 and complete a year later, with the possibility of connecting the site to the national grid, Belizaire told Reuters. Soluna told the Moroccan government it expected to complete the site in five years at a cost of 1.4-2.5 billion dollars. It would invest 100 million dollars in an initial phase, from which it hoped to generate 36 megawatts. Bitcoin is earned -- or 'mined' -- by using your computer to help process the uncrackable "blockchains" or digital transaction records that underpin the currency. This requires huge computing capacity, and a lot of electricity, and so is mostly done with huge machines in aircraft hangar-sized warehouses in the cooler climates of Iceland, Canada, northern China and Russia, where it costs less to disperse the heat generated. Digiconomist, a cryptocurrency analysis platform, estimated in June that bitcoin mining used approximately 71 terawatt hours (TWh) per year, equivalent to almost 10 percent of China's annual energy usage. Soluna is backed by private equity group Brookstone and will mostly likely seek private equity and large institutional investors, Belizaire said. The project will cover 37,000 acres in one of the world's windiest regions enabling the company to own sustainable energy resources along with a utility-scale blockchain computing facility. Belizaire said the company will not make cryptocurrency transactions in Morocco where financial authorities have warned against the use of cryptocurrencies. The computer center will provide computing to blockchain networks offering calculation capacities to foreign entities in exchange for foreign currency, he said. Morocco annexed Western Sahara, a former Spanish colony, in 1975, and since then the territory has been the subject of a dispute between it and the Polisario Front, an independence movement backed by neighboring Algeria. Morocco has attracted investment in solar and wind power as part of a goal to generate 52 percent of its electricity from renewable energies. (Reporting by Ahmed Eljechtimi; Editing by Alexandra Hudson) || Blockchain firm Soluna to build 900MW wind farm in Morocco: CEO: By Ahmed Eljechtimi RABAT (Reuters) - Blockchain company Soluna plans to build a 900-megawatt wind farm to power a computing center in Dakhla in the Morocco-administered Western Sahara, its chief executive John Belizaire said in an interview. Work on the initial off-grid phase will start in 2019 and complete a year later, with the possibility of connecting the site to the national grid, Belizaire told Reuters. Soluna told the Moroccan government it expected to complete the site in five years at a cost of 1.4-2.5 billion dollars. It would invest 100 million dollars in an initial phase, from which it hoped to generate 36 megawatts. Bitcoin is earned -- or 'mined' -- by using your computer to help process the uncrackable "blockchains" or digital transaction records that underpin the currency. This requires huge computing capacity, and a lot of electricity, and so is mostly done with huge machines in aircraft hangar-sized warehouses in the cooler climates of Iceland, Canada, northern China and Russia, where it costs less to disperse the heat generated. Digiconomist, a cryptocurrency analysis platform, estimated in June that bitcoin mining used approximately 71 terawatt hours (TWh) per year, equivalent to almost 10 percent of China's annual energy usage. Soluna is backed by private equity group Brookstone and will mostly likely seek private equity and large institutional investors, Belizaire said. The project will cover 37,000 acres in one of the world's windiest regions enabling the company to own sustainable energy resources along with a utility-scale blockchain computing facility. Belizaire said the company will not make cryptocurrency transactions in Morocco where financial authorities have warned against the use of cryptocurrencies. The computer center will provide computing to blockchain networks offering calculation capacities to foreign entities in exchange for foreign currency, he said. Morocco annexed Western Sahara, a former Spanish colony, in 1975, and since then the territory has been the subject of a dispute between it and the Polisario Front, an independence movement backed by neighboring Algeria. Morocco has attracted investment in solar and wind power as part of a goal to generate 52 percent of its electricity from renewable energies. (Reporting by Ahmed Eljechtimi; Editing by Alexandra Hudson) || Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]: Bitcoin investors might be suffering under the weight of one of the asset’s heaviest-ever bear markets, but for cryptocurrency derivatives exchanges like BitMEX, the mood is anything but sour.
“What market downturn?,” began a press release sent from a public relations firm representingBitMEX, reporting that the Seychelles-based exchange had on Wednesday crossed 1 million BTC in daily trading volume for the second time.
Altogether, the platform saw 1,027,214.62 bitcoin contracts traded for the day, worth approximately $6.6 billion at the present exchange rate.
“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing,” said BitMEX CEO Arthur Hayes.
Hayes attributed the milestone in part to the firm’s recently-launched ETH/USD perpetual swap product, which allows traders to make leveraged bets on the ethereum price without ever holding ether.
The exchangepreviously crossed the 1 million BTC markon July 24, notching a record both for the exchange and the industry at large. At the time, those contracts equated to more than $8 billion in 24-hour volume.
BitMEX isn’t the only cryptocurrency derivatives platform that has seen an uptick in trading in spite of the bear market. As CCNreported, U.S. exchanges CME and CBOE have each seen a steady rise in bitcoin futures volume since these products launched in December, with the two platforms accruing a combined $572 million in volume on the same day in which BitMEX crossed 1 million bitcoin contracts for the first time.
LedgerX, a lesser-known U.S. cryptocurrency derivatives exchange that exclusively serves wealthy investors and institutions, also reported that its clients had traded arecord $50 millionworth of contracts on the CFTC-regulated platform during July.
Featured Image from Shutterstock
The postBitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]appeared first onCCN. || Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]: bitcoin Bitcoin investors might be suffering under the weight of one of the assets heaviest-ever bear markets, but for cryptocurrency derivatives exchanges like BitMEX, the mood is anything but sour. What market downturn?, began a press release sent from a public relations firm representing BitMEX , reporting that the Seychelles-based exchange had on Wednesday crossed 1 million BTC in daily trading volume for the second time. Altogether, the platform saw 1,027,214.62 bitcoin contracts traded for the day, worth approximately $6.6 billion at the present exchange rate. Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing, said BitMEX CEO Arthur Hayes. bitcoin price chart Hayes attributed the milestone in part to the firms recently-launched ETH/USD perpetual swap product, which allows traders to make leveraged bets on the ethereum price without ever holding ether. The exchange previously crossed the 1 million BTC mark on July 24, notching a record both for the exchange and the industry at large. At the time, those contracts equated to more than $8 billion in 24-hour volume. BitMEX isnt the only cryptocurrency derivatives platform that has seen an uptick in trading in spite of the bear market. As CCN reported , U.S. exchanges CME and CBOE have each seen a steady rise in bitcoin futures volume since these products launched in December, with the two platforms accruing a combined $572 million in volume on the same day in which BitMEX crossed 1 million bitcoin contracts for the first time. LedgerX, a lesser-known U.S. cryptocurrency derivatives exchange that exclusively serves wealthy investors and institutions, also reported that its clients had traded a record $50 million worth of contracts on the CFTC-regulated platform during July. Featured Image from Shutterstock The post Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again] appeared first on CCN . || Bitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]: Bitcoin investors might be suffering under the weight of one of the asset’s heaviest-ever bear markets, but for cryptocurrency derivatives exchanges like BitMEX, the mood is anything but sour.
“What market downturn?,” began a press release sent from a public relations firm representingBitMEX, reporting that the Seychelles-based exchange had on Wednesday crossed 1 million BTC in daily trading volume for the second time.
Altogether, the platform saw 1,027,214.62 bitcoin contracts traded for the day, worth approximately $6.6 billion at the present exchange rate.
“Once again meeting our own record of 1 million bitcoin traded within 24 hours is a major milestone for the crypto-coin market and testament to the strong community BitMEX is growing,” said BitMEX CEO Arthur Hayes.
Hayes attributed the milestone in part to the firm’s recently-launched ETH/USD perpetual swap product, which allows traders to make leveraged bets on the ethereum price without ever holding ether.
The exchangepreviously crossed the 1 million BTC markon July 24, notching a record both for the exchange and the industry at large. At the time, those contracts equated to more than $8 billion in 24-hour volume.
BitMEX isn’t the only cryptocurrency derivatives platform that has seen an uptick in trading in spite of the bear market. As CCNreported, U.S. exchanges CME and CBOE have each seen a steady rise in bitcoin futures volume since these products launched in December, with the two platforms accruing a combined $572 million in volume on the same day in which BitMEX crossed 1 million bitcoin contracts for the first time.
LedgerX, a lesser-known U.S. cryptocurrency derivatives exchange that exclusively serves wealthy investors and institutions, also reported that its clients had traded arecord $50 millionworth of contracts on the CFTC-regulated platform during July.
Featured Image from Shutterstock
The postBitcoin Trading Platform BitMEX Hits 1 Million BTC in Daily Volume [Again]appeared first onCCN. || Strong Earnings Season Lifts Junior Silver Miner ETF: This article was originally published onETFTrends.com.
A small-cap silver miner exchange traded fund was leading the markets Thursday on strong second quarter earnings results out of Pan American Silver Corp. (Nasdaq, TSX: PAAS), the world’s second-largest primary silver producer, and Hecla Mining Co. (HL).
The ETFMG Junior Silver Miners ETF (SILJ) jumped 3.8% on Thursday, reversing a back-to-back sell-off that has sent the fund to its lowest since April 2016. SILJ is down 15.6% year-to-date.
Bolstering the silver miner space, Pan American Silver revealed a rise in second-quarter adjusted net earnings on steady silver output and lower costs, reports Allen Sykora forKitco.
The silver miner announced adjusted earnings of $35.4 million, or 23 cents per share, compared to the $22.3 million, or 15 cents per share, in the same quarter last year. Additionally, net earnings were $36.7 million, or 24 cents, compared to $36 million, or 23 cents, for the same period last year.
PAAS.CN shares surged 9.5% on the Q2 report.
"Our operations continue to generate robust cash flow with mine operating earnings up 22% compared with the same quarter last year," Michael Steinmann, president and chief executive officer, told Kitco. "We are realizing the benefits of increased throughput from the expansions of our La Colorada and Dolores mines, in addition to strong performance and low costs across all our other mines during the quarter."
Cost of Producing Silver
Hecla Mining also announced a profitable Q2 as the cash cost of producing an ounce of silver, after byproduct credits, was in negative territory, according toKitco. Furthermore, the miner upwardly revised production guidance to account for the recent acquisition of the Nevada properties from Klondex Mines Ltd.
Hecla's net income was $11.9 million, or 3 cents per share, compared to a net loss of $24.2 million, or 6 cents, for the same period last year.
"The significant decline in our silver cash cost, after by-product credits per ounce, is a function of strong base-metals prices and improved treatment charges,” Phillips S. Baker, Jr., president and chief executive officer at Hecla Mining, told Kitco.
PAAS.CN and HL are among SILJ's top holdings, accounting for 12.4% and 10.6% of the ETF's portfolio, respectively. SILJ was created to provide silver exploration and mining exposure of small cap companies and was the first ETF to exclusively hold silver explorers and junior silver producers.
For more information on the silver market, visit oursilver category.
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READ MORE AT ETFTRENDS.COM > || Bitcoiners Losing Faith in Twitter Inspire an Exodus to Mastodon: It’s no secret that a growing number of Bitcoiners are unhappy with Twitter. A mix of perceived censorship throughshadow banningand lack of serious action being taken by the platform to remove the notoriousether giveaway botshave aggravated calls for a decentralized alternative to the existing social media goliath.
Although members of the community had been vocal about this for awhile, it seems that recent moves like the unexplainedtemporary suspensionof BHB Network’s Giacomo Zucco yesterday or thesimultaneous purgingof Infowars’ Alex Jones’ content by other social media platforms like Spotify, YouTube, Facebook and Apple have finally catalyzed the transition.
Enter Mastodon, the distributed social media platform. Mastodon is both very similar to and very different from Twitter. At a glance, one might be forgiven for mistaking it for TweetDeck. Many of its features have been cloned, including the ability to tweet (or “toot”), retweet (“boost”) and like (“favorite”). Some enhancements have been added in, including more granular privacy controls and up to 500 characters available for microblogging.
Where the platform really shines is in its lack of centralized oversight. Instead of users congregating around a single website, Mastodon is divided into “instances” — smaller communities that set their own rules around content and users (not unlike subreddits). Individuals registered with one Mastodon instance can communicate with users of another and have the ability to switch between a “local timeline” (seeing toots from users in their instance) and a “federated feed” (curating content from other instances).
The exodus from Twitter to Mastodon began with a number of users moving to the most popular instance,mastodon.social(boastingupward of 170,000 users). However, Opendime’s Rodolfo Novak has since gone on to createbitcoinhackers.org, an instance which, according to its “About” page, is dedicated to Bitcoin maximalists with “no scams, no shitcoin, no impersonation, no begging and no illegal content.”
Thus far, it has generated a considerable amount of interest, nearing 800 users at the time of writing and repeatedly ranking in thetop 10 most active instances per hour. It remains to be seen whether these numbers will continue to climb. The general sentiment appears to be that Mastodon will be used either in tandem with Twitter (an app for cross-posting across both platforms is currently beingpropagated) or as a backup network for users that have been banned from it.
This article originally appeared onBitcoin Magazine. || Bitcoiners Losing Faith in Twitter Inspire an Exodus to Mastodon: It’s no secret that a growing number of Bitcoiners are unhappy with Twitter. A mix of perceived censorship throughshadow banningand lack of serious action being taken by the platform to remove the notoriousether giveaway botshave aggravated calls for a decentralized alternative to the existing social media goliath.
Although members of the community had been vocal about this for awhile, it seems that recent moves like the unexplainedtemporary suspensionof BHB Network’s Giacomo Zucco yesterday or thesimultaneous purgingof Infowars’ Alex Jones’ content by other social media platforms like Spotify, YouTube, Facebook and Apple have finally catalyzed the transition.
Enter Mastodon, the distributed social media platform. Mastodon is both very similar to and very different from Twitter. At a glance, one might be forgiven for mistaking it for TweetDeck. Many of its features have been cloned, including the ability to tweet (or “toot”), retweet (“boost”) and like (“favorite”). Some enhancements have been added in, including more granular privacy controls and up to 500 characters available for microblogging.
Where the platform really shines is in its lack of centralized oversight. Instead of users congregating around a single website, Mastodon is divided into “instances” — smaller communities that set their own rules around content and users (not unlike subreddits). Individuals registered with one Mastodon instance can communicate with users of another and have the ability to switch between a “local timeline” (seeing toots from users in their instance) and a “federated feed” (curating content from other instances).
The exodus from Twitter to Mastodon began with a number of users moving to the most popular instance,mastodon.social(boastingupward of 170,000 users). However, Opendime’s Rodolfo Novak has since gone on to createbitcoinhackers.org, an instance which, according to its “About” page, is dedicated to Bitcoin maximalists with “no scams, no shitcoin, no impersonation, no begging and no illegal content.”
Thus far, it has generated a considerable amount of interest, nearing 800 users at the time of writing and repeatedly ranking in thetop 10 most active instances per hour. It remains to be seen whether these numbers will continue to climb. The general sentiment appears to be that Mastodon will be used either in tandem with Twitter (an app for cross-posting across both platforms is currently beingpropagated) or as a backup network for users that have been banned from it.
This article originally appeared onBitcoin Magazine.
[Social Media Buzz]
08/10 19:00現在
#Bitcoin : 703,170円↓
#NEM #XEM : 13.2962円↓
#Monacoin : 197.1円↓
#Ethereum : 39,705円→
#Zaif : 0.3118円↓ || ツイート数の多かった仮想通貨
1位 $BTC 500 Tweets
2位 $TRX 309 Tweets
3位 $XRP 125 Tweets
4位 $ETH 91 Tweets
5位 $NEO 58 Tweets
2018-08-10 21:00 ～ 2018-08-10 21:59
COINTREND いまTwitterで話題の仮想通貨を探せ！
https://cointrend.jp/ || ULABS is hosting a 1,500,00 UBBEY to reward its social media contributors. https://ubbey.bounty.global/signupref=ncbe68myxJoin … and help me earn more UBBEY! https://ubbey.bounty....
|
6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20.
|
[Bitcoin Technical Analysis for 2017-12-29]
Volume: 13025500160, RSI (14-day): 49.55, 50-day EMA: 12975.62, 200-day EMA: 7376.60
[Wider Market Context]
Gold Price: 1306.30, Gold RSI: 69.55
Oil Price: 60.42, Oil RSI: 68.43
[Recent News (last 7 days)]
Amazon.com's Record Holiday in 7 Takeaways: Amazon(NASDAQ: AMZN)continued itsmomentum from Black Friday and Cyber Mondaythroughout the holiday, clocking in with its biggest holiday season ever. Including record shopping, record Prime membership trials, record sales of Amazon Devices, and more, the holiday season undoubtedly helped set the e-commerce giant up for an enormous fourth quarter.
Previewing a record fourth quarter, Amazon shared some insight into its big holiday shopping season in 2017. Here are some takeaways from the record period.
Image source: Getty Images.
1. Echo Dot continued to be Amazon's best-selling product.In fact, the Echo Dot outsold all products from any manufacturer and in any category. Leading the charge, the Echo Dot helped Amazon achieve a record holiday for the entire family of Echo products.
2. Amazon's Fire TV Stick crushed it, too.The second best-selling product across all of Amazon was another Amazon device -- the Fire TV Stick with Alexa Voice remote. The company said sales of the Amazon Fire TV Sticks were more than double what they were during last year's holiday season.
3. Four million people signed up for a free trial of Prime in one week.Alongside itsrecent major expansionof Prime Free Same Day Delivery and Prime Free One-Day Shipping to 8,000 cities and towns (up from 5,000 previously), Amazon launched a 30-day free trial for Prime that included the same expanded shipping services that paying subscribers have access to. Apparently, it was a hit, drawing over 4 million Amazon Prime trials in a single week.
4. Tens of millions of Alexa-enabled devices were sold.After its record Black Friday shopping weekend, Amazon said that there were already tens of millions of Amazon devices in the hands of customers. But now the e-commerce giant is saying it sold tens of millions of Alexa-enabled Amazon devices this holiday shopping season alone.
5. Parents love Fire Kids Edition Tablets.Sales of the Amazon tablet were up 2.4 times compared to the same time last year.
6. Amazon's fulfillment and shipping network grew significantly.Between last year and this year's holiday season, total square footage in Amazon's fulfillment and shipping network increased by 30%.
7. Mobile shopping skyrocketed.The number of customers who shopped on the Amazon App increased nearly 70% this holiday season compared to the same period last year.
Despite how extraordinary this growth is, Amazon is still preparing for one more big shopping day before the year closes. On Dec. 29, customers will be able to save "up to 80% on over 5,000 apps, games, movies, eBooks, and more," Amazon said. Building on the momentum it saw last year with itsnew Digital Day holiday, Amazon said it will offer 40% more deals this year compared to last year.
Kindle Paperwhite. Image source: Amazon.com.
Notable deals will include three free books when customers sign up for an Audible trial, 60% off ofWonder Womanon Amazon video, a $10 Amazon.com credit for customers who subscribe to HBO Now through Amazon's channels, and more.
Amazon is guiding for huge growth in its fourth quarter of 2017, expecting net sales between $56 billion and $60.5 billion, up 28% to 38% compared to the year-ago quarter.
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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Daniel Sparkshas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has adisclosure policy. || Amazon.com's Record Holiday in 7 Takeaways: Amazon (NASDAQ: AMZN) continued its momentum from Black Friday and Cyber Monday throughout the holiday, clocking in with its biggest holiday season ever. Including record shopping, record Prime membership trials, record sales of Amazon Devices, and more, the holiday season undoubtedly helped set the e-commerce giant up for an enormous fourth quarter. Previewing a record fourth quarter, Amazon shared some insight into its big holiday shopping season in 2017. Here are some takeaways from the record period. A package on a doorstep Image source: Getty Images. 1. Echo Dot continued to be Amazon's best-selling product. In fact, the Echo Dot outsold all products from any manufacturer and in any category. Leading the charge, the Echo Dot helped Amazon achieve a record holiday for the entire family of Echo products. 2. Amazon's Fire TV Stick crushed it, too. The second best-selling product across all of Amazon was another Amazon device -- the Fire TV Stick with Alexa Voice remote. The company said sales of the Amazon Fire TV Sticks were more than double what they were during last year's holiday season. 3. Four million people signed up for a free trial of Prime in one week. Alongside its recent major expansion of Prime Free Same Day Delivery and Prime Free One-Day Shipping to 8,000 cities and towns (up from 5,000 previously), Amazon launched a 30-day free trial for Prime that included the same expanded shipping services that paying subscribers have access to. Apparently, it was a hit, drawing over 4 million Amazon Prime trials in a single week. 4. Tens of millions of Alexa-enabled devices were sold. After its record Black Friday shopping weekend, Amazon said that there were already tens of millions of Amazon devices in the hands of customers. But now the e-commerce giant is saying it sold tens of millions of Alexa-enabled Amazon devices this holiday shopping season alone. 5. Parents love Fire Kids Edition Tablets. Sales of the Amazon tablet were up 2.4 times compared to the same time last year. Story continues 6. Amazon's fulfillment and shipping network grew significantly. Between last year and this year's holiday season, total square footage in Amazon's fulfillment and shipping network increased by 30%. 7. Mobile shopping skyrocketed. The number of customers who shopped on the Amazon App increased nearly 70% this holiday season compared to the same period last year. Expect this momentum to continue Despite how extraordinary this growth is, Amazon is still preparing for one more big shopping day before the year closes. On Dec. 29, customers will be able to save "up to 80% on over 5,000 apps, games, movies, eBooks, and more," Amazon said. Building on the momentum it saw last year with its new Digital Day holiday , Amazon said it will offer 40% more deals this year compared to last year. A man reading on a Kindle Paperwhite in his car Kindle Paperwhite. Image source: Amazon.com. Notable deals will include three free books when customers sign up for an Audible trial, 60% off of Wonder Woman on Amazon video, a $10 Amazon.com credit for customers who subscribe to HBO Now through Amazon's channels, and more. Amazon is guiding for huge growth in its fourth quarter of 2017, expecting net sales between $56 billion and $60.5 billion, up 28% to 38% compared to the year-ago quarter. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a disclosure policy . || Bitcoin Slumps After South Korea Explores Banning Exchanges. So Why Is Ripple Up?: Ripple was a rare exception to the cryptocurrency bloodbath Thursday.
While the price of digital assets such as Bitcoin, Ethereum, andLitecoinall slumped Thursday on news that South Korea would begin requiring real-name cryptocurrency transactions andwould consider banning some exchanges, Ripple continued to all-time highs.
Bitcoin prices fell roughly 8% to $14,200, Ethereum shed 4% to $725, while Litecoin dropped 11% to $240. But in the same periodRipple, which currently holds a market value of about $55.5 billion when accounting for all coins in circulation, has remained steady. At a challenging time for cryptocurrencies it eked out a gain of over 1% to $1.44 per piece—a rise of about 20% during the week.
Ripple, which was designed for banks and global money transfers, has surged this year, rising roughly 23,900% to become the world’s third most valuable cryptocurrency, according to coinmarketcap, a digital currency data information service.
Ripple’s recent rise can likely be attributed to Japan, a nation that has beenoutwardly friendly toward cryptocurrencies. Earlier this month,Nikkeireported that Japan and South Korean banks were using Ripple to test international funds transfers in a bid to cut costs by 30%. The test involved 61 Japanese banks. And more recentlySBI Holdings, a Tokyo-based financial services group, said that its subsidiary SBI Ripple Asia had established a partnership with some of the nation’s largest credit card providers (JCB, Credit Saison, and Mitsui Sumitomo Card) to look into distributed ledger technology, which underpins cryptocurrencies like Bitcoin. || Bitcoin Slumps After South Korea Explores Banning Exchanges. So Why Is Ripple Up?: Ripple was a rare exception to the cryptocurrency bloodbath Thursday.
While the price of digital assets such as Bitcoin, Ethereum, andLitecoinall slumped Thursday on news that South Korea would begin requiring real-name cryptocurrency transactions andwould consider banning some exchanges, Ripple continued to all-time highs.
Bitcoin prices fell roughly 8% to $14,200, Ethereum shed 4% to $725, while Litecoin dropped 11% to $240. But in the same periodRipple, which currently holds a market value of about $55.5 billion when accounting for all coins in circulation, has remained steady. At a challenging time for cryptocurrencies it eked out a gain of over 1% to $1.44 per piece—a rise of about 20% during the week.
Ripple, which was designed for banks and global money transfers, has surged this year, rising roughly 23,900% to become the world’s third most valuable cryptocurrency, according to coinmarketcap, a digital currency data information service.
Ripple’s recent rise can likely be attributed to Japan, a nation that has beenoutwardly friendly toward cryptocurrencies. Earlier this month,Nikkeireported that Japan and South Korean banks were using Ripple to test international funds transfers in a bid to cut costs by 30%. The test involved 61 Japanese banks. And more recentlySBI Holdings, a Tokyo-based financial services group, said that its subsidiary SBI Ripple Asia had established a partnership with some of the nation’s largest credit card providers (JCB, Credit Saison, and Mitsui Sumitomo Card) to look into distributed ledger technology, which underpins cryptocurrencies like Bitcoin. || Bitcoin Slumps After South Korea Explores Banning Exchanges. So Why Is Ripple Up?: Ripple was a rare exception to the cryptocurrency bloodbath Thursday. While the price of digital assets such as Bitcoin, Ethereum, and Litecoin all slumped Thursday on news that South Korea would begin requiring real-name cryptocurrency transactions and would consider banning some exchanges , Ripple continued to all-time highs. Bitcoin prices fell roughly 8% to $14,200, Ethereum shed 4% to $725, while Litecoin dropped 11% to $240. But in the same period Ripple , which currently holds a market value of about $55.5 billion when accounting for all coins in circulation, has remained steady. At a challenging time for cryptocurrencies it eked out a gain of over 1% to $1.44 per piecea rise of about 20% during the week. Ripple, which was designed for banks and global money transfers, has surged this year, rising roughly 23,900% to become the worlds third most valuable cryptocurrency, according to coinmarketcap, a digital currency data information service. Ripples recent rise can likely be attributed to Japan, a nation that has been outwardly friendly toward cryptocurrencies . Earlier this month, Nikkei reported that Japan and South Korean banks were using Ripple to test international funds transfers in a bid to cut costs by 30%. The test involved 61 Japanese banks. And more recently SBI Holdings , a Tokyo-based financial services group, said that its subsidiary SBI Ripple Asia had established a partnership with some of the nations largest credit card providers (JCB, Credit Saison, and Mitsui Sumitomo Card) to look into distributed ledger technology, which underpins cryptocurrencies like Bitcoin. || Forget Powerball and Mega Millions. This Bitcoin Lottery Has Better Odds: With both Powerball’s and Mega Millions’ jackpots sitting at more than $300 million, the rival lotteries could be in for a historic holiday weekend. But another kind of sweepstakes has been sweeping the nation (and the globe) in recent months — Bitcoin has gone on a tear , with its valuation climbing from $800 to $16,000 in 2017 alone. But a new Bitcoin lottery with even better odds than Powerball and Mega Millions could help increase the Bitcoin price further. Boasting the “ world’s first regulated Bitcoin jackpot ,” Irish online gambling website Lottoland is advertising a 1,000 Bitcoin jackpot, currently worth just over $14 million. The “pick-6” game consists of numbers one to 49, and offers a 1-in-7 chance of winning a prize. In plain old odds, players have a 1 in 13,983,816 chance at scoring the Bitcoin Lotto jackpot, which winners can take either in traditional or cryptocurrency denominations. (It’s worth noting that the game is officially closed to players from the U.S.) Meanwhile, Mega Millions , which has a $306 million jackpot associated with its Friday drawing, is also a pick-6 game, but it draws its numbers from two different pools, significantly altering the odds. To win the Mega Millions jackpot, players need to match all six numbers, five of which come from a 1-70 pool and the other coming from a 1-25 pool. This generates 1 in 302,575,350 odds, though the payout is certainly higher (at least with Friday’s Mega Millions results). Another pick-6 game, Powerball has a similar scheme to Mega Millions, with players again drawing numbers from two groups. The first pool goes from one to 69, and the second goes from one to 26. Winning the jackpot requires players to match all six numbers, and there’s only a one in 292,201,338 chance of doing that. The Powerball drawing takes place on Saturday, and the current top prize is $384 million. Winning the combined Powerball and Mega Millions jackpots still wouldn’t be the largest single lottery prize in history. But if you combine it with winning the Bitcoin Lotto — and the cryptocurrency’s bubble doesn’t burst — you may have a chance to break some records. || Forget Powerball and Mega Millions. This Bitcoin Lottery Has Better Odds: With bothPowerball’s and Mega Millions’ jackpotssitting at more than $300 million, the rival lotteries could be in for a historic holiday weekend. But another kind of sweepstakes has been sweeping the nation (and the globe) in recent months —Bitcoin has gone on a tear, with its valuation climbing from $800 to $16,000 in 2017 alone. But a new Bitcoin lottery with even better odds than Powerball and Mega Millions could help increase the Bitcoin price further.
Boasting the “world’s first regulated Bitcoin jackpot,” Irish online gambling website Lottoland is advertising a 1,000 Bitcoin jackpot, currently worth just over $14 million. The “pick-6” game consists of numbers one to 49, and offers a 1-in-7 chance of winning a prize. In plain old odds, players have a 1 in 13,983,816 chance at scoring the Bitcoin Lotto jackpot, which winners can take either in traditional or cryptocurrency denominations. (It’s worth noting that the game is officially closed to players from the U.S.)
Meanwhile,Mega Millions, which has a $306 million jackpot associated with its Friday drawing, is also a pick-6 game, but it draws its numbers from two different pools, significantly altering the odds. To win the Mega Millions jackpot, players need to match all six numbers, five of which come from a 1-70 pool and the other coming from a 1-25 pool. This generates 1 in 302,575,350 odds, though the payout is certainly higher (at least with Friday’s Mega Millions results).
Another pick-6 game,Powerballhas a similar scheme to Mega Millions, with players again drawing numbers from two groups. The first pool goes from one to 69, and the second goes from one to 26. Winning the jackpot requires players to match all six numbers, and there’s only a one in 292,201,338 chance of doing that. The Powerball drawing takes place on Saturday, and the current top prize is $384 million.
Winning the combined Powerball and Mega Millions jackpots still wouldn’t be thelargest single lottery prize in history.But if you combine it with winning the Bitcoin Lotto — and the cryptocurrency’s bubble doesn’t burst — you may have a chance to break some records. || Forget Powerball and Mega Millions. This Bitcoin Lottery Has Better Odds: With bothPowerball’s and Mega Millions’ jackpotssitting at more than $300 million, the rival lotteries could be in for a historic holiday weekend. But another kind of sweepstakes has been sweeping the nation (and the globe) in recent months —Bitcoin has gone on a tear, with its valuation climbing from $800 to $16,000 in 2017 alone. But a new Bitcoin lottery with even better odds than Powerball and Mega Millions could help increase the Bitcoin price further.
Boasting the “world’s first regulated Bitcoin jackpot,” Irish online gambling website Lottoland is advertising a 1,000 Bitcoin jackpot, currently worth just over $14 million. The “pick-6” game consists of numbers one to 49, and offers a 1-in-7 chance of winning a prize. In plain old odds, players have a 1 in 13,983,816 chance at scoring the Bitcoin Lotto jackpot, which winners can take either in traditional or cryptocurrency denominations. (It’s worth noting that the game is officially closed to players from the U.S.)
Meanwhile,Mega Millions, which has a $306 million jackpot associated with its Friday drawing, is also a pick-6 game, but it draws its numbers from two different pools, significantly altering the odds. To win the Mega Millions jackpot, players need to match all six numbers, five of which come from a 1-70 pool and the other coming from a 1-25 pool. This generates 1 in 302,575,350 odds, though the payout is certainly higher (at least with Friday’s Mega Millions results).
Another pick-6 game,Powerballhas a similar scheme to Mega Millions, with players again drawing numbers from two groups. The first pool goes from one to 69, and the second goes from one to 26. Winning the jackpot requires players to match all six numbers, and there’s only a one in 292,201,338 chance of doing that. The Powerball drawing takes place on Saturday, and the current top prize is $384 million.
Winning the combined Powerball and Mega Millions jackpots still wouldn’t be thelargest single lottery prize in history.But if you combine it with winning the Bitcoin Lotto — and the cryptocurrency’s bubble doesn’t burst — you may have a chance to break some records. || Venezuela oil-backed cryptocurrency to launch in days -government: By Deisy Buitrago and Girish Gupta CARACAS (Reuters) - Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis, the socialist government said on Thursday. President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency, to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves. Despite the scepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, communications minister Jorge Rodriguez said the first petro offering would come within days. "Camp one of the Ayacucho block will form the initial backing of this cryptocurrency," Rodriguez told reporters, referring to part of Venezuela's southern Orinoco Belt. "It contains 5.342 billion certified barrels of oil. We're talking about backing of $267 billion," said Rodriguez, adding that that differentiated the petro from other cryptocurrencies such as Bitcoin. Miners were already lined up, he said, without giving more details. Cryptocurrencies are obtained by users setting up computers to do complex mathematical calculations in a process known as mining. Cryptocurrencies are decentralized and their success relies on transparency, clear rules and equal treatment of all involved. Venezuela gave no technical details about the petro. The government appears to be hoping the petro will offset a collapse in Venezuela's currency - 97 percent in one year against the U.S. dollar on the black market - and isolate the country from the U.S. dollar and Washington. Rodriguez also hopes to use the petro as part of a mechanism to pay international providers, many of whom have stopped supplying to Venezuela given its inability to pay its debts. With Venezuela's 30 million people suffering shortages, runaway prices and a fourth year of recession, Maduro has long blamed the U.S. government for an "economic war" against it. Critics say incompetent policies are to blame for Venezuela's economic mess. Story continues Earlier on Thursday, Maduro blamed U.S. pressure on Portugal for blocking imports of pork leading to a shortage over Christmas in Venezuela. U.S. President Donald Trump's administration has imposed various political and financial sanctions on Maduro's government, accusing senior officials of rights abuses and corruption. "It will be materially impossible for the dictatorial financial centres of the world to intervene against this initiative," said Rodriguez, citing the Portugal case. "It will allow us to overcome any financial blockade." Cryptocurrencies have grabbed global attention partly because of the remarkable rise in the price of Bitcoin, making millionaires of many early investors, including some in Venezuela who used Bitcoin and other cryptocurrencies to shield themselves from strict foreign exchange controls which economists blame for the crisis. (Additional reporting by Corina Pons.; Writing by Girish Gupta; Editing by Andrew Cawthorne and Grant McCool) || Venezuela oil-backed cryptocurrency to launch in days -government: By Deisy Buitrago and Girish Gupta CARACAS (Reuters) - Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis, the socialist government said on Thursday. President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency, to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves. Despite the scepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, communications minister Jorge Rodriguez said the first petro offering would come within days. "Camp one of the Ayacucho block will form the initial backing of this cryptocurrency," Rodriguez told reporters, referring to part of Venezuela's southern Orinoco Belt. "It contains 5.342 billion certified barrels of oil. We're talking about backing of $267 billion," said Rodriguez, adding that that differentiated the petro from other cryptocurrencies such as Bitcoin. Miners were already lined up, he said, without giving more details. Cryptocurrencies are obtained by users setting up computers to do complex mathematical calculations in a process known as mining. Cryptocurrencies are decentralized and their success relies on transparency, clear rules and equal treatment of all involved. Venezuela gave no technical details about the petro. The government appears to be hoping the petro will offset a collapse in Venezuela's currency - 97 percent in one year against the U.S. dollar on the black market - and isolate the country from the U.S. dollar and Washington. Rodriguez also hopes to use the petro as part of a mechanism to pay international providers, many of whom have stopped supplying to Venezuela given its inability to pay its debts. With Venezuela's 30 million people suffering shortages, runaway prices and a fourth year of recession, Maduro has long blamed the U.S. government for an "economic war" against it. Critics say incompetent policies are to blame for Venezuela's economic mess. Story continues Earlier on Thursday, Maduro blamed U.S. pressure on Portugal for blocking imports of pork leading to a shortage over Christmas in Venezuela. U.S. President Donald Trump's administration has imposed various political and financial sanctions on Maduro's government, accusing senior officials of rights abuses and corruption. "It will be materially impossible for the dictatorial financial centres of the world to intervene against this initiative," said Rodriguez, citing the Portugal case. "It will allow us to overcome any financial blockade." Cryptocurrencies have grabbed global attention partly because of the remarkable rise in the price of Bitcoin, making millionaires of many early investors, including some in Venezuela who used Bitcoin and other cryptocurrencies to shield themselves from strict foreign exchange controls which economists blame for the crisis. (Additional reporting by Corina Pons.; Writing by Girish Gupta; Editing by Andrew Cawthorne and Grant McCool) || This Cryptocurrency Is Soaring Today While Bitcoin and Ethereum Plunge: Many major cryptocurrencies were plunging on Thursday, as South Korean regulators talked about tighter regulation of blockchain currencies in that country. But one of the largest crypto-coins swam against the current, posting a large gain instead. A large, golden Bitcoin logo set against a plunging red charting line and a backdrop of digital data. Image source: Getty Images. What's new? According to a Reuters report Wednesday night, South Korean government officials want to make it harder to speculate in cryptocurrencies. The country may soon impose new regulations on virtual coin trades and exchanges, including a ban on anonymous cryptocurrency accounts and the option to close down rule-breaking coin exchanges promptly. "The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility," said a spokesman for South Korea's Office for Government Policy Coordination at a press conference. Street prices of Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies plunged 5% or more within minutes of that Reuters story hitting the news wires. South Korea is home to some of the world's largest virtual currency exchanges, which act as liquidity buffers and trading platforms for cryptocurrency users around the world. In many ways, South Korea is blazing a path for other cryptocurrency regulators to follow. The local blockchain industry recently agreed to tighter transparency rules and larger asset requirements for Korean virtual currency exchanges, and those rules will take effect next week. The country is also looking into taxation of capital gains from cryptocurrency trading. How to buck the downtrend At the same time, the third-largest cryptocurrency by market cap took a big step forward. The Ripple coin, known as XRP, zigged while other digital currencies zagged, rising 9.4% as of 1:40 p.m. EST. All told, Ripple prices have surged from 0.6 cents per coin at the start of 2017 to $1.46 per coin as of this writing -- a 243-fold increase. Story continues A long chain of metal chain links, with a single link covered in black-and-blue hexadecimal numbers in focus. Image source: Getty Images. Thursday's big gain was powered by positive news out of Japan, where Ripple started up a new partnership with a consortium of credit card companies to get the digital currency into the hands and wallets of regular consumers. Ripple was founded as a blockchain-based money transfer service, giving banks and consumers a low-cost way to transfer cash across international borders at the drop of a hat. Adding more credit card issuers to Ripple's portfolio of partners moves the coin closer to achieving that long-term goal. "One of the things we all have to remember is the value of a token over the long term is really going to be driven by its utility," said Ripple CEO Brad Garlinghouse in a recent interview with CNBC's Squawk Alley . "What problem is it solving? How big is that problem? How many customers do you have?" So his digital currency is addressing the real-world problem of slow and expensive international money transfers, hoping to avoid the trap of becoming an empty vessel for flimsy speculation. For those keeping score at home, this is the same Brad Garlinghouse who penned the famous " peanut butter manifesto " as a senior vice president of Yahoo!. His resume also includes many years of angel investing and leveraged buyouts at firms like Silver Lake Partners, giving him a solid mix of technical and financial know-how. I'm not surprised to see a cross-sector star like Garlinghouse joining the front lines of the blockchain business . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || This Cryptocurrency Is Soaring Today While Bitcoin and Ethereum Plunge: Many major cryptocurrencies were plunging on Thursday, as South Korean regulators talked about tighter regulation of blockchain currencies in that country. But one of the largest crypto-coins swam against the current, posting a large gain instead. A large, golden Bitcoin logo set against a plunging red charting line and a backdrop of digital data. Image source: Getty Images. What's new? According to a Reuters report Wednesday night, South Korean government officials want to make it harder to speculate in cryptocurrencies. The country may soon impose new regulations on virtual coin trades and exchanges, including a ban on anonymous cryptocurrency accounts and the option to close down rule-breaking coin exchanges promptly. "The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility," said a spokesman for South Korea's Office for Government Policy Coordination at a press conference. Street prices of Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies plunged 5% or more within minutes of that Reuters story hitting the news wires. South Korea is home to some of the world's largest virtual currency exchanges, which act as liquidity buffers and trading platforms for cryptocurrency users around the world. In many ways, South Korea is blazing a path for other cryptocurrency regulators to follow. The local blockchain industry recently agreed to tighter transparency rules and larger asset requirements for Korean virtual currency exchanges, and those rules will take effect next week. The country is also looking into taxation of capital gains from cryptocurrency trading. How to buck the downtrend At the same time, the third-largest cryptocurrency by market cap took a big step forward. The Ripple coin, known as XRP, zigged while other digital currencies zagged, rising 9.4% as of 1:40 p.m. EST. All told, Ripple prices have surged from 0.6 cents per coin at the start of 2017 to $1.46 per coin as of this writing -- a 243-fold increase. Story continues A long chain of metal chain links, with a single link covered in black-and-blue hexadecimal numbers in focus. Image source: Getty Images. Thursday's big gain was powered by positive news out of Japan, where Ripple started up a new partnership with a consortium of credit card companies to get the digital currency into the hands and wallets of regular consumers. Ripple was founded as a blockchain-based money transfer service, giving banks and consumers a low-cost way to transfer cash across international borders at the drop of a hat. Adding more credit card issuers to Ripple's portfolio of partners moves the coin closer to achieving that long-term goal. "One of the things we all have to remember is the value of a token over the long term is really going to be driven by its utility," said Ripple CEO Brad Garlinghouse in a recent interview with CNBC's Squawk Alley . "What problem is it solving? How big is that problem? How many customers do you have?" So his digital currency is addressing the real-world problem of slow and expensive international money transfers, hoping to avoid the trap of becoming an empty vessel for flimsy speculation. For those keeping score at home, this is the same Brad Garlinghouse who penned the famous " peanut butter manifesto " as a senior vice president of Yahoo!. His resume also includes many years of angel investing and leveraged buyouts at firms like Silver Lake Partners, giving him a solid mix of technical and financial know-how. I'm not surprised to see a cross-sector star like Garlinghouse joining the front lines of the blockchain business . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || This Cryptocurrency Is Soaring Today While Bitcoin and Ethereum Plunge: Many major cryptocurrencies were plunging on Thursday, as South Korean regulators talked about tighter regulation of blockchain currencies in that country. But one of the largest crypto-coins swam against the current, posting a large gain instead. A large, golden Bitcoin logo set against a plunging red charting line and a backdrop of digital data. Image source: Getty Images. What's new? According to a Reuters report Wednesday night, South Korean government officials want to make it harder to speculate in cryptocurrencies. The country may soon impose new regulations on virtual coin trades and exchanges, including a ban on anonymous cryptocurrency accounts and the option to close down rule-breaking coin exchanges promptly. "The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility," said a spokesman for South Korea's Office for Government Policy Coordination at a press conference. Street prices of Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies plunged 5% or more within minutes of that Reuters story hitting the news wires. South Korea is home to some of the world's largest virtual currency exchanges, which act as liquidity buffers and trading platforms for cryptocurrency users around the world. In many ways, South Korea is blazing a path for other cryptocurrency regulators to follow. The local blockchain industry recently agreed to tighter transparency rules and larger asset requirements for Korean virtual currency exchanges, and those rules will take effect next week. The country is also looking into taxation of capital gains from cryptocurrency trading. How to buck the downtrend At the same time, the third-largest cryptocurrency by market cap took a big step forward. The Ripple coin, known as XRP, zigged while other digital currencies zagged, rising 9.4% as of 1:40 p.m. EST. All told, Ripple prices have surged from 0.6 cents per coin at the start of 2017 to $1.46 per coin as of this writing -- a 243-fold increase. Story continues A long chain of metal chain links, with a single link covered in black-and-blue hexadecimal numbers in focus. Image source: Getty Images. Thursday's big gain was powered by positive news out of Japan, where Ripple started up a new partnership with a consortium of credit card companies to get the digital currency into the hands and wallets of regular consumers. Ripple was founded as a blockchain-based money transfer service, giving banks and consumers a low-cost way to transfer cash across international borders at the drop of a hat. Adding more credit card issuers to Ripple's portfolio of partners moves the coin closer to achieving that long-term goal. "One of the things we all have to remember is the value of a token over the long term is really going to be driven by its utility," said Ripple CEO Brad Garlinghouse in a recent interview with CNBC's Squawk Alley . "What problem is it solving? How big is that problem? How many customers do you have?" So his digital currency is addressing the real-world problem of slow and expensive international money transfers, hoping to avoid the trap of becoming an empty vessel for flimsy speculation. For those keeping score at home, this is the same Brad Garlinghouse who penned the famous " peanut butter manifesto " as a senior vice president of Yahoo!. His resume also includes many years of angel investing and leveraged buyouts at firms like Silver Lake Partners, giving him a solid mix of technical and financial know-how. I'm not surprised to see a cross-sector star like Garlinghouse joining the front lines of the blockchain business . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 2 Stocks to Profit From the Republican Tax Bill: Now that the GOP tax bill is a fait accompli, investors should take stock of the bill's effects on their holdings. To date, many analysts have focused on the bill's repatriation provision, declaring Apple the biggest beneficiary . However, repatriation is a narrow issue that will soon be discounted into stock prices. In the long run, it appears industries currently paying high effective tax rates with significant capital expenditures will benefit most from this bill. The industry that best fits this description is telecommunications: Income-hungry shareholders of Verizon (NYSE: VZ) and AT&T (NYSE: T) should be thrilled. Judge gavel and money Image source: Getty Images. Lower tax rates will benefit high-tax paying companies the most There's a dirty secret about corporate taxes: Although the U.S. has one of the highest tax rates among developed economies, companies pay a far lower effective tax rate. A report from the intergovernmental Organisation for Economic Co-operation and Development (OECD) pegged those figures at 38.9% and 18.6%, respectively. The difference is due to exemptions and deductions that have littered the tax code; often the existence of those tax breaks is more indicative of the quality of a company's lobbyists than legitimate business needs. As the chart below shows, Verizon and AT&T pay nearly double the effective tax rate. T Effective Tax Rate (TTM) Chart T Effective Tax Rate (TTM) data by YCharts Unsurprisingly, telecoms will benefit significantly from the lower rate. Earlier this month a report from UBS found telecoms would most likely get a boost of 12% in earnings per share, if the bill lowered the tax rate to 25%; in the end, it was lowered to 21%. According to UBS, telecoms will get the highest boost from the plan, with transportation and retail faring almost as well. Immediate capex expensing comes at the perfect time In the short run, AT&T and Verizon will also benefit from the bill's capital expenditures provision. For the next five years, companies can immediately expense capex for equipment and other short-lived items. This is a great benefit for AT&T and Verizon, which have spent $22.9 billion and $17.5 billion, respectively, on capital expenditures over the last 12 months: VZ Capital Expenditures (TTM) Chart VZ Capital Expenditures (TTM) data by YCharts . While certain expenditures will continue to be capitalized (initially recorded on the balance sheet and expensed over time via depreciation), this should also provide tailwinds to investors by lowering the weighted average cost of capital for projects, making them more profitable. This provision couldn't come at a better time for telecommunication firms. Many are grappling on spending large sums of capex on 5G rollout, while questioning the return on their 4G rollout spend . Story continues One thing to watch A potential red flag is the new provision that limits interest deductibility, as both Verizon and AT&T have large piles of debt and required interest payments. The new bill limits the deductibility of net interest expense to 30% of earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first four years, and at 30% of earnings before interest and taxes (EBIT) afterward. The chart below shows net interest income, EBITDA, and EBIT for both companies over the prior year: VZ EBITDA (TTM) Chart VZ EBITDA (TTM) data by YCharts . Even with the more-stringent EBIT figure, both look sound in the mid- to high teens. But this provision could limit the ability to borrow in the future, especially if further margin compression happens and interest rates increase. Dividend investors should be happy with the bill AT&T and Verizon have mostly missed out on the stock run since the election of Trump , but seem to be among the biggest beneficiaries of the policies enacted during his administration. This bill, and the overturn of net neutrality, should allow both firms to continue paying those massive dividends while growing revenue and earnings. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jamal Carnette, CFA owns shares of AAPL and AT&T.; The Motley Fool owns shares of and recommends AAPL and Verizon Communications. The Motley Fool has the following options: long January 2020 $150 calls on AAPL and short January 2020 $155 calls on AAPL. The Motley Fool has a disclosure policy . View comments || Here's Why Apple Won't Switch Away From TSMC: A little while back, The Investor reported that Apple (NASDAQ: AAPL) could shift some of its mobile processor orders away from Taiwan Semiconductor Manufacturing Company (NYSE: TSM) and over to Samsung (NASDAQOTH: SSNLF) . The shift wouldn't happen for next year's iPhones, which are expected to feature processors built by TSMC using its 7-nanometer manufacturing technology, but for the 2019 iPhones, according to the site. Such a shift in orders would be a blow to TSMC's leading-edge chip manufacturing technology efforts, as Apple is generally viewed as TSMC's lead customer for new manufacturing technologies. But I think such a shift is looking increasingly unlikely. A person holding an iPhone X inside of an Apple store. Image source: Apple. Samsung doesn't seem ready Samsung has publicly stated that its 7-nanometer technology, known as 7LPP, is expected to enter "risk production" in 2018. Samsung said in a recent press release that it expects to begin "initial production" on 7LPP in the second half of 2018. It generally takes about a year to go from "risk production" to mass shipments, so I wouldn't expect Samsung's 7LPP technology to be ready for mass production until sometime in the second half of 2019. Three Apple iPhones showing different areas within the Apple App Store. Image source: Apple. If Samsung were to begin mass production of Apple chips using 7LPP very early in the second half of 2019, then it could have a chance of adequately supplying chips into the 2019 iPhones. That, however, seems like a stretch since, in recent years, Samsung has announced mass production of its new manufacturing technologies late in the second half of a given year. Samsung's second-generation 10-nanometer technology, known as 10LPP , went into mass production back in late November 2017, and parts built using it aren't expected to show up in consumer devices until early in 2018. It's also worth noting that longtime Samsung Foundry customer Qualcomm (NASDAQ: QCOM) is reportedly moving the manufacturing of its next-generation smartphone processor, which will likely be called the Snapdragon 855, away from Samsung and to TSMC because Samsung's 7LPP technology simply wouldn't be ready in time to support the product launch. Story continues Qualcomm is, however, expected to use Samsung's 7LPP technology for the follow-on to the Snapdragon 855, which will power flagship smartphones across 2020. Considering that Qualcomm and Samsung seem to have a tighter relationship than Samsung and Apple do -- at least with respect to chip manufacturing -- it'd be rather strange for Apple to adopt Samsung's latest manufacturing technologies before Qualcomm does. Samsung 7LPP looks like a 2020 solution Ultimately, Samsung's 7LPP looks like a technology solution that will go into mass production sometime in the second half of 2019 to support mass product availability in early 2020. Such a schedule simply doesn't look aggressive enough to support Apple's 2019 iPhone launch timing. Apple appears much more likely to use TSMC's second-generation 7-nanometer technology, known as 7-nanometer+, for its 2019 iPhones. 7LPP also appears to be inadequate to support Apple's 2020 iPhone ambitions. Keep in mind that TSMC has stated that its 5-nanometer technology will go into risk production during the first quarter of 2019. This means that it should be ready to begin manufacturing chips using its 5-nanometer technology in the first half of 2020 in support of the iPhones that'll launch in the second half of 2020. TSMC's 5-nanometer technology is likely to offer significant performance, power consumption, and area advantages over Samsung's 7LPP, so the latter simply wouldn't be suitable for the 2020 iPhones. Put bluntly, I think the odds that Samsung wins back Apple's A-series chip manufacturing anytime soon seem low. TSMC is not only a better partner for Apple (TSMC doesn't build competing phones), but it also seems to have a clear lead in chip manufacturing technology over the rest of the contract chip manufacturing industry. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Qualcomm. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Here's Why Apple Won't Switch Away From TSMC: A little while back,The Investorreported thatApple(NASDAQ: AAPL)could shift some of its mobile processor orders away fromTaiwan Semiconductor Manufacturing Company(NYSE: TSM)and over toSamsung(NASDAQOTH: SSNLF).
The shift wouldn't happen for next year's iPhones, which are expected to feature processors built by TSMC using its 7-nanometer manufacturing technology, but for the 2019 iPhones, according to the site.
Such a shift in orders would be a blow to TSMC's leading-edge chip manufacturing technology efforts, as Apple is generally viewed as TSMC's lead customer for new manufacturing technologies. But I think such a shift is looking increasingly unlikely.
Image source: Apple.
Samsung haspublicly statedthat its 7-nanometer technology, known as 7LPP, is expected to enter "risk production" in 2018. Samsung said in a recent press release that it expects to begin "initial production" on 7LPP in the second half of 2018.
It generally takes about a year to go from "risk production" to mass shipments, so I wouldn't expect Samsung's 7LPP technology to be ready for mass production until sometime in the second half of 2019.
Image source: Apple.
If Samsung were to begin mass production of Apple chips using 7LPP very early in the second half of 2019, then it could have a chance of adequately supplying chips into the 2019 iPhones.
That, however, seems like a stretch since, in recent years, Samsung has announced mass production of its new manufacturing technologies late in the second half of a given year.
Samsung's second-generation 10-nanometer technology, known as 10LPP , went into mass production back in late November 2017, and parts built using it aren't expected to show up in consumer devices until early in 2018.
It's also worth noting that longtime Samsung Foundry customerQualcomm(NASDAQ: QCOM)is reportedly moving the manufacturing of its next-generation smartphone processor, which will likely be called the Snapdragon 855,away from Samsung and to TSMCbecause Samsung's 7LPP technology simply wouldn't be ready in time to support the product launch.
Qualcomm is, however, expected to use Samsung's 7LPP technology for the follow-on to the Snapdragon 855, which will power flagship smartphones across 2020.
Considering that Qualcomm and Samsung seem to have a tighter relationship than Samsung and Apple do -- at least with respect to chip manufacturing -- it'd be rather strange for Apple to adopt Samsung's latest manufacturing technologies before Qualcomm does.
Ultimately, Samsung's 7LPP looks like a technology solution that will go into mass production sometime in the second half of 2019 to support mass product availability in early 2020.
Such a schedule simply doesn't look aggressive enough to support Apple's 2019 iPhone launch timing. Apple appears much more likely to use TSMC's second-generation 7-nanometer technology, known as 7-nanometer+, for its 2019 iPhones.
7LPP also appears to be inadequate to support Apple's 2020 iPhone ambitions. Keep in mind that TSMC has stated that its 5-nanometer technology will go into risk production during the first quarter of 2019. This means that it should beready to begin manufacturing chipsusing its 5-nanometer technology in the first half of 2020 in support of the iPhones that'll launch in the second half of 2020.
TSMC's 5-nanometer technology is likely to offer significant performance, power consumption, and area advantages over Samsung's 7LPP, so the latter simply wouldn't be suitable for the 2020 iPhones.
Put bluntly, I think the odds that Samsung wins back Apple's A-series chip manufacturing anytime soon seem low. TSMC is not only a better partner for Apple (TSMC doesn't build competing phones), but it also seems to have a clear lead in chip manufacturing technology over the rest of the contract chip manufacturing industry.
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Ashraf Eassaowns shares of Qualcomm. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || 2 Stocks to Profit From the Republican Tax Bill: Now that the GOP tax bill is a fait accompli, investors should take stock of the bill's effects on their holdings.
To date, many analysts have focused on the bill's repatriation provision,declaringApplethe biggest beneficiary. However, repatriation is a narrow issue that will soon be discounted into stock prices.
In the long run, it appears industries currently paying high effective tax rates with significant capital expenditures will benefit most from this bill. The industry that best fits this description is telecommunications: Income-hungry shareholders ofVerizon(NYSE: VZ)andAT&T(NYSE: T)should be thrilled.
Image source: Getty Images.
There's a dirty secret about corporate taxes: Although the U.S. has one of the highest tax rates among developed economies, companies pay a far lowereffectivetax rate. A report from the intergovernmental Organisation for Economic Co-operation and Development (OECD) pegged those figures at 38.9% and 18.6%, respectively. The difference is due to exemptions and deductions that have littered the tax code; often the existence of those tax breaks is more indicative of the quality of a company's lobbyists than legitimate business needs.
As the chart below shows, Verizon and AT&T pay nearly double the effective tax rate.
T Effective Tax Rate (TTM)data byYCharts
Unsurprisingly, telecoms will benefit significantly from the lower rate. Earlier this month a report fromUBSfound telecoms would most likely get a boost of 12% in earnings per share, if the bill lowered the tax rate to 25%; in the end, it was lowered to 21%. According to UBS, telecoms will get the highest boost from the plan, with transportation and retail faring almost as well.
In the short run, AT&T and Verizon will also benefit from the bill's capital expenditures provision. For the next five years, companies can immediately expense capex for equipment and other short-lived items. This is a great benefit for AT&T and Verizon, which have spent $22.9 billion and $17.5 billion, respectively, on capital expenditures over the last 12 months:
VZ Capital Expenditures (TTM)data byYCharts.
While certain expenditures will continue to be capitalized (initially recorded on the balance sheet and expensed over time via depreciation), this should also provide tailwinds to investors by lowering the weighted average cost of capital for projects, making them more profitable.
This provision couldn't come at a better time for telecommunication firms. Many are grappling on spending large sums of capex on 5G rollout, whilequestioning the return on their 4G rollout spend.
A potential red flag is the new provision that limits interest deductibility, as both Verizon and AT&T have large piles of debt and required interest payments. The new bill limits the deductibility of net interest expense to 30% of earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first four years, and at 30% of earnings before interest and taxes (EBIT) afterward. The chart below shows net interest income, EBITDA, and EBIT for both companies over the prior year:
VZ EBITDA (TTM)data byYCharts.
Even with the more-stringent EBIT figure, both look sound in the mid- to high teens. But this provision could limit the ability to borrow in the future, especially if further margin compression happens and interest rates increase.
AT&T and Verizon havemostly missed out on the stock run since the election of Trump, but seem to be among the biggest beneficiaries of the policies enacted during his administration. This bill, and the overturn of net neutrality, should allow both firms to continue paying those massive dividends while growing revenue and earnings.
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Jamal Carnette, CFAowns shares of AAPL and AT&T.; The Motley Fool owns shares of and recommends AAPL and Verizon Communications. The Motley Fool has the following options: long January 2020 $150 calls on AAPL and short January 2020 $155 calls on AAPL. The Motley Fool has adisclosure policy. || Bitcoin Feels the Pain as Stocks Inch Higher: Stocks moved slightly higher on Thursday in a quiet holiday session. Bitcoin provided a dose of excitement, however, with prices falling back below $14,000 in the wake of reports of a possible regulatory crackdown in South Korea — including requiring exchanges to verify user identities to fight money laundering activity — and work of another “hard fork” before the end of the year.
In the end, theDow Jones Industrial Averagegained 0.3%, theS&P 500gained 0.2%, theNasdaq Compositegained 0.2% and theRussell 2000gained 0.3%. Treasury bonds declined, the dollar fell, gold gained 0.4% and crude oil added 0.5%.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Defensive telecom stocks led the way with a 0.5% gain while consumer staples were the laggards, down 0.2%.Netflix, Inc.(NASDAQ:NFLX) gained 3.5% in an attempt to push back up and over its 50-day moving average.Altria(NYSE:MO) fell 1.6%. When Netflix and cigarettes are the height of the action, you know Wall Street is mostly shut down.
The overbought situation just keeps getting more and more ridiculous, with the weekly RSI indicator hitting levels not seen since the late 1950s as risk and worry fade away; replaced by ebullience and extreme confidence.
There is evidence that some areas of the market are braced for a possible changing of the tide come January, with the yield curve collapsing to its flattest levels since 2007, utility stocks rolling over, and the Nasdaq suffering mid-day sell-offs as traders exit crowded big-cap tech stock positions.
To see a list of the companies reporting earnings today,click here.
For a list of this week’s economic reports due out,click here.
Anthony Mirhaydari is the founder of theEdge(ETFs) andEdge Pro(Options) investment advisory newsletters.Free two- and four-week trial offers have been extended to InvestorPlace readers.
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The postBitcoin Feels the Pain as Stocks Inch Higherappeared first onInvestorPlace. || Bitcoin Feels the Pain as Stocks Inch Higher: Stocks moved slightly higher on Thursday in a quiet holiday session. Bitcoin provided a dose of excitement, however, with prices falling back below $14,000 in the wake of reports of a possible regulatory crackdown in South Korea including requiring exchanges to verify user identities to fight money laundering activity and work of another hard fork before the end of the year. In the end, the Dow Jones Industrial Average gained 0.3%, the S&P 500 gained 0.2%, the Nasdaq Composite gained 0.2% and the Russell 2000 gained 0.3%. Treasury bonds declined, the dollar fell, gold gained 0.4% and crude oil added 0.5%. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Defensive telecom stocks led the way with a 0.5% gain while consumer staples were the laggards, down 0.2%. Netflix, Inc. (NASDAQ: NFLX ) gained 3.5% in an attempt to push back up and over its 50-day moving average. Altria (NYSE: MO ) fell 1.6%. When Netflix and cigarettes are the height of the action, you know Wall Street is mostly shut down. Conclusion The overbought situation just keeps getting more and more ridiculous, with the weekly RSI indicator hitting levels not seen since the late 1950s as risk and worry fade away; replaced by ebullience and extreme confidence. There is evidence that some areas of the market are braced for a possible changing of the tide come January, with the yield curve collapsing to its flattest levels since 2007, utility stocks rolling over, and the Nasdaq suffering mid-day sell-offs as traders exit crowded big-cap tech stock positions. Todays Trading Landscape To see a list of the companies reporting earnings today, click here . For a list of this weeks economic reports due out, click here . Anthony Mirhaydari is the founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers. Story continues More From InvestorPlace 7 'Grade-A' Financial Stocks for 2018 and Beyond The Best Is Yet to Come for Nike Inc Stock 8 Stocks to Buy That Are Growing Faster Than Amazon Compare Brokers The post Bitcoin Feels the Pain as Stocks Inch Higher appeared first on InvestorPlace . || Bitcoin Feels the Pain as Stocks Inch Higher: Stocks moved slightly higher on Thursday in a quiet holiday session. Bitcoin provided a dose of excitement, however, with prices falling back below $14,000 in the wake of reports of a possible regulatory crackdown in South Korea — including requiring exchanges to verify user identities to fight money laundering activity — and work of another “hard fork” before the end of the year.
In the end, theDow Jones Industrial Averagegained 0.3%, theS&P 500gained 0.2%, theNasdaq Compositegained 0.2% and theRussell 2000gained 0.3%. Treasury bonds declined, the dollar fell, gold gained 0.4% and crude oil added 0.5%.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Defensive telecom stocks led the way with a 0.5% gain while consumer staples were the laggards, down 0.2%.Netflix, Inc.(NASDAQ:NFLX) gained 3.5% in an attempt to push back up and over its 50-day moving average.Altria(NYSE:MO) fell 1.6%. When Netflix and cigarettes are the height of the action, you know Wall Street is mostly shut down.
The overbought situation just keeps getting more and more ridiculous, with the weekly RSI indicator hitting levels not seen since the late 1950s as risk and worry fade away; replaced by ebullience and extreme confidence.
There is evidence that some areas of the market are braced for a possible changing of the tide come January, with the yield curve collapsing to its flattest levels since 2007, utility stocks rolling over, and the Nasdaq suffering mid-day sell-offs as traders exit crowded big-cap tech stock positions.
To see a list of the companies reporting earnings today,click here.
For a list of this week’s economic reports due out,click here.
Anthony Mirhaydari is the founder of theEdge(ETFs) andEdge Pro(Options) investment advisory newsletters.Free two- and four-week trial offers have been extended to InvestorPlace readers.
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[Social Media Buzz]
Bitcoin Cash: $2,424.00
-0.00% (-$0.00)
High: $2,591.36
Low: $2,295
Volume: 2774
$BCC #BCC #bitcoincash || 1 Bitcoin = 14500.00$ #gunluk #Bitcoin $BTC || M.R.P.:11,700.00
Price: 10,499.00+125.00 Delivery charge
http://amzn.to/2ClQTT4
#NYE30DEC #WeLoveShilpaShinde #OfficialTrailer #FridayFeeling #INDIA #mobile #funrun2 #electronics #Lucknow #bitcoin #sell #buy #cheappic.twitter.com/QoGkE3ic6C || USD: 112.670
EUR: 135.160
GBP: 152.240
AUD: 87.894
NZD: 79.838
CNY: 17.315
CHF: 115.630
BTC: 1,7...
|
12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40.
|
[Bitcoin Technical Analysis for 2017-08-26]
Volume: 1511609984, RSI (14-day): 69.37, 50-day EMA: 3405.42, 200-day EMA: 2290.00
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Factbox: U.S. arrests of Russian cyber criminals hit record high: MOSCOW (Reuters) - U.S. action against suspected Russian cyber criminals has surged to a record high this year despite efforts by President Donald Trump to improve ties with Moscow. The United States has arrested or indicted seven Russians on U.S. cyber crime charges in 2017. On average, just two Russian cyber criminals were extradited to the United States each year between 2010 and the start of this year. Below is a breakdown of the arrests and indictments so far this year: STANISLAV LISOV Arrested in Spain on Jan. 13, aged 32. Lisov, also known by hacker names "Black" and "Blackf", according to court documents, is accused of creating the "NeverQuest" banking trojan which targeted customers of financial institutions around the world and caused millions of dollars of damage. A Spanish court agreed to extradite Lisov to the United States in early August, where he faces up to 35 years in prison. Lisov's lawyer opposed the extradition, arguing that the allegations and evidence against him were too vague, that the United States did not have jurisdiction over any of the alleged crimes. IGOR SUSHCHIN Indicted on March 15, aged 43. One of two officers from Russia's Federal Security Service (FSB) charged by the United States in March with masterminding the 2014 theft of up to 500 million Yahoo accounts, the first time the U.S. government criminally charged Russian spies for cyber offences. Reuters was unable to reach Sushchin for comment. DMITRY DOKUCHAYEV Indicted on March 15, aged 33. The second FSB officer indicted in the Yahoo hack and Sushchin's subordinate. Allegedly a former hacker who stole and sold credit card details under the online alias "Forb", Dokuchayev was one of four men detained on mysterious treason charges by Russian authorities in late 2016. He is currently being held in Moscow. Reuters was unable to reach Dokuchayev for comment. ALEXEI BELAN Indicted on March 15, aged 29. One of two hackers accused of working with Sushchin and Dokuchayev to break into Yahoo email servers and steal data from up to 500 million user accounts. Belan has spent years on the FBI's most-wanted list for crimes. He was arrested in Europe in June 2013 but escaped to Russia before he could be extradited to the United States. Reuters was unable to reach Belan for comment. Story continues PETER LEVASHOV Arrested in Spain on April 7, aged 36. A spammer accused by U.S. prosecutors of operating a botnet, or network, of tens of thousands of infected computers used by cyber criminals to pump out spam emails. Levashov has been accused of using the botnet for a multitude of criminal schemes, such as stock fraud, online credential phishing attempts and the distribution of malware, including ransomware. He is being held in Spain awaiting extradition to the United States, where he faces up to 52 years in jail. He denies the charges against him. YURY MARTYSHEV Arrested in Latvia on April 26, aged 35 Accused of helping run a service that let cyber criminals test-drive malware before attacking victims. His extradition to the United States was denounced by the Russian government as "another case of kidnapping of a Russian citizen by the US authorities." Martyshev denies the charges against him, according to Russian media reports. ALEXANDER VINNIK Arrested in Greece on July 25, aged 37 Vinnik is accused of laundering at least $4 billion in criminal funds through the BTC-e crytpo-currency exchange since 2011. This is alleged to be part of a scheme to facilitate crimes including computer hacking, fraud and drug trafficking. U.S. authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked. He is being held in Greece awaiting extradition to the United States, where he faces up to 55 years in jail. He denies the charges against him, according to Greek media reports. (Reporting by Jack Stubbs in Moscow and Erich Auchard in Frankfurt, Editing by Timothy Heritage) || Russian hackers feel the heat as Trump seeks warmer Moscow ties: By Jack Stubbs and Joseph Menn MOSCOW/SAN FRANCISCO (Reuters) - When Alexander Vinnik was arrested on money-laundering charges at a Greek hotel in late July, the status of his Jabber secure online messaging account was set to "away". "He often takes some time to reply, so at first I didn't think anything of it," said one person who knew the Russian as an administrator of a digital currency exchange which U.S. prosecutors say was used to launder criminal funds. "Then when I saw his picture on the news, I knew he would be 'away' for a long time," said the person, who spoke on condition of anonymity. The U.S. Justice Department says Vinnik facilitated crimes including computer hacking, fraud and drug trafficking by laundering at least $4 billion through BTC-e -- an exchange used to trade bitcoin and other digital currencies -- since 2011. The 37-year-old faces up to 55 years in prison if extradited to the United States. He denies the allegations against him, according to Greek media reports, and BTC-e has said he never worked for the exchange. Reuters was unable to reach BTC-e or a lawyer representing Vinnik for comment. Vinnik is now one of seven Russians arrested or indicted on U.S. cyber crime charges this year. On average, just two Russian cyber criminals were extradited to the United States each year between 2010 and the start of this year, according to a Reuters review of U.S. Justice Department filings, Russian government statements and sources briefed on the matter. The increase to a record level shows that although President Donald Trump is trying to improve relations with Moscow, the United States has not shied away from pursuing Russians suspected of cyber crime. The prosecutions coincide with intensified scrutiny of Russian hackers since U.S. intelligence officials determined that Russia interfered in the 2016 U.S. presidential election using cyber warfare methods to help Trump. The Kremlin has denied accusations it interfered in elections in the United States or elsewhere. But U.S. opposition lawmakers have questioned whether Trump is willing to respond forcefully to Moscow over its actions in cyberspace, and the White House has avoided publicly accusing Russia over recent politically-motivated hacking attacks.. Alarmed by Trump's proposal to create a joint U.S.-Russia cyber security unit, U.S. lawmakers have also drawn up a draft bill that would require him to notify lawmakers before he does so. Four U.S. federal law enforcement officials, who discussed the recent arrests with Reuters on condition of anonymity, said there had been no centralized effort to step up action against Russian cyber criminals under Trump. Story continues The increase in the number of arrests stemmed from breakthroughs made in investigations before last year's election, two of them said. The FBI referred all questions to the U.S. Justice Department. The Justice Department said it did not track arrests or indictments by nationality and declined further comment. RUSSIAN HACKERS RATTLED Some U.S. officials, however, acknowledged that individual agents may now be more motivated to move against Russian cyber criminals following the election hacking scandal. Russian hackers are active at all levels of cyber crime, from small-time thefts of online banking details, to taking down the computer networks of multi-national companies and government departments. John Carlin, who until last October ran the national security division of the U.S. Justice Department as assistant attorney general, said resources had already been moving towards pursuing Russian nationals before the 2016 election. But he added: "Their outrageous activity to undermine the integrity of our election, like they did in western Europe before and have done since, can only have added fuel to the fire." According to interviews with five people who knew the men arrested this year -- all of whom declined to be named for fear of prosecution -- the arrests have shaken the Russian cyber crime community. "Now they are arresting even those who had a super indirect, not even direct connection to what they call influencing their election," said one who knew Vinnik by his online moniker WME. Used to operating across borders with relative impunity, Russian cyber criminals are now worried the prosecutions will lead to further arrests or harm their operations. They are cutting back on trips abroad that were once seen as a calculated risk because of the risk of arrest and extradition, but are now viewed as increasingly foolhardy. "We have monitored criminals discussing the aftermath (of the arrests) ... and it is clear they are concerned about two things," said Ilya Sachkov, head of cyber security firm Group-IB, whose Threat Intelligence unit specializes in monitoring and tracking the Russian-speaking cyber crime community. "First, what the arrested members potentially know about them, but second and more importantly, a disruption in their ability to make money." One of those arrested this year was Peter Levashov, charged by U.S. prosecutors with operating one of the world's largest botnets, or networks, of infected computers used by cyber criminals. He denies the charges. Levashov allegedly used the botnet to pump out spam emails for a multitude of criminal schemes, such as stock fraud, online credential phishing attempts and the distribution of malware, including ransomware. A person who knew Levashov by his online identity Severa said his arrest in particular had rattled underground cyber criminal circles because he was so well known. "People read the news of course and see guys they know getting busted," the person said. "Once is bad, this many times is scary." (Additional reporting by Dustin Volz in SAN FRANCISCO, Eric Auchard in FRANKFURT, and Karolina Tagaris in ATHENS; Editing by Timothy Heritage) View comments || Factbox: U.S. arrests of Russian cyber criminals hit record high: MOSCOW (Reuters) - U.S. action against suspected Russian cyber criminals has surged to a record high this year despite efforts by President Donald Trump to improve ties with Moscow. The United States has arrested or indicted seven Russians on U.S. cyber crime charges in 2017. On average, just two Russian cyber criminals were extradited to the United States each year between 2010 and the start of this year. Below is a breakdown of the arrests and indictments so far this year: STANISLAV LISOV Arrested in Spain on Jan. 13, aged 32. Lisov, also known by hacker names "Black" and "Blackf", according to court documents, is accused of creating the "NeverQuest" banking trojan which targeted customers of financial institutions around the world and caused millions of dollars of damage. A Spanish court agreed to extradite Lisov to the United States in early August, where he faces up to 35 years in prison. Lisov's lawyer opposed the extradition, arguing that the allegations and evidence against him were too vague, that the United States did not have jurisdiction over any of the alleged crimes. IGOR SUSHCHIN Indicted on March 15, aged 43. One of two officers from Russia's Federal Security Service (FSB) charged by the United States in March with masterminding the 2014 theft of up to 500 million Yahoo accounts, the first time the U.S. government criminally charged Russian spies for cyber offences. Reuters was unable to reach Sushchin for comment. DMITRY DOKUCHAYEV Indicted on March 15, aged 33. The second FSB officer indicted in the Yahoo hack and Sushchin's subordinate. Allegedly a former hacker who stole and sold credit card details under the online alias "Forb", Dokuchayev was one of four men detained on mysterious treason charges by Russian authorities in late 2016. He is currently being held in Moscow. Reuters was unable to reach Dokuchayev for comment. ALEXEI BELAN Indicted on March 15, aged 29. One of two hackers accused of working with Sushchin and Dokuchayev to break into Yahoo email servers and steal data from up to 500 million user accounts. Belan has spent years on the FBI's most-wanted list for crimes. He was arrested in Europe in June 2013 but escaped to Russia before he could be extradited to the United States. Reuters was unable to reach Belan for comment. Story continues PETER LEVASHOV Arrested in Spain on April 7, aged 36. A spammer accused by U.S. prosecutors of operating a botnet, or network, of tens of thousands of infected computers used by cyber criminals to pump out spam emails. Levashov has been accused of using the botnet for a multitude of criminal schemes, such as stock fraud, online credential phishing attempts and the distribution of malware, including ransomware. He is being held in Spain awaiting extradition to the United States, where he faces up to 52 years in jail. He denies the charges against him. YURY MARTYSHEV Arrested in Latvia on April 26, aged 35 Accused of helping run a service that let cyber criminals test-drive malware before attacking victims. His extradition to the United States was denounced by the Russian government as "another case of kidnapping of a Russian citizen by the US authorities." Martyshev denies the charges against him, according to Russian media reports. ALEXANDER VINNIK Arrested in Greece on July 25, aged 37 Vinnik is accused of laundering at least $4 billion in criminal funds through the BTC-e crytpo-currency exchange since 2011. This is alleged to be part of a scheme to facilitate crimes including computer hacking, fraud and drug trafficking. U.S. authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked. He is being held in Greece awaiting extradition to the United States, where he faces up to 55 years in jail. He denies the charges against him, according to Greek media reports. (Reporting by Jack Stubbs in Moscow and Erich Auchard in Frankfurt, Editing by Timothy Heritage) || Russian hackers feel the heat as Trump seeks warmer Moscow ties: By Jack Stubbs and Joseph Menn MOSCOW/SAN FRANCISCO (Reuters) - When Alexander Vinnik was arrested on money-laundering charges at a Greek hotel in late July, the status of his Jabber secure online messaging account was set to "away". "He often takes some time to reply, so at first I didn't think anything of it," said one person who knew the Russian as an administrator of a digital currency exchange which U.S. prosecutors say was used to launder criminal funds. "Then when I saw his picture on the news, I knew he would be 'away' for a long time," said the person, who spoke on condition of anonymity. The U.S. Justice Department says Vinnik facilitated crimes including computer hacking, fraud and drug trafficking by laundering at least $4 billion through BTC-e -- an exchange used to trade bitcoin and other digital currencies -- since 2011. The 37-year-old faces up to 55 years in prison if extradited to the United States. He denies the allegations against him, according to Greek media reports, and BTC-e has said he never worked for the exchange. Reuters was unable to reach BTC-e or a lawyer representing Vinnik for comment. Vinnik is now one of seven Russians arrested or indicted on U.S. cyber crime charges this year. On average, just two Russian cyber criminals were extradited to the United States each year between 2010 and the start of this year, according to a Reuters review of U.S. Justice Department filings, Russian government statements and sources briefed on the matter. The increase to a record level shows that although President Donald Trump is trying to improve relations with Moscow, the United States has not shied away from pursuing Russians suspected of cyber crime. The prosecutions coincide with intensified scrutiny of Russian hackers since U.S. intelligence officials determined that Russia interfered in the 2016 U.S. presidential election using cyber warfare methods to help Trump. The Kremlin has denied accusations it interfered in elections in the United States or elsewhere. But U.S. opposition lawmakers have questioned whether Trump is willing to respond forcefully to Moscow over its actions in cyberspace, and the White House has avoided publicly accusing Russia over recent politically-motivated hacking attacks.. Alarmed by Trump's proposal to create a joint U.S.-Russia cyber security unit, U.S. lawmakers have also drawn up a draft bill that would require him to notify lawmakers before he does so. Four U.S. federal law enforcement officials, who discussed the recent arrests with Reuters on condition of anonymity, said there had been no centralized effort to step up action against Russian cyber criminals under Trump. Story continues The increase in the number of arrests stemmed from breakthroughs made in investigations before last year's election, two of them said. The FBI referred all questions to the U.S. Justice Department. The Justice Department said it did not track arrests or indictments by nationality and declined further comment. RUSSIAN HACKERS RATTLED Some U.S. officials, however, acknowledged that individual agents may now be more motivated to move against Russian cyber criminals following the election hacking scandal. Russian hackers are active at all levels of cyber crime, from small-time thefts of online banking details, to taking down the computer networks of multi-national companies and government departments. John Carlin, who until last October ran the national security division of the U.S. Justice Department as assistant attorney general, said resources had already been moving towards pursuing Russian nationals before the 2016 election. But he added: "Their outrageous activity to undermine the integrity of our election, like they did in western Europe before and have done since, can only have added fuel to the fire." According to interviews with five people who knew the men arrested this year -- all of whom declined to be named for fear of prosecution -- the arrests have shaken the Russian cyber crime community. "Now they are arresting even those who had a super indirect, not even direct connection to what they call influencing their election," said one who knew Vinnik by his online moniker WME. Used to operating across borders with relative impunity, Russian cyber criminals are now worried the prosecutions will lead to further arrests or harm their operations. They are cutting back on trips abroad that were once seen as a calculated risk because of the risk of arrest and extradition, but are now viewed as increasingly foolhardy. "We have monitored criminals discussing the aftermath (of the arrests) ... and it is clear they are concerned about two things," said Ilya Sachkov, head of cyber security firm Group-IB, whose Threat Intelligence unit specializes in monitoring and tracking the Russian-speaking cyber crime community. "First, what the arrested members potentially know about them, but second and more importantly, a disruption in their ability to make money." One of those arrested this year was Peter Levashov, charged by U.S. prosecutors with operating one of the world's largest botnets, or networks, of infected computers used by cyber criminals. He denies the charges. Levashov allegedly used the botnet to pump out spam emails for a multitude of criminal schemes, such as stock fraud, online credential phishing attempts and the distribution of malware, including ransomware. A person who knew Levashov by his online identity Severa said his arrest in particular had rattled underground cyber criminal circles because he was so well known. "People read the news of course and see guys they know getting busted," the person said. "Once is bad, this many times is scary." (Additional reporting by Dustin Volz in SAN FRANCISCO, Eric Auchard in FRANKFURT, and Karolina Tagaris in ATHENS; Editing by Timothy Heritage) View comments || Pogue YouTube Transcripts Tips: Believe it or not, YouTube creates a written transcript for every single video. Just click More and Transcript and boom! What’s cool is that you can use this feature as a great way to create free transcripts of your own recordings. Go to the video manager, click Edit Subtitles, pick a language, and look — now you can either upload a script you’ve already written, or you can say, do your best to create it automatically— and then you can edit it. You can watch the video and type as you go. YouTube even pauses the video as you type. Super-thoughtful — and super-secret! Adapted from “ Pogue’s Basics: Tech ” (Flatiron Press), by David Pogue . More from David Pogue: Ossia thinks it’s licked the problems with through-the-air charging Samsung’s Bixby voice assistant is ambitious, powerful, and half-baked Is through-the-air charging a hoax? Pogue’s Basics: The secret Start menu in Windows 10 The pizza-making robots that want to change the world Electrify your existing bike in 2 minutes with these ingenious wheels Marty Cooper, inventor of the cellphone: The next step is implantables The David Pogue Review: Windows 10 Creators Update How a one-of-a-kind business has kept 5,000 kitchens out of landfills Google’s Nest Cam IQ recognizes burglars’ faces—for a steep price The 4 people Steve Jobs handpicked to review the iPhone reflect 10 years later Study: A smartwatch app can detect the heart condition hiding in millions of Americans Now I get it: Bitcoin David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Pogue's Basics: YouTube transcripts: Believe it or not, YouTube creates a written transcript for every single video. Just click More and Transcript and boom!
What’s cool is that you can use this feature as a great way to create free transcripts of yourownrecordings.
Go to the video manager, click Edit Subtitles, pick a language, and look — now you can either upload a script you’ve already written, or you can say, do your best to create it automatically— and then you can edit it. You can watch the video and type as you go. YouTube even pauses the video as you type.
Super-thoughtful — and super-secret!
Adapted from “Pogue’s Basics: Tech” (Flatiron Press), byDavid Pogue.
More from David Pogue:
Ossia thinks it’s licked the problems with through-the-air charging
Samsung’s Bixby voice assistant is ambitious, powerful, and half-bakedIs through-the-air charging a hoax?
Pogue’s Basics: The secret Start menu in Windows 10
The pizza-making robots that want to change the world
Electrify your existing bike in 2 minutes with these ingenious wheels
Marty Cooper, inventor of the cellphone: The next step is implantables
The David Pogue Review: Windows 10 Creators Update
How a one-of-a-kind business has kept 5,000 kitchens out of landfills
Google’s Nest Cam IQ recognizes burglars’ faces—for a steep price
The 4 people Steve Jobs handpicked to review the iPhone reflect 10 years later
Study: A smartwatch app can detect the heart condition hiding in millions of Americans
Now I get it: Bitcoin
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || How Waffle House's hurricane response team prepares for disaster: One of the ways the Federal Emergency Management Agency (FEMA) measures hurricane damage is by the Waffle House Index. Waffle House, a popular 24-hour fast food chain in the Southeast, has a unique ability to operate solely on gas if necessary, so a closed Waffle House is often tantamount to disaster.
And while we won’t know yet how Hurricane Harvey will fare on the index, the attitude at Waffle Houses across Texas has been calm. The company’s staff has been preparing for months.
“We have our own special disaster teams and generators waiting to be shipped,” said one Waffle House employee in Galveston, Tex. “We’re open up until the city makes us close, probably later on tonight. As soon as it’s over we’ll be right back open.”
Waffle House’s resiliency is a great source of satisfaction for people. The Galveston employee told Yahoo Finance proudly, “When nothing else is open I’m going to tell you the Waffle House is open.”
Over the years, FEMA administrator Craig Fugate noticed this phenomenon following hurricane damage and developed the Waffle House Index. “Green” is full menu, “yellow” is partial menu, and “red” means there may be no Waffle House left.
“Waffle House stays on when the wind’s blowing—they never close,” Philip Strouse, FEMA’s Private Sector Liaison,told Yahoo Finance last year. “They have a small footprint, they’re easy, and if these little stores are going out when it only takes a few people to staff … that’s bad.”
Hurricane preparation for many can be a scramble, but for Waffle House, it’s a game of chess with military-style strategy and execution. Before a storm hits, and even before hurricane season, the company makes storm checklists for each location, meets with local authorities, and educates new employees, though many have been through 15 hurricanes.
“We’ve already done all that,” Waffle House’s director of external affairs Pat Warner told Yahoo Finance. “Right now we’re getting jump teams ready.”
A Waffle House jump team consists of a small team of restaurant operators from outside the hurricane zone. These employees swoop in at the first possible moment after a storm to restore service and get things open. Typically after a storm, demand for food is high and functioning restaurants are in low supply, and things get extremely busy.
“There’s a jump team outside of Nashville ready to go on Sunday. Jump teams are [also] ready in Louisiana,” said Warner. “Then we can deploy from the main office some teams that may or may not go depending on severity.”
One of the reasons why these jump teams are the key to the chain’s success is because employees may not be able to work if they’re dealing with their own hurricane damage.
“It does help to bring operators from outside so it relieves [local employees] so they can focus on family,,” said Warner. “They don’t have to worry about their restaurant at the same time.”
During Hurricane Katrina, Warner said Waffle House worked beyond its restaurants to provide temporary lodging for its workers, putting tarps on employees’ roofs and shipping in hard-to-find essentials like diapers and formula.
On a day like Friday, when a hurricane is coming, Warner said the Waffle House team gets its jump teams into position to prepare for the worst.
“We’re on call, loading up our command center,” he said. ”Whether we roll or not we don’t know; we want to get together just in case.”
Waffle House doesn’t really operate in Corpus Christi, where the hurricane is expected to hit the hardest, but the flood-prone Galveston and Houston areas are filled with around 20 Waffle Houses.
“We’re all waiting to see what he’s gonna do after he comes on shore,” Warner said, referring to Harvey. “Right now it looks like we may have a Category 3… so we’re anticipating some damage to the restaurants.”
Like any restaurant, Waffle House needs food, employees, a safe location, and energy. In the planning process before a hurricane, Waffle House works with food distributor U.S. Foods (USFD) to make sure its shelves are stocked and its locations are prepared for possible supply-chain issues. The jump teams supply the labor.
The other elements can be more tricky, but Waffle House’s planning accounts for construction teams that are ready to go in if there are significant structural damage and power issues.
“Is it structurally safe, that’s number one,” said Warner. “If there’s even a doubt we’re not gonna open. After that it’s what utilities are there. This is all in our storm checklist, and we review it all the time.”
Energy-wise, not that much is needed, though food safety and IT professionals in the field are available to be dispatched quickly to locations to get things safe and online.
“If we have gas for the grills, we can open,” said Warner. “We tailor the menu for what we can cook. Obviously, without electricity we’re not gonna have waffles, but we can bring in water and porta potties. If we don’t have electricity we can bring in generators. We’ve had some cases that before the generator came, we were there with candle light.”
Getting a restaurant operational requires working closely with various federal and local agencies, so Waffle House’s response team keeps in close contact with FEMA and others.
“It’s nice to have that support too because we need information,” said Warner. “When’s the power gonna come back on? What about the water? It’s good to get that info quick to the folks in the field.”
Katrina, not surprisingly, was the biggest storm Waffle House has dealt with. While not as bad, last year’s Hurricane Matthew spanned five states up and down the I-95 corridor, a vast area in which to respond. “We had over 200 people on jump teams that were spread out,” said Warner.
After each storm, the company analyzes its own response to improve its disaster deployment. “We learn something from every storm,” said Warner. “The prep gets you there and each storm is gonna be different. The flooding, the damage — there’s a lot of variables, then afterwards we take a step back.”
All of the complexity of the response prompts a question: Why? Part of it is because they can. With a somewhat simple menu and needs, they can do things others can’t. But Warner noted that the reputation that led former FEMA administrator Craig Fugate to create the Waffle House Index as a disaster indicator has given them a level of pride. It has also pressured them to double down on their efforts.
“It’s a mixed blessing to be recognized,” said Warner. “Now we have to live up to it.”
—
Ethan Wolff-Mannis a writer at Yahoo Finance focusing on consumer issues, tech, and personal finance. Follow him on Twitter@ewolffmann. Got a tip? Send it [email protected].
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How ringless spam voicemails became a partisan issue || How Waffle House opens so fast after a hurricane: One of the ways the Federal Emergency Management Agency (FEMA) measures hurricane damage is by the Waffle House Index. Waffle House, a popular 24-hour fast food chain in the Southeast, has a unique ability to operate solely on gas if necessary, so a closed Waffle House is often tantamount to disaster. And while we won’t know yet how Hurricane Harvey will fare on the index, the attitude at Waffle Houses across Texas has been calm. The company’s staff has been preparing for months. “We have our own special disaster teams and generators waiting to be shipped,” said one Waffle House employee in Galveston, Tex. “We’re open up until the city makes us close, probably later on tonight. As soon as it’s over we’ll be right back open.” A sign is all that’s left of this Waffle House on the beach in Gulfport, Miss., Wednesday, Aug. 31, 2005. (AP Photo/Phil Coale) Waffle House’s resiliency is a great source of satisfaction for people. The Galveston employee told Yahoo Finance proudly, “When nothing else is open I’m going to tell you the Waffle House is open.” Over the years, FEMA administrator Craig Fugate noticed this phenomenon following hurricane damage and developed the Waffle House Index. “Green” is full menu, “yellow” is partial menu, and “red” means there may be no Waffle House left. “Waffle House stays on when the wind’s blowing—they never close,” Philip Strouse, FEMA’s Private Sector Liaison, told Yahoo Finance last year . “They have a small footprint, they’re easy, and if these little stores are going out when it only takes a few people to staff … that’s bad.” Preparing ‘jump teams’ Hurricane preparation for many can be a scramble, but for Waffle House, it’s a game of chess with military-style strategy and execution. Before a storm hits, and even before hurricane season, the company makes storm checklists for each location, meets with local authorities, and educates new employees, though many have been through 15 hurricanes. “We’ve already done all that,” Waffle House’s director of external affairs Pat Warner told Yahoo Finance. “Right now we’re getting jump teams ready.” Story continues Waffle House server Tootie serves customers at a packed restaurant after residents spent two days cooped up due to an ice storm in downtown Atlanta, Georgia, February 13, 2014. (Reuters) A Waffle House jump team consists of a small team of restaurant operators from outside the hurricane zone. These employees swoop in at the first possible moment after a storm to restore service and get things open. Typically after a storm, demand for food is high and functioning restaurants are in low supply, and things get extremely busy. “There’s a jump team outside of Nashville ready to go on Sunday. Jump teams are [also] ready in Louisiana,” said Warner. “Then we can deploy from the main office some teams that may or may not go depending on severity.” One of the reasons why these jump teams are the key to the chain’s success is because employees may not be able to work if they’re dealing with their own hurricane damage. “It does help to bring operators from outside so it relieves [local employees] so they can focus on family,,” said Warner. “They don’t have to worry about their restaurant at the same time.” During Hurricane Katrina, Warner said Waffle House worked beyond its restaurants to provide temporary lodging for its workers, putting tarps on employees’ roofs and shipping in hard-to-find essentials like diapers and formula. The day of the impact On a day like Friday, when a hurricane is coming, Warner said the Waffle House team gets its jump teams into position to prepare for the worst. “We’re on call, loading up our command center,” he said. ”Whether we roll or not we don’t know; we want to get together just in case.” Waffle House doesn’t really operate in Corpus Christi, where the hurricane is expected to hit the hardest, but the flood-prone Galveston and Houston areas are filled with around 20 Waffle Houses. A door sign is seen at a closed Waffle House restaurant in Savannah, Georgia, U.S., October 7, 2016. (Reuters) “We’re all waiting to see what he’s gonna do after he comes on shore,” Warner said, referring to Harvey. “Right now it looks like we may have a Category 3… so we’re anticipating some damage to the restaurants.” What a Waffle House needs to open Like any restaurant, Waffle House needs food, employees, a safe location, and energy. In the planning process before a hurricane, Waffle House works with food distributor U.S. Foods ( USFD ) to make sure its shelves are stocked and its locations are prepared for possible supply-chain issues. The jump teams supply the labor. The other elements can be more tricky, but Waffle House’s planning accounts for construction teams that are ready to go in if there are significant structural damage and power issues. “Is it structurally safe, that’s number one,” said Warner. “If there’s even a doubt we’re not gonna open. After that it’s what utilities are there. This is all in our storm checklist, and we review it all the time.” Energy-wise, not that much is needed, though food safety and IT professionals in the field are available to be dispatched quickly to locations to get things safe and online. “If we have gas for the grills, we can open,” said Warner. “We tailor the menu for what we can cook. Obviously, without electricity we’re not gonna have waffles, but we can bring in water and porta potties. If we don’t have electricity we can bring in generators. We’ve had some cases that before the generator came, we were there with candle light.” A Waffle House location after Hurricane Katrina Biloxi, Mississippi. (Wikimedia Commons) Getting a restaurant operational requires working closely with various federal and local agencies, so Waffle House’s response team keeps in close contact with FEMA and others. “It’s nice to have that support too because we need information,” said Warner. “When’s the power gonna come back on? What about the water? It’s good to get that info quick to the folks in the field.” Practice makes perfect Katrina, not surprisingly, was the biggest storm Waffle House has dealt with. While not as bad, last year’s Hurricane Matthew spanned five states up and down the I-95 corridor, a vast area in which to respond. “We had over 200 people on jump teams that were spread out,” said Warner. After each storm, the company analyzes its own response to improve its disaster deployment. “We learn something from every storm,” said Warner. “The prep gets you there and each storm is gonna be different. The flooding, the damage — there’s a lot of variables, then afterwards we take a step back.” All of the complexity of the response prompts a question: Why? Part of it is because they can. With a somewhat simple menu and needs, they can do things others can’t. But Warner noted that the reputation that led former FEMA administrator Craig Fugate to create the Waffle House Index as a disaster indicator has given them a level of pride. It has also pressured them to double down on their efforts. “It’s a mixed blessing to be recognized,” said Warner. “Now we have to live up to it.” — Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumer issues, tech, and personal finance. Follow him on Twitter @ewolffmann . Got a tip? Send it to [email protected] . Read More: What Bitcoin needs to do to become real currency Trump weighs slashing one of the most popular tax deductions Big banks are going after Venmo and Venmo is winning 73% of Android users are less likely to switch to iPhone due to headphone jack ‘Market FOMO’ has millennials putting cash into the stock market Sometimes fake holidays like ‘National Ice Cream Day’ actually work A robot lawyer can fight your parking tickets and much more Consumer watchdog is making it easier for consumers to sue banks How ringless spam voicemails became a partisan issue || Does Bitcoin Have a Mining Monopoly Problem?: During bitcoin’s early days, anyone could “mine” it using their home computer. But as the price of digital currency climbed towards $100 in 2013 (it’s now over $4,000), professional mining groups with specialized computer chips emerged. Today, these groups, or pools--nearly all based in China--have become concentrated and now dominate the production of new bitcoins.
This phenomenon is not new, but an article inQuartzthis week shows how pervasive it is. The article looks at a company called Bitmain, which became a powerhouse by developing ASIC chips used just for bitcoin mining:
Bitmain may now be the most influential company in the bitcoin economy by virtue of the sheer amount of processing power, or hash rate, that it controls. Its mining pools, Antpool and BTC.com, account for28.9% of all the processing poweron the global bitcoin network.
The piece, which describes Bitmain’s plans to move into artificial intelligence, profiles the company’s co-founder Jihan Wu, a controversial figure in the bitcoin world--in part over allegations he manipulates the crypto-currency for his own ends. This includes the recent schism that saw bitcoin’s blockchain (the record of all transactions) split in two, creating a new currency called “Bitcoin Cash.”
Critics of Bitmain suspect that Wu was behind the recent, somewhat related split of bitcoin called thebitcoin-cash hard fork.That split was supported by a miner in Shenzhen named ViaBTC--which happened to be a company that Bitmain has invested in.
If the allegation is true (for the record, Wu denies them), it suggests bitcoin is vulnerable to market manipulation not just by traders who hold large stores of bitcoin, but also by miners like Bitmain.
Get Data Sheet, Fortune's technology newsletter.
One of those who holds this view is the CTO of the cyrptocurrency consulting firm Blockstream, Samson Mow, who recently wrotean editorialforFortunequestioning the viability of Bitcoin Cash. He believes Wu is engaging in shenanigans to secretly undermine the integrity of bitcoin.
“Jihan does have a lot of control for now, and much of that is simply due to mining centralization. As Bitmain is so vertically integrated, from selling ASICs, to operating mining farms, to running mining pools, he can prevent network upgrade and attempt to hijack the Bitcoin brand with things like [Bitcoin cash],” Mow said by email.
Such concerns over mining monopolies, and their ability to promote “forks” in the core bitcoin software, are typically regarded as philosophical feuds within the bitcoin community. But the real world market implications may also give pause for ordinary bitcoin buyers--many of whom are likely unaware of the emergence of mining cabals that are able to sway the future of bitcoin.
Mow, though, believes that whatever influence Jihan and other large miners may exert is only short-term and that the decision by bitcoin users to implement projects like SegWit (a plan to improve the efficiency of bitcoin’s blockchain) show bitcoin remains fundamentally democratic.
This is part ofFortune'snew initiative,The Ledger,a trusted news source at the intersection of tech and finance. For more onThe Ledger,click here.
See original article on Fortune.com
More from Fortune.com
• The Latest Use for Bitcoin? Fighting Sex Trafficking
• Burger King Now Has Its Own Cryptocurrency--the 'Whoppercoin'--in Russia
• Digital Currency Ripple Soars 70% Overnight
• Mark Cuban Backs Cryptocurrency Fund After Saying Bitcoin Is a Bubble
• This Country May Launch Its Own Virtual Currency || Does Bitcoin Have a Mining Monopoly Problem?: During bitcoin’s early days, anyone could “mine” it using their home computer. But as the price of digital currency climbed towards $100 in 2013 (it’s now over $4,000), professional mining groups with specialized computer chips emerged. Today, these groups, or pools--nearly all based in China--have become concentrated and now dominate the production of new bitcoins. This phenomenon is not new, but an article in Quartz this week shows how pervasive it is. The article looks at a company called Bitmain, which became a powerhouse by developing ASIC chips used just for bitcoin mining: Bitmain may now be the most influential company in the bitcoin economy by virtue of the sheer amount of processing power, or hash rate, that it controls. Its mining pools, Antpool and BTC.com, account for 28.9% of all the processing power on the global bitcoin network. The piece, which describes Bitmain’s plans to move into artificial intelligence, profiles the company’s co-founder Jihan Wu, a controversial figure in the bitcoin world--in part over allegations he manipulates the crypto-currency for his own ends. This includes the recent schism that saw bitcoin’s blockchain (the record of all transactions) split in two, creating a new currency called “Bitcoin Cash.” Critics of Bitmain suspect that Wu was behind the recent, somewhat related split of bitcoin called the bitcoin-cash hard fork. That split was supported by a miner in Shenzhen named ViaBTC--which happened to be a company that Bitmain has invested in. If the allegation is true (for the record, Wu denies them), it suggests bitcoin is vulnerable to market manipulation not just by traders who hold large stores of bitcoin, but also by miners like Bitmain. Get Data Sheet , Fortune's technology newsletter. One of those who holds this view is the CTO of the cyrptocurrency consulting firm Blockstream, Samson Mow, who recently wrote an editorial for Fortune questioning the viability of Bitcoin Cash. He believes Wu is engaging in shenanigans to secretly undermine the integrity of bitcoin. Story continues “Jihan does have a lot of control for now, and much of that is simply due to mining centralization. As Bitmain is so vertically integrated, from selling ASICs, to operating mining farms, to running mining pools, he can prevent network upgrade and attempt to hijack the Bitcoin brand with things like [Bitcoin cash],” Mow said by email. Such concerns over mining monopolies, and their ability to promote “forks” in the core bitcoin software, are typically regarded as philosophical feuds within the bitcoin community. But the real world market implications may also give pause for ordinary bitcoin buyers--many of whom are likely unaware of the emergence of mining cabals that are able to sway the future of bitcoin. Mow, though, believes that whatever influence Jihan and other large miners may exert is only short-term and that the decision by bitcoin users to implement projects like SegWit (a plan to improve the efficiency of bitcoin’s blockchain) show bitcoin remains fundamentally democratic. This is part of Fortune's new initiative, The Ledger, a trusted news source at the intersection of tech and finance. For more on The Ledger, click here . See original article on Fortune.com More from Fortune.com The Latest Use for Bitcoin? Fighting Sex Trafficking Burger King Now Has Its Own Cryptocurrency--the 'Whoppercoin'--in Russia Digital Currency Ripple Soars 70% Overnight Mark Cuban Backs Cryptocurrency Fund After Saying Bitcoin Is a Bubble This Country May Launch Its Own Virtual Currency || Does Bitcoin Have a Mining Monopoly Problem?: During bitcoin’s early days, anyone could “mine” it using their home computer. But as the price of digital currency climbed towards $100 in 2013 (it’s now over $4,000), professional mining groups with specialized computer chips emerged. Today, these groups, or pools--nearly all based in China--have become concentrated and now dominate the production of new bitcoins.
This phenomenon is not new, but an article inQuartzthis week shows how pervasive it is. The article looks at a company called Bitmain, which became a powerhouse by developing ASIC chips used just for bitcoin mining:
Bitmain may now be the most influential company in the bitcoin economy by virtue of the sheer amount of processing power, or hash rate, that it controls. Its mining pools, Antpool and BTC.com, account for28.9% of all the processing poweron the global bitcoin network.
The piece, which describes Bitmain’s plans to move into artificial intelligence, profiles the company’s co-founder Jihan Wu, a controversial figure in the bitcoin world--in part over allegations he manipulates the crypto-currency for his own ends. This includes the recent schism that saw bitcoin’s blockchain (the record of all transactions) split in two, creating a new currency called “Bitcoin Cash.”
Critics of Bitmain suspect that Wu was behind the recent, somewhat related split of bitcoin called thebitcoin-cash hard fork.That split was supported by a miner in Shenzhen named ViaBTC--which happened to be a company that Bitmain has invested in.
If the allegation is true (for the record, Wu denies them), it suggests bitcoin is vulnerable to market manipulation not just by traders who hold large stores of bitcoin, but also by miners like Bitmain.
Get Data Sheet, Fortune's technology newsletter.
One of those who holds this view is the CTO of the cyrptocurrency consulting firm Blockstream, Samson Mow, who recently wrotean editorialforFortunequestioning the viability of Bitcoin Cash. He believes Wu is engaging in shenanigans to secretly undermine the integrity of bitcoin.
“Jihan does have a lot of control for now, and much of that is simply due to mining centralization. As Bitmain is so vertically integrated, from selling ASICs, to operating mining farms, to running mining pools, he can prevent network upgrade and attempt to hijack the Bitcoin brand with things like [Bitcoin cash],” Mow said by email.
Such concerns over mining monopolies, and their ability to promote “forks” in the core bitcoin software, are typically regarded as philosophical feuds within the bitcoin community. But the real world market implications may also give pause for ordinary bitcoin buyers--many of whom are likely unaware of the emergence of mining cabals that are able to sway the future of bitcoin.
Mow, though, believes that whatever influence Jihan and other large miners may exert is only short-term and that the decision by bitcoin users to implement projects like SegWit (a plan to improve the efficiency of bitcoin’s blockchain) show bitcoin remains fundamentally democratic.
This is part ofFortune'snew initiative,The Ledger,a trusted news source at the intersection of tech and finance. For more onThe Ledger,click here.
See original article on Fortune.com
More from Fortune.com
• The Latest Use for Bitcoin? Fighting Sex Trafficking
• Burger King Now Has Its Own Cryptocurrency--the 'Whoppercoin'--in Russia
• Digital Currency Ripple Soars 70% Overnight
• Mark Cuban Backs Cryptocurrency Fund After Saying Bitcoin Is a Bubble
• This Country May Launch Its Own Virtual Currency || ‘Game of Thrones’ season 7 finale outline leaked by hackers: With the latest season of Game of Thrones winding down, the Mr. Smith hacking group that reportedly stole over 1.5TB of data from the premium network at the end of July are back with another major leak just days before the finale. Mashable on Friday received a data dump from the hackers containing “confidential plot summaries and outlines” that purportedly sum up the end of season 7. Don't Miss : It’s a crime that this $12 accessory doesn’t come with every Fire TV Stick “We know exactly what HBO and shoemakers around are doing now,” the hacking group told Mashable in an email. “Unlike HBO, we never getting surprised. Pattern analysis of HBO’s silly hidden acts are as we expected. We eagerly waiting for Fireye’s report … tell them to hurry up.” The group demanded $6.5 million in Bitcoin a few weeks ago, but it appears that HBO was unwilling to cooperate . As a result, Mr. Smith appears to have moved on to a backup plan: selling the data on the dark web. Not only that — the group claims that it has far more data than originally reported. “By the way, we officially inform you and other hundred of reporters whom emailing us that we sold ‘HBO IS FALLING’s entire collection (5 TB!!!) to 3 customer in deep web and we earned half of requested ransom,” said the group. “We put a condition for our respected customers and they approved. We will leak many many waves of HBO’s internal stuff to punish them for playing us and set an example of greedy corporation.” Mashable reached out to HBO for a response to the new dump, but the network referred the publication to a previous statement: “The hacker may continue to drop bits and pieces of stolen information in an attempt to generate media attention. That’s a game we’re not going to participate in.” Trending right now: Galaxy Note 8, iPhone 8, and the birth of the $1,000 smartphone 10 Netflix movies and shows you should watch before they’re removed in September Latest leak reaffirms iPhone 8 will catch up to Android with one convenient feature See the original version of this article on BGR.com || ‘Game of Thrones’ season 7 finale outline leaked by hackers: With the latest season of Game of Thrones winding down, the Mr. Smith hacking group that reportedly stole over 1.5TB of data from the premium network at the end of July are back with another major leak just days before the finale. Mashable on Friday received a data dump from the hackers containing “confidential plot summaries and outlines” that purportedly sum up the end of season 7. Don't Miss : It’s a crime that this $12 accessory doesn’t come with every Fire TV Stick “We know exactly what HBO and shoemakers around are doing now,” the hacking group told Mashable in an email. “Unlike HBO, we never getting surprised. Pattern analysis of HBO’s silly hidden acts are as we expected. We eagerly waiting for Fireye’s report … tell them to hurry up.” The group demanded $6.5 million in Bitcoin a few weeks ago, but it appears that HBO was unwilling to cooperate . As a result, Mr. Smith appears to have moved on to a backup plan: selling the data on the dark web. Not only that — the group claims that it has far more data than originally reported. “By the way, we officially inform you and other hundred of reporters whom emailing us that we sold ‘HBO IS FALLING’s entire collection (5 TB!!!) to 3 customer in deep web and we earned half of requested ransom,” said the group. “We put a condition for our respected customers and they approved. We will leak many many waves of HBO’s internal stuff to punish them for playing us and set an example of greedy corporation.” Mashable reached out to HBO for a response to the new dump, but the network referred the publication to a previous statement: “The hacker may continue to drop bits and pieces of stolen information in an attempt to generate media attention. That’s a game we’re not going to participate in.” Trending right now: Galaxy Note 8, iPhone 8, and the birth of the $1,000 smartphone 10 Netflix movies and shows you should watch before they’re removed in September Latest leak reaffirms iPhone 8 will catch up to Android with one convenient feature See the original version of this article on BGR.com || Bitcoin ETFs: More Issuers Join the Race: The rising tide for cryptocurrencies like bitcoin, Ethereum and Ripple have lately shaken the investing world. Among the lot, bitcoin has been firing on all cylinders since the beginning of 2017, having hit a series record highs. In three months, the price of the digital currency has surged about 94%.
Investors should note that bitcoins are ‘mined’ by using a greater amount of computer processing power. However, since there is a fixed amount of bitcoins, as the limit is reached, it becomes hard to ‘mine’ for the coins. The best part of this system is that it is beyond the reach of central banks (read: Explaining Bitcoin and Crypto Currency).
The currency is in the limelight probably because of the fact that “bitcoin isn’t regulated by any government and has been used by consumers worldwide to shelter assets from inflation or political upheavals in their home countries.” As per an article published on CNBC, bitcoin is emerging as a safe haven asset like gold.
source: coindesk.com
Needless to say, amid a sky-high price rise, the digital currency is gaining favor from ETF issuers, though the SEC is no quite happy with the concept. After rejecting the filing for an ETF on this cryptocurrency by Winklevoss Bitcoin Trust, the SEC is reviewing its decision once again.
The SEC is seemingly looking for more proof of safety in this trade. Meanwhile, some more ETF issuers have lined up to seek regulatory approval with their bitcoin-related products (read: Will We Finally See a Bitcoin ETF?).
Inside New Filings
Investment firmVanEckfiled for an exchange-traded fund to invest in bitcoin derivatives in mid-August. Though VanEck acknowledged the riskiness of the product and believes that this digital currency is no match to gold as far as safe-haven status is concerned, the issuer could not overlook bitcoin’s monumental craze (read: Bitcoin Skyrockets, Race to First Cryptocurrency ETF Heats Up).
VanEck noted that the digital currency cannot even replace the necessity of the dollar, rather it is likely to end up in carving a place for itself as a niche product. VanEck’s proposed product will invest in certain Bitcoin Instruments through the Subsidiary and the investment in that subsidiary is likely to be limited to 25% of the portfolio, thus meaningfully lowering the risks.
After VanEck,ETF Firm REXalso planned a new fund that will invest in bitcoin-based derivatives. There are two products filed by REX, namelyREX Bitcoin Strategy ETFandREX Short Bitcoin Strategy ETF. The ticker codes and expense ratios of those funds are yet to be disclosed.
As per the filing, the long fund “seeks to achieve its investment objective, under normal circumstances, by obtaining investment exposure to an actively managed portfolio of financial instruments providing long exposure to movements in the value of bitcoin, together with an actively managed portfolio of fixed income instruments” while the short fund is intended to offer the negative exposure of the same asset.
What Lies Ahead?
The tussle between the U.S. Securities Exchange Commission and Winklevoss over the launch has been going on for about three years. In fact, the issuer has restructured the proposal for the Bitcoin ETF multiple times.
However, it looks like that the SEC may approve a fund in the coming days given rising pressure from issuers. Plus, the Russian government is also expected to make cryptocurrencies legal financial instruments in 2018, as per the source. Minneapolis Fed President Neel Kashkari pointed to the strength of the blockchain technology supporting bitcoin.
Among other interested candidates, the Chicago Board Options Exchange (CBOE) has teamed up with Gemini, the bitcoin exchange backed by investors Cameron and Tyler Winklevoss, in order to launch cryptocurrency derivatives trading.
Bitcoin’s Impact on the ETF World?
While it is still unclear if we will get a bitcoin ETF soon, the sheer success of the cryptocurrencies should benefit semiconductor ETFs likeiShares PHLX Semiconductor ETF SOXXandVanEck Vectors Semiconductor ETF SMH. This is because mining of cryptocurrencies needs the usage of semiconductors. A hardware known as an ASIC (Application-Specific Integrated Circuit) is designed explicitly for mining bitcoin.
As per Bloomberg, there was a 10-fold rise from April to June in the Ethereum market which helped shares of Nvidia Corp. NVDA and Advanced Micro Devices Inc. AMD substantially (read: Should You Buy These Semiconductor ETFs & Stocks Now).
On the other hand, since some view the currency as “digital gold,” bitcoin trading may snatch some buyers fromSPDR Gold Trust GLD. Bitcoin’s un-correlated nature to the other asset classes and strong momentum may hurt GLD in the current scenario.
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Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAdvanced Micro Devices, Inc. (AMD) : Free Stock Analysis ReportGOLD (LONDON P (GLD): ETF Research ReportsISHARS-PHLX SEM (SOXX): ETF Research ReportsVANECK-SEMICON (SMH): ETF Research ReportsNVIDIA Corporation (NVDA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin ETFs: More Issuers Join the Race: The rising tide for cryptocurrencies like bitcoin, Ethereum and Ripple have lately shaken the investing world. Among the lot, bitcoin has been firing on all cylinders since the beginning of 2017, having hit a series record highs. In three months, the price of the digital currency has surged about 94%. Investors should note that bitcoins are mined by using a greater amount of computer processing power. However, since there is a fixed amount of bitcoins, as the limit is reached, it becomes hard to mine for the coins. The best part of this system is that it is beyond the reach of central banks (read: Explaining Bitcoin and Crypto Currency). The currency is in the limelight probably because of the fact that bitcoin isnt regulated by any government and has been used by consumers worldwide to shelter assets from inflation or political upheavals in their home countries. As per an article published on CNBC, bitcoin is emerging as a safe haven asset like gold. source: coindesk.com Needless to say, amid a sky-high price rise, the digital currency is gaining favor from ETF issuers, though the SEC is no quite happy with the concept. After rejecting the filing for an ETF on this cryptocurrency by Winklevoss Bitcoin Trust, the SEC is reviewing its decision once again. The SEC is seemingly looking for more proof of safety in this trade. Meanwhile, some more ETF issuers have lined up to seek regulatory approval with their bitcoin-related products (read: Will We Finally See a Bitcoin ETF?). Inside New Filings Investment firm VanEck filed for an exchange-traded fund to invest in bitcoin derivatives in mid-August. Though VanEck acknowledged the riskiness of the product and believes that this digital currency is no match to gold as far as safe-haven status is concerned, the issuer could not overlook bitcoins monumental craze (read: Bitcoin Skyrockets, Race to First Cryptocurrency ETF Heats Up). Story continues VanEck noted that the digital currency cannot even replace the necessity of the dollar, rather it is likely to end up in carving a place for itself as a niche product. VanEcks proposed product will invest in certain Bitcoin Instruments through the Subsidiary and the investment in that subsidiary is likely to be limited to 25% of the portfolio, thus meaningfully lowering the risks. After VanEck, ETF Firm REX also planned a new fund that will invest in bitcoin-based derivatives. There are two products filed by REX, namely REX Bitcoin Strategy ETF and REX Short Bitcoin Strategy ETF . The ticker codes and expense ratios of those funds are yet to be disclosed. As per the filing, the long fund seeks to achieve its investment objective, under normal circumstances, by obtaining investment exposure to an actively managed portfolio of financial instruments providing long exposure to movements in the value of bitcoin, together with an actively managed portfolio of fixed income instruments while the short fund is intended to offer the negative exposure of the same asset. What Lies Ahead? The tussle between the U.S. Securities Exchange Commission and Winklevoss over the launch has been going on for about three years. In fact, the issuer has restructured the proposal for the Bitcoin ETF multiple times. However, it looks like that the SEC may approve a fund in the coming days given rising pressure from issuers. Plus, the Russian government is also expected to make cryptocurrencies legal financial instruments in 2018, as per the source. Minneapolis Fed President Neel Kashkari pointed to the strength of the blockchain technology supporting bitcoin. Among other interested candidates, the Chicago Board Options Exchange (CBOE) has teamed up with Gemini, the bitcoin exchange backed by investors Cameron and Tyler Winklevoss, in order to launch cryptocurrency derivatives trading. Bitcoins Impact on the ETF World? While it is still unclear if we will get a bitcoin ETF soon, the sheer success of the cryptocurrencies should benefit semiconductor ETFs like iShares PHLX Semiconductor ETF SOXX and VanEck Vectors Semiconductor ETF SMH . This is because mining of cryptocurrencies needs the usage of semiconductors. A hardware known as an ASIC (Application-Specific Integrated Circuit) is designed explicitly for mining bitcoin. As per Bloomberg, there was a 10-fold rise from April to June in the Ethereum market which helped shares of Nvidia Corp. NVDA and Advanced Micro Devices Inc. AMD substantially (read: Should You Buy These Semiconductor ETFs & Stocks Now). On the other hand, since some view the currency as digital gold, bitcoin trading may snatch some buyers from SPDR Gold Trust GLD . Bitcoins un-correlated nature to the other asset classes and strong momentum may hurt GLD in the current scenario. Want key ETF info delivered straight to your inbox? Zacks free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report GOLD (LONDON P (GLD): ETF Research Reports ISHARS-PHLX SEM (SOXX): ETF Research Reports VANECK-SEMICON (SMH): ETF Research Reports NVIDIA Corporation (NVDA) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin ETFs: More Issuers Join the Race: The rising tide for cryptocurrencies like bitcoin, Ethereum and Ripple have lately shaken the investing world. Among the lot, bitcoin has been firing on all cylinders since the beginning of 2017, having hit a series record highs. In three months, the price of the digital currency has surged about 94%.
Investors should note that bitcoins are ‘mined’ by using a greater amount of computer processing power. However, since there is a fixed amount of bitcoins, as the limit is reached, it becomes hard to ‘mine’ for the coins. The best part of this system is that it is beyond the reach of central banks (read: Explaining Bitcoin and Crypto Currency).
The currency is in the limelight probably because of the fact that “bitcoin isn’t regulated by any government and has been used by consumers worldwide to shelter assets from inflation or political upheavals in their home countries.” As per an article published on CNBC, bitcoin is emerging as a safe haven asset like gold.
source: coindesk.com
Needless to say, amid a sky-high price rise, the digital currency is gaining favor from ETF issuers, though the SEC is no quite happy with the concept. After rejecting the filing for an ETF on this cryptocurrency by Winklevoss Bitcoin Trust, the SEC is reviewing its decision once again.
The SEC is seemingly looking for more proof of safety in this trade. Meanwhile, some more ETF issuers have lined up to seek regulatory approval with their bitcoin-related products (read: Will We Finally See a Bitcoin ETF?).
Inside New Filings
Investment firmVanEckfiled for an exchange-traded fund to invest in bitcoin derivatives in mid-August. Though VanEck acknowledged the riskiness of the product and believes that this digital currency is no match to gold as far as safe-haven status is concerned, the issuer could not overlook bitcoin’s monumental craze (read: Bitcoin Skyrockets, Race to First Cryptocurrency ETF Heats Up).
VanEck noted that the digital currency cannot even replace the necessity of the dollar, rather it is likely to end up in carving a place for itself as a niche product. VanEck’s proposed product will invest in certain Bitcoin Instruments through the Subsidiary and the investment in that subsidiary is likely to be limited to 25% of the portfolio, thus meaningfully lowering the risks.
After VanEck,ETF Firm REXalso planned a new fund that will invest in bitcoin-based derivatives. There are two products filed by REX, namelyREX Bitcoin Strategy ETFandREX Short Bitcoin Strategy ETF. The ticker codes and expense ratios of those funds are yet to be disclosed.
As per the filing, the long fund “seeks to achieve its investment objective, under normal circumstances, by obtaining investment exposure to an actively managed portfolio of financial instruments providing long exposure to movements in the value of bitcoin, together with an actively managed portfolio of fixed income instruments” while the short fund is intended to offer the negative exposure of the same asset.
What Lies Ahead?
The tussle between the U.S. Securities Exchange Commission and Winklevoss over the launch has been going on for about three years. In fact, the issuer has restructured the proposal for the Bitcoin ETF multiple times.
However, it looks like that the SEC may approve a fund in the coming days given rising pressure from issuers. Plus, the Russian government is also expected to make cryptocurrencies legal financial instruments in 2018, as per the source. Minneapolis Fed President Neel Kashkari pointed to the strength of the blockchain technology supporting bitcoin.
Among other interested candidates, the Chicago Board Options Exchange (CBOE) has teamed up with Gemini, the bitcoin exchange backed by investors Cameron and Tyler Winklevoss, in order to launch cryptocurrency derivatives trading.
Bitcoin’s Impact on the ETF World?
While it is still unclear if we will get a bitcoin ETF soon, the sheer success of the cryptocurrencies should benefit semiconductor ETFs likeiShares PHLX Semiconductor ETF SOXXandVanEck Vectors Semiconductor ETF SMH. This is because mining of cryptocurrencies needs the usage of semiconductors. A hardware known as an ASIC (Application-Specific Integrated Circuit) is designed explicitly for mining bitcoin.
As per Bloomberg, there was a 10-fold rise from April to June in the Ethereum market which helped shares of Nvidia Corp. NVDA and Advanced Micro Devices Inc. AMD substantially (read: Should You Buy These Semiconductor ETFs & Stocks Now).
On the other hand, since some view the currency as “digital gold,” bitcoin trading may snatch some buyers fromSPDR Gold Trust GLD. Bitcoin’s un-correlated nature to the other asset classes and strong momentum may hurt GLD in the current scenario.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAdvanced Micro Devices, Inc. (AMD) : Free Stock Analysis ReportGOLD (LONDON P (GLD): ETF Research ReportsISHARS-PHLX SEM (SOXX): ETF Research ReportsVANECK-SEMICON (SMH): ETF Research ReportsNVIDIA Corporation (NVDA) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin price rises again to near-record value - but how long will it last?: Bitcoin price latest: Value rises to near-record level - but what next? - AFP or licensors Bitcoin prices are on the rise again hitting a near-record value, with the digital currency currently trading at $4,414.31. The volatile cryptocurrency has recovered after dipping back below $4,000, a seven-day low, earlier this week and is edging closer to a record price. Bitcoin's price has remained largely around the $4,000 mark over the last three weeks, but experts remain divided about the price hitting $5,000. It soared to a record high of $4,500 on August 18, with prices jumping 40 per cent in this month alone, a positive response to cryptocurrency splitting into two different currencies . An offshoot called Bitcoin Cash was created following a split between bitcoin backers on how to take the currency forward, in an event known as hard fork . The real impact of the split on prices will be seen in November, when a fundamental change to operating the cryptocurrency will take place. FAQ | Bitcoin Bitcoin transactions are completed when a block is added to the blockchain database that underpins the currency, however this can be a laborious process. Segwit2x proposes moving some of bitcoins transaction data outside of the block and on to a parallel track to allow more transactions to take place. The changes will happen in November and it remains to be seen if it will have a positive or negative impact on the price of bitcoin in the long term. Its been an incredible 2017 for bitcoin growth, with its value quadrupling in the past six months, surpassing the value of an ounce of gold for the first time. It means if you invested £2,000 five years ago you would be a millionaire today. But is it too late to invest in bitcoin? Emma Poposka, CEO of digital currency management company Bron Tech, thinks not. Buying bitcoin now is not too late, she told HuffPost Australia . If we see full adoption in the future, or mainstream adoption, the price still has to go up because we have limited supply. Tempted to invest in bitcoin? The Telegraphs Technology Editor, James Titcomb, outlines why investors should avoid it. || Bitcoin price rises again to near-record value - but how long will it last?: Bitcoin price latest: Value rises to near-record level - but what next? - AFP or licensors Bitcoin prices are on the rise again hitting a near-record value, with the digital currency currently trading at $4,414.31. The volatile cryptocurrency has recovered after dipping back below $4,000, a seven-day low, earlier this week and is edging closer to a record price. Bitcoin's price has remained largely around the $4,000 mark over the last three weeks, but experts remain divided about the price hitting $5,000. It soared to a record high of $4,500 on August 18, with prices jumping 40 per cent in this month alone, a positive response to cryptocurrency splitting into two different currencies . An offshoot called Bitcoin Cash was created following a split between bitcoin backers on how to take the currency forward, in an event known as hard fork . The real impact of the split on prices will be seen in November, when a fundamental change to operating the cryptocurrency will take place. FAQ | Bitcoin Bitcoin transactions are completed when a block is added to the blockchain database that underpins the currency, however this can be a laborious process. Segwit2x proposes moving some of bitcoins transaction data outside of the block and on to a parallel track to allow more transactions to take place. The changes will happen in November and it remains to be seen if it will have a positive or negative impact on the price of bitcoin in the long term. Its been an incredible 2017 for bitcoin growth, with its value quadrupling in the past six months, surpassing the value of an ounce of gold for the first time. It means if you invested £2,000 five years ago you would be a millionaire today. But is it too late to invest in bitcoin? Emma Poposka, CEO of digital currency management company Bron Tech, thinks not. Buying bitcoin now is not too late, she told HuffPost Australia . If we see full adoption in the future, or mainstream adoption, the price still has to go up because we have limited supply. Tempted to invest in bitcoin? The Telegraphs Technology Editor, James Titcomb, outlines why investors should avoid it. || Bitcoin price rises again to near-record value - but how long will it last?: Bitcoin price latest: Value rises to near-record level - but what next? - AFP or licensors Bitcoin prices are on the rise again hitting a near-record value, with the digital currency currently trading at $4,414.31. The volatile cryptocurrency has recovered after dipping back below $4,000, a seven-day low, earlier this week and is edging closer to a record price. Bitcoin's price has remained largely around the $4,000 mark over the last three weeks, but experts remain divided about the price hitting $5,000. It soared to a record high of $4,500 on August 18, with prices jumping 40 per cent in this month alone, a positive response to cryptocurrency splitting into two different currencies . An offshoot called Bitcoin Cash was created following a split between bitcoin backers on how to take the currency forward, in an event known as hard fork . The real impact of the split on prices will be seen in November, when a fundamental change to operating the cryptocurrency will take place. FAQ | Bitcoin Bitcoin transactions are completed when a block is added to the blockchain database that underpins the currency, however this can be a laborious process. Segwit2x proposes moving some of bitcoins transaction data outside of the block and on to a parallel track to allow more transactions to take place. The changes will happen in November and it remains to be seen if it will have a positive or negative impact on the price of bitcoin in the long term. Its been an incredible 2017 for bitcoin growth, with its value quadrupling in the past six months, surpassing the value of an ounce of gold for the first time. It means if you invested £2,000 five years ago you would be a millionaire today. But is it too late to invest in bitcoin? Emma Poposka, CEO of digital currency management company Bron Tech, thinks not. Buying bitcoin now is not too late, she told HuffPost Australia . If we see full adoption in the future, or mainstream adoption, the price still has to go up because we have limited supply. Tempted to invest in bitcoin? The Telegraphs Technology Editor, James Titcomb, outlines why investors should avoid it. || Bitcoin and Ethereum Price Forecast Prices Move Higher, Looking to Breakout: The bitcoin prices have started moving higher again and it seems to be only a matter of time before the all time highs generated earlier would be challenged and it would be interesting to see how the prices move once they hit that region. As we have been saying all along, with the number of bitcoins being restricted, the trend is likely to be up as long as bitcoins continue to be used for transactions and as long as the bitcoin network is able to sustain itself through the various ups and downs that it is likely to see. Get Into Bitcoin Trading Today Bitcoin Prices Move Towards Highs It is this part that is likely to be challenged when the bitcoin network undergoes a hard fork and the outcome of this fork would again be watched very closely on how the network would be dealing with it. This fork is likely to be more difficult than the first one in August as the network is split into two and both the sides are at loggerheads with each other on the approach to the fork. But these forks are an important aspect for the network and the technology to grow and hence cannot be avoided. Bitcoin 4H Ethereum prices also followed the bitcoin prices and have since moved through the $330 region and looking ahead to the next target at $340. The ETH network is also scheduled to undergo a fork in September and if it manages to get through the fork without much impact, we could see a string bullish leg in ETH in the short and medium like what we are seeing in bitcoin. Forecast Looking ahead to the rest of the day, we expect both the bitcoin and ETH prices to challenge the range highs at around $4400 and $340 respectively and if the prices do manage to break through, then we are likely to see the next bullish leg in both the pairs over the weekend. The Best and Safest Way to Buy and Sell Bitcoins Virtual currency is becoming more popular by the minute. Its starting to seem that everyone wants in, yet it isnt always so easy to get cryptocurrencies. Coinmama allows you to purchase Bitcoin through credit card or cash in sizes that will suit your needs! Click Here for More Info Story continues This article was originally posted on FX Empire More From FXEMPIRE: Jackson Hole to Drive the EUR and the Dollar DAX Index Daily Fundamental Forecast August 25, 2017 Natural Gas Price Fundamental Daily Forecast Hurricane Infrastructure Damage Could Spike Prices Higher Oil Price Fundamental Daily Forecast Gasoline Prices Soar on Crack-Spread Buying Commodity Markets In Still Mode Ahead of Jackson Hole AUD/USD and NZD/USD Fundamental Daily Forecast Focus on Durable Goods Early, Yellen, Draghi Later
[Social Media Buzz]
BTC Real Time Price: ThePriceOfBTC: $4305.78 #GDAX;
$4294.00 #bitstamp;
$4317.13 #kraken;
$4286.00 #hitbtc;
$4435.30 #cex; || BTC Real Time Price: ThePriceOfBTC: $4316.10 #GDAX;
$4304.54 #bitstamp;
$4326.19 #kraken;
$4306.41 #hitbtc;
$4444.00 #cex; || #DolarTrue BTC
26/08/2017 09:04 AM
BTC Venta Panama : 4140.06
BTC USA : 4279.00
BTC Compra VEF : 70,348,586
USD/VEF : 16711.74 || BTC Real Time Price: ThePriceOfBTC: $4331.19 #bitstamp;
$4336.29 #GDAX;
$4346.00 #kraken;
$4335.43 #hitbtc;
$4449.89 #...
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4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84.
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[Bitcoin Technical Analysis for 2021-06-30]
Volume: 34059036099, RSI (14-day): 47.37, 50-day EMA: 38913.99, 200-day EMA: 40092.76
[Wider Market Context]
Gold Price: 1770.80, Gold RSI: 34.19
Oil Price: 73.47, Oil RSI: 66.14
[Recent News (last 7 days)]
Doctor arrested for trying to hire a hitman to kidnap and inject ex-wife with heroin in bizarre bid to win her back: Dr Ronald Ilg, who is in federal custody facing attempted kidnapping charges after allegedly trying to hire a hitman to kidnap, drug and blackmail his wife. (LinkedIn) Nothing says "let's try again" like hiring an assassin to drug your ex until they agree to rekindle the relationship . That is apparently what one neonatal doctor in Spokane, Washington thought, as he allegedly did just that. Ronald Ilg, 55, was arrested in April and is being charged in federal court for hiring a hitman over the internet to abduct his wife and imprison her in a "secure location" for a week, all the while dosing her with heroin. "The target destroyed two families and walked away as if she did nothing," the doctor allegedly wrote in his abductor job synopsis. "I want the target kidnapped for 7 days. While being held, she will be given injections of heroin at least two times per day." The Daily Beast reported that Dr Ilg's plan was allegedly to get her hooked on heroin and - while she was abducted - to litter her house with drug-injection paraphernalia. The needles were meant to essentially serve as blackmail material the doctor could allegedly use to force his ex to restart their relationship. If she did not agree to restart the relationship, Dr Ilg's alleged plan was to turn her over to the police, who would have found heroin in her system and hypodermic needles throughout her house and presumably taken her children away from her. Dr Ilg apparently agreed to pay the would-be kidnapper in Bitcoin. The FBI traced the Bitcoin transaction, which led them to Dr Ilg's Coinbase account. Should Dr Ilg be convicted, he will face up to 20 years in prison. Dr Ilg's wife shares one son with the man and is 15 years younger than him. She has not been named, but told investigators that her husband had taken aggressive steps to control her in the past, including placing tracking devices on her car and cellphone, and threatening to take away her belongings if she did not give in to his sexual demands. Court documents suggest the doctor later became involved with another woman with whom he engaged in sado-masochistic play. The doctor took to the fetish too far, however, as woman involved in the affair claims Dr Ilg trapped her in an underground bunker and forced her to sign a sex slave contract in blood. Story continues His second wife filed for divorce in June 2020, and five months later Dr Ilg was fired from his job for bringing a weapon to work. During this period, Dr Ilg allegedly sent his wife hundreds of text messages asking her to take him back and offering to pay her money to drop the divorce proceedings. In the call the doctor allegedly put out for abductors, the kidnappers' first goal should be to get the wife to "cancel all court proceedings immediately." When the estranged wife would not halt the divorce proceedings, her lawyer sent Dr Ilg a letter asking him to refrain from talking to her unless it was about their son. Dr Ilg allegedly refused, prompting her to file for a restraining order. At first it seemed that things had sorted themselves out; following the restraining order Dr Ilg admitted that he had been in a "raw emotional state," and said that he would stop trying to contact his wife. Unfortunately for her, the doctor's sudden clarity was short-lived. As detailed in court documents, shortly after the restraining order was issued the wife began seeing Dr Ilg parking outside her work, and he again began sending her dozens of text messages. At one point he pretended to drop a type-written letter in front of her in hopes she might pick it up, read it, and forgive him. That letter read, in party "I do love you, more than words can describe, more than actions can show. Every fiber of my body, every ounce of my life energy calls out for you." Around the same time he was romantically dropping letters in front of his estranged wife, Dr Ilg was allegedly cruising the web looking for goons to dish out beatings on those he believed had wronged him. In one instance a user named Scar215 attempted to hire muscle for use against a coworker he believed had been spreading rumours about how he was fired. He told his hired help to "injure both hands significantly or break the hands" of the woman he was targeting. Dr Ilg was allegedly ready to pay $2,000 in Bitcoin to whoever took on the job, but the request was never fulfilled. A month later, the same user posted another assignment on the dark web rent-a-killer site, this time asking for someone to kidnap, drug, and blackmail his estranged wife. There are numerous "dark web" sites that purport to be assassin-for-hire services, but most are illegitimate and at least one - the obviously fake "rentahitman.com" - is essentially a honeypot intended to capture would-be killers by collecting assassination requests and turning them over to law enforcement. Under Dr Ilg's alleged plan, the wife would be instructed never to speak of her kidnapping and was to be told that "her families' health, including her father and her kids, depend on her completing these rules." "It would be unfortunate if her older boy became addicted to heroin," the post on the assassin rental site read. "Or her dad be severely beaten, or her dog be slaughtered." According to a post on the site, the doctor had put $5,000 in escrow, and would deliver another $10,000 the following day. The doctor said that upon completion he would pay whoever took the job an additional $40,000. Eventually Dr Ilg's new girlfriend became aware of her boyfriend's alleged proclivity for hiring dark-web toughs to get his way. While she was talking with Dr Ilg's estranged wife, the girlfriend learned about the ongoing battle between the two and confronted the doctor. She told him she was scared of him and mentioned the dark web killers. Dr Ilg, in text messages obtained by the US Attorney's Office, brushed off the concerns, saying all the hype surrounding dark web assassins was false, denying he had any involvement in any plot to kill anyone. "You hired someone from the dark web to hurt [the estranged wife]," the girlfriend texted. "Leave me alone forever. I'm scared of you." The girlfriend revealed to investigators that Dr Ilg allegedly made her call him "sir" and would leave her locked for hours in an underground bunker outside his home. She was the woman who was forced to sign a sex slave contract in blood. BBC journalists, who had been chasing the story, confronted Dr Ilg about his alleged calls for an assassin, and eventually turned their evidence over to the FBI. Investigators raided Dr Ilg's home, finding his concrete bunkers and a reference to his online handle "Scar215" on a sticky-note in his house. According to broadcaster KHQ , Dr Ilg reportedly confessed that he tried to hire someone on the dark web but claimed he was actually trying to hire someone to kill him to ensure that his girlfriend got all of his belongings rather than his estranged wife. Prosecutors could not corroborate that claim, however, as Dr Ilg had never updated his will to include his new girlfriend as a beneficiary of any kind. In April Dr Ilg tried to kill himself by overdosing on pills, but was found by authorities and later was arrested. He faces attempted kidnapping charges, to which he has pleaded not guilty. Dr Ilg's trial is slated for October, according to the Spokesman-Review . Read More UK adults avoid doctor for stomach problems, poll suggests Miami building collapse – updates: Condo warned damage ‘accelerating’ as residents hesitated at $15.5m repairs How likely is ‘the Big One’ earthquake to hit west coast after recent LA tremors? || Doctor arrested for trying to hire a hitman to kidnap and inject ex-wife with heroin in bizarre bid to win her back: Dr Ronald Ilg, who is in federal custody facing attempted kidnapping charges after allegedly trying to hire a hitman to kidnap, drug and blackmail his wife. (LinkedIn) Nothing says "let's try again" like hiring an assassin to drug your ex until they agree to rekindle the relationship . That is apparently what one neonatal doctor in Spokane, Washington thought, as he allegedly did just that. Ronald Ilg, 55, was arrested in April and is being charged in federal court for hiring a hitman over the internet to abduct his wife and imprison her in a "secure location" for a week, all the while dosing her with heroin. "The target destroyed two families and walked away as if she did nothing," the doctor allegedly wrote in his abductor job synopsis. "I want the target kidnapped for 7 days. While being held, she will be given injections of heroin at least two times per day." The Daily Beast reported that Dr Ilg's plan was allegedly to get her hooked on heroin and - while she was abducted - to litter her house with drug-injection paraphernalia. The needles were meant to essentially serve as blackmail material the doctor could allegedly use to force his ex to restart their relationship. If she did not agree to restart the relationship, Dr Ilg's alleged plan was to turn her over to the police, who would have found heroin in her system and hypodermic needles throughout her house and presumably taken her children away from her. Dr Ilg apparently agreed to pay the would-be kidnapper in Bitcoin. The FBI traced the Bitcoin transaction, which led them to Dr Ilg's Coinbase account. Should Dr Ilg be convicted, he will face up to 20 years in prison. Dr Ilg's wife shares one son with the man and is 15 years younger than him. She has not been named, but told investigators that her husband had taken aggressive steps to control her in the past, including placing tracking devices on her car and cellphone, and threatening to take away her belongings if she did not give in to his sexual demands. Court documents suggest the doctor later became involved with another woman with whom he engaged in sado-masochistic play. The doctor took to the fetish too far, however, as woman involved in the affair claims Dr Ilg trapped her in an underground bunker and forced her to sign a sex slave contract in blood. Story continues His second wife filed for divorce in June 2020, and five months later Dr Ilg was fired from his job for bringing a weapon to work. During this period, Dr Ilg allegedly sent his wife hundreds of text messages asking her to take him back and offering to pay her money to drop the divorce proceedings. In the call the doctor allegedly put out for abductors, the kidnappers' first goal should be to get the wife to "cancel all court proceedings immediately." When the estranged wife would not halt the divorce proceedings, her lawyer sent Dr Ilg a letter asking him to refrain from talking to her unless it was about their son. Dr Ilg allegedly refused, prompting her to file for a restraining order. At first it seemed that things had sorted themselves out; following the restraining order Dr Ilg admitted that he had been in a "raw emotional state," and said that he would stop trying to contact his wife. Unfortunately for her, the doctor's sudden clarity was short-lived. As detailed in court documents, shortly after the restraining order was issued the wife began seeing Dr Ilg parking outside her work, and he again began sending her dozens of text messages. At one point he pretended to drop a type-written letter in front of her in hopes she might pick it up, read it, and forgive him. That letter read, in party "I do love you, more than words can describe, more than actions can show. Every fiber of my body, every ounce of my life energy calls out for you." Around the same time he was romantically dropping letters in front of his estranged wife, Dr Ilg was allegedly cruising the web looking for goons to dish out beatings on those he believed had wronged him. In one instance a user named Scar215 attempted to hire muscle for use against a coworker he believed had been spreading rumours about how he was fired. He told his hired help to "injure both hands significantly or break the hands" of the woman he was targeting. Dr Ilg was allegedly ready to pay $2,000 in Bitcoin to whoever took on the job, but the request was never fulfilled. A month later, the same user posted another assignment on the dark web rent-a-killer site, this time asking for someone to kidnap, drug, and blackmail his estranged wife. There are numerous "dark web" sites that purport to be assassin-for-hire services, but most are illegitimate and at least one - the obviously fake "rentahitman.com" - is essentially a honeypot intended to capture would-be killers by collecting assassination requests and turning them over to law enforcement. Under Dr Ilg's alleged plan, the wife would be instructed never to speak of her kidnapping and was to be told that "her families' health, including her father and her kids, depend on her completing these rules." "It would be unfortunate if her older boy became addicted to heroin," the post on the assassin rental site read. "Or her dad be severely beaten, or her dog be slaughtered." According to a post on the site, the doctor had put $5,000 in escrow, and would deliver another $10,000 the following day. The doctor said that upon completion he would pay whoever took the job an additional $40,000. Eventually Dr Ilg's new girlfriend became aware of her boyfriend's alleged proclivity for hiring dark-web toughs to get his way. While she was talking with Dr Ilg's estranged wife, the girlfriend learned about the ongoing battle between the two and confronted the doctor. She told him she was scared of him and mentioned the dark web killers. Dr Ilg, in text messages obtained by the US Attorney's Office, brushed off the concerns, saying all the hype surrounding dark web assassins was false, denying he had any involvement in any plot to kill anyone. "You hired someone from the dark web to hurt [the estranged wife]," the girlfriend texted. "Leave me alone forever. I'm scared of you." The girlfriend revealed to investigators that Dr Ilg allegedly made her call him "sir" and would leave her locked for hours in an underground bunker outside his home. She was the woman who was forced to sign a sex slave contract in blood. BBC journalists, who had been chasing the story, confronted Dr Ilg about his alleged calls for an assassin, and eventually turned their evidence over to the FBI. Investigators raided Dr Ilg's home, finding his concrete bunkers and a reference to his online handle "Scar215" on a sticky-note in his house. According to broadcaster KHQ , Dr Ilg reportedly confessed that he tried to hire someone on the dark web but claimed he was actually trying to hire someone to kill him to ensure that his girlfriend got all of his belongings rather than his estranged wife. Prosecutors could not corroborate that claim, however, as Dr Ilg had never updated his will to include his new girlfriend as a beneficiary of any kind. In April Dr Ilg tried to kill himself by overdosing on pills, but was found by authorities and later was arrested. He faces attempted kidnapping charges, to which he has pleaded not guilty. Dr Ilg's trial is slated for October, according to the Spokesman-Review . Read More UK adults avoid doctor for stomach problems, poll suggests Miami building collapse – updates: Condo warned damage ‘accelerating’ as residents hesitated at $15.5m repairs How likely is ‘the Big One’ earthquake to hit west coast after recent LA tremors? || Power, Privacy and China’s Digital Currency: By Alexander Zaitchik, Jeanhee Kim, Kelly Le and Angie Lau, Forkast.News. Third in a series produced byForkast.Newswith support from the Judith Neilson Institute’s Asian Stories project. Read part Ihereand part IIhere.
John Chen (a pseudonymused upon request) has viewed the rise of the cashless economy on a split screen.
On one side, the China of his birth, a place where paper fiat has all but gone extinct even in far-flung villages. On the other, the U.S. state of California where he attended high school and now majors in computer science at a state university, and where paper currency remains common.
Related:China’s Bitcoin Mining Crackdown Is a Boon for Miners Elsewhere
Raised in Fujian to tech-entrepreneurial parents, Chen is in many ways a quintessential modern Chinese. With a comparative eye he has been following the development of his country’s unique consumer culture for half a decade. “When I visited China in 2016, I was like, ‘Wow,’ everyone is using WeChat Pay and Alipay. Nobody had a purse or a wallet.” Businesses requested he pay digitally, which he much prefers to using credit cards. “Personally, I don’t like [carrying a wallet] because I’ve already lost my wallet three times in five years,” he said, most recently during the height of COVID-19 restrictions in the U.S. Without cash, credit cards or his driver’s license, he had to ask a friend to lend him money and drive him to Target “so I could grab some chicken for dinner.”
Now back in the East taking remote classes, Chen will have a front-row seat for the next stage of China’s evolution. Beijing is widely expected to launch its central bank digital currency (CBDC) at the Winter Olympics in February.
Unlike AliPay and WeChat Pay, however, the digital yuan gives Chen pause. His reasons offer a preview of debates that will only grow with the rise of all CBDCs in the coming years.
“I’m concerned because I feel like [government officials] would be able to see all my transaction details,” said Chen. “I would lose part of my privacy and I don’t think I would be 100% happy with that.”
Related:China’s CBDC Trials Reach Beijing Subway
Of course, AliPay and WeChat are already connected to the government (and have even assisted in the development of the digital yuan) such as with ID verification procedures tied to state cameras. The linkage grows the larger the transaction, as it does virtually anywhere financial institutions have reporting requirements. But having private companies as a buffer from direct state access to his user data makes a difference to Chen.
China’s controversial social credit system – which monitors and scores citizens on their trustworthiness – has raised concerns over how the state might use the e-CNY, as the digital yuan is officially called, to further monitor its people, control dissent and incentivize or dissuade certain behaviors. “It’s easy to see how the digital yuan could aid in the development of the social credit system, with stricter controls rather than looser controls,” said Ian Wittkopp, a Hong Kong analyst for Sino Global Capital.
In Washington, D.C., the debate about digital currencies reflects the multiple roles played by money – not just as a means of payment, but a symbol of political power and the values imposed by that power.
In July 2020, shortly before China began e-CNY pilot tests, a former chair of the U.S. Commodity Futures Trading Commission,J. Christopher Giancarlo, delivered a warning to the U.S. Senate Banking and Finance Subcommittee. “The stakes of the contest for the future of digital money are as high as any of the transformational technological revolutions of the past one hundred years,” Giancarlo testified. “We are indeed entering a new world. The question is who will design and build those digital systems … and what social values will be brought to bear.” Privacy, free enterprise, free speech and democracy are all at risk, he later elaborated.
Through the banking communications system SWIFT, the U.S. functionally has a hand on the spigot of global capital flows – a power that Washington has used in recent years to sanction Venezuela, Iran, Syria, North Korea and a number of individuals. Giancarlo told the senators the more widely the digital yuan is adopted, the greater its ability to bypass SWIFT and help other states do the same. This, he said, could increase the chance of war.
Among technocrats, however, there is less hyperbole. Tommaso Mancini-Griffoli, a division chief of the International Monetary Fund, said at CoinDesk’s Consensus 2020 conference in May that, generally speaking, “a world with more than one reserve currency is a more stable world.”
Of course, whether CBDCs will prove successful remains to be seen. While China is steadily digging the trenches to global acceptance through its Digital Silk Road and Belt and Road Initiative (BRI), the ultimate proof will be mass adoption. As Chen demonstrated, ordinary Chinese have mixed opinions.
Tab Liu was born and raised in central Henan province. Like Chen, he now studies at a university in California, where he double majors in earth sciences and international relations. The grandson of peasant farmers, Liu attended middle and high school 150 miles from home. Nearly a decade later, he is effusive about the BRI infrastructure project that made it possible for him to pursue a better education. “We have the best high-speed railway system,” he said. A distance that still takes 21 hours to traverse in the U.S., such as Chicago to New York City, takes just five in China.
Liu takes a similar pride in the rise of a cashless economy.
“In the last five years, I have not carried any cash in China,” he said. Whether the digital currency he uses is directly connected to the state does not concern him. “The Chinese government is very prudent about financial problems. As long as they officially launch the digital currency, it is highly likely to be mature and secure,” he said.
“All people have lost privacy in this information era,” Liu added, and offered examples of U.S. encroachments on privacy.
Richard Byworth, CEO of Singapore-based Eqonex, a digital-asset financial services company, said that in his custodial business, “Chinese clients based in Hong Kong and European clients mainly in Switzerland prefer dealing with [non-U.S.] financial institutions. There’s a sensitivity around having assets in the U.S. and what that may mean sometime in the future if geopolitics were to become an issue in some way.”
He cited the regulatory environment and governmental reach during recent administrations as the causes of this wariness.
Byworth also points to more purely economic factors undermining trust in fiat money in general. He sees government efforts to support citizens during the pandemic as driving people to cryptocurrencies, an entirely private form of money. “When you see that 40% of all dollars outstanding were printed during the [coronavirus] pandemic, you can understand why people are looking to assets likebitcointo protect their wealth against this devaluation,” he said. Bitcoin, for instance, reached an all-time high of $64,000 in April, shortly after passage of the $1.9 trillion stimulus bill known as the American Rescue Plan Act of 2021.
This has implications for the digital dollar. Federal Reserve Chairman Jerome Powell said in May the U.S. is considering the pros and cons of developing a digital dollar while “carefully monitoring and adapting” to the rise of digital payment systems and private currencies, like bitcoin. While Powell has said in the past that the U.S. will not be drawn into a CBDC race with China, he notably did not mention China in this address to the American public, which was recorded and posted on YouTube.
The contrast between the two superpowers’ CBDC activity is stark. While the U.S. is “still at the stage of planning to talk about talking about it,” as Stanley Chao, a Los Angeles-based consultant on economic trends in Asia put it, China is marshaling all of its considerable resources to usher the world toward its vision of the future.
How life may change is already coming into focus about 100 km southwest of Beijing, where the Chinese have begun building what President Xi in 2017 called the “city of the future.” In Xiong’an, many of China’s development initiatives have come together: fiat digital currency, Belt and Road infrastructure and, most of all, blockchain technology that underpins it all.
Picture a newly opened 19-track high-speed rail terminal that sends commuters to Beijing, 250 km away, in 50 minutes. It’s a “green” city, with land use and development capped at 30%. And it’s the first “smart city” to have blockchain built into its core technological infrastructure.
Recently Xiong’an signed a contract with a Beijing startup, S-Labs, to make blockchain applications for food safety, project supervision, and procurement and bidding. From her close view of a smart city in development, S-Labs CEO Stacey Zhou said the significance of building a city with blockchain cannot be underestimated. “Xiong’an is special; it’s like a blank paper we can draw or write anything on. We built it on a digital chain so the real city and digital city are being built at the same time, for the first time ever. Every single data is supported by blockchain. It is real, recorded and inalterable.”
Xiong’an has used blockchain applications to pay billions of yuan for construction materials as well as to compensate migrant workers and residents who had to be resettled, all without the fraud or misappropriation that often plagues large public works.
A transformation is imminent, Zhou said. More cities will be built on blockchain and existing cities will be retrofitted with it. She said CBDC will be an integral part of life in Xiong’an, and added, “Maybe you don’t understand the technology but this is the future and the future is coming. Open your mind. Work with us.”
• Spain Considers National Digital Currency Alternative to Euro
• Stablecoins and CBDCs: Private Vs. Public Monetary Innovation || Power, Privacy and China’s Digital Currency: By Alexander Zaitchik, Jeanhee Kim, Kelly Le and Angie Lau, Forkast.News. Third in a series produced by Forkast.News with support from the Judith Neilson Institute’s Asian Stories project. Read part I here and part II here . John Chen (a pseudonym used upon request ) has viewed the rise of the cashless economy on a split screen. On one side, the China of his birth, a place where paper fiat has all but gone extinct even in far-flung villages. On the other, the U.S. state of California where he attended high school and now majors in computer science at a state university, and where paper currency remains common. Related: China’s Bitcoin Mining Crackdown Is a Boon for Miners Elsewhere Raised in Fujian to tech-entrepreneurial parents, Chen is in many ways a quintessential modern Chinese. With a comparative eye he has been following the development of his country’s unique consumer culture for half a decade. “When I visited China in 2016, I was like, ‘Wow,’ everyone is using WeChat Pay and Alipay. Nobody had a purse or a wallet.” Businesses requested he pay digitally, which he much prefers to using credit cards. “Personally, I don’t like [carrying a wallet] because I’ve already lost my wallet three times in five years,” he said, most recently during the height of COVID-19 restrictions in the U.S. Without cash, credit cards or his driver’s license, he had to ask a friend to lend him money and drive him to Target “so I could grab some chicken for dinner.” Now back in the East taking remote classes, Chen will have a front-row seat for the next stage of China’s evolution. Beijing is widely expected to launch its central bank digital currency (CBDC) at the Winter Olympics in February. Unlike AliPay and WeChat Pay, however, the digital yuan gives Chen pause. His reasons offer a preview of debates that will only grow with the rise of all CBDCs in the coming years. Story continues “I’m concerned because I feel like [government officials] would be able to see all my transaction details,” said Chen. “I would lose part of my privacy and I don’t think I would be 100% happy with that.” Related: China’s CBDC Trials Reach Beijing Subway Of course, AliPay and WeChat are already connected to the government (and have even assisted in the development of the digital yuan) such as with ID verification procedures tied to state cameras. The linkage grows the larger the transaction, as it does virtually anywhere financial institutions have reporting requirements. But having private companies as a buffer from direct state access to his user data makes a difference to Chen. Social credit China’s controversial social credit system – which monitors and scores citizens on their trustworthiness – has raised concerns over how the state might use the e-CNY, as the digital yuan is officially called, to further monitor its people, control dissent and incentivize or dissuade certain behaviors. “It’s easy to see how the digital yuan could aid in the development of the social credit system, with stricter controls rather than looser controls,” said Ian Wittkopp, a Hong Kong analyst for Sino Global Capital. In Washington, D.C., the debate about digital currencies reflects the multiple roles played by money – not just as a means of payment, but a symbol of political power and the values imposed by that power. In July 2020, shortly before China began e-CNY pilot tests, a former chair of the U.S. Commodity Futures Trading Commission, J. Christopher Giancarlo , delivered a warning to the U.S. Senate Banking and Finance Subcommittee. “The stakes of the contest for the future of digital money are as high as any of the transformational technological revolutions of the past one hundred years,” Giancarlo testified. “We are indeed entering a new world. The question is who will design and build those digital systems … and what social values will be brought to bear.” Privacy, free enterprise, free speech and democracy are all at risk, he later elaborated. Through the banking communications system SWIFT, the U.S. functionally has a hand on the spigot of global capital flows – a power that Washington has used in recent years to sanction Venezuela, Iran, Syria, North Korea and a number of individuals. Giancarlo told the senators the more widely the digital yuan is adopted, the greater its ability to bypass SWIFT and help other states do the same. This, he said, could increase the chance of war. Among technocrats, however, there is less hyperbole. Tommaso Mancini-Griffoli, a division chief of the International Monetary Fund, said at CoinDesk’s Consensus 2020 conference in May that, generally speaking, “a world with more than one reserve currency is a more stable world.” Of course, whether CBDCs will prove successful remains to be seen. While China is steadily digging the trenches to global acceptance through its Digital Silk Road and Belt and Road Initiative (BRI), the ultimate proof will be mass adoption. As Chen demonstrated, ordinary Chinese have mixed opinions. Cashless Tab Liu was born and raised in central Henan province. Like Chen, he now studies at a university in California, where he double majors in earth sciences and international relations. The grandson of peasant farmers, Liu attended middle and high school 150 miles from home. Nearly a decade later, he is effusive about the BRI infrastructure project that made it possible for him to pursue a better education. “We have the best high-speed railway system,” he said. A distance that still takes 21 hours to traverse in the U.S., such as Chicago to New York City, takes just five in China. Liu takes a similar pride in the rise of a cashless economy. “In the last five years, I have not carried any cash in China,” he said. Whether the digital currency he uses is directly connected to the state does not concern him. “The Chinese government is very prudent about financial problems. As long as they officially launch the digital currency, it is highly likely to be mature and secure,” he said. “All people have lost privacy in this information era,” Liu added, and offered examples of U.S. encroachments on privacy. Richard Byworth, CEO of Singapore-based Eqonex, a digital-asset financial services company, said that in his custodial business, “Chinese clients based in Hong Kong and European clients mainly in Switzerland prefer dealing with [non-U.S.] financial institutions. There’s a sensitivity around having assets in the U.S. and what that may mean sometime in the future if geopolitics were to become an issue in some way.” He cited the regulatory environment and governmental reach during recent administrations as the causes of this wariness. Byworth also points to more purely economic factors undermining trust in fiat money in general. He sees government efforts to support citizens during the pandemic as driving people to cryptocurrencies, an entirely private form of money. “When you see that 40% of all dollars outstanding were printed during the [coronavirus] pandemic, you can understand why people are looking to assets like bitcoin to protect their wealth against this devaluation,” he said. Bitcoin, for instance, reached an all-time high of $64,000 in April, shortly after passage of the $1.9 trillion stimulus bill known as the American Rescue Plan Act of 2021. This has implications for the digital dollar. Federal Reserve Chairman Jerome Powell said in May the U.S. is considering the pros and cons of developing a digital dollar while “carefully monitoring and adapting” to the rise of digital payment systems and private currencies, like bitcoin. While Powell has said in the past that the U.S. will not be drawn into a CBDC race with China, he notably did not mention China in this address to the American public, which was recorded and posted on YouTube. Full speed ahead The contrast between the two superpowers’ CBDC activity is stark. While the U.S. is “still at the stage of planning to talk about talking about it,” as Stanley Chao, a Los Angeles-based consultant on economic trends in Asia put it, China is marshaling all of its considerable resources to usher the world toward its vision of the future. How life may change is already coming into focus about 100 km southwest of Beijing, where the Chinese have begun building what President Xi in 2017 called the “city of the future.” In Xiong’an, many of China’s development initiatives have come together: fiat digital currency, Belt and Road infrastructure and, most of all, blockchain technology that underpins it all. Picture a newly opened 19-track high-speed rail terminal that sends commuters to Beijing, 250 km away, in 50 minutes. It’s a “green” city, with land use and development capped at 30%. And it’s the first “smart city” to have blockchain built into its core technological infrastructure. Recently Xiong’an signed a contract with a Beijing startup, S-Labs, to make blockchain applications for food safety, project supervision, and procurement and bidding. From her close view of a smart city in development, S-Labs CEO Stacey Zhou said the significance of building a city with blockchain cannot be underestimated. “Xiong’an is special; it’s like a blank paper we can draw or write anything on. We built it on a digital chain so the real city and digital city are being built at the same time, for the first time ever. Every single data is supported by blockchain. It is real, recorded and inalterable.” Xiong’an has used blockchain applications to pay billions of yuan for construction materials as well as to compensate migrant workers and residents who had to be resettled, all without the fraud or misappropriation that often plagues large public works. A transformation is imminent, Zhou said. More cities will be built on blockchain and existing cities will be retrofitted with it. She said CBDC will be an integral part of life in Xiong’an, and added, “Maybe you don’t understand the technology but this is the future and the future is coming. Open your mind. Work with us.” Related Stories Spain Considers National Digital Currency Alternative to Euro Stablecoins and CBDCs: Private Vs. Public Monetary Innovation || Fintech Focus For June 30, 2021: Quote To Start The Day:“It ain’t what you don’t know that gets you in trouble. It’s what you know for sure that just ain’t so.”
Source:Mark Twain
One Big Thing In Fintech:[D]oes the success of BNPL spell doom for the $3tn credit card industry? A new report by Sifted Intelligence says that BNPL companies shouldn’t be so confident yet.
Source:Sifted
Other Key Fintech Developments:
• QuantHousepartnersup on crypto.
• JPMorganeyesfintech acquisition.
• SEC’s PeirceeyeingDeFi potential.
• Crypto.com, Formula 1teamedup.
• Trade floors and neededintegration.
• Tidal isexploringNFT opportunities.
• Smartraiseda $228M investment.
• Checkout.com, BigCommerceteam.
• JPMorgantakesa stake in C6 bank.
• CoinMarketCapaddstoken swaps.
• Ceramic Mainnetalivefor first time.
• BörseaddedCrypto Finance stake.
• CoolBitXaddscrypto licensing tech.
• Numeratedimprovesdigital lending.
• dxFeedexpandedQuantower offer.
• TP ICAP islaunchingcrypto trading.
• Certegyintrosnew Virtual Terminal.
• Nansenadds$12M Series funding.
• FetchaddsAI to combat DeFi loss.
Watch Out For This:Miami is a center of Bitcoin, TradeStation's James Putra said earlier this month at the Bitcoin 2021 conference in the Magic City.
A paradigm shift is occurring, Drew Hinkes, an author, lawyer, and New York University professor, said in a conversation with Putra at the event.
That shift — institutional interest in digital assets — is most visible in Miami, due in part to initiatives put in place by leaders like Mayor Francis X. Suarez, he said.
“The innovation, the influx of talent, the excitement is really unbelievable.”
Source:Benzinga
Interesting Reads:
• Home pricesupthe most in decades.
• Unpacked: Scaramucci’s crypto plan.
• Trainualeyeingworkforce innovation.
• Researchon chatbots as teammates.
• Banks mustn’texpectnormal bailouts.
Market Moving Headline:The S&P 500 Index continues to make new all-time highs. Home prices have followed suit and have made historic YoY advances. Core inflation readings are running at the hottest rate since the early 1990’s. The labor market is healing. In fact, job openings are at all-time highs. Corporate profit margins are just below their best levels ever. Junk bond yields are making new lows. COVID-19 infections in the United States are at the lowest levels since late March 2020 (when testing was not widespread).
Source:Cboe
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin 2021: Institutional Interests, And Where The Law Comes In
• Fintech Focus For June 29, 2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus For June 30, 2021: Fintech Header Quote To Start The Day: “It ain’t what you don’t know that gets you in trouble. It’s what you know for sure that just ain’t so.” Source: Mark Twain One Big Thing In Fintech: [D]oes the success of BNPL spell doom for the $3tn credit card industry? A new report by Sifted Intelligence says that BNPL companies shouldn’t be so confident yet. Source: Sifted Other Key Fintech Developments: QuantHouse partners up on crypto. JPMorgan eyes fintech acquisition. SEC’s Peirce eyeing DeFi potential. Crypto.com, Formula 1 teamed up. Trade floors and needed integration . Tidal is exploring NFT opportunities. Smart raised a $228M investment. Checkout.com, BigCommerce team . JPMorgan takes a stake in C6 bank. CoinMarketCap adds token swaps. Ceramic Mainnet alive for first time. Börse added Crypto Finance stake. CoolBitX adds crypto licensing tech. Numerated improves digital lending. dxFeed expanded Quantower offer. TP ICAP is launching crypto trading. Certegy intros new Virtual Terminal. Nansen adds $12M Series funding. Fetch adds AI to combat DeFi loss. Watch Out For This: Miami is a center of Bitcoin, TradeStation's James Putra said earlier this month at the Bitcoin 2021 conference in the Magic City. A paradigm shift is occurring, Drew Hinkes, an author, lawyer, and New York University professor, said in a conversation with Putra at the event. That shift — institutional interest in digital assets — is most visible in Miami, due in part to initiatives put in place by leaders like Mayor Francis X. Suarez, he said. “The innovation, the influx of talent, the excitement is really unbelievable.” Source: Benzinga Interesting Reads: Home prices up the most in decades. Unpacked : Scaramucci’s crypto plan. Trainual eyeing workforce innovation. Research on chatbots as teammates. Banks mustn’t expect normal bailouts. Market Moving Headline: The S&P 500 Index continues to make new all-time highs. Home prices have followed suit and have made historic YoY advances. Core inflation readings are running at the hottest rate since the early 1990’s. The labor market is healing. In fact, job openings are at all-time highs. Corporate profit margins are just below their best levels ever. Junk bond yields are making new lows. COVID-19 infections in the United States are at the lowest levels since late March 2020 (when testing was not widespread). Story continues Source: Cboe See more from Benzinga Click here for options trades from Benzinga Bitcoin 2021: Institutional Interests, And Where The Law Comes In Fintech Focus For June 29, 2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market Wrap: Bitcoin Pushes Higher as Short Bets Unwind: Bitcoin traded higher on Tuesday, rising about 6% over the past 24 hours. Cryptocurrencies are in relief mode as selling pressure from May stabilizes in a tight range between $30,000 and $40,000. Traders are watching for signs of capitulation as bitcoin appears to be oversold and shorts unwind positions.
Crypto markets have been resilient despite regulatory crackdowns in China and the U.K. On Monday, Reutersreportedthat several companies have abandoned their efforts to register with the U.K.’s Financial Conduct Authority amid mountingregulatory scrutinyon the industry.
“Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher,” David Grider, a strategist atFundStrat, wrote in a newsletter on Monday.
Related:Australia’s Financial Watchdog Says Bitcoin ETP Could Create ‘Risk’, Seeks Feedback
Cryptocurrencies:
• Bitcoin(BTC) $36387.21, +5.74%
• Ether(ETH) $2221.89, +5.27%
Traditional markets:
• S&P 500: 4291.67, +0.025%
• Gold: $1761.22, -0.97%
• 10-year Treasury yield closed at 1.475%, compared with 1.472% on Monday
“We do think this could continue to be a choppy market for a bit as prices reestablish their trend, and we could even retest the $31K level, but overall, we remain in the bullish camp over the balance of the year,” Grider wrote.
From a technical perspective, bitcoin’s long-term trend remains intact despite the loss of intermediate-term momentum. The $34,000 price level has prevented secondary support near $27,000 from becoming relevant, according to Katie Stockton, managing partner atFairlead Strategies.
Related:How the Macro Landscape Is Shaping Bitcoin Markets
“We would view a breakout above the 50-day moving average [around $38,000] as a positive catalyst supporting a test of secondary resistance near $44K,” Stockton wrote in a report published Monday.
The big economic data point analysts are awaiting this week is Friday’s U.S. jobs report, which could affect assets that are deemed to be risky, including cryptocurrencies.
“If Friday’s employment numbers come in stronger than expected, market participants could anticipate the Fed raising rates sooner than expected,”Alexander Blum, managing partner at digital asset manager Two Prime, wrote in an email to CoinDesk.
A strong jobs report could be bearish for digital assets in the near-term, according to Blum, while a weaker-than-expected number would be bullish.
Bitcoin’s year-to-date return of about 20% is beating the S&P 500 Index, but trailing the Thomson Reuters Core Commodity Index.
Over the past year, bitcoin andetherhad a similar risk-adjusted performance to popular U.S. stocks such as Alphabet (NASDAQ: GOOG) and Tesla (NASDAQ: TSLA).
The current bitcoin bull cycle has decoupled from the 2013 and 2017 cycles. This is due to a combination of factors including regulatory crackdowns, environmental concerns and an occasional tweet from Tesla CEO Elon Musk, which interrupted the 2021 bull cycle.
“It’s important to note that each cycle is ultimately unique,” wrote Coin Metrics, in anewsletterpublished Monday. “Everyhalvinghas effectively signaled the start of a new cycle, with the 2013 cycle peaking 370 days after the first halving, and the 2017 cycle peaking 524 days after the second halving.”
Bitcoin is currently 413 days after the third halving, which occurred in May 2020, as shown in the chart below.
The open interest of bitcoin futures at CME Group in June is at a yearly low, with the open interest currently standing at $1.39 billion, according to data from Skew.
It shows that hedge funds are now unwinding their short positions as cash-and-carry trades, a strategy that aims to exploit differences between spot and futures market, are not lucrative anymore, according to Arcane Research.
Hedge funds were net shorting $1.5 billion worth of bitcoin contracts at its peak, and the number has fallen to $400 million, according to Arcane.
• Ethereum transaction fees:Ethereum transaction fees havedroppedto their lowest since December because blockchain activity has cooled while use of Ethereum layer 2 solution protocols such as Polygon (MATIC) has heated up. Gas refers to the computational efforts required to execute specific operations on the Ethereum network. A fee, paid in ether, is required to successfully conduct a transaction on Ethereum.
• DeFi Meets AI:Fetch.ai, a Cambridge, U.K.-based artificial-intelligence lab with a penchant for crypto, haslauncheda service to combat the risk of losses across the experimental decentralized finance (DeFi) market. The DeFi Agents toolkit can be set to automatically withdraw users’ funds from Uniswap v2 and PancakeSwap based on predefined conditions such as the exchange rate for a given token dropping to a certain level.
• Cathie Wood’s ARK Invest, 21Shares Team Up to Enter Bitcoin ETF Race
• Coinbase Debuts Savings Product With 4% APY on USDC Deposits
• Tom Brady, Gisele Bündchen Become Part Owners of FTX
All but one digital assets on the CoinDesk 20 ended up higher on Tuesday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
xrp(XRP) +11.95%
stellar(XLM) +8.99%
filecoin(FIL) +8.27%
Notable losers:
USD Coin(USDC) -0.01%
• Musk’s Tweets Swayed Some Investors on Bitcoin Environmental Concerns, Survey Shows
• Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining || Market Wrap: Bitcoin Pushes Higher as Short Bets Unwind: Bitcoin traded higher on Tuesday, rising about 6% over the past 24 hours. Cryptocurrencies are in relief mode as selling pressure from May stabilizes in a tight range between $30,000 and $40,000. Traders are watching for signs of capitulation as bitcoin appears to be oversold and shorts unwind positions.
Crypto markets have been resilient despite regulatory crackdowns in China and the U.K. On Monday, Reutersreportedthat several companies have abandoned their efforts to register with the U.K.’s Financial Conduct Authority amid mountingregulatory scrutinyon the industry.
“Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher,” David Grider, a strategist atFundStrat, wrote in a newsletter on Monday.
Related:Australia’s Financial Watchdog Says Bitcoin ETP Could Create ‘Risk’, Seeks Feedback
Cryptocurrencies:
• Bitcoin(BTC) $36387.21, +5.74%
• Ether(ETH) $2221.89, +5.27%
Traditional markets:
• S&P 500: 4291.67, +0.025%
• Gold: $1761.22, -0.97%
• 10-year Treasury yield closed at 1.475%, compared with 1.472% on Monday
“We do think this could continue to be a choppy market for a bit as prices reestablish their trend, and we could even retest the $31K level, but overall, we remain in the bullish camp over the balance of the year,” Grider wrote.
From a technical perspective, bitcoin’s long-term trend remains intact despite the loss of intermediate-term momentum. The $34,000 price level has prevented secondary support near $27,000 from becoming relevant, according to Katie Stockton, managing partner atFairlead Strategies.
Related:How the Macro Landscape Is Shaping Bitcoin Markets
“We would view a breakout above the 50-day moving average [around $38,000] as a positive catalyst supporting a test of secondary resistance near $44K,” Stockton wrote in a report published Monday.
The big economic data point analysts are awaiting this week is Friday’s U.S. jobs report, which could affect assets that are deemed to be risky, including cryptocurrencies.
“If Friday’s employment numbers come in stronger than expected, market participants could anticipate the Fed raising rates sooner than expected,”Alexander Blum, managing partner at digital asset manager Two Prime, wrote in an email to CoinDesk.
A strong jobs report could be bearish for digital assets in the near-term, according to Blum, while a weaker-than-expected number would be bullish.
Bitcoin’s year-to-date return of about 20% is beating the S&P 500 Index, but trailing the Thomson Reuters Core Commodity Index.
Over the past year, bitcoin andetherhad a similar risk-adjusted performance to popular U.S. stocks such as Alphabet (NASDAQ: GOOG) and Tesla (NASDAQ: TSLA).
The current bitcoin bull cycle has decoupled from the 2013 and 2017 cycles. This is due to a combination of factors including regulatory crackdowns, environmental concerns and an occasional tweet from Tesla CEO Elon Musk, which interrupted the 2021 bull cycle.
“It’s important to note that each cycle is ultimately unique,” wrote Coin Metrics, in anewsletterpublished Monday. “Everyhalvinghas effectively signaled the start of a new cycle, with the 2013 cycle peaking 370 days after the first halving, and the 2017 cycle peaking 524 days after the second halving.”
Bitcoin is currently 413 days after the third halving, which occurred in May 2020, as shown in the chart below.
The open interest of bitcoin futures at CME Group in June is at a yearly low, with the open interest currently standing at $1.39 billion, according to data from Skew.
It shows that hedge funds are now unwinding their short positions as cash-and-carry trades, a strategy that aims to exploit differences between spot and futures market, are not lucrative anymore, according to Arcane Research.
Hedge funds were net shorting $1.5 billion worth of bitcoin contracts at its peak, and the number has fallen to $400 million, according to Arcane.
• Ethereum transaction fees:Ethereum transaction fees havedroppedto their lowest since December because blockchain activity has cooled while use of Ethereum layer 2 solution protocols such as Polygon (MATIC) has heated up. Gas refers to the computational efforts required to execute specific operations on the Ethereum network. A fee, paid in ether, is required to successfully conduct a transaction on Ethereum.
• DeFi Meets AI:Fetch.ai, a Cambridge, U.K.-based artificial-intelligence lab with a penchant for crypto, haslauncheda service to combat the risk of losses across the experimental decentralized finance (DeFi) market. The DeFi Agents toolkit can be set to automatically withdraw users’ funds from Uniswap v2 and PancakeSwap based on predefined conditions such as the exchange rate for a given token dropping to a certain level.
• Cathie Wood’s ARK Invest, 21Shares Team Up to Enter Bitcoin ETF Race
• Coinbase Debuts Savings Product With 4% APY on USDC Deposits
• Tom Brady, Gisele Bündchen Become Part Owners of FTX
All but one digital assets on the CoinDesk 20 ended up higher on Tuesday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
xrp(XRP) +11.95%
stellar(XLM) +8.99%
filecoin(FIL) +8.27%
Notable losers:
USD Coin(USDC) -0.01%
• Musk’s Tweets Swayed Some Investors on Bitcoin Environmental Concerns, Survey Shows
• Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining || Market Wrap: Bitcoin Pushes Higher as Short Bets Unwind: Bitcoin traded higher on Tuesday, rising about 6% over the past 24 hours. Cryptocurrencies are in relief mode as selling pressure from May stabilizes in a tight range between $30,000 and $40,000. Traders are watching for signs of capitulation as bitcoin appears to be oversold and shorts unwind positions. Crypto markets have been resilient despite regulatory crackdowns in China and the U.K. On Monday, Reuters reported that several companies have abandoned their efforts to register with the U.K.’s Financial Conduct Authority amid mounting regulatory scrutiny on the industry. “Prices rising in the face of bad news may be a sign of the seller exhaustion we need to go higher,” David Grider, a strategist at FundStrat , wrote in a newsletter on Monday. Latest prices Related: Australia’s Financial Watchdog Says Bitcoin ETP Could Create ‘Risk’, Seeks Feedback Cryptocurrencies: Bitcoin (BTC) $36387.21, +5.74% Ether (ETH) $2221.89, +5.27% Traditional markets: S&P 500: 4291.67, +0.025% Gold: $1761.22, -0.97% 10-year Treasury yield closed at 1.475%, compared with 1.472% on Monday Where to from here “We do think this could continue to be a choppy market for a bit as prices reestablish their trend, and we could even retest the $31K level, but overall, we remain in the bullish camp over the balance of the year,” Grider wrote. From a technical perspective, bitcoin’s long-term trend remains intact despite the loss of intermediate-term momentum. The $34,000 price level has prevented secondary support near $27,000 from becoming relevant, according to Katie Stockton, managing partner at Fairlead Strategies . Related: How the Macro Landscape Is Shaping Bitcoin Markets “We would view a breakout above the 50-day moving average [around $38,000] as a positive catalyst supporting a test of secondary resistance near $44K,” Stockton wrote in a report published Monday. The big economic data point analysts are awaiting this week is Friday’s U.S. jobs report, which could affect assets that are deemed to be risky, including cryptocurrencies. Story continues “If Friday’s employment numbers come in stronger than expected, market participants could anticipate the Fed raising rates sooner than expected,” Alexander Blum , managing partner at digital asset manager Two Prime, wrote in an email to CoinDesk. A strong jobs report could be bearish for digital assets in the near-term, according to Blum, while a weaker-than-expected number would be bullish. Returns collide Bitcoin’s year-to-date return of about 20% is beating the S&P 500 Index, but trailing the Thomson Reuters Core Commodity Index. Over the past year, bitcoin and ether had a similar risk-adjusted performance to popular U.S. stocks such as Alphabet (NASDAQ: GOOG) and Tesla (NASDAQ: TSLA). Bitcoin cycle decoupling The current bitcoin bull cycle has decoupled from the 2013 and 2017 cycles. This is due to a combination of factors including regulatory crackdowns, environmental concerns and an occasional tweet from Tesla CEO Elon Musk, which interrupted the 2021 bull cycle. “It’s important to note that each cycle is ultimately unique,” wrote Coin Metrics, in a newsletter published Monday. “Every halving has effectively signaled the start of a new cycle, with the 2013 cycle peaking 370 days after the first halving, and the 2017 cycle peaking 524 days after the second halving.” Bitcoin is currently 413 days after the third halving, which occurred in May 2020, as shown in the chart below. Hedge funds unwind short positions The open interest of bitcoin futures at CME Group in June is at a yearly low, with the open interest currently standing at $1.39 billion, according to data from Skew. It shows that hedge funds are now unwinding their short positions as cash-and-carry trades, a strategy that aims to exploit differences between spot and futures market, are not lucrative anymore, according to Arcane Research. Hedge funds were net shorting $1.5 billion worth of bitcoin contracts at its peak, and the number has fallen to $400 million, according to Arcane. Altcoin roundup Ethereum transaction fees: Ethereum transaction fees have dropped to their lowest since December because blockchain activity has cooled while use of Ethereum layer 2 solution protocols such as Polygon ( MATIC ) has heated up. Gas refers to the computational efforts required to execute specific operations on the Ethereum network. A fee, paid in ether, is required to successfully conduct a transaction on Ethereum. DeFi Meets AI: Fetch.ai, a Cambridge, U.K.-based artificial-intelligence lab with a penchant for crypto, has launched a service to combat the risk of losses across the experimental decentralized finance (DeFi) market. The DeFi Agents toolkit can be set to automatically withdraw users’ funds from Uniswap v2 and PancakeSwap based on predefined conditions such as the exchange rate for a given token dropping to a certain level. Relevant news Cathie Wood’s ARK Invest, 21Shares Team Up to Enter Bitcoin ETF Race Coinbase Debuts Savings Product With 4% APY on USDC Deposits Tom Brady, Gisele Bündchen Become Part Owners of FTX Other Markets All but one digital assets on the CoinDesk 20 ended up higher on Tuesday. Notable winners as of 21:00 UTC (4:00 p.m. ET): xrp (XRP) +11.95% stellar (XLM) +8.99% filecoin (FIL) +8.27% Notable losers: USD Coin (USDC) -0.01% Related Stories Musk’s Tweets Swayed Some Investors on Bitcoin Environmental Concerns, Survey Shows Bitcoin’s ‘Puell Multiple’ Flashes Misleading Bullish Signal as China Bans Mining || Bitcoin billionaire suddenly dies at 41, leaving behind crypto fortune: The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be over $1 billion (Getty Images) The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be worth more than $2 billion. Mircea Popescu drowned off the coast of Costa Rica at the age of 41, according to local reports . Online speculation has centred around what will happen to his cryptocurrency fortune. >> Follow all the latest updates with The Independent s live coverage of the crypto market Popescu was an early adopter of the cryptocurrency, having established the bitcoin securities exchange MPEx in 2012, but was also known by some as the father of bitcoin toxicity. He was a prolific blogger, though his use of hateful language undermined many of his technical arguments defending and advocating bitcoin and its technological underpinnings. Bitcoin is fate. It operates completely outside of any human agency. For all you know about [bitcoin creator Satoshi] Nakamoto, bitcoin might as well have created itself, he wrote in one post. Bitcoin can kill all your friends, and all the people you respect... It can poop in your drink and rape your pets... If lightning strikes where you sit, whether you feel a warm cosy sort of love or the most burning hatred imaginable is strictly irrelevant - electricity stays. Former CoinDesk editor-in-chief Pete Rizzo said Popescu was also an antagonist of other prominent figures within the bitcoin space in its early years. Following reports of his death, Mr Rizzo tweeted: Mircea will endure as one of bitcoins most vilified figures and inarguably one of its greatest philosophers. Read More Dogecoin sent to space for Elon Musks birthday Bitcoin: El Salvadors president declares cryptocurrency legal tender || Bitcoin billionaire suddenly dies at 41, leaving behind crypto fortune: The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be over $1 billion (Getty Images) The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be worth more than $2 billion. Mircea Popescu drowned off the coast of Costa Rica at the age of 41, according to local reports . Online speculation has centred around what will happen to his cryptocurrency fortune. >> Follow all the latest updates with The Independent s live coverage of the crypto market Popescu was an early adopter of the cryptocurrency, having established the bitcoin securities exchange MPEx in 2012, but was also known by some as the father of bitcoin toxicity. He was a prolific blogger, though his use of hateful language undermined many of his technical arguments defending and advocating bitcoin and its technological underpinnings. Bitcoin is fate. It operates completely outside of any human agency. For all you know about [bitcoin creator Satoshi] Nakamoto, bitcoin might as well have created itself, he wrote in one post. Bitcoin can kill all your friends, and all the people you respect... It can poop in your drink and rape your pets... If lightning strikes where you sit, whether you feel a warm cosy sort of love or the most burning hatred imaginable is strictly irrelevant - electricity stays. Former CoinDesk editor-in-chief Pete Rizzo said Popescu was also an antagonist of other prominent figures within the bitcoin space in its early years. Following reports of his death, Mr Rizzo tweeted: Mircea will endure as one of bitcoins most vilified figures and inarguably one of its greatest philosophers. Read More Dogecoin sent to space for Elon Musks birthday Bitcoin: El Salvadors president declares cryptocurrency legal tender || Bitcoin billionaire suddenly dies at 41, leaving behind crypto fortune: The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be over $1 billion (Getty Images) The unexpected death of a controversial investor has left behind a bitcoin fortune estimated to be worth more than $2 billion. Mircea Popescu drowned off the coast of Costa Rica at the age of 41, according to local reports . Online speculation has centred around what will happen to his cryptocurrency fortune. >> Follow all the latest updates with The Independent s live coverage of the crypto market Popescu was an early adopter of the cryptocurrency, having established the bitcoin securities exchange MPEx in 2012, but was also known by some as the father of bitcoin toxicity. He was a prolific blogger, though his use of hateful language undermined many of his technical arguments defending and advocating bitcoin and its technological underpinnings. Bitcoin is fate. It operates completely outside of any human agency. For all you know about [bitcoin creator Satoshi] Nakamoto, bitcoin might as well have created itself, he wrote in one post. Bitcoin can kill all your friends, and all the people you respect... It can poop in your drink and rape your pets... If lightning strikes where you sit, whether you feel a warm cosy sort of love or the most burning hatred imaginable is strictly irrelevant - electricity stays. Former CoinDesk editor-in-chief Pete Rizzo said Popescu was also an antagonist of other prominent figures within the bitcoin space in its early years. Following reports of his death, Mr Rizzo tweeted: Mircea will endure as one of bitcoins most vilified figures and inarguably one of its greatest philosophers. Read More Dogecoin sent to space for Elon Musks birthday Bitcoin: El Salvadors president declares cryptocurrency legal tender || There's still lots of room for S&P 500 to run past this all-time high: BofA: Despite experiencing high yearly growth and reaching new all-time highs earlier this week , the S&P 500 ( ^GSPC ) still has room to grow, a new Bank of America ( BAC ) Global Research report said. The recent rally is a sign of a strong summer for the index, according to the report. It confirms a bullish cup and handle that sets up bullish summer seasonality with upside potential to 4400-4420. As of late, market growth has been characterized by a back-and-forth battle between tech-driven growth stocks and cyclical, commodity, and value stocks. The growth stocks underwent a rebound this quarter after a less-than-stellar Q1 , and were accounting for a large portion of the stock market growth. But this week, value stocks, led by cyclical stocks benefiting off improving economic conditions, pushed back against growth stocks progress. The former category of stocks accounted for much of the uptick in the SPX Tuesday, which vaulted over the 4,290-point benchmark. The data from February and March support a bullish month of July, the report found. The May-June cup and handle resembles the bullish February-March cup and handle pattern that preceded an upside breakout entering the seasonally strong month of April, analysts said in the report. Sustaining last week's cup and handle breakout, or holding the SPX supports highlighted above, would bode for the seasonally strong month of July. Several indicators support the conclusion that the SPX has room to grow. New lows for the US high yield option adjusted spread (OAS) confirm new highs for the SPX, the report found. The high yield OAS is below the trough levels from 2020, 2018 and 2014 in the 3.23 to 3.03 area to its lowest level since the 2.50-2.33 range last seen in 2007, 2005 and 1997. The report makes a distinction between the performance of the S&P 500 market index and the S&P 500 equal-weighted index, which remains within a bullish trend but did not reach a high last week. Although this is a lack of confirmation for last week's new highs on the SPX, we are on alert for a breakout from a May-June triangle pattern on SPW, the report said. A push above 6170 is the signal needed to confirm the triangle for upside beyond the recent highs near 6185-6206 toward 6445. Story continues Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020. REUTERS/Bryan R Smith TPX IMAGES OF THE DAY (Bryan Smith / Reuters) Not all of the reports findings were bullish. The authors cautioned of scary negative levels of net free credit. As of May 2021, free credit in customers cash accounts stood at $213 billion, and free credit in margin accounts stood at $253 billion, while debt balances in customer margin accounts totaled over $860 billion. This means that free credit balances net of margin debt (net free credit) moved to a record negative level of -$414b in May, the report said. If net free credit begins to rise, it could send a bearish signal for US equities. The Global Research report also noted that the Dow Jones Industrial Average ( ^DJI ) and Transportation Average both failed to set new highs last week, resulting in a bearish divergence. Dow Theory is not bearish but in a corrective phase within a primary bull market, the authors concluded. Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter @IFanusie . More from Ihsaan: This startup helps college athletes monetize their personal images Raw material costs rising for automotive industry: BofA report Bitcoin to tumble further: oddsmakers bet on drop to $10K Read the latest cryptocurrency and bitcoin news from Yahoo Finance Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || There's still lots of room for S&P 500 to run past this all-time high: BofA: Despite experiencing high yearly growth and reaching new all-time highs earlier this week , the S&P 500 ( ^GSPC ) still has room to grow, a new Bank of America ( BAC ) Global Research report said. The recent rally is a sign of a strong summer for the index, according to the report. It confirms a bullish cup and handle that sets up bullish summer seasonality with upside potential to 4400-4420. As of late, market growth has been characterized by a back-and-forth battle between tech-driven growth stocks and cyclical, commodity, and value stocks. The growth stocks underwent a rebound this quarter after a less-than-stellar Q1 , and were accounting for a large portion of the stock market growth. But this week, value stocks, led by cyclical stocks benefiting off improving economic conditions, pushed back against growth stocks progress. The former category of stocks accounted for much of the uptick in the SPX Tuesday, which vaulted over the 4,290-point benchmark. The data from February and March support a bullish month of July, the report found. The May-June cup and handle resembles the bullish February-March cup and handle pattern that preceded an upside breakout entering the seasonally strong month of April, analysts said in the report. Sustaining last week's cup and handle breakout, or holding the SPX supports highlighted above, would bode for the seasonally strong month of July. Several indicators support the conclusion that the SPX has room to grow. New lows for the US high yield option adjusted spread (OAS) confirm new highs for the SPX, the report found. The high yield OAS is below the trough levels from 2020, 2018 and 2014 in the 3.23 to 3.03 area to its lowest level since the 2.50-2.33 range last seen in 2007, 2005 and 1997. The report makes a distinction between the performance of the S&P 500 market index and the S&P 500 equal-weighted index, which remains within a bullish trend but did not reach a high last week. Although this is a lack of confirmation for last week's new highs on the SPX, we are on alert for a breakout from a May-June triangle pattern on SPW, the report said. A push above 6170 is the signal needed to confirm the triangle for upside beyond the recent highs near 6185-6206 toward 6445. Story continues Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020. REUTERS/Bryan R Smith TPX IMAGES OF THE DAY (Bryan Smith / Reuters) Not all of the reports findings were bullish. The authors cautioned of scary negative levels of net free credit. As of May 2021, free credit in customers cash accounts stood at $213 billion, and free credit in margin accounts stood at $253 billion, while debt balances in customer margin accounts totaled over $860 billion. This means that free credit balances net of margin debt (net free credit) moved to a record negative level of -$414b in May, the report said. If net free credit begins to rise, it could send a bearish signal for US equities. The Global Research report also noted that the Dow Jones Industrial Average ( ^DJI ) and Transportation Average both failed to set new highs last week, resulting in a bearish divergence. Dow Theory is not bearish but in a corrective phase within a primary bull market, the authors concluded. Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter @IFanusie . More from Ihsaan: This startup helps college athletes monetize their personal images Raw material costs rising for automotive industry: BofA report Bitcoin to tumble further: oddsmakers bet on drop to $10K Read the latest cryptocurrency and bitcoin news from Yahoo Finance Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || Crypto of the Day: Internet Computer (ICP). See Why!: Internet Computer just recently launched to the public in May 2021. Unlike SafeMoon, Shiba Inu and other new cryptocurrencies in 2021, Internet Computer has been in development for several years by some of the greatest minds in cryptography. What is Internet Computer? Internet Computer is an innovation upon normal blockchain technology. While other cryptocurrencies like Ethereum are focused on Proof-of-Stake technology, ICP uses neither Proof of Work or Proof of Stake. Instead, it uses queries and calls. This revolutionary technology aims at being able to combine the high-speed data processing power of the internet with the security and trustlessness of blockchain technology. Internet Computer is made by the DFINITY foundation which has hundreds of impressive team members. Internet Computer (ICP) is Up 30% in 24 Hours Internet Computer has seen a massive 30% increase in price in just 24 hours. This being said, the coin has a long way to go before reaching new all-time highs. The token hit a local low of about $28 just a few days earlier and has since seen a resurgence in interest. Why is ICP Moving? Like other new cryptocurrencies, Internet Computer has shown higher volatility than more established digital assets like Bitcoin and Ethereum. Generally speaking, cryptocurrency assets get more stable the longer they’ve been trading, so you can expect huge price fluctuations from ICP. On top of this, Internet Computer was hit hard during the recent correction in the cryptocurrency markets. While many other altcoins dropped by 50%, ICP has fallen over 90% from its peak. This is due to 2 main factors: Coinbase listing hype and Seed and Presale investors with short vesting periods. Since listing on Coinbase grants cryptocurrency access to so many new investors, it’s not uncommon for crypto to pump the day it’s listed on the platform. On top of this, early accredited investors (including the likes of Andreessen Horowitz and Polychain Capital) who purchased ICP for less than $2 per coin are now able to sell their investments. This created major sell pressure for the token, but it looks like the worst may be behind us. Story continues Where to Buy Internet Computer Internet Computer (ICP) is available for purchase on Binance and Coinbase. Binance is the largest cryptocurrency exchange in the world, and the platform allows investors to trade a variety of altcoins. Most U.S investors choose Coinbase for crypto investing, as it’s a publicly traded company, so you can rest easy knowing your funds are in good hands. Plus, you can sign up today and start earning free crypto with Coinbase Earn. Exchange Best For Overall Rating Start Investing Coinbase Earning Crypto 5 Stars Get Started Binance Altcoin Trading 4.5 Stars Get Started See more from Benzinga Click here for options trades from Benzinga Crypto of the Day: Compound (COMP). See Why! Crypto of the Day: Celo (CELO). See Why © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto of the Day: Internet Computer (ICP). See Why!: Internet Computer just recently launched to the public in May 2021. Unlike SafeMoon, Shiba Inu and other new cryptocurrencies in 2021, Internet Computer has been in development for several years by some of the greatest minds in cryptography.
What is Internet Computer?
Internet Computeris an innovation upon normal blockchain technology. While other cryptocurrencies like Ethereum are focused on Proof-of-Stake technology, ICP uses neither Proof of Work or Proof of Stake. Instead, it uses queries and calls.
This revolutionary technology aims at being able to combine the high-speed data processing power of the internet with the security and trustlessness of blockchain technology. Internet Computer is made by the DFINITY foundation which has hundreds of impressive team members.
Internet Computer (ICP) is Up 30% in 24 Hours
Internet Computer has seen a massive 30% increase in price in just 24 hours. This being said, the coin has a long way to go before reaching new all-time highs. The token hit a local low of about $28 just a few days earlier and has since seen a resurgence in interest.
Why is ICP Moving?
Like other new cryptocurrencies, Internet Computer has shown higher volatility than more established digital assets like Bitcoin and Ethereum. Generally speaking, cryptocurrency assets get more stable the longer they’ve been trading, so you can expect huge price fluctuations from ICP.
On top of this, Internet Computer was hit hard during the recent correction in the cryptocurrency markets. While many other altcoins dropped by 50%, ICP has fallen over 90% from its peak.
This is due to 2 main factors:Coinbase listing hype and Seed and Presale investors with short vesting periods. Since listing on Coinbase grants cryptocurrency access to so many new investors, it’s not uncommon for crypto to pump the day it’s listed on the platform. On top of this, early accredited investors (including the likes of Andreessen Horowitz and Polychain Capital) who purchased ICP for less than $2 per coin are now able to sell their investments. This created major sell pressure for the token, but it looks like the worst may be behind us.
Where to Buy Internet Computer
Internet Computer (ICP) is available for purchase on Binance and Coinbase. Binance is the largest cryptocurrency exchange in the world, and the platform allows investors to trade a variety of altcoins.
Most U.S investors choose Coinbase for crypto investing, as it’s a publicly traded company, so you can rest easy knowing your funds are in good hands. Plus, you can sign up today and start earning free crypto with Coinbase Earn.
[{"Exchange": "Coinbase", "Best For": "Earning Crypto", "Overall Rating": "5 Stars", "Start Investing": "Get Started"}, {"Exchange": "Binance", "Best For": "Altcoin Trading", "Overall Rating": "4.5 Stars", "Start Investing": "Get Started"}]
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• Crypto of the Day: Compound (COMP). See Why!
• Crypto of the Day: Celo (CELO). See Why
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || BTC China Exchange Shuts Down Amid Crackdowns: BTC China (BTCC) was one of China’s oldest cryptocurrency exchanges before it announced its exit from the nation’s Bitcoin market.
Founded in 2011 by Huang Xiaoyu and Yang Linke,BTCC has announcedit will be closing up shop and exiting from business related to Bitcoin. The exchange was responsible for pushing the idea of crypto to a log of new Chinese investors when the idea of digital currency was still confusing to many. At one point, BTCC claimed it made up for more than 80% of all crypto trading in the world. According to theSouth China Morning Post, BTCC also sold its stake in the Singapore-based exchange ZG.com.
Despite their history, BTCC got caught up in the sweeping government bans based on digital currencies and decided to call it a day. “In response to the government policy,” was the official reason given by BTCC as to why they are exiting the market.
BTCC is not alone in its frustration with new regulations from the Chinese government. The bans by Beijing have caused a number of major exchanges to either close shop or move operations elsewhere, such as Huobi, Binance, and Okcoin. All had Chinese founders and were eventually nudged out of the country.
BTC China will now shift its focus to other uses of Blockchain that are not as regulated by the government.Despite the negative feelings by officials,the government has stated their support for applications of blockchain that would help build an advanced industrial system based on the technology.
While BTCC will be leaving China, its Hong Kong office won’t be affected and the company intends to create more blockchain-based apps as part of a new plan to continue doing business in the crypto space.
Beijing has been busy for the last year in thefight against cryptocurrenciesand the assumed threat to China’s financial stability. The nation also has expressed concerns about the volatility of crypto prices and how that could negatively impact national investors. The latest bitcoin spike and then crash has local and national governments in China worried about what is to come. This has led to, among other things, a move toshut down mining operationsin a number of areas such as Inner Mongolia and Sichuan. These prefectures became popular destinations for crypto miners due to their hydro and coal power resources.
Much like the restrictions on trading crypto have caused many to flee China, the mining ban has had an even larger impact. Some reports suggest that China, before the bans, was responsible for more than 75% of the world’s crypto mining. The recent exile of most of those miners has led them to seek refuge in Kazakhstan and Texas among others. || BTC China Exchange Shuts Down Amid Crackdowns: BTC China (BTCC) was one of China’s oldest cryptocurrency exchanges before it announced its exit from the nation’s Bitcoin market.
Founded in 2011 by Huang Xiaoyu and Yang Linke,BTCC has announcedit will be closing up shop and exiting from business related to Bitcoin. The exchange was responsible for pushing the idea of crypto to a log of new Chinese investors when the idea of digital currency was still confusing to many. At one point, BTCC claimed it made up for more than 80% of all crypto trading in the world. According to theSouth China Morning Post, BTCC also sold its stake in the Singapore-based exchange ZG.com.
Despite their history, BTCC got caught up in the sweeping government bans based on digital currencies and decided to call it a day. “In response to the government policy,” was the official reason given by BTCC as to why they are exiting the market.
BTCC is not alone in its frustration with new regulations from the Chinese government. The bans by Beijing have caused a number of major exchanges to either close shop or move operations elsewhere, such as Huobi, Binance, and Okcoin. All had Chinese founders and were eventually nudged out of the country.
BTC China will now shift its focus to other uses of Blockchain that are not as regulated by the government.Despite the negative feelings by officials,the government has stated their support for applications of blockchain that would help build an advanced industrial system based on the technology.
While BTCC will be leaving China, its Hong Kong office won’t be affected and the company intends to create more blockchain-based apps as part of a new plan to continue doing business in the crypto space.
Beijing has been busy for the last year in thefight against cryptocurrenciesand the assumed threat to China’s financial stability. The nation also has expressed concerns about the volatility of crypto prices and how that could negatively impact national investors. The latest bitcoin spike and then crash has local and national governments in China worried about what is to come. This has led to, among other things, a move toshut down mining operationsin a number of areas such as Inner Mongolia and Sichuan. These prefectures became popular destinations for crypto miners due to their hydro and coal power resources.
Much like the restrictions on trading crypto have caused many to flee China, the mining ban has had an even larger impact. Some reports suggest that China, before the bans, was responsible for more than 75% of the world’s crypto mining. The recent exile of most of those miners has led them to seek refuge in Kazakhstan and Texas among others. || BTC China Exchange Shuts Down Amid Crackdowns: BTC China (BTCC) was one of China’s oldest cryptocurrency exchanges before it announced its exit from the nation’s Bitcoin market. Founded in 2011 by Huang Xiaoyu and Yang Linke, BTCC has announced it will be closing up shop and exiting from business related to Bitcoin. The exchange was responsible for pushing the idea of crypto to a log of new Chinese investors when the idea of digital currency was still confusing to many. At one point, BTCC claimed it made up for more than 80% of all crypto trading in the world. According to the South China Morning Post , BTCC also sold its stake in the Singapore-based exchange ZG.com. Despite their history, BTCC got caught up in the sweeping government bans based on digital currencies and decided to call it a day. “In response to the government policy,” was the official reason given by BTCC as to why they are exiting the market. BTCC is not alone in its frustration with new regulations from the Chinese government. The bans by Beijing have caused a number of major exchanges to either close shop or move operations elsewhere, such as Huobi, Binance, and Okcoin. All had Chinese founders and were eventually nudged out of the country. BTC China will now shift its focus to other uses of Blockchain that are not as regulated by the government. Despite the negative feelings by officials, the government has stated their support for applications of blockchain that would help build an advanced industrial system based on the technology. While BTCC will be leaving China, its Hong Kong office won’t be affected and the company intends to create more blockchain-based apps as part of a new plan to continue doing business in the crypto space. Regulations and bans becoming the norm in China Beijing has been busy for the last year in the fight against cryptocurrencies and the assumed threat to China’s financial stability. The nation also has expressed concerns about the volatility of crypto prices and how that could negatively impact national investors. The latest bitcoin spike and then crash has local and national governments in China worried about what is to come. This has led to, among other things, a move to shut down mining operations in a number of areas such as Inner Mongolia and Sichuan. These prefectures became popular destinations for crypto miners due to their hydro and coal power resources. Much like the restrictions on trading crypto have caused many to flee China, the mining ban has had an even larger impact. Some reports suggest that China, before the bans, was responsible for more than 75% of the world’s crypto mining. The recent exile of most of those miners has led them to seek refuge in Kazakhstan and Texas among others. || Coinbase complaints jump as bitcoin and crypto interest soars, study finds: As Bitcoin and other digital coins rise in popularity, so have the number of gripes with the largest cryptocurrency exchange in the U.S., according to a new study. Coinbase was the most complained-about crypto digital wallet in the Consumer Finance Protection Bureau’s complaint database , according to a study done by the U.S. Public Interest Research Group , with the volume of filings — albeit starting at a low level — accelerating this year. “Coinbase should be investigating consumer complaints in a timely manner, [and] it should be hiring staff to answer the phone," Ed Mierzwinski, senior director of the federal consumer program at U.S. Public Interest Research Group, told Yahoo Money. "Consumers say it isn't doing either.” Since November 2019 through December 2020, Coinbase received just seven "mobile wallet" complaints each year. But starting this year through April, consumers filed more than five times that average each month, hitting a high of 62 in March. The increase follows the meteoric rise in value of many digital coins. Digital cryptocurrency Bitcoin is displayed in front of the Coinbase cryptocurrency exchange platform logo. (Photo: Getty) (Chesnot via Getty Images) Most complaints revolved around issues managing, opening, and closing individual mobile wallet accounts. According to U.S. PIRG, of the Coinbase complaints that included narratives, 25% referenced bitcoin, 6% noted ethereum, and 6% mentioned litecoin. Read more: Bitcoin and crypto: 14 terms you should know PIRG noted that many of the complaints claim issues when trying to retrieve money from the service. For instance, one person, who eventually received monetary relief, wrote that “Coinbase has my bitcoin stuck in a ‘vault’ unable to be accessed by me.” Another consumer wrote a similar complaint, saying “I have been trying to withdraw my coins out of the vault, but they are stuck.” A vault is a digital wallet that can receive cryptocurrency, but has optional security features that add additional verification steps to withdraw funds. You can add funds to your vault by sharing your vault address or by transferring from your wallet to your vault. Story continues Cryptocurrency vaults offer added security measures to keep your funds safe. (Photo: Getty) (Just_Super via Getty Images) Coinbase itself said it's beefing up its customer support when contacted by Yahoo Money about the study. “In the past few months, we have quadrupled our capacity across our support team, and have delivered new technology and methods to resolve our customers’ most pressing issues faster,” a Coinbase spokesperson said. Coinbase is not alone in complaints filed over cryptocurrency. Other buying and selling platforms recorded complaints such as EToro (31), Kraken (19), Robinhood (107), Binance.us (69), and Gemini (68), as investors rushed into the hot crypto market. “Everybody thinks that if they buy crypto today it's going to be worth twice as much tomorrow, four times as much the next day,” Mierzwinski said. “I think the average consumer should not be in cryptocurrency.” Marissa is a reporter for Yahoo Money and Cashay , a new personal finance website. Follow her on Twitter @MarissaLGamache . Costly credit report errors are more common than you think Amazon Prime Day 2021: Many of the biggest deals come with this caveat Prime Day 2021: The biggest deals may not be on Amazon Click here for more personal finance tips, guides and news Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit .
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33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58.
|
[Bitcoin Technical Analysis for 2019-08-11]
Volume: 15774371518, RSI (14-day): 57.46, 50-day EMA: 10500.67, 200-day EMA: 8012.10
[Wider Market Context]
None available.
[Recent News (last 7 days)]
U.S Mortgage Rates Tumble as Trade War Angst Bites: Mortgage rates tumbled by 15 basis points in the week ending 8 th August. 30-year fixed rates slid to 3.60% following a hold at 3.75% in the week ending 1 st August. The 15 basis point fall left 30-year rates back at their lowest level since late 2016 according to figures released by Freddie Mac . Compared to this time last year, 30-year fixed rates were down by 100 basis points. More significantly, 30-year fixed rates are down by 134 basis points since last Novembers most recent peak of 4.94%. The weekly slide also left mortgage rates at their lowest level since the month of Trumps inauguration
Economic Data from the Week Key stats out of the U.S through the 1 st half of the week were on the lighter side. On Monday, Service PMI figures for July were in focus. Whilst the Markit survey showed that service sector activity picked up in July, the markets preferred ISM Survey weighed. The ISM non-manufacturing PMI fell from 55.1 to 53.7 in July, signaling weaker U.S economic growth at the turn of the quarter. On Wednesday, the JOLTs job opening figures for June were also disappointing, with job openings falling from 7.384m to 7.348m. With the stats skewed to the negative, concerns over the prospects of a U.S recession rose through the week. An escalation in the U.S China trade war led to a slide in U.S Treasury yields. Following Trumps call for fresh tariffs in the week ending 2 nd August, China responded with the PBoC allowing the Yuan to slide beyond CNY7 at the start of the week. While the Yuan found the support of the PBoC through the rest of the week, Mondays move demonstrated Chinas unwillingness to yield. Freddie Mac Rates The weekly average rates for new mortgages as of 8 th August were quoted by Freddie Mac to be : 30-year fixed rates slid by 15 basis points to 3.60% in the week. Rates were down from 4.59% from a year ago. The average fee held steady at 0.6 points. Story continues 15-year fixed rates also slid by 15 basis points to 3.05% in the week. Rates were down from 4.05% from a year ago. The average fee also held steady at 0.5 points. 5-year fixed rates fell by 10 basis point to 3.36% in the week. Rates were down by 54 basis points from last years 3.90%. The average fee fell from 0.4 points to 0.3 points. According to Freddie Mac, while business sentiment continued to deteriorate, consumer sentiment remained solid. The strong labor market environment and low rates are anticipated to support the housing market through to the fall. Mortgage Bankers Association Rates For the week ending 2 nd August, rates were quoted to be : Average interest rates for 30-year fixed, backed by the FHA, decreased from 3.94% to 3.86%. Points increased from 0.29 to 0.38 (incl. origination fee) for 80% LTV loans. Average interest rates for 30-year fixed with conforming loan balances fell from 4.08% to 4.01%. Points increased from 0.34 to 0.37 (incl. origination fee) for 80% LTV loans. Average 30-year rates for jumbo loan balances declined from 4.04% to 3.96%. Points increased from 0.22 to 0.26 (incl. origination fee) for 80% LTV loans. Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume, increased by 5.3% in the week ending 2 nd August. The bounce reversed a 2% fall in the week ending 26 th July. The Refinance Index surged by 12% to leave the index 112% higher year-on-year. The surge followed a 0.1% increase in the week ending 26 th July. The share of refinance mortgage activity increased from 50.5% to 53.9%, following on from a rise from 49.8 to 50.5 in the week prior. According to the MBA, negative sentiment towards the U.S China trade war had a greater impact than the latest FED rate cut, with the slide in Treasury yields weighing on mortgage rates. Refinance applications will likely to continue to rise in the weeks ahead. The MBA also noted that 30-year fixed rates fell to their lowest level since November 2016. The refinance index hit its highest level over the same period as a result. In spite of the slide in mortgage rates, home buyer applications fell in the week as concerns over the economic outlook led to tighter credit conditions. In the week, the MBA also released its Mortgage Credit Availability Report . According to the MBA report, The Mortgage Credit Availability Index (MCAI) fell by 0.4% to 189.0 in July, reflecting tighter lending standards. Declines in the conforming (-0.8%) and government(-1.0%) indices weighed on the MCAI in July. For the week ahead Its a relatively quiet first half of the week ahead. July inflation figures are due out on Tuesday. With the markets expecting another rate cut by the FED near-term, driven by an escalation in the U.S China trade war, we can expect Treasury yields to be particularly sensitive to the numbers. Out of China, industrial production figures due out on Wednesday will also test the markets. Any weak numbers and expect demand for the safe havens to surge. Outside of the numbers Geopolitical risk will continue to overshadow any positive stats. On Friday, U.S President Trump stated that the U.S was not ready to do a trade deal with China. Trump also said that the U.S was not prepared to do business with Huawei
We can expect chatter over the weekend and any further response by China at the start of the week to set the tone. This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis Strengthens Over .6487, Weakens Under .6481 Gold Weekly Price Forecast Gold Markets Continue Bullish Run GBP/USD Weekly Price Forecast British pound continues to show weakness Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 11/08/19 Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 10/08/19 The Bitcoin Bulls Look Set for Another Weekly Gain. But It Isnt Plane Sailing
|| U.S Mortgage Rates Tumble as Trade War Angst Bites: Mortgage rates tumbled by 15 basis points in the week ending 8thAugust. 30-year fixed rates slid to 3.60% following a hold at 3.75% in the week ending 1stAugust.
The 15 basis point fall left 30-year rates back at their lowest level since late 2016 according to figures released byFreddie Mac.
Compared to this time last year, 30-year fixed rates were down by 100 basis points.
More significantly, 30-year fixed rates are down by 134 basis points since last November’s most recent peak of 4.94%. The weekly slide also left mortgage rates at their lowest level since the month of Trump’s inauguration…
Key stats out of the U.S through the 1sthalf of the week were on the lighter side.
On Monday, Service PMI figures for July were in focus. Whilst the Markit survey showed that service sector activity picked up in July, the market’s preferred ISM Survey weighed.
The ISM non-manufacturing PMI fell from 55.1 to 53.7 in July, signaling weaker U.S economic growth at the turn of the quarter.
On Wednesday, the JOLTs job opening figures for June were also disappointing, with job openings falling from 7.384m to 7.348m.
With the stats skewed to the negative, concerns over the prospects of a U.S recession rose through the week. An escalation in the U.S – China trade war led to a slide in U.S Treasury yields. Following Trump’s call for fresh tariffs in the week ending 2ndAugust, China responded with the PBoC allowing the Yuan to slide beyond CNY7 at the start of the week.
While the Yuan found the support of the PBoC through the rest of the week, Monday’s move demonstrated China’s unwillingness to yield.
The weekly average rates for new mortgages as of 8thAugust were quoted byFreddie Macto be:
• 30-year fixed rates slid by 15 basis points to 3.60% in the week. Rates were down from 4.59% from a year ago. The average fee held steady at 0.6 points.
• 15-year fixed rates also slid by 15 basis points to 3.05% in the week. Rates were down from 4.05% from a year ago. The average fee also held steady at 0.5 points.
• 5-year fixed rates fell by 10 basis point to 3.36% in the week. Rates were down by 54 basis points from last year’s 3.90%. The average fee fell from 0.4 points to 0.3 points.
According to Freddie Mac, while business sentiment continued to deteriorate, consumer sentiment remained solid. The strong labor market environment and low rates are anticipated to support the housing market through to the fall.
For the week ending 2ndAugust,rateswere quoted to be:
• Average interest rates for 30-year fixed, backed by the FHA, decreased from 3.94% to 3.86%. Points increased from 0.29 to 0.38 (incl. origination fee) for 80% LTV loans.
• Average interest rates for 30-year fixed with conforming loan balances fell from 4.08% to 4.01%. Points increased from 0.34 to 0.37 (incl. origination fee) for 80% LTV loans.
• Average 30-year rates for jumbo loan balances declined from 4.04% to 3.96%. Points increased from 0.22 to 0.26 (incl. origination fee) for 80% LTV loans.
Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume, increased by 5.3% in the week ending 2ndAugust. The bounce reversed a 2% fall in the week ending 26thJuly.
The Refinance Index surged by 12% to leave the index 112% higher year-on-year. The surge followed a 0.1% increase in the week ending 26thJuly.
The share of refinance mortgage activity increased from 50.5% to 53.9%, following on from a rise from 49.8 to 50.5 in the week prior.
According to the MBA, negative sentiment towards the U.S – China trade war had a greater impact than the latest FED rate cut, with the slide in Treasury yields weighing on mortgage rates. Refinance applications will likely to continue to rise in the weeks ahead. The MBA also noted that 30-year fixed rates fell to their lowest level since November 2016. The refinance index hit its highest level over the same period as a result.
In spite of the slide in mortgage rates, home buyer applications fell in the week as concerns over the economic outlook led to tighter credit conditions.
In the week, the MBA also released itsMortgage Credit Availability Report. According to the MBA report,
• The Mortgage Credit Availability Index (MCAI) fell by 0.4% to 189.0 in July, reflecting tighter lending standards.
• Declines in the conforming (-0.8%) and government(-1.0%) indices weighed on the MCAI in July.
It’s a relatively quiet first half of the week ahead.
July inflation figures are due out on Tuesday. With the markets expecting another rate cut by the FED near-term, driven by an escalation in the U.S – China trade war, we can expect Treasury yields to be particularly sensitive to the numbers.
Out of China, industrial production figures due out on Wednesday will also test the markets. Any weak numbers and expect demand for the safe havens to surge.
Geopolitical risk will continue to overshadow any positive stats. On Friday, U.S President Trump stated that the U.S was not ready to do a trade deal with China. Trump also said that the U.S was not prepared to do business with Huawei…
We can expect chatter over the weekend and any further response by China at the start of the week to set the tone.
Thisarticlewas originally posted on FX Empire
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• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 10/08/19
• The Bitcoin Bulls Look Set for Another Weekly Gain. But It Isn’t Plane Sailing… || IBM, MIT and Elliptic release world’s largest labeled dataset of bitcoin transactions: Blockchain forensics startup Elliptic has teamed up with researchers at MIT’s IBM-funded AI Lab to produce the world’s largest set of labeled bitcoin transaction data. The labeling highlights unique transaction characteristics, and can be used to identify illicit actors in the crypto space. Elliptic's dataset comprises 200,000 bitcoin transactions, with a total value of $6 billion. It will be publicly available from today, and can now be used by open-source developers and other researchers to train machine learning algorithms to spot characteristics that are unique to illicit or legitimate transactions. By helping to keep crypto within the law, it should boost its legitimacy in the eyes of governments around the world. “Based on our own research we have labeled those transactions made by illicit actors (dark marketplaces, ransomware operators, fraudsters) and those made by legitimate actors (regulated exchanges, merchants, wallet services etc.,)” Elliptic Co-Founder Tom Robinson told Decrypt in an email. “When applied to new data [the software] can pick out any transactions that match these patterns,” he further explained. The same techniques could be used on a range of cryptocurrencies and blockchain-based assets, from Ethereum to Libra, according to the company’s statement. Elliptic aims to help its clients better identify illicit transactions, reducing compliance costs and driving criminal activity out of the industry. Billions of dollars are laundered through cryptocurrencies each year. But while such advancements in deep learning for graph or network structured data show great promise in identifying bad actors in complex money laundering schemes, they have also raised concerns among proponents of privacy . It's about privacy, stupid In response, the company has claimed that the data it receives from exchanges and financial service providers does not include any personally identifiable information about users, such as names, addresses or social security numbers. However, it can still be used to connect multiple transactions to the same customer ID—one of the main techniques used to prevent financial crime. Story continues To compliment their dataset, the researchers have published a paper, “Anti-Money Laundering in Bitcoin: Experiments with Graph Convolutional Networks for Financial Forensics.” It will be presented at the Knowledge Discovery and Data Mining Conference on August 5, 2019. Elliptic has previously worked with the FBI and DEA to investigate illicit blockchain activity, and recently highlighted the use of bitcoin as a method of fundraising by Palestinian militant group Hamas. || IBM, MIT and Elliptic release world’s largest labeled dataset of bitcoin transactions: Blockchainforensics startupElliptichas teamed up with researchers atMIT’s IBM-funded AI Labto produce the world’s largest set of labeled bitcoin transaction data. The labeling highlights unique transaction characteristics, and can be used to identify illicit actors in the crypto space.
Elliptic's datasetcomprises 200,000 bitcoin transactions, with a total value of $6 billion. It will be publicly available from today, andcan now be used by open-source developers and other researchers to train machine learning algorithms to spot characteristics that are unique to illicit or legitimate transactions. By helping to keep crypto within the law, it should boost its legitimacy in the eyes of governments around the world.
“Based on our own research we have labeled those transactions made by illicit actors (dark marketplaces, ransomware operators, fraudsters) and those made by legitimate actors (regulated exchanges, merchants, wallet services etc.,)” Elliptic Co-Founder Tom Robinson toldDecryptin an email.
“When applied to new data [the software] can pick out any transactions that match these patterns,” he further explained.
The same techniques could be used on a range of cryptocurrencies and blockchain-based assets, from Ethereum to Libra, according to the company’s statement.
Elliptic aims to help its clients better identify illicit transactions, reducing compliance costs and driving criminal activity out of the industry. Billions of dollars are laundered through cryptocurrencies each year. But while such advancements in deep learning for graph or network structured data show great promise in identifying bad actors in complex money laundering schemes, they have also raised concerns amongproponents of privacy.
In response, the company hasclaimedthat the data it receives from exchanges and financial service providers does not include any personally identifiable information about users, such as names, addresses or social security numbers. However, it can still be used to connect multiple transactions to the same customer ID—one of the main techniques used to prevent financial crime.
To compliment their dataset, the researchers have published a paper, “Anti-Money Laundering in Bitcoin: Experiments with Graph Convolutional Networks for Financial Forensics.” It will be presented at theKnowledge Discovery and Data Mining Conferenceon August 5, 2019.
Elliptic has previously worked with the FBI and DEA to investigate illicit blockchain activity, and recently highlighted the use of bitcoin as amethod of fundraisingby Palestinian militant group Hamas. || Bitcoin Climbs Above 11,316.7 Level, Up 6%: Investing.com - Bitcoin rose above the $11,316.7 threshold on Saturday. Bitcoin was trading at 11,316.7 by 18:56 (22:56 GMT) on the Investing.com Index, up 6.42% on the day. It was the largest one-day percentage gain since July 16.
The move upwards pushed Bitcoin's market cap up to $202.7B, or 68.56% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $11,281.6 to $12,185.0 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 4.69%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $18.1B or 32.06% of the total volume of all cryptocurrencies. It has traded in a range of $10,568.7744 to $12,291.9395 in the past 7 days.
At its current price, Bitcoin is still down 43.05% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $205.76 on the Investing.com Index, down 1.12% on the day.
XRP was trading at $0.29875 on the Investing.com Index, a gain of 1.29%.
Ethereum's market cap was last at $22.2B or 7.50% of the total cryptocurrency market cap, while XRP's market cap totaled $12.8B or 4.32% of the total cryptocurrency market value.
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US DOE Dedicates $1.05 Mil to Blockchain Energy Management Platform || Bitcoin Climbs Above 11,316.7 Level, Up 6%: Bitcoin Climbs Above 11,316.7 Level, Up 6% Investing.com - Bitcoin rose above the $11,316.7 threshold on Saturday. Bitcoin was trading at 11,316.7 by 18:56 (22:56 GMT) on the Investing.com Index, up 6.42% on the day. It was the largest one-day percentage gain since July 16. The move upwards pushed Bitcoin's market cap up to $202.7B, or 68.56% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $11,281.6 to $12,185.0 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 4.69%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $18.1B or 32.06% of the total volume of all cryptocurrencies. It has traded in a range of $10,568.7744 to $12,291.9395 in the past 7 days. At its current price, Bitcoin is still down 43.05% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $205.76 on the Investing.com Index, down 1.12% on the day. XRP was trading at $0.29875 on the Investing.com Index, a gain of 1.29%. Ethereum's market cap was last at $22.2B or 7.50% of the total cryptocurrency market cap, while XRP's market cap totaled $12.8B or 4.32% of the total cryptocurrency market value. Related Articles Cardano Climbs 10% In Bullish Trade Who Is David Marcus: Bitcoin Believer Turned Facebooks Libra Boss US DOE Dedicates $1.05 Mil to Blockchain Energy Management Platform || Bitcoin Climbs Above 11,316.7 Level, Up 6%: Investing.com - Bitcoin rose above the $11,316.7 threshold on Saturday. Bitcoin was trading at 11,316.7 by 18:56 (22:56 GMT) on the Investing.com Index, up 6.42% on the day. It was the largest one-day percentage gain since July 16.
The move upwards pushed Bitcoin's market cap up to $202.7B, or 68.56% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $11,281.6 to $12,185.0 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 4.69%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $18.1B or 32.06% of the total volume of all cryptocurrencies. It has traded in a range of $10,568.7744 to $12,291.9395 in the past 7 days.
At its current price, Bitcoin is still down 43.05% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $205.76 on the Investing.com Index, down 1.12% on the day.
XRP was trading at $0.29875 on the Investing.com Index, a gain of 1.29%.
Ethereum's market cap was last at $22.2B or 7.50% of the total cryptocurrency market cap, while XRP's market cap totaled $12.8B or 4.32% of the total cryptocurrency market value.
Related Articles
Cardano Climbs 10% In Bullish Trade
Who Is David Marcus: Bitcoin Believer Turned Facebook’s Libra Boss
US DOE Dedicates $1.05 Mil to Blockchain Energy Management Platform || Wouldn't you like a REAL CryptoKitty?: UK-based blockchain startup CryptoKaiju launched the first commercially available, physical CryptoKitties today—vinyl toys that will compliment their popular, crypto-collectible counterparts on the Ethereum blockchain. Making the digital physical is a speciality of the firm. The new release—produced under license from CryptoKitties’ developer Drapper Labs—marks the third generation of CryptoKaiju crypto-themed toys. The first-generation model, which shipped in November 2018, featured a monster, “Genesis,” named after the first block in a blockchain. The second paid homage to crypto notables such as Ethereum cofounder Vitalik Buterin, and Hodlonaut , the Twitter user who stood up to self-proclaimed Bitcoin inventor Craig Wright. Like their predecessors, the 7.5 inch CryptoKitties each have a unique identity and are traceable on the blockchain. Look underneath the toy’s foot, and you’ll see a tamper-proof, near-field communication (NFC) tag, with a unique serial number. Doting owners can interact with the chip, using a smartphone or other device, to access details about their toy’s unique characteristics. But to ensure scarcity and therefore value, CryptoKaiju is releasing a limited quantity of CryptoKitties, according to the firm’s website. And some characteristics will be scarcer than others. To spice things up, the team will only divulge these details once the first batch of their CryptoKitties is released and the features will be visible on their Kaiju Explorer . Each Kitty’s birth date, gender, color, physical and personality traits, such as "intelligence" or "creativity" are recorded as metadata within a smart contract, represented by a non-fungible token, which means it’s unique. Cats and Doge CryptoKaiju founder, Oliver Carding, said that Dapper Labs had been instrumental in bringing the project to life. “This latest Kaiju is our best yet and the whole process truly is a testament to the amazing creativity and collaboration happening in this space at the moment,” he said in a statement. Story continues CryptoKaiju CryptoKitties come in two colourways: “Cinderella” (blue) and “Cottoncandy” (pink.) They start at $62, and ship in early September—the purrfect collectible for any crypto trading desk. Or even any desk. || Wouldn't you like a REAL CryptoKitty?: UK-basedblockchainstartupCryptoKaijulaunched the first commercially available, physical CryptoKitties today—vinyl toys that will compliment their popular, crypto-collectiblecounterpartson the Ethereum blockchain.
Making the digital physical is a speciality of the firm. The new release—produced under license from CryptoKitties’ developer Drapper Labs—marks the third generation of CryptoKaiju crypto-themed toys.
The first-generation model, which shipped in November 2018, featured a monster, “Genesis,” named after the first block in a blockchain. Thesecondpaid homage to crypto notables such as Ethereum cofounder Vitalik Buterin, andHodlonaut, the Twitter user who stood up to self-proclaimed Bitcoin inventor Craig Wright.
Like their predecessors, the 7.5 inch CryptoKitties each have a unique identity and are traceable on the blockchain.
Look underneath the toy’s foot, and you’ll see a tamper-proof, near-field communication (NFC) tag, with a unique serial number. Doting owners can interact with the chip, using a smartphone or other device, to access details about their toy’s unique characteristics.
But to ensure scarcity and therefore value, CryptoKaiju is releasing a limited quantity of CryptoKitties, according to the firm’s website. And some characteristics will be scarcer than others. To spice things up, the team will only divulge these details once the first batch of their CryptoKitties is released and the features will be visible on theirKaiju Explorer.
Each Kitty’s birth date, gender, color, physical and personality traits, such as "intelligence" or "creativity" are recorded as metadata within a smart contract, represented by a non-fungible token, which means it’s unique.
CryptoKaiju founder, Oliver Carding, said that Dapper Labs had been instrumental in bringing the project to life.
“This latest Kaiju is our best yet and the whole process truly is a testament to the amazing creativity and collaboration happening in this space at the moment,” he said in a statement.
CryptoKaiju CryptoKitties come in two colourways: “Cinderella” (blue) and “Cottoncandy” (pink.)They start at $62, and ship in early September—the purrfect collectible for any crypto trading desk.
Or even any desk. || Bitcoin leads the market as price rises above $10,500: Bitcoinhas seen significant gains in price this week that have not only pushed its value above $10,000 but onwards to $10,500. This represents a five and a half percent increase over the last 24 hours.
Last Saturday, the price of bitcoin fell below the important $10,000 mark, plunging $500 in 30 minutes before dropping further to a $9,300 weekly low on Sunday. Through the week, however, there has been some bullish momentum which culminated in a $1,200 gain in the last five days.
This price gain has helped the rest of thecryptocurrencymarket go mostly green too, with $10 billion added to the total crypto market cap almost overnight. ForBitcoin, its own market cap is now approaching $200 billion again.
The last time Bitcoin’s market was valued at $200 billion was on July 11, with the price sitting at 11,200. Things went south from there at the same time as the U.S. Senateannouncedan upcoming hearing on Facebook’s Libra project.
Things now look to be on the up, and it might be that the US government is the catalyst again. It wasannouncedon Wednesday that the Federal Reserve will lower interest rates for the first time in Bitcoin’s existence in an attempt to stave off the possibility of an economic downturn. Because Bitcoin is seen as an alternative to traditional currencies and investments, fear of an economic downturn can make it seem an attractive alternative.
In the top 10, Bitcoin SV is the biggest winner of the day as it has increased its value by 6.2 percent—despite its main proponantlosing a court battleagainst Roger Ver—while a little further down the list Tezos still seems to rising in the afterglow of itsunveilingon Coinbase Pro, up 15.4 percent.
With the positive prices across the board, a few crypto fans on Twitter have againwhisperedthe words, 'Bitcoin isn't going under $10,000 again'. But we all knowhow that wentlast time. || Bitcoin leads the market as price rises above $10,500: Bitcoin has seen significant gains in price this week that have not only pushed its value above $10,000 but onwards to $10,500. This represents a five and a half percent increase over the last 24 hours. Last Saturday, the price of bitcoin fell below the important $10,000 mark, plunging $500 in 30 minutes before dropping further to a $9,300 weekly low on Sunday. Through the week, however, there has been some bullish momentum which culminated in a $1,200 gain in the last five days. This price gain has helped the rest of the cryptocurrency market go mostly green too, with $10 billion added to the total crypto market cap almost overnight. For Bitcoin , its own market cap is now approaching $200 billion again. The last time Bitcoins market was valued at $200 billion was on July 11, with the price sitting at 11,200. Things went south from there at the same time as the U.S. Senate announced an upcoming hearing on Facebooks Libra project. Things now look to be on the up, and it might be that the US government is the catalyst again. It was announced on Wednesday that the Federal Reserve will lower interest rates for the first time in Bitcoins existence in an attempt to stave off the possibility of an economic downturn. Because Bitcoin is seen as an alternative to traditional currencies and investments, fear of an economic downturn can make it seem an attractive alternative. In the top 10, Bitcoin SV is the biggest winner of the day as it has increased its value by 6.2 percentdespite its main proponant losing a court battle against Roger Verwhile a little further down the list Tezos still seems to rising in the afterglow of its unveiling on Coinbase Pro, up 15.4 percent. With the positive prices across the board, a few crypto fans on Twitter have again whispered the words, 'Bitcoin isn't going under $10,000 again'. But we all know how that went last time. || Bitcoin leads the market as price rises above $10,500: Bitcoinhas seen significant gains in price this week that have not only pushed its value above $10,000 but onwards to $10,500. This represents a five and a half percent increase over the last 24 hours.
Last Saturday, the price of bitcoin fell below the important $10,000 mark, plunging $500 in 30 minutes before dropping further to a $9,300 weekly low on Sunday. Through the week, however, there has been some bullish momentum which culminated in a $1,200 gain in the last five days.
This price gain has helped the rest of thecryptocurrencymarket go mostly green too, with $10 billion added to the total crypto market cap almost overnight. ForBitcoin, its own market cap is now approaching $200 billion again.
The last time Bitcoin’s market was valued at $200 billion was on July 11, with the price sitting at 11,200. Things went south from there at the same time as the U.S. Senateannouncedan upcoming hearing on Facebook’s Libra project.
Things now look to be on the up, and it might be that the US government is the catalyst again. It wasannouncedon Wednesday that the Federal Reserve will lower interest rates for the first time in Bitcoin’s existence in an attempt to stave off the possibility of an economic downturn. Because Bitcoin is seen as an alternative to traditional currencies and investments, fear of an economic downturn can make it seem an attractive alternative.
In the top 10, Bitcoin SV is the biggest winner of the day as it has increased its value by 6.2 percent—despite its main proponantlosing a court battleagainst Roger Ver—while a little further down the list Tezos still seems to rising in the afterglow of itsunveilingon Coinbase Pro, up 15.4 percent.
With the positive prices across the board, a few crypto fans on Twitter have againwhisperedthe words, 'Bitcoin isn't going under $10,000 again'. But we all knowhow that wentlast time. || GRIT BXNG, the gym that lets you box, booze and pay with bitcoin: Theres a new studio in town where you can box and booze with your sweaty class-goers and trainers and pay for the privilege in cryptocurrency. GRIT BXNG, which launched its flagship studio this week, will be the first studio to accept bitcoin as payment. Along with offering a third space with cocktails and alcohol-free versions, its backed by celebrities that include rapper Pitbull, life coach Tony Robbins, and billionaire investor Tim Draper. Co-founder Bill Zanker on Yahoo Finances YFi PM that GRIT BXNG is an alternative to other fitness centers that lets patrons mix and mingle. Right now if you go to SoulCycle... or any of those places, theres no place to meet afterwards, Zanker said. At GRIT BXNG theres a third space, I call it. A place to hang, to meet new friends, meet the trainers. The idea to accept bitcoins came from Zankers son Dylan, whos a partner and Chief Fun Officer for GRIT. He attended Draper University at 22 years old, at a time when billionaire Draper started buying bitcoin. He watched and he said well Im going to take my money and Im going to load up on bitcoin, Draper told Yahoo Finance. He then made a million dollars in bitcoin, and he became his dads partner in GRIT. Draper kept track of his students successes, and decided to back GRIT. Taking their bitcoin passion, Dylan Zanker and Draper infused the digital currency into the studio cocktail. I am the first customer hes had who paid in Bitcoin, said Draper. I was a little reticent to do it, because I know how much that stuff is worth. Very well-paid trainers GRIT BXNG studio launch in New York City, August 8, 2019. (Photo Credit: GRIT BXNG) And theres an added perk for trainers to booze with their students: GRIT pays them up to $1,000 an hour. I think the trainers are the new superstars - theyre changing peoples lives, the founder said. If you have a great trainer there, theyre just making the class great. Over 300 trainers auditioned for nine trainer positions, and they came from all over the world, including Russia, Tel Aviv, and London. Story continues These are the nine best trainers on earth... If you pay the talent right, people will come back because they appreciate it, he said. That formula is enough to get people excited. Were kicking ass. Six out of the seven classes are sold out - this week is selling out like wild, he said. GRIT BXNG now opened in New York City. Its planning a second location in San Francisco. Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter : @GreteSuarez Read more : Your data is personal property, so don't hand it over for free: Ex official Cost of Capital Ones data breach could exceed $300 million: expert What Daytona 500 champ Denny Hamlin has in common with Zion, LeBron How FAANG stocks fuel real estate demand Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . || GRIT BXNG, the gym that lets you box, booze and pay with bitcoin: There’s a new studio in town where you can box and booze with your sweaty class-goers and trainers — and pay for the privilege in cryptocurrency.
GRIT BXNG, which launched its flagship studio this week, will be the first studio to accept bitcoin as payment. Along with offering a “third space” with cocktails and alcohol-free versions, it’s backed by celebrities that include rapper Pitbull, life coach Tony Robbins, and billionaire investor Tim Draper.
Co-founder Bill Zanker on Yahoo Finance’sYFi PMthat GRIT BXNG is an alternative to other fitness centers that lets patrons mix and mingle.
“Right now if you go to SoulCycle... or any of those places, there’s no place to meet afterwards,” Zanker said. “At GRIT BXNG there’s a third space, I call it. A place to hang, to meet new friends, meet the trainers.”
The idea to accept bitcoins came from Zanker’s son Dylan, who’s a partner and Chief Fun Officer for GRIT. He attended Draper University at 22 years old, at a time when billionaire Draper started buying bitcoin.
“He watched and he said ‘well I’m going to take my money and I’m going to load up on bitcoin,” Draper told Yahoo Finance. “He then made a million dollars in bitcoin, and he became his dad’s partner in GRIT.”
Draper kept track of his students’ successes, and decided to back GRIT.
Taking their bitcoin passion, Dylan Zanker and Draper infused the digital currency into the studio cocktail.
“I am the first customer he’s had who paid in Bitcoin,” said Draper. “I was a little reticent to do it, because I know how much that stuff is worth.”
And there’s an added perk for trainers to booze with their students: GRIT pays them up to $1,000 an hour.
“I think the trainers are the new superstars - they’re changing people’s lives,” the founder said. If you have a great trainer there, they’re just making the class great.”
Over 300 trainers auditioned for nine trainer positions, and they came from all over the world, including Russia, Tel Aviv, and London.
“These are the nine best trainers on earth... If you pay the talent right, people will come back because they appreciate it,” he said.
That formula is enough to get people excited. “We’re kicking ass. Six out of the seven classes are sold out - this week is selling out like wild,” he said.
GRIT BXNG now opened in New York City. It’s planning a second location in San Francisco.
Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter:@GreteSuarez
Read more:
• Your data is personal property, so don't hand it over for free: Ex official
• Cost of Capital One’s data breach could exceed $300 million: expert
• What Daytona 500 champ Denny Hamlin has in common with Zion, LeBron
• How FAANG stocks fuel real estate demand
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || Renewable Energy Group's Headache Continued in Q2: It appeared that the nation's largest biodiesel producer had finally turned a corner in 2018. Yet sustained pricing headwinds -- and stubborn members of Congress -- are proving difficult to overcome for Renewable Energy Group (NASDAQ: REGI) . Judging from second-quarter 2019 operating results, investors might need all the patience they can muster. The biodiesel producer saw average selling price (ASP) per gallon drop 13% from the year-ago period. An important tax credit remains unavailable due to government inaction. While the company attempted to offset that top-line weakness by selling gallons from inventory, higher feedstock prices eroded margins. Still, despite the headwinds, Renewable Energy Group is in a good place relative to its peer group. It also made a handful of moves to position itself more effectively for the long haul, although that may not make waiting out the storm any more comforting. Here's what investors need to know about the latest operating results. A hand drawing a human figure stopping a falling chain of dominoes. Image source: Getty Images. By the numbers A quick glance at Q2 operating results shows that not much has changed in the American biodiesel industry since the first quarter of 2019 . To support its top line, Renewable Energy Group sold more gallons than it produced while attempting to manage operating losses. It didn't really help. In fact, the company was forced to close a manufacturing facility in late July. It was smaller and less efficient than its remaining facilities, and unlikely to contribute to margins in the current environment. Metric Q2 2019 Q2 2018 Change Gallons sold 197 million 172 million 15% Gallons produced 127 million 125 million 2% ASP per gallon, excluding subsidies $2.70 $3.11 (13%) Total revenue $560.6 million $579 million (3%) Gross profit ($26.8 million) $57.5 million N/A Operating income ($54.3 million) $32.9 million N/A Data source: Renewable Energy Group press release. Story continues What's going on? Selling prices are weak, feedstock prices are traversing through their normal seasonal patterns, and the most important federal subsidy -- the Biodiesel Mixture Excise Tax Credit, also known as the blenders tax credit (BTC) -- hasn't been active since the end of 2017. The latter is the most important drag on the industry. The BTC has lapsed many times before , only to be retroactively reinstated by Congress each time, and has come to be regarded as a point of certainty in an otherwise unpredictable environment. But the industry has now operated for over 20 months without the tax credit, and it wasn't included in the latest two-year budget deal. That matters because the absence of the tax credit has started to drag on biodiesel selling prices and affect customer relationships. Making matters worse, a record number of refineries have been exempted from having to blend renewable fuels, which has caused the prices of separately traded compliance credits, called renewable identification numbers (RIN), to tank. The impact is clearly evident from biodiesel-to-feedstock price spreads trending well below the historical average. Put another way, Renewable Energy Group is caught in regulatory limbo. There's bipartisan support for extending the BTC, but no action has been taken. There are rules on the books for refiners and renewable fuels, but regulators aren't enforcing them. There's only one thing the business can do: plow ahead and focus on the factors it can control. A pair of hands holding up binoculars. Image source: Getty Images. Looking ahead While shuttering manufacturing capacity isn't a great sign, Renewable Energy Group is relatively well positioned among peers, many of whom have been forced to shut down multiple facilities and operate the remainder at reduced run rates. The operational strength is a testament to the company's focus on efficiency over the years, which has added close to 100 million gallons of annual production capacity since 2015 without building a new facility. It's also leveraging its nationwide distribution network. Management's long-term mindset hasn't wavered in the weak margin environment. Other highlights from recent months include: Renewable Energy Group opened a diesel fueling station outside its 60-million-gallon-per-year Seneca manufacturing facility. The first company-branded station provides biodiesel blends of 11% (called "B11") and above, which is notably higher than the 5% blends (called "B5") most distributors use. The direct sales channel should drive higher-margin revenue from the 17,000 trucks that pass through the facility each year, and could be implemented at other manufacturing facilities. In another move to increase sales density and margins with higher-percentage blends, the biodiesel producer began transitioning customers of its distribution hub in Iowa from B5 blends to B11 and B20 blends. Renewable Energy Group retired 2019 debt notes with cash on hand, rather than refinance them and take on new debt. The transaction left the renewable fuel leader with $61.6 million in cash at the end of June and reduced its debt-to-capital ratio to 15.2%, from 20.6% at the end of Q1. Furthermore, Renewable Energy Group estimates that it would receive a windfall of $370 million if the BTC is retroactively restored and applied to production from the last six quarters. That works out to $9.50 per share. It might seem unlikely, but a similar transaction in early 2018 handed the business a $205 million windfall for production from the previous year. Management remains confident that the tax credit will be retroactively reinstated in the coming quarters. If that occurs, then the business would have to remain prudent in how it deploys the cash injection. The most obvious choice: investing in renewable diesel (different from biodiesel) capacity. That would allow Renewable Energy Group to increase sales of its highest-margin product and capture a growing share of California's low-carbon fuel standard credits. That said, the business will continue to struggle without more certainty. Investors will want to follow the company's lead and buckle up until the storm passes, assuming it passes at all. Maxx Chatsko has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . This article was originally published on Fool.com || Renewable Energy Group's Headache Continued in Q2: It appeared that the nation's largest biodiesel producer had finally turned a corner in 2018. Yet sustained pricing headwinds -- and stubborn members of Congress -- are proving difficult to overcome forRenewable Energy Group(NASDAQ: REGI). Judging from second-quarter 2019 operating results, investors might need all the patience they can muster.
The biodiesel producer saw average selling price (ASP) per gallon drop 13% from the year-ago period. An important tax credit remains unavailable due to government inaction. While the company attempted to offset that top-line weakness by selling gallons from inventory, higher feedstock prices eroded margins.
Still, despite the headwinds, Renewable Energy Group is in a good place relative to its peer group. It also made a handful of moves to position itself more effectively for the long haul, although that may not make waiting out the storm any more comforting. Here's what investors need to know about the latest operating results.
Image source: Getty Images.
A quick glance at Q2 operating results shows that not much has changed in the American biodiesel industry since thefirst quarter of 2019. To support its top line, Renewable Energy Group sold more gallons than it produced while attempting to manage operating losses. It didn't really help. In fact, the company was forced to close a manufacturing facility in late July. It was smaller and less efficient than its remaining facilities, and unlikely to contribute to margins in the current environment.
[{"Metric": "Gallons sold", "Q2 2019": "197 million", "Q2 2018": "172 million", "Change": "15%"}, {"Metric": "Gallons produced", "Q2 2019": "127 million", "Q2 2018": "125 million", "Change": "2%"}, {"Metric": "ASP per gallon, excluding subsidies", "Q2 2019": "$2.70", "Q2 2018": "$3.11", "Change": "(13%)"}, {"Metric": "Total revenue", "Q2 2019": "$560.6 million", "Q2 2018": "$579 million", "Change": "(3%)"}, {"Metric": "Gross profit", "Q2 2019": "($26.8 million)", "Q2 2018": "$57.5 million", "Change": "N/A"}, {"Metric": "Operating income", "Q2 2019": "($54.3 million)", "Q2 2018": "$32.9 million", "Change": "N/A"}]
Data source: Renewable Energy Group press release.
What's going on? Selling prices are weak, feedstock prices are traversing through their normal seasonal patterns, and the most important federal subsidy -- the Biodiesel Mixture Excise Tax Credit, also known as the blenders tax credit (BTC) -- hasn't been active since the end of 2017. The latter is the most important drag on the industry.
TheBTC has lapsed many times before, only to be retroactively reinstated by Congress each time, and has come to be regarded as a point of certainty in an otherwise unpredictable environment. But the industry has now operated for over 20 months without the tax credit, and it wasn't included in the latest two-year budget deal.
That matters because the absence of the tax credit has started to drag on biodiesel selling prices and affect customer relationships. Making matters worse, a record number of refineries have been exempted from having to blend renewable fuels, which has caused the prices of separately traded compliance credits, called renewable identification numbers (RIN), to tank. The impact is clearly evident from biodiesel-to-feedstock price spreads trending well below the historical average.
Put another way, Renewable Energy Group is caught in regulatory limbo. There's bipartisan support for extending the BTC, but no action has been taken. There are rules on the books for refiners and renewable fuels, but regulators aren't enforcing them. There's only one thing the business can do: plow ahead and focus on the factors it can control.
Image source: Getty Images.
While shuttering manufacturing capacity isn't a great sign, Renewable Energy Group is relatively well positioned among peers, many of whom have been forced to shut down multiple facilities and operate the remainder at reduced run rates. The operational strength is a testament to the company's focus on efficiency over the years, which has added close to 100 million gallons of annual production capacity since 2015 without building a new facility. It's also leveraging its nationwide distribution network.
Management's long-term mindset hasn't wavered in the weak margin environment. Other highlights from recent months include:
• Renewable Energy Group opened a diesel fueling station outside its 60-million-gallon-per-year Seneca manufacturing facility. The first company-branded station provides biodiesel blends of 11% (called "B11") and above, which is notably higher than the 5% blends (called "B5") most distributors use. The direct sales channel should drive higher-margin revenue from the 17,000 trucks that pass through the facility each year, and could be implemented at other manufacturing facilities.
• In another move to increase sales density and margins with higher-percentage blends, the biodiesel producer began transitioning customers of its distribution hub in Iowa from B5 blends to B11 and B20 blends.
• Renewable Energy Group retired 2019 debt notes with cash on hand, rather than refinance them and take on new debt. The transaction left the renewable fuel leader with $61.6 million in cash at the end of June and reduced its debt-to-capital ratio to 15.2%, from 20.6% at the end of Q1.
Furthermore, Renewable Energy Group estimates that it would receive a windfall of $370 million if the BTC is retroactively restored and applied to production from the last six quarters. That works out to $9.50 per share. It might seem unlikely, but asimilar transaction in early 2018handed the business a $205 million windfall for production from the previous year.
Management remains confident that the tax credit will be retroactively reinstated in the coming quarters. If that occurs, then the business would have to remain prudent in how it deploys the cash injection. The most obvious choice: investing in renewable diesel (different from biodiesel) capacity. That would allow Renewable Energy Group to increase sales of its highest-margin product and capture a growing share ofCalifornia's low-carbon fuel standardcredits.
That said, the business will continue to struggle without more certainty. Investors will want to follow the company's lead and buckle up until the storm passes, assuming it passes at all.
Maxx Chatskohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy.
This article was originally published onFool.com || In Big Block Hard Fork, Craig Wright’s Bitcoin Has Left Nodes Behind: In the wake of a recent network upgrade, a number of nodes have been separated from the bitcoin SV blockchain, a development that highlights why “hard forks” have long been the subject of passionate infighting among cryptocurrency developers.
According toblock explorer Blockchair, roughly 20 percent of BSV nodes are still running an older version of the software. That’s before most of the bitcoin SV moved to a new blockchain in an upgrade known as a “hard fork,” executed on July 24th, which increased the blockchain’s block size parameter to 2 GB with the goal of increasing transaction volume.
It’s unclear why these nodes have failed to upgrade. It could because they didn’t know they simply didn’t get the memo, they forgot they were running an older version or their operators simply didn’t agree with the changes in the hard fork and opted to protest.
Price of BSV over the past seven days viaCoinDesk data.
Related:South Korean Crypto Exchange Signs With Security Companies to Lock Down Tokens
Bitcoin SV, a cryptocurrency not to be confused with bitcoin, is the brainchild of entrepreneur Craig Wright, who maintains that he created bitcoin (despite a range of security experts debunking his cryptographic proof). Wright is also currently embroiled in alawsuitin the US that centers in part around the question of his claims to the Satoshi Nakamoto mantle.
“There was a hard fork on BSV […] which resulted in a chain split, the new hard fork rules chain and the original rules chain. Most of the BSV economy and miners followed the new hard fork chain. The old original chain still exists, but has little economic significance, other than miners wasting money mining on it,” a representative of BitMEX Research, a wing of one of cryptocurrency’s largest exchanges, told CoinDesk.
Whether or not this metric matters matters has been up to debate after severalother hard forks.
To oversimplify a complex debate, some argue hard forks are a clean upgrading mechanism for enhancing blockchains with new features, while detractors argue that hard forks can only be executed successfully by more centralized blockchains. On the other hand, the old chain is now pretty much dead.
Related:‘Building’ Bitcoin’s Software Just Got a Bit More Trustless
At first, bitcoin SV temporarily forked, with miners on the old chain mining more than 50 blocks, leading said miners to lose their block rewards. But now, at least the vast majority of miners have upgraded, so no more blocks are being created on the old blockchain.
But while critics might argue that the blockchain is leaving nodes behind. This is in line with bitcoin SV’s view that miners, not nodes, are what are important in the network.
“Power has now shifted to the miners to decide their own limits. […] Moving responsibility of the limits of the system to the miners means that the market itself, chooses what is best for the system. It is not for developer groups to decide market forces, but for the market itself,” CoinGeek developer Eli Afram told CoinDesk.
Leaving nodes behind wasn’t the only other complication during this period. Last weekend, a significant portion of bitcoin SV nodes had problems processing a 210 MB block. Those nodes were stuck and were unable to send or relay transactions on the bitcoin SV network.
The problem in part was due to large size of the block – but it’s a bit more complicated than that.
“The main cause of the problems with the large 210 MB block was not necessarily the large size, as bitcoin SV had other large blocks in the past, but that it contained a lot of transactions, which used a lot of memory to validate. Previous large blocks on bitcoin SV had a lot of large OP_Return data, which is much easier to validate compared to ‘normal transactions’,” BitMEX Research told CoinDesk.
Critics see this as another sign of centralization of the system because less nodes are having no trouble with blocks. But those in the bitcoin SV community don’t see this is a problem.
“What happened is that some cheap nodes dropped off the network,” Afram said.
Either way, most nodes have recovered since then.
“The nodes eventually got [past] the block or gave up it seems,” a representative from BitMEX Research told CoinDesk.
Bigger blocks have had an impact on bitcoin SV in other ways as well. Money Button CEO Ryan X. Charles, one of the more influential bitcoin SV proponents,disclosedthat because of how expensive running a bitcoin SV node is becoming due to the data storage requirements caused by bigger blocks, they’re not going to run one anymore.
“Our new instance will cost thousands of dollars per month to operate. As blocks continue to get larger and we have to upgrade the instance many times, this cost will balloon,” Charles explained.
This decision further flared debate. The more full nodes there are, the more decentralized the network is. MoneyButton’s decisions perhaps shows that bitcoin SV full nodes are growing too fast data-wise for everyday users to run.
But again, this is in line with bitcoin SV’s vision that miners are the important players. And next year, bitcoin SV plans to increase the block size for the last time.
As Afram told CoinDesk:
“I look forward to when the [block size] cap is removed altogether next year, so that Bitcoin can grow completely unbounded, and undeterred by crony developers, and we never have to have this [hard fork] discussion again.”
nChain CEO Jimmy Nguyen via BitcoinSV.io
• 200-Year-Old Passport Printing Firm Launches Hardware Crypto Wallet
• Lightning Labs Designs Monitoring Tool for ‘Layer 2’ Bitcoin Network || In Big Block Hard Fork, Craig Wright’s Bitcoin Has Left Nodes Behind: In the wake of a recent network upgrade, a number of nodes have been separated from the bitcoin SV blockchain, a development that highlights why “hard forks” have long been the subject of passionate infighting among cryptocurrency developers.
According toblock explorer Blockchair, roughly 20 percent of BSV nodes are still running an older version of the software. That’s before most of the bitcoin SV moved to a new blockchain in an upgrade known as a “hard fork,” executed on July 24th, which increased the blockchain’s block size parameter to 2 GB with the goal of increasing transaction volume.
It’s unclear why these nodes have failed to upgrade. It could because they didn’t know they simply didn’t get the memo, they forgot they were running an older version or their operators simply didn’t agree with the changes in the hard fork and opted to protest.
Price of BSV over the past seven days viaCoinDesk data.
Related:South Korean Crypto Exchange Signs With Security Companies to Lock Down Tokens
Bitcoin SV, a cryptocurrency not to be confused with bitcoin, is the brainchild of entrepreneur Craig Wright, who maintains that he created bitcoin (despite a range of security experts debunking his cryptographic proof). Wright is also currently embroiled in alawsuitin the US that centers in part around the question of his claims to the Satoshi Nakamoto mantle.
“There was a hard fork on BSV […] which resulted in a chain split, the new hard fork rules chain and the original rules chain. Most of the BSV economy and miners followed the new hard fork chain. The old original chain still exists, but has little economic significance, other than miners wasting money mining on it,” a representative of BitMEX Research, a wing of one of cryptocurrency’s largest exchanges, told CoinDesk.
Whether or not this metric matters matters has been up to debate after severalother hard forks.
To oversimplify a complex debate, some argue hard forks are a clean upgrading mechanism for enhancing blockchains with new features, while detractors argue that hard forks can only be executed successfully by more centralized blockchains. On the other hand, the old chain is now pretty much dead.
Related:‘Building’ Bitcoin’s Software Just Got a Bit More Trustless
At first, bitcoin SV temporarily forked, with miners on the old chain mining more than 50 blocks, leading said miners to lose their block rewards. But now, at least the vast majority of miners have upgraded, so no more blocks are being created on the old blockchain.
But while critics might argue that the blockchain is leaving nodes behind. This is in line with bitcoin SV’s view that miners, not nodes, are what are important in the network.
“Power has now shifted to the miners to decide their own limits. […] Moving responsibility of the limits of the system to the miners means that the market itself, chooses what is best for the system. It is not for developer groups to decide market forces, but for the market itself,” CoinGeek developer Eli Afram told CoinDesk.
Leaving nodes behind wasn’t the only other complication during this period. Last weekend, a significant portion of bitcoin SV nodes had problems processing a 210 MB block. Those nodes were stuck and were unable to send or relay transactions on the bitcoin SV network.
The problem in part was due to large size of the block – but it’s a bit more complicated than that.
“The main cause of the problems with the large 210 MB block was not necessarily the large size, as bitcoin SV had other large blocks in the past, but that it contained a lot of transactions, which used a lot of memory to validate. Previous large blocks on bitcoin SV had a lot of large OP_Return data, which is much easier to validate compared to ‘normal transactions’,” BitMEX Research told CoinDesk.
Critics see this as another sign of centralization of the system because less nodes are having no trouble with blocks. But those in the bitcoin SV community don’t see this is a problem.
“What happened is that some cheap nodes dropped off the network,” Afram said.
Either way, most nodes have recovered since then.
“The nodes eventually got [past] the block or gave up it seems,” a representative from BitMEX Research told CoinDesk.
Bigger blocks have had an impact on bitcoin SV in other ways as well. Money Button CEO Ryan X. Charles, one of the more influential bitcoin SV proponents,disclosedthat because of how expensive running a bitcoin SV node is becoming due to the data storage requirements caused by bigger blocks, they’re not going to run one anymore.
“Our new instance will cost thousands of dollars per month to operate. As blocks continue to get larger and we have to upgrade the instance many times, this cost will balloon,” Charles explained.
This decision further flared debate. The more full nodes there are, the more decentralized the network is. MoneyButton’s decisions perhaps shows that bitcoin SV full nodes are growing too fast data-wise for everyday users to run.
But again, this is in line with bitcoin SV’s vision that miners are the important players. And next year, bitcoin SV plans to increase the block size for the last time.
As Afram told CoinDesk:
“I look forward to when the [block size] cap is removed altogether next year, so that Bitcoin can grow completely unbounded, and undeterred by crony developers, and we never have to have this [hard fork] discussion again.”
nChain CEO Jimmy Nguyen via BitcoinSV.io
• 200-Year-Old Passport Printing Firm Launches Hardware Crypto Wallet
• Lightning Labs Designs Monitoring Tool for ‘Layer 2’ Bitcoin Network || In Big Block Hard Fork, Craig Wrights Bitcoin Has Left Nodes Behind: In the wake of a recent network upgrade, a number of nodes have been separated from the bitcoin SV blockchain, a development that highlights why hard forks have long been the subject of passionate infighting among cryptocurrency developers. According to block explorer Blockchair , roughly 20 percent of BSV nodes are still running an older version of the software. Thats before most of the bitcoin SV moved to a new blockchain in an upgrade known as a hard fork, executed on July 24th, which increased the blockchains block size parameter to 2 GB with the goal of increasing transaction volume. Its unclear why these nodes have failed to upgrade. It could because they didnt know they simply didnt get the memo, they forgot they were running an older version or their operators simply didnt agree with the changes in the hard fork and opted to protest. Price of BSV over the past seven days via CoinDesk data . Related: South Korean Crypto Exchange Signs With Security Companies to Lock Down Tokens Bitcoin SV, a cryptocurrency not to be confused with bitcoin, is the brainchild of entrepreneur Craig Wright, who maintains that he created bitcoin (despite a range of security experts debunking his cryptographic proof). Wright is also currently embroiled in a lawsuit in the US that centers in part around the question of his claims to the Satoshi Nakamoto mantle. There was a hard fork on BSV [
] which resulted in a chain split, the new hard fork rules chain and the original rules chain. Most of the BSV economy and miners followed the new hard fork chain. The old original chain still exists, but has little economic significance, other than miners wasting money mining on it, a representative of BitMEX Research, a wing of one of cryptocurrencys largest exchanges, told CoinDesk. Whether or not this metric matters matters has been up to debate after several other hard forks . To oversimplify a complex debate, some argue hard forks are a clean upgrading mechanism for enhancing blockchains with new features, while detractors argue that hard forks can only be executed successfully by more centralized blockchains. On the other hand, the old chain is now pretty much dead. Story continues Related: Building Bitcoins Software Just Got a Bit More Trustless At first, bitcoin SV temporarily forked, with miners on the old chain mining more than 50 blocks, leading said miners to lose their block rewards. But now, at least the vast majority of miners have upgraded, so no more blocks are being created on the old blockchain. But while critics might argue that the blockchain is leaving nodes behind. This is in line with bitcoin SVs view that miners, not nodes, are what are important in the network. Power has now shifted to the miners to decide their own limits. [
] Moving responsibility of the limits of the system to the miners means that the market itself, chooses what is best for the system. It is not for developer groups to decide market forces, but for the market itself, CoinGeek developer Eli Afram told CoinDesk. Stuck nodes Leaving nodes behind wasnt the only other complication during this period. Last weekend, a significant portion of bitcoin SV nodes had problems processing a 210 MB block. Those nodes were stuck and were unable to send or relay transactions on the bitcoin SV network. The problem in part was due to large size of the block but its a bit more complicated than that. The main cause of the problems with the large 210 MB block was not necessarily the large size, as bitcoin SV had other large blocks in the past, but that it contained a lot of transactions, which used a lot of memory to validate. Previous large blocks on bitcoin SV had a lot of large OP_Return data, which is much easier to validate compared to normal transactions, BitMEX Research told CoinDesk. Critics see this as another sign of centralization of the system because less nodes are having no trouble with blocks. But those in the bitcoin SV community dont see this is a problem. What happened is that some cheap nodes dropped off the network, Afram said. Either way, most nodes have recovered since then. The nodes eventually got [past] the block or gave up it seems, a representative from BitMEX Research told CoinDesk. Bigger blocks have had an impact on bitcoin SV in other ways as well. Money Button CEO Ryan X. Charles, one of the more influential bitcoin SV proponents, disclosed that because of how expensive running a bitcoin SV node is becoming due to the data storage requirements caused by bigger blocks, theyre not going to run one anymore. Our new instance will cost thousands of dollars per month to operate. As blocks continue to get larger and we have to upgrade the instance many times, this cost will balloon, Charles explained. This decision further flared debate. The more full nodes there are, the more decentralized the network is. MoneyButtons decisions perhaps shows that bitcoin SV full nodes are growing too fast data-wise for everyday users to run. But again, this is in line with bitcoin SVs vision that miners are the important players. And next year, bitcoin SV plans to increase the block size for the last time. As Afram told CoinDesk: I look forward to when the [block size] cap is removed altogether next year, so that Bitcoin can grow completely unbounded, and undeterred by crony developers, and we never have to have this [hard fork] discussion again. nChain CEO Jimmy Nguyen via BitcoinSV.io Related Stories 200-Year-Old Passport Printing Firm Launches Hardware Crypto Wallet Lightning Labs Designs Monitoring Tool for Layer 2 Bitcoin Network || Crypto Gamers Are Showing Little Interest in Decentralized NFTs: A new report on the nascent ecosystem of blockchain-based games indicates that one of the model’s most-trumpeted characteristics — the ability to mix and swap data between games – isn’t panning out. The idea of cross-overs between games isn’t exactly new. Series like Nintendo’s Super Smash Brothers perhaps best exemplify this approach, with familiar characters coming together in one game. But those characters are all under Nintendo’s control — and it’s this area that blockchain games promise a new paradigm , in which a player’s hard-earned progress could be utilized in one game and, as they choose, moved to another. Indeed, Fred Wilson of Union Square Ventures wrote late last month about how anchoring intellectual property in games to a blockchain allows for “extensibility” in a recent post about Dapper Labs, the company behind CryptoKitties and Cheese Wizards , the company’s new tournament game . Related: Coders Are Trying to Connect Bitcoin’s Lightning Network to Ethereum He wrote: “Imagine if developers could build new worlds/games/experiences on top of Fortnite and you could take your character, your weapons, your vehicles, etc with you into those new worlds/games/experiences.” But this “extensibility” doesn’t seem to be happening – at least, not yet – according to the data that’s available thus far. Researchers for NonFungible.com have found that, generally speaking, most players in the non-fungible token (NFT) space have only tried one game so far this year. That is to say, many collectors of NFTs or gamers don’t experiment beyond their first experience. Graphic from NonFungible.com’s report on player behavior. Used by permission. What the data is saying Related: PUBG Players Can Get Crypto Rewards for Winning Games This Summer In two reports published in the past month, the company conducted an analysis of on chain activity for the top 13 NFT games between January 1 to June 30 of this year. The most recent report came out last Tuesday . It analyzed on chain gaming transactions over the course of the year (meaning actual activity that needs to be logged on a blockchain, such as minting a token, interacting with another token or other game specific mechnanics) and found that 91 percent of wallets have only interacted with one game since January. Story continues The largest game, CryptoKitties , was also a pretty isolated game, with 81 percent of its players this year only playing that one game. Even for the least isolated games ( Chainbreakers , Etherbots and Neon District ), 40 to 45 percent of players in 2019 only played that one of those games. The largest single group of overlapping users covered by the report are those that hold both CryptoKitties and Axie Infinity , the latter of which is similar to the popular Nintendo game Pokemon. Similarly, the prior report that came out July 23 – which analyzed purchases of NFTs — found that 90.1 percent of users in that time period made trades on only one NFT game. This latter data point is perhaps the most surprising, because of the speculative association with cryptocurrencies and digital tokens. One would naturally assume that any buyer who decided to get some exposure to one NFT would hedge that bet by purchasing others as well, so their portfolio had a better shot at holding the gaming token that really caught the mainstream imagination. Unsurprisingly, the project that has had the broadest crossover effect has been the one with the most holders overall. CryptoKitties has more users who have tried other NFT games than any other community, but it’s still a small portion. Too early to tell? The home video gaming console has a history that goes back to 1967 . The point being: it takes a while for new gaming formats to take hold. David Pakman, a partner at Venrock, a longstanding venture firm, told CoinDesk in an email that the team behind CryptoKitties found that it had an extremely high proportion of new crypto users in its community. “Which is why we believe gaming is one potential crypto use case that can bring mainstream crypto adoption,” he wrote. But it won’t happen instantaneously, he said, because “gaming, in general, is a very large and non-homogenous space.” Margeurite deCourcelle cautioned that this space is only just finding its footing and it is also not just a gamer’s sector. deCourcelle, CEO of Blockade Games (which created Neon District, a multiplayer role-playing game), told CoinDesk: “Since NFTs are used for all types of products ranging from digital art, game assets, digital real estate or even more abstract assets, the technology is fostering a diverse user base. The report captures that people are collecting and buying NFTs that are more inline with their user-type and not just for generalized NFT collecting.” Patrick Rieger, CEO of Decentralized Concepts, the creators of Everdragons (a gaming platform that uses a shared universe of NFT characters) agreed with this point. “For the effects of digital scarcity to catch on in a large scale, good tools for developers and end users are essential. Even if this will take a few more years, we see a bright future for NFTs,” he said. Rieger also noted that we might not really be seeing a complete picture of the game space by limiting the analysis to on chain transactions. There’s ways to work around the network, and many games make use of it in order to make playing easier. For example, Gods Unchained , a collectible card game on ethereum, doesn’t actually log cards on the world computer unless a player specifically decides to do so and activates them. This presumably saves costs for the sort of player who has no intention to take cards out of the play space. Similarly, MLB Champions takes advantage of similar technological workarounds to improve user experience. “Our games all deploy an Ethereum virtualization layer called Scarcity Engine that allows new players to jump into the games without ETH or Metamask,” said Randy Saaf, CEO of Lucid Sight, a game shop that has made a number of other games as well, including a second NFT game called Crypto Space Commander . Saaf also noted: “The conclusion that [there is] less than 10 percent of overlap between various blockchain games seems correct to us. More people choose the game they want to play based on traditional genres they have enjoyed and blockchain is a value-add feature vs a smaller group of players who just want to play blockchain stuff.” Graphic from NonFungible.com’s report on traders. Used by permission. Analog precedent But while the data suggests that the extensibility aspects of token-based games aren’t being taken advantage of, there’s precedent in the analog for this type of behavior. Take Magic: The Gathering, the best-known collectible card game. Its creators, Wizards of the Coast, defined the basic game, but over time players came up with new games and formats that modify that original system. Most of these developments came about in a grassroots fashion, meaning that the players themselves were responsible for their popularity. The cards are physical things. There’s no way for code to stop players from using them in different ways. In fact, the traditional deck of playing card has been spinning out new games since the 14th century. But the NFT world has made a promise that we don’t really see even in analog gaming: mixing two analog games (such as taking the pieces from Monopoly and Sorry and creating a whole new game). That’s what NFT proponents appear to be hoping for, though. Take for example CryptoKitties’ forays into digital real estate and collectible card gaming . But Finzer noted that some games are meant for such interactions, such as Chainbreakers and Cryptobeasties , which have been built from the beginning to rely on Decentraland , a virtual world where land ownership is defined by token possession. If those take off, Finzer contends, users will start to catch on. If nothing else, Finzer foresees a kind of economic crossover that will at least improve everyone’s user experience, even if it doesn’t yield new games. When a gamer grows tired of a game, they will be able to trade their accumulated assets from one game with other gamers for stuff they do want in the next game they want to play. “Our vision and hypothesis in starting OpenSea was there would be liquidity bleedover across these projects,” Finzer told CoinDesk. Cheeze Wizards imagery courtesy of Dapper Labs Related Stories Reddit Co-Founder Ohanian Leads $3.75 Million Round in ‘Hearthstone’ Competitor Kleiner Perkins, Galaxy Invest in EOS Blockchain-Based Gaming Startup
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$GDET Baybi Pop The Greenery's Official Summer Hamptons Event https://t.co/nIkNUWJfJ3 #ad #wsj #nytimes #reuters #bloomberg #thestreet #forbes #nasdaq #IHub_StockPosts #newyork #business #cnn #foxnews #bitcoin #blockchain #crypto #cannabis #marijuana #CBD #latimes #robbreport https://t.co/iH7bQ4DQLZ || 1 DOGE Price: 0.00000025 BTC #doge #dogecoin 2019-08-11 17:15 https://t.co/PH245PcPX5 || Bitcoin play too much 🙄 || 仮想通貨始めるなら海外サイトBITMEX
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11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12.
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[Bitcoin Technical Analysis for 2021-08-08]
Volume: 36302664750, RSI (14-day): 68.05, 50-day EMA: 37618.79, 200-day EMA: 38823.81
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Target To Pay College Tuition For Over 340,000 Employees: Target Corp. (NYSE: TGT ) has announced that it will help pay for the college education of its more than 340,000 full-time and part time store workers. What happened: The Retailers announced this week it is partnering with education platform Guild Education to provide access to more than 250 business-aligned programs from over 40 schools, colleges and universities. Target will also fund advanced degrees within the network of schools, paying up to $10,000 a year for masters’ programs. Target is investing $200 million in the program over the next four years to help team members eliminate student loan debt. “A significant number of our hourly team members build their careers at Target, and we know many would like to pursue additional education opportunities,” says Melissa Kremer, Target chief human resources officer. “Our team members are the heart of Target’s strategy and success, and we have a long history of investing in industry-leading pay, extensive benefits and career opportunities.” What Else: Target employees will have a range of course options for high school completion to college prep and English language learning, as well as certifications, bootcamps, associate and undergraduate degrees. The schools involved in the program include the University of Arizona, Oregon State University and historically Black colleges and universities like Morehouse College and Paul Quinn College. In 2020, Target moved to a $15 starting wage for all U.S.-based team members, and also offered coronavirus benefits to employees. The company says more than 25% of store directors began their careers at Target as hourly team members. Photo: Courtesy of coporate.target.com See more from Benzinga Click here for options trades from Benzinga NFT Game Developer Scammed Out Of M Of NFTs And Ethereum: Decrypt Bitcoin Mining Difficulty Increases For First Time Since May © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Target To Pay College Tuition For Over 340,000 Employees: Target Corp. (NYSE: TGT ) has announced that it will help pay for the college education of its more than 340,000 full-time and part time store workers. What happened: The Retailers announced this week it is partnering with education platform Guild Education to provide access to more than 250 business-aligned programs from over 40 schools, colleges and universities. Target will also fund advanced degrees within the network of schools, paying up to $10,000 a year for masters’ programs. Target is investing $200 million in the program over the next four years to help team members eliminate student loan debt. “A significant number of our hourly team members build their careers at Target, and we know many would like to pursue additional education opportunities,” says Melissa Kremer, Target chief human resources officer. “Our team members are the heart of Target’s strategy and success, and we have a long history of investing in industry-leading pay, extensive benefits and career opportunities.” What Else: Target employees will have a range of course options for high school completion to college prep and English language learning, as well as certifications, bootcamps, associate and undergraduate degrees. The schools involved in the program include the University of Arizona, Oregon State University and historically Black colleges and universities like Morehouse College and Paul Quinn College. In 2020, Target moved to a $15 starting wage for all U.S.-based team members, and also offered coronavirus benefits to employees. The company says more than 25% of store directors began their careers at Target as hourly team members. Photo: Courtesy of coporate.target.com See more from Benzinga Click here for options trades from Benzinga NFT Game Developer Scammed Out Of M Of NFTs And Ethereum: Decrypt Bitcoin Mining Difficulty Increases For First Time Since May © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Coinbase Global, Inc., of Class Action Lawsuit and Upcoming Deadline COIN: NEW YORK, NY / ACCESSWIRE / August 7, 2021 / Pomerantz LLP announces that a class action lawsuit has been filed against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ:COIN) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 21-cv-06049, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Coinbase Class A common stock pursuant and/or traceable to the Company's registration statement and prospectus (collectively, the "Offering Materials") for the resale of up to 114,850,769 shares of its Class A common stock, whereby Coinbase began trading as a public company on or around April 14, 2021 (the "Offering"). Plaintiff pursues claims against the Defendants under the Securities Act of 1933. If you are a shareholder who purchased or otherwise acquired Coinbase Class A common stock pursuant and/or traceable to the Company's registration statement and prospectus, you have until September 20, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. [Click here for information about joining the class action] Coinbase "powers the cryptoeconomy," offering a "trusted platform" for sending and receiving Bitcoin and other digital assets built using blockchain technology to approximately 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries. On April 14, 2021, Coinbase filed its prospectus on Form 424B4 with the Securities and Exchange Commission, which forms part of the Registration Statement. The Company registered for the resale of up to 114,850,769 shares of its Class A common stock by registered shareholders. According to the Registration Statement, the resale of the Company's stock was not underwritten by any investment bank and the registered stockholders would purportedly elect whether or not to sell their shares. Such sales, if any, would be brokerage transactions on the Nasdaq Global Select Market, and Coinbase would purportedly not receive any proceeds from the sale of shares of Class A common stock by the registered stockholders. Thus, Coinbase's operations, including its liquidity and capital resources, would continue to be financed with cash flow from operating activities and net proceeds from the sale of convertible preferred stock. As of December 31, 2020, Coinbase had cash and cash equivalents of $1.1 billion, exclusive of restricted cash and customer custodial funds. Story continues The complaint alleges that, the Offering Materials were false and misleading and omitted to state that, at the time of the Offering: (1) the Company required a sizeable cash injection; (2) the Company's platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. Only a month later, the high-flying promise of Coinbase came to a screaming halt, as Coinbase conceded the need to raise capital and revealed performance issues that prevented users' ability to trade cryptocurrencies. On May 17, 2021, Coinbase announced its plans to raise about $1.25 billion via a convertible bond sale. Then, on May 19, 2021, Coinbase revealed technical problems, including "delays . . . due to network congestion" effecting those who want to get their money out. On this news, the Company's share price fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors. By the commencement of this action, Coinbase stock traded as low as $208.00 per share, a significant decline from its April 14, 2021 opening price of $381.00 per share. Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com . SOURCE: Pomerantz LLP View source version on accesswire.com: https://www.accesswire.com/658857/SHAREHOLDER-ALERT-Pomerantz-Law-Firm-Reminds-Shareholders-with-Losses-on-their-Investment-in-Coinbase-Global-Inc-of-Class-Action-Lawsuit-and-Upcoming-Deadline-COIN View comments || SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Coinbase Global, Inc., of Class Action Lawsuit and Upcoming Deadline – COIN: NEW YORK, NY / ACCESSWIRE / August 7, 2021 /Pomerantz LLP announces that a class action lawsuit has been filed against Coinbase Global, Inc. ("Coinbase" or the "Company") (NASDAQ:COIN) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 21-cv-06049, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Coinbase Class A common stock pursuant and/or traceable to the Company's registration statement and prospectus (collectively, the "Offering Materials") for the resale of up to 114,850,769 shares of its Class A common stock, whereby Coinbase began trading as a public company on or around April 14, 2021 (the "Offering"). Plaintiff pursues claims against the Defendants under the Securities Act of 1933.
If you are a shareholder who purchased or otherwise acquired Coinbase Class A common stock pursuant and/or traceable to the Company's registration statement and prospectus, you have until September 20, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained atwww.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby [email protected] 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Coinbase "powers the cryptoeconomy," offering a "trusted platform" for sending and receiving Bitcoin and other digital assets built using blockchain technology to approximately 43 million retail users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries.
On April 14, 2021, Coinbase filed its prospectus on Form 424B4 with the Securities and Exchange Commission, which forms part of the Registration Statement. The Company registered for the resale of up to 114,850,769 shares of its Class A common stock by registered shareholders. According to the Registration Statement, the resale of the Company's stock was not underwritten by any investment bank and the registered stockholders would purportedly elect whether or not to sell their shares. Such sales, if any, would be brokerage transactions on the Nasdaq Global Select Market, and Coinbase would purportedly not receive any proceeds from the sale of shares of Class A common stock by the registered stockholders. Thus, Coinbase's operations, including its liquidity and capital resources, would continue to be financed with cash flow from operating activities and net proceeds from the sale of convertible preferred stock. As of December 31, 2020, Coinbase had cash and cash equivalents of $1.1 billion, exclusive of restricted cash and customer custodial funds.
The complaint alleges that, the Offering Materials were false and misleading and omitted to state that, at the time of the Offering: (1) the Company required a sizeable cash injection; (2) the Company's platform was susceptible to service-level disruptions, which were increasingly likely to occur as the Company scaled its services to a larger user base; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Only a month later, the high-flying promise of Coinbase came to a screaming halt, as Coinbase conceded the need to raise capital and revealed performance issues that prevented users' ability to trade cryptocurrencies. On May 17, 2021, Coinbase announced its plans to raise about $1.25 billion via a convertible bond sale. Then, on May 19, 2021, Coinbase revealed technical problems, including "delays . . . due to network congestion" effecting those who want to get their money out.
On this news, the Company's share price fell $23.44 per share, nearly 10% over two consecutive trading sessions, to close at $224.80 per share on May 19, 2021, thereby injuring investors.
By the commencement of this action, Coinbase stock traded as low as $208.00 per share, a significant decline from its April 14, 2021 opening price of $381.00 per share.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. Seewww.pomlaw.com.
SOURCE:Pomerantz LLP
View source version on accesswire.com:https://www.accesswire.com/658857/SHAREHOLDER-ALERT-Pomerantz-Law-Firm-Reminds-Shareholders-with-Losses-on-their-Investment-in-Coinbase-Global-Inc-of-Class-Action-Lawsuit-and-Upcoming-Deadline-COIN || Polygon: The Rising Star Of DeFi Platforms: Polygon (CRYPTO: MATIC) saw sudden and intense growth this year and seems to be on its way to competing with major blockchains to host a bigger slice of the decentralized finance (DeFi) ecosystem. What Happened: According to The Block data , Polygon saw astronomical growth in the total gross value locked (TVL) in the smart contracts that DeFi protocols operate on: from just over $151,000 at the beginning of the year to over $6.31 billion today, an increase of no less than 4,178,708%. Further testament to the fact that the protocol's native coin is increasingly being used — rather than just being speculated on — is the fact that Glassnode data shows the percentage of MATIC held on exchanges has been steadily decreasing, from 24.6% at the beginning of 2021 to 2.27% as of Aug. 2. While Polygon's TVL of $6.31 billion is a far cry from Ethereum's (CRYPTO: ETH) $61.28 billion, it is not that far from Binance Smart Chain's (CRYPTO: BNB) $15.18 billion — and that is the second contender. Polygon even overtook Solana (CRYPTO: SOL), whose TVL exceeded Polygon's at the beginning of the year but then it failed to keep its pace and stayed at $1.23 billion. Further confirming its growth is Polygon's number of active addresses shown by Glassnode charts, up from just 489 at the beginning of 2021 to 4,509 earlier this week. Also, the number of Polygon unique addresses quadrupled in June alone. Why It's Important: Polygon's success can be largely attributed to how fast and cheap it is to send transactions on the network: conducting an operation on Polygon is hundreds of times cheaper than on its bigger brother Ethereum and is near-instantaneous instead of often taking hours. Furthermore, with its growth having picked up the pace, Polygon also appears to be enjoying the positive impact of network effects spurred by the integration of major DeFi platforms such as SushiSwap (CRYPTO: SUSHI), Aave (CRYPTO: AAVE), Curve (CRYPTO: CRV), 1inch (CRYPTO: 1INCH) and others. In total, Polygon already hosts over 350 decentralized applications (DApps). Story continues Those projects originally launched on Ethereum, but as the network started to make it increasingly slow and expensive for its users to interact with the protocol due to high traffic they started to look for alternatives. Of course, those projects did not fully migrate, instead, they started offering a twin platform that is based on the much cheaper and faster Polygon protocol. Photo by: Courtesy of polygon.technology See more from Benzinga Click here for options trades from Benzinga Ethereum Overtakes PayPal, Bank Of America, Nike, And Pfizer In Market Cap As Proponents Set Their Eyes On Bitcoin Blockchain API Service The Graph (GRT) Adopts Polygon (MATIC) For Billing © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Polygon: The Rising Star Of DeFi Platforms: Polygon (CRYPTO: MATIC) saw sudden and intense growth this year and seems to be on its way to competing with major blockchains to host a bigger slice of the decentralized finance (DeFi) ecosystem. What Happened: According to The Block data , Polygon saw astronomical growth in the total gross value locked (TVL) in the smart contracts that DeFi protocols operate on: from just over $151,000 at the beginning of the year to over $6.31 billion today, an increase of no less than 4,178,708%. Further testament to the fact that the protocol's native coin is increasingly being used — rather than just being speculated on — is the fact that Glassnode data shows the percentage of MATIC held on exchanges has been steadily decreasing, from 24.6% at the beginning of 2021 to 2.27% as of Aug. 2. While Polygon's TVL of $6.31 billion is a far cry from Ethereum's (CRYPTO: ETH) $61.28 billion, it is not that far from Binance Smart Chain's (CRYPTO: BNB) $15.18 billion — and that is the second contender. Polygon even overtook Solana (CRYPTO: SOL), whose TVL exceeded Polygon's at the beginning of the year but then it failed to keep its pace and stayed at $1.23 billion. Further confirming its growth is Polygon's number of active addresses shown by Glassnode charts, up from just 489 at the beginning of 2021 to 4,509 earlier this week. Also, the number of Polygon unique addresses quadrupled in June alone. Why It's Important: Polygon's success can be largely attributed to how fast and cheap it is to send transactions on the network: conducting an operation on Polygon is hundreds of times cheaper than on its bigger brother Ethereum and is near-instantaneous instead of often taking hours. Furthermore, with its growth having picked up the pace, Polygon also appears to be enjoying the positive impact of network effects spurred by the integration of major DeFi platforms such as SushiSwap (CRYPTO: SUSHI), Aave (CRYPTO: AAVE), Curve (CRYPTO: CRV), 1inch (CRYPTO: 1INCH) and others. In total, Polygon already hosts over 350 decentralized applications (DApps). Story continues Those projects originally launched on Ethereum, but as the network started to make it increasingly slow and expensive for its users to interact with the protocol due to high traffic they started to look for alternatives. Of course, those projects did not fully migrate, instead, they started offering a twin platform that is based on the much cheaper and faster Polygon protocol. Photo by: Courtesy of polygon.technology See more from Benzinga Click here for options trades from Benzinga Ethereum Overtakes PayPal, Bank Of America, Nike, And Pfizer In Market Cap As Proponents Set Their Eyes On Bitcoin Blockchain API Service The Graph (GRT) Adopts Polygon (MATIC) For Billing © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum's Update Sets The Stage For 99% Energy Usage Cut: Co-Founder Vitalik Buterin: Ethereum(CRYPTO: ETH) successfully implementing the controversialLondon hard forkthis week reassures the blockchain's co-founder Vitalik Buterin that the network will easily transition to proof-of-stake (PoS) and cut most of its energy consumption.
What Happened:During an interview with Bloombergpublishedon Thursday, Buterin said that the success in applying the London network upgrade is “proof that the Ethereum ecosystem is able to make significant changes," hinting at the network's upcoming transition to PoS.
Understanding the reasoning behind Buterin's statement necessitates some notion of how blockchains and forks work. Most blockchains (or even all "real" blockchain if you ask old school proponents) are meant to be decentralized not only in network infrastructure but also in governance. This means that there is no centralized third party able to push a software update to all miners and node operators involved in running the network.
As a consequence of this, blockchain developers — such as Ethereum's core development team — have to coordinate people involved in running the network and convince them to actually implement the update. If a part of the community does not like an update then they often decide to keep running the old version of the software. In this scenario, if it was a so-called soft fork then the update can fail and if it was a hard fork the network splits into two separate and independent blockchains.
This has already happened when Ethereum developers decided to perform a hard fork to recover the funds stolen inThe Dao's hack. A part of the community was against the change — since all transactions were meant to be final and no third party should have been able to alter them — and spawned theEthereum Classic(CRYPTO: ETC) blockchain by refusing to run the newest version of the software.
Just like the hard fork that restored access to the funds stolen in The Dao's fork, the London hard fork also had its fair share of opponents. Mostly, the miners who had their revenues slashed by this update's Ethereum improvement proposal (EIP) 1559.
Why It's Important:EIP-1559 causes most of the Ether paid as fees for processing transactions on the network to be burned (destroyed forever) instead of paying it to miners. Investors, on the other hand, are quite happy about it as this means thatthousands of Ether are destroyed each dayand after the blockchain transitions to PoS it will probably become deflationary due to the lower coin issuance rate.
EIP-1559 saw the stark opposition of miners and many mining pools (organizations that allow miners to collaborate in their efforts). Dedicated websiteStop EIP-1559lists 8 favorable pools and 12 against, claiming that the favorable pools are large organizations with large Ether reserves whose interest in earning on their Ether investment is bigger than keeping mining as profitable as possible.
The website claims that "miners are no longer vital to the Ethereum developers or big mining pools because they’ve made their money, and now miners are an embarrassment." This is presumably an attack on the plans to transition to PoS eliminating miners altogether and the fact that the public is starting to be concerned about crypto mining's effect on the environment, which previously resulted in Tesla dropping Bitcoin.
In a way, the same people who will oppose Ethereum's transition to PoS had reason to oppose EIP-1559, just with less motivation since a slash to their profits is less dramatic than them being forced out of the network altogether. For this reason, Buterin feels like the London hard fork being successfully implemented without too much fuss makes him more confident in the success of the future transition to PoS.
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum's Update Sets The Stage For 99% Energy Usage Cut: Co-Founder Vitalik Buterin: Ethereum (CRYPTO: ETH) successfully implementing the controversial London hard fork this week reassures the blockchain's co-founder Vitalik Buterin that the network will easily transition to proof-of-stake (PoS) and cut most of its energy consumption. What Happened: During an interview with Bloomberg published on Thursday, Buterin said that the success in applying the London network upgrade is proof that the Ethereum ecosystem is able to make significant changes," hinting at the network's upcoming transition to PoS. Understanding the reasoning behind Buterin's statement necessitates some notion of how blockchains and forks work. Most blockchains (or even all "real" blockchain if you ask old school proponents) are meant to be decentralized not only in network infrastructure but also in governance. This means that there is no centralized third party able to push a software update to all miners and node operators involved in running the network. As a consequence of this, blockchain developers such as Ethereum's core development team have to coordinate people involved in running the network and convince them to actually implement the update. If a part of the community does not like an update then they often decide to keep running the old version of the software. In this scenario, if it was a so-called soft fork then the update can fail and if it was a hard fork the network splits into two separate and independent blockchains. This has already happened when Ethereum developers decided to perform a hard fork to recover the funds stolen in The Dao's hack . A part of the community was against the change since all transactions were meant to be final and no third party should have been able to alter them and spawned the Ethereum Classic (CRYPTO: ETC) blockchain by refusing to run the newest version of the software. Just like the hard fork that restored access to the funds stolen in The Dao's fork, the London hard fork also had its fair share of opponents. Mostly, the miners who had their revenues slashed by this update's Ethereum improvement proposal (EIP) 1559. Story continues Why It's Important: EIP-1559 causes most of the Ether paid as fees for processing transactions on the network to be burned (destroyed forever) instead of paying it to miners. Investors, on the other hand, are quite happy about it as this means that thousands of Ether are destroyed each day and after the blockchain transitions to PoS it will probably become deflationary due to the lower coin issuance rate. EIP-1559 saw the stark opposition of miners and many mining pools (organizations that allow miners to collaborate in their efforts). Dedicated website Stop EIP-1559 lists 8 favorable pools and 12 against, claiming that the favorable pools are large organizations with large Ether reserves whose interest in earning on their Ether investment is bigger than keeping mining as profitable as possible. The website claims that "miners are no longer vital to the Ethereum developers or big mining pools because theyve made their money, and now miners are an embarrassment." This is presumably an attack on the plans to transition to PoS eliminating miners altogether and the fact that the public is starting to be concerned about crypto mining's effect on the environment, which previously resulted in Tesla dropping Bitcoin. In a way, the same people who will oppose Ethereum's transition to PoS had reason to oppose EIP-1559, just with less motivation since a slash to their profits is less dramatic than them being forced out of the network altogether. For this reason, Buterin feels like the London hard fork being successfully implemented without too much fuss makes him more confident in the success of the future transition to PoS. See more from Benzinga Click here for options trades from Benzinga SEC Moves First DeFi Unregistered Securities Lawsuit Ethereum Crosses ,100 With 14% Rally: At Its Highest Since May © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || BTC and ETH Soar as Total Crypto Market Cap Climbs to $1.8T: BeInCrypto – It has been an eventful 24 hours for the crypto market, as front-runners bitcoin (BTC) and Ether (ETH) show significant growth. Increases that have brought an additional $140 billion to the market. These gains in turn propel crypto’s total market capitalization to $1.8 trillion. Since collapsing in May, BTC’s price has notably floundered. It has either hovered just below the $40,000 mark, at times managed to creep just above it, and others sunk further to the levels of $32,000 or $33,000. However, reports and data both indicate that the world’s most valuable cryptocurrency by market cap is on an uptick, as its price surpassed $43,000. At the time of press, BTC had a value of $44,440 according to CoinMarketCap, which by all indications is the most valuable the asset has been since May. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto || BTC and ETH Soar as Total Crypto Market Cap Climbs to $1.8T: BeInCrypto –
It has been an eventful 24 hours for the crypto market, as front-runners bitcoin (BTC) and Ether (ETH) show significant growth. Increases that have brought an additional $140 billion to the market. These gains in turn propel crypto’s total market capitalization to $1.8 trillion.
Since collapsing in May, BTC’s price has notably floundered. It has either hovered just below the $40,000 mark, at times managed to creep just above it, and others sunk further to the levels of $32,000 or $33,000.
However,reportsanddataboth indicate that the world’s most valuable cryptocurrency by market cap is on an uptick, as its price surpassed $43,000. At the time of press, BTC had a value of $44,440 according to CoinMarketCap, which by all indications is the most valuable the asset has been since May.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || BTC and ETH Soar as Total Crypto Market Cap Climbs to $1.8T: BeInCrypto –
It has been an eventful 24 hours for the crypto market, as front-runners bitcoin (BTC) and Ether (ETH) show significant growth. Increases that have brought an additional $140 billion to the market. These gains in turn propel crypto’s total market capitalization to $1.8 trillion.
Since collapsing in May, BTC’s price has notably floundered. It has either hovered just below the $40,000 mark, at times managed to creep just above it, and others sunk further to the levels of $32,000 or $33,000.
However,reportsanddataboth indicate that the world’s most valuable cryptocurrency by market cap is on an uptick, as its price surpassed $43,000. At the time of press, BTC had a value of $44,440 according to CoinMarketCap, which by all indications is the most valuable the asset has been since May.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Berkshire Hathaway's Operating Earnings Jump 21%, Repurchases $6 Billion Of Its Stock: Warren Buffett ’s Berkshire Hathaway Inc (NYSE: BRK-A ) (NYSE: BRK-B ) has repurchased $6 billion of its own stock in the second quarter, bringing the total buybacks to more than $37 billion since the end of 2019, Bloomberg reports. The company’s second-quarter operating profit rose 21% to $6.69 billion, about $4,424 per Class A share, from $5.51 billion, about $3,463 per share. The net income, including gains from investments such as Apple Inc (NASDAQ: AAPL ) and Bank of America Corp (NYSE: BAC ), rose 7% to $28.1 billion, or $18,488 per Class A share, from $26.3 billion, or $16,314 per share, a year earlier. Chairman and CEO Buffett has been buying back Berkshire shares instead of making new acquisitions. In 2020, the company bought $24.7 billion of its own stock. According to Berkshire's second-quarter report, earnings from railroads, utilities, and energy jumped more than 27% from a year ago in the period to $2.26 billion. “The COVID-19 pandemic adversely affected nearly all of our operations during 2020 and in particular during the second quarter, although the effects varied significantly,” Berkshire said in the earnings report. Berkshire has said that the risks from the pandemic remain and could impact its results in the future. At the end of June, Berkshire’s cash pile stood at $144.1 billion. View more earnings on BRK See more from Benzinga Click here for options trades from Benzinga GoldenTree Asset Management is investing in Bitcoin: Report Zoom Reaches M Settlement In Lawsuit Over User Privacy © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Berkshire Hathaway's Operating Earnings Jump 21%, Repurchases $6 Billion Of Its Stock: • Warren Buffett’sBerkshire Hathaway Inc(NYSE:BRK-A) (NYSE:BRK-B) has repurchased $6 billion of its own stock in the second quarter, bringing the total buybacks to more than $37 billion since the end of 2019,Bloombergreports.
• The company’s second-quarter operating profit rose 21% to $6.69 billion, about $4,424 per Class A share, from $5.51 billion, about $3,463 per share.
• The net income, including gains from investments such asApple Inc(NASDAQ:AAPL) andBank of America Corp(NYSE:BAC), rose 7% to $28.1 billion, or $18,488 per Class A share, from $26.3 billion, or $16,314 per share, a year earlier.
• Chairman and CEO Buffett has been buying back Berkshire shares instead of making new acquisitions.
• In 2020, the company bought $24.7 billion of its own stock.
• According to Berkshire's second-quarter report, earnings from railroads, utilities, and energy jumped more than 27% from a year ago in the period to $2.26 billion.
• “The COVID-19 pandemic adversely affected nearly all of our operations during 2020 and in particular during the second quarter, although the effects varied significantly,” Berkshire said in the earnings report.
• Berkshire has said that the risks from the pandemic remain and could impact its results in the future.
• At the end of June, Berkshire’s cash pile stood at $144.1 billion.
View more earnings on BRK
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum Crosses $3,100 With 14% Rally: At Its Highest Since May: Ethereum (CRYPTO: ETH) saw another major price uptick reaching levels not seen since the month of its all-time high following a positive change in its fundamentals which attracted investments. What Happened: According to CoinMarketCap data , Ether saw its price climb nearly 14.2% higher from its 24-hour low of $2,769 to a high of $3,162, before settling at its current price of $3,109 as of press time. The price uptick is accompanied by healthily growing trading volumes , which followed the implementation of the London network upgrade that resulted in rules forcing the network to burn (destroy forever) thousands of Ether each day . According to recent reports , Co-Founder of investment firm Multicoin Capital, Kyle Samani, recently described the upgrade as "one of the most interesting and important upgrades in the history of Ethereum," pointing out that it will reduce the coin's supply, which will lead to higher prices. According to him, this update will result in people looking for a store of value buying Ether instead of just Bitcoin (CRYPTO: BTC). His reasoning is probably based on estimates suggesting that Ether is likely to become deflationary following its transition to proof-of-stake. On the back of those reports, Ethereum has been rallying so much this year that according to recent estimates it left Bitcoin in the dust by reaching a price 278% higher than the price of $736 reported on Jan 1, 2021, where Bitcoin rose by 237% less. Ethereum proponents are even suggesting that after recently overtaking blue-chip companies such as Paypal Holdings Inc (NASDAQ: PYPL ), Bank of America Corp (NYSE: BAC ) and Adobe Inc.'s (NASDAQ: ADBE ) it could soon see its market cap reach higher than Bitcoin's. See more from Benzinga Click here for options trades from Benzinga Ethereum Estimated To Become Deflationary: Here's When And How Much Ethereum Trading Volume Explodes As Deflationary Potential Wakes Investor Frenzy © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Ethereum Crosses $3,100 With 14% Rally: At Its Highest Since May: Ethereum(CRYPTO: ETH) saw another major price uptick reaching levels not seen since the month of its all-time high following a positive change in its fundamentals which attracted investments.
What Happened:According to CoinMarketCapdata, Ether saw its price climb nearly 14.2% higher from its 24-hour low of $2,769 to a high of $3,162, before settling at its current price of $3,109 as of press time. The price uptick is accompanied byhealthily growing trading volumes, which followed the implementation of theLondon network upgradethat resulted in rules forcing the network to burn (destroy forever)thousands of Ether each day.
According to recentreports, Co-Founder of investment firm Multicoin Capital, Kyle Samani, recently described the upgrade as "one of the most interesting and important upgrades in the history of Ethereum," pointing out that it will reduce the coin's supply, which will lead to higher prices. According to him, this update will result in people looking for a store of value buying Ether instead of justBitcoin(CRYPTO: BTC).His reasoning is probably based on estimates suggesting that Ether is likely to become deflationary following its transition to proof-of-stake.
On the back of those reports, Ethereum has been rallying so much this year that — according to recentestimates— it left Bitcoin in the dust by reaching a price 278% higher than the price of $736 reported on Jan 1, 2021, where Bitcoin rose by 237% less. Ethereum proponents are even suggesting that — after recently overtaking blue-chip companies such asPaypal Holdings Inc(NASDAQ:PYPL),Bank of America Corp(NYSE:BAC) andAdobe Inc.'s(NASDAQ:ADBE) — it could soon see its market cap reach higher than Bitcoin's.
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Elon Musk Sides With Crypto Industry In Infrastructure Bill Debate: Tech tycoon and Tesla (NASDAQ: TSLA ) CEO Elon Musk voiced his concern over the so-called infrastructure bill impacting the cryptocurrency space, which could purportedly kill swathes of the local crypto industry. What Happened: In a late Friday Twitter thread , Coinbase (NASDAQ: COIN ) CEO Brian Armstrong criticized the last-minute amendment to the infrastructure bill proposed by Senators Rob Portman, R-Ohio who drafted the original tax provision along with Mark Warner, D-Va. and Kyrsten Sinema, D-Ariz. The amendment which won the approval of President Joe Biden for allegedly deciding "which foundational technologies are OK and which are not in crypto." Armstrong described the amendment as "disastrous" and explained that for unknown reasons the wording would force "proof of stake validators to comply with the impossible, but not proof of work miners." He said that "this is the government trying to pick winners and losers" and likened it to Senators deciding "that iOS is OK but Android isnt." Musk answered the thread saying that he agrees and highlighting that "this is not the time to pick technology winners or losers in cryptocurrency technology." He believes that there is no need for such measures since "there is no crisis that compels hasty legislation." Price Action: According to CoinMarketCap data , Bitcoin continues its bullish push seemingly unperturbed by the news. The coin rallied by over 9.13% from its 24-hour low of $40,719 to a high of $44,440, before settling at $43,357 as of press time. See more from Benzinga Click here for options trades from Benzinga Biden Favors Stricter Crypto Firm IRS Reporting Rules: Disaster For The U.S. Crypto Space? Ethereum Trading Volume Explodes As Deflationary Potential Wakes Investor Frenzy © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Elon Musk Sides With Crypto Industry In Infrastructure Bill Debate: Tech tycoon andTesla(NASDAQ:TSLA) CEO Elon Musk voiced his concern over the so-called infrastructure bill impacting the cryptocurrency space, which couldpurportedlykill swathes of the local crypto industry.
What Happened:In a late Friday Twitterthread,Coinbase(NASDAQ:COIN) CEO Brian Armstrong criticized the last-minute amendment to the infrastructure bill proposed by Senators Rob Portman, R-Ohio – who drafted the original tax provision – along with Mark Warner, D-Va. and Kyrsten Sinema, D-Ariz. The amendment — whichwon the approvalof President Joe Biden — for allegedly deciding "which foundational technologies are OK and which are not in crypto."
Armstrong described the amendment as "disastrous" and explained that for unknown reasons the wording would force "proof of stake validators to comply with the impossible, but not proof of work miners." He said that "this is the government trying to pick winners and losers" and likened it to Senators deciding "that iOS is OK but Android isn’t."
Muskansweredthe thread saying that he agrees and highlighting that "this is not the time to pick technology winners or losers in cryptocurrency technology." He believes that there is no need for such measures since "there is no crisis that compels hasty legislation."
Price Action:According to CoinMarketCapdata, Bitcoin continues its bullish push seemingly unperturbed by the news. The coin rallied by over 9.13% from its 24-hour low of $40,719 to a high of $44,440, before settling at $43,357 as of press time.
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || A UK man created Idiot Coin to study the 'hype coin' craze. It took a few minutes and $300 to mint 21 million coins that hundreds of people were clamoring to buy.: Bitcoin Dan Kitwood/ Getty Images A New York Times reporter created Idiot Coin to illustrate the craze around so-called hype coins. Millions of people wanting to make money have been drawn in by hype coins that hold little intrinsic value or are outright scams. Reporter David Segal marketed Idiot Coin to look like an obvious fiasco: "Def NOT going to the moon!" See more stories on Insider's business page . In the world of hype coins, developers in the highly speculative end of the cryptocurrency market promise riches to potential investors with appealing-sounding assets that in reality have little intrinsic value or are outright scams. To explain and explore that world, a reporter for the New York Times created Idiot Coin. "The point was to demonstrate that creating a hype coin doesn't take expertise and that many are flimsy and dangerous," reporter David Segal wrote in a feature entitled "Going for Broke in Cryptoland" . Segal detailed his journey that he wanted to end with no one financially harmed. His report said dozens of hype coins are created every day by developers who operate with little oversight and draw in millions of people looking to make some quick money. "It usually ends poorly," with most tokens becoming worthless within a couple of weeks while the developers can rake in tens of thousands of dollars or more, he wrote. Britain-based Segal in creating Idiot Coin consulted two lawyers - one in London and one in the US - about the legality of establishing what sounded like a security and putting it up for sale. Both said regulators in either country could sue coin creators. Avoiding trouble meant making sure Idiot Coin would be a flop, he said. He said estimated losses from hype coin investments range from hundreds of millions of dollars to $1 billion a year. Segal eventually paid about $300 in fees in getting to the point where 21 million Idiot Coins were minted. The reporter worked with Dan Arreola, a man based in Taiwan who, in a warning to would-be investors, posted a YouTube tutorial about how to make and promote a "scam coin." Story continues Segal also hired a web designer to build the Coinforidiots.com website. The site contained a White Paper that's supposed to outline the coin's appeal. "Mine implores investors to scram," he wrote. He hired a TikToker to hype up Idiot Coin, a job he did by fanning fake $100 bills in a parody of opulence. Segal also wrote an announcement for CryptoMoonShots , a Reddit page on which new crypto is unveiled. "Def NOT going to the moon!" Segal wrote. "Might not get an inch off the ground!" His marketing efforts also included a social media post to links to the Idiot Coin Telegram account . He said about 300 people worldwide showed up and some were left confused by the pessimistic pitch. "I was letting down these people by refusing to promise them riches," Segal wrote. This year's boom in the broader cryptocurrency market pushed its valuation past $2 trillion, although selloffs driven largely by regulatory threats have brought that down to roughly $1.7 trillion. The market's most prominent meme currency is dogecoin which was started in 2013 by two programmers spoofing the cryptocurrency craze. The price so far this year has surged by nearly 4,300%, trading around $0.21 to bring its market capitalization to about $27 billion. Read the original article on Business Insider || Why China is cracking down on certain publicly-traded companies, according to Carson Block: Short seller Carson Block gained notoriety for exposing the fraudulent accounting practices of U.S.-listed Chinese companies. But the founder of Muddy Waters Capital now believes the days of Chinese companies tapping American capital markets are over.
In an interview with Yahoo Finance Live, Block attributedthe recent regulatory crackdownon China’s largest firms to an acceptance by Beijing’s leadership that the delisting of its U.S.-listed firms is "inevitable."
“I think Xi Jinping is saying look, U.S.-listed companies need to understand that they have to find an alternate way of accessing capital markets. Come back to the mainland, come to Hong Kong, but their days in the U.S. are numbered,” Block said. “If Chinese companies largely get out of the U.S. before the mandate to delist kicks in, then it kind of looks to Xi's domestic audience, like Chinese companies left the U.S. out of strength, as opposed to being thrown out.”
Congress passed a law last year, banning foreign companies from listing their securities on U.S. exchanges for failing to comply with American rules for three consecutive years. The Holding Foreign Companies Accountable Act was signed into law in response to concerns that Chinese firms were skirting financial auditing by the Public Company Accounting Oversight Board (PCAOB), a nonprofit corporation Congress created in 2002, because of Chinese resistance to overseas inspections of its companies’ audits.
The law’s three-year grace period has forced Chinese firms to reconsider their options: comply with disclosure requirements that could put them at odds with regulators back home, or move their securities outside of U.S. exchanges.
“I always thought China would give in at the 11th hour on auditor inspections. And the reason I thought that was because so many [Chinese Communist Party] officials have undisclosed stakes in these U.S.-listed China companies,” Block said. “But I think Xi Jinping has decided not to give on auditor inspections. And I think that's because, right now, he has to play to this domestic audience of not being bullied around by the U.S.”
Block said recent crackdowns on some of the biggest Chinese firms are proof of that.
Following ride-hailing giant Didi Chuxing’s (DIDI) $4.4 billion IPO in June, China’s Cybersecurity regulators opened an investigation into the firm and banned the app from accepting new users, causing its U.S.-listed shares to plummet. TheWall Street Journal reportedBeijing officials urged Didi to delay its listing over concerns IPO documents required by the U.S. Securities and Exchange Commission (SEC) could contain sensitive information and data.
Last month, China-based tutoring firms New Oriental Education & Technology Group (EDU), TAL Education Group (TAL), and Gaotu Techedu Inc. (GOTU). saw their shares fall more than 40% as regulators attempted to exert control over the industry, by calling on the firms to go nonprofit.
Earlier this week, Tencent (TCEHY) was briefly toppled as Asia’s most valuable company, after state-run media ran an article,calling online gaming "a spiritual opium.”
Combined, the regulatory shake-ups have erased more than $1 trillion from the market value of U.S.-listed Chinese stocks.
“I think that from the Wall Street perspective, the perspective of the banks and asset managers, they're not liking this because they want to continue to sell the dream to U.S. investors and make the fees associated with that,” Block said. “I do personally think it's healthy if less U.S. retail money and pension money gets put into these things.”
The scrutiny in China has come, as the SEC looks to tighten the screws to protect American investors. Last week, SEC Commissioner Gary Genslerhalted all IPOs of Chinese firms, pending further risk disclosures.
Block said the regulatory squeeze is likely to push more Chinese firms to seek listings in Hong Kong and the mainland markets, over the next three years. Many firms, including Alibaba (BABA), JD.com (JD), and NetEase (NTES) have already sought secondary listings on the Hong Kong Exchange.
But Block said he doesn’t believe the Hong Kong market has the liquidity to support a wholesale relisting of Chinese securities in the U.S., leading to consolidation.
“I think your tier one U.S.-listed China companies will be able to find reasonable markets over in Hong Kong, meaning some liquidity, etc. It won't be anything like the liquidity in the U.S. But your tier two and tier three companies are going to have problems,” he said. "I think that maybe you can start to see some acquisitions over time of these tier two companies by the tier ones because they just — there's not enough liquidity in HK."
Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter@AkikoFujita
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• GM launches $25 million climate equity fund aimed at making EV future accessible || Why China is cracking down on certain publicly-traded companies, according to Carson Block: Short seller Carson Block gained notoriety for exposing the fraudulent accounting practices of U.S.-listed Chinese companies. But the founder of Muddy Waters Capital now believes the days of Chinese companies tapping American capital markets are over. In an interview with Yahoo Finance Live, Block attributed the recent regulatory crackdown on China’s largest firms to an acceptance by Beijing’s leadership that the delisting of its U.S.-listed firms is "inevitable." “I think Xi Jinping is saying look, U.S.-listed companies need to understand that they have to find an alternate way of accessing capital markets. Come back to the mainland, come to Hong Kong, but their days in the U.S. are numbered,” Block said. “If Chinese companies largely get out of the U.S. before the mandate to delist kicks in, then it kind of looks to Xi's domestic audience, like Chinese companies left the U.S. out of strength, as opposed to being thrown out.” Congress passed a law last year, banning foreign companies from listing their securities on U.S. exchanges for failing to comply with American rules for three consecutive years. The Holding Foreign Companies Accountable Act was signed into law in response to concerns that Chinese firms were skirting financial auditing by the Public Company Accounting Oversight Board (PCAOB), a nonprofit corporation Congress created in 2002, because of Chinese resistance to overseas inspections of its companies’ audits. The law’s three-year grace period has forced Chinese firms to reconsider their options: comply with disclosure requirements that could put them at odds with regulators back home, or move their securities outside of U.S. exchanges. “I always thought China would give in at the 11th hour on auditor inspections. And the reason I thought that was because so many [Chinese Communist Party] officials have undisclosed stakes in these U.S.-listed China companies,” Block said. “But I think Xi Jinping has decided not to give on auditor inspections. And I think that's because, right now, he has to play to this domestic audience of not being bullied around by the U.S.” Story continues Block said recent crackdowns on some of the biggest Chinese firms are proof of that. Following ride-hailing giant Didi Chuxing’s ( DIDI ) $4.4 billion IPO in June, China’s Cybersecurity regulators opened an investigation into the firm and banned the app from accepting new users, causing its U.S.-listed shares to plummet. The Wall Street Journal reported Beijing officials urged Didi to delay its listing over concerns IPO documents required by the U.S. Securities and Exchange Commission (SEC) could contain sensitive information and data. Last month, China-based tutoring firms New Oriental Education & Technology Group ( EDU ), TAL Education Group ( TAL ), and Gaotu Techedu Inc. ( GOTU ). saw their shares fall more than 40% as regulators attempted to exert control over the industry, by calling on the firms to go nonprofit. Earlier this week, Tencent ( TCEHY ) was briefly toppled as Asia’s most valuable company, after state-run media ran an article, calling online gaming "a spiritual opium.” Combined, the regulatory shake-ups have erased more than $1 trillion from the market value of U.S.-listed Chinese stocks. Regulatory squeeze “I think that from the Wall Street perspective, the perspective of the banks and asset managers, they're not liking this because they want to continue to sell the dream to U.S. investors and make the fees associated with that,” Block said. “I do personally think it's healthy if less U.S. retail money and pension money gets put into these things.” The scrutiny in China has come, as the SEC looks to tighten the screws to protect American investors. Last week, SEC Commissioner Gary Gensler halted all IPOs of Chinese firms , pending further risk disclosures. Block said the regulatory squeeze is likely to push more Chinese firms to seek listings in Hong Kong and the mainland markets, over the next three years. Many firms, including Alibaba ( BABA ), JD.com ( JD ), and NetEase ( NTES ) have already sought secondary listings on the Hong Kong Exchange. But Block said he doesn’t believe the Hong Kong market has the liquidity to support a wholesale relisting of Chinese securities in the U.S., leading to consolidation. “I think your tier one U.S.-listed China companies will be able to find reasonable markets over in Hong Kong, meaning some liquidity, etc. It won't be anything like the liquidity in the U.S. But your tier two and tier three companies are going to have problems,” he said. "I think that maybe you can start to see some acquisitions over time of these tier two companies by the tier ones because they just — there's not enough liquidity in HK." Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita Bitcoin mining crackdown in China is a boon for Texas Two-time Olympian celebrates NCAA rule change: ‘This is the tide that lifts all boats’ GM launches $25 million climate equity fund aimed at making EV future accessible
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46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87.
|
[Bitcoin Technical Analysis for 2016-04-02]
Volume: 45681200, RSI (14-day): 54.03, 50-day EMA: 414.81, 200-day EMA: 375.01
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Brave will pay you in Bitcoins for browsing the web (updated): Brendan Eich, thecontroversialformer CEO of Mozilla, recently launchedBrave, a privacy-focused browser that blocks ads and trackers. While that concept isn't new, Brave has a twist: You'll have to pay to completely block ads, and if you allow replacement ads (reportedly free of bloat, tracking and malware) you'll actually get paid yourself. Now, the company hasrevealedthe Brave Ledger, a Bitcoin-based payment system for users and publishers. The specifications aren't final, but Brave is now fielding comments and discussion from advertisers and developers.
Here's how it works: Previously, the company said it would allow users to either pay to block ads, or get paid to allow ad replacements from Brave's own network. Those ads, chosen by an ad-matching partner, are supposedly faster, safer and load after the publisher's content, not before it like regular third-party ads. For ad-free mode, you'll pay a monthly fee that will be distributed to publishers based on total traffic to each site. Brave's ad network would take a five percent cut of the total amount collected.
How many publishers will go along with this, since many, like Engadget parent AOL, have their own ad networks?
When users go for replacement ads, Brave will take a 15 percent cut, its ad-matching partner would take 15 percent and publishers would get the biggest chunk, 55 percent. The latter pot would be divvied up based on the same traffic measurements as the ad-free method. Users get 15 percent, but there are some caveats. First of all, you need to have a Brave Bitcoin wallet, and the default option will be to donate money to your preferred publisher. If you want to spend the money yourself, you'll need to verify your identity with a phone number and email address. Publishers will also need to be verified to a higher standard.
All of this creates as many questions as it answers. How much will users get paid (and have to pay) to accept or decline ads, for instance? Since the ad-free method amounts to a subscription, how many users will pay to skip ads? (Not many, if torrent software providers likeuTorrentare any indication.) Which publishers will go along with this, since many, like Engadget parent AOL, have theirown ad networks? These are tricky questions, and if the company doesn't have the right answers, its Brave browser model will be dead on arrival.
Update: Since this article was published, Brave has updated the source blogpostto say that paying for ad-blocking is "optional." In a previous version, it said "for ad-free mode, you pay a monthly fee in Bitcoin (BTC)." The article now states: "For sites in ad-free mode, you can optionally pay the site by drawing from your user wallet, funded by your revenue share from ad-replacement mode sites (see below) plus your own funds if you care to add any." A company spokesperson also confirmed that users do not have to pay to block ads.
There's no word on whether users would opt in or out to pay, and how a free mode would affect publisher revenues. Engadget has reached out for more information, and Brave's comments, in part, are below.
There is no subscription model. With Brave, a user can go ad-free if he wishes -- without paying. Of course we encourage users to support publishers and web sites, but we don't require users to pay to go ad-free. || Brave will pay you in Bitcoins for browsing the web (updated): Brendan Eich, thecontroversialformer CEO of Mozilla, recently launchedBrave, a privacy-focused browser that blocks ads and trackers. While that concept isn't new, Brave has a twist: You'll have to pay to completely block ads, and if you allow replacement ads (reportedly free of bloat, tracking and malware) you'll actually get paid yourself. Now, the company hasrevealedthe Brave Ledger, a Bitcoin-based payment system for users and publishers. The specifications aren't final, but Brave is now fielding comments and discussion from advertisers and developers.
Here's how it works: Previously, the company said it would allow users to either pay to block ads, or get paid to allow ad replacements from Brave's own network. Those ads, chosen by an ad-matching partner, are supposedly faster, safer and load after the publisher's content, not before it like regular third-party ads. For ad-free mode, you'll pay a monthly fee that will be distributed to publishers based on total traffic to each site. Brave's ad network would take a five percent cut of the total amount collected.
How many publishers will go along with this, since many, like Engadget parent AOL, have their own ad networks?
When users go for replacement ads, Brave will take a 15 percent cut, its ad-matching partner would take 15 percent and publishers would get the biggest chunk, 55 percent. The latter pot would be divvied up based on the same traffic measurements as the ad-free method. Users get 15 percent, but there are some caveats. First of all, you need to have a Brave Bitcoin wallet, and the default option will be to donate money to your preferred publisher. If you want to spend the money yourself, you'll need to verify your identity with a phone number and email address. Publishers will also need to be verified to a higher standard.
All of this creates as many questions as it answers. How much will users get paid (and have to pay) to accept or decline ads, for instance? Since the ad-free method amounts to a subscription, how many users will pay to skip ads? (Not many, if torrent software providers likeuTorrentare any indication.) Which publishers will go along with this, since many, like Engadget parent AOL, have theirown ad networks? These are tricky questions, and if the company doesn't have the right answers, its Brave browser model will be dead on arrival.
Update: Since this article was published, Brave has updated the source blogpostto say that paying for ad-blocking is "optional." In a previous version, it said "for ad-free mode, you pay a monthly fee in Bitcoin (BTC)." The article now states: "For sites in ad-free mode, you can optionally pay the site by drawing from your user wallet, funded by your revenue share from ad-replacement mode sites (see below) plus your own funds if you care to add any." A company spokesperson also confirmed that users do not have to pay to block ads.
There's no word on whether users would opt in or out to pay, and how a free mode would affect publisher revenues. Engadget has reached out for more information, and Brave's comments, in part, are below.
There is no subscription model. With Brave, a user can go ad-free if he wishes -- without paying. Of course we encourage users to support publishers and web sites, but we don't require users to pay to go ad-free. || Brave will pay you in Bitcoins for browsing the web (updated): Brendan Eich, the controversial former CEO of Mozilla, recently launched Brave , a privacy-focused browser that blocks ads and trackers. While that concept isn't new, Brave has a twist: You'll have to pay to completely block ads, and if you allow replacement ads (reportedly free of bloat, tracking and malware) you'll actually get paid yourself. Now, the company has revealed the Brave Ledger, a Bitcoin-based payment system for users and publishers. The specifications aren't final, but Brave is now fielding comments and discussion from advertisers and developers. Here's how it works: Previously, the company said it would allow users to either pay to block ads, or get paid to allow ad replacements from Brave's own network. Those ads, chosen by an ad-matching partner, are supposedly faster, safer and load after the publisher's content, not before it like regular third-party ads. For ad-free mode, you'll pay a monthly fee that will be distributed to publishers based on total traffic to each site. Brave's ad network would take a five percent cut of the total amount collected. How many publishers will go along with this, since many, like Engadget parent AOL, have their own ad networks? When users go for replacement ads, Brave will take a 15 percent cut, its ad-matching partner would take 15 percent and publishers would get the biggest chunk, 55 percent. The latter pot would be divvied up based on the same traffic measurements as the ad-free method. Users get 15 percent, but there are some caveats. First of all, you need to have a Brave Bitcoin wallet, and the default option will be to donate money to your preferred publisher. If you want to spend the money yourself, you'll need to verify your identity with a phone number and email address. Publishers will also need to be verified to a higher standard. All of this creates as many questions as it answers. How much will users get paid (and have to pay) to accept or decline ads, for instance? Since the ad-free method amounts to a subscription, how many users will pay to skip ads? (Not many, if torrent software providers like uTorrent are any indication.) Which publishers will go along with this, since many, like Engadget parent AOL, have their own ad networks ? These are tricky questions, and if the company doesn't have the right answers, its Brave browser model will be dead on arrival. Story continues Update : Since this article was published, Brave has updated the source blog post to say that paying for ad-blocking is "optional." In a previous version, it said "for ad-free mode, you pay a monthly fee in Bitcoin (BTC)." The article now states: "For sites in ad-free mode, you can optionally pay the site by drawing from your user wallet, funded by your revenue share from ad-replacement mode sites (see below) plus your own funds if you care to add any." A company spokesperson also confirmed that users do not have to pay to block ads. There's no word on whether users would opt in or out to pay, and how a free mode would affect publisher revenues. Engadget has reached out for more information, and Brave's comments, in part, are below. There is no subscription model. With Brave, a user can go ad-free if he wishes -- without paying. Of course we encourage users to support publishers and web sites, but we don't require users to pay to go ad-free. || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Story continues Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Story continues Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan)
[Social Media Buzz]
$420.01 #bitfinex;
$419.15 #coinbase;
$418.20 #bitstamp;
$415.00 #btce;
#bitcoin #btc || LIVE: Profit = $148.05 (8.46 %). BUY B4.53 @ $410.00 (#VirCurex). SELL @ $420.20 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || One Bitcoin now worth $418.08@bitstamp. High $420.00. Low $414.42. Market Cap $6.432 Billion #bitcoin || ProjectCoin: LIVE: Profit = $149.95 (8.56 %). BUY B4.53 @ $410.00 (#VirCurex). SELL @ $419.86 (#Bitfinex) #bitcoin #btc - … || 1 #bitcoin 1243.92 TL, 415.752 $, 37...
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420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09.
|
[Bitcoin Technical Analysis for 2015-11-17]
Volume: 51001600, RSI (14-day): 52.10, 50-day EMA: 307.10, 200-day EMA: 271.00
[Wider Market Context]
Gold Price: 1068.70, Gold RSI: 24.02
Oil Price: 40.67, Oil RSI: 35.31
[Recent News (last 7 days)]
Your first trade for Tuesday: The "Fast Money" traders delivered their final trades of the day.
Pete Najarian was a buyer of Pfizer(PFE).
Brian Kelly was a buyer of Garmin(GRMN).
Karen Finerman was a buyer of Dorian LPG(LPG).
Guy Adami was a buyer of Nuance(NUAN).
Trader disclosure: On November 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AAPL, ABX, BAC, BEE, DAL, DOW, EMR, FB, FIT, JOY, LUK, MRK, MSFT, PBR, PFE, POT, SLV, TJX, UA, UAL, VZ, WYNN, XLF, ZIOP He is long puts EWW, FCX, MRO. Brian Kelly is long BBRY, GLD, Bitcoin, Hong Kong Dollar, US Dollar; he is short Yuan, British Pound, Candaian Dollar, Euro, Yen, EEM, EWC, EWH, EWU, EWG, SPY. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, DIS puts, FL, GOOG, GOOGL, GPS, JPM, KORS, KORS call spreads, MA, URI, URI long puts, WFM, her firm is short IWM, SPY, MDY, USO, XRT, Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Tuesday: The " Fast Money " traders delivered their final trades of the day. Pete Najarian was a buyer of Pfizer ( PFE ) . Brian Kelly was a buyer of Garmin ( GRMN ) . Karen Finerman was a buyer of Dorian LPG ( LPG ) . Guy Adami was a buyer of Nuance ( NUAN ) . Trader disclosure: On November 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is l ong AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AAPL, ABX, BAC, BEE, DAL, DOW, EMR, FB, FIT, JOY, LUK, MRK, MSFT, PBR, PFE, POT, SLV, TJX, UA, UAL, VZ, WYNN, XLF, ZIOP He is long puts EWW, FCX, MRO. Brian Kelly is long BBRY, GLD, Bitcoin, Hong Kong Dollar, US Dollar; he is short Yuan, British Pound, Candaian Dollar, Euro, Yen, EEM, EWC, EWH, EWU, EWG, SPY. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, DIS puts, FL, GOOG, GOOGL, GPS, JPM, KORS, KORS call spreads, MA, URI, URI long puts, WFM, her firm is short IWM, SPY, MDY, USO, XRT, Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Overstock.com is hoarding more than $10 million in gold and silver just in case the banking system collapses: Overstock Headquarters (Peter Komensky) Overstock headquarters Overstock.com is prepared for the worst, with a stockpile of precious metals in a secure location in Utah. The company has enough food, cash, and digital currencies stored up to survive a disaster scenario that would doom the average online retailer, CEO Patrick Byrne told Buzzfeed News . “I want a system that can survive a three month freeze,” says Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.” That means hiding away $6 million worth of gold and $4.3 million of silver in denominations small enough for payroll an undisclosed “safe space” in Utah, plus a 30 day supply of food. Byrne said he thinks of the stockpile as a sort of insurance policy for the company, with a 5% chance of paying off. He pointed to the 1930s banking freeze and the 2008 financial crisis as evidence of the necessity of preparation. Buzzfeed reports that the hoarding is rooted in Byrne’s distrust for most major institutions, including banks. Patrick Byrne, Overstock (AP Photo/George Frey) This distrust has helped prompt Overstock.com to accept Bitcoin last year, making it the first major online retailer to do so. In 2013, Byrne told Business Insider that he believed fiat currency, such as the US dollar, to be fundamentally flawed as it is prone to inflation and manipulation. Meanwhile, Bitcoin, like the stockpiled gold and silver, is a fixed supply and therefore immune. Byrne has made headlines in the past for some confounding behavior, including calling billionaire Steven Cohen a “Sith Lord” in a full-page Wall Street Journal ad (Cohen reportedly manipulated Overstock stock as founder of hedge fund SAC Capital Advisors) and attempting to board a plane with a loaded Glock (he denied knowing the gun was in his bag). NOW WATCH: US governors want to stop the relocation of Syrian refugees to the US More From Business Insider A sweatsuit from a once-popular glam brand is so out of style it's going in a museum 7 of the most outrageous outfits from the Victoria's Secret fashion show The top 100 brands for millennials || Overstock.com is hoarding more than $10 million in gold and silver just in case the banking system collapses: Overstock Headquarters (Peter Komensky) Overstock headquarters Overstock.com is prepared for the worst, with a stockpile of precious metals in a secure location in Utah. The company has enough food, cash, and digital currencies stored up to survive a disaster scenario that would doom the average online retailer, CEO Patrick Byrne told Buzzfeed News . “I want a system that can survive a three month freeze,” says Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.” That means hiding away $6 million worth of gold and $4.3 million of silver in denominations small enough for payroll an undisclosed “safe space” in Utah, plus a 30 day supply of food. Byrne said he thinks of the stockpile as a sort of insurance policy for the company, with a 5% chance of paying off. He pointed to the 1930s banking freeze and the 2008 financial crisis as evidence of the necessity of preparation. Buzzfeed reports that the hoarding is rooted in Byrne’s distrust for most major institutions, including banks. Patrick Byrne, Overstock (AP Photo/George Frey) This distrust has helped prompt Overstock.com to accept Bitcoin last year, making it the first major online retailer to do so. In 2013, Byrne told Business Insider that he believed fiat currency, such as the US dollar, to be fundamentally flawed as it is prone to inflation and manipulation. Meanwhile, Bitcoin, like the stockpiled gold and silver, is a fixed supply and therefore immune. Byrne has made headlines in the past for some confounding behavior, including calling billionaire Steven Cohen a “Sith Lord” in a full-page Wall Street Journal ad (Cohen reportedly manipulated Overstock stock as founder of hedge fund SAC Capital Advisors) and attempting to board a plane with a loaded Glock (he denied knowing the gun was in his bag). NOW WATCH: US governors want to stop the relocation of Syrian refugees to the US More From Business Insider A sweatsuit from a once-popular glam brand is so out of style it's going in a museum 7 of the most outrageous outfits from the Victoria's Secret fashion show The top 100 brands for millennials || Faster Growth and Enhanced Customer Benefits Expected From Proposed Liberty Global Acquisition of CWC: LONDON, UNITED KINGDOM--(Marketwired - Nov 16, 2015) - The Board of Cable & Wireless Communications Plc ("CWC") today announces that it has reached agreement on the terms of a recommended acquisition for the entire issued and to be issued share capital of CWC by Liberty Global ("the Transaction").
Highlights
• The Recommended Offer delivers 86.821pence per share to free float shareholders comprising shares in Liberty Global and a 3 pence per share Special Dividend2
• Represents a premium of approximately 50 per cent. to the undisturbed price of CWC on 21 October 2015
• The non-free float shareholders3have irrevocably undertaken to accept the alternative offers resulting in an overall blended offer price for CWC of 81.911pence per share
• Highly attractive LTM EV/EBITDA multiple of 12.3 times4
• Including the Special Dividend2, transaction values CWC at approximately $8.2 billion1, including debt(5)
• Transaction expected to complete by calendar Q2 2016
The Board of Cable & Wireless Communications, having been approached directly by Liberty Global, has concluded that it is in the long-term best interests of the company, its shareholders, employees and customers, alike, to sell the business for an overall price of approximately $8.2 billion1. This equates to 86.821pence per share in cash and Liberty Global shares for our free float shareholders and represents a premium of approximately 50 per cent. to our undisturbed share price, i.e. the price the day before Liberty Global's interest in acquiring CWC became public, and a premium of approximately 18% to where CWC shares were trading last Friday, 13 November 2015.
Liberty Global is the world's largest international cable television company, with nearly 27 million subscribers receiving over 57 million distinct services and generating approximately $18 billion of annual revenues, with operations mainly in Europe, but growing ambitions in Latin America and the Caribbean.
By joining forces at this time, we combine our high growth assets in Latin America and the Caribbean, with the scale and complementary skills of a truly world class global player, materially improving our ability to offer leading products and services to customers in the region we serve. And by adding their strength and 1.5 million customers in Puerto Rico and Chile, backed by our strengths in adjoining markets and in leading submarine and terrestrial fibre networks, together we expect to grow our Consumer and B2B offers even faster.
Sir Richard Lapthorne, Chairman of CWC, commented"While we remain confident that CWC's unique and highly attractive business has a substantial long-term growth opportunity ahead of it, we believe the Recommended Offer represents an attractive premium for shareholders and secures earlier delivery of our long-term value potential, hence the Board's recommendation today.
"Taken alongside the irrevocable commitments made by John Risley, John Malone and Brendan Paddick, this offer will deliver a price per share of 87 pence to CWC's free float investors and a 50% takeover premium to the undisturbed price on 21 October 2015."
Phil Bentley, Chief Executive of CWC, said"Since we launched our new strategy two years ago, CWC has transformed itself into a leading regional quad play operator. The disposal of Monaco, the creation of our regional hub in Miami and the recent acquisition of Columbus accelerated our competitive positioning whilst at the same time generating significant value for shareholders and enhanced service levels for our customers.
"Liberty Global offers scale and world class capabilities and will be an outstanding custodian of our business, both for our people and our customers. The years ahead should bring new opportunities for further success, faster growth and enhanced customer benefits, built on the strong foundation we have created.
"I would like to take this opportunity to thank all the employees of CWC for their hard work to position our company for success, culminating in the substantial shareholder value creation announced today."
Shareholder returnsCWC has created significant value for shareholders over recent years. The market capitalisation of CWC has grown from c.£1.1bn on 21 October 2013 to c.£2.5bn on 21 October 2015, the day before Liberty Global's interest in CWC became public. The total shareholder return over the last two years leading up to this date was c.46% in comparison with c.16% for the FTSE 250 over the same period. Incorporating the headline recommended offer price, CWC's share price has grown to 86.82 pence, implying a total shareholder return of c.119% since 21 October 2013.
Further information
• Free float shareholders will also have the option to elect for new LiLAC shares in accordance with the LiLAC Alternative or, if they so choose, either of the non-recommended Offers but are advised to consult their financial advisers before so doing
• CHLLC, a company controlled by John Malone, has irrevocably undertaken to accept the First Dual Alternative Offer and the Clearwater entities (Clearwater Holding Ltd and CVBI Holding Inc.), being companies controlled by John Risley, and Brendan Paddick have irrevocably undertaken to accept the Second Dual Alternative Offer. The CWC Board is not recommending these two Alternative Offers
• Irrevocable commitments to accept the Offers have been received from 36 per cent. of CWC shareholders, including Brendan Paddick, the investment vehicles of John Risley and John Malone
• Evercore Partners International LLP ("Evercore") is acting as Lead Financial and Rule 3 Advisor, J.P. Morgan Cazenove ("J.P. Morgan Cazenove") is acting as Financial Advisor and Corporate Broker, and Deutsche Bank AG, London Branch ("Deutsche") is acting as Corporate Broker to CWC
• The CWC Directors, who have been so advised by Evercore, consider the financial terms of the Recommended Offer to be fair and reasonable. In providing its advice to the CWC Directors, Evercore has taken into account the commercial assessments of the CWC Directors. Accordingly, the CWC Directors intend unanimously to vote in favour of the Scheme at the Court Meeting and the resolution(s) relating to the Transaction to be proposed at the CWC General Meeting and to elect to receive the Recommended Offer
• The transaction will be implemented by way of a two-step, integrated process comprising a Scheme of Arrangement under Part 26 of the Companies Act, followed by a merger by formation of a new company under the Cross Border Regulations and Part 3A of Title 7 of Book 2 of the Dutch Civil Code
• It is currently anticipated that shareholder meetings will take place at the end of calendar Q1 or at the beginning of calendar Q2 2016 and completion is expected to take place shortly thereafter
• For further details and definitions (capitalised terms have the same meaning as those given to them in the Rule 2.7 announcement), please read the Rule 2.7 announcement released separately today
About Cable & Wireless CommunicationsCable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m ; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information visit:www.cwc.com.
1Based on the 10 day volume weighted average prices of the relevant Liberty Global shares on 13 November 2015 and a £ / $ exchange rate of 1.5206
2The Special Dividend will be payable to CWC shareholders on the register at 6pm (London time) on the business day immediately prior to the date on which the Scheme becomes effective
3John Risley, John Malone and Brendan Paddick
4Based on proportionate LTM EBITDA of $668 million
5Proportionate net debt of $2.7 billion as at 30 September 2015 || Faster Growth and Enhanced Customer Benefits Expected From Proposed Liberty Global Acquisition of CWC: LONDON, UNITED KINGDOM--(Marketwired - Nov 16, 2015) - The Board of Cable & Wireless Communications Plc ("CWC") today announces that it has reached agreement on the terms of a recommended acquisition for the entire issued and to be issued share capital of CWC by Liberty Global ("the Transaction"). Highlights The Recommended Offer delivers 86.82 1 pence per share to free float shareholders comprising shares in Liberty Global and a 3 pence per share Special Dividend 2 Represents a premium of approximately 50 per cent. to the undisturbed price of CWC on 21 October 2015 The non-free float shareholders 3 have irrevocably undertaken to accept the alternative offers resulting in an overall blended offer price for CWC of 81.91 1 pence per share Highly attractive LTM EV/EBITDA multiple of 12.3 times 4 Including the Special Dividend 2 , transaction values CWC at approximately $8.2 billion 1 , including debt(5) Transaction expected to complete by calendar Q2 2016 The Board of Cable & Wireless Communications, having been approached directly by Liberty Global, has concluded that it is in the long-term best interests of the company, its shareholders, employees and customers, alike, to sell the business for an overall price of approximately $8.2 billion 1 . This equates to 86.82 1 pence per share in cash and Liberty Global shares for our free float shareholders and represents a premium of approximately 50 per cent. to our undisturbed share price, i.e. the price the day before Liberty Global's interest in acquiring CWC became public, and a premium of approximately 18% to where CWC shares were trading last Friday, 13 November 2015. Liberty Global is the world's largest international cable television company, with nearly 27 million subscribers receiving over 57 million distinct services and generating approximately $18 billion of annual revenues, with operations mainly in Europe, but growing ambitions in Latin America and the Caribbean. By joining forces at this time, we combine our high growth assets in Latin America and the Caribbean, with the scale and complementary skills of a truly world class global player, materially improving our ability to offer leading products and services to customers in the region we serve. And by adding their strength and 1.5 million customers in Puerto Rico and Chile, backed by our strengths in adjoining markets and in leading submarine and terrestrial fibre networks, together we expect to grow our Consumer and B2B offers even faster. Story continues Sir Richard Lapthorne, Chairman of CWC, commented "While we remain confident that CWC's unique and highly attractive business has a substantial long-term growth opportunity ahead of it, we believe the Recommended Offer represents an attractive premium for shareholders and secures earlier delivery of our long-term value potential, hence the Board's recommendation today. "Taken alongside the irrevocable commitments made by John Risley, John Malone and Brendan Paddick, this offer will deliver a price per share of 87 pence to CWC's free float investors and a 50% takeover premium to the undisturbed price on 21 October 2015." Phil Bentley, Chief Executive of CWC, said "Since we launched our new strategy two years ago, CWC has transformed itself into a leading regional quad play operator. The disposal of Monaco, the creation of our regional hub in Miami and the recent acquisition of Columbus accelerated our competitive positioning whilst at the same time generating significant value for shareholders and enhanced service levels for our customers. "Liberty Global offers scale and world class capabilities and will be an outstanding custodian of our business, both for our people and our customers. The years ahead should bring new opportunities for further success, faster growth and enhanced customer benefits, built on the strong foundation we have created. "I would like to take this opportunity to thank all the employees of CWC for their hard work to position our company for success, culminating in the substantial shareholder value creation announced today." Shareholder returns CWC has created significant value for shareholders over recent years. The market capitalisation of CWC has grown from c.£1.1bn on 21 October 2013 to c.£2.5bn on 21 October 2015, the day before Liberty Global's interest in CWC became public. The total shareholder return over the last two years leading up to this date was c.46% in comparison with c.16% for the FTSE 250 over the same period. Incorporating the headline recommended offer price, CWC's share price has grown to 86.82 pence, implying a total shareholder return of c.119% since 21 October 2013. Further information Free float shareholders will also have the option to elect for new LiLAC shares in accordance with the LiLAC Alternative or, if they so choose, either of the non-recommended Offers but are advised to consult their financial advisers before so doing CHLLC, a company controlled by John Malone, has irrevocably undertaken to accept the First Dual Alternative Offer and the Clearwater entities (Clearwater Holding Ltd and CVBI Holding Inc.), being companies controlled by John Risley, and Brendan Paddick have irrevocably undertaken to accept the Second Dual Alternative Offer. The CWC Board is not recommending these two Alternative Offers Irrevocable commitments to accept the Offers have been received from 36 per cent. of CWC shareholders, including Brendan Paddick, the investment vehicles of John Risley and John Malone Evercore Partners International LLP ("Evercore") is acting as Lead Financial and Rule 3 Advisor, J.P. Morgan Cazenove ("J.P. Morgan Cazenove") is acting as Financial Advisor and Corporate Broker, and Deutsche Bank AG, London Branch ("Deutsche") is acting as Corporate Broker to CWC The CWC Directors, who have been so advised by Evercore, consider the financial terms of the Recommended Offer to be fair and reasonable. In providing its advice to the CWC Directors, Evercore has taken into account the commercial assessments of the CWC Directors. Accordingly, the CWC Directors intend unanimously to vote in favour of the Scheme at the Court Meeting and the resolution(s) relating to the Transaction to be proposed at the CWC General Meeting and to elect to receive the Recommended Offer The transaction will be implemented by way of a two-step, integrated process comprising a Scheme of Arrangement under Part 26 of the Companies Act, followed by a merger by formation of a new company under the Cross Border Regulations and Part 3A of Title 7 of Book 2 of the Dutch Civil Code It is currently anticipated that shareholder meetings will take place at the end of calendar Q1 or at the beginning of calendar Q2 2016 and completion is expected to take place shortly thereafter For further details and definitions (capitalised terms have the same meaning as those given to them in the Rule 2.7 announcement), please read the Rule 2.7 announcement released separately today About Cable & Wireless Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m ; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . 1 Based on the 10 day volume weighted average prices of the relevant Liberty Global shares on 13 November 2015 and a £ / $ exchange rate of 1.5206 2 The Special Dividend will be payable to CWC shareholders on the register at 6pm (London time) on the business day immediately prior to the date on which the Scheme becomes effective 3 John Risley, John Malone and Brendan Paddick 4 Based on proportionate LTM EBITDA of $668 million 5 Proportionate net debt of $2.7 billion as at 30 September 2015 || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O).
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear.
Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military.http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf"It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co <JPM.N> and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade <ETFC.O>.
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's <EMC.N> RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp <AMTD.N> and News Corp's <NWSA.O> Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire. The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate. Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs. "They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location. RENTED TIME This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O). Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities. Story continues Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services. The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums. “You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare. In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated. Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims. They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July. Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment. In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said. They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said. In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases. "To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said. Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment. His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia." Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs. Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies. Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it." (Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money."
(Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) View comments || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service.
The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters.
The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments.
Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341.
The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods.
It auctioned 44,341 bitcoins last week.
When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday.
itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned.
In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York.
Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday.
In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million.
Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification.
Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service. The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters. The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments. Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341. The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods. It auctioned 44,341 bitcoins last week. When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday. itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned. In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York. Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday. In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million. Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification. Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis)
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 14 exchange pair(s), yielding profits ranging between $0.00 and $192.17 #bitcoin #btc || Current price: 312.22€ $BTCEUR $btc #bitcoin 2015-11-18 00:40:03 CET || One Bitcoin now worth $336.52@bitstamp. High $350.44. Low $327.00. Market Cap $4.999 Billion #bitcoin || In the last 10 mins, there were arb opps spanning 14 exchange pair(s), yielding profits ranging between $0.00 and $166.96 #bitcoin #btc || $334.99 at 23:30 UTC [24h Range: $329.00 - $3...
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334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20.
|
[Bitcoin Technical Analysis for 2016-12-27]
Volume: 167308000, RSI (14-day): 82.14, 50-day EMA: 781.71, 200-day EMA: 663.27
[Wider Market Context]
Gold Price: 1137.30, Gold RSI: 33.65
Oil Price: 53.90, Oil RSI: 65.81
[Recent News (last 7 days)]
Game Development and Blockchain Integration Will Boost Cryptocurrency’s Worldwide Expansion: Game development, led by blockchain solutions like GameCredits, can boost the adoption rate of cryptocurrency worldwide, Forbes.com asserts. GameCredits payment gateway is now successfully tested in the Free MMO FRAGORIA by hundreds of players.
LOS ANGELES, CA / ACCESSWIRE / December 23, 2016 /A revolution in game development occurred December 7th when global game developer Datcroft, launched GameCredits’ blockchain payment gateway in their title game Fragoria. GameCredits payment gateway offers the first cryptocurrency payment solution designed for the gaming industry. GameCredits payment gateway is LIVE within popular RPG Fragoria. After barely 2 weeks of release, thousands of players are already trying the system within the 8 million player game. Unlike other blockchain gaming products, this pioneering blockchain solution was founded by gaming industry experts.Gamecredits, as featured in a recent Forbes article, will help to widespread cryptocurrency around the world.Game developers who seek fast payment processing, increased security, higher consumer deposit limits, and decreased fees can now take advantage of the open source platform provided by Datcroft and GameCredits. This payment system allows any user to access the GameCredits blockchain web wallet directly from their game store. Datcroft introduced this system to the 8 million registered users of theRPG Fragoria, where players can now choose to purchase in-game items or currency with GameCredits, “GAME”. Gamers who choose to pay with “GAME” will reap the benefits of increasing currency value, transferability, anonymity, and increased security. By using Gamecredits, video games can establish rich economic ecosystems using a tangible digital asset.Partnering with Gamecredits, Datcroft is paving the way for the future of gaming. A future where video games are based on a digital currency, opening the doors for currency transfer and new marketplaces. Ultimately, this means more revenue in the pockets of developers and more opportunities for gamers.To take advantage of this payment gateway, developers will be able to access GameCredits open source API (Application Program Interface). After access to the program, developers can quickly add gamecredits as a means of payment within their games. This payment system will instantly reduce transaction costs and fees thereby attracting more game development experts over time.Datcroft Games and GameCredits are excited to unveil this platform to the game development community. The payment system is specifically tested to meet the needs of players in successful games such as Fragoria. Sergey Sholom CEO of Datcroft Games explains, “This is the first gaming centered cryptocurrency designed by game developers for game developers. For a blockchain integration such as this to be successful, you must have a team with a background in game development. Only then can you bring a proprietary product like GameCredits to the marketplace and have it succeed”. By joining forces, Datcroft' and GameCredits provide the necessary gaming expertise to significantly impact the gaming world.The two companies have a working plan for the future of GameCredits. First, they will continue to test the payment solution within Fragoria, working out any design issues and minor bugs. Second, they will integrate the gateway into another successful Datcroft game, Get the Gun, allowing them to further test the solution and work out kinks that could occur in a different game format. Third, credit card and Paypal payment options will be added to the gateway so gamers can purchase GameCredits without having to first buy Bitcoin. Finally, the companies will roll out announcements for mobile gaming solutions.With over 13 years of experience in game development, Datcroft Games strives to provide innovative and unique gaming experiences. Their dedication to these goals will further bolster GameCredits capabilities as the companies revolutionize the world of blockchain gaming.For more information, please visithttp://gamecredits.com
Contact:Name: Nebojša MaksimovićEmail: [email protected]: GameCredits Inc
Video URL:https://www.youtube.com/watch?v=yK7S59NAo0Q
Source:Game Credits Inc. || Game Development and Blockchain Integration Will Boost Cryptocurrency’s Worldwide Expansion: Game development, led by blockchain solutions like GameCredits, can boost the adoption rate of cryptocurrency worldwide, Forbes.com asserts. GameCredits payment gateway is now successfully tested in the Free MMO FRAGORIA by hundreds of players. LOS ANGELES, CA / ACCESSWIRE / December 23, 2016 / A revolution in game development occurred December 7th when global game developer Datcroft, launched GameCredits’ blockchain payment gateway in their title game Fragoria. GameCredits payment gateway offers the first cryptocurrency payment solution designed for the gaming industry. GameCredits payment gateway is LIVE within popular RPG Fragoria. After barely 2 weeks of release, thousands of players are already trying the system within the 8 million player game. Unlike other blockchain gaming products, this pioneering blockchain solution was founded by gaming industry experts. Gamecredits, as featured in a recent Forbes article , will help to widespread cryptocurrency around the world. Game developers who seek fast payment processing, increased security, higher consumer deposit limits, and decreased fees can now take advantage of the open source platform provided by Datcroft and GameCredits. This payment system allows any user to access the GameCredits blockchain web wallet directly from their game store. Datcroft introduced this system to the 8 million registered users of the RPG Fragoria , where players can now choose to purchase in-game items or currency with GameCredits, “GAME”. Gamers who choose to pay with “GAME” will reap the benefits of increasing currency value, transferability, anonymity, and increased security. By using Gamecredits, video games can establish rich economic ecosystems using a tangible digital asset. Partnering with Gamecredits, Datcroft is paving the way for the future of gaming. A future where video games are based on a digital currency, opening the doors for currency transfer and new marketplaces. Ultimately, this means more revenue in the pockets of developers and more opportunities for gamers. To take advantage of this payment gateway, developers will be able to access GameCredits open source API (Application Program Interface). After access to the program, developers can quickly add gamecredits as a means of payment within their games. This payment system will instantly reduce transaction costs and fees thereby attracting more game development experts over time. Datcroft Games and GameCredits are excited to unveil this platform to the game development community. The payment system is specifically tested to meet the needs of players in successful games such as Fragoria. Sergey Sholom CEO of Datcroft Games explains, “This is the first gaming centered cryptocurrency designed by game developers for game developers. For a blockchain integration such as this to be successful, you must have a team with a background in game development. Only then can you bring a proprietary product like GameCredits to the marketplace and have it succeed”. By joining forces, Datcroft' and GameCredits provide the necessary gaming expertise to significantly impact the gaming world. The two companies have a working plan for the future of GameCredits. First, they will continue to test the payment solution within Fragoria, working out any design issues and minor bugs. Second, they will integrate the gateway into another successful Datcroft game, Get the Gun, allowing them to further test the solution and work out kinks that could occur in a different game format. Third, credit card and Paypal payment options will be added to the gateway so gamers can purchase GameCredits without having to first buy Bitcoin. Finally, the companies will roll out announcements for mobile gaming solutions. With over 13 years of experience in game development, Datcroft Games strives to provide innovative and unique gaming experiences. Their dedication to these goals will further bolster GameCredits capabilities as the companies revolutionize the world of blockchain gaming. For more information, please visit http://gamecredits.com Story continues Contact: Name: Nebojša Maksimović Email: [email protected] Organization: GameCredits Inc Video URL: https://www.youtube.com/watch?v=yK7S59NAo0Q Source: Game Credits Inc. || IBM Investing in the Future of Blockchain: - By Cristiano Bellavitis, Ph.D.
Most investors believe that blockchain and Bitcoin (the digital currency) are synonyms. What most people don't know, however, is the fact that the blockchain is an "infrastructure" and Bitcoin is one of many applications.IBM(IBM) is heavily investing in the blockchain to disrupt some large industries.
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• IBM 15-Year Financial Data
• The intrinsic value of IBM
• Peter Lynch Chart of IBM
Blockchain basics
Blockchain is a new technology that enables businesses to work together with trust and transparency. Blockchain is a distributed shared operating system where all parties involved in an exchange have open access to an unchangeable digital record of transactions. Each participant always has an exact copy of the transactions and therefore all parties can confidently rely on this data. In theory, the blockchain guarantees accountability and transparency while streamlining business processes.
The blockchain industry
There aren't definitive numbers on companies using blockchain, but the IBM Institute for Business Value released some figures a few months ago:
• 70% of early adopters are working with blockchain to create new business models and reach new customers.
• 65% of banks expect to have blockchain solutions in production in the next three years.
• 80% of banks identified trade finance, corporate lending and reference data as having the greatest potential to be disrupted by the blockchain technology.
• 15% of banks intend to implement full-scale, commercial blockchain solutions in 2017.
• Companies expect reference data (83%), retail payments (80%) and consumer lending (79%) to be the segments that will be impacted the most by blockchain.
Another recent study from Markets and Markets speculates that the blockchain industry will grow from $210 million in 2016 to $2.3 billion by 2021, for CAGR of 61.5% during the forecast period. Therefore, the blockchain is in the early stages of development but seems to have great potential and medium term economic value.
Numbers about the market and the companies involved are limited, but according to this article IBM andMicrosoft(MSFT) are the market leaders. IBM provided examples of how they are implementing the blockchain. I will get in touch with Microsoft to see whether they would like to contribute.
Blockchain can disrupt large industries
Food safety
Food safety is one of the sectors that is receiving attention. Authenticity has been a challenge in China, andWalmart(WMT) is taking a proactive role in using new technologies to address it. By using blockchain, Walmart is able to build an ecosystem of supply chain partners that is based on trust.
Health care
The need for private, secure and reliable information flow in health care is clear as organizations balance information sharing needs with privacy, security and protecting against ongoing cyber-attacks. The application of blockchain technology can be applied to address a health care workflow and ecosystem from the beginning as it is introduced to this emerging digital industry.
FinTech
Banks and consumers are turning to fintech companies to disrupt the financial industry. FinTechs are moving quickly to create new approaches in payments, lending and new use cases for blockchain. IBM is helping FinTechs envision, build and monetize these new solutions by providing developer tools, technology, training and programs to share financial services expertise. IBM's cloud and blockchain ecosystem is helping FinTechs, start-ups, developers and independent software vendors drive faster design and development.
For example, Eigencat, a Singapore-based startup, is using IBM Bluemix to deliver digital investment solutions for the financial market. The FinTech startup is also using IBM Cloud to develop new cognitive-based investment solutions using Watson APIs and broaden its reach within and outside Singapore. Working with the Singapore BlueMix Garage, start-up FreshTurf is creating an innovative blockchain-based network of storage lockers for shipping and parcel delivery throughout Singapore.
A few examples of IBM applications in the blockchain industry:
• SBI Securities - testing blockchain for a new bond trading platform and for improving securities operations.
• Japan Stock Exchange - testing the potential of blockchain technology for use in trading in low transaction markets.
• Bank of Tokyo Mitsubishi UFG - using blockchain to examine the design, management and execution of contracts among business partners.
• London Stock Exchange Group - exploring blockchain to manage risk and bring additional transparency to global financial markets.
• Kouvola Innovation - using blockchain to transform logistics value chains into a more seamless process that provides a trusted view of every piece of cargo.
• Kenya - The government is utilizing blockchain to develop an immutable and transparent education management system. In order to reduce the issuance of fraudulent academic degrees and limit the market of illicit academic certificates, the Kenyan government is working with IBM to launch an academic certificate issuance platform on a blockchain network.
• BNY Mellon - designing and developing a unique application for securities lending, using a blockchain network to trade and transfer assets.
• Mizuho Financial Group - testing blockchain for settlements using virtual currency.
• Everledger - using blockchain to track diamonds and other valuable assets.
• CLS Group - collaborating with IBM so that its payment netting service using Hyperledger Fabric meets the requirements necessary for delivering a resilient, secure, and scalable service.
IBM investments in the blockchain
IBM recently announced a $200 million investment in the new global headquarters for its Watson Internet of Things business in Munich. IBM is developing a new capability that connects IoT data to Blockchain through the IBM Watson IoT Platform. In addition, IBM opened a Blockchain Innovation Center in Singapore to accelerate blockchain adoption for finance and trade in the first collaboration of its kind with the Singapore Economic Development Board and the Monetary Authority of Singapore.
IBM monetization and blockchain performance
IBM is leveraging its Bluemix technology to implement blockchain solutions. IBM offers two price plans: The starter plan is free, but the more secure system costs $10,000 per month. We contacted IBM to ask about some performance and financial data about its blockchain business but they replied that they "can't provide any financial data related to IBM Blockchain at this time." We assume that the main reason for this is that the business is in its early stages and therefore does not materially impact IBM revenues. Considering that the estimates are for a total global industry valued at $210 million in 2016, at the moment this segment is of minor importance to IBM. We estimate that IBM has approximately 50 paying customers, therefore the revenues generated would be in the range of $6 million a year, plus ancillary revenues in the range of $50 million a year.
Disclosure: We are long IBM.
Start a free seven-day trial of Premium Membership to GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 4 Warning Sign with IBM. Click here to check it out.
• IBM 15-Year Financial Data
• The intrinsic value of IBM
• Peter Lynch Chart of IBM || IBM Investing in the Future of Blockchain: - By Cristiano Bellavitis, Ph.D. Most investors believe that blockchain and Bitcoin (the digital currency) are synonyms. What most people don't know, however, is the fact that the blockchain is an "infrastructure" and Bitcoin is one of many applications. IBM ( IBM ) is heavily investing in the blockchain to disrupt some large industries. Warning! GuruFocus has detected 4 Warning Sign with IBM. Click here to check it out. IBM 15-Year Financial Data The intrinsic value of IBM Peter Lynch Chart of IBM Blockchain basics Blockchain is a new technology that enables businesses to work together with trust and transparency. Blockchain is a distributed shared operating system where all parties involved in an exchange have open access to an unchangeable digital record of transactions. Each participant always has an exact copy of the transactions and therefore all parties can confidently rely on this data. In theory, the blockchain guarantees accountability and transparency while streamlining business processes. The blockchain industry There aren't definitive numbers on companies using blockchain, but the IBM Institute for Business Value released some figures a few months ago: 70% of early adopters are working with blockchain to create new business models and reach new customers. 65% of banks expect to have blockchain solutions in production in the next three years. 80% of banks identified trade finance, corporate lending and reference data as having the greatest potential to be disrupted by the blockchain technology. 15% of banks intend to implement full-scale, commercial blockchain solutions in 2017. Companies expect reference data (83%), retail payments (80%) and consumer lending (79%) to be the segments that will be impacted the most by blockchain. Another recent study from Markets and Markets speculates that the blockchain industry will grow from $210 million in 2016 to $2.3 billion by 2021, for CAGR of 61.5% during the forecast period. Therefore, the blockchain is in the early stages of development but seems to have great potential and medium term economic value. Story continues Numbers about the market and the companies involved are limited, but according to this article IBM and Microsoft ( MSFT ) are the market leaders. IBM provided examples of how they are implementing the blockchain. I will get in touch with Microsoft to see whether they would like to contribute. Blockchain can disrupt large industries Food safety Food safety is one of the sectors that is receiving attention. Authenticity has been a challenge in China, and Walmart ( WMT ) is taking a proactive role in using new technologies to address it. By using blockchain, Walmart is able to build an ecosystem of supply chain partners that is based on trust. Health care The need for private, secure and reliable information flow in health care is clear as organizations balance information sharing needs with privacy, security and protecting against ongoing cyber-attacks. The application of blockchain technology can be applied to address a health care workflow and ecosystem from the beginning as it is introduced to this emerging digital industry. FinTech Banks and consumers are turning to fintech companies to disrupt the financial industry. FinTechs are moving quickly to create new approaches in payments, lending and new use cases for blockchain. IBM is helping FinTechs envision, build and monetize these new solutions by providing developer tools, technology, training and programs to share financial services expertise. IBM's cloud and blockchain ecosystem is helping FinTechs, start-ups, developers and independent software vendors drive faster design and development. For example, Eigencat, a Singapore-based startup, is using IBM Bluemix to deliver digital investment solutions for the financial market. The FinTech startup is also using IBM Cloud to develop new cognitive-based investment solutions using Watson APIs and broaden its reach within and outside Singapore. Working with the Singapore BlueMix Garage, start-up FreshTurf is creating an innovative blockchain-based network of storage lockers for shipping and parcel delivery throughout Singapore. A few examples of IBM applications in the blockchain industry: SBI Securities - testing blockchain for a new bond trading platform and for improving securities operations. Japan Stock Exchange - testing the potential of blockchain technology for use in trading in low transaction markets. Bank of Tokyo Mitsubishi UFG - using blockchain to examine the design, management and execution of contracts among business partners. London Stock Exchange Group - exploring blockchain to manage risk and bring additional transparency to global financial markets. Kouvola Innovation - using blockchain to transform logistics value chains into a more seamless process that provides a trusted view of every piece of cargo. Kenya - The government is utilizing blockchain to develop an immutable and transparent education management system. In order to reduce the issuance of fraudulent academic degrees and limit the market of illicit academic certificates, the Kenyan government is working with IBM to launch an academic certificate issuance platform on a blockchain network. BNY Mellon - designing and developing a unique application for securities lending, using a blockchain network to trade and transfer assets. Mizuho Financial Group - testing blockchain for settlements using virtual currency. Everledger - using blockchain to track diamonds and other valuable assets. CLS Group - collaborating with IBM so that its payment netting service using Hyperledger Fabric meets the requirements necessary for delivering a resilient, secure, and scalable service. IBM investments in the blockchain IBM recently announced a $200 million investment in the new global headquarters for its Watson Internet of Things business in Munich. IBM is developing a new capability that connects IoT data to Blockchain through the IBM Watson IoT Platform. In addition, IBM opened a Blockchain Innovation Center in Singapore to accelerate blockchain adoption for finance and trade in the first collaboration of its kind with the Singapore Economic Development Board and the Monetary Authority of Singapore. IBM monetization and blockchain performance IBM is leveraging its Bluemix technology to implement blockchain solutions. IBM offers two price plans: The starter plan is free, but the more secure system costs $10,000 per month. We contacted IBM to ask about some performance and financial data about its blockchain business but they replied that they "can't provide any financial data related to IBM Blockchain at this time." We assume that the main reason for this is that the business is in its early stages and therefore does not materially impact IBM revenues. Considering that the estimates are for a total global industry valued at $210 million in 2016, at the moment this segment is of minor importance to IBM. We estimate that IBM has approximately 50 paying customers, therefore the revenues generated would be in the range of $6 million a year, plus ancillary revenues in the range of $50 million a year. Disclosure : We are long IBM. Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 4 Warning Sign with IBM. Click here to check it out. IBM 15-Year Financial Data The intrinsic value of IBM Peter Lynch Chart of IBM || Expect more blockchain hype in 2017: The price of the digital currency bitcoin rose more than 100% this year. At the outset of 2016, the controversial coin was trading around $430. This week, it cleared $900, its best level since 2013. As Bloomberg points out, it “ crushed every other currency .” Bitcoin price in the past year, via Winklevoss Index But the talk this year was all about blockchain. Banks and blockchain Blockchain, the open, tamper-proof, peer-to-peer ledger technology that underlies bitcoin, has captured the excitement of banks and financial institutions who want to apply the technology to a wide range of processes—without bitcoin. (What exactly is blockchain? Watch this video .) This year, IBM announced the creation of a new unit called Watson Financial Services to encompass Watson, cloud, and all blockchain-related offerings and strategy. The computing giant created new jobs specifically devoted to blockchain, with the aim of harnessing blockchain technology for client services. Big banks and payment processors, too, staffed up for blockchain . On job networks like Monster.com, Yahoo Finance found more than 100 posts at companies like American Express, Bank of America, BNY Mellon, Capital One, Citigroup, Fidelity, and JPMorgan. Walmart partnered with IBM on a pilot program to track the pork supply chain in China using an IBM blockchain built through the Hyperledger Project , an open-source group created by the Linux Foundation. IBM was a Hyperledger Project founding member, along with Accenture, Intel, JPMorgan, Wells Fargo and others. Jerry Cuomo, IBM’s VP of blockchain technologies, told Yahoo Finance that 2016 began with “ blockchain tourism ,” companies expressing public interest in experimenting with blockchain, but not necessarily doing anything real. Ramesh Gopinath, IBM’s VP of blockchain solutions, now says “there has clearly been a transition from experiments to real deployments.” To be sure, the examples of real deployments are still lacking. The average consumer doesn’t know or care about blockchain, and skeptics dismiss all the “blockchain-without-bitcoin” talk as just talk . Story continues On the bitcoin blockchain, “miners” upload transactions in bundles called “blocks” and are rewarded in bitcoin as an incentive for mining; the transaction records are permanent and immutable. Bitcoin entrepreneurs insist that the entire point of a blockchain is negated if banks try to apply the same technology in a closed, permissioned context, without a digital currency. Some say banks will eventually come around to the uses of bitcoin itself. Balaji Srinavasan, CEO of 21.co , compares it to old narratives around online dating. “It was like, it’s for nerds, it’s for nerds, it’s for nerds,” he says, “and then suddenly, oh, here’s Tinder, and now it’s totally flipped and normal and you’d be crazy not to date that way.” Even if major mainstream applications of blockchain haven’t come along yet, big companies have at least made real investment, demonstrating a faith that all of this will go somewhere. Companies like Chain now offer “blockchain as a service” (BaaS), building specialized blockchains for these high-profile clients. Oliver Bussman, former CIO at UBS, writes on his advisory firm’s blog that 2017 “will be the ‘year of the pilot’ for blockchain in financial services, as it moves from a proof-of-concept technology into production, especially in the cross-border payment and trade finance areas,” but adds that broad adoption of blockchain technology will still “happen more quickly outside of financial services—in areas like supply chain management, in e-government, or health care.” Meanwhile, the membership list continued to grow for R3 CEV, a consortium for banks and financial companies interested in deploying blockchain technology to improve their operations. R3 expects to close a new funding round of $150 million in the first quarter of 2017. Blockchain hype continued to grow in 2016, and in 2017 it will only get louder. Bad for bitcoin The headlines weren’t as kind to bitcoin. In August, hackers stole $54 million worth of bitcoins from Hong Kong bitcoin exchange Bitfinex , the largest bitcoin exchange in the world by US dollar volume. It was the largest bitcoin hack since the infamous hack of Mt. Gox in 2013. In December, the peer-to-peer payment app Circle, which had also offered the ability to buy and sell bitcoin and was one of the earliest prominent bitcoin startups, announced it would no longer allow bitcoin buying on its app. The company said it would still use bitcoin as a settlement token on the back end, and it had already been pivoting away from being bitcoin-only when it added the ability to deposit money via Visa, MasterCard or debit card , but the damage was done: news headlines touted that a prominent bitcoin company “gives up on” bitcoin ( Fortune ), “pulls the plug on” bitcoin ( Wall Street Journal ) or “says bye-bye” to bitcoin ( pymnts.com ). Circle isn’t the first prominent bitcoin startup to move away from bitcoin publicly. Bitreserve, a cloud bank led by former Nike CIO Anthony Watson, changed its name last year to Uphold , dropping the “bit” found in so many bitcoin company names. And there’s more: the IRS subpoenaed the bitcoin company Coinbase , one of the most well-funded bitcoin startups and provider of the most popular US bitcoin wallet, for personal information of its users from the past three years. But blockchain, too, had low points in 2016. This month, Goldman Sachs, JPMorgan, and Santander all dropped out of R3 . This comes despite JPMorgan CEO Jamie Dimon saying in January of this year that bitcoin was “doomed,” but “the blockchain is a technology, which we’ve been studying… and yes, it’s real. If it proves to be cheap and secure it will be adopted for a whole bunch of stuff.” Don and Alex Tapscott, authors of the book “Blockchain Revolution ,” summarize the banks-and-blockchain hype in 2016 this way in an op-ed at Coindesk : “2016 was the year that many bank CEOs woke up to both the threat and the opportunity of the blockchain. At a meeting of 50 CEOs of the 50 largest banks back in January, most were skeptical. Now most are investigating how this technology might transform their companies and industry services.” Expect the “blockchain, not bitcoin” narrative to continue among Wall Street circles in 2017, despite the eye-rolls it garners from bitcoin faithful. But the appeal of bitcoin, as an investment, shouldn’t be underestimated. Bitcoin, like gold, is seen as a safe haven asset, uncorrelated to the mainstream markets . So when there’s uncertainty in the economy, many investors turn to bitcoin, and when there are tightened capital controls in countries like China, many investors turn to bitcoin. With the start of a new US presidential administration, there will be some uncertainty , and that might push bitcoin even higher. — Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at @readDanwrite . Read more: Bitcoin price soars, but it isn’t just about Trump and Clinton Here’s where big banks stand on blockchain Why 21.co is the most exciting bitcoin company right now Coinbase is more bullish on bitcoin than ever || Expect more blockchain hype in 2017: The price of the digital currency bitcoin rose more than 100% this year.
At the outset of 2016, the controversial coin was trading around $430. This week, it cleared $900, its best level since 2013. As Bloomberg points out, it “crushed every other currency.”
But the talk this year was all about blockchain.
Blockchain, the open, tamper-proof, peer-to-peer ledger technology that underlies bitcoin, hascaptured the excitement of banks and financial institutionswho want to apply the technology to a wide range of processes—without bitcoin. (What exactly is blockchain?Watch this video.)
This year, IBM announced the creation of a new unit called Watson Financial Services to encompass Watson, cloud, and all blockchain-related offerings and strategy. The computing giant created new jobs specifically devoted to blockchain, with the aim of harnessing blockchain technology for client services.
Big banks and payment processors, too,staffed up for blockchain. On job networks like Monster.com, Yahoo Finance found more than 100 posts at companies like American Express, Bank of America, BNY Mellon, Capital One, Citigroup, Fidelity, and JPMorgan.
Walmart partnered with IBM on a pilot program totrack the pork supply chain in Chinausing an IBM blockchain built through theHyperledger Project, an open-source group created by the Linux Foundation. IBM was a Hyperledger Project founding member, along with Accenture, Intel, JPMorgan, Wells Fargo and others.
Jerry Cuomo, IBM’s VP of blockchain technologies,told Yahoo Financethat 2016 began with “blockchain tourism,” companies expressing public interest in experimenting with blockchain, but not necessarily doing anything real. Ramesh Gopinath, IBM’s VP of blockchain solutions, now says “there has clearly been a transition from experiments to real deployments.”
To be sure, the examples of real deployments are still lacking. The average consumer doesn’t know or care about blockchain, and skeptics dismissall the “blockchain-without-bitcoin” talk as just talk.
On the bitcoin blockchain, “miners” upload transactions in bundles called “blocks” and are rewarded in bitcoin as an incentive for mining; the transaction records are permanent and immutable. Bitcoin entrepreneurs insist that the entire point of a blockchain is negated if banks try to apply the same technology in a closed, permissioned context, without a digital currency.
Some say banks will eventually come around to the uses of bitcoin itself.Balaji Srinavasan, CEO of 21.co, compares it to old narratives around online dating. “It was like, it’s for nerds, it’s for nerds, it’s for nerds,” he says, “and then suddenly, oh, here’s Tinder, and now it’s totally flipped and normal and you’d be crazy not to date that way.”
Even if major mainstream applications of blockchain haven’t come along yet, big companies have at least made real investment, demonstrating a faith that all of this will go somewhere. Companies like Chain now offer “blockchain as a service” (BaaS), building specialized blockchains for these high-profile clients.
Oliver Bussman, former CIO at UBS,writes on his advisory firm’s blogthat 2017 “will be the ‘year of the pilot’ for blockchain in financial services, as it moves from a proof-of-concept technology into production, especially in the cross-border payment and trade finance areas,” but adds that broad adoption of blockchain technology will still “happen more quickly outside of financial services—in areas like supply chain management, in e-government, or health care.”
Meanwhile, the membership list continued to grow for R3 CEV, a consortium for banks and financial companies interested in deploying blockchain technology to improve their operations. R3 expects to close a new funding round of $150 million in the first quarter of 2017.
Blockchain hype continued to grow in 2016, and in 2017 it will only get louder.
The headlines weren’t as kind to bitcoin.
In August,hackers stole $54 million worth of bitcoins from Hong Kong bitcoin exchange Bitfinex, the largest bitcoin exchange in the world by US dollar volume. It was the largest bitcoin hack since the infamous hack of Mt. Gox in 2013.
In December, the peer-to-peer payment app Circle, which had also offered the ability to buy and sell bitcoin and was one of the earliest prominent bitcoin startups, announced it would no longer allow bitcoin buying on its app. The company said it would still use bitcoin as a settlement token on the back end, and it had already been pivoting away from being bitcoin-only when itadded the ability to deposit money via Visa, MasterCard or debit card, but the damage was done: news headlines touted that a prominent bitcoin company “gives up on” bitcoin (Fortune), “pulls the plug on” bitcoin (Wall Street Journal) or “says bye-bye” to bitcoin (pymnts.com).
Circle isn’t the first prominent bitcoin startup to move away from bitcoin publicly. Bitreserve, a cloud bank led by former Nike CIO Anthony Watson,changed its name last year to Uphold, dropping the “bit” found in so many bitcoin company names.
And there’s more: theIRS subpoenaed the bitcoin company Coinbase, one of the most well-funded bitcoin startups and provider of the most popular US bitcoin wallet, for personal information of its users from the past three years.
But blockchain, too, had low points in 2016. This month, Goldman Sachs, JPMorgan, and Santander alldropped out of R3. This comes despite JPMorgan CEO Jamie Dimon saying in January of this year that bitcoin was “doomed,” but “the blockchain is a technology, which we’ve been studying… and yes, it’s real. If it proves to be cheap and secure it will be adopted for a whole bunch of stuff.”
Don and Alex Tapscott,authors of the book “Blockchain Revolution,” summarize the banks-and-blockchain hype in 2016 this wayin an op-ed at Coindesk: “2016 was the year that many bank CEOs woke up to both the threat and the opportunity of the blockchain. At a meeting of 50 CEOs of the 50 largest banks back in January, most were skeptical. Now most are investigating how this technology might transform their companies and industry services.”
Expect the “blockchain, not bitcoin” narrative to continue among Wall Street circles in 2017, despite the eye-rolls it garners from bitcoin faithful.
But the appeal of bitcoin, as an investment, shouldn’t be underestimated.
Bitcoin, like gold, isseen as a safe haven asset, uncorrelated to the mainstream markets. So when there’s uncertainty in the economy, many investors turn to bitcoin, and when there are tightened capital controls in countries like China, many investors turn to bitcoin.
With the start of a new US presidential administration,there will be some uncertainty, and that might push bitcoin even higher.
—
Daniel Roberts is a writer at Yahoo Finance, covering technology and sports business. Follow him on Twitter at@readDanwrite.
Read more:
Bitcoin price soars, but it isn’t just about Trump and Clinton
Here’s where big banks stand on blockchain
Why 21.co is the most exciting bitcoin company right now
Coinbase is more bullish on bitcoin than ever || A 27-year-old raised $10 million from venture capitalists for an unusual hedge fund: (Andrew Burton/Getty Images)
A 27-year-old has raised $10 million for an unusual hedge fund — with the support of venture capitalists like Andreessen Horowitz and Union Square Ventures.
The 27-year-old in question is Olaf Carlson-Wee, and he's launching a strategy that invests in cryptocurrencies.
To be clear, the $10 million managed by Carlson-Wee's Polychain Capital is peanuts in the hedge fund world. But Polychain's strategy is rare, with few other funds trading in cryptocurrencies. Mosthedge fundstrade stocks, bonds, and currencies, with variations of different strategies.
A cryptocurrency is basically a digital, encrypted currency that is decentralized, so no one power oversees its value. Bitcoin is the most famous of cryptocurrencies — nobody knows who created it — and it's divorced from any government. It's considered a secure, private currency, drawing theattention of antigovernment and privacy-minded folks.
But it's not the only one — several other cryptocurrencies exist and are being developed.
Transactions for these currencies are recorded inblockchain, a private and encrypted ledger.
Carlson-Wee is betting that he can choose the cryptocurrencies that will increase in value — and he expects hundreds of them to enter the market.
"The challenge for someone running a hedge fund is how to build a portfolio across that spectrum of risk and how to choose which of the new issues are going to become important and which are not," said Brad Burnham, partner at Union Square Ventures, which is investing in the fund.
(Olaf Carlson-Wee.Courtesy of Olaf Carlson-Wee)
Polychain, based in San Francisco, will be small, hiring only a handful of people. And Carlson-Wee is not looking for traditional Wall Street types.
"An amateur trader in the cryptocurrency market may have a more relevant background than someone who has had a traditional background on Wall Street," Carlson-Wee said.
Carlson-Wee, a Vassar College grad, wrote his undergrad thesis on bitcoin.
"I was immediately enamored and sort of obsessed," he said. "I thought the prospect of [bitcoin] had massive implications."
He then went to Coinbase, a digital asset exchange, and headed risk, overseeing things like fraud prevention and account security, he said.
Not only is his background unusual for hedge funds — so is his strategy. For instance, the normal research avenues for common hedge fund trades are unavailable, though there are some parallels.
Instead of talking with sell-side researchers or looking at credit agencies (there are none), Carlson-Wee spends his time reading through the white papers that describe the protocols, interviewing the lead developers, and looking at a protocol's machinations in the GitHub repository.
"This qualitative research is supplemented by market data such as price and trading volume as well as network data such as transactions per day, dollar value transacted per day, and the estimated cost of a network-scale attack," he said.
He also embeds himself within the groups that are using the protocols to get a sense of how they are interacting with them, he said.
(Patrick Lux/Getty Images)
That model is similar to other funds that have launched in the space. MetaStable, another small hedge fund based in San Francisco, launched in 2014 with a handful of employees. The firm manages a few million, said Lucas Ryan, one of MetaStable's staffers.
Its investors tend to be those who are already sold on blockchain but "aren't necessary sold that bitcoin has solved all the problems," so they are seeking to invest in other cryptocurrencies, Ryan said.
Ryan, who has a programming background, says his job is to evaluate the protocols that people are developing and the problems they are trying to solve.
"The market is so immature and requires a high degree of technical understanding to wade through the stuff that isn't bull----," Ryan said. "A lot of stuff I couldn't do if I wasn't a programmer with a cryptography background. There's not, like, a ratings agency for any of these."
Still, like with Polychain's strategy, there are parallels. Ryan meets with protocol developers and tries to get a sense of how serious they are and whether their source coding is legit.
To be sure, this world of funds is very young. Until recently, Ryan was working on the fund part time, he said.
And it's unlikely these kinds of funds would grow to be large. Bitcoin, the most popular cryptocurrency, has about a $13.7 billion market cap.
"Bitcoin is like 80% of the total market of coins," Ryan said. "It would give someone pause to start a $50 million fund."
NOW WATCH:A penny costs 1.43 cents to make — here’s what the rest of US currency costs
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• There has been a board shake-up at Chipotle, and Bill Ackman is happy about it || A 27-year-old raised $10 million from venture capitalists for an unusual hedge fund: bitcoin (Andrew Burton/Getty Images) A 27-year-old has raised $10 million for an unusual hedge fund with the support of venture capitalists like Andreessen Horowitz and Union Square Ventures. The 27-year-old in question is Olaf Carlson-Wee, and he's launching a strategy that invests in cryptocurrencies. To be clear, the $10 million managed by Carlson-Wee's Polychain Capital is peanuts in the hedge fund world. But Polychain's strategy is rare, with few other funds trading in cryptocurrencies. Most hedge funds trade stocks, bonds, and currencies, with variations of different strategies. So what is a cryptocurrency? A cryptocurrency is basically a digital, encrypted currency that is decentralized, so no one power oversees its value. Bitcoin is the most famous of cryptocurrencies nobody knows who created it and it's divorced from any government. It's considered a secure, private currency, drawing the attention of antigovernment and privacy-minded folks . But it's not the only one several other cryptocurrencies exist and are being developed. Transactions for these currencies are recorded in blockchain, a private and encrypted ledger . Carlson-Wee is betting that he can choose the cryptocurrencies that will increase in value and he expects hundreds of them to enter the market. "The challenge for someone running a hedge fund is how to build a portfolio across that spectrum of risk and how to choose which of the new issues are going to become important and which are not," said Brad Burnham, partner at Union Square Ventures, which is investing in the fund. Olaf Carlson-Wee (Olaf Carlson-Wee.Courtesy of Olaf Carlson-Wee) Polychain, based in San Francisco, will be small, hiring only a handful of people. And Carlson-Wee is not looking for traditional Wall Street types. "An amateur trader in the cryptocurrency market may have a more relevant background than someone who has had a traditional background on Wall Street," Carlson-Wee said. Carlson-Wee, a Vassar College grad, wrote his undergrad thesis on bitcoin. Story continues "I was immediately enamored and sort of obsessed," he said. "I thought the prospect of [bitcoin] had massive implications." He then went to Coinbase, a digital asset exchange, and headed risk, overseeing things like fraud prevention and account security, he said. Not only is his background unusual for hedge funds so is his strategy. For instance, the normal research avenues for common hedge fund trades are unavailable, though there are some parallels. Qualitative research Instead of talking with sell-side researchers or looking at credit agencies (there are none), Carlson-Wee spends his time reading through the white papers that describe the protocols, interviewing the lead developers, and looking at a protocol's machinations in the GitHub repository. "This qualitative research is supplemented by market data such as price and trading volume as well as network data such as transactions per day, dollar value transacted per day, and the estimated cost of a network-scale attack," he said. He also embeds himself within the groups that are using the protocols to get a sense of how they are interacting with them, he said. two men computers typing technology digital online internet (Patrick Lux/Getty Images) That model is similar to other funds that have launched in the space. MetaStable, another small hedge fund based in San Francisco, launched in 2014 with a handful of employees. The firm manages a few million, said Lucas Ryan, one of MetaStable's staffers. Its investors tend to be those who are already sold on blockchain but "aren't necessary sold that bitcoin has solved all the problems," so they are seeking to invest in other cryptocurrencies, Ryan said. Ryan, who has a programming background, says his job is to evaluate the protocols that people are developing and the problems they are trying to solve. "The market is so immature and requires a high degree of technical understanding to wade through the stuff that isn't bull----," Ryan said. "A lot of stuff I couldn't do if I wasn't a programmer with a cryptography background. There's not, like, a ratings agency for any of these." Still, like with Polychain's strategy, there are parallels. Ryan meets with protocol developers and tries to get a sense of how serious they are and whether their source coding is legit. To be sure, this world of funds is very young. Until recently, Ryan was working on the fund part time, he said. And it's unlikely these kinds of funds would grow to be large. Bitcoin, the most popular cryptocurrency, has about a $13.7 billion market cap. "Bitcoin is like 80% of the total market of coins," Ryan said. "It would give someone pause to start a $50 million fund." NOW WATCH: A penny costs 1.43 cents to make heres what the rest of US currency costs More From Business Insider Hedge funds are going to lay out their Brexit wish list to stop the destruction of the city A small hedge fund that says its reports have led to CEO resignations has a new big short There has been a board shake-up at Chipotle, and Bill Ackman is happy about it || 10 things you need to know before the opening bell: Santa surfing (A surfing instructor dressed as Santa Claus gives a lesson to orphans on Kuta Beach, Bali, Indonesia.Reuters/Antara Foto Agency) Here is what you need to know. Italy has reached a deal to save its banks . The Italian government has agreed to a 20 billion-euro ($20.9 billion) fund to aid its struggling banking system, Reuters reports. Monte Paschi, the world's oldest bank, requested a bailout just moments after a deal was completed. Bitcoin is zooming higher . The cryptocurrency is up 5.1%, or $44, to $905.50, bringing its year-t0-date gain to 117%. Bitcoin trades at its best level in three years. "Fallen angel" debt had its best year since 2003 . B onds issued by companies that were unexpectedly downgraded by credit rating agencies have generated a 37% total return in 2016, more than double the total return for the broader high yield market, according to Goldman Sachs. Putin says the Russian economy is on the mend . Speaking at an annual year-end news conference, Russian President Vladimir Putin said the economy is slowly healing as the capital flight fades and wages pick up, Reuters, reports. Deutsche Bank and Credit Suisse have reached settlements with the US . The two banks have agreed to settlements related to mortgage-backed securities totaling more than $12 billion, Reuters says. The US is suing Barclays over mortgage-backed securities . The Department of Justice is suing the bank and two former executives, saying more than half of the $31 billion worth of packaged mortgage loans defaulted during the financial crisis, a person familiar with the matter told Reuters. Twitter has had a rough week . The stock has tumbled 12% over the past week after a slew of top executive departures. Stock markets around the world are lower . China's Shanghai Composite (-0.9%) trailed in Asia and Spain's IBEX (-0.4%) lags in Europe. The S&P 500 is set to open up 0.2% near 2,262. US economic data flows. New home sales and University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is down 1 basis point at 2.54%. Story continues US markets are closed on Monday . US stock markets are open a full day on Friday, but the US Treasury market will see an early 2 p.m. ET close. More From Business Insider Apple's newest MacBook Pro is the first MacBook not recommended by Consumer Reports A deep-sea fisherman in Russia has been posting his nightmarish finds on Twitter Here's a super-quick guide to what traders are talking about right now || 10 things you need to know before the opening bell: (A surfing instructor dressed as Santa Claus gives a lesson to orphans on Kuta Beach, Bali, Indonesia.Reuters/Antara Foto Agency)
Here is what you need to know.
Italy has reached a deal to save its banks.The Italian government has agreed to a20 billion-euro ($20.9 billion) fund to aid its struggling banking system, Reuters reports. Monte Paschi, the world's oldest bank, requested a bailout just moments after a deal was completed.
Bitcoin is zooming higher.The cryptocurrency is up 5.1%, or $44, to $905.50, bringing its year-t0-date gain to 117%. Bitcoin trades at its best level in three years.
"Fallen angel" debt had its best year since 2003.Bonds issued by companies that were unexpectedly downgraded by credit rating agencies have generated a 37% total return in 2016, more than double the total return for the broader high yield market, according to Goldman Sachs.
Putin says the Russian economy is on the mend.Speaking at an annual year-end news conference, Russian President Vladimir Putin said the economy is slowly healing as the capital flight fades and wages pick up, Reuters, reports.
Deutsche Bank and Credit Suisse have reached settlements with the US.The two banks have agreed to settlements related to mortgage-backed securities totaling more than $12 billion, Reuters says.
The US is suing Barclays over mortgage-backed securities.The Department of Justice is suing the bank and two former executives, saying more than half of the $31 billion worth of packaged mortgage loans defaulted during the financial crisis, a person familiar with the matter told Reuters.
Twitter has had a rough week.The stock has tumbled 12% over the past week after a slew of top executive departures.
Stock markets around the world are lower.China's Shanghai Composite (-0.9%) trailed in Asia and Spain's IBEX (-0.4%) lags in Europe. The S&P 500 is set to open up 0.2% near 2,262.
US economic data flows.New home sales and University of Michigan consumer confidence will be released at 10 a.m. ET and the Baker Hughes rig count will cross the wires at 1 p.m. ET. The US 10-year yield is down 1 basis point at 2.54%.
US markets are closed on Monday.US stock markets are open a full day on Friday, but the US Treasury market will see an early 2 p.m. ET close.
More From Business Insider
• Apple's newest MacBook Pro is the first MacBook not recommended by Consumer Reports
• A deep-sea fisherman in Russia has been posting his nightmarish finds on Twitter
• Here's a super-quick guide to what traders are talking about right now || 10 things you need to know before the opening bell: (A view of a firing contest among multiple launch rocket system (MLRS) batteries selected from large combined units of the KPA, in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang.Reuters/KCNA)
Here is what you need to know.
Dow 20,000 remains elusive.The Dow Jones Industrial Average dipped 0.16% on Wednesday to finish at 19,941.96. It's set to open Thursday's session near 19,935.
Wednesday was the most boring day for stocks since 1992.Wednesday's intraday range of 1.9 basis points was the tightest since Christmas Eve 1992, according to Bespoke Investment Group.
The world's oldest bank is moving closer to a bailout.Monte Paschi failed to secure a key investor for its new share offering, and Reuters reports that caused other investors to balk at the deal. Aside from failing, the only realistic option at this point is a state bailout by the Italian government.
Bitcoin is at its best level in 3 years.The cryptocurrency trades higher by more than 5% on Thursday at $874.04, its best level since December 2013.
Carl Icahn will have a role in the Trump Administration.Icahn will serve as a special adviser to Trump on regulation. "His help on the strangling regulations that our country is faced with will be invaluable," Trump said in a release.
Air Force One will cost less than previously expected.After meeting with Trump, Boeing CEODennis Muilenburg said the president's plane will cost less than previous estimate of near $4 billion. "We work on Air Force One because it's important to our country and we're going to make sure that he gets the best capability and that it's done affordably," Muilenburg said.
Hershey has a new CEO.Michele Buck has been named president and CEO, effective March 1, 2017. Currently, Buck is the company's executive vice president and COO.
Stock markets around the world are lower.Hong Kong's Hang Seng (-0.8%) lagged in Asia and Spain's IBEX (-0.4%) trails in Europe.
Earnings reporting remains light.Rite Aid and ConAgra Brands will release their quarterly results ahead of the opening bell while Cintas reports after markets close.
US economic data picks up.GDP, durable goods, and initial jobless claims will all be released at 8:30 a.m. ET before the FHFA House Price Index crosses the wires at 9 a.m. ET and personal income and spending are announced at 10 a.m. ET. The US 10-year yield is up 2 bps at 2.55%.
More From Business Insider
• I’ve tested over 100 headphones in the past year, and I keep coming back to this $26 pair
• Here's a super-quick guide to what traders are talking about right now
• 'The global bond rout deepens:' Here's a quick guide to what traders are talking about right now || 10 things you need to know before the opening bell: Firing contest (A view of a firing contest among multiple launch rocket system (MLRS) batteries selected from large combined units of the KPA, in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang.Reuters/KCNA) Here is what you need to know. Dow 20,000 remains elusive . The Dow Jones Industrial Average dipped 0.16% on Wednesday to finish at 19,941.96. It's set to open Thursday's session near 19,935. Wednesday was the most boring day for stocks since 1992 . Wednesday's intraday range of 1.9 basis points was the tightest since Christmas Eve 1992, according to Bespoke Investment Group. The world's oldest bank is moving closer to a bailout . Monte Paschi failed to secure a key investor for its new share offering, and Reuters reports that caused other investors to balk at the deal. Aside from failing, the only realistic option at this point is a state bailout by the Italian government. Bitcoin is at its best level in 3 years . The cryptocurrency trades higher by more than 5% on Thursday at $874.04, its best level since December 2013. Carl Icahn will have a role in the Trump Administration . Icahn will serve as a special adviser to Trump on regulation. " His help on the strangling regulations that our country is faced with will be invaluable," Trump said in a release. Air Force One will cost less than previously expected . After meeting with Trump, Boeing CEO Dennis Muilenburg said the president's plane will cost less than previous estimate of near $4 billion. " We work on Air Force One because it's important to our country and we're going to make sure that he gets the best capability and that it's done affordably," Muilenburg said. Hershey has a new CEO . Michele Buck has been named president and CEO, effective March 1, 2017. Currently, Buck is the company's executive vice president and COO. Stock markets around the world are lower . Hong Kong's Hang Seng (-0.8%) lagged in Asia and Spain's IBEX (-0.4%) trails in Europe. Earnings reporting remains light. Rite Aid and ConAgra Brands will release their quarterly results ahead of the opening bell while Cintas reports after markets close. US economic data picks up. GDP, durable goods, and initial jobless claims will all be released at 8:30 a.m. ET before the FHFA House Price Index crosses the wires at 9 a.m. ET and personal income and spending are announced at 10 a.m. ET. The US 10-year yield is up 2 bps at 2.55%. More From Business Insider I’ve tested over 100 headphones in the past year, and I keep coming back to this $26 pair Here's a super-quick guide to what traders are talking about right now 'The global bond rout deepens:' Here's a quick guide to what traders are talking about right now View comments || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetisation in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetisation in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetisation in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly
LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year.
The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months.
That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year.
Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price.
Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's.
The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange.
But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company.
Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetization in India, and by global political uncertainty.
"If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said.
(Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetization in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetization in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly
LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year.
The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months.
That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year.
Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price.
Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's.
The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange.
But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company.
Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetization in India, and by global political uncertainty.
"If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said.
(Reporting by Jemima Kelly, editing by Nigel Stephenson) || Bitcoin's total value hits record high above $14 billion: By Jemima Kelly LONDON (Reuters) - The total value of all bitcoins in circulation hit a record high above $14 billion on Thursday, as the web-based digital currency jumped 5 percent on the day to its highest levels in three years after more than doubling in price this year. The price of one bitcoin reached $875 on the Europe-based Bitstamp exchange, its strongest level since January 2014, putting the cryptocurrency on track for its best daily performance in six months. That compared with levels around $435 at the start of the year, with many experts linking bitcoin's rise with the steady depreciation of the Chinese yuan, which has slid almost 7 percent this year. Data shows the majority of bitcoin trading is done in China, so any increase in demand from there tends to have a significant impact on the price. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. The digital currency is still some way off the peaks it scaled in late 2013, when it traded as high as $1,163 on the Bitstamp exchange. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minutes, its total value - or "market cap" - on Thursday surpassed the 2013 peak of around $14.01 billion. That puts its total value at around the same as that of an average FTSE 100 company. Charles Hayter, founder of data analysis website Cryptocompare, said bitcoin had been helped higher by demonetization in India, and by global political uncertainty. "If that trend continues, bitcoin is a good thematic play on the fracturing of our global norms as a flight to safety," he said. (Reporting by Jemima Kelly, editing by Nigel Stephenson)
[Social Media Buzz]
Current price of Bitcoin is $896.00. || Invest one time only 0.02 BTC & Earn 2,00,000 BTC inone month- BITCOIN4U: http://youtu.be/hc1wAkQpLUo?a на @YouTube || The average price of Bitcoin across all exchanges is 938.00 USD || $932.30 at 21:30 UTC [24h Range: $891.00 - $936.42 Volume: 6530 BTC] || Want to buy Bitcoin? Current price is $933.00 #bitcoin || 1 #BTC (#Bitcoin) quotes:
$906.50/$908.32 #Bitstamp
$888.00/$889.70 #BTCe
⇢$-20.32/$-16.80
$907.20/$916.47 #Coinbase
⇢$-1.12/$9.97 || One Bitco...
|
975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08.
|
[Bitcoin Technical Analysis for 2015-08-13]
Volume: 27685500, RSI (14-day): 39.89, 50-day EMA: 271.24, 200-day EMA: 262.28
[Wider Market Context]
Gold Price: 1115.70, Gold RSI: 50.03
Oil Price: 42.23, Oil RSI: 24.67
[Recent News (last 7 days)]
Car Sharing Is Transforming The German Auto Market: In busy German cities, the need to own a car is steadily decreasing. Residents, who say the expenses associated with owning their own vehicle and the hassle of finding a parking space are not worth it, have turned to car-sharing services, which have caught on in a big way. While the idea of sharing a car rather than buying it may not sound like a good business plan for an automaker, German car manufacturers BMW AG and Daimler AG (OTC: DDAIF ) have both launched their own successful sharing programs. Taking Off Car sharing has exploded in popularity in Germany where many young people who would ordinarily buy a mid-range vehicle are opting instead to save that cash and enroll in a sharing service that allows them to drive higher end vehicles like BMW's. The result has been a decline in car ownership in major cities, which has in turn cut down on vehicle density. Related Link: Uber To Shift Into Financial Services What's In It For Them? For car dealers like BMW and Daimler, car sharing represents an interesting opportunity to gain loyal customers. Young professionals in their 30's use the service at a time when they would have traditionally purchased their own car. As the target market for higher-end vehicles tends to center on a higher age group between 40-50 years old, the car sharing service gives younger people a chance to get hooked on the car maker's brand. Working Together Daimler's Car2Go service and BMW's DriveNow program are both hoping to see their success in Germany replicated in other cities around the world. Car2Go has already begun setting up shop in places like Milan and Columbus, Ohio, while DriveNow is working to secure deals on free parking for its drivers. See more from Benzinga Security Proves A Challenge In Today's Market Yet Again How China's Devaluation Is Impacting Markets Are Yuan Holders Turning To Bitcoin? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Car Sharing Is Transforming The German Auto Market: In busy German cities, the need to own a car is steadily decreasing. Residents, who say the expenses associated with owning their own vehicle and the hassle of finding a parking space are not worth it, have turned to car-sharing services, which have caught on in a big way.
While the idea of sharing a car rather than buying it may not sound like a good business plan for an automaker, German car manufacturersBMW AGandDaimler AG(OTC:DDAIF) have both launched their own successful sharing programs.
Taking Off
Car sharing hasexploded in popularityin Germany where many young people who would ordinarily buy a mid-range vehicle are opting instead to save that cash and enroll in a sharing service that allows them to drive higher end vehicles like BMW's. The result has been a decline in car ownership in major cities, which has in turn cut down on vehicle density.
Related Link:Uber To Shift Into Financial Services
What's In It For Them?
For car dealers like BMW and Daimler, car sharing represents an interesting opportunity to gain loyal customers. Young professionals in their 30's use the service at a time when they would have traditionally purchased their own car. As the target market for higher-end vehicles tends to center on a higher age group between 40-50 years old, the car sharing service gives younger people a chance to get hooked on the car maker's brand.
Working Together
Daimler's Car2Go service and BMW's DriveNow program are both hoping to see their success in Germany replicated in other cities around the world. Car2Go has already begun setting up shop in places like Milan and Columbus, Ohio, while DriveNow is working to secure deals on free parking for its drivers.
See more from Benzinga
• Security Proves A Challenge In Today's Market Yet Again
• How China's Devaluation Is Impacting Markets
• Are Yuan Holders Turning To Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || IBM To Change Its Role In Healthcare: International Business Machines Corp. (NYSE: IBM ) has long provided hospitals and medical centers with computers and operating systems that help track patient data, organize information and help smooth out the chaotic daily operations healthcare professionals face. However, the company appears to be expanding its role in the healthcare space in order to solve medical problems as well as operational ones. IBM is planning to acquire Merge Healthcare Inc (NASDAQ: MRGE ), a medical image storage company, in a deal which will allow IBM to extend its reach a bit further. Artificial Intelligence IBM is planning to use Merge's massive database of X-ray, MRI and other images to create a system that will aid doctors in diagnosing patients quickly and correctly. In order to do this, IBM will use deep learning, a technique used to power things like voice recognition and fraud detection. Computers are given a huge amount of data to sort, and by doing that the machine is able to learn patterns and use them for future detection. IBM believes that this type of system would allow its computers to detect things like tumors or heart disease. Related Link: An Industry You Probably Didn't Know Was Digitized: Agriculture Risks While the idea is promising, IBM will face a lot of hurdles in the development process. As medical data is often complex and each case can differ widely, artificial intelligence may struggle to correctly identify patterns. However, many believe that IBM's access to medical data in combination with Merge's images could give the company enough information to discover new diagnosis patterns that were previously unseen. Still, the prospect of using machines for diagnosis is still far in the future. Most believe that IBM's new system will become a companion or supplementary tool for doctors. See more from Benzinga China Moves To Devalue Currency, Investors Cringe U.S. Bank Regulator Keeps An Open Mind On Bitcoin According To Facebook, 'LOL' Is Out © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || IBM To Change Its Role In Healthcare: International Business Machines Corp.(NYSE:IBM) has long provided hospitals and medical centers with computers and operating systems that help track patient data, organize information and help smooth out the chaotic daily operations healthcare professionals face.
However, the company appears to beexpanding its role in the healthcare spacein order to solve medical problems as well as operational ones.
IBM is planning to acquireMerge Healthcare Inc(NASDAQ:MRGE), a medical image storage company, in a deal which will allow IBM to extend its reach a bit further.
Artificial Intelligence
IBM is planning to use Merge's massive database of X-ray, MRI and other images to create a system that will aid doctors in diagnosing patients quickly and correctly.
In order to do this, IBM will use deep learning, a technique used to power things like voice recognition and fraud detection. Computers are given a huge amount of data to sort, and by doing that the machine is able to learn patterns and use them for future detection. IBM believes that this type of system would allow its computers to detect things like tumors or heart disease.
Related Link:An Industry You Probably Didn't Know Was Digitized: Agriculture
Risks
While the idea is promising, IBM will face a lot of hurdles in the development process. As medical data is often complex and each case can differ widely, artificial intelligence may struggle to correctly identify patterns.
However, many believe that IBM's access to medical data in combination with Merge's images could give the company enough information to discover new diagnosis patterns that were previously unseen.
Still, the prospect of using machines for diagnosis is still far in the future. Most believe that IBM's new system will become a companion or supplementary tool for doctors.
See more from Benzinga
• China Moves To Devalue Currency, Investors Cringe
• U.S. Bank Regulator Keeps An Open Mind On Bitcoin
• According To Facebook, 'LOL' Is Out
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Louis C.K. Embraces Bitcoin: Comedian Louis C.K. has joined the fast-expanding number of merchants who now accept bitcoin as a payment method by making it possible for fans to download his comedy shows and pay using the cryptocurrency. His decision to incorporate bitcoin on his website underscored the digital currency's growing presence in the entertainment industry, which many believe will ultimately help lead to mainstream adoption. Bitcoin Integration On Louis C.K.'s website, fans can download the comedian's albums and recordings and pay anywhere between $1 and $85. In order to give his supporters another way to pay, Louis C.K. partnered with payment processor BitPay to allow bitcoin supporters to use their mobile wallets. The new option is also beneficial to Louis C.K. who is able to avoid the high transaction fees charged by other processors like PayPal Holdings Inc (NASDAQ: PYPL ). Related Link: Could Mike Tyson Become The New Face For Bitcoin? Positive Reception So far, his decision to incorporate bitcoin has received a positive reaction from fans. It appears that some of Louis C.K.'s supporters are a part of the bitcoin community, and have already begun using the new payment option to purchase the comedian's recordings. A Boost This is not the first time that bitcoin has been a hot topic in the entertainment space. Earlier this summer a new film called "Dope" announced that movie goers could purchase their tickets using the cryptocurrency. The film also incorporated bitcoin into its plot, giving digital currencies more exposure. Many believe that the adoption of bitcoin in the entertainment industry is essential to the cryptocurrency's mainstream adoption. Not only will it bring attention to the currency, but it may help to undo some of the negative publicity that bitcoin has received in past years after hacking attacks and scams made it out to be a tool for criminals. Image credit: Chairman of the Joint Chiefs of Staff , Flickr See more from Benzinga Is Medical Marijuana Effective? What's Happening To Media Stocks? Japan Says Bitcoin Can't Be Owned © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Louis C.K. Embraces Bitcoin: Comedian Louis C.K. has joined the fast-expanding number of merchants who now accept bitcoin as a payment method by making it possible for fans to download his comedy shows and pay using the cryptocurrency. His decision toincorporate bitcoinon his website underscored the digital currency's growing presence in the entertainment industry, which many believe will ultimately help lead to mainstream adoption.
Bitcoin Integration
On Louis C.K.'s website, fans can download the comedian's albums and recordings and pay anywhere between $1 and $85. In order to give his supporters another way to pay, Louis C.K. partnered with payment processor BitPay to allow bitcoin supporters to use their mobile wallets. The new option is also beneficial to Louis C.K. who is able to avoid the high transaction fees charged by other processors likePayPal Holdings Inc(NASDAQ:PYPL).
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
Positive Reception
So far, his decision to incorporate bitcoin has received a positive reaction from fans. It appears that some of Louis C.K.'s supporters are a part of the bitcoin community, and have already begun using the new payment option to purchase the comedian's recordings.
A Boost
This is not the first time that bitcoin has been a hot topic in the entertainment space. Earlier this summer a new film called "Dope" announced that movie goers could purchase their tickets using the cryptocurrency. The film also incorporated bitcoin into its plot, giving digital currencies more exposure.
Many believe that the adoption of bitcoin in the entertainment industry is essential to the cryptocurrency's mainstream adoption. Not only will it bring attention to the currency, but it may help to undo some of the negative publicity that bitcoin has received in past years after hacking attacks and scams made it out to be a tool for criminals.
Image credit:Chairman of the Joint Chiefs of Staff, Flickr
See more from Benzinga
• Is Medical Marijuana Effective?
• What's Happening To Media Stocks?
• Japan Says Bitcoin Can't Be Owned
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Louis C.K. Embraces Bitcoin: Comedian Louis C.K. has joined the fast-expanding number of merchants who now accept bitcoin as a payment method by making it possible for fans to download his comedy shows and pay using the cryptocurrency. His decision toincorporate bitcoinon his website underscored the digital currency's growing presence in the entertainment industry, which many believe will ultimately help lead to mainstream adoption.
Bitcoin Integration
On Louis C.K.'s website, fans can download the comedian's albums and recordings and pay anywhere between $1 and $85. In order to give his supporters another way to pay, Louis C.K. partnered with payment processor BitPay to allow bitcoin supporters to use their mobile wallets. The new option is also beneficial to Louis C.K. who is able to avoid the high transaction fees charged by other processors likePayPal Holdings Inc(NASDAQ:PYPL).
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
Positive Reception
So far, his decision to incorporate bitcoin has received a positive reaction from fans. It appears that some of Louis C.K.'s supporters are a part of the bitcoin community, and have already begun using the new payment option to purchase the comedian's recordings.
A Boost
This is not the first time that bitcoin has been a hot topic in the entertainment space. Earlier this summer a new film called "Dope" announced that movie goers could purchase their tickets using the cryptocurrency. The film also incorporated bitcoin into its plot, giving digital currencies more exposure.
Many believe that the adoption of bitcoin in the entertainment industry is essential to the cryptocurrency's mainstream adoption. Not only will it bring attention to the currency, but it may help to undo some of the negative publicity that bitcoin has received in past years after hacking attacks and scams made it out to be a tool for criminals.
Image credit:Chairman of the Joint Chiefs of Staff, Flickr
See more from Benzinga
• Is Medical Marijuana Effective?
• What's Happening To Media Stocks?
• Japan Says Bitcoin Can't Be Owned
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 4 buys for retail stocks ahead of earnings: The bar has been reset in the retail space, and Macy's(NYSE: M)is now the stock to buy for the near term, CNBC "Fast Money" trader David Seaburg said Friday.
"Macy's is the one to own here for the short term, but long term, I caution you: I think they're going to have some real struggles," he said. "I think right now is the time to buy it for a trade: I think the stock's been beaten up, there are no expectations they're going to make numbers-I think you'll get a trade to the upside."
Still, Seaburg reiterated his caution for investors looking to go long into the retailer, as he predicted that Amazon will displace the company by 2017.
For his part, trader Brian Kelly said he "might pick at" Macy's, but similarly cautioned that "it's not really a long-term type of investment."
Kelly said he doesn't like the retail space in general because consumer spending is not seeing much boost from the decline in oil.
"Fast Money" Trader Steve Grasso, meanwhile, said that "if you have to play in that retail space," go with Target(NYSE: TGT).
That company, he said, has been an outperformer with a more than 4 percent year-to-date gain.
He also suggested buying Deckers Outdoor(NYSE: DECK), saying, "It makes an excellent takeout target." He noted that it would also work as a seasonal buy in October.
Disclosures:
Steve Grasso
Grasso is long AAPL, BA, BAC, CC, DD, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long NEM, LYB, WDR, SHLD, STRP, UDR, ACI, AVP, TEX, CLI, TWTR, WYNN, PCRX, AXP, FNMA, SALT, AMD, CUBA, HSPO, ICE, AMZN, FCX, IBM, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OXY, RIG, STAG, TAXI, TITXF, TSE, VALE, ZNGA.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Brian Kelly
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, the VIX, GDX call spread, TWTR call spread, US dollar; he is short DAX, Yuan and Yen. Today he closed his Oil and Ruble shorts.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 4 buys for retail stocks ahead of earnings: The bar has been reset in the retail space, and Macy's (NYSE: M) is now the stock to buy for the near term, CNBC "Fast Money" trader David Seaburg said Friday. "Macy's is the one to own here for the short term, but long term, I caution you: I think they're going to have some real struggles," he said. "I think right now is the time to buy it for a trade: I think the stock's been beaten up, there are no expectations they're going to make numbers-I think you'll get a trade to the upside." Still, Seaburg reiterated his caution for investors looking to go long into the retailer, as he predicted that Amazon will displace the company by 2017. For his part, trader Brian Kelly said he "might pick at" Macy's, but similarly cautioned that "it's not really a long-term type of investment." Kelly said he doesn't like the retail space in general because consumer spending is not seeing much boost from the decline in oil. "Fast Money" Trader Steve Grasso, meanwhile, said that "if you have to play in that retail space," go with Target (NYSE: TGT) . That company, he said, has been an outperformer with a more than 4 percent year-to-date gain. He also suggested buying Deckers Outdoor (NYSE: DECK) , saying, "It makes an excellent takeout target." He noted that it would also work as a seasonal buy in October. Disclosures: Steve Grasso Grasso is long AAPL, BA, BAC, CC, DD, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long NEM, LYB, WDR, SHLD, STRP, UDR, ACI, AVP, TEX, CLI, TWTR, WYNN, PCRX, AXP, FNMA, SALT, AMD, CUBA, HSPO, ICE, AMZN, FCX, IBM, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OXY, RIG, STAG, TAXI, TITXF, TSE, VALE, ZNGA. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. Brian Kelly Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, the VIX, GDX call spread, TWTR call spread, US dollar; he is short DAX, Yuan and Yen. Today he closed his Oil and Ruble shorts. More From CNBC Top News and Analysis Latest News Video Personal Finance || Is Marijuana Closer To Making It Off The Schedule I Drug List?: Despite the fact that it has become legal in many states across the United States, marijuana is still seen as a criminal substance in the eyes of the federal government. That means at a federal level, marijuana is listed alongside drugs like heroin and LSD as a Schedule I drug with no known medical uses. This classification has made it difficult for researchers to test the effects of marijuana on certain illnesses and has created a host of questions as to how the conflicting laws will impact the industry as a whole. DEA Remarks However, advocates for full blown marijuana legalization in the United States moved one step closer to their goal this week after the Drug Enforcement Administration made a statement indicating that its view on marijuana is shifting. DEA acting Chief Chuck Rosenberg remarked on Wednesday that "heroin is clearly more dangerous than marijuana." While that may not seem like much, the marijuana community has considered it a win in the ongoing battle with legislators over the drug's status. Related Link: Bitcoin, Marijuana And Drones: Meet Trees Why Does It Matter? New studies on the effects of marijuana, both long-term and short-term, have suggested that the drug isn't as dangerous as previously believed. However, while public opinion in the United States has shifted, the DEA has remained adamant about the drug's place on the Schedule I drug list. The DEA also challenged Obama's decision to allow states to make their own decisions regarding marijuana legislation, making the industry's future uncertain. Bright Future The latest comments suggest that the DEA may be changing its mind and could eventually get on board with legal marijuana. For now, federal law still prohibits the drug and until that legislation is changed, the agency will continue to regard marijuana use as a criminal offense. However the DEA's more relaxed attitude could help promote change in Washington in the coming years. See more from Benzinga Bitcoin Rewards Gain Popularity Can Income Share Agreements End The Student Debt Argument? Firms' Perks Competing To Attract Top Talent © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Marijuana Closer To Making It Off The Schedule I Drug List?: Despite the fact that it has become legal in many states across the United States, marijuana is still seen as a criminal substance in the eyes of the federal government. That means at a federal level, marijuana is listed alongside drugs like heroin and LSD as a Schedule I drug with no known medical uses.
This classification has made it difficult for researchers to test the effects of marijuana on certain illnesses and has created a host of questions as to how the conflicting laws will impact the industry as a whole.
DEA Remarks
However, advocates for full blown marijuana legalization in the United States moved one step closer to their goal this week after the Drug Enforcement Administration made astatementindicating that its view on marijuana is shifting. DEA acting Chief Chuck Rosenberg remarked on Wednesday that "heroin is clearly more dangerous than marijuana." While that may not seem like much, the marijuana community has considered it a win in the ongoing battle with legislators over the drug's status.
Related Link:Bitcoin, Marijuana And Drones: Meet Trees
Why Does It Matter?
New studies on the effects of marijuana, both long-term and short-term, have suggested that the drug isn't as dangerous as previously believed. However, while public opinion in the United States has shifted, the DEA has remained adamant about the drug's place on the Schedule I drug list. The DEA also challenged Obama's decision to allow states to make their own decisions regarding marijuana legislation, making the industry's future uncertain.
Bright Future
The latest comments suggest that the DEA may be changing its mind and could eventually get on board with legal marijuana. For now, federal law still prohibits the drug and until that legislation is changed, the agency will continue to regard marijuana use as a criminal offense. However the DEA's more relaxed attitude could help promote change in Washington in the coming years.
See more from Benzinga
• Bitcoin Rewards Gain Popularity
• Can Income Share Agreements End The Student Debt Argument?
• Firms' Perks Competing To Attract Top Talent
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Rewards Gain Popularity: While the general public may be hesitant to convert their existing money into bitcoins, some are betting that being rewarded with the cryptocurrency will prove more appealing. Bitcoin rewards are being used by some firms to get customer feedback or provide incentives for loyal use. The idea has been a step forward for the bitcoin community, as it gets digital currencies into the hands of more people who otherwise may not use it.
Microsoft
Microsoft Corporation(NASDAQ:MSFT)'s Bing search engine has launched a platform called Bing Rewards in which users can earn credits that are redeemable for things like gift cards and other products. The site is aimed at boosting the search engine's user base. In an effort to rope in the growing bitcoin community, Bing Rewards haslaunched a sweepstakesthat will enter participants in a drawing for $500 worth of bitcoin. The company's partnership with Tango Card is responsible for the offering, as Tango Card recently made a deal to incorporate bitcoin processing service SnapCard.
Related Link:Venture Capitalists Pouring Money Into Bitcoin
Qualtrics
Survey moderator Qualtrics is also using bitcoin as an incentive to get people to answer questions and participate in research. Again, Tango Card and SnapCard are behind the bitcoin offerings, which are given to survey participants. Qualtrics users are able to earn points by completing surveys and those points are redeemable for gift cards at retailers likeAmazon.com, Inc.(NASDAQ:AMZN) or they can be transferred into bitcoins.
See more from Benzinga
• Firms' Perks Competing To Attract Top Talent
• Google Pushes Back In EU Privacy Case
• Will Video Game Makers Profit In China?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Rewards Gain Popularity: While the general public may be hesitant to convert their existing money into bitcoins, some are betting that being rewarded with the cryptocurrency will prove more appealing. Bitcoin rewards are being used by some firms to get customer feedback or provide incentives for loyal use. The idea has been a step forward for the bitcoin community, as it gets digital currencies into the hands of more people who otherwise may not use it. Microsoft Microsoft Corporation (NASDAQ: MSFT )'s Bing search engine has launched a platform called Bing Rewards in which users can earn credits that are redeemable for things like gift cards and other products. The site is aimed at boosting the search engine's user base. In an effort to rope in the growing bitcoin community, Bing Rewards has launched a sweepstakes that will enter participants in a drawing for $500 worth of bitcoin. The company's partnership with Tango Card is responsible for the offering, as Tango Card recently made a deal to incorporate bitcoin processing service SnapCard. Related Link: Venture Capitalists Pouring Money Into Bitcoin Qualtrics Survey moderator Qualtrics is also using bitcoin as an incentive to get people to answer questions and participate in research. Again, Tango Card and SnapCard are behind the bitcoin offerings, which are given to survey participants. Qualtrics users are able to earn points by completing surveys and those points are redeemable for gift cards at retailers like Amazon.com, Inc. (NASDAQ: AMZN ) or they can be transferred into bitcoins. See more from Benzinga Firms' Perks Competing To Attract Top Talent Google Pushes Back In EU Privacy Case Will Video Game Makers Profit In China? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bitcoin Rewards Gain Popularity: While the general public may be hesitant to convert their existing money into bitcoins, some are betting that being rewarded with the cryptocurrency will prove more appealing. Bitcoin rewards are being used by some firms to get customer feedback or provide incentives for loyal use. The idea has been a step forward for the bitcoin community, as it gets digital currencies into the hands of more people who otherwise may not use it.
Microsoft
Microsoft Corporation(NASDAQ:MSFT)'s Bing search engine has launched a platform called Bing Rewards in which users can earn credits that are redeemable for things like gift cards and other products. The site is aimed at boosting the search engine's user base. In an effort to rope in the growing bitcoin community, Bing Rewards haslaunched a sweepstakesthat will enter participants in a drawing for $500 worth of bitcoin. The company's partnership with Tango Card is responsible for the offering, as Tango Card recently made a deal to incorporate bitcoin processing service SnapCard.
Related Link:Venture Capitalists Pouring Money Into Bitcoin
Qualtrics
Survey moderator Qualtrics is also using bitcoin as an incentive to get people to answer questions and participate in research. Again, Tango Card and SnapCard are behind the bitcoin offerings, which are given to survey participants. Qualtrics users are able to earn points by completing surveys and those points are redeemable for gift cards at retailers likeAmazon.com, Inc.(NASDAQ:AMZN) or they can be transferred into bitcoins.
See more from Benzinga
• Firms' Perks Competing To Attract Top Talent
• Google Pushes Back In EU Privacy Case
• Will Video Game Makers Profit In China?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin startups lure quant whizzes from Wall Street: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued.
In February he gave that up, and launched a company called Crypto Facilities Ltd, a bitcoin derivatives trading platform, which now has six employees. For now, the platform trades bitcoin forwards, which are directly linked to the price of bitcoin, but it's also developing other digital currency derivative products.
"This is uncharted territory," said Schlaefer. "It's an exciting opportunity to participate in a new area of technology that has massive potential."
Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services.
Once the province of small-time investors driven by their distrust of government-backed currencies, now Wall Street bankers and traders are leaving high-paying jobs to join bitcoin start-ups, while big firms hire in-house to get their arms around bitcoin and the related 'blockchain' technology.
"A lot of people are entering the bitcoin space as the sector has reached an overall level of funding that's hard to ignore," said Jaron Lukasiewicz, founder and chief executive officer at New York-based bitcoin exchange Coinsetter. Lukasiewicz, 29, moved to the bitcoin world in late 2012, having left behind a six-figure salary in private equity at The CapStreet Group in New York.
Bitcoin is not backed by a government and its value fluctuates. On Thursday, it was trading at $278 <BTC=BTSP>, making the value of outstanding bitcoin worth about $4 billion. It has had a volatile history, with a rapid rally in 2013 that boosted its value to more than $1,150 per bitcoin at one point.
Right now, Crypto Facilities' Schlaefer probably won't make anywhere near the kind of money that he would potentially earn at Goldman. But it's less about the compensation for Schlaefer and more about being part of the growth in bitcoin and its underlying technology, the blockchain.
The blockchain - a ledger or list of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation.
Software engineers have started developing multiple applications for the blockchain, including a land title record system in Honduras to the clearing of trades in financial markets.
Meanwhile, Wall Street firms are doing their own hiring in the cryptocurrency realm. In June, online bitcoin job ads surged to a record high of 306, according to data from Wanted Analytics, with demand coming from banks such as Capital One and tech companies such as Intel and Amazon. In previous months, Citigroup and TD Canada Trust posted bitcoin job ads as well.
RISKY BUSINESS
For 31-year-old Paul Chou, founder and chief executive officer of Ledger X, an institutional trading and clearing platform for bitcoin options, moving into the digital currency space represents what he hopes results in lucrative profits down the road. But there are other reasons for his shift.
LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to trade and clear options on bitcoin. Chou said the firm hopes to operate the first regulated exchange and clearinghouse to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market.
"I took a very large salary pay cut to do this, in return for equity in a start-up that can be worth a lot someday," Chou said.
Before LedgerX, Chou worked at Goldman Sachs in New York as a quant equity trader after graduating from the Massachusetts Institute of Technology with degrees in computer science and mathematics. Chou said his hours are much longer as an entrepreneur - he's constantly refining ideas for strategy and thinking which areas to focus on.
"The domain expertise, relationships, and career equity I've built are things I never could have done while at Goldman," Chou said. "As a former trader, I'm glad I made this trade-off at the stage of my career that I did."
It's a risky move, however. There are already several tales of bitcoin company failures and mismanagement.
U.S. bitcoin marketplace Buttercoin, for instance, shuttered its operations in April this year despite raising $1.3 million in funding. Bitcoin exchange MyCoin closed its doors in February of 2015, leaving about 3,000 investors out of pocket.
Tokyo-based Mt. Gox, once one of the most dominant bitcoin exchanges, closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million in the red.
BITCOIN INVESTMENTS, HIRING
Total investments in bitcoin companies for the first half of 2015 - totaling $375.4 million - have already exceeded 2014's total of $339.4 million, data from CB Insights showed. Last year's venture capital funding of bitcoin start-ups grew roughly 280 percent from 2013.
The number of bitcoin start-ups has increased by more than 80 percent from last year. As of end-July, there were 814 start-up digital currency companies, up from 444 a year earlier, according to Angel List, an online marketplace for start-ups seeking to raise money from angel investors.
As banks defer compensation and add more clawback provisions that give them the right to limit bonuses, traders are seeing better risk opportunities elsewhere, said San Francisco-based Rick Henri Chan, chief operating officer at Airbitz, a digital wallet platform.
Chan, 47, who joined the bitcoin industry three years ago, worked for Deutsche Bank as head of its over-the-counter derivatives technology in Japan, and was a trader at UBS and Morgan Stanley.
He works long hours at Airbitz, doing everything from strategy to raising money, but the work environment is more flexible. At Deutsche, Chan had a multi-million dollar package, and he admits to missing that paycheck.
"But we're doing something special here at Airbitz. And I do think our company will be valued at a lot more in the future," he said.
(Reporting by Gertrude Chavez-Dreyfuss, editing by David Gaffen and John Pickering) || Bitcoin startups lure quant whizzes from Wall Street: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued.
In February he gave that up, and launched a company called Crypto Facilities Ltd, a bitcoin derivatives trading platform, which now has six employees. For now, the platform trades bitcoin forwards, which are directly linked to the price of bitcoin, but it's also developing other digital currency derivative products.
"This is uncharted territory," said Schlaefer. "It's an exciting opportunity to participate in a new area of technology that has massive potential."
Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services.
Once the province of small-time investors driven by their distrust of government-backed currencies, now Wall Street bankers and traders are leaving high-paying jobs to join bitcoin start-ups, while big firms hire in-house to get their arms around bitcoin and the related 'blockchain' technology.
"A lot of people are entering the bitcoin space as the sector has reached an overall level of funding that's hard to ignore," said Jaron Lukasiewicz, founder and chief executive officer at New York-based bitcoin exchange Coinsetter. Lukasiewicz, 29, moved to the bitcoin world in late 2012, having left behind a six-figure salary in private equity at The CapStreet Group in New York.
Bitcoin is not backed by a government and its value fluctuates. On Thursday, it was trading at $278 <BTC=BTSP>, making the value of outstanding bitcoin worth about $4 billion. It has had a volatile history, with a rapid rally in 2013 that boosted its value to more than $1,150 per bitcoin at one point.
Right now, Crypto Facilities' Schlaefer probably won't make anywhere near the kind of money that he would potentially earn at Goldman. But it's less about the compensation for Schlaefer and more about being part of the growth in bitcoin and its underlying technology, the blockchain.
The blockchain - a ledger or list of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation.
Software engineers have started developing multiple applications for the blockchain, including a land title record system in Honduras to the clearing of trades in financial markets.
Meanwhile, Wall Street firms are doing their own hiring in the cryptocurrency realm. In June, online bitcoin job ads surged to a record high of 306, according to data from Wanted Analytics, with demand coming from banks such as Capital One and tech companies such as Intel and Amazon. In previous months, Citigroup and TD Canada Trust posted bitcoin job ads as well.
RISKY BUSINESS
For 31-year-old Paul Chou, founder and chief executive officer of Ledger X, an institutional trading and clearing platform for bitcoin options, moving into the digital currency space represents what he hopes results in lucrative profits down the road. But there are other reasons for his shift.
LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to trade and clear options on bitcoin. Chou said the firm hopes to operate the first regulated exchange and clearinghouse to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market.
"I took a very large salary pay cut to do this, in return for equity in a start-up that can be worth a lot someday," Chou said.
Before LedgerX, Chou worked at Goldman Sachs in New York as a quant equity trader after graduating from the Massachusetts Institute of Technology with degrees in computer science and mathematics. Chou said his hours are much longer as an entrepreneur - he's constantly refining ideas for strategy and thinking which areas to focus on.
"The domain expertise, relationships, and career equity I've built are things I never could have done while at Goldman," Chou said. "As a former trader, I'm glad I made this trade-off at the stage of my career that I did."
It's a risky move, however. There are already several tales of bitcoin company failures and mismanagement.
U.S. bitcoin marketplace Buttercoin, for instance, shuttered its operations in April this year despite raising $1.3 million in funding. Bitcoin exchange MyCoin closed its doors in February of 2015, leaving about 3,000 investors out of pocket.
Tokyo-based Mt. Gox, once one of the most dominant bitcoin exchanges, closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million in the red.
BITCOIN INVESTMENTS, HIRING
Total investments in bitcoin companies for the first half of 2015 - totaling $375.4 million - have already exceeded 2014's total of $339.4 million, data from CB Insights showed. Last year's venture capital funding of bitcoin start-ups grew roughly 280 percent from 2013.
The number of bitcoin start-ups has increased by more than 80 percent from last year. As of end-July, there were 814 start-up digital currency companies, up from 444 a year earlier, according to Angel List, an online marketplace for start-ups seeking to raise money from angel investors.
As banks defer compensation and add more clawback provisions that give them the right to limit bonuses, traders are seeing better risk opportunities elsewhere, said San Francisco-based Rick Henri Chan, chief operating officer at Airbitz, a digital wallet platform.
Chan, 47, who joined the bitcoin industry three years ago, worked for Deutsche Bank as head of its over-the-counter derivatives technology in Japan, and was a trader at UBS and Morgan Stanley.
He works long hours at Airbitz, doing everything from strategy to raising money, but the work environment is more flexible. At Deutsche, Chan had a multi-million dollar package, and he admits to missing that paycheck.
"But we're doing something special here at Airbitz. And I do think our company will be valued at a lot more in the future," he said.
(Reporting by Gertrude Chavez-Dreyfuss, editing by David Gaffen and John Pickering) || Bitcoin startups lure quant whizzes from Wall Street: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued. In February he gave that up, and launched a company called Crypto Facilities Ltd, a bitcoin derivatives trading platform, which now has six employees. For now, the platform trades bitcoin forwards, which are directly linked to the price of bitcoin, but it's also developing other digital currency derivative products. "This is uncharted territory," said Schlaefer. "It's an exciting opportunity to participate in a new area of technology that has massive potential." Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services. Once the province of small-time investors driven by their distrust of government-backed currencies, now Wall Street bankers and traders are leaving high-paying jobs to join bitcoin start-ups, while big firms hire in-house to get their arms around bitcoin and the related 'blockchain' technology. "A lot of people are entering the bitcoin space as the sector has reached an overall level of funding that's hard to ignore," said Jaron Lukasiewicz, founder and chief executive officer at New York-based bitcoin exchange Coinsetter. Lukasiewicz, 29, moved to the bitcoin world in late 2012, having left behind a six-figure salary in private equity at The CapStreet Group in New York. Bitcoin is not backed by a government and its value fluctuates. On Thursday, it was trading at $278, making the value of outstanding bitcoin worth about $4 billion. It has had a volatile history, with a rapid rally in 2013 that boosted its value to more than $1,150 per bitcoin at one point. Story continues Right now, Crypto Facilities' Schlaefer probably won't make anywhere near the kind of money that he would potentially earn at Goldman. But it's less about the compensation for Schlaefer and more about being part of the growth in bitcoin and its underlying technology, the blockchain. The blockchain - a ledger or list of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation. Software engineers have started developing multiple applications for the blockchain, including a land title record system in Honduras to the clearing of trades in financial markets. Meanwhile, Wall Street firms are doing their own hiring in the cryptocurrency realm. In June, online bitcoin job ads surged to a record high of 306, according to data from Wanted Analytics, with demand coming from banks such as Capital One and tech companies such as Intel and Amazon. In previous months, Citigroup and TD Canada Trust posted bitcoin job ads as well. RISKY BUSINESS For 31-year-old Paul Chou, founder and chief executive officer of Ledger X, an institutional trading and clearing platform for bitcoin options, moving into the digital currency space represents what he hopes results in lucrative profits down the road. But there are other reasons for his shift. LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to trade and clear options on bitcoin. Chou said the firm hopes to operate the first regulated exchange and clearinghouse to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market. "I took a very large salary pay cut to do this, in return for equity in a start-up that can be worth a lot someday," Chou said. Before LedgerX, Chou worked at Goldman Sachs in New York as a quant equity trader after graduating from the Massachusetts Institute of Technology with degrees in computer science and mathematics. Chou said his hours are much longer as an entrepreneur - he's constantly refining ideas for strategy and thinking which areas to focus on. "The domain expertise, relationships, and career equity I've built are things I never could have done while at Goldman," Chou said. "As a former trader, I'm glad I made this trade-off at the stage of my career that I did." It's a risky move, however. There are already several tales of bitcoin company failures and mismanagement. U.S. bitcoin marketplace Buttercoin, for instance, shuttered its operations in April this year despite raising $1.3 million in funding. Bitcoin exchange MyCoin closed its doors in February of 2015, leaving about 3,000 investors out of pocket. Tokyo-based Mt. Gox, once one of the most dominant bitcoin exchanges, closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million in the red. BITCOIN INVESTMENTS, HIRING Total investments in bitcoin companies for the first half of 2015 - totaling $375.4 million - have already exceeded 2014's total of $339.4 million, data from CB Insights showed. Last year's venture capital funding of bitcoin start-ups grew roughly 280 percent from 2013. The number of bitcoin start-ups has increased by more than 80 percent from last year. As of end-July, there were 814 start-up digital currency companies, up from 444 a year earlier, according to Angel List, an online marketplace for start-ups seeking to raise money from angel investors. As banks defer compensation and add more clawback provisions that give them the right to limit bonuses, traders are seeing better risk opportunities elsewhere, said San Francisco-based Rick Henri Chan, chief operating officer at Airbitz, a digital wallet platform. Chan, 47, who joined the bitcoin industry three years ago, worked for Deutsche Bank as head of its over-the-counter derivatives technology in Japan, and was a trader at UBS and Morgan Stanley. He works long hours at Airbitz, doing everything from strategy to raising money, but the work environment is more flexible. At Deutsche, Chan had a multi-million dollar package, and he admits to missing that paycheck. "But we're doing something special here at Airbitz. And I do think our company will be valued at a lot more in the future," he said. (Reporting by Gertrude Chavez-Dreyfuss, editing by David Gaffen and John Pickering) || Bitcoin startups lure quant whizzes from Wall Street: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued. In February he gave that up, and launched a company called Crypto Facilities Ltd, a bitcoin derivatives trading platform, which now has six employees. For now, the platform trades bitcoin forwards, which are directly linked to the price of bitcoin, but it's also developing other digital currency derivative products. "This is uncharted territory," said Schlaefer. "It's an exciting opportunity to participate in a new area of technology that has massive potential." Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services. Once the province of small-time investors driven by their distrust of government-backed currencies, now Wall Street bankers and traders are leaving high-paying jobs to join bitcoin start-ups, while big firms hire in-house to get their arms around bitcoin and the related 'blockchain' technology. "A lot of people are entering the bitcoin space as the sector has reached an overall level of funding that's hard to ignore," said Jaron Lukasiewicz, founder and chief executive officer at New York-based bitcoin exchange Coinsetter. Lukasiewicz, 29, moved to the bitcoin world in late 2012, having left behind a six-figure salary in private equity at The CapStreet Group in New York. Bitcoin is not backed by a government and its value fluctuates. On Thursday, it was trading at $278, making the value of outstanding bitcoin worth about $4 billion. It has had a volatile history, with a rapid rally in 2013 that boosted its value to more than $1,150 per bitcoin at one point. Story continues Right now, Crypto Facilities' Schlaefer probably won't make anywhere near the kind of money that he would potentially earn at Goldman. But it's less about the compensation for Schlaefer and more about being part of the growth in bitcoin and its underlying technology, the blockchain. The blockchain - a ledger or list of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation. Software engineers have started developing multiple applications for the blockchain, including a land title record system in Honduras to the clearing of trades in financial markets. Meanwhile, Wall Street firms are doing their own hiring in the cryptocurrency realm. In June, online bitcoin job ads surged to a record high of 306, according to data from Wanted Analytics, with demand coming from banks such as Capital One and tech companies such as Intel and Amazon. In previous months, Citigroup and TD Canada Trust posted bitcoin job ads as well. RISKY BUSINESS For 31-year-old Paul Chou, founder and chief executive officer of Ledger X, an institutional trading and clearing platform for bitcoin options, moving into the digital currency space represents what he hopes results in lucrative profits down the road. But there are other reasons for his shift. LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to trade and clear options on bitcoin. Chou said the firm hopes to operate the first regulated exchange and clearinghouse to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market. "I took a very large salary pay cut to do this, in return for equity in a start-up that can be worth a lot someday," Chou said. Before LedgerX, Chou worked at Goldman Sachs in New York as a quant equity trader after graduating from the Massachusetts Institute of Technology with degrees in computer science and mathematics. Chou said his hours are much longer as an entrepreneur - he's constantly refining ideas for strategy and thinking which areas to focus on. "The domain expertise, relationships, and career equity I've built are things I never could have done while at Goldman," Chou said. "As a former trader, I'm glad I made this trade-off at the stage of my career that I did." It's a risky move, however. There are already several tales of bitcoin company failures and mismanagement. U.S. bitcoin marketplace Buttercoin, for instance, shuttered its operations in April this year despite raising $1.3 million in funding. Bitcoin exchange MyCoin closed its doors in February of 2015, leaving about 3,000 investors out of pocket. Tokyo-based Mt. Gox, once one of the most dominant bitcoin exchanges, closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million in the red. BITCOIN INVESTMENTS, HIRING Total investments in bitcoin companies for the first half of 2015 - totaling $375.4 million - have already exceeded 2014's total of $339.4 million, data from CB Insights showed. Last year's venture capital funding of bitcoin start-ups grew roughly 280 percent from 2013. The number of bitcoin start-ups has increased by more than 80 percent from last year. As of end-July, there were 814 start-up digital currency companies, up from 444 a year earlier, according to Angel List, an online marketplace for start-ups seeking to raise money from angel investors. As banks defer compensation and add more clawback provisions that give them the right to limit bonuses, traders are seeing better risk opportunities elsewhere, said San Francisco-based Rick Henri Chan, chief operating officer at Airbitz, a digital wallet platform. Chan, 47, who joined the bitcoin industry three years ago, worked for Deutsche Bank as head of its over-the-counter derivatives technology in Japan, and was a trader at UBS and Morgan Stanley. He works long hours at Airbitz, doing everything from strategy to raising money, but the work environment is more flexible. At Deutsche, Chan had a multi-million dollar package, and he admits to missing that paycheck. "But we're doing something special here at Airbitz. And I do think our company will be valued at a lot more in the future," he said. (Reporting by Gertrude Chavez-Dreyfuss, editing by David Gaffen and John Pickering) || Bitcoin startups lure quant whizzes from Wall Street: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way to a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued. In February he gave that up, and launched a company called Crypto Facilities Ltd, a bitcoin derivatives trading platform, which now has six employees. For now, the platform trades bitcoin forwards, which are directly linked to the price of bitcoin, but it's also developing other digital currency derivative products. "This is uncharted territory," said Schlaefer. "It's an exciting opportunity to participate in a new area of technology that has massive potential." Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services. Once the province of small-time investors driven by their distrust of government-backed currencies, now Wall Street bankers and traders are leaving high-paying jobs to join bitcoin start-ups, while big firms hire in-house to get their arms around bitcoin and the related 'blockchain' technology. "A lot of people are entering the bitcoin space as the sector has reached an overall level of funding that's hard to ignore," said Jaron Lukasiewicz, founder and chief executive officer at New York-based bitcoin exchange Coinsetter. Lukasiewicz, 29, moved to the bitcoin world in late 2012, having left behind a six-figure salary in private equity at The CapStreet Group in New York. Bitcoin is not backed by a government and its value fluctuates. On Thursday, it was trading at $278, making the value of outstanding bitcoin worth about $4 billion. It has had a volatile history, with a rapid rally in 2013 that boosted its value to more than $1,150 per bitcoin at one point. Story continues Right now, Crypto Facilities' Schlaefer probably won't make anywhere near the kind of money that he would potentially earn at Goldman. But it's less about the compensation for Schlaefer and more about being part of the growth in bitcoin and its underlying technology, the blockchain. The blockchain - a ledger or list of all of a digital currency's transactions - is viewed as bitcoin's main technological innovation, allowing users to make payments anonymously, instantly, and without government regulation. Software engineers have started developing multiple applications for the blockchain, including a land title record system in Honduras to the clearing of trades in financial markets. Meanwhile, Wall Street firms are doing their own hiring in the cryptocurrency realm. In June, online bitcoin job ads surged to a record high of 306, according to data from Wanted Analytics, with demand coming from banks such as Capital One and tech companies such as Intel and Amazon. In previous months, Citigroup and TD Canada Trust posted bitcoin job ads as well. RISKY BUSINESS For 31-year-old Paul Chou, founder and chief executive officer of Ledger X, an institutional trading and clearing platform for bitcoin options, moving into the digital currency space represents what he hopes results in lucrative profits down the road. But there are other reasons for his shift. LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to trade and clear options on bitcoin. Chou said the firm hopes to operate the first regulated exchange and clearinghouse to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market. "I took a very large salary pay cut to do this, in return for equity in a start-up that can be worth a lot someday," Chou said. Before LedgerX, Chou worked at Goldman Sachs in New York as a quant equity trader after graduating from the Massachusetts Institute of Technology with degrees in computer science and mathematics. Chou said his hours are much longer as an entrepreneur - he's constantly refining ideas for strategy and thinking which areas to focus on. "The domain expertise, relationships, and career equity I've built are things I never could have done while at Goldman," Chou said. "As a former trader, I'm glad I made this trade-off at the stage of my career that I did." It's a risky move, however. There are already several tales of bitcoin company failures and mismanagement. U.S. bitcoin marketplace Buttercoin, for instance, shuttered its operations in April this year despite raising $1.3 million in funding. Bitcoin exchange MyCoin closed its doors in February of 2015, leaving about 3,000 investors out of pocket. Tokyo-based Mt. Gox, once one of the most dominant bitcoin exchanges, closed its doors without warning in February last year, filing for bankruptcy and leaving investors approximately $500 million in the red. BITCOIN INVESTMENTS, HIRING Total investments in bitcoin companies for the first half of 2015 - totaling $375.4 million - have already exceeded 2014's total of $339.4 million, data from CB Insights showed. Last year's venture capital funding of bitcoin start-ups grew roughly 280 percent from 2013. The number of bitcoin start-ups has increased by more than 80 percent from last year. As of end-July, there were 814 start-up digital currency companies, up from 444 a year earlier, according to Angel List, an online marketplace for start-ups seeking to raise money from angel investors. As banks defer compensation and add more clawback provisions that give them the right to limit bonuses, traders are seeing better risk opportunities elsewhere, said San Francisco-based Rick Henri Chan, chief operating officer at Airbitz, a digital wallet platform. Chan, 47, who joined the bitcoin industry three years ago, worked for Deutsche Bank as head of its over-the-counter derivatives technology in Japan, and was a trader at UBS and Morgan Stanley. He works long hours at Airbitz, doing everything from strategy to raising money, but the work environment is more flexible. At Deutsche, Chan had a multi-million dollar package, and he admits to missing that paycheck. "But we're doing something special here at Airbitz. And I do think our company will be valued at a lot more in the future," he said. (Reporting by Gertrude Chavez-Dreyfuss, editing by David Gaffen and John Pickering) || The most elite students in America have had it with investment banking: MBA Grad (flickr/willbeardphoto) Harvard MBA grads are no longer interested in banking. Harvard Business School graduates are some of the most sought-after new hires in the world. They're among the top choices for companies in just about every industry — including Wall Street investment banks. It turns out, however, many of them are no longer interested in that industry. Only 4% of the 2015 graduating class said they wanted to work at an investment bank, reports Bloomberg's Jennifer Surane . Of the 46 students in the top 5% of the class, only one expressed an interest in banking, according to the report. The report cited data from a member of the graduating MBA class , who blogged about the findings of a class survey he received from the university. Banking no longer sexy This may not come as a surprise. Entry-level jobs on Wall Street are notoriously grueling: Young people work 90-hour weeks perfecting pitch books, scrolling through spreadsheets, or making presentations . MBA grads, of course, would typically join banks at the associate or vice-president level. But many of them started out their careers as interns and analysts and may not have shaken the memories. The Harvard blog's author started out in M&A at Morgan Stanley, according to his bio . Now he's running a tech startup as well as a family healthcare business, Bloomberg reported. Industry veterans, too, know that banking is no longer as sexy. Ex-Credit Suisse managing director Fred Lanes said: "The opportunities elsewhere ... are more attractive outside of investment banking." And then there's the buyside That doesn't mean that bright Harvard MBA-holders are leaving finance altogether. Many young financiers, after putting in their time at investment banks, make the jump to the "buyside" — hedge funds or private-equity firms. The Wall Street Journal reported on Wednesday that many MBA students are now only interested in becoming activist investors like Bill Ackman or Carl Icahn. Ackman's Pershing Square even holds an annual investing competition at Columbia as part of its recruiting efforts. Story continues Ex-Merrill Lynch analyst and Financial Times writer Sujeet Indap published a study on Wednesday on where his banking analyst class from the year 2000 now work. Over half the class, he found, had taken a break at some point to earn graduate degrees, two-thirds of which were MBAs. More than 40% of the analyst class now work in private equity or in the hedge fund/investment management industry. Less than 20% still work at investment banks. NOW WATCH: The 10 trickiest Goldman Sachs interview questions More From Business Insider A 10-year-old cyber security company just raised $35 million from Goldman in its first series A This is one Wall Street business that big banks won't lose to upstarts and tiny rivals Bitcoin keeps surging, makes another new high for 2015
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 23 exchange pair(s), yielding profits ranging between $0.00 and $344.04 #bitcoin #btc || Current price: 171.54£ $BTCGBP $btc #bitcoin 2015-08-13 20:00:08 BST || buysellbitco.in #bitcoin price in INR, Buy : 17453.00 INR Sell : 16891.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || Current price: 263.72$ $BTCUSD $btc #bitcoin 2015-08-13 05:00:10 EDT || LIVE: Profit = $397.73 (1.68 %). BUY B90.11 @ $262.00 (#BTCe). SELL @ $263.61 (#Hi...
|
265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 273.47, 263.48, 233.91, 233.51, 226.43, 217.46, 226.97, 238.23, 227.27, 226.85, 217.11, 222.27, 227.75, 223.41, 220.11, 219.84, 219.18, 221.76, 235.43, 257.32, 234.82, 233.84, 243.61, 236.33, 240.28, 243.78, 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39.
|
[Bitcoin Technical Analysis for 2015-04-25]
Volume: 13957200, RSI (14-day): 40.77, 50-day EMA: 243.59, 200-day EMA: 268.61
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin regulation is coming to New York: Bitcoin Accepted Here Sign (REUTERS/Peter Nicholls) A bitcoin sticker is seen in the window of the 'Vape Lab' cafe, where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015. There's a new regulator in town. Daniel Roberts at Fortune reports that Benjamin Lawsky, superintendent of the New York Department of Financial Services, is putting the finishing touches on BitLicense, a policy that "will require digital currency companies to obtain a license in order to transmit money on behalf of customers." This means that the cryptocurrency is getting slightly more legit, though the Bitcoin community is unsurprisingly somewhat unhappy about that. While some people think that regulation is a way to wider acceptance, Bitcoin is by and large a community full of people with serious philosophical opposition to the mainstream system. That's why they created bitcoin. From Fortune: While some welcome [regulation] (such as those rolling out insured exchanges ) because it can bring the currency and the technology mainstream, many are more philosophically motivated, and were attracted to the space precisely because of its lack of regulation. The latter camp includes people like Roger Ver, nicknamed Bitcoin Jesus, who recently told Fortune, Bernie Madoff
was regulated up and down and every which way, and it didnt do any good, he ran away with everyones money
Without all the regulations, we could do so much more already. These bitcoiners should get together with JP Morgan's Jamie Dimon . NOW WATCH: How to supercharge your iPhone in only 5 minutes More From Business Insider Users of now-defunct Mt. Gox can now file a claim to get some of their bitcoin money back One big reason Bitcoin is going nowhere This guy has gamed the airline industry so he never has to pay for a flight again || Bitcoin regulation is coming to New York: (REUTERS/Peter Nicholls)A bitcoin sticker is seen in the window of the 'Vape Lab' cafe, where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015.
There's a new regulator in town.
Daniel Robertsat Fortunereports that Benjamin Lawsky, superintendent of the New York Department of Financial Services, is putting the finishing touches on BitLicense, a policy that "will require digital currency companies to obtain a license in order to transmit money on behalf of customers."
This means that the cryptocurrency is getting slightly more legit, though the Bitcoin community is unsurprisingly somewhat unhappy about that. While some people think that regulation is a way to wider acceptance, Bitcoin is by and large a community full of people with serious philosophical opposition to the mainstream system. That's why they created bitcoin.
From Fortune:
While some welcome [regulation] (such as those rolling outinsured exchanges) because it can bring the currency and the technology mainstream, many are more philosophically motivated, and were attracted to the space precisely because of its lack of regulation. The latter camp includes people like Roger Ver, nicknamed “Bitcoin Jesus,” who recently toldFortune,“Bernie Madoff… was regulated up and down and every which way, and it didn’t do any good, he ran away with everyone’s money… Without all the regulations, we could do so much more already.”
These bitcoiners should get together withJP Morgan's Jamie Dimon.
NOW WATCH:How to supercharge your iPhone in only 5 minutes
More From Business Insider
• Users of now-defunct Mt. Gox can now file a claim to get some of their bitcoin money back
• One big reason Bitcoin is going nowhere
• This guy has gamed the airline industry so he never has to pay for a flight again || Bitcoin regulation is coming to New York: (REUTERS/Peter Nicholls)A bitcoin sticker is seen in the window of the 'Vape Lab' cafe, where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015.
There's a new regulator in town.
Daniel Robertsat Fortunereports that Benjamin Lawsky, superintendent of the New York Department of Financial Services, is putting the finishing touches on BitLicense, a policy that "will require digital currency companies to obtain a license in order to transmit money on behalf of customers."
This means that the cryptocurrency is getting slightly more legit, though the Bitcoin community is unsurprisingly somewhat unhappy about that. While some people think that regulation is a way to wider acceptance, Bitcoin is by and large a community full of people with serious philosophical opposition to the mainstream system. That's why they created bitcoin.
From Fortune:
While some welcome [regulation] (such as those rolling outinsured exchanges) because it can bring the currency and the technology mainstream, many are more philosophically motivated, and were attracted to the space precisely because of its lack of regulation. The latter camp includes people like Roger Ver, nicknamed “Bitcoin Jesus,” who recently toldFortune,“Bernie Madoff… was regulated up and down and every which way, and it didn’t do any good, he ran away with everyone’s money… Without all the regulations, we could do so much more already.”
These bitcoiners should get together withJP Morgan's Jamie Dimon.
NOW WATCH:How to supercharge your iPhone in only 5 minutes
More From Business Insider
• Users of now-defunct Mt. Gox can now file a claim to get some of their bitcoin money back
• One big reason Bitcoin is going nowhere
• This guy has gamed the airline industry so he never has to pay for a flight again || New Marijuana Bill Would Protect Legal Pot Sales: New businesses dealing in marijuana are popping up across the U.S. as more and more states begin legalizing medical and recreational marijuana. Everything from pot delivery services to pot-laced breath mints has hit the market as entrepreneurs move to claim their slice of the newly developing industry. However, the disparity between local state laws and federal legislation has left many small business owners living in fear that their operations could be shut down by the federal government at any time. Time For A Change For that reason, support for a bill that recognizes an individual state's power to make pot legal has been growing rapidly. To satisfy the growing number of Americans who support marijuana legalization, a group of bipartisan lawmakers have created a new bill that protects small businesses from federal charges if their sate has legalized marijuana. Respect State Laws Representative Dana Rohrabacher (R, California) introduced a new bill called the Respect State Marijuana Laws Act of 2015 on Wednesday with the support of five other Republicans and six Democrats. The bill would ensure that businesses dealing in the marijuana trade are protected from federal penalties if they are in accordance with their own state's laws. Related Link: Vancouver Provides Testing Ground For New Marijuana Vending Machines Change Of Leadership Troubling For Marijuana Businesses In the eyes of the federal government, marijuana possession is still a criminal offense punishable by imprisonment, but President Obama has said that federal officials will allow states to make and enforce their own laws regarding the substance. However, with a new president set to take office next year, some worry that the laws could quickly be amended and a federal crackdown could shut down hundreds of pot startups operating in accordance to state laws. For that reason, many pot-based businesses are pushing to pass a law in Congress that protects their operations from changes in the administration's view on marijuana. Story continues See more from Benzinga Bitcoin Robot Sheds Light On The Dark Web Smart Guns Could Put An End To Accidental Shootings Vancouver Provides Testing Ground For New Marijuana Vending Machines © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Marijuana Bill Would Protect Legal Pot Sales: New businesses dealing in marijuana are popping up across the U.S. as more and more states begin legalizing medical and recreational marijuana.
Everything from pot delivery services to pot-laced breath mints has hit the market as entrepreneurs move to claim their slice of the newly developing industry.
However, the disparity between local state laws and federal legislation has left many small business owners living in fear that their operations could be shut down by the federal government at any time.
Time For A Change
For that reason, support for a bill that recognizes an individual state's power to make pot legal has been growing rapidly.
To satisfy the growing number of Americans who support marijuana legalization, a group of bipartisan lawmakers have created a new bill that protects small businesses from federal charges if their sate has legalized marijuana.
Respect State Laws
Representative Dana Rohrabacher (R, California)introduceda new bill called the Respect State Marijuana Laws Act of 2015 on Wednesday with the support of five other Republicans and six Democrats.
The bill would ensure that businesses dealing in the marijuana trade are protected from federal penalties if they are in accordance with their own state's laws.
Related Link:Vancouver Provides Testing Ground For New Marijuana Vending Machines
Change Of Leadership Troubling For Marijuana Businesses
In the eyes of the federal government, marijuana possession is still a criminal offense punishable by imprisonment, but President Obama has said that federal officials will allow states to make and enforce their own laws regarding the substance.
However, with a new president set to take office next year, some worry that the laws could quickly be amended and a federal crackdown could shut down hundreds of pot startups operating in accordance to state laws.
For that reason, many pot-based businesses are pushing to pass a law in Congress that protects their operations from changes in the administration's view on marijuana.
See more from Benzinga
• Bitcoin Robot Sheds Light On The Dark Web
• Smart Guns Could Put An End To Accidental Shootings
• Vancouver Provides Testing Ground For New Marijuana Vending Machines
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Midas Rezerv Announces the First Gold-Backed Currency on the Bitcoin Blockchain: BANGKOK, THAILAND / ACCESSWIRE / April 24, 2015 / Midas Rezervhas launched a more efficient way to trade physical gold. Trade gold for very low fees and the transparency of blockchain technology. Every Midas Rezerv token is 100% backed by 1 gram of gold.
TheMidas Rezervteam has launched a decentralized distributed 100% physical gold-backed token platform designed to enhance investments, trading, capital preservation, and payments in physical gold represented by its digital equivalent. The gold holdings are stored in non-bank, fully-insured vaults located in Free Trade Zones, with a permanent proof of holdings available for public access online and via the blockchain.
Midas Rezerv aims to disrupt $500 Billion private investment gold market by offering decentralized trading and gold distribution ecosystem on bitcoinblockchain. Current physical gold investing has high premiums to buy, discounts to sell, along with storage and insurance fees. Midas Rezerv offers individuals a cost-effective and secure solution to own, trade, and pay with physical gold in a new fashion, based on decentralized bitcoinblockchain design. Each MRCoin is backed by 1 gram of real investment gold bullion, which is fully auditable in real time, and is digitally marked to specific vault location that it is stored in. Midas Rezerv offers very low transaction fees.
"Midas Rezerv brings together 6 years of blockchain technology with 6000 years of gold history. Now anybody can own and securely store physical gold within the reach of a smartphone, and conduct trading and payments in gold within seconds and at a very low cost. If you own MRcoin, you own the gold."
-Alexi Lane, Founder of Midas Rezerv-
MRCoin works as a bearer-bond coin and is the perfect safe haven to preserve and transfer value, use as trading asset, or as a method of payment. It is redeemable for gold or cash through authorized dealers and bitcoin exchanges.
Midas Rezerv will be working with some of the top cryptocurrency exchanges from around the globe. Initial trading of MRCoins vaulted in Amsterdam (MRCAM), has commenced onMaster Exchange. Midas Rezerv will be creating easy entry and exit points for gold traders and long-term investors to work in the market for both bitcoin and fiat currencies. Midas Rezerv is working directly with top-tier storage vaults from around the globe, and has currently secured relationships with vaults in Amsterdam, Dubai, and Hong Kong.
Midas Rezerv platform is created and maintained byAmilabs, Ltd., a blockchain development company specializing in Bitcoin 2.0 infrastructure. You can learn more about Midas Rezerv athttps://midasrezerv.com/.
For Direct Inquiries contact Alexi Lane [email protected] Marketing [email protected].
For Telephone inquiries call: +852-8197-GOLD
SOURCE:Midas Rezerv || Midas Rezerv Announces the First Gold-Backed Currency on the Bitcoin Blockchain: BANGKOK, THAILAND / ACCESSWIRE / April 24, 2015 / Midas Rezerv has launched a more efficient way to trade physical gold. Trade gold for very low fees and the transparency of blockchain technology. Every Midas Rezerv token is 100% backed by 1 gram of gold. The Midas Rezerv team has launched a decentralized distributed 100% physical gold-backed token platform designed to enhance investments, trading, capital preservation, and payments in physical gold represented by its digital equivalent. The gold holdings are stored in non-bank, fully-insured vaults located in Free Trade Zones, with a permanent proof of holdings available for public access online and via the blockchain. Midas Rezerv aims to disrupt $500 Billion private investment gold market by offering decentralized trading and gold distribution ecosystem on bitcoinblockchain. Current physical gold investing has high premiums to buy, discounts to sell, along with storage and insurance fees. Midas Rezerv offers individuals a cost-effective and secure solution to own, trade, and pay with physical gold in a new fashion, based on decentralized bitcoinblockchain design. Each MRCoin is backed by 1 gram of real investment gold bullion, which is fully auditable in real time, and is digitally marked to specific vault location that it is stored in. Midas Rezerv offers very low transaction fees. "Midas Rezerv brings together 6 years of blockchain technology with 6000 years of gold history. Now anybody can own and securely store physical gold within the reach of a smartphone, and conduct trading and payments in gold within seconds and at a very low cost. If you own MRcoin, you own the gold." -Alexi Lane, Founder of Midas Rezerv- MRCoin works as a bearer-bond coin and is the perfect safe haven to preserve and transfer value, use as trading asset, or as a method of payment. It is redeemable for gold or cash through authorized dealers and bitcoin exchanges. Midas Rezerv will be working with some of the top cryptocurrency exchanges from around the globe. Initial trading of MRCoins vaulted in Amsterdam (MRCAM), has commenced on Master Exchange . Midas Rezerv will be creating easy entry and exit points for gold traders and long-term investors to work in the market for both bitcoin and fiat currencies. Midas Rezerv is working directly with top-tier storage vaults from around the globe, and has currently secured relationships with vaults in Amsterdam, Dubai, and Hong Kong. Story continues Midas Rezerv platform is created and maintained by Amilabs, Ltd ., a blockchain development company specializing in Bitcoin 2.0 infrastructure. You can learn more about Midas Rezerv at https://midasrezerv.com/ . For Direct Inquiries contact Alexi Lane at [email protected] or Marketing Department [email protected] . For Telephone inquiries call: +852-8197-GOLD SOURCE: Midas Rezerv || Midas Rezerv Announces the First Gold-Backed Currency on the Bitcoin Blockchain: BANGKOK, THAILAND / ACCESSWIRE / April 24, 2015 / Midas Rezervhas launched a more efficient way to trade physical gold. Trade gold for very low fees and the transparency of blockchain technology. Every Midas Rezerv token is 100% backed by 1 gram of gold.
TheMidas Rezervteam has launched a decentralized distributed 100% physical gold-backed token platform designed to enhance investments, trading, capital preservation, and payments in physical gold represented by its digital equivalent. The gold holdings are stored in non-bank, fully-insured vaults located in Free Trade Zones, with a permanent proof of holdings available for public access online and via the blockchain.
Midas Rezerv aims to disrupt $500 Billion private investment gold market by offering decentralized trading and gold distribution ecosystem on bitcoinblockchain. Current physical gold investing has high premiums to buy, discounts to sell, along with storage and insurance fees. Midas Rezerv offers individuals a cost-effective and secure solution to own, trade, and pay with physical gold in a new fashion, based on decentralized bitcoinblockchain design. Each MRCoin is backed by 1 gram of real investment gold bullion, which is fully auditable in real time, and is digitally marked to specific vault location that it is stored in. Midas Rezerv offers very low transaction fees.
"Midas Rezerv brings together 6 years of blockchain technology with 6000 years of gold history. Now anybody can own and securely store physical gold within the reach of a smartphone, and conduct trading and payments in gold within seconds and at a very low cost. If you own MRcoin, you own the gold."
-Alexi Lane, Founder of Midas Rezerv-
MRCoin works as a bearer-bond coin and is the perfect safe haven to preserve and transfer value, use as trading asset, or as a method of payment. It is redeemable for gold or cash through authorized dealers and bitcoin exchanges.
Midas Rezerv will be working with some of the top cryptocurrency exchanges from around the globe. Initial trading of MRCoins vaulted in Amsterdam (MRCAM), has commenced onMaster Exchange. Midas Rezerv will be creating easy entry and exit points for gold traders and long-term investors to work in the market for both bitcoin and fiat currencies. Midas Rezerv is working directly with top-tier storage vaults from around the globe, and has currently secured relationships with vaults in Amsterdam, Dubai, and Hong Kong.
Midas Rezerv platform is created and maintained byAmilabs, Ltd., a blockchain development company specializing in Bitcoin 2.0 infrastructure. You can learn more about Midas Rezerv athttps://midasrezerv.com/.
For Direct Inquiries contact Alexi Lane [email protected] Marketing [email protected].
For Telephone inquiries call: +852-8197-GOLD
SOURCE:Midas Rezerv || Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. Story continues The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. Story continues The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. Story continues The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || 8 trades on big-cap technology earnings: Three big-cap technology names popped after Thursday earnings reports, but CNBC "Fast Money" traders showed less enthusiasm than markets. For trader Tim Seymour, Google (NASDAQ: GOOGL) made the strongest play after a more than 3 percent climb in extended trading. "This to me has the best risk-reward," said Seymour, who is long in the stock. The Internet and technology giant missed Wall Street's estimates for both quarterly profit and revenue. Still, shares jumped, and trader Guy Adami believes it has more upside. Read More Google earnings and revenue miss expectations Adami noted that the stock could rise to $600 per share, more than $20 higher than Thursday's levels, in the short-term. Amazon.com (NASDAQ: AMZN) surged even more than Google, shooting 6 percent higher in extended trading. The company's quarterly loss fell in line with estimates, but its cloud business surged year-over-year. Read More Amazon lifts veil on cloud biz, says it's worth $5B Seymour and Adami said Amazon showed operating margin improvement in the quarter. Adami contended that investors should stay long in the stock against $385 per share, $40 lower than where it traded Thursday. Trader Brian Kelly would hesitate to buy the stock now, but said he would jump in if shares fell to $400. Traders were less encouraged by Microsoft (NASDAQ: MSFT) 's surprising results. Shares rose 3 percent after the company beat estimates for both quarterly profit and revenue. Read More Lofty cloud services sales boost Microsoft Kelly, Seymour and Adami all said they would shed stake in Microsoft at $45 per share, where it traded Thursday. Disclosures: Tim Seymour Tim Seymour is long T, BAC, C, DAL, DIS, XOM, F, GE, GM, GOOGL, INTC, EWZ, SCTY and SUNE. Tim's firm is long BABA, BIDU, ITUB, MCD, NKE, NOK, PBR, SBUX and YHOO Brian Kelly Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures. He is short Australian dollar. He is short yen. He is short yuan. Karen Finerman Karen Finerman is long BABA, BAC, C, LPG, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, CMLS, DIS, LPG, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE, URI, VRSN and VIAB. Her firm is long calls URI. Her firm is short IWM, MDY and SPY. Karen Finerman is on the board of GrafTech International. Guy Adami Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || 8 trades on big-cap technology earnings: Three big-cap technology names popped after Thursday earnings reports, but CNBC "Fast Money" traders showed less enthusiasm than markets.
For trader Tim Seymour, Google(NASDAQ: GOOGL)made the strongest play after a more than 3 percent climb in extended trading.
"This to me has the best risk-reward," said Seymour, who is long in the stock.
The Internet and technology giant missed Wall Street's estimates for both quarterly profit and revenue. Still, shares jumped, and trader Guy Adami believes it has more upside.
Read MoreGoogle earnings and revenue miss expectations
Adami noted that the stock could rise to $600 per share, more than $20 higher than Thursday's levels, in the short-term.
Amazon.com(NASDAQ: AMZN)surged even more than Google, shooting 6 percent higher in extended trading. The company's quarterly loss fell in line with estimates, but its cloud business surged year-over-year.
Read MoreAmazon lifts veil on cloud biz, says it's worth $5B
Seymour and Adami said Amazon showed operating margin improvement in the quarter. Adami contended that investors should stay long in the stock against $385 per share, $40 lower than where it traded Thursday.
Trader Brian Kelly would hesitate to buy the stock now, but said he would jump in if shares fell to $400.
Traders were less encouraged by Microsoft(NASDAQ: MSFT)'s surprising results. Shares rose 3 percent after the company beat estimates for both quarterly profit and revenue.
Read MoreLofty cloud services sales boost Microsoft
Kelly, Seymour and Adami all said they would shed stake in Microsoft at $45 per share, where it traded Thursday.
Disclosures:
Tim Seymour
Tim Seymour is long T, BAC, C, DAL, DIS, XOM, F, GE, GM, GOOGL, INTC, EWZ, SCTY and SUNE. Tim's firm is long BABA, BIDU, ITUB, MCD, NKE, NOK, PBR, SBUX and YHOO
Brian Kelly
Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures. He is short Australian dollar. He is short yen. He is short yuan.
Karen Finerman
Karen Finerman is long BABA, BAC, C, LPG, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, CMLS, DIS, LPG, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE, URI, VRSN and VIAB. Her firm is long calls URI. Her firm is short IWM, MDY and SPY. Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
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• Personal Finance || Corrected - Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - (Story corrects amount of fundraising in second-to-last paragraph to $3.3 million in one round from $6.6 million in two rounds) In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. Story continues The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || Corrected - Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - (Story corrects amount of fundraising in second-to-last paragraph to $3.3 million in one round from $6.6 million in two rounds) In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. Story continues The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || Corrected - Exclusive: Bitcoin exchange itBit seeks New York banking licence: By Lauren Tara LaCapra NEW YORK (Reuters) - (Story corrects amount of fundraising in second-to-last paragraph to $3.3 million in one round from $6.6 million in two rounds) In a little noticed move, bitcoin exchange itBit has filed for a banking licence in New York, according to the state banking authority. Approval for the licence may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States. The application is part of itBit's plan to expand its business into different corners of financial services, and present itself as a trustworthy and reputable company. Right now, itBit operates as an exchange where buyers and sellers trade the bitcoin digital currency. After a series of scandals that have roiled the virtual currency markets, reassuring customers, investors, and bitcoin market participants is critical. Last year, rival Mt. Gox filed for bankruptcy after its computer system was hacked, and prominent bitcoin advocates had been accused of money laundering. "Some highly publicized failures and potentially illegal activity have focussed attention on virtual currencies and have highlighted the need for a sound regulatory framework for virtual currencies," itBit Chief Executive Charles "Chad" Cascarilla said in an October letter to New York's state banking regulator on an unrelated matter. ItBit, whose exchange operates in Singapore, moved its primary headquarters to New York last year, and hired Erik Wilgenhof Plante from eBay Inc (EBAY.O) as chief compliance officer. The company's web site touts its anti-money laundering efforts and "know your customer" credentials, as well as its compliance in all jurisdictions in which it operates. "Whether fairly or not, companies that work within the regulatory framework are more trusted by customers and partners," said David Berger, CEO of the Digital Currency Council, an industry advocacy group. Story continues The bank application for itBit Trust Company LLC lists three bigwigs in government and regulatory circles as "organizers," including former Federal Deposit Insurance Corporation Chairman Sheila Bair, former Financial Accounting Standards Board director Robert Herz and former New Jersey Sen. Bill Bradley. Organizers are responsible for setting up limited liability companies in New York, but do not necessarily hold operating positions within them. The application also names Cascarilla as an organizer, as well as his business partner Emil Woods, a former SAC Capital portfolio manager who co-founded the investment firm Cedar Hill Capital Partners with Cascarilla. Benjamin Lawsky, New York's superintendent of financial services, has been a vocal advocate of regulating virtual currencies like bitcoin as well as other businesses, like payments, that would operate using the same technology. That technology, called blockchain, essentially records every transaction that happens on the system. Transferring cash requires changing an entry in the ledger, but does not require processing by a bank or other intermediary, making it potentially faster and cheaper. Many on Wall Street and Main Street dismiss unregulated virtual currencies like bitcoin as a wacky concept embraced by paranoiacs, gamblers and bored teenagers. But large companies including International Business Machines Corp (IBM.N) and Goldman Sachs Group Inc (GS.N) are looking seriously at applying the technology behind bitcoin to businesses ranging from payments to trading. Central banks like the U.S. Federal Reserve and the Bank of England have also examined blockchain, while major cities including Singapore, London and New York are positioning themselves as bitcoin hubs. [ID:nL5N0X63BQ] "Many people believe that the real payoff with the bitcoin phenomenon is blockchain and all the various uses it can be put to," said Jeff Neuburger, a partner at the law firm Proskauer Rose who specializes in technology. "It will have some impact on the way all kinds of financial services are conducted." Spokespeople for itBit and New York's department of financial services confirmed the company had filed a banking licence application but declined further comment. Bair, Herz, Cascarilla and Woods did not respond to requests for comment. Bradley could not be reached for comment. ItBit is backed by venture capitalists including Canaan Partners, RRE Ventures and Liberty City Ventures, where Cascarilla is a partner. Since its founding in 2012, the company has received $3.3 million in a round of fund-raising, according to the startup site CrunchBase. Lately, itBit has been looking to gather more money from investors including Cedar Hill to fund new business ventures, one person briefed on the matter said. (Reporting by Lauren Tara LaCapra; editing by Dan Wilchins and Diane Craft) || Can Overstock.com (OSTK) Surprise This Earnings Season? - Analyst Blog: Overstock.com Inc.OSTK is slated to report first-quarter 2015 results after the closing bell on Apr 27. Last quarter, the company posted a negative earnings surprise of 76.00%. Let's see how things are shaping up for this announcement.
Factors to Consider
Overstock’s fourth-quarter 2014 earnings of 6 cents missed the Zacks Consensus Estimate of 25 cents. Revenues of $470 million, however, beat the consensus mark of $452 million.
On a positive note, Overstock, which became the first large retailer to accept bitcoin in Jan 2014 is likely to benefit from the bitcoin-friendly regulatory climate in its home state, Utah. The new bill also proposes that Utah could become a Bitcoin Silicon Valley.
Overstock Club O loyalty program, which costs customers $19.95 a year, comes with free shipping and a generous rewards payout of 5% to 25% on all items purchased. That, along with a new branded credit card, should help boost loyalty to the site and encourage repeat purchases.
Overstock has been accepting bitcoin as payment for a year now. Customers have made $3 million worth of purchases with it so far. Recently, there were reports that it is planning to offer its employees the option of being paid in bitcoin.
With a strong business model and a growing customer base, Overstock should benefit from the shifting demand to purchase gifts and other items online.
Earnings Whispers?
Our proven model does not conclusively show that Overstock will beat earnings estimates this quarter. That is because a stock needs to have both a positive Earnings ESP and a Zacks Ranks #1, 2 or 3 for this to happen. That is not the case here as you will see below.
Zacks ESP:Both the Most Accurate estimate and the Zacks Consensus Estimate stand at 20 cents. Hence, the difference is 0.00%.
Zacks Rank:Overstock currently carries a Zacks Rank #3 (Hold). Though Zacks Rank #1, 2 or 3 increases the predictive power of ESP, the company’s ESP of 0.00% makes surprise prediction difficult.
We caution against stocks with Zacks Rank #4 and 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions.
Other Stocks to Consider
Here are some other companies, which you may consider as our model shows that they have the right combination of elements to post an earnings beat this quarter:
Groupon, Inc. GRPN has an Earnings ESP of +50.00% and a Zacks Rank #1 (Strong Buy)Cognex Corp. CGNX with Earnings ESP of +4.35% and a Zacks Rank #1Apple Inc. AAPL has an Earnings ESP of +1.38% and a Zacks Rank #2 (Buy)Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportOVERSTOCK.COM (OSTK): Free Stock Analysis ReportAPPLE INC (AAPL): Free Stock Analysis ReportCOGNEX CORP (CGNX): Free Stock Analysis ReportGROUPON INC (GRPN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Can Overstock.com (OSTK) Surprise This Earnings Season? - Analyst Blog: Overstock.com Inc. OSTK is slated to report first-quarter 2015 results after the closing bell on Apr 27. Last quarter, the company posted a negative earnings surprise of 76.00%. Let's see how things are shaping up for this announcement. Factors to Consider Overstock’s fourth-quarter 2014 earnings of 6 cents missed the Zacks Consensus Estimate of 25 cents. Revenues of $470 million, however, beat the consensus mark of $452 million. On a positive note, Overstock, which became the first large retailer to accept bitcoin in Jan 2014 is likely to benefit from the bitcoin-friendly regulatory climate in its home state, Utah. The new bill also proposes that Utah could become a Bitcoin Silicon Valley. Overstock Club O loyalty program, which costs customers $19.95 a year, comes with free shipping and a generous rewards payout of 5% to 25% on all items purchased. That, along with a new branded credit card, should help boost loyalty to the site and encourage repeat purchases. Overstock has been accepting bitcoin as payment for a year now. Customers have made $3 million worth of purchases with it so far. Recently, there were reports that it is planning to offer its employees the option of being paid in bitcoin. With a strong business model and a growing customer base, Overstock should benefit from the shifting demand to purchase gifts and other items online. Earnings Whispers? Our proven model does not conclusively show that Overstock will beat earnings estimates this quarter. That is because a stock needs to have both a positive Earnings ESP and a Zacks Ranks #1, 2 or 3 for this to happen. That is not the case here as you will see below. Zacks ESP: Both the Most Accurate estimate and the Zacks Consensus Estimate stand at 20 cents. Hence, the difference is 0.00%. Zacks Rank: Overstock currently carries a Zacks Rank #3 (Hold). Though Zacks Rank #1, 2 or 3 increases the predictive power of ESP, the company’s ESP of 0.00% makes surprise prediction difficult. Story continues We caution against stocks with Zacks Rank #4 and 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions. Other Stocks to Consider Here are some other companies, which you may consider as our model shows that they have the right combination of elements to post an earnings beat this quarter: Groupon, Inc. GRPN has an Earnings ESP of +50.00% and a Zacks Rank #1 (Strong Buy)Cognex Corp. CGNX with Earnings ESP of +4.35% and a Zacks Rank #1Apple Inc. AAPL has an Earnings ESP of +1.38% and a Zacks Rank #2 (Buy) Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report OVERSTOCK.COM (OSTK): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report COGNEX CORP (CGNX): Free Stock Analysis Report GROUPON INC (GRPN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Trading Internet earnings: 7 plays on mainstays: Facebook (NASDAQ: FB) reeled after earnings on Wednesday, but some CNBC "Fast Money" traders would be quick to scoop up the stock. The social media giant dropped 2 percent in extended trading after it reported first-quarter revenue that missed analysts' expectations. But as the company's monthly active users in March rose 13 percent year-over-year, to 1.44 billion, trader Brian Kelly would buy on the slide. "If you can't monetize that, then you really shouldn't be in any type of business whatsoever. So, on weakness, you buy Facebook," Kelly said. Read More Facebook user growth crushes estimates Trader Pete Najarian agreed that the stock has upside. "I think tomorrow morning, as the dust settles, we're going to start to see really what the direction of Facebook is going to be," he said. But trader Dan Nathan expressed more skepticism. He noted that user growth and ad revenue on mobile platforms may start to reach a saturation point. He said he preferred Google stock to Facebook. EBay (NASDAQ: EBAY) -another Internet name that reported on Wednesday-soared in extended trading. The company beat Wall Street's earnings and revenue expectations, driven by strong growth in its PayPal service. Read More EBay jumps after beating Street on profit, revenue The stock popped 5 percent in after-hours to roughly $60 per share. Trader Guy Adami believes eBay shares could "make the push to the next level." The company also said the previously announced split of eBay and PayPal into separate publicly traded companies would take place in the third quarter. Nathan noted that he would look to take a long position in an independent PayPal and short eBay, as its core marketplace segment fell off 4 percent year-over-year. Disclosures: Pete Najarian Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, LOCO, MBLY, MRK, PEP and PFE. He is long calls AAPL, BK, DAL, EBAY, EEM, F, FB, FL, GE, GS, HZNP, IMAX, JBLU, KO, MAC, MYL, NEE, NTAP, OC, PBR, PFE, RAD, SYY, TEVA, TSX, UA, UAL, VZ, XLF, XOM and ZIOP. Today, he bought IMAX calls. Today, he bought EBAY calls. Today, he sold AMGN calls. Today, he bought AAPL calls. Today, he bought FB calls. Dan Nathan Dan Nathan is long BBRY June call spread, EBay May/July call spread, IWM May put fly, KO April 24th call fly, LULU May puts, M May call spread, NKE call spread, QQQ May 108/ 98 put spread, SHAK, T, TWTR, WMT June call spread, XLP May put spread and XLY May puts. Today, he bought EBay May/July call spread. Story continues Brian Kelly Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures. He is short Australian dollar. He is short yen. He is short yuan. Guy Adami Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || Trading Internet earnings: 7 plays on mainstays: Facebook(NASDAQ: FB)reeled after earnings on Wednesday, but some CNBC "Fast Money" traders would be quick to scoop up the stock.
The social media giant dropped 2 percent in extended trading after it reported first-quarter revenue that missed analysts' expectations. But as the company's monthly active users in March rose 13 percent year-over-year, to 1.44 billion, trader Brian Kelly would buy on the slide.
"If you can't monetize that, then you really shouldn't be in any type of business whatsoever. So, on weakness, you buy Facebook," Kelly said.
Read MoreFacebook user growth crushes estimates
Trader Pete Najarian agreed that the stock has upside.
"I think tomorrow morning, as the dust settles, we're going to start to see really what the direction of Facebook is going to be," he said.
But trader Dan Nathan expressed more skepticism. He noted that user growth and ad revenue on mobile platforms may start to reach a saturation point. He said he preferred Google stock to Facebook.
EBay(NASDAQ: EBAY)-another Internet name that reported on Wednesday-soared in extended trading. The company beat Wall Street's earnings and revenue expectations, driven by strong growth in its PayPal service.
Read MoreEBay jumps after beating Street on profit, revenue
The stock popped 5 percent in after-hours to roughly $60 per share. Trader Guy Adami believes eBay shares could "make the push to the next level."
The company also said the previously announced split of eBay and PayPal into separate publicly traded companies would take place in the third quarter. Nathan noted that he would look to take a long position in an independent PayPal and short eBay, as its core marketplace segment fell off 4 percent year-over-year.
Disclosures:
Pete Najarian
Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, LOCO, MBLY, MRK, PEP and PFE. He is long calls AAPL, BK, DAL, EBAY, EEM, F, FB, FL, GE, GS, HZNP, IMAX, JBLU, KO, MAC, MYL, NEE, NTAP, OC, PBR, PFE, RAD, SYY, TEVA, TSX, UA, UAL, VZ, XLF, XOM and ZIOP. Today, he bought IMAX calls. Today, he bought EBAY calls. Today, he sold AMGN calls. Today, he bought AAPL calls. Today, he bought FB calls.
Dan Nathan
Dan Nathan is long BBRY June call spread, EBay May/July call spread, IWM May put fly, KO April 24th call fly, LULU May puts, M May call spread, NKE call spread, QQQ May 108/ 98 put spread, SHAK, T, TWTR, WMT June call spread, XLP May put spread and XLY May puts. Today, he bought EBay May/July call spread.
Brian Kelly
Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures. He is short Australian dollar. He is short yen. He is short yuan.
Guy Adami
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
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[Social Media Buzz]
current #bitcoin price (winkdex) is $226.87, last changed Sat, 25 Apr 2015 13:55:00 GMT. queried at: 13:57:55 || current #bitcoin price (winkdex) is $228.82, last changed Sat, 25 Apr 2015 06:30:00 GMT. queried at: 06:32:54 || LIVE: Profit = $1,085.53 (29.14 %). BUY B16.40 @ $226.00 (#BTCe). SELL @ $235.00 (#VirCurex) #bitcoin #btc - http://www.projectcoin.org || One Bitcoin now worth $229.03@bitstamp. High $234.35. Low $228.00. Market Cap $ 3.227 Billion #bitcoin pic.twitter.com/NWtc3poMWs ||...
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219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07.
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[Bitcoin Technical Analysis for 2021-02-04]
Volume: 68838074392, RSI (14-day): 59.55, 50-day EMA: 31325.49, 200-day EMA: 20718.40
[Wider Market Context]
Gold Price: 1788.90, Gold RSI: 34.30
Oil Price: 56.23, Oil RSI: 74.82
[Recent News (last 7 days)]
Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit: Michael Saylor, the MicroStrategy CEO-turned-king of bitcoin treasuries, called upon fellow business executives Wednesday to avoid the path of financial “serfdom” at his virtual WORLD.NOW bitcoin-themed conference.
In his solo address, Saylor detailed the cryptocurrency playbook that propelled his three-decade-old data firm to newfound relevance in less than a year.
Largely eschewing the near-mystical rhetoric that has punctuated his public crypto musings since August, Saylor focused on hardline business strategies, procedures and dollar-sense language in a calibrated appeal to corporations.
Related:Market Wrap: Bitcoin Drops to $36.3K as DeFi Jumps to $32B on Ether FOMO
“There’s a macroeconomic wind blowing – big – it’s gonna impact $400 trillion of capital. That capital is sitting in fiat instruments that are being debased. That capital is going to want to convert into strong money,” said Saylor.
Saylor’s goal remained the fomenting of monetary revolution. For months now he’s tweet-preached the gospel of a harder, faster, stronger “monetary network,” namelybitcoin, which Saylor became enamored with at the height of COVID-19 shutdowns and a disciple of when fiat printers started going intooverdrive.
While thenotoriouslybrashCEO’s past declamations in support of bitcoin played to retail traders, his sermon at the conference targeted a far larger buy-side force: corporations. MicroStrategy was thefirst U.S. corporationto invest its dollarized treasury in bitcoin, and now boasting a 71,079 bitcoin reserve, Saylor seemed determined his company won’t be the last.
Accountants, lawyers and company executives joined Saylor’s effort. Their attempts to front-run corporate what-abouters detailed the practical whys and hows of BTC accumulation in, at times, excruciating detail. But even at its most pro-bitcoin moments, lawyers reminded viewers to be wary of OFAC sanctions violations.
Related:What We Learned About PayPal's Crypto Strategy This Week
MicroStrategy’s show could not be separated from the CEO at its ring master. Saylor’s anchoring hour set the tone for reams of corporate bitcoin programming that followed.
“Every company has to make one of two choices” when faced with a world of belligerent money printing, Saylor said. “You either have to decapitalize, which is kind of like self destruct … or you have to recapitalize with an asset which is going to appreciate faster than the rate of monetary supply expansion. This is where bitcoin comes in.”
And this is where the dollar goes out. In Saylor’s world view, there’s no scenario in which the dollar retains its global reserve status. To the man who shepherded over $1 billion of MicroStrategy’s reserve dollars into bitcoin, that cryptocurrency is the only viable way for companies to survive the coming debasement apocalypse.
Listen:Michael Saylor’s Mission to Get 1,400 Corporations Into Bitcoin
The shepherd said “fiat derivatives” offer treasuries a false respite from “the road to serfdom.” Bonds, stocks and real estate are just a placeholder for fiat, he said. They will yield increasingly diluted returns so long as that underlying fiat continues to debase. The answer: Convert them all to bitcoin.
Saylor offered debt raises, equity issuances and cash flow conversions as alternate balance sheet strategies for establishing a corporate bitcoin trove.
“Every company on earth can do that. Right? Every company has some amount of treasury assets,” Saylor said.
ARK Investment Managementprojectsthat if every company in the S&P 500 invested 1% of its assets into bitcoin the crypto’s price would increase $40,000.
Saylor also offered a playbook to companies approaching BTC as a business. He said firms can start by developing bitcoin tools, building bitcoin software, offering bitcoin services providing bitcoin infrastructure, saying, “All of these things will drive revenues and they’ll drive cash flows.”
“If you want to maximize shareholder value, you want to preserve or create shareholder wealth, then you can either work on a balance sheet strategy for bitcoin, or you can work on a P&L strategy for bitcoin,” he said.
MicroStrategy’s corporate deputies followed up Saylor’s talk with a point-by-point of the challenges companies might face in adopting bitcoin. Referring to MicroStrategy’s own path, company President Phong Le and Jeremy Price, the financial planning executive, laid out the stakes and methods of getting one’s company on board.
Read more:Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves
For “some it takes minutes, some it takes hours, some it takes days some it takes weeks, usually not months, but when that flip switches, you’ll have a team of advocates who are ready to move forward and really just change how you look at your business strategy,” Price said.
Then it was the legal department’s turn. MicroStrategy’s legal counsel addressed questions in corporate governance, regulatory concerns and policy that underpin every decision in corporate America. The admittedly dry presentation outlined a concrete roadmap to implementation.
Policies to staunch insider-trading shore up the company’s ethical front, they said. For example, MSTR employees are prohibited from front-running company bitcoin buys with allocations of their own.
Le then returned to the stage with two tax experts to walk through bitcoin’s financial implications.
Together, the back-to-back-to-back-to-back talks offered MicroStrategy’s strongest case yet that its 2020 flirtation with bitcoin is no passing fad. With over $1 billion in bitcoin and and almost assuredlymore bets to come, the company is now positioning itself to lead a massive corporate charge.
The conference’s lineup (which also featured panels on the actual business: building data intelligence products) was unabashedly blunt in its goal. Thursday, WORLD.NOW will trot out 10 crypto service providers in a marathon industry roadshow of firms vying for the corporate bitcoin allocations Saylor aims to seed.
“All of the vendors you’ll hear from tomorrow want you as a customer,” Le said.
MicroStrategy’s crew of bitcoin can-doers spent Wednesday publicly outlining the backroom how-to’s of a strategy that’s made Saylor one of themost influentialbitcoiners to emerge from corporate America.
“We’re at the beginning of a very very long trend here,” said Saylor. “And so, with that, I have more stuff to say, I don’t have time to say it, but, you know, follow me on Twitter, and stay tuned.”
• Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit
• Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit || Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit: Michael Saylor, the MicroStrategy CEO-turned-king of bitcoin treasuries, called upon fellow business executives Wednesday to avoid the path of financial “serfdom” at his virtual WORLD.NOW bitcoin-themed conference.
In his solo address, Saylor detailed the cryptocurrency playbook that propelled his three-decade-old data firm to newfound relevance in less than a year.
Largely eschewing the near-mystical rhetoric that has punctuated his public crypto musings since August, Saylor focused on hardline business strategies, procedures and dollar-sense language in a calibrated appeal to corporations.
Related:Market Wrap: Bitcoin Drops to $36.3K as DeFi Jumps to $32B on Ether FOMO
“There’s a macroeconomic wind blowing – big – it’s gonna impact $400 trillion of capital. That capital is sitting in fiat instruments that are being debased. That capital is going to want to convert into strong money,” said Saylor.
Saylor’s goal remained the fomenting of monetary revolution. For months now he’s tweet-preached the gospel of a harder, faster, stronger “monetary network,” namelybitcoin, which Saylor became enamored with at the height of COVID-19 shutdowns and a disciple of when fiat printers started going intooverdrive.
While thenotoriouslybrashCEO’s past declamations in support of bitcoin played to retail traders, his sermon at the conference targeted a far larger buy-side force: corporations. MicroStrategy was thefirst U.S. corporationto invest its dollarized treasury in bitcoin, and now boasting a 71,079 bitcoin reserve, Saylor seemed determined his company won’t be the last.
Accountants, lawyers and company executives joined Saylor’s effort. Their attempts to front-run corporate what-abouters detailed the practical whys and hows of BTC accumulation in, at times, excruciating detail. But even at its most pro-bitcoin moments, lawyers reminded viewers to be wary of OFAC sanctions violations.
Related:What We Learned About PayPal's Crypto Strategy This Week
MicroStrategy’s show could not be separated from the CEO at its ring master. Saylor’s anchoring hour set the tone for reams of corporate bitcoin programming that followed.
“Every company has to make one of two choices” when faced with a world of belligerent money printing, Saylor said. “You either have to decapitalize, which is kind of like self destruct … or you have to recapitalize with an asset which is going to appreciate faster than the rate of monetary supply expansion. This is where bitcoin comes in.”
And this is where the dollar goes out. In Saylor’s world view, there’s no scenario in which the dollar retains its global reserve status. To the man who shepherded over $1 billion of MicroStrategy’s reserve dollars into bitcoin, that cryptocurrency is the only viable way for companies to survive the coming debasement apocalypse.
Listen:Michael Saylor’s Mission to Get 1,400 Corporations Into Bitcoin
The shepherd said “fiat derivatives” offer treasuries a false respite from “the road to serfdom.” Bonds, stocks and real estate are just a placeholder for fiat, he said. They will yield increasingly diluted returns so long as that underlying fiat continues to debase. The answer: Convert them all to bitcoin.
Saylor offered debt raises, equity issuances and cash flow conversions as alternate balance sheet strategies for establishing a corporate bitcoin trove.
“Every company on earth can do that. Right? Every company has some amount of treasury assets,” Saylor said.
ARK Investment Managementprojectsthat if every company in the S&P 500 invested 1% of its assets into bitcoin the crypto’s price would increase $40,000.
Saylor also offered a playbook to companies approaching BTC as a business. He said firms can start by developing bitcoin tools, building bitcoin software, offering bitcoin services providing bitcoin infrastructure, saying, “All of these things will drive revenues and they’ll drive cash flows.”
“If you want to maximize shareholder value, you want to preserve or create shareholder wealth, then you can either work on a balance sheet strategy for bitcoin, or you can work on a P&L strategy for bitcoin,” he said.
MicroStrategy’s corporate deputies followed up Saylor’s talk with a point-by-point of the challenges companies might face in adopting bitcoin. Referring to MicroStrategy’s own path, company President Phong Le and Jeremy Price, the financial planning executive, laid out the stakes and methods of getting one’s company on board.
Read more:Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves
For “some it takes minutes, some it takes hours, some it takes days some it takes weeks, usually not months, but when that flip switches, you’ll have a team of advocates who are ready to move forward and really just change how you look at your business strategy,” Price said.
Then it was the legal department’s turn. MicroStrategy’s legal counsel addressed questions in corporate governance, regulatory concerns and policy that underpin every decision in corporate America. The admittedly dry presentation outlined a concrete roadmap to implementation.
Policies to staunch insider-trading shore up the company’s ethical front, they said. For example, MSTR employees are prohibited from front-running company bitcoin buys with allocations of their own.
Le then returned to the stage with two tax experts to walk through bitcoin’s financial implications.
Together, the back-to-back-to-back-to-back talks offered MicroStrategy’s strongest case yet that its 2020 flirtation with bitcoin is no passing fad. With over $1 billion in bitcoin and and almost assuredlymore bets to come, the company is now positioning itself to lead a massive corporate charge.
The conference’s lineup (which also featured panels on the actual business: building data intelligence products) was unabashedly blunt in its goal. Thursday, WORLD.NOW will trot out 10 crypto service providers in a marathon industry roadshow of firms vying for the corporate bitcoin allocations Saylor aims to seed.
“All of the vendors you’ll hear from tomorrow want you as a customer,” Le said.
MicroStrategy’s crew of bitcoin can-doers spent Wednesday publicly outlining the backroom how-to’s of a strategy that’s made Saylor one of themost influentialbitcoiners to emerge from corporate America.
“We’re at the beginning of a very very long trend here,” said Saylor. “And so, with that, I have more stuff to say, I don’t have time to say it, but, you know, follow me on Twitter, and stay tuned.”
• Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit
• Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit || Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit: Michael Saylor, the MicroStrategy CEO-turned-king of bitcoin treasuries, called upon fellow business executives Wednesday to avoid the path of financial “serfdom” at his virtual WORLD.NOW bitcoin-themed conference. In his solo address, Saylor detailed the cryptocurrency playbook that propelled his three-decade-old data firm to newfound relevance in less than a year. Largely eschewing the near-mystical rhetoric that has punctuated his public crypto musings since August, Saylor focused on hardline business strategies, procedures and dollar-sense language in a calibrated appeal to corporations. Related: Market Wrap: Bitcoin Drops to $36.3K as DeFi Jumps to $32B on Ether FOMO “There’s a macroeconomic wind blowing – big – it’s gonna impact $400 trillion of capital. That capital is sitting in fiat instruments that are being debased. That capital is going to want to convert into strong money,” said Saylor. Saylor’s goal remained the fomenting of monetary revolution. For months now he’s tweet-preached the gospel of a harder, faster, stronger “monetary network,” namely bitcoin , which Saylor became enamored with at the height of COVID-19 shutdowns and a disciple of when fiat printers started going into overdrive . While the notoriously brash CEO’s past declamations in support of bitcoin played to retail traders, his sermon at the conference targeted a far larger buy-side force: corporations. MicroStrategy was the first U.S. corporation to invest its dollarized treasury in bitcoin, and now boasting a 71,079 bitcoin reserve, Saylor seemed determined his company won’t be the last. Accountants, lawyers and company executives joined Saylor’s effort. Their attempts to front-run corporate what-abouters detailed the practical whys and hows of BTC accumulation in, at times, excruciating detail. But even at its most pro-bitcoin moments, lawyers reminded viewers to be wary of OFAC sanctions violations. Story continues Related: What We Learned About PayPal's Crypto Strategy This Week MicroStrategy’s show could not be separated from the CEO at its ring master. Saylor’s anchoring hour set the tone for reams of corporate bitcoin programming that followed. “Every company has to make one of two choices” when faced with a world of belligerent money printing, Saylor said. “You either have to decapitalize, which is kind of like self destruct … or you have to recapitalize with an asset which is going to appreciate faster than the rate of monetary supply expansion. This is where bitcoin comes in.” And this is where the dollar goes out. In Saylor’s world view, there’s no scenario in which the dollar retains its global reserve status. To the man who shepherded over $1 billion of MicroStrategy’s reserve dollars into bitcoin, that cryptocurrency is the only viable way for companies to survive the coming debasement apocalypse. Listen: Michael Saylor’s Mission to Get 1,400 Corporations Into Bitcoin The shepherd said “fiat derivatives” offer treasuries a false respite from “the road to serfdom.” Bonds, stocks and real estate are just a placeholder for fiat, he said. They will yield increasingly diluted returns so long as that underlying fiat continues to debase. The answer: Convert them all to bitcoin. Saylor offered debt raises, equity issuances and cash flow conversions as alternate balance sheet strategies for establishing a corporate bitcoin trove. “Every company on earth can do that. Right? Every company has some amount of treasury assets,” Saylor said. ARK Investment Management projects that if every company in the S&P 500 invested 1% of its assets into bitcoin the crypto’s price would increase $40,000. Saylor also offered a playbook to companies approaching BTC as a business. He said firms can start by developing bitcoin tools, building bitcoin software, offering bitcoin services providing bitcoin infrastructure, saying, “All of these things will drive revenues and they’ll drive cash flows.” “If you want to maximize shareholder value, you want to preserve or create shareholder wealth, then you can either work on a balance sheet strategy for bitcoin, or you can work on a P&L strategy for bitcoin,” he said. MicroStrategy’s corporate deputies followed up Saylor’s talk with a point-by-point of the challenges companies might face in adopting bitcoin. Referring to MicroStrategy’s own path, company President Phong Le and Jeremy Price, the financial planning executive, laid out the stakes and methods of getting one’s company on board. Read more: Cathie Wood: More Tech Companies Will Adopt Bitcoin Treasury Reserves For “some it takes minutes, some it takes hours, some it takes days some it takes weeks, usually not months, but when that flip switches, you’ll have a team of advocates who are ready to move forward and really just change how you look at your business strategy,” Price said. Then it was the legal department’s turn. MicroStrategy’s legal counsel addressed questions in corporate governance, regulatory concerns and policy that underpin every decision in corporate America. The admittedly dry presentation outlined a concrete roadmap to implementation. Policies to staunch insider-trading shore up the company’s ethical front, they said. For example, MSTR employees are prohibited from front-running company bitcoin buys with allocations of their own. Le then returned to the stage with two tax experts to walk through bitcoin’s financial implications. Together, the back-to-back-to-back-to-back talks offered MicroStrategy’s strongest case yet that its 2020 flirtation with bitcoin is no passing fad. With over $1 billion in bitcoin and and almost assuredly more bets to come , the company is now positioning itself to lead a massive corporate charge. The conference’s lineup (which also featured panels on the actual business: building data intelligence products) was unabashedly blunt in its goal. Thursday, WORLD.NOW will trot out 10 crypto service providers in a marathon industry roadshow of firms vying for the corporate bitcoin allocations Saylor aims to seed. “All of the vendors you’ll hear from tomorrow want you as a customer,” Le said. MicroStrategy’s crew of bitcoin can-doers spent Wednesday publicly outlining the backroom how-to’s of a strategy that’s made Saylor one of the most influential bitcoiners to emerge from corporate America. “We’re at the beginning of a very very long trend here,” said Saylor. “And so, with that, I have more stuff to say, I don’t have time to say it, but, you know, follow me on Twitter, and stay tuned.” Related Stories Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit Saylor, MicroStrategy Offer Playbook for Corporate Bitcoin Adoption at Annual Summit || Why Some Money Experts Believe In Bitcoin and Others Don’t: Exciting, mysterious and highly volatile, Bitcoin is hard to ignore after the decade it just had. The cryptocurrency has demolished the stock market, the housing market, precious metals and other common investments since its emergence in 2009. But the 2010s were also a roller coaster of extraordinary highs and lows for Bitcoin, not to mention scandals in the crypto world, frauds, scams and increased heat from regulators. Is Bitcoin a good investment or a dangerous speculative bubble? GOBankingRates asked the experts for both sides of the digital coin.
Mark Cuban:‘Bitcoin Is Exactly like the Dot Com Bubble’
Privacy is Bitcoin’s biggest advantage over traditional financial transactions. That, along with its loose regulations and exchange-rate perks, makes it a medium of exchange whose popularity shows no sign of waning.
Read:4 Investing Lessons the Pandemic Has Taught Us
“Bitcoin is definitely a good investment,” said James Page, a cryptocurrency technical writer and executive forCryptohead. “First of all, bitcoin payments are not only cost-effective, but you don’t lose money on exchange rates, like on a regular currency. Another benefit is that it isn’t regulated by any central authority or bank, which gives all the power to bitcoin users and miners. Investors now are in dire need of privacy given how volatile security is, and Bitcoin being a secured market makes it a top choice for investment.”
Albert Einstein is quoted as saying, “if you can’t explain it to a 6-year-old, you don’t understand it yourself.” Do you know anyone who could explain cryptocurrency to a 6-year-old? The very concept of a currency not backed by a government or financial institution is completely alien to most, as is the technology used to develop it, the way it’s “mined” and the market forces that give it its value. Expect to put in some work in the research and education department if you’re going to be a competent investor.
Investing for Beginners:What First-Time Investors Need To Know
“It’s essential to understand how Bitcoin works before investing any money,” said Linda Chavez, founder and CEO ofSeniors Life Insurance Finder. “Bitcoin is in its infancy and it can take a few months to understand the actual impact Bitcoin can have on the world. Take some time to understand Bitcoin, how it works, how to secure bitcoins and about how Bitcoin differs from fiat money.”
After 10 years of results, one thing is certain — it’s hard to argue with Bitcoin’s success.
Find Out:Ways Investing Will Change in the Next 25 Years
“Without a doubt, Bitcoin has been the investment of the decade, outperforming the stock market, real estate and precious metals,” saidRob Zel, founder of the crypto exchangebitni.com. “It may even turn out to be the investment of the century. Whether Bitcoin continues to perform depends on continued mainstream adoption–it has to be used in order for it to have value. The recent adoption of Bitcoin by PayPal is a huge step forward, allowing millions of sellers to accept crypto, and this announcement was likely a factor in the recent price rally. If these trends continue, it is likely Bitcoin’s price will continue to rise.”
For mainstream investors, cryptocurrency offers neither the stability nor the familiarity of traditional investments like stocks or gold.
Did You Know:The Most Fascinating Things You Never Knew You Could Invest In
“Due to its volatility, lack of regulation across global markets, and the potential to be disrupted, it has its weak points that cannot be ignored,” saidIan Khan, director of the documentary“Blockchain City”on Amazon Prime.“High-risk tolerant investors may, however, find it an interesting asset class to look into.”
Braden Weinstockis the former COO ofPaxful, one of the world’s largest peer-to-peer crypto marketplaces, and a former employee of Bridgewater Associates, the world’s largest hedge fund. He sums it up neatly in describing Bitcoin as an entity in flux with both potential and pitfalls.
Find Out:Do You Invest Like These Millionaire Stars?
“Bitcoin, a cryptocurrency built on blockchain technology, is a new way to operationalize how the financial system works that has proven itself as a viable store of wealth in our digital world,” Weinstock said. “Right now it behaves like a volatile, high-risk investment with a similar profile to alternative asset classes–but it can function like money to facilitate payments that can bring billions of unbanked dollars around the world into the financial system. In that respect, it is cheaper, faster and more secure than other forms of payment. Bitcoin itself is also protected against inflation since the supply is limited. I believe Bitcoin is a good investment that has a place as a minority position–less than 5%–of a broader balanced portfolio strategy to be held for the long term.”
More From GOBankingRates
• These Are the Best Banks of 2021 – Did Yours Make the Cut?
• 19 Ways To Tackle Your Budget and Manage Your Debt
• Top 100 Banks Leading the U.S. in 2021
• Tips To Keep Your Finances in Order Without Sacrificing What You Want
This article originally appeared onGOBankingRates.com:Why Some Money Experts Believe In Bitcoin and Others Don’t || Why Some Money Experts Believe In Bitcoin and Others Don’t: Exciting, mysterious and highly volatile, Bitcoin is hard to ignore after the decade it just had. The cryptocurrency has demolished the stock market, the housing market, precious metals and other common investments since its emergence in 2009. But the 2010s were also a roller coaster of extraordinary highs and lows for Bitcoin, not to mention scandals in the crypto world, frauds, scams and increased heat from regulators. Is Bitcoin a good investment or a dangerous speculative bubble? GOBankingRates asked the experts for both sides of the digital coin.
Mark Cuban:‘Bitcoin Is Exactly like the Dot Com Bubble’
Privacy is Bitcoin’s biggest advantage over traditional financial transactions. That, along with its loose regulations and exchange-rate perks, makes it a medium of exchange whose popularity shows no sign of waning.
Read:4 Investing Lessons the Pandemic Has Taught Us
“Bitcoin is definitely a good investment,” said James Page, a cryptocurrency technical writer and executive forCryptohead. “First of all, bitcoin payments are not only cost-effective, but you don’t lose money on exchange rates, like on a regular currency. Another benefit is that it isn’t regulated by any central authority or bank, which gives all the power to bitcoin users and miners. Investors now are in dire need of privacy given how volatile security is, and Bitcoin being a secured market makes it a top choice for investment.”
Albert Einstein is quoted as saying, “if you can’t explain it to a 6-year-old, you don’t understand it yourself.” Do you know anyone who could explain cryptocurrency to a 6-year-old? The very concept of a currency not backed by a government or financial institution is completely alien to most, as is the technology used to develop it, the way it’s “mined” and the market forces that give it its value. Expect to put in some work in the research and education department if you’re going to be a competent investor.
Investing for Beginners:What First-Time Investors Need To Know
“It’s essential to understand how Bitcoin works before investing any money,” said Linda Chavez, founder and CEO ofSeniors Life Insurance Finder. “Bitcoin is in its infancy and it can take a few months to understand the actual impact Bitcoin can have on the world. Take some time to understand Bitcoin, how it works, how to secure bitcoins and about how Bitcoin differs from fiat money.”
After 10 years of results, one thing is certain — it’s hard to argue with Bitcoin’s success.
Find Out:Ways Investing Will Change in the Next 25 Years
“Without a doubt, Bitcoin has been the investment of the decade, outperforming the stock market, real estate and precious metals,” saidRob Zel, founder of the crypto exchangebitni.com. “It may even turn out to be the investment of the century. Whether Bitcoin continues to perform depends on continued mainstream adoption–it has to be used in order for it to have value. The recent adoption of Bitcoin by PayPal is a huge step forward, allowing millions of sellers to accept crypto, and this announcement was likely a factor in the recent price rally. If these trends continue, it is likely Bitcoin’s price will continue to rise.”
For mainstream investors, cryptocurrency offers neither the stability nor the familiarity of traditional investments like stocks or gold.
Did You Know:The Most Fascinating Things You Never Knew You Could Invest In
“Due to its volatility, lack of regulation across global markets, and the potential to be disrupted, it has its weak points that cannot be ignored,” saidIan Khan, director of the documentary“Blockchain City”on Amazon Prime.“High-risk tolerant investors may, however, find it an interesting asset class to look into.”
Braden Weinstockis the former COO ofPaxful, one of the world’s largest peer-to-peer crypto marketplaces, and a former employee of Bridgewater Associates, the world’s largest hedge fund. He sums it up neatly in describing Bitcoin as an entity in flux with both potential and pitfalls.
Find Out:Do You Invest Like These Millionaire Stars?
“Bitcoin, a cryptocurrency built on blockchain technology, is a new way to operationalize how the financial system works that has proven itself as a viable store of wealth in our digital world,” Weinstock said. “Right now it behaves like a volatile, high-risk investment with a similar profile to alternative asset classes–but it can function like money to facilitate payments that can bring billions of unbanked dollars around the world into the financial system. In that respect, it is cheaper, faster and more secure than other forms of payment. Bitcoin itself is also protected against inflation since the supply is limited. I believe Bitcoin is a good investment that has a place as a minority position–less than 5%–of a broader balanced portfolio strategy to be held for the long term.”
More From GOBankingRates
• These Are the Best Banks of 2021 – Did Yours Make the Cut?
• 19 Ways To Tackle Your Budget and Manage Your Debt
• Top 100 Banks Leading the U.S. in 2021
• Tips To Keep Your Finances in Order Without Sacrificing What You Want
This article originally appeared onGOBankingRates.com:Why Some Money Experts Believe In Bitcoin and Others Don’t || Why Some Money Experts Believe In Bitcoin and Others Don’t: ©Shutterstock.com / Shutterstock.com Exciting, mysterious and highly volatile, Bitcoin is hard to ignore after the decade it just had. The cryptocurrency has demolished the stock market, the housing market, precious metals and other common investments since its emergence in 2009. But the 2010s were also a roller coaster of extraordinary highs and lows for Bitcoin, not to mention scandals in the crypto world, frauds, scams and increased heat from regulators. Is Bitcoin a good investment or a dangerous speculative bubble? GOBankingRates asked the experts for both sides of the digital coin. Mark Cuban: ‘Bitcoin Is Exactly like the Dot Com Bubble’ Pro: It Has Lots of Benefits Over Regular Currency Privacy is Bitcoin’s biggest advantage over traditional financial transactions. That, along with its loose regulations and exchange-rate perks, makes it a medium of exchange whose popularity shows no sign of waning. Read: 4 Investing Lessons the Pandemic Has Taught Us “Bitcoin is definitely a good investment,” said James Page, a cryptocurrency technical writer and executive for Cryptohead . “First of all, bitcoin payments are not only cost-effective, but you don’t lose money on exchange rates, like on a regular currency. Another benefit is that it isn’t regulated by any central authority or bank, which gives all the power to bitcoin users and miners. Investors now are in dire need of privacy given how volatile security is, and Bitcoin being a secured market makes it a top choice for investment.” Con: It’s Complex, Unfamiliar and Comes With a Steep Learning Curve Albert Einstein is quoted as saying, “if you can’t explain it to a 6-year-old, you don’t understand it yourself.” Do you know anyone who could explain cryptocurrency to a 6-year-old? The very concept of a currency not backed by a government or financial institution is completely alien to most, as is the technology used to develop it, the way it’s “mined” and the market forces that give it its value. Expect to put in some work in the research and education department if you’re going to be a competent investor. Story continues Investing for Beginners: What First-Time Investors Need To Know “It’s essential to understand how Bitcoin works before investing any money,” said Linda Chavez, founder and CEO of Seniors Life Insurance Finder . “Bitcoin is in its infancy and it can take a few months to understand the actual impact Bitcoin can have on the world. Take some time to understand Bitcoin, how it works, how to secure bitcoins and about how Bitcoin differs from fiat money.” Pro: Bitcoin Has Outperformed and Is Moving Into the Mainstream After 10 years of results, one thing is certain — it’s hard to argue with Bitcoin’s success. Find Out: Ways Investing Will Change in the Next 25 Years “Without a doubt, Bitcoin has been the investment of the decade, outperforming the stock market, real estate and precious metals,” said Rob Zel, founder of the crypto exchange bitni.com . “It may even turn out to be the investment of the century. Whether Bitcoin continues to perform depends on continued mainstream adoption–it has to be used in order for it to have value. The recent adoption of Bitcoin by PayPal is a huge step forward, allowing millions of sellers to accept crypto, and this announcement was likely a factor in the recent price rally. If these trends continue, it is likely Bitcoin’s price will continue to rise.” Con: It Can Be a Volatile, Shadowy Investment For mainstream investors, cryptocurrency offers neither the stability nor the familiarity of traditional investments like stocks or gold. Did You Know: The Most Fascinating Things You Never Knew You Could Invest In “Due to its volatility, lack of regulation across global markets, and the potential to be disrupted, it has its weak points that cannot be ignored,” said Ian Khan, director of the documentary “Blockchain City” on Amazon Prime. “High-risk tolerant investors may, however, find it an interesting asset class to look into.” Conclusion: The Profit Potential Is Obvious but the Jury Is Still Out. Tread Lightly. Braden Weinstock is the former COO of Paxful , one of the world’s largest peer-to-peer crypto marketplaces, and a former employee of Bridgewater Associates, the world’s largest hedge fund. He sums it up neatly in describing Bitcoin as an entity in flux with both potential and pitfalls. Find Out: Do You Invest Like These Millionaire Stars? “Bitcoin, a cryptocurrency built on blockchain technology, is a new way to operationalize how the financial system works that has proven itself as a viable store of wealth in our digital world,” Weinstock said. “Right now it behaves like a volatile, high-risk investment with a similar profile to alternative asset classes–but it can function like money to facilitate payments that can bring billions of unbanked dollars around the world into the financial system. In that respect, it is cheaper, faster and more secure than other forms of payment. Bitcoin itself is also protected against inflation since the supply is limited. I believe Bitcoin is a good investment that has a place as a minority position–less than 5%–of a broader balanced portfolio strategy to be held for the long term.” More From GOBankingRates These Are the Best Banks of 2021 – Did Yours Make the Cut? 19 Ways To Tackle Your Budget and Manage Your Debt Top 100 Banks Leading the U.S. in 2021 Tips To Keep Your Finances in Order Without Sacrificing What You Want This article originally appeared on GOBankingRates.com : Why Some Money Experts Believe In Bitcoin and Others Don’t || Niemann Capital Management Inc Buys BTC iShares U.S. ...: - By insiderScotts Valley, CA, based Investment companyNiemann Capital Management Inc(Current Portfolio) buys BTC iShares U.S. Technology ETF, sells iShares 1-3 Year Treasury Bond ETF, SSGA SPDR S&P 500 during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Niemann Capital Management Inc. As of 2020Q4, Niemann Capital Management Inc owns 2 stocks with a total value of $1 million. These are the details of the buys and sells.
• Added Positions:IYW,
• Reduced Positions:SHY,
• Sold Out:SPY,
• IYW 15-Year Financial Data
• The intrinsic value of IYW
• Peter Lynch Chart of IYW
For the details of NIEMANN CAPITAL MANAGEMENT INC's stock buys and sells,go tohttps://www.gurufocus.com/guru/niemann+capital+management+inc/current-portfolio/portfolio
These are the top 5 holdings of NIEMANN CAPITAL MANAGEMENT INC
1. iShares 1-3 Year Treasury Bond ETF (SHY) - 5,858 shares, 64.21% of the total portfolio. Shares reduced by 48.24%
2. BTC iShares U.S. Technology ETF (IYW) - 3,316 shares, 35.79% of the total portfolio. Shares added by 117.73%
3. SSGA SPDR S&P 500 (SPY) - 0 shares, 0.00% of the total portfolio. Shares reduced by 10000%
Added: BTC iShares U.S. Technology ETF (IYW)
Niemann Capital Management Inc added to a holding in BTC iShares U.S. Technology ETF by 117.73%. The purchase prices were between $73.08 and $85.83, with an estimated average price of $79.9. The stock is now traded at around $89.580000. The impact to a portfolio due to this purchase was 19.35%. The holding were 3,316 shares as of 2020-12-31.
Sold Out: SSGA SPDR S&P 500 (SPY)
Niemann Capital Management Inc sold out a holding in SSGA SPDR S&P 500. The sale prices were between $326.54 and $373.88, with an estimated average price of $355.39.
Here is the complete portfolio of NIEMANN CAPITAL MANAGEMENT INC. Also check out:1. NIEMANN CAPITAL MANAGEMENT INC's Undervalued Stocks2. NIEMANN CAPITAL MANAGEMENT INC's Top Growth Companies, and3. NIEMANN CAPITAL MANAGEMENT INC's High Yield stocks4. Stocks that NIEMANN CAPITAL MANAGEMENT INC keeps buyingThis article first appeared onGuruFocus. || Niemann Capital Management Inc Buys BTC iShares U.S. ...: - By insiderScotts Valley, CA, based Investment companyNiemann Capital Management Inc(Current Portfolio) buys BTC iShares U.S. Technology ETF, sells iShares 1-3 Year Treasury Bond ETF, SSGA SPDR S&P 500 during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Niemann Capital Management Inc. As of 2020Q4, Niemann Capital Management Inc owns 2 stocks with a total value of $1 million. These are the details of the buys and sells.
• Added Positions:IYW,
• Reduced Positions:SHY,
• Sold Out:SPY,
• IYW 15-Year Financial Data
• The intrinsic value of IYW
• Peter Lynch Chart of IYW
For the details of NIEMANN CAPITAL MANAGEMENT INC's stock buys and sells,go tohttps://www.gurufocus.com/guru/niemann+capital+management+inc/current-portfolio/portfolio
These are the top 5 holdings of NIEMANN CAPITAL MANAGEMENT INC
1. iShares 1-3 Year Treasury Bond ETF (SHY) - 5,858 shares, 64.21% of the total portfolio. Shares reduced by 48.24%
2. BTC iShares U.S. Technology ETF (IYW) - 3,316 shares, 35.79% of the total portfolio. Shares added by 117.73%
3. SSGA SPDR S&P 500 (SPY) - 0 shares, 0.00% of the total portfolio. Shares reduced by 10000%
Added: BTC iShares U.S. Technology ETF (IYW)
Niemann Capital Management Inc added to a holding in BTC iShares U.S. Technology ETF by 117.73%. The purchase prices were between $73.08 and $85.83, with an estimated average price of $79.9. The stock is now traded at around $89.580000. The impact to a portfolio due to this purchase was 19.35%. The holding were 3,316 shares as of 2020-12-31.
Sold Out: SSGA SPDR S&P 500 (SPY)
Niemann Capital Management Inc sold out a holding in SSGA SPDR S&P 500. The sale prices were between $326.54 and $373.88, with an estimated average price of $355.39.
Here is the complete portfolio of NIEMANN CAPITAL MANAGEMENT INC. Also check out:1. NIEMANN CAPITAL MANAGEMENT INC's Undervalued Stocks2. NIEMANN CAPITAL MANAGEMENT INC's Top Growth Companies, and3. NIEMANN CAPITAL MANAGEMENT INC's High Yield stocks4. Stocks that NIEMANN CAPITAL MANAGEMENT INC keeps buyingThis article first appeared onGuruFocus. || Niemann Capital Management Inc Buys BTC iShares U.S. ...: - By insider Scotts Valley, CA, based Investment company Niemann Capital Management Inc ( Current Portfolio ) buys BTC iShares U.S. Technology ETF, sells iShares 1-3 Year Treasury Bond ETF, SSGA SPDR S&P 500 during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Niemann Capital Management Inc. As of 2020Q4, Niemann Capital Management Inc owns 2 stocks with a total value of $1 million. These are the details of the buys and sells. Added Positions: IYW, Reduced Positions: SHY, Sold Out: SPY, IYW 15-Year Financial Data The intrinsic value of IYW Peter Lynch Chart of IYW For the details of NIEMANN CAPITAL MANAGEMENT INC's stock buys and sells, go to https://www.gurufocus.com/guru/niemann+capital+management+inc/current-portfolio/portfolio These are the top 5 holdings of NIEMANN CAPITAL MANAGEMENT INC iShares 1-3 Year Treasury Bond ETF ( SHY ) - 5,858 shares, 64.21% of the total portfolio. Shares reduced by 48.24% BTC iShares U.S. Technology ETF ( IYW ) - 3,316 shares, 35.79% of the total portfolio. Shares added by 117.73% SSGA SPDR S&P 500 ( SPY ) - 0 shares, 0.00% of the total portfolio. Shares reduced by 10000% Added: BTC iShares U.S. Technology ETF (IYW) Niemann Capital Management Inc added to a holding in BTC iShares U.S. Technology ETF by 117.73%. The purchase prices were between $73.08 and $85.83, with an estimated average price of $79.9. The stock is now traded at around $89.580000. The impact to a portfolio due to this purchase was 19.35%. The holding were 3,316 shares as of 2020-12-31. Sold Out: SSGA SPDR S&P 500 (SPY) Niemann Capital Management Inc sold out a holding in SSGA SPDR S&P 500. The sale prices were between $326.54 and $373.88, with an estimated average price of $355.39. Here is the complete portfolio of NIEMANN CAPITAL MANAGEMENT INC. Also check out: 1. NIEMANN CAPITAL MANAGEMENT INC's Undervalued Stocks 2. NIEMANN CAPITAL MANAGEMENT INC's Top Growth Companies, and 3. NIEMANN CAPITAL MANAGEMENT INC's High Yield stocks 4. Stocks that NIEMANN CAPITAL MANAGEMENT INC keeps buyingThis article first appeared on GuruFocus . || Ethereum, Polkadot & Vechain - American Wrap: 2/3/2021: Ethereum Price Breaks $1,600 In Unstoppable Rally Targeting $2,000
Ethereum has just reached a market capitalization of $183 billion for the first time ever after surpassing $1,600 across all major exchanges. ETH bulls aim for at least $2,000 in the short-term and up to $3,123 which is the 261.8% Fibonacci Level that Bitcoin touched after its last rally.
See also:Ripple vs. Ethereum
Polkadot Price Prediction: DOT Is Poised For A Significant Correction To $16, Suggests Technicals
Polkadot has reached a new all-time high on February 3 at $19.83 hitting a market capitalization of over $17.4 billion, almost surpassing XRP which stands at $17.8 billion. Unfortunately, many on-chain metrics and indicators show that Polkadot must face a correction.
Vechain Price Forecast: VET Sees A Breakout And Defends Crucial Support Level Aiming For $0.034
After a rally towards $0.035 that peaked on January 21, Vechain has been under a consolidation period hitting a low of $0.024 on February 1. Since then, the digital asset has recovered significantly and broke out of a parallel channel.
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum, Polkadot & Vechain - American Wrap: 2/3/2021: Ethereum Price Breaks $1,600 In Unstoppable Rally Targeting $2,000 Ethereum has just reached a market capitalization of $183 billion for the first time ever after surpassing $1,600 across all major exchanges. ETH bulls aim for at least $2,000 in the short-term and up to $3,123 which is the 261.8% Fibonacci Level that Bitcoin touched after its last rally. See also: Ripple vs. Ethereum Polkadot Price Prediction: DOT Is Poised For A Significant Correction To $16, Suggests Technicals Polkadot has reached a new all-time high on February 3 at $19.83 hitting a market capitalization of over $17.4 billion, almost surpassing XRP which stands at $17.8 billion. Unfortunately, many on-chain metrics and indicators show that Polkadot must face a correction. Vechain Price Forecast: VET Sees A Breakout And Defends Crucial Support Level Aiming For $0.034 After a rally towards $0.035 that peaked on January 21, Vechain has been under a consolidation period hitting a low of $0.024 on February 1. Since then, the digital asset has recovered significantly and broke out of a parallel channel. See more from Benzinga Click here for options trades from Benzinga Dogecoin, Compound & Binance Coin - American Wrap: 2/2/2021 Litecoin, Polkadot & Yearn.Finance - American Wrap: 2/1/2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD: Many of Bitcoin’s most active stakeholders have just about nailed down the activation method for Taproot, the Bitcoin software’s biggest upgrade in years. In a public meeting on Internet Relay Chat (IRC) Tuesday, Bitcoin developers, miners, business professionals and enthusiasts hashed out the specifics of how to package the Taproot upgrade into an update – and how to activate it once the code has been shipped. The most active of the 200 or so participants on the chat (mostly, but not all, developers) seemed to agree on the Bitcoin Improvement Proposal (BIP) that would be used to activate Taproot. To prep the BIP for shipment, they also voted to “merge” two “pull requests” (PRs) on GitHub that outline the rules for Taproot’s activation logic into Bitcoin’s source code when the time comes to push the upgrade. Related: What We Learned About PayPal's Crypto Strategy This Week One of these, PR #1021 , includes a measure to allow users to force activate the upgrade should miners not support it, while PR #1020 only “recommends” this forcing but does not enable it by default. Since most all participants support BIP 8 without forced activation, as meeting leader and Bitcoin Core developer Michael Folkson noted in the chat, further discussion will pinpoint a date to begin activation – and further discuss the extent to which a “flag day” to force activation is necessary. Why a Taproot flag day (probably) isn’t needed Not that miners blocking the upgrade should be an issue for Taproot, which has some 91% miner support, according to a survey run by F2Pool VP Alejandro De La Torre. The survey provides crucial feedback from miners for Bitcoin’s decentralized organization, which cannot unilaterally coordinate updates the way a centralized software provider can. Upgrades like Taproot require painstaking coordination between miners, full-node users (those running Bitcoin’s open-source code) and other stakeholders to ensure nothing goes wrong (like introducing a bug or splitting the Bitcoin network into two incompatible versions). Story continues Because miners have shown no resistance to Taproot, most participants voiced a preference for BIP8 (false), with the (false) referring to the exclusion of a “flag day” to force activation through full nodes should the upgrade fail through lack of miner activation. Related: CoinDesk TV Launches at a Pivotal Time in Global Finance BIP8 as currently devised would give Bitcoin miners and full-node operators a year to adopt the upgrade, after which point the upgrade would be “locked in” with enough support. In one version of this, BIP8 (false), the update simply fails without enough support. In another, BIP8 (true), a “flag day” would force miners to signal for the upgrade when the activation time frame expires if they did not do so beforehand. Technical note: There are a few ways to upgrade Bitcoin, the easiest being through miner activation where mining pools upgrade and begin mining blocks under the new rules. Failing this, node operators can upgrade and choose to reject blocks from miners who have not signaled support for an upgrade. This so-called “user activate soft fork” (UASF), also used to activate SegWit , would force holdout miners to adopt the new upgrade. “Completely anecdotal but I’ve not seen any [emphasis theirs] opposition to Taproot,” one willcl_ark said in the chat, referring to whether or not a flag day is necessary. “I think using the lowest common denominator of activation parameters (false) seems like the sensible choice to avoid any purposeful or accidental chain splits in the case miners don’t signal.” What’s the holdup? Still others, like prolific Bitcoin Core developer Luke Dashjr, are not convinced the inclusion of a flag day is unnecessary. In fact, it’s a matter of principle to demonstrate that node operators decide software, not miners. “It doesn’t matter,” he said in the chat in reference to miner support. “Miners do not decide protocol changes,” he continued, intimating that it’s the node operators who decide instead by choosing what software to run. Further, he espoused that BIP8 (false), “let[s] miners decide” the fate of the upgrade. When the time comes, he said later in the chat, he will configure his node to run the BIP8 (true) version that rejects non-Taproot blocks from miners. “BIP8 with mandatory [activation] is not an unnecessary show of force,” said hsjoberg, reiterating Dashjr’s belief that the user-choice of a UASF is a necessary check and balance on miner apathy. Still, a show of force could introduce unnecessary risk and set an unwelcome precedent for future upgrade deliberations, especially when miners have given users no reason to be combative, so go the arguments in favor of BIP8 (false). “[BIP8 false] is safer than [true], so it’s worth doing [false] first given that we know hashpower is ~90% already pro-Taproot,” Bitcoin Core and CoinSwap developer Chris Belcher said. Others like Suredbits and Bitcoin Core developer Ben Carman pointed out that you could configure the upgrade later on into activation to include the flag day should miners fail to signal, “making it safer and easy for users to enforce the UASF.” At the end of the meeting, the participants agreed to merge pull requests on GitHub for both a non-forced activation route (PR #1020) and a forced activation route (PR #1021). With both of these rules in Bitcoin Core’s GitHub, the rules for a forced activation could be used only if necessary. More deliberation The chain split scenario that willcl_ark described is basically the bogeyman everyone wants to avoid here. The fear is that BIP8 (true) requires 100% of hashrate to signal for the upgrade after the Taproot activation deadline ends. Thus, if enough users went this route at the same time that others use BIP8 (false) for non-forced activation (which only requires 95% of hashrate), the two different code versions may create two incompatible histories of Bitcoin’s transaction ledger. That’s why, if forced signalling must happen at all, it’s best to do so through AJ Townes’ PR #1021, which “makes it safer for the UASF option which is the most ‘dangerous’ scenario,” Carman wrote in the chat. For now it seems as if those involved in discussions favor BIP8 (false) with the addition of a UASF through PR #1021 if needed, but further discussion is needed to hammer out the exact timeline of the initial activation period (or how long users have to upgrade after the update goes live), as well as what activation date to set. These “what ifs” and “whens” will be hashed out, among other matters, in a meeting next Wednesday. Related Stories Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD || Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD: Many of Bitcoin’s most active stakeholders have just about nailed down the activation method for Taproot, the Bitcoin software’s biggest upgrade in years. In a public meeting on Internet Relay Chat (IRC) Tuesday, Bitcoin developers, miners, business professionals and enthusiasts hashed out the specifics of how to package the Taproot upgrade into an update – and how to activate it once the code has been shipped. The most active of the 200 or so participants on the chat (mostly, but not all, developers) seemed to agree on the Bitcoin Improvement Proposal (BIP) that would be used to activate Taproot. To prep the BIP for shipment, they also voted to “merge” two “pull requests” (PRs) on GitHub that outline the rules for Taproot’s activation logic into Bitcoin’s source code when the time comes to push the upgrade. Related: What We Learned About PayPal's Crypto Strategy This Week One of these, PR #1021 , includes a measure to allow users to force activate the upgrade should miners not support it, while PR #1020 only “recommends” this forcing but does not enable it by default. Since most all participants support BIP 8 without forced activation, as meeting leader and Bitcoin Core developer Michael Folkson noted in the chat, further discussion will pinpoint a date to begin activation – and further discuss the extent to which a “flag day” to force activation is necessary. Why a Taproot flag day (probably) isn’t needed Not that miners blocking the upgrade should be an issue for Taproot, which has some 91% miner support, according to a survey run by F2Pool VP Alejandro De La Torre. The survey provides crucial feedback from miners for Bitcoin’s decentralized organization, which cannot unilaterally coordinate updates the way a centralized software provider can. Upgrades like Taproot require painstaking coordination between miners, full-node users (those running Bitcoin’s open-source code) and other stakeholders to ensure nothing goes wrong (like introducing a bug or splitting the Bitcoin network into two incompatible versions). Story continues Because miners have shown no resistance to Taproot, most participants voiced a preference for BIP8 (false), with the (false) referring to the exclusion of a “flag day” to force activation through full nodes should the upgrade fail through lack of miner activation. Related: CoinDesk TV Launches at a Pivotal Time in Global Finance BIP8 as currently devised would give Bitcoin miners and full-node operators a year to adopt the upgrade, after which point the upgrade would be “locked in” with enough support. In one version of this, BIP8 (false), the update simply fails without enough support. In another, BIP8 (true), a “flag day” would force miners to signal for the upgrade when the activation time frame expires if they did not do so beforehand. Technical note: There are a few ways to upgrade Bitcoin, the easiest being through miner activation where mining pools upgrade and begin mining blocks under the new rules. Failing this, node operators can upgrade and choose to reject blocks from miners who have not signaled support for an upgrade. This so-called “user activate soft fork” (UASF), also used to activate SegWit , would force holdout miners to adopt the new upgrade. “Completely anecdotal but I’ve not seen any [emphasis theirs] opposition to Taproot,” one willcl_ark said in the chat, referring to whether or not a flag day is necessary. “I think using the lowest common denominator of activation parameters (false) seems like the sensible choice to avoid any purposeful or accidental chain splits in the case miners don’t signal.” What’s the holdup? Still others, like prolific Bitcoin Core developer Luke Dashjr, are not convinced the inclusion of a flag day is unnecessary. In fact, it’s a matter of principle to demonstrate that node operators decide software, not miners. “It doesn’t matter,” he said in the chat in reference to miner support. “Miners do not decide protocol changes,” he continued, intimating that it’s the node operators who decide instead by choosing what software to run. Further, he espoused that BIP8 (false), “let[s] miners decide” the fate of the upgrade. When the time comes, he said later in the chat, he will configure his node to run the BIP8 (true) version that rejects non-Taproot blocks from miners. “BIP8 with mandatory [activation] is not an unnecessary show of force,” said hsjoberg, reiterating Dashjr’s belief that the user-choice of a UASF is a necessary check and balance on miner apathy. Still, a show of force could introduce unnecessary risk and set an unwelcome precedent for future upgrade deliberations, especially when miners have given users no reason to be combative, so go the arguments in favor of BIP8 (false). “[BIP8 false] is safer than [true], so it’s worth doing [false] first given that we know hashpower is ~90% already pro-Taproot,” Bitcoin Core and CoinSwap developer Chris Belcher said. Others like Suredbits and Bitcoin Core developer Ben Carman pointed out that you could configure the upgrade later on into activation to include the flag day should miners fail to signal, “making it safer and easy for users to enforce the UASF.” At the end of the meeting, the participants agreed to merge pull requests on GitHub for both a non-forced activation route (PR #1020) and a forced activation route (PR #1021). With both of these rules in Bitcoin Core’s GitHub, the rules for a forced activation could be used only if necessary. More deliberation The chain split scenario that willcl_ark described is basically the bogeyman everyone wants to avoid here. The fear is that BIP8 (true) requires 100% of hashrate to signal for the upgrade after the Taproot activation deadline ends. Thus, if enough users went this route at the same time that others use BIP8 (false) for non-forced activation (which only requires 95% of hashrate), the two different code versions may create two incompatible histories of Bitcoin’s transaction ledger. That’s why, if forced signalling must happen at all, it’s best to do so through AJ Townes’ PR #1021, which “makes it safer for the UASF option which is the most ‘dangerous’ scenario,” Carman wrote in the chat. For now it seems as if those involved in discussions favor BIP8 (false) with the addition of a UASF through PR #1021 if needed, but further discussion is needed to hammer out the exact timeline of the initial activation period (or how long users have to upgrade after the update goes live), as well as what activation date to set. These “what ifs” and “whens” will be hashed out, among other matters, in a meeting next Wednesday. Related Stories Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD || Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD: Many of Bitcoin’s most active stakeholders have just about nailed down the activation method for Taproot, the Bitcoin software’s biggest upgrade in years. In a public meeting on Internet Relay Chat (IRC) Tuesday, Bitcoin developers, miners, business professionals and enthusiasts hashed out the specifics of how to package the Taproot upgrade into an update – and how to activate it once the code has been shipped. The most active of the 200 or so participants on the chat (mostly, but not all, developers) seemed to agree on the Bitcoin Improvement Proposal (BIP) that would be used to activate Taproot. To prep the BIP for shipment, they also voted to “merge” two “pull requests” (PRs) on GitHub that outline the rules for Taproot’s activation logic into Bitcoin’s source code when the time comes to push the upgrade. Related: What We Learned About PayPal's Crypto Strategy This Week One of these, PR #1021 , includes a measure to allow users to force activate the upgrade should miners not support it, while PR #1020 only “recommends” this forcing but does not enable it by default. Since most all participants support BIP 8 without forced activation, as meeting leader and Bitcoin Core developer Michael Folkson noted in the chat, further discussion will pinpoint a date to begin activation – and further discuss the extent to which a “flag day” to force activation is necessary. Why a Taproot flag day (probably) isn’t needed Not that miners blocking the upgrade should be an issue for Taproot, which has some 91% miner support, according to a survey run by F2Pool VP Alejandro De La Torre. The survey provides crucial feedback from miners for Bitcoin’s decentralized organization, which cannot unilaterally coordinate updates the way a centralized software provider can. Upgrades like Taproot require painstaking coordination between miners, full-node users (those running Bitcoin’s open-source code) and other stakeholders to ensure nothing goes wrong (like introducing a bug or splitting the Bitcoin network into two incompatible versions). Story continues Because miners have shown no resistance to Taproot, most participants voiced a preference for BIP8 (false), with the (false) referring to the exclusion of a “flag day” to force activation through full nodes should the upgrade fail through lack of miner activation. Related: CoinDesk TV Launches at a Pivotal Time in Global Finance BIP8 as currently devised would give Bitcoin miners and full-node operators a year to adopt the upgrade, after which point the upgrade would be “locked in” with enough support. In one version of this, BIP8 (false), the update simply fails without enough support. In another, BIP8 (true), a “flag day” would force miners to signal for the upgrade when the activation time frame expires if they did not do so beforehand. Technical note: There are a few ways to upgrade Bitcoin, the easiest being through miner activation where mining pools upgrade and begin mining blocks under the new rules. Failing this, node operators can upgrade and choose to reject blocks from miners who have not signaled support for an upgrade. This so-called “user activate soft fork” (UASF), also used to activate SegWit , would force holdout miners to adopt the new upgrade. “Completely anecdotal but I’ve not seen any [emphasis theirs] opposition to Taproot,” one willcl_ark said in the chat, referring to whether or not a flag day is necessary. “I think using the lowest common denominator of activation parameters (false) seems like the sensible choice to avoid any purposeful or accidental chain splits in the case miners don’t signal.” What’s the holdup? Still others, like prolific Bitcoin Core developer Luke Dashjr, are not convinced the inclusion of a flag day is unnecessary. In fact, it’s a matter of principle to demonstrate that node operators decide software, not miners. “It doesn’t matter,” he said in the chat in reference to miner support. “Miners do not decide protocol changes,” he continued, intimating that it’s the node operators who decide instead by choosing what software to run. Further, he espoused that BIP8 (false), “let[s] miners decide” the fate of the upgrade. When the time comes, he said later in the chat, he will configure his node to run the BIP8 (true) version that rejects non-Taproot blocks from miners. “BIP8 with mandatory [activation] is not an unnecessary show of force,” said hsjoberg, reiterating Dashjr’s belief that the user-choice of a UASF is a necessary check and balance on miner apathy. Still, a show of force could introduce unnecessary risk and set an unwelcome precedent for future upgrade deliberations, especially when miners have given users no reason to be combative, so go the arguments in favor of BIP8 (false). “[BIP8 false] is safer than [true], so it’s worth doing [false] first given that we know hashpower is ~90% already pro-Taproot,” Bitcoin Core and CoinSwap developer Chris Belcher said. Others like Suredbits and Bitcoin Core developer Ben Carman pointed out that you could configure the upgrade later on into activation to include the flag day should miners fail to signal, “making it safer and easy for users to enforce the UASF.” At the end of the meeting, the participants agreed to merge pull requests on GitHub for both a non-forced activation route (PR #1020) and a forced activation route (PR #1021). With both of these rules in Bitcoin Core’s GitHub, the rules for a forced activation could be used only if necessary. More deliberation The chain split scenario that willcl_ark described is basically the bogeyman everyone wants to avoid here. The fear is that BIP8 (true) requires 100% of hashrate to signal for the upgrade after the Taproot activation deadline ends. Thus, if enough users went this route at the same time that others use BIP8 (false) for non-forced activation (which only requires 95% of hashrate), the two different code versions may create two incompatible histories of Bitcoin’s transaction ledger. That’s why, if forced signalling must happen at all, it’s best to do so through AJ Townes’ PR #1021, which “makes it safer for the UASF option which is the most ‘dangerous’ scenario,” Carman wrote in the chat. For now it seems as if those involved in discussions favor BIP8 (false) with the addition of a UASF through PR #1021 if needed, but further discussion is needed to hammer out the exact timeline of the initial activation period (or how long users have to upgrade after the update goes live), as well as what activation date to set. These “what ifs” and “whens” will be hashed out, among other matters, in a meeting next Wednesday. Related Stories Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD || Stock Market Today: Big Energy, Clean Energy Keep Stocks Aloft: Some of the major indices managed to extend their winning streaks Wednesday, albeit with more modest advances than in the prior two days. The Senate yesterday set the stage for Democrats to pass a COVID rescue bill without Republican support, if necessary, voting 50-49 to move ahead with a budget resolution. SEE MORE 21 Best Retirement Stocks for an Income-Rich 2021 Government data detailing dwindling U.S. crude stockpiles sent oil futures up by 1.6% to $55.63 per barrel, to nearly one-year highs, pushing up the likes of Chevron ( CVX , +2.2%) and Exxon Mobil ( XOM , +3.9%). The earnings calendar continued, too. Shares of Google parent Alphabet ( GOOGL , +7.3%) surged to a record close after reporting 23% growth in revenues as well as Street-beating earnings. Amazon.com's ( AMZN ) first $100 billion quarter was overshadowed by the announcement that CEO Jeff Bezos will step down from that post later this year ; while AMZN opened in the black, it weakened throughout the day and finished off 2.0%. That was enough to send the Nasdaq Composite marginally lower to 13,610. But the Dow Jones Industrial Average (+0.1% to 30,723), S&P 500 (+0.1% to 3,830) and Russell 2000 (+0.3% to 2,157) each notched their third consecutive gain. Other action in the stock market today: Gold futures eked out a 0.1% improvement to $1,835.10 per ounce. Bitcoin prices, at $35,842 on Tuesday, advanced 3.4% to $37,068. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Sherwin-Williams ( SHW ) declined 1.3% after announcing it would execute a 3-for-1 stock split effective April 1. Based on its Tuesday closing price of $710.54, for instance, the stock would instead trade at $236.85. stock chart for 020321 A Great Day for "Biden Plays" A number of popular 2021 investing themes, including several industries expected to enjoy tailwinds from the Biden administration , hit the gas on Wednesday. SEE MORE Need Yield? Try These 5 Best BDCs for 2021 For instance, marijuana-related stocks widely rallied today. The ETFMG Alternative Harvest ETF ( MJ , +9.9%), a marijuana-themed ETF, popped yet again to bring its year-to-date returns to 62%. "Senate Majority Leader Schumer has confirmed that cannabis reform legislation will be a key priority in the current Congress, and that it will include sensible tax and regulatory oversight at the federal level along with criminal justice reform," says Jason Wilson, cannabis and banking expert at ETF Managers Group, which issues MJ. But it was more than just wide industry gains; the fund also benefited from some M&A action. Component GW Pharmaceuticals ( GWPH ), which produces the cannabinoid-based Epidiolex to treat severe childhood epilepsy, rallied 44.5% after it agreed to a $7 billion buyout from Jazz Pharmaceuticals ( JAZZ , -3.9%). Story continues Also, numerous green-energy stocks – such as hydrogen fuel cell developer Plug Power ( PLUG , +4.9%) and solar play Daqo New Energy ( DQ , +3.3%) – continued a multimonth rally that has enriched not just green-energy-specific funds, but even broader funds focused on a wealth of environmental, social and corporate governance (ESG) factors . These factors might sound "squishy" to some, but investors are increasingly finding that companies focused on ESG initiatives deliver market-beating returns. That's good news for holders of these 15 ESG funds , which have grown their assets by leaps and bounds as Wall Street pays increasing attention to their robust performance: Kyle Woodley was long AMZN and Bitcoin as of this writing. SEE MORE The 11 Best Growth Stocks to Buy for 2021 View comments || Stock Market Today: Big Energy, Clean Energy Keep Stocks Aloft: Some of the major indices managed to extend their winning streaks Wednesday, albeit with more modest advances than in the prior two days. The Senate yesterday set the stage for Democrats to pass a COVID rescue bill without Republican support, if necessary, voting 50-49 to move ahead with a budget resolution. SEE MORE 21 Best Retirement Stocks for an Income-Rich 2021 Government data detailing dwindling U.S. crude stockpiles sent oil futures up by 1.6% to $55.63 per barrel, to nearly one-year highs, pushing up the likes of Chevron ( CVX , +2.2%) and Exxon Mobil ( XOM , +3.9%). The earnings calendar continued, too. Shares of Google parent Alphabet ( GOOGL , +7.3%) surged to a record close after reporting 23% growth in revenues as well as Street-beating earnings. Amazon.com's ( AMZN ) first $100 billion quarter was overshadowed by the announcement that CEO Jeff Bezos will step down from that post later this year ; while AMZN opened in the black, it weakened throughout the day and finished off 2.0%. That was enough to send the Nasdaq Composite marginally lower to 13,610. But the Dow Jones Industrial Average (+0.1% to 30,723), S&P 500 (+0.1% to 3,830) and Russell 2000 (+0.3% to 2,157) each notched their third consecutive gain. Other action in the stock market today: Gold futures eked out a 0.1% improvement to $1,835.10 per ounce. Bitcoin prices, at $35,842 on Tuesday, advanced 3.4% to $37,068. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Sherwin-Williams ( SHW ) declined 1.3% after announcing it would execute a 3-for-1 stock split effective April 1. Based on its Tuesday closing price of $710.54, for instance, the stock would instead trade at $236.85. stock chart for 020321 A Great Day for "Biden Plays" A number of popular 2021 investing themes, including several industries expected to enjoy tailwinds from the Biden administration , hit the gas on Wednesday. SEE MORE Need Yield? Try These 5 Best BDCs for 2021 For instance, marijuana-related stocks widely rallied today. The ETFMG Alternative Harvest ETF ( MJ , +9.9%), a marijuana-themed ETF, popped yet again to bring its year-to-date returns to 62%. "Senate Majority Leader Schumer has confirmed that cannabis reform legislation will be a key priority in the current Congress, and that it will include sensible tax and regulatory oversight at the federal level along with criminal justice reform," says Jason Wilson, cannabis and banking expert at ETF Managers Group, which issues MJ. But it was more than just wide industry gains; the fund also benefited from some M&A action. Component GW Pharmaceuticals ( GWPH ), which produces the cannabinoid-based Epidiolex to treat severe childhood epilepsy, rallied 44.5% after it agreed to a $7 billion buyout from Jazz Pharmaceuticals ( JAZZ , -3.9%). Story continues Also, numerous green-energy stocks – such as hydrogen fuel cell developer Plug Power ( PLUG , +4.9%) and solar play Daqo New Energy ( DQ , +3.3%) – continued a multimonth rally that has enriched not just green-energy-specific funds, but even broader funds focused on a wealth of environmental, social and corporate governance (ESG) factors . These factors might sound "squishy" to some, but investors are increasingly finding that companies focused on ESG initiatives deliver market-beating returns. That's good news for holders of these 15 ESG funds , which have grown their assets by leaps and bounds as Wall Street pays increasing attention to their robust performance: Kyle Woodley was long AMZN and Bitcoin as of this writing. SEE MORE The 11 Best Growth Stocks to Buy for 2021 View comments || PayPal 2020 Results: ‘Outstanding Finish to a Record Year’: In the final quarter of 2020, PayPal gained 16 million in net new active accounts and handled $277 billion in total payment volume. The earnings are the payment giant’s first since rolling out crypto buying and selling late last year. It removed the waitlist for BTC , ETH , LTC and BCH to all of its 350 million users on Nov. 12, 2020. Customers who purchased crypto through the platform have been logging into PayPal twice as much as they were before buying crypto, the company said in its investor update . Related: Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD PayPal’s transaction revenue increased by around 12% to $5.7 billion. The company also notes it will be reporting transaction volume from crypto as transaction revenue and not in total payment volumes. Notably, PayPal’s spending in technology increased year over year by more than 30% to $732 million. This is a developing story and will be updated. Related Stories PayPal 2020 Results: ‘Outstanding Finish to a Record Year’ PayPal 2020 Results: ‘Outstanding Finish to a Record Year’ PayPal 2020 Results: ‘Outstanding Finish to a Record Year’ || PayPal 2020 Results: ‘Outstanding Finish to a Record Year’: In the final quarter of 2020, PayPal gained 16 million in net new active accounts and handled $277 billion in total payment volume.
The earnings are the payment giant’s first since rolling out crypto buying and selling late last year. Itremoved the waitlistforBTC,ETH,LTCandBCHto all of its 350 million users on Nov. 12, 2020.
Customers who purchased crypto through the platform have been logging into PayPal twice as much as they were before buying crypto, the company said in itsinvestor update.
Related:Taproot Update: Bitcoin Users Home In on Activation Plan, Date Still TBD
PayPal’s transaction revenue increased by around 12% to $5.7 billion. The company also notes it will be reporting transaction volume from crypto as transaction revenue and not in total payment volumes.
Notably, PayPal’s spending in technology increased year over year by more than 30% to $732 million.
This is a developing story and will be updated.
• PayPal 2020 Results: ‘Outstanding Finish to a Record Year’
• PayPal 2020 Results: ‘Outstanding Finish to a Record Year’
• PayPal 2020 Results: ‘Outstanding Finish to a Record Year’ || Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K: Bitcoin is back on a bull run but ether has hit a new all-time high and traders see it has room to grow. Bitcoin (BTC) trading around $37,092 as of 21:00 UTC (4 p.m. ET). Gaining 3.4% over the previous 24 hours. Bitcoin’s 24-hour range: $35,416-$37,245 (CoinDesk 20) BTC above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians. The price of bitcoin was in its second day of a bull run, with the world’s oldest cryptocurrency going as high as $37,245, according to CoinDesk 20 data. It was changing hands at $37,092 as of press time. “While BTC did break back below $30,000 very briefly during the period of consolidation over the last few weeks, the fact that it didn’t break down entirely is inherently bullish,” said Chad Steinglass, head of trading at CrossTower Capital. Related: Crypto Is the Libertarian Cheat Code in the Final Battle Over State Coercion Bitcoin has closed daily over $30,000 for over a month now. On CoinDesk’s candle charts, which shows a fuller picture of price orders in trading, every time bitcoin ducks under $30,000 it quickly picks back up. Technical analysts often refer to this phenomenon as “support,” an area where traders have orders placed or will start buying in, usually because they feel a particular price point is enticing. “There seems to be a solid institutional buying and technical bids just below $30,000 that gives some decent support which takes out the aspiring shorts,” noted Jean-Marc Bonnefous , managing partner for investment firm Tellurian Capital. Looking at liquidations, which are automated crypto leverage margin calls on derivatives venue BitMEX, it’s clear there has been a larger proportion of short versus long positions eliminated in the past few weeks. Related: The Unexpected Challenges of CoinDesk’s First Staking Venture Of the $1.1 billion in BTC liquidations the past month, $699 million of that tally, or 63%, have been short-oriented wipeouts. Story continues CrossTower’s Steinglass says large buyers are helping maintain price levels and are now pushing them higher. “After the brief pop from the buzz generated by Elon Musk’s tweet and support, we are starting to see another round of institutional support led largely by MicroStrategy’s Michael Saylor,” added Steinglass. Read More: MicroStrategy Adds to Bitcoin Trove With Another $10M Purchase However, not everyone is a permabull. Although bitcoin’s price Wednesday has not been seen since Jan. 28, Joel Kruger, currency strategist at LMAX Digital, is cautious. “While we wouldn’t rule out another poke back above $40,000, we think the balance of risk over the coming weeks actually leans more towards an expectation for a choppy consolidation phase than anything else,” Kruger told CoinDesk. “Medium- and longer-term technical studies confirm this outlook as they are still quite elevated following the parabolic run-up into January.” One interesting development: Futures open interest on CME, a platform that caters to institutional investors, has dropped 29% to $1.7 billion since hitting an all-time high of $2.4 billion in open interest on Jan. 14. This is a sign there’s likely less interest in bitcoin hedging – and perhaps BTC overall – while investors test other waters such as ether. “We believe that when it comes to consensus and adoption in the cryptocurrency space, everything runs through bitcoin,” Kruger said. “(But) where traders who perhaps felt like they had missed out on bitcoin, they looked to take advantage of the trend by way of ether.” Ether price frenzy spills into options market The second-largest cryptocurrency by market capitalization, ether (ETH), was up Wednesday, trading around $1,637 and climbing 6.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET). It hit a fresh all-time high at around 19:00 UTC (2 p.m. ET) to $1,651 Wednesday, according to CoinDesk 20 data. “Catching up on bitcoin’s recent surge, it seems that there is room for ETH to grow and to try new all-time highs in the coming days and weeks,” noted Elie Le Rest, partner at quantitative trading firm ExoAlpha. “With [decentralized finance] being a hot topic supported mainly by Ethereum technology and [with] ETH 2.0 moving forward, a significant ETH price surge throughout 2021 is highly anticipated.” Read More: Sneaker App Switches From Ethereum to Hedera to Skip Blockchain Fees The booming price of ether has stirred up options activity on bellwether venue Deribit, noted Greg Magadini, chief executive officer of data aggregator Genesis Volatility. “Traders are paying relatively more for the ‘speculative options’ in anticipation of bigger market moves,” he told CoinDesk. Deribit’s launch of $10,000-strike ether contracts in January is an example of this; more than 8,000 ETH in calls at that strike price are open as of press time. “These calls were recently released by Deribit and there is already a lot of activity,” Magadini told CoinDesk. “Quintuple-digit ETH prices are starting to enter the market’s psychology.” Other markets Digital assets on the CoinDesk 20 are all in the green Wednesday. Notable winners as of 21:00 UTC (4:00 p.m. ET): omg network (OMG) + 17.1% algorand (ALGO) + 13.8% kyber network (KNC) + 9.3% Equities: The Nikkei 225 index in Asia closed up 1% led by a jump in Mitsubishi Motors Corp. stock, which gained 11.3% . Europe’s FTSE 100 ended the day in the red 0.14%, dragged down by drugmaker GlaxoSmithKline posting worse-than-expected results and its stock dropping 5.5%. The United States’ S&P 500 index was in the green 0.45% as shares of Google parent Alphabet jumped 8% after the company reported revenue growth of 23% . Read More: Guggenheim CIO Says Bitcoin Could Eventually Climb to $600,000 Commodities: Oil was up 1.3%. Price per barrel of West Texas Intermediate crude: $55.78. Gold was in the red 0.19% and at $1,833 as of press time. Silver is gaining, up 1% and changing hands at $26.85. Treasurys: The 10-year U.S. Treasury bond yield climbed Wednesday to 1.135 and in the green 4.7%. Related Stories Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K || Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K: Bitcoin is back on a bull run but ether has hit a new all-time high and traders see it has room to grow. Bitcoin (BTC) trading around $37,092 as of 21:00 UTC (4 p.m. ET). Gaining 3.4% over the previous 24 hours. Bitcoin’s 24-hour range: $35,416-$37,245 (CoinDesk 20) BTC above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians. The price of bitcoin was in its second day of a bull run, with the world’s oldest cryptocurrency going as high as $37,245, according to CoinDesk 20 data. It was changing hands at $37,092 as of press time. “While BTC did break back below $30,000 very briefly during the period of consolidation over the last few weeks, the fact that it didn’t break down entirely is inherently bullish,” said Chad Steinglass, head of trading at CrossTower Capital. Related: Crypto Is the Libertarian Cheat Code in the Final Battle Over State Coercion Bitcoin has closed daily over $30,000 for over a month now. On CoinDesk’s candle charts, which shows a fuller picture of price orders in trading, every time bitcoin ducks under $30,000 it quickly picks back up. Technical analysts often refer to this phenomenon as “support,” an area where traders have orders placed or will start buying in, usually because they feel a particular price point is enticing. “There seems to be a solid institutional buying and technical bids just below $30,000 that gives some decent support which takes out the aspiring shorts,” noted Jean-Marc Bonnefous , managing partner for investment firm Tellurian Capital. Looking at liquidations, which are automated crypto leverage margin calls on derivatives venue BitMEX, it’s clear there has been a larger proportion of short versus long positions eliminated in the past few weeks. Related: The Unexpected Challenges of CoinDesk’s First Staking Venture Of the $1.1 billion in BTC liquidations the past month, $699 million of that tally, or 63%, have been short-oriented wipeouts. Story continues CrossTower’s Steinglass says large buyers are helping maintain price levels and are now pushing them higher. “After the brief pop from the buzz generated by Elon Musk’s tweet and support, we are starting to see another round of institutional support led largely by MicroStrategy’s Michael Saylor,” added Steinglass. Read More: MicroStrategy Adds to Bitcoin Trove With Another $10M Purchase However, not everyone is a permabull. Although bitcoin’s price Wednesday has not been seen since Jan. 28, Joel Kruger, currency strategist at LMAX Digital, is cautious. “While we wouldn’t rule out another poke back above $40,000, we think the balance of risk over the coming weeks actually leans more towards an expectation for a choppy consolidation phase than anything else,” Kruger told CoinDesk. “Medium- and longer-term technical studies confirm this outlook as they are still quite elevated following the parabolic run-up into January.” One interesting development: Futures open interest on CME, a platform that caters to institutional investors, has dropped 29% to $1.7 billion since hitting an all-time high of $2.4 billion in open interest on Jan. 14. This is a sign there’s likely less interest in bitcoin hedging – and perhaps BTC overall – while investors test other waters such as ether. “We believe that when it comes to consensus and adoption in the cryptocurrency space, everything runs through bitcoin,” Kruger said. “(But) where traders who perhaps felt like they had missed out on bitcoin, they looked to take advantage of the trend by way of ether.” Ether price frenzy spills into options market The second-largest cryptocurrency by market capitalization, ether (ETH), was up Wednesday, trading around $1,637 and climbing 6.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET). It hit a fresh all-time high at around 19:00 UTC (2 p.m. ET) to $1,651 Wednesday, according to CoinDesk 20 data. “Catching up on bitcoin’s recent surge, it seems that there is room for ETH to grow and to try new all-time highs in the coming days and weeks,” noted Elie Le Rest, partner at quantitative trading firm ExoAlpha. “With [decentralized finance] being a hot topic supported mainly by Ethereum technology and [with] ETH 2.0 moving forward, a significant ETH price surge throughout 2021 is highly anticipated.” Read More: Sneaker App Switches From Ethereum to Hedera to Skip Blockchain Fees The booming price of ether has stirred up options activity on bellwether venue Deribit, noted Greg Magadini, chief executive officer of data aggregator Genesis Volatility. “Traders are paying relatively more for the ‘speculative options’ in anticipation of bigger market moves,” he told CoinDesk. Deribit’s launch of $10,000-strike ether contracts in January is an example of this; more than 8,000 ETH in calls at that strike price are open as of press time. “These calls were recently released by Deribit and there is already a lot of activity,” Magadini told CoinDesk. “Quintuple-digit ETH prices are starting to enter the market’s psychology.” Other markets Digital assets on the CoinDesk 20 are all in the green Wednesday. Notable winners as of 21:00 UTC (4:00 p.m. ET): omg network (OMG) + 17.1% algorand (ALGO) + 13.8% kyber network (KNC) + 9.3% Equities: The Nikkei 225 index in Asia closed up 1% led by a jump in Mitsubishi Motors Corp. stock, which gained 11.3% . Europe’s FTSE 100 ended the day in the red 0.14%, dragged down by drugmaker GlaxoSmithKline posting worse-than-expected results and its stock dropping 5.5%. The United States’ S&P 500 index was in the green 0.45% as shares of Google parent Alphabet jumped 8% after the company reported revenue growth of 23% . Read More: Guggenheim CIO Says Bitcoin Could Eventually Climb to $600,000 Commodities: Oil was up 1.3%. Price per barrel of West Texas Intermediate crude: $55.78. Gold was in the red 0.19% and at $1,833 as of press time. Silver is gaining, up 1% and changing hands at $26.85. Treasurys: The 10-year U.S. Treasury bond yield climbed Wednesday to 1.135 and in the green 4.7%. Related Stories Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K
[Social Media Buzz]
None available.
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38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16.
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[Bitcoin Technical Analysis for 2019-12-21]
Volume: 19312552168, RSI (14-day): 44.72, 50-day EMA: 7720.36, 200-day EMA: 8330.65
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Art Haus Ethereum Meets Bitcoin Financialization: One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products. That was reinforced today as Binance announced a significant investment in derivatives exchange FTX.
How will key events coming up in 2020 like the bitcoin halving be impacted by the presence of derivatives? One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products.
At the same time, not all crypto projects are trying to change money. Some, like the Saint Fame DAO, a fashion house-slash-human coordination experiment, are simply trying to do interesting things that people think are cool.
Related:MARKETS DAILY: Defeating the ‘Domination’ of the US Dollar
Show notes and links for December 20th, 2019
• Binance invests in crypto derivatives exchange FTX
• New derivative products help miners hedge against volatility
• Saint Famebrings the DAO modeland bonding curves to fashion.
• Meet the Decentralized Fashion House Bringing Overpriced T-Shirts to Ethereum
• Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX
• Should the Government Have a Say in Where You Can Invest? || Art Haus Ethereum Meets Bitcoin Financialization: One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products. That was reinforced today as Binance announced a significant investment in derivatives exchange FTX. How will key events coming up in 2020 like the bitcoin halving be impacted by the presence of derivatives? One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products. At the same time, not all crypto projects are trying to change money. Some, like the Saint Fame DAO, a fashion house-slash-human coordination experiment, are simply trying to do interesting things that people think are cool. Related: MARKETS DAILY: Defeating the Domination of the US Dollar Show notes and links for December 20th, 2019 Binance invests in crypto derivatives exchange FTX New derivative products help miners hedge against volatility Saint Fame brings the DAO model and bonding curves to fashion. Related Stories Meet the Decentralized Fashion House Bringing Overpriced T-Shirts to Ethereum Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX Should the Government Have a Say in Where You Can Invest? || Art Haus Ethereum Meets Bitcoin Financialization: One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products. That was reinforced today as Binance announced a significant investment in derivatives exchange FTX.
How will key events coming up in 2020 like the bitcoin halving be impacted by the presence of derivatives? One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products.
At the same time, not all crypto projects are trying to change money. Some, like the Saint Fame DAO, a fashion house-slash-human coordination experiment, are simply trying to do interesting things that people think are cool.
Related:MARKETS DAILY: Defeating the ‘Domination’ of the US Dollar
Show notes and links for December 20th, 2019
• Binance invests in crypto derivatives exchange FTX
• New derivative products help miners hedge against volatility
• Saint Famebrings the DAO modeland bonding curves to fashion.
• Meet the Decentralized Fashion House Bringing Overpriced T-Shirts to Ethereum
• Binance Invests Undisclosed Sum in Crypto Derivatives Platform FTX
• Should the Government Have a Say in Where You Can Invest? || Alibaba Patents Would Secure, Accelerate Its Consortium Blockchain: Chinese internet giant Alibaba Group has won two U.S. patents designed to make its blockchain network safer and faster.
One patent aims to reduce the time to verify block data, while the other is designed to help participants set a validity period for a transaction in a blockchain network.
Both of the patents were approved by the U.S. Patent and Trademark Office (USPTO) this week.
Related:Coinbase CEO Armstrong Wins Patent for Tech Allowing Users to Email Bitcoin
The approvals comes at a time with Ant Financial, the fintech arm of Alibaba,announcedthe launch of its Ant Open Blockchain Alliance, a consortium that aims to finance small and medium-sized businesses on its blockchain-based platform.
According to thepatent filing, when data are added to a node the new technology will determine the update verification value of the node by using just the newly added data, not all the data in the block.
“The application will alleviate a problem in the existing technology, that much time is consumed because a verification value is calculated by using all data in a block,” the filing said.
The other patent will be used to set up a validity period for a transaction, meaning participants of a blockchain network can only process the transaction during a certain period of time via either a physical clock or a logical clock, according to Alibaba’sfiling.
Related:Cisco Patent Would Secure 5G Networks With a Blockchain
For example, the blockchain can be a consortium blockchain consisting of a third-party payment platform server, a domestic bank server, a foreign bank server and several user node devices serving as member devices.
The operator of the blockchain can set up a validity period and deploy online services such as cross-border payment and asset transfers, the filing said.
According to a Novemberreportfrom Chinese blockchain analytics firm Block Data on Chinese blockchain patents, Alibaba is one of the top three companies in developing blockchain patents, along with China Telecom and OneConnect, a subsidiary of one of China’s largest insurers, Ping An Insurance.
Alibaba applied for themost blockchain patentsin 2018 with 90 blockchain-related technologies, followed by IBM and Bank of America.
• IBM Patents Blockchain to Stop Drones From Stealing Packages
• Coinbase Patents Automated KYC Enforcement Tool || Alibaba Patents Would Secure, Accelerate Its Consortium Blockchain: Chinese internet giant Alibaba Group has won two U.S. patents designed to make its blockchain network safer and faster. One patent aims to reduce the time to verify block data, while the other is designed to help participants set a validity period for a transaction in a blockchain network. Both of the patents were approved by the U.S. Patent and Trademark Office (USPTO) this week. Related: Coinbase CEO Armstrong Wins Patent for Tech Allowing Users to Email Bitcoin The approvals comes at a time with Ant Financial, the fintech arm of Alibaba, announced the launch of its Ant Open Blockchain Alliance, a consortium that aims to finance small and medium-sized businesses on its blockchain-based platform. According to the patent filing , when data are added to a node the new technology will determine the update verification value of the node by using just the newly added data, not all the data in the block. “The application will alleviate a problem in the existing technology, that much time is consumed because a verification value is calculated by using all data in a block,” the filing said. The other patent will be used to set up a validity period for a transaction, meaning participants of a blockchain network can only process the transaction during a certain period of time via either a physical clock or a logical clock, according to Alibaba’s filing . Related: Cisco Patent Would Secure 5G Networks With a Blockchain For example, the blockchain can be a consortium blockchain consisting of a third-party payment platform server, a domestic bank server, a foreign bank server and several user node devices serving as member devices. The operator of the blockchain can set up a validity period and deploy online services such as cross-border payment and asset transfers, the filing said. According to a November report from Chinese blockchain analytics firm Block Data on Chinese blockchain patents, Alibaba is one of the top three companies in developing blockchain patents, along with China Telecom and OneConnect, a subsidiary of one of China’s largest insurers, Ping An Insurance. Story continues Alibaba applied for the most blockchain patents in 2018 with 90 blockchain-related technologies, followed by IBM and Bank of America. Related Stories IBM Patents Blockchain to Stop Drones From Stealing Packages Coinbase Patents Automated KYC Enforcement Tool || A Decade of Quantitative Easing Has Paved the Way for the Age of Digital Currency: This post is part of CoinDesk’s 2019Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Michael J. Casey is CoinDesk’s chief content officer. The views expressed here are his own.
Our social media-constrained attention spans make it hard to focus on anything lasting longer than 24 hours, let alone a decade.
So, we risk missing the big, secular trends that lead to the kinds of paradigm shiftsBridgewater Associates founder and co-chairman Ray Dalio speaks of. Once they’ve occurred, and the world you were used to suddenly disappears, it’s too late.
Related:Crypto Must Embrace the Fringe to Win Over the Mainstream
Thankfully, the Roman calendar periodically offers an excuse to sit back and reflect on longer time frames. We have one of those moments right now: the end of the 2010s.
For most capital market investors, the past 10 years are perhaps best described as the “decade of QE.” And they don’t mean a British monarch or an ocean liner.
Through a radical policy of “quantitative easing” introduced to counter the “zero lower bound” problem in interest rates, the central banks of theU.S., theeuro zone, andJapanhave added almost $10 trillion in assets to their balance sheets since the end of 2009.
Given that massive surfeit, nothing else mattered much to financial markets. Stocks, bonds and commodities moved in ever closer correlation to one another. Mostly they rose, though sometimes they fell, all in lock-step dependence on monetary policymakers administering the drug of QE.
Related:With So Much Debt Around, Investors Need Bitcoin as a Reflation Hedge
There are many reasons to believe that this massive intervention has created a giant distortion.
One that gets attention is the fact that, at one point,$17 trillion of dollars in bondstraded at negative yields this year, meaning that investors had too much cash and were willing to pay “safe” creditors for the privilege of taking their money.
But there are other warning signs that the QE-fueled market runup is starkly out of line with the realities of the world. As Bank of America chief strategist Michael Harnett put it in arecent research report, “We enter the next decade with interest rates at 5,000-year lows, the largest asset bubble in history, a planet that is heating up, and a deflationary profile of debt, disruption, and demographics.”
So, while the decade of QE might seem like the ultimate expression of central bank power and influence, the next decade may produce the opposite: a reversal that reveals central bankers’ impotence. The fear is that monetary authorities have spent all their ammunition, leaving nothing for the next crisis.
That would mean a paradigm shift is coming. What would it look like?
A new class of investor that emerged this past decade believes it knows the answer. They’d call the past ten years the “decade of cryptocurrency,” and they’d have a strong case.
In the future, when we look back on the emergence of bitcoin, we may well conclude it was the most important financial development of our time. Like nothing else, it changed the way we think about money.
That said, I’m not convinced the post-QE era will be the bitcoin era.
Bitcoin’s daily transaction flow, usually inthe low billions of dollars, pales in comparison to thetrillionsin fiat currencies traded each day in foreign exchange markets. More likely than bitcoin becoming the new global monetary standard, I’d say, is that it becomesdigital gold.In other words, that bitcoin will be to the digital era what gold was to the analog era: a safe-haven store of value that’s free from government interference.
Even so, to believe bitcoin is having no impact on the broader world of money is naïve. The biggest, most important developments in finance right now – namely, the digital currency aspirations of central banks such as thePeople’s Bank of Chinaand theEuropean Central Bank, as well as theLibra projectlaunched by Facebook – trace a direct line to bitcoin and its crypto imitators.
Those fiat-backed prototypes are fundamentally different from decentralized cryptocurrencies in that their record-keeping and monetary policy features are centrally managed. Yet they still borrow heavily from the core breakthroughs that bitcoin established.
The protocols behind these new fiat-backed digital coins will, for example, create digital scarcity, meaning that, like cryptocurrencies, they can function as a de facto form of cash or bearer instrument. That’s quite different from the bank-issued IOUs of our current payments system. Also, they’ll essentially be programmable, which when combined with smart contracts and wallet-enabled internet-of-things (IoT) devices will transform the world’s commerce.
But the biggest, most politically important disruption will be to the dollar- and banking-led world of finance.
If digital fiat currencies become commonplace for payments, they’ll eventually remove banks for that core function of economic exchange, relegating them to longer-term lending functions. That will, in turn, mean that banks are no longer engaged by central banks as the core intermediaries for managing our monetary conditions.
Also, ifcoin-to-coin atomic swaps and smart contract-based escrow solutions are used in cross-border transactions, the rise of digital fiat might quickly spell the end of the dollar’s dominance of global trade, with profound implications for the United States.
The upshot of all this is that central banks will initially acquire even more direct control over monetary conditions. However, they will do so within a digitized environment in which no single currency enjoys global hegemonic dominance and in which users can more easily move in and out of state, private or decentralized currencies of their choosing. That increased currency competition should, in theory, impose a constraint on each sovereign’s capacity to debase their citizens’ money.
We face a paradigm shift, in other words.
When they come to write about this period, my guess is that historians will look upon the 2010s as the decade that set up that shift. Explaining it, they’ll point to two main developments: that QE exposed the limitations of the existing, bank-centric system and that cryptocurrencies emerged to posit an alternative model.
• The Central Bank Business Model Is Under Attack
• Charlie Shrem: What I Still Love About Crypto || A Decade of Quantitative Easing Has Paved the Way for the Age of Digital Currency: This post is part of CoinDesk’s 2019 Year in Review , a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Michael J. Casey is CoinDesk’s chief content officer. The views expressed here are his own. Our social media-constrained attention spans make it hard to focus on anything lasting longer than 24 hours, let alone a decade. So, we risk missing the big, secular trends that lead to the kinds of paradigm shifts Bridgewater Associates founder and co-chairman Ray Dalio speaks of . Once they’ve occurred, and the world you were used to suddenly disappears, it’s too late. Related: Crypto Must Embrace the Fringe to Win Over the Mainstream Thankfully, the Roman calendar periodically offers an excuse to sit back and reflect on longer time frames. We have one of those moments right now: the end of the 2010s. For most capital market investors, the past 10 years are perhaps best described as the “decade of QE.” And they don’t mean a British monarch or an ocean liner. Through a radical policy of “quantitative easing” introduced to counter the “zero lower bound” problem in interest rates, the central banks of the U.S. , the euro zone , and Japan have added almost $10 trillion in assets to their balance sheets since the end of 2009. Given that massive surfeit, nothing else mattered much to financial markets. Stocks, bonds and commodities moved in ever closer correlation to one another. Mostly they rose, though sometimes they fell, all in lock-step dependence on monetary policymakers administering the drug of QE. Related: With So Much Debt Around, Investors Need Bitcoin as a Reflation Hedge There are many reasons to believe that this massive intervention has created a giant distortion. One that gets attention is the fact that, at one point, $17 trillion of dollars in bonds traded at negative yields this year, meaning that investors had too much cash and were willing to pay “safe” creditors for the privilege of taking their money. Story continues But there are other warning signs that the QE-fueled market runup is starkly out of line with the realities of the world. As Bank of America chief strategist Michael Harnett put it in a recent research report , “We enter the next decade with interest rates at 5,000-year lows, the largest asset bubble in history, a planet that is heating up, and a deflationary profile of debt, disruption, and demographics.” So, while the decade of QE might seem like the ultimate expression of central bank power and influence, the next decade may produce the opposite: a reversal that reveals central bankers’ impotence. The fear is that monetary authorities have spent all their ammunition, leaving nothing for the next crisis. That would mean a paradigm shift is coming. What would it look like? Also, the cryptocurrency decade A new class of investor that emerged this past decade believes it knows the answer. They’d call the past ten years the “decade of cryptocurrency,” and they’d have a strong case. In the future, when we look back on the emergence of bitcoin, we may well conclude it was the most important financial development of our time. Like nothing else, it changed the way we think about money. That said, I’m not convinced the post-QE era will be the bitcoin era. Bitcoin’s daily transaction flow, usually in the low billions of dollars , pales in comparison to the trillions in fiat currencies traded each day in foreign exchange markets. More likely than bitcoin becoming the new global monetary standard, I’d say, is that it becomes digital gold. In other words, that bitcoin will be to the digital era what gold was to the analog era: a safe-haven store of value that’s free from government interference. Even so, to believe bitcoin is having no impact on the broader world of money is naïve. The biggest, most important developments in finance right now – namely, the digital currency aspirations of central banks such as the People’s Bank of China and the European Central Bank , as well as the Libra project launched by Facebook – trace a direct line to bitcoin and its crypto imitators. Those fiat-backed prototypes are fundamentally different from decentralized cryptocurrencies in that their record-keeping and monetary policy features are centrally managed. Yet they still borrow heavily from the core breakthroughs that bitcoin established. The protocols behind these new fiat-backed digital coins will, for example, create digital scarcity, meaning that, like cryptocurrencies, they can function as a de facto form of cash or bearer instrument. That’s quite different from the bank-issued IOUs of our current payments system. Also, they’ll essentially be programmable, which when combined with smart contracts and wallet-enabled internet-of-things (IoT) devices will transform the world’s commerce. But the biggest, most politically important disruption will be to the dollar- and banking-led world of finance. If digital fiat currencies become commonplace for payments, they’ll eventually remove banks for that core function of economic exchange, relegating them to longer-term lending functions. That will, in turn, mean that banks are no longer engaged by central banks as the core intermediaries for managing our monetary conditions. Also, if coin-to-coin atomic swaps and smart contract-based escrow solutions are used in cross-border transactions , the rise of digital fiat might quickly spell the end of the dollar’s dominance of global trade, with profound implications for the United States. The upshot of all this is that central banks will initially acquire even more direct control over monetary conditions. However, they will do so within a digitized environment in which no single currency enjoys global hegemonic dominance and in which users can more easily move in and out of state, private or decentralized currencies of their choosing. That increased currency competition should, in theory, impose a constraint on each sovereign’s capacity to debase their citizens’ money. We face a paradigm shift, in other words. When they come to write about this period, my guess is that historians will look upon the 2010s as the decade that set up that shift. Explaining it, they’ll point to two main developments: that QE exposed the limitations of the existing, bank-centric system and that cryptocurrencies emerged to posit an alternative model. Related Stories The Central Bank Business Model Is Under Attack Charlie Shrem: What I Still Love About Crypto || The best year financial markets have ever had?: By Marc Jones LONDON (Reuters) - For all the angst about trade wars, geopolitics and a sputtering and overly indebted global economy, 2019 might just be the best year investors have ever had. The numbers are staggering. Global stocks have piled on more than $10 trillion, bonds have been on fire, oil has surged almost 25%, former crisis spots Greece and Ukraine have top-performed, and even gold has sparkled. Wall Street <.SPX> and MSCI's near 50-country world index <.MIWD00000PUS> have both stormed to record highs after 30% and 24% leaps. Europe, Japan, China and Brazil are all up at least 20% in dollar terms too. Not exactly shoddy. A mirror image of 2018, when almost everything fell? Perhaps. But there have been a couple of important drivers. One was China showing it was serious about stimulus for its $14 trillion economy. The other was the screeching change of direction by the world's top central banks, led by the Federal Reserve, which cut U.S. interest rates for the first time since the financial crisis more than a decade earlier. "Whereas a year ago the Fed was raising rates and earnings were rolling over, this year you have felt the Fed has been on your side," said James Clunie, who manages asset firm Jupiter's Absolute Return Fund. "They are willing to do QE4 at a stock market (record) high, which is extraordinary," he added, referring to Fed efforts to bring down a spike in money market rates that some suggest could presage a fourth round of quantitative easing asset purchases. Graphic: Global markets in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/103/103/Pasted%20Image.jpg That Fed shift and the worldwide blizzard of rate cuts that have come since have fired bond markets up like a rocket. U.S. Treasuries, the world's benchmark government IOU, have made a whopping 9.4 percent after yields plunged as much as 120 basis points. That followed a near 40 basis point fall the last quarter of 2018, after five quarters in which they had consistently risen. Story continues German Bunds -- Europe's safest asset -- have had their best year in five years, making roughly 5.5% in euro terms as the European Central Bank has reversed course too. The yield on 10-year debt dropped below zero percent for the first time since 2016 in March and dived as deep as -0.74% in September. Graphic: U.S. Treasuries vs German Bunds - https://fingfx.thomsonreuters.com/gfx/mkt/13/102/102/Pasted%20Image.jpg In commodities, oil has raced up almost 25% following its best first quarter since 2009. That, plus key dividend rule changes, has made Russia's stock market the best in the world with a 40% rise and also made the rouble a top three currency. Metals have had a more mixed time. Copper is only 4% higher after buckling badly when trade tensions flared in the middle of the year, and aluminum is down 2%. But palladium, used in car and truck catalytic converters, has boomed 55%, while gold has had its best year since 2010 with a 15% jump. A statistic likely to make most jaws drop is that Greek banks -- remember all that euro debt crisis and capital controls stuff a few years back? -- have been some of the world's best-performing stocks this year. The country's biggest lender Piraeus Bank <BOPr.AT> is up 250%, as is smaller Attica Bank <BOAr.AT>, helping make Athens Europe's strongest bourse this year. But even those gains look skimpy in comparison to Californian video streaming darling Roko <ROKU.O>, whose shares have risen 440% this year. FANGTASTIC Tech has remained top more broadly. Apple <AAPL.O> may just have lost its crown as world's most valuable firm to Saudi Aramco but it can console itself with its 77% leap this year. Facebook <FB.O> has surged 57%, Microsoft <MSFT.O> 53%, Google <GOOGL.O> 30%, Netflix <NFLX.O> 24% and Amazon <AMZN.O> 19 percent. China's tech sector <.CSIINT> is right in mix too with a 64% rally and online behemoth Alibaba <BABA.K> up 53%. Cryptoassets have been typically wild. Bitcoin was up over up 260% in June but it has been hauled back to around 85%. Riskier high-yield debt, corporate bonds and local currency emerging market bonds and have all brought in between 11%-14% while Ukraine's dollar bonds and Greece's euro bonds have piled on over 30%. "It is just a great year for the asset class," said Pictet emerging market debt portfolio manager Guido Chamorro. "It has been a relentless rally across the board over the last couple of months and it is possible that it continues into next year." Graphic: Emerging market hard currency bonds in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/120/120/Pasted%20Image.jpg Despite almost daily Brexit chaos, the loss of another prime minister and a snap election, UK gilts have returned 4.5% and a near 6% rise could land sterling its best quarter since 2009. In contrast, the Fed's pirouette and easing of trade tensions means the dollar index <.DXY> is about to experience its worst quarter in 1-1/2 years. It is still clinging to a 1.5% gain for the year, though, meaning it will be the euro's <EUR=> fifth red year in six. As usual the big swings have been in emerging markets. Argentina's peso <ARS=> and Turkey's lira <TRY=>, 2018's punchbags, have taken another beating. Argentina's woes have worsened such that it is restructuring its debt again while Turkey's worries have not really gone away. At the other end of the spectrum, a new president and a new reform agenda have seen Ukraine's hryvnia <UAH=> rocket 19%. Russia's rouble is up 11% and Egypt's pound <EGP=> is sandwiched in between with a 11.7% gain. Graphic: World stocks pile on more that $10 trillion in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/121/121/Pasted%20Image.jpg Graphic: All aboard the emerging market express - https://fingfx.thomsonreuters.com/gfx/mkt/13/126/126/Pasted%20Image.jpg (Additional reporting by Dhara Ranasinghe; Editing by Catherine Evans) || The best year financial markets have ever had?: By Marc Jones
LONDON (Reuters) - For all the angst about trade wars, geopolitics and a sputtering and overly indebted global economy, 2019 might just be the best year investors have ever had.
The numbers are staggering. Global stocks have piled on more than $10 trillion, bonds have been on fire, oil has surged almost 25%, former crisis spots Greece and Ukraine have top-performed, and even gold has sparkled.
Wall Street <.SPX> and MSCI's near 50-country world index <.MIWD00000PUS> have both stormed to record highs after 30% and 24% leaps. Europe, Japan, China and Brazil are all up at least 20% in dollar terms too. Not exactly shoddy.
A mirror image of 2018, when almost everything fell? Perhaps. But there have been a couple of important drivers.
One was China showing it was serious about stimulus for its $14 trillion economy. The other was the screeching change of direction by the world's top central banks, led by the Federal Reserve, which cut U.S. interest rates for the first time since the financial crisis more than a decade earlier.
"Whereas a year ago the Fed was raising rates and earnings were rolling over, this year you have felt the Fed has been on your side," said James Clunie, who manages asset firm Jupiter's Absolute Return Fund.
"They are willing to do QE4 at a stock market (record) high, which is extraordinary," he added, referring to Fed efforts to bring down a spike in money market rates that some suggest could presage a fourth round of quantitative easing asset purchases.
Graphic: Global markets in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/103/103/Pasted%20Image.jpg
That Fed shift and the worldwide blizzard of rate cuts that have come since have fired bond markets up like a rocket.
U.S. Treasuries, the world's benchmark government IOU, have made a whopping 9.4 percent after yields plunged as much as 120 basis points. That followed a near 40 basis point fall the last quarter of 2018, after five quarters in which they had consistently risen.
German Bunds -- Europe's safest asset -- have had their best year in five years, making roughly 5.5% in euro terms as the European Central Bank has reversed course too. The yield on 10-year debt dropped below zero percent for the first time since 2016 in March and dived as deep as -0.74% in September.
Graphic: U.S. Treasuries vs German Bunds - https://fingfx.thomsonreuters.com/gfx/mkt/13/102/102/Pasted%20Image.jpg
In commodities, oil has raced up almost 25% following its best first quarter since 2009. That, plus key dividend rule changes, has made Russia's stock market the best in the world with a 40% rise and also made the rouble a top three currency.
Metals have had a more mixed time. Copper is only 4% higher after buckling badly when trade tensions flared in the middle of the year, and aluminum is down 2%. But palladium, used in car and truck catalytic converters, has boomed 55%, while gold has had its best year since 2010 with a 15% jump.
A statistic likely to make most jaws drop is that Greek banks -- remember all that euro debt crisis and capital controls stuff a few years back? -- have been some of the world's best-performing stocks this year.
The country's biggest lender Piraeus Bank <BOPr.AT> is up 250%, as is smaller Attica Bank <BOAr.AT>, helping make Athens Europe's strongest bourse this year.
But even those gains look skimpy in comparison to Californian video streaming darling Roko <ROKU.O>, whose shares have risen 440% this year.
FANGTASTIC
Tech has remained top more broadly. Apple <AAPL.O> may just have lost its crown as world's most valuable firm to Saudi Aramco but it can console itself with its 77% leap this year.
Facebook <FB.O> has surged 57%, Microsoft <MSFT.O> 53%, Google <GOOGL.O> 30%, Netflix <NFLX.O> 24% and Amazon <AMZN.O> 19 percent. China's tech sector <.CSIINT> is right in mix too with a 64% rally and online behemoth Alibaba <BABA.K> up 53%.
Cryptoassets have been typically wild. Bitcoin was up over up 260% in June but it has been hauled back to around 85%.
Riskier high-yield debt, corporate bonds and local currency emerging market bonds and have all brought in between 11%-14% while Ukraine's dollar bonds and Greece's euro bonds have piled on over 30%.
"It is just a great year for the asset class," said Pictet emerging market debt portfolio manager Guido Chamorro.
"It has been a relentless rally across the board over the last couple of months and it is possible that it continues into next year."
Graphic: Emerging market hard currency bonds in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/120/120/Pasted%20Image.jpg
Despite almost daily Brexit chaos, the loss of another prime minister and a snap election, UK gilts have returned 4.5% and a near 6% rise could land sterling its best quarter since 2009.
In contrast, the Fed's pirouette and easing of trade tensions means the dollar index <.DXY> is about to experience its worst quarter in 1-1/2 years. It is still clinging to a 1.5% gain for the year, though, meaning it will be the euro's <EUR=> fifth red year in six.
As usual the big swings have been in emerging markets. Argentina's peso <ARS=> and Turkey's lira <TRY=>, 2018's punchbags, have taken another beating. Argentina's woes have worsened such that it is restructuring its debt again while Turkey's worries have not really gone away.
At the other end of the spectrum, a new president and a new reform agenda have seen Ukraine's hryvnia <UAH=> rocket 19%. Russia's rouble is up 11% and Egypt's pound <EGP=> is sandwiched in between with a 11.7% gain.
Graphic: World stocks pile on more that $10 trillion in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/121/121/Pasted%20Image.jpg
Graphic: All aboard the emerging market express - https://fingfx.thomsonreuters.com/gfx/mkt/13/126/126/Pasted%20Image.jpg
(Additional reporting by Dhara Ranasinghe; Editing by Catherine Evans) || Graphic: The best year financial markets have ever had?: By Marc Jones LONDON (Reuters) - For all the angst about trade wars, geopolitics and a sputtering and overly indebted global economy, 2019 might just be the best year investors have ever had. The numbers are staggering. Global stocks have piled on more than $10 trillion, bonds have been on fire, oil has surged almost 25%, former crisis spots Greece and Ukraine have top-performed, and even gold has sparkled. Wall Street <.SPX> and MSCI's near 50-country world index <.MIWD00000PUS> have both stormed to record highs after 30% and 24% leaps. Europe, Japan, China and Brazil are all up at least 20% in dollar terms too. Not exactly shoddy. A mirror image of 2018, when almost everything fell? Perhaps. But there have been a couple of important drivers. One was China showing it was serious about stimulus for its $14 trillion economy. The other was the screeching change of direction by the world's top central banks, led by the Federal Reserve, which cut U.S. interest rates for the first time since the financial crisis more than a decade earlier. "Whereas a year ago the Fed was raising rates and earnings were rolling over, this year you have felt the Fed has been on your side," said James Clunie, who manages asset firm Jupiter's Absolute Return Fund. "They are willing to do QE4 at a stock market (record) high, which is extraordinary," he added, referring to Fed efforts to bring down a spike in money market rates that some suggest could presage a fourth round of quantitative easing asset purchases. (GRAPHIC: Global markets in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/103/103/Pasted%20Image.jpg) That Fed shift and the worldwide blizzard of rate cuts that have come since have fired bond markets up like a rocket. U.S. Treasuries, the world's benchmark government IOU, have made a whopping 9.4 percent after yields plunged as much as 120 basis points. That followed a near 40 basis point fall the last quarter of 2018, after five quarters in which they had consistently risen. Story continues German Bunds -- Europe's safest asset -- have had their best year in five years, making roughly 5.5% in euro terms as the European Central Bank has reversed course too. The yield on 10-year debt dropped below zero percent for the first time since 2016 in March and dived as deep as -0.74% in September. (GRAPHIC: U.S. Treasuries vs German Bunds - https://fingfx.thomsonreuters.com/gfx/mkt/13/102/102/Pasted%20Image.jpg) In commodities, oil has raced up almost 25% following its best first quarter since 2009. That, plus key dividend rule changes, has made Russia's stock market the best in the world with a 40% rise and also made the rouble a top three currency. Metals have had a more mixed time. Copper is only 4% higher after buckling badly when trade tensions flared in the middle of the year, and aluminium is down 2%. But palladium, used in car and truck catalytic converters, has boomed 55%, while gold has had its best year since 2010 with a 15% jump. A statistic likely to make most jaws drop is that Greek banks -- remember all that euro debt crisis and capital controls stuff a few years back? -- have been some of the world's best-performing stocks this year. The country's biggest lender Piraeus Bank <BOPr.AT> is up 250%, as is smaller Attica Bank <BOAr.AT>, helping make Athens Europe's strongest bourse this year. But even those gains look skimpy in comparison to Californian video streaming darling Roko <ROKU.O>, whose shares have risen 440% this year. FANGTASTIC Tech has remained top more broadly. Apple <AAPL.O> may just have lost its crown as world's most valuable firm to Saudi Aramco but it can console itself with its 77% leap this year. Facebook <FB.O> has surged 57%, Microsoft <MSFT.O> 53%, Google <GOOGL.O> 30%, Netflix <NFLX.O> 24% and Amazon <AMZN.O> 19 percent. China's tech sector <.CSIINT> is right in mix too with a 64% rally and online behemoth Alibaba <BABA.K> up 53%. Cryptoassets have been typically wild. Bitcoin was up over up 260% in June but it has been hauled back to around 85%. Riskier high-yield debt, corporate bonds and local currency emerging market bonds and have all brought in between 11%-14% while Ukraine's dollar bonds and Greece's euro bonds have piled on over 30%. "It is just a great year for the asset class," said Pictet emerging market debt portfolio manager Guido Chamorro. "It has been a relentless rally across the board over the last couple of months and it is possible that it continues into next year." (GRAPHIC: Emerging market hard currency bonds in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/120/120/Pasted%20Image.jpg) Despite almost daily Brexit chaos, the loss of another prime minister and a snap election, UK gilts have returned 4.5% and a near 6% rise could land sterling its best quarter since 2009. In contrast, the Fed's pirouette and easing of trade tensions means the dollar index <.DXY> is about to experience its worst quarter in 1-1/2 years. It is still clinging to a 1.5% gain for the year, though, meaning it will be the euro's <EUR=> fifth red year in six. As usual the big swings have been in emerging markets. Argentina's peso <ARS=> and Turkey's lira <TRY=>, 2018's punchbags, have taken another beating. Argentina's woes have worsened such that it is restructuring its debt again while Turkey's worries have not really gone away. At the other end of the spectrum, a new president and a new reform agenda have seen Ukraine's hryvnia <UAH=> rocket 19%. Russia's rouble is up 11% and Egypt's pound <EGP=> is sandwiched inbetween with a 11.7% gain. (GRAPHIC: World stocks pile on more that $10 trillion in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/121/121/Pasted%20Image.jpg) (GRAPHIC: All aboard the emerging market express - https://fingfx.thomsonreuters.com/gfx/mkt/13/126/126/Pasted%20Image.jpg) (Additional reporting by Dhara Ranasinghe; Editing by Catherine Evans) || Graphic: The best year financial markets have ever had?: By Marc Jones
LONDON (Reuters) - For all the angst about trade wars, geopolitics and a sputtering and overly indebted global economy, 2019 might just be the best year investors have ever had.
The numbers are staggering. Global stocks have piled on more than $10 trillion, bonds have been on fire, oil has surged almost 25%, former crisis spots Greece and Ukraine have top-performed, and even gold has sparkled.
Wall Street <.SPX> and MSCI's near 50-country world index <.MIWD00000PUS> have both stormed to record highs after 30% and 24% leaps. Europe, Japan, China and Brazil are all up at least 20% in dollar terms too. Not exactly shoddy.
A mirror image of 2018, when almost everything fell? Perhaps. But there have been a couple of important drivers.
One was China showing it was serious about stimulus for its $14 trillion economy. The other was the screeching change of direction by the world's top central banks, led by the Federal Reserve, which cut U.S. interest rates for the first time since the financial crisis more than a decade earlier.
"Whereas a year ago the Fed was raising rates and earnings were rolling over, this year you have felt the Fed has been on your side," said James Clunie, who manages asset firm Jupiter's Absolute Return Fund.
"They are willing to do QE4 at a stock market (record) high, which is extraordinary," he added, referring to Fed efforts to bring down a spike in money market rates that some suggest could presage a fourth round of quantitative easing asset purchases.
(GRAPHIC: Global markets in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/103/103/Pasted%20Image.jpg)
That Fed shift and the worldwide blizzard of rate cuts that have come since have fired bond markets up like a rocket.
U.S. Treasuries, the world's benchmark government IOU, have made a whopping 9.4 percent after yields plunged as much as 120 basis points. That followed a near 40 basis point fall the last quarter of 2018, after five quarters in which they had consistently risen.
German Bunds -- Europe's safest asset -- have had their best year in five years, making roughly 5.5% in euro terms as the European Central Bank has reversed course too. The yield on 10-year debt dropped below zero percent for the first time since 2016 in March and dived as deep as -0.74% in September.
(GRAPHIC: U.S. Treasuries vs German Bunds - https://fingfx.thomsonreuters.com/gfx/mkt/13/102/102/Pasted%20Image.jpg)
In commodities, oil has raced up almost 25% following its best first quarter since 2009. That, plus key dividend rule changes, has made Russia's stock market the best in the world with a 40% rise and also made the rouble a top three currency.
Metals have had a more mixed time. Copper is only 4% higher after buckling badly when trade tensions flared in the middle of the year, and aluminium is down 2%. But palladium, used in car and truck catalytic converters, has boomed 55%, while gold has had its best year since 2010 with a 15% jump.
A statistic likely to make most jaws drop is that Greek banks -- remember all that euro debt crisis and capital controls stuff a few years back? -- have been some of the world's best-performing stocks this year.
The country's biggest lender Piraeus Bank <BOPr.AT> is up 250%, as is smaller Attica Bank <BOAr.AT>, helping make Athens Europe's strongest bourse this year.
But even those gains look skimpy in comparison to Californian video streaming darling Roko <ROKU.O>, whose shares have risen 440% this year.
FANGTASTIC
Tech has remained top more broadly. Apple <AAPL.O> may just have lost its crown as world's most valuable firm to Saudi Aramco but it can console itself with its 77% leap this year.
Facebook <FB.O> has surged 57%, Microsoft <MSFT.O> 53%, Google <GOOGL.O> 30%, Netflix <NFLX.O> 24% and Amazon <AMZN.O> 19 percent. China's tech sector <.CSIINT> is right in mix too with a 64% rally and online behemoth Alibaba <BABA.K> up 53%.
Cryptoassets have been typically wild. Bitcoin was up over up 260% in June but it has been hauled back to around 85%.
Riskier high-yield debt, corporate bonds and local currency emerging market bonds and have all brought in between 11%-14% while Ukraine's dollar bonds and Greece's euro bonds have piled on over 30%.
"It is just a great year for the asset class," said Pictet emerging market debt portfolio manager Guido Chamorro.
"It has been a relentless rally across the board over the last couple of months and it is possible that it continues into next year."
(GRAPHIC: Emerging market hard currency bonds in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/120/120/Pasted%20Image.jpg)
Despite almost daily Brexit chaos, the loss of another prime minister and a snap election, UK gilts have returned 4.5% and a near 6% rise could land sterling its best quarter since 2009.
In contrast, the Fed's pirouette and easing of trade tensions means the dollar index <.DXY> is about to experience its worst quarter in 1-1/2 years. It is still clinging to a 1.5% gain for the year, though, meaning it will be the euro's <EUR=> fifth red year in six.
As usual the big swings have been in emerging markets. Argentina's peso <ARS=> and Turkey's lira <TRY=>, 2018's punchbags, have taken another beating. Argentina's woes have worsened such that it is restructuring its debt again while Turkey's worries have not really gone away.
At the other end of the spectrum, a new president and a new reform agenda have seen Ukraine's hryvnia <UAH=> rocket 19%. Russia's rouble is up 11% and Egypt's pound <EGP=> is sandwiched inbetween with a 11.7% gain.
(GRAPHIC: World stocks pile on more that $10 trillion in 2019 - https://fingfx.thomsonreuters.com/gfx/mkt/13/121/121/Pasted%20Image.jpg)
(GRAPHIC: All aboard the emerging market express - https://fingfx.thomsonreuters.com/gfx/mkt/13/126/126/Pasted%20Image.jpg)
(Additional reporting by Dhara Ranasinghe; Editing by Catherine Evans) || Members of Congress push IRS for tax clarity on crypto airdrops, forks: Eight members of the U.S. House of Representatives have sent a letter to the commissioner of the Internal Revenue Service, asking for the agency to expand and clarify its guidance around token airdrops and blockchain network forks.
The letter – drafted by Reps. Tom Emmer, Bill Foster, David Schweikert, Darren Soto, Lance Gooden, French Hill, Matt Gaetz and Warren Davidson – is dated December 20 and expresses concern over the current level of guidance around these issues. It follows a previous letter,issued in April, that pushed the U.S. tax authority to improve its informational offerings to taxpayers about their crypto-related obligations. In July,Emmer filed a billthat seeks to create a "safe harbor" for taxpayers whose assets are forked.
"We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issued guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seeks to address, namely forks and airdrops. Moreover, the guidance appears inequitable as it comes almost two years after the Bitcoin and Bitcoin Cash fork and three years after the Ethereum fork."
Specifically, the group called into question an approach that "creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies, and would create inequitable results."
The letter also calls on the IRS to examine the broader ecosystem of crypto-related products and services, including futures, crypto-tied retirement accounts and interest-generating crypto deposits.
"The IRS needs to provide guidance to taxpayers as to how income related to all crypto transactions will be treated for tax purposes."
The group also faulted the agency for failing "to provide any clarity for withholding and tax information purposes," and cautioned about any approach that would treat existing information as "established law."
"We would hope that the IRS recognizes this area as new and developing and will allow for reasonable interpretations in advance of the issuance of the most recent guidance. While we commend the IRS for attempting to issue guidance, we suggest increased work with the industry in the future."
In terms of specific questions, the letter asks the following:
• Does the IRS intend to clarify its airdrop and fork hypotheticals to better match the actual nature of these events within the cryptocurrency ecosystem? When does the IRS anticipate issuing that clarification?
• Does the IRS intend to clarify its standard for finding dominion and control over forked assets wherein some level of knowledge and actual affirmative steps taken are necessary to find that the taxpayer has dominion and control?
• Does the IRS intend to apply the current guidance or any future guidance retroactively, or will the IRS issue proposed guidance that is subject to notice and comment?
The full letter, published by Coin Center (which worked with the office of Rep. Emmer on its submission), can be foundhere.
"Getting cryptocurrency tax policy right is a top priority for us and we are pleased to see Congress stepping in on this critical issue for its users," Neeral Agrawal, Coin Center's director of communications,wrote in a blog postthat outlined the letter. || Members of Congress push IRS for tax clarity on crypto airdrops, forks: Eight members of the U.S. House of Representatives have sent a letter to the commissioner of the Internal Revenue Service, asking for the agency to expand and clarify its guidance around token airdrops and blockchain network forks. The letter – drafted by Reps. Tom Emmer, Bill Foster, David Schweikert, Darren Soto, Lance Gooden, French Hill, Matt Gaetz and Warren Davidson – is dated December 20 and expresses concern over the current level of guidance around these issues. It follows a previous letter, issued in April , that pushed the U.S. tax authority to improve its informational offerings to taxpayers about their crypto-related obligations. In July, Emmer filed a bill that seeks to create a "safe harbor" for taxpayers whose assets are forked. "We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issued guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seeks to address, namely forks and airdrops. Moreover, the guidance appears inequitable as it comes almost two years after the Bitcoin and Bitcoin Cash fork and three years after the Ethereum fork." Specifically, the group called into question an approach that "creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies, and would create inequitable results." The letter also calls on the IRS to examine the broader ecosystem of crypto-related products and services, including futures, crypto-tied retirement accounts and interest-generating crypto deposits. "The IRS needs to provide guidance to taxpayers as to how income related to all crypto transactions will be treated for tax purposes." The group also faulted the agency for failing "to provide any clarity for withholding and tax information purposes," and cautioned about any approach that would treat existing information as "established law." Story continues "We would hope that the IRS recognizes this area as new and developing and will allow for reasonable interpretations in advance of the issuance of the most recent guidance. While we commend the IRS for attempting to issue guidance, we suggest increased work with the industry in the future." In terms of specific questions, the letter asks the following: Does the IRS intend to clarify its airdrop and fork hypotheticals to better match the actual nature of these events within the cryptocurrency ecosystem? When does the IRS anticipate issuing that clarification? Does the IRS intend to clarify its standard for finding dominion and control over forked assets wherein some level of knowledge and actual affirmative steps taken are necessary to find that the taxpayer has dominion and control? Does the IRS intend to apply the current guidance or any future guidance retroactively, or will the IRS issue proposed guidance that is subject to notice and comment? The full letter, published by Coin Center (which worked with the office of Rep. Emmer on its submission), can be found here . "Getting cryptocurrency tax policy right is a top priority for us and we are pleased to see Congress stepping in on this critical issue for its users," Neeral Agrawal, Coin Center's director of communications, wrote in a blog post that outlined the letter. || Crypto Must Embrace the Fringe to Win Over the Mainstream: This post is part of CoinDesk’s 2019Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Jeffrey Amico is an attorney at Fluidity, creators of the ethereum-based peer-to-peer trading network AirSwap.
In his seminal bookThe Innovator’s Dilemma, Clay Christensen explains how “disruptive” innovation occurs. Whereas incumbents are constrained by the needs and desires of their existing customers, new entrants can instead experiment with new technologies and target under-served or “fringe” customers. In the eyes of mainstream users, these new innovations initially look and perform worse than existing offerings. Often times, they start out looking like a toy.
Critically, however, they offer certain distinct attributes or features that are highly valued by the under-served customer segment. Over time, if the product is truly disruptive, the mainstream users will realize thatthey toowant the new features, and will come to demand them as well. Through this progression, disruptive innovations move from the fringe to the mainstream, until they eventually overtake the incumbent’s offerings. Crypto entrepreneurs can follow this same roadmap to achieve mainstream adoption.
Related:A Decade of Quantitative Easing Has Paved the Way for the Age of Digital Currency
At their core, blockchains are shared computing systems that users can trust to record data and execute code as instructed. Because they sit outside the control of any particular entity or government, blockchains enable things like privacy, transparency and trust-minimization. While it is easy – and perhaps characteristic – for crypto entrepreneurs to assume instant universal demand for a financial system built around these features, there remain significant roadblocks to mainstream adoption. The most notable is that – at least in most developed economies – existing financial markets and products tend to work quite well for most users. It makes little sense for these types of users to switch over to a nascent technology that offers worse performance on the metrics they care about.
A better approach is to think critically about who isactuallyunder-served by the current system, and how the specific attributes of blockchain technology can be leveraged to meet those needs. The use cases within this category are not novel. They are the same ones that have been discussed for years. Private payments. Cross-border remittances. Data sovereignty. Access to credit and other core financial services for the world’s 1.7 billion unbanked. Providing actual utility to users of this sort (as opposed to merespeculative utility) is not easy. It will require the industry to overcome significant technical, legal and political obstacles before these use cases can be realized at scale.
Infrastructuremust improve to ensure would-be crypto users can actually access the internet at times when they need it the most. Regulatory clarity (and if possible, relief) must be achieved on issues that stand to undermine crypto’s immense potential, includingantiquated money transmission laws. Policymakers must come to understand that crypto is not an illicit tool for criminals and money launderers, but rather a tool to expand access to financial services for underserved individuals. Asset volatility must be reduced before individuals will use crypto for bona fide, non-speculative use cases. These obstacles are real and will take significant work to be overcome.
And yet, there are reasons to be optimistic today.
Related:With So Much Debt Around, Investors Need Bitcoin as a Reflation Hedge
At the protocol level, Bitcoin continues to grow moreresilientand trustworthy with each added block. Developers continue to build “Layer 2”solutionsto enhance mainstream useability. Stablecoins and open financial applications continue to develop and gain traction. USDC, for one, has grown to nearly $500 million outstanding in just over a year. Tether, despite its regulatory troubles, has over $4 billion outstanding and facilitates billions of dollars of stable-value transactions every day. Platforms like Maker and Compound have originated nearly $900 million in permissionless loans in less than two years. These are the core building blocks of a more open and accessible financial system, and they are making progress.
Ultimately, for crypto to move sustainably into the mainstream, it must provide utility beyond mere speculation. For that to occur, entrepreneurs shouldlean intothe features that make blockchains different – namely, trustless computing – and build products that are uniquely enabled by those features. Doing so will produce truly differentiated products that certain would-be users need and care about, but can’t access today. Once these products gain a foothold among those “fringe” users, mainstream users will eventually take notice and come to want certain of their features (e.g., privacy) as well. This process may take years or even decades of hard work to accomplish. But that is true of any disruptive technology. Crypto will be no different.
• The Central Bank Business Model Is Under Attack
• Charlie Shrem: What I Still Love About Crypto || Crypto Must Embrace the Fringe to Win Over the Mainstream: This post is part of CoinDesk’s 2019 Year in Review , a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Jeffrey Amico is an attorney at Fluidity, creators of the ethereum-based peer-to-peer trading network AirSwap. In his seminal book The Innovator’s Dilemma , Clay Christensen explains how “disruptive” innovation occurs. Whereas incumbents are constrained by the needs and desires of their existing customers, new entrants can instead experiment with new technologies and target under-served or “fringe” customers. In the eyes of mainstream users, these new innovations initially look and perform worse than existing offerings. Often times, they start out looking like a toy. Critically, however, they offer certain distinct attributes or features that are highly valued by the under-served customer segment. Over time, if the product is truly disruptive, the mainstream users will realize that they too want the new features, and will come to demand them as well. Through this progression, disruptive innovations move from the fringe to the mainstream, until they eventually overtake the incumbent’s offerings. Crypto entrepreneurs can follow this same roadmap to achieve mainstream adoption. The Path Forward Related: A Decade of Quantitative Easing Has Paved the Way for the Age of Digital Currency At their core, blockchains are shared computing systems that users can trust to record data and execute code as instructed. Because they sit outside the control of any particular entity or government, blockchains enable things like privacy, transparency and trust-minimization. While it is easy – and perhaps characteristic – for crypto entrepreneurs to assume instant universal demand for a financial system built around these features, there remain significant roadblocks to mainstream adoption. The most notable is that – at least in most developed economies – existing financial markets and products tend to work quite well for most users. It makes little sense for these types of users to switch over to a nascent technology that offers worse performance on the metrics they care about. Story continues A better approach is to think critically about who is actually under-served by the current system, and how the specific attributes of blockchain technology can be leveraged to meet those needs. The use cases within this category are not novel. They are the same ones that have been discussed for years. Private payments. Cross-border remittances. Data sovereignty. Access to credit and other core financial services for the world’s 1.7 billion unbanked. Providing actual utility to users of this sort (as opposed to mere speculative utility ) is not easy. It will require the industry to overcome significant technical, legal and political obstacles before these use cases can be realized at scale. Infrastructure must improve to ensure would-be crypto users can actually access the internet at times when they need it the most. Regulatory clarity (and if possible, relief) must be achieved on issues that stand to undermine crypto’s immense potential, including antiquated money transmission laws . Policymakers must come to understand that crypto is not an illicit tool for criminals and money launderers, but rather a tool to expand access to financial services for underserved individuals. Asset volatility must be reduced before individuals will use crypto for bona fide, non-speculative use cases. These obstacles are real and will take significant work to be overcome. And yet, there are reasons to be optimistic today. Related: With So Much Debt Around, Investors Need Bitcoin as a Reflation Hedge At the protocol level, Bitcoin continues to grow more resilient and trustworthy with each added block. Developers continue to build “Layer 2” solutions to enhance mainstream useability. Stablecoins and open financial applications continue to develop and gain traction. USDC, for one, has grown to nearly $500 million outstanding in just over a year. Tether, despite its regulatory troubles, has over $4 billion outstanding and facilitates billions of dollars of stable-value transactions every day. Platforms like Maker and Compound have originated nearly $900 million in permissionless loans in less than two years. These are the core building blocks of a more open and accessible financial system, and they are making progress. From the Fringe to the Mainstream Ultimately, for crypto to move sustainably into the mainstream, it must provide utility beyond mere speculation. For that to occur, entrepreneurs should lean into the features that make blockchains different – namely, trustless computing – and build products that are uniquely enabled by those features. Doing so will produce truly differentiated products that certain would-be users need and care about, but can’t access today. Once these products gain a foothold among those “fringe” users, mainstream users will eventually take notice and come to want certain of their features (e.g., privacy) as well. This process may take years or even decades of hard work to accomplish. But that is true of any disruptive technology. Crypto will be no different. Related Stories The Central Bank Business Model Is Under Attack Charlie Shrem: What I Still Love About Crypto || MARKETS DAILY: Defeating the ‘Domination’ of the US Dollar: With bitcoin seemingly back to ‘normal’, Iran and Myanmar are talking about a sanction busting ‘Muslim’ cryptocurrency. We take a moment to look at historical adoption over time, and how it might apply to national cryptocurrencies.
No time to listen?Scroll down for the full transcript
On today’s episode:
• Markets, international and industry news roundup
• Iran wants a 'muslim' cryptocurrency, andthey're not alone
• Industrial scale bitcoin miners are starting to useWall Street style hedging instruments
Related:Should the Government Have a Say in Where You Can Invest?
Transcript
Adam B. Levine:On today’s episode, Back to Normal Bitcoin, Nation-State Crypto, and Miner Hedging Strategies
Adam:It’sDecember 20, 2019, and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad Keoun, to give you a concise daily briefing on crypto markets and some of the most important news developments in the sector over the past 24 hours.
Related:MARKETS DAILY: Bullish Bitcoin Dreams and a 2019 to Remember
Brad Keoun:Bitcoin appears to have settled back into the range where it’s traded for the past month, roughly in a range between $6500 and $7800.
This morning the price is down just a touch, on light volume, to about $7100, right in the middle of that range
As we head into the final weeks of the year, bitcoin is up 93 percent year-to-date, though traders are wondering if the price next year could rise back above that June high around $13,880
Adam:Turning to Europe, the German stock exchange owner Boerse Stuttgart Group is teaming up with Japanese financial giant SBI Group on a joint initiative to expand their digital assets businesses internationally
SBI will take a stake in the German exchange’s regulated digital assets-trading platform and also might invest in its venture-capital unit
The partnership aims to develop QUOTE “a truly global end-to-end ecosystem for digital assets, utilizing blockchain technology” UNQUOTE
In the U.S., Forbes reports that Congressman Paul Gosar, an Arizona Republican, has introduced a draft bill called the Crypto-Currency Act of 2020 to clarify regulation of digital assets
The bill would create three categories of digital assets, cryptocurrencies, crypto-commodities and crypto-securities
Brad:And in industry news, the big crypto exchange Binance has invested an undisclosed amount of money in derivatives platform FTX as part of a strategic partnership between the two firms
According to the announcement, Binance has purchased equity in FTX, but it also purchased positions in FTX’s digital token
Separately, the venture funds Dragonfly Capital and Paradigm have acquired $27.5 million worth of MakerDAO’s MKR tokens and plan to take part in the network’s governance.
Announced Thursday, the investment will fund the Maker foundation’s efforts to promote adoption in China and the broader Asia region of MakerDAO’s dai token
Dai is a dollar-pegged stablecoin that’s become an increasingly watched part of the fast-emerging emerging landscape of decentralized finance, known as DeFi, essentially distributed networks that some industry participants hope could eventually supplant banks and other big financial companies
Adam:Bloomberg reports that the big U.S. hedge fund Fortress will renew its efforts to buy creditors claims from the defunct Mt. Gox cryptocurrency exchange, offering to pay up to 70 cents on the dollar on their account value
Based in Japan, Mt. Gox was once the world’s biggest Bitcoin exchange, until it closed in early 2014 after losing hundreds of thousands of bitcoins.
Thousands of Bitcoins have since been found, which have of course increased more than 10-fold over the past five years
Brad:And finally, Reggie Fowler, an Arizona businessman who was a minority owner of the National Football League’s Minnesota Vikings, plans to plead guilty to federal allegations that he ran a shadow banking service for cryptocurrency startups
According to an indictment earlier this year, Fowler and an associate opened bank accounts at various financial institutions to store funds on behalf of cryptocurrency exchanges but told the banks they would process real-estate transactions
A hearing has been scheduled for January in New York.
SEGMENT 2 – FEATURED STORY (Muslim Cryptocurrency & History’s Guide to Fringe Adoption)
Adam:Turning to todays featured story, CoinDesk’s David Pan writes that
Iranian President Hassan Rouhani said the Muslim world needs its own cryptocurrency to fight American economic domination in international trade and cut reliance on the dollar.
“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,” he said at the Kuala Lumpur Summit in Malaysia on Thursday.
Iran has been hit with severe economic sanctions by the U.S. that limit how the nation’s financial institutions make investments abroad since the dollar is the most common currency in international transactions. The Iranian government has beenworkingon expanding the use of cryptocurrencies such as bitcoin to circumvent the U.S. sanctions.
Adam:While there are no functional nation state or central bank digital currencies yet, if history is any guide this is a temporary thing.
When crypto technology got its start just a little more than 10 years ago it presented a new possibility, but also new risks. The early users who gravitated to bitcoin were pretty much without exception outliers from society at large in some way. In the early days these were libertarians unhappy with the economic order of things and those who wanted to buy something they weren’t allowed to online. For both of these types of users even a very very early bitcoin offered significant advantages, which is why they used it. And while those demographics have not grown as Bitcoin has over time, they did kickstart its demographic explosion by proving what was possible, and making the opportunity obvious to those with less incentives to try something new.At the nation state level, we see a similar pattern emerging over the past few years, with the troubled Venezuelan government introducing the “Petro” as a way to bypass US sanctions, to reportedly limited deployment and certainly limited effect. Iran falls into this same bucket. It’s been said that Bitcoin doesn’t ignore borders, it transcends them as if none exist. That’s an element that’s wildly valuable to any nation finding itself on the wrong end of a US dollar reserve currency denominated financial system as it provides a distributed alternative which can’t be stopped by banks, bombs or bullets.
Beyond the economic outcasts, this last year we’ve heard of less controversial if not more important efforts like the Marshall Islands national digital currency, or perhaps most interesting of all, China’s long teased move to a digital yuan.
These moves aren’t here yet, but they are tangible, they are important, and they are coming. And if it was bitcoin’s early fringe users who led to the vibrant, global cryptocurrency ecosystem we see today, can you imagine, what’ll happen next?
Adam:And now, for today’s spotlight, we’re looking at a new derivatives market in the crypto industry – this one tailored not for bitcoin traders, but for bitcoin miners
Brad:For today’s spotlight, we’re looking at a growing practice in the cryptocurrency mining business: hedging
Earlier this week we brought you the news that Canaan, a big Chinese maker of computers for mining bitcoin and other cryptocurrencies, was seeing a big drop in its stock price, thanks partly to a sales slump in the industry but also due to price competition from the industry leader, Bitmain
Well part of the backstory there is that the big purchases of crypto-mining computers are increasingly coming from large-scale operations that can get their costs down by buying in bulk and also negotiating electricity-supply contracts at cheap wholesale rates
That’s crucial because some of these so-called mining farms consume the same amount of power as a small town or city, with the computers, known as mining rigs, working to confirm transactions on the blockchain 24 hours a day, seven days a week
As the business becomes more institutional, the finances of these operations are become more sophisticated as well, with more of an eye on risk-management
To that end, it’s becoming increasingly common for mining firms to hedge their future output,
Reuters reported earlier this month that crypto miners are now using derivatives not just to hedge price risks, but to hedge against changes in bitcoin’s hashrate, or the total amount of processing power on the network
The hashrate, which is in some ways akin to the way oil traders analyze the weekly count of drilling rigs, can be quite volatile along with the price
These derivatives work sort of like business-protection insurance, helping mining firms to avoid losses if the hashrate suddenly changes for the worse
According to a press release on Thursday, the digital-asset trading firm GSR, which says its leadership team includes former executives from the Wall Street firm Goldman Sachs and Japanese bank Nomura, says it has partnered with Interhash, which is a strategic partner of Canaan’s, to provide a customized suite of derivatives for the mining industry
The suite will include swaps, collars and more bespoke structured products, according to the press release
The cost of mining equipment and electricity are constantly in flux, says Cristian Gil, GSR’s co-founder
The unpredictability of their business models is unprecedented, so it is natural that this segment of the market is exploring ways to better hedge their risk, he says
The companies estimate that some $3B USD of Bitcoin will be mined in 2020 alone, based on current prices.
Richard Rosenblum, GSR’s co-founder, acknowledged that this hedging market in bitcoin remains small compared with traditional commodities,
But this market could grow along with the crypto industry, he says
The announcement serves as a reminder that, with bitcoin’s price volatility, quadrupling during the first half of this year and then tumbling by 50 percent, the mining business can be a dicey proposition, and it’s increasingly turning to Wall Street-style tools to manage the substantial risks
Adam:Join us again on Monday for the first of our short Holiday episodes, which we’ll be running through the 1st of the year, with full episodes resuming on January 2nd, 2020.
To make sure you never miss an episode, you can subscribe to Markets daily on Apple Podcasts, Spotify, Google Podcasts, and just about any other place you’d like to listen. If you’re enjoying the show, we really appreciate you leaving a review. And if you have any thoughts or comments, [email protected]
• ‘Stacking Sats’ vs. ‘ETH Is Money’ – The Memes That Shaped 2019
• MARKETS DAILY: Crypto Bears Circle While Hackers Rethink Their Malware Strategy || MARKETS DAILY: Defeating the ‘Domination’ of the US Dollar: With bitcoin seemingly back to ‘normal’, Iran and Myanmar are talking about a sanction busting ‘Muslim’ cryptocurrency. We take a moment to look at historical adoption over time, and how it might apply to national cryptocurrencies. No time to listen? Scroll down for the full transcript On today’s episode: Markets, international and industry news roundup Iran wants a 'muslim' cryptocurrency , and they're not alone Industrial scale bitcoin miners are starting to use Wall Street style hedging instruments Related: Should the Government Have a Say in Where You Can Invest? Transcript Adam B. Levine: On today’s episode, Back to Normal Bitcoin, Nation-State Crypto, and Miner Hedging Strategies Adam: It’s December 20, 2019 , and you’re listening to Markets Daily, I’m Adam B. Levine, editor of Podcasts here At Coindesk, along with our senior markets reporter, Brad Keoun, to give you a concise daily briefing on crypto markets and some of the most important news developments in the sector over the past 24 hours. Related: MARKETS DAILY: Bullish Bitcoin Dreams and a 2019 to Remember Brad Keoun: Bitcoin appears to have s ettled back into the range where it’s traded for the past month, roughly in a range between $6500 and $7800. This morning the price is down just a touch, on light volume, to about $7100, right in the middle of that range As we head into the final weeks of the year, bitcoin is up 93 percent year-to-date, though traders are wondering if the price next year could rise back above that June high around $13,880 Adam: Turning to Europe, the German stock exchange owner Boerse Stuttgart Group is teaming up with Japanese financial giant SBI Group on a joint initiative to expand their digital assets businesses internationally SBI will take a stake in the German exchange’s regulated digital assets-trading platform and also might invest in its venture-capital unit The partnership aims to develop QUOTE “a truly global end-to-end ecosystem for digital assets, utilizing blockchain technology” UNQUOTE Story continues In the U.S., Forbes reports that Congressman Paul Gosar, an Arizona Republican, has introduced a draft bill called the Crypto-Currency Act of 2020 to clarify regulation of digital assets The bill would create three categories of digital assets, cryptocurrencies, crypto-commodities and crypto-securities Brad: And in industry news, the big crypto exchange Binance has invested an undisclosed amount of money in derivatives platform FTX as part of a strategic partnership between the two firms According to the announcement, Binance has purchased equity in FTX, but it also purchased positions in FTX’s digital token Separately, the venture funds Dragonfly Capital and Paradigm have acquired $27.5 million worth of MakerDAO’s MKR tokens and plan to take part in the network’s governance. Announced Thursday, the investment will fund the Maker foundation’s efforts to promote adoption in China and the broader Asia region of MakerDAO’s dai token Dai is a dollar-pegged stablecoin that’s become an increasingly watched part of the fast-emerging emerging landscape of decentralized finance, known as DeFi, essentially distributed networks that some industry participants hope could eventually supplant banks and other big financial companies Adam: Bloomberg reports that the big U.S. hedge fund Fortress will renew its efforts to buy creditors claims from the defunct Mt. Gox cryptocurrency exchange, offering to pay up to 70 cents on the dollar on their account value Based in Japan, Mt. Gox was once the world’s biggest Bitcoin exchange, until it closed in early 2014 after losing hundreds of thousands of bitcoins. Thousands of Bitcoins have since been found, which have of course increased more than 10-fold over the past five years Brad: And finally, Reggie Fowler, an Arizona businessman who was a minority owner of the National Football League’s Minnesota Vikings, plans to plead guilty to federal allegations that he ran a shadow banking service for cryptocurrency startups According to an indictment earlier this year, Fowler and an associate opened bank accounts at various financial institutions to store funds on behalf of cryptocurrency exchanges but told the banks they would process real-estate transactions A hearing has been scheduled for January in New York. SEGMENT 2 – FEATURED STORY (Muslim Cryptocurrency & History’s Guide to Fringe Adoption) Adam: Turning to todays featured story, CoinDesk’s David Pan writes that Iranian President Hassan Rouhani said the Muslim world needs its own cryptocurrency to fight American economic domination in international trade and cut reliance on the dollar. coindesk.com/iran-president-we-need-a-muslim-cryptocurrency-to-fight-the-us-dollar “The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime,” he said at the Kuala Lumpur Summit in Malaysia on Thursday. coindesk.com/iran-president-we-need-a-muslim-cryptocurrency-to-fight-the-us-dollar Iran has been hit with severe economic sanctions by the U.S. that limit how the nation’s financial institutions make investments abroad since the dollar is the most common currency in international transactions. The Iranian government has been working on expanding the use of cryptocurrencies such as bitcoin to circumvent the U.S. sanctions. coindesk.com/iran-president-we-need-a-muslim-cryptocurrency-to-fight-the-us-dollar Adam: While there are no functional nation state or central bank digital currencies yet, if history is any guide this is a temporary thing. When crypto technology got its start just a little more than 10 years ago it presented a new possibility, but also new risks. The early users who gravitated to bitcoin were pretty much without exception outliers from society at large in some way. In the early days these were libertarians unhappy with the economic order of things and those who wanted to buy something they weren’t allowed to online. For both of these types of users even a very very early bitcoin offered significant advantages, which is why they used it. And while those demographics have not grown as Bitcoin has over time, they did kickstart its demographic explosion by proving what was possible, and making the opportunity obvious to those with less incentives to try something new. At the nation state level, we see a similar pattern emerging over the past few years, with the troubled Venezuelan government introducing the “Petro” as a way to bypass US sanctions, to reportedly limited deployment and certainly limited effect. Iran falls into this same bucket. It’s been said that Bitcoin doesn’t ignore borders, it transcends them as if none exist. That’s an element that’s wildly valuable to any nation finding itself on the wrong end of a US dollar reserve currency denominated financial system as it provides a distributed alternative which can’t be stopped by banks, bombs or bullets. Beyond the economic outcasts, this last year we’ve heard of less controversial if not more important efforts like the Marshall Islands national digital currency, or perhaps most interesting of all, China’s long teased move to a digital yuan. These moves aren’t here yet, but they are tangible, they are important, and they are coming. And if it was bitcoin’s early fringe users who led to the vibrant, global cryptocurrency ecosystem we see today, can you imagine, what’ll happen next? Adam: And now, for today’s spotlight, we’re looking at a new derivatives market in the crypto industry – this one tailored not for bitcoin traders, but for bitcoin miners Brad: For today’s spotlight, we’re looking at a growing practice in the cryptocurrency mining business: hedging Earlier this week we brought you the news that Canaan, a big Chinese maker of computers for mining bitcoin and other cryptocurrencies, was seeing a big drop in its stock price, thanks partly to a sales slump in the industry but also due to price competition from the industry leader, Bitmain Well part of the backstory there is that the big purchases of crypto-mining computers are increasingly coming from large-scale operations that can get their costs down by buying in bulk and also negotiating electricity-supply contracts at cheap wholesale rates That’s crucial because some of these so-called mining farms consume the same amount of power as a small town or city, with the computers, known as mining rigs, working to confirm transactions on the blockchain 24 hours a day, seven days a week As the business becomes more institutional, the finances of these operations are become more sophisticated as well, with more of an eye on risk-management To that end, it’s becoming increasingly common for mining firms to hedge their future output, Reuters reported earlier this month that crypto miners are now using derivatives not just to hedge price risks, but to hedge against changes in bitcoin’s hashrate, or the total amount of processing power on the network The hashrate, which is in some ways akin to the way oil traders analyze the weekly count of drilling rigs, can be quite volatile along with the price These derivatives work sort of like business-protection insurance, helping mining firms to avoid losses if the hashrate suddenly changes for the worse According to a press release on Thursday, the digital-asset trading firm GSR, which says its leadership team includes former executives from the Wall Street firm Goldman Sachs and Japanese bank Nomura, says it has partnered with Interhash, which is a strategic partner of Canaan’s, to provide a customized suite of derivatives for the mining industry The suite will include swaps, collars and more bespoke structured products, according to the press release The cost of mining equipment and electricity are constantly in flux, says Cristian Gil, GSR’s co-founder The unpredictability of their business models is unprecedented, so it is natural that this segment of the market is exploring ways to better hedge their risk, he says The companies estimate that some $3B USD of Bitcoin will be mined in 2020 alone, based on current prices. Richard Rosenblum, GSR’s co-founder, acknowledged that this hedging market in bitcoin remains small compared with traditional commodities, But this market could grow along with the crypto industry, he says The announcement serves as a reminder that, with bitcoin’s price volatility, quadrupling during the first half of this year and then tumbling by 50 percent, the mining business can be a dicey proposition, and it’s increasingly turning to Wall Street-style tools to manage the substantial risks Adam: Join us again on Monday for the first of our short Holiday episodes, which we’ll be running through the 1st of the year, with full episodes resuming on January 2nd, 2020. To make sure you never miss an episode, you can subscribe to Markets daily on Apple Podcasts, Spotify, Google Podcasts, and just about any other place you’d like to listen. If you’re enjoying the show, we really appreciate you leaving a review. And if you have any thoughts or comments, email [email protected] Related Stories ‘Stacking Sats’ vs. ‘ETH Is Money’ – The Memes That Shaped 2019 MARKETS DAILY: Crypto Bears Circle While Hackers Rethink Their Malware Strategy || New Ransomware Tactic: Pay Us or the World Sees Your Keys: The creators of Maze Ransomware have added a new wrinkle to the typical hacker’s MO. Instead of quietly infecting and requesting ransom from victims, the so-called Maze team is publicly exposing victims by displaying real files exfiltrated from their hacked servers. This tactic could be a disaster for crypto companies that may have put private keys or other important financial data into their private archives, should they be breached. “Represented here companies don’t wish to cooperate with us, and trying to hide our successful attack on their resources. Wait for their databases and private papers here,” write the hackers on their public website, mazenews.top. “Follow the news!” Related: Alleged ‘Dark Overlord’ Hacker Gang Member Extradited to US Companies that have already been hit by the group include a grocery chain, Busch’s Inc., in Ann Arbor, Mich., and a lawn and garden company, Massey Services , in Florida. We’ve reached out to the alleged Maze victims; many have already made public information about the hacks on their websites. Another group, called REvil, promises to release for free or sell vital company information to competitors if its ransom is not paid. The hackers wrote: Each attack includes a copy of private, commercial information. In case they refuse to pay, the data will either be sold to competitors or posted on open sources. We’re interested in seeing how the GDPR [General Data Protection Regulation] authorities react. If they do not want to pay us they can pay 10 times more to the government. No problem. Translated by CoinDesk “For years, ransomware developers and affiliates have been telling victims that they must pay the ransom or stolen data would be publicly released,” said Lawrence Abrams, ransomware researcher at BleepingComputer . “While it has been a well-known secret that ransomware actors snoop through victim’s data, and in many cases steal it before the data [are] encrypted, they never actually carried out their threats of releasing it.” Story continues Related: Crypto-Mining Attacks Fell Sharply in 2019 but Ransomware Is Trending: Kaspersky “This is especially ghastly news for companies that may already face steep fines and other penalties for failing to report breaches and safeguard their customers’ data. For example, healthcare providers are required to report ransomware incidents to the U.S. Department of Health and Human Services, which often documents breaches involving lost or stolen healthcare data on its own site,” wrote security researcher Brian Krebs . A list of invoices is one thing; publicizing the keys to a company’s crypto accounts are another thing entirely. Given the amount of data involved, there’s no telling what valuable information could be lurking amid a company’s paperwork. One victim was quick to publicly react to a Dec. 9 attack. “As early as Tuesday morning [Dec. 10], we began bringing key business systems back online, prioritizing manufacturing and logistics functions that enable us to make and ship quality products to our customers,” wrote Rich Stinson CEO of manufacturer SouthWire . “We are working diligently with our cybersecurity partner to understand the facts behind this event, resolve this disruption and resume normal business operations as quickly as possible.” Related Stories Global Android Vulnerability Could Grab Wallet and Banking Data BitGo Says It’s Now Processing 20% of Bitcoin Transactions || New Ransomware Tactic: Pay Us or the World Sees Your Keys: The creators ofMaze Ransomwarehave added a new wrinkle to the typical hacker’s MO. Instead of quietly infecting and requesting ransom from victims, the so-called Maze team is publicly exposing victims by displaying real files exfiltrated from their hacked servers.
This tactic could be a disaster for crypto companies that may have put private keys or other important financial data into their private archives, should they be breached.
“Represented here companies don’t wish to cooperate with us, and trying to hide our successful attack on their resources. Wait for their databases and private papers here,” write the hackers on their public website, mazenews.top. “Follow the news!”
Related:Alleged ‘Dark Overlord’ Hacker Gang Member Extradited to US
Companies that have already been hit by the group include a grocery chain, Busch’s Inc., in Ann Arbor, Mich., and a lawn and garden company,Massey Services, in Florida. We’ve reached out to the alleged Maze victims; many have already made public information about the hacks on their websites.
Another group, called REvil, promises to release for free or sell vital company information to competitors if its ransom is not paid. The hackers wrote:
Each attack includes a copy of private, commercial information. In case they refuse to pay, the data will either be sold to competitors or posted on open sources. We’re interested in seeing how the GDPR [General Data Protection Regulation] authorities react. If they do not want to pay us they can pay 10 times more to the government. No problem.
“For years, ransomware developers and affiliates have been telling victims that they must pay the ransom or stolen data would be publicly released,” said Lawrence Abrams, ransomware researcher atBleepingComputer. “While it has been a well-known secret that ransomware actors snoop through victim’s data, and in many cases steal it before the data [are] encrypted, they never actually carried out their threats of releasing it.”
Related:Crypto-Mining Attacks Fell Sharply in 2019 but Ransomware Is Trending: Kaspersky
“This is especially ghastly news for companies that may already face steep fines and other penalties for failing to report breaches and safeguard their customers’ data. For example, healthcare providers are required to report ransomware incidents to the U.S. Department of Health and Human Services, which often documents breaches involving lost or stolen healthcare data on its own site,” wrote security researcherBrian Krebs.
A list of invoices is one thing; publicizing the keys to a company’s crypto accounts are another thing entirely. Given the amount of data involved, there’s no telling what valuable information could be lurking amid a company’s paperwork.
One victim was quick to publicly react to a Dec. 9 attack.
“As early as Tuesday morning [Dec. 10], we began bringing key business systems back online, prioritizing manufacturing and logistics functions that enable us to make and ship quality products to our customers,” wrote Rich Stinson CEO of manufacturerSouthWire. “We are working diligently with our cybersecurity partner to understand the facts behind this event, resolve this disruption and resume normal business operations as quickly as possible.”
• Global Android Vulnerability Could Grab Wallet and Banking Data
• BitGo Says It’s Now Processing 20% of Bitcoin Transactions || With So Much Debt Around, Investors Need Bitcoin as a Reflation Hedge: This post is part of CoinDesk’s 2019 Year in Review , a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Ari Paul is CIO and managing partner of BlockTower , an investment firm. Cryptocurrency has many value propositions, including censorship resistance, seizure resistance, and global coordination without middlemen. Until recently, one value proposition seemed largely hypothetical – depreciation resistance (that is, a store of value immune to inflationary money printing at the whim of central bankers or politicians). While bitcoin fans have long noted how fiat is devalued over time, bitcoin often appeared like a solution in search of a problem in this regard. With minimal inflation in the developed world over the past decade, most people were quite content to hold USD or EUR or JPY. When Argentines sought to escape their severely inflationary peso, they were happy to store their wealth in relatively stable USD. In 2019, we saw the emergence of cryptocurrency as an alternative store of value. The modern financial system depends on a few critical narratives. One is that prices on capital markets reflect the decisions of rational buyers and sellers. Another is that the central banks can be trusted to manage the supply of leading fiat currencies to achieve, at worst, moderate inflation. Related: A Decade of Quantitative Easing Has Paved the Way for the Age of Digital Currency The first narrative broke after the financial crisis. Central banks became the largest buyers of sovereign debt issuances and forced interest rates to artificially low levels. Today, there is $17 trillion worth of sovereign debt in circulation offering negative yields. Investors are literally paying debtors to take their money. Many prominent investors, like Howard Marks of Oaktree , are noting that this is unsustainable and irrational at face value, a symptom of a broken market. As owners of central bank-inflated assets over the past decade, these same investors profited from this dislocation, but now they are publicly shouting warnings. Story continues The second narrative is under attack from multiple angles. The political independence of central banks has long been viewed as sacrosanct, a critical pillar of confidence for markets. In 2019, president Donald Trump repeatedly attacked the Federal Reserve for failing to accommodate his wishes, going so far as to call the Federal Reserve Chairman an enemy of the country. We’ve seen similar political pressure on central banks through both the developed and emerging world. Like Pavlov’s dogs salivating at the sound of a bell, investors have been well trained to continue betting on disinflation and USD strength. Back in 2009, I was a young trader at Susquehanna International Group, a market making firm, I followed the financial crisis and subsequent global money printing with wide eyes. By mid 2009, I decided that deflation (or at least disinflation) was likely for the near future, but eventually the colossal expansion of fiat money supply would cause a general decline in fiat purchasing power. This thesis eventually led me to discover and invest in bitcoin. Related: Crypto Must Embrace the Fringe to Win Over the Mainstream I certainly wasn’t alone at being alarmed by quantitative easing, but overwhelming disinflationary forces have caused this story to play out in slow motion in traditional markets. Professional investors who tried to bet against central banks in the past decade had to give up that thesis or get fired for poor performance. And so even with increasing warning signs of an imminent regime shift, markets are slow to abandon the old mental models that worked for so long. Like Pavlov’s dogs salivating at the sound of a bell, investors have been well trained to continue betting on disinflation and USD strength. Why might bitcoin take off as a hedge against currency depreciation? Legendary investor Ray Dalio, the founder of $160 billion AUM asset manager Bridgewater, makes a pithy case in an essay published July 17 th , 2019: “The big question worth pondering at this time is which investments will perform well in a reflationary environment accompanied by large liabilities coming due and with significant internal conflict between capitalists and socialists, as well as external conflicts. It is also a good time to ask what will be the next-best currency or storehold of wealth to have when most reserve currency central bankers want to devalue their currencies in a fiat currency system.” Dalio answers his question by suggesting gold. He and most other traditional asset managers are not yet convinced that BTC is the answer, or even part of the answer. I think 2020 will be the year that he and other allocators realize that bitcoin is the reflation hedge they are looking for. Disclaimer: Ari is CIO of BlockTower, an investment firm, which may have a position in bitcoin and other cryptocurrencies. The opinions expressed herein are those of the author and do not necessarily reflect the views of BlockTower, its affiliates or employees. Related Stories The Central Bank Business Model Is Under Attack Charlie Shrem: What I Still Love About Crypto
[Social Media Buzz]
None available.
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7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53.
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[Bitcoin Technical Analysis for 2017-10-30]
Volume: 1772150016, RSI (14-day): 67.07, 50-day EMA: 5026.16, 200-day EMA: 3486.89
[Wider Market Context]
Gold Price: 1274.10, Gold RSI: 43.77
Oil Price: 54.15, Oil RSI: 68.69
[Recent News (last 7 days)]
Apple, Facebook, and Trump's Fed pick — What you need to know for the week ahead: After a busy week that saw big cap tech names sendmarkets into the weekend with whoosh higher, this week will feature even more earnings news, a crowded economic calendar, and the long-awaited announcement from President Donald Trump on who will be nominated to lead the Federal Reserve.
In an Instagram videoposted late Friday, Trump said, “People are anxiously awaiting my decision as to who the next head of the Fed will be.”
Trump added that he has “somebody very specific in mind” for the job “who, hopefully, will do a fantastic job.” Betting sitePredictItcurrently has current Fed governor Jerome Powell as the odds-on favorite to get the nomination,while reports last week indicatedeither Powell or Stanford professor John Taylor would be Trump’s pick for the job.
Elsewhere in markets this week we’ll have another rush of earnings with 138 members of the S&P 500 reporting results, including Apple (AAPL), the world’s largest company, and Facebook (FB).
Facebook, along with Twitter (TWTR) and Google (GOOGL), will be spending part of Wednesday on Capitol Hillanswering questions from lawmakersregarding their role in potential Russian meddling in the 2016 presidential election.
Other notable earnings this week include Starbucks (SBUX), Under Armour (UAA), Pfizer (PFE), MasterCard (MA), MetLife (MET), Yum Brands (YUM), and Berkshire Hathaway (BRK-A,BRK-B), among many others.
The economic calendar also has the month’s big highlight as Friday will bring markets the October jobs report. After September saw thefirst decline in job gainssince September 2010, economists are looking for a big bounce back in October.
According to estimates from Bloomberg, Wall Street is forecasting nonfarm payroll gains of 300,000 in October with the unemployment rate set to hold steady at 4.2%.
Brett Ryan, an economist at Deutsche Bank, said in a note on Friday that he is expecting job growth to rebound to 250,000 in October due to a “dissipation of hurricane effects; low jobless claims during the survey week; and robust supporting evidence of solid job growth from the ISM employment subcomponents.” Ryan notes, however, that after Hurricane Katrina it took two months until job growth returned to its prior trend.
Elsewhere on the economic calendar, we’ll get data on personal income and spending, consumer confidence, inflation, and manufacturing activity.
• Monday:Personal income, September (+0.4% expected; +0.2% previously); Personal spending, September (+0.8% expected; +0.1% previously); “Core” PCE, year-on-year, September (+1.6% expected; +1.4% previously); Dallas Fed manufacturing index, October (21 expected; 21.3 previously)
• Tuesday:Employment cost index, Q3 (+0.7% expected; +0.5% previously); S&P Case-Shiller home price index, August (+0.35% previously); Chicago PMI, October (60 expected; 65.2 previously); Conference Board consumer confidence, October (121 expected; 119.8 previously)
• Wednesday:ADP private payrolls, October (200,000 expected; 135,000 previously); Markit manufacturing PMI, October (54.5 expected; 54.5 previously); ISM manufacturing PMI, October (59.5 expected; 60.8 previously); Construction spending, month-on-month, September (-0.3% expected; +0.5% previously); FOMC rate decision (1%-1.25% expected; 1%-1.25% previously); October auto sales (17.4 million vehicle annualized pace expected; 18.5 million previously)
• Thursday:Initial jobless claims (235,000 expected; 233,000 previously); Nonfarm worker productivity, third quarter (+2.1% expected; +1.5% previously)
• Friday:Nonfarm payroll growth, October (310,000 expected; -33,000 previously); Unemployment rate, October (4.2% expected; 4.2% previously); Average hourly earnings, month-on-month, October (+0.2% expected; +0.5% previously); Average hourly earnings, year-on-year, October (+2.7% expected; +2.9% previously); ISM non-manufacturing PMI, October (58.5 expected; 59.8 previously); Markit services PMI, October (55.9 previously); Factory orders, September (+1.1% expected; +1.2% previously)
On Friday, we got two key pieces of data about the U.S. economy.
We learned that in the third quarter of 2017 the economy grew at an annualized pace of 3%, better than expected and marking the best two-quarter stretch for the economy since 2014.
Additionally, we saw thatconsumer confidenceremains strong with the University of Michigan’s consumer sentiment survey holding near its best monthly level in 13 years.
In this report we also got a glimpse into the expectations around growth from U.S. consumers. And against the backdrop of anadministration arguingthat we need corporate tax reform to get more economic and wage growth, it seems that consumers are actually quite content with the current state of affairs.
“Lingering doubts about the near term strength of the national economy were dispelled as more than half of all respondents expected good times during the year ahead and anticipated the expansion to continue uninterrupted over the next five years,” said Richard Curtin, chief economist for the University of Michigan survey.
“Consumers do not anticipate accelerating growth rates but rather a continuation of the slower pace of growth that has characterized this recovery,” Curtin added.
“Low unemployment and low inflation rates have made lower income growth rates more acceptable. Moreover, the Great Recession has caused a fundamental change in assessments of economic risks, with consumers now giving greater preference to economic stability relative to economic growth. This is the essential reason why consumers have voiced such positive economic assessments of such a modest pace of economic growth.”
And so while so much of the post-crisis economic discussion has been about how the economy’s growth trajectory has been slow to accelerate, it seems that consumers have simply adjusted to this “new normal.”
Economist Matt Busiginnoted Fridaythat the third quarter GDP report was the first since the crisis that “filled the output gap,” meaning that actual GDP exceeded potential GDP.
The economy, then, is back to meeting whatever potential power economists estimate we can muster from existing workforce trends. And it seems that consumers are content to meet this potential against a sense of this being relatively sustainable rather than seeing growth shoot higher against a gnawing feeling that the good times might not last.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Why a new Federal Reserve chair won’t rattle markets
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || Stock market preview, October 30: After a busy week that saw big cap tech names send markets into the weekend with whoosh higher , this week will feature even more earnings news, a crowded economic calendar, and the long-awaited announcement from President Donald Trump on who will be nominated to lead the Federal Reserve. In an Instagram video posted late Friday , Trump said, People are anxiously awaiting my decision as to who the next head of the Fed will be. Trump added that he has somebody very specific in mind for the job who, hopefully, will do a fantastic job. Betting site PredictIt currently has current Fed governor Jerome Powell as the odds-on favorite to get the nomination, while reports last week indicated either Powell or Stanford professor John Taylor would be Trumps pick for the job. President Donald Trump talks with from lwft, Natalynn Parkinson, 6, Yume Inone, 6, and Phoebe Trabb, 7, who are dressed in their halloween costumes, Friday, Oct. 27, 2017. (AP Photo/Pablo Martinez Monsivais) Elsewhere in markets this week well have another rush of earnings with 138 members of the S&P 500 reporting results, including Apple ( AAPL ), the worlds largest company, and Facebook ( FB ). Facebook, along with Twitter ( TWTR ) and Google ( GOOGL ), will be spending part of Wednesday on Capitol Hill answering questions from lawmakers regarding their role in potential Russian meddling in the 2016 presidential election. Other notable earnings this week include Starbucks ( SBUX ), Under Armour ( UAA ), Pfizer ( PFE ), MasterCard ( MA ), MetLife ( MET ), Yum Brands ( YUM ), and Berkshire Hathaway ( BRK-A , BRK-B ), among many others. Apple CEO Tim Cook is sure to face a number of questions about Apples new iPhone X when the company reports earnings this week. The economic calendar also has the months big highlight as Friday will bring markets the October jobs report. After September saw the first decline in job gains since September 2010, economists are looking for a big bounce back in October. According to estimates from Bloomberg, Wall Street is forecasting nonfarm payroll gains of 300,000 in October with the unemployment rate set to hold steady at 4.2%. Brett Ryan, an economist at Deutsche Bank, said in a note on Friday that he is expecting job growth to rebound to 250,000 in October due to a dissipation of hurricane effects; low jobless claims during the survey week; and robust supporting evidence of solid job growth from the ISM employment subcomponents. Ryan notes, however, that after Hurricane Katrina it took two months until job growth returned to its prior trend. Story continues Elsewhere on the economic calendar, well get data on personal income and spending, consumer confidence, inflation, and manufacturing activity. Economic calendar Monday: Personal income, September (+0.4% expected; +0.2% previously); Personal spending, September (+0.8% expected; +0.1% previously); Core PCE, year-on-year, September (+1.6% expected; +1.4% previously); Dallas Fed manufacturing index, October (21 expected; 21.3 previously) Tuesday: Employment cost index, Q3 (+0.7% expected; +0.5% previously); S&P Case-Shiller home price index, August (+0.35% previously); Chicago PMI, October (60 expected; 65.2 previously); Conference Board consumer confidence, October (121 expected; 119.8 previously) Wednesday: ADP private payrolls, October (200,000 expected; 135,000 previously); Markit manufacturing PMI, October (54.5 expected; 54.5 previously); ISM manufacturing PMI, October (59.5 expected; 60.8 previously); Construction spending, month-on-month, September (-0.3% expected; +0.5% previously); FOMC rate decision (1%-1.25% expected; 1%-1.25% previously); October auto sales (17.4 million vehicle annualized pace expected; 18.5 million previously) Thursday: Initial jobless claims (235,000 expected; 233,000 previously); Nonfarm worker productivity, third quarter (+2.1% expected; +1.5% previously) Friday: Nonfarm payroll growth, October (310,000 expected; -33,000 previously); Unemployment rate, October (4.2% expected; 4.2% previously); Average hourly earnings, month-on-month, October (+0.2% expected; +0.5% previously); Average hourly earnings, year-on-year, October (+2.7% expected; +2.9% previously); ISM non-manufacturing PMI, October (58.5 expected; 59.8 previously); Markit services PMI, October (55.9 previously); Factory orders, September (+1.1% expected; +1.2% previously) Content U.S. consumers On Friday, we got two key pieces of data about the U.S. economy. We learned that in the third quarter of 2017 the economy grew at an annualized pace of 3%, better than expected and marking the best two-quarter stretch for the economy since 2014. Additionally, we saw that consumer confidence remains strong with the University of Michigans consumer sentiment survey holding near its best monthly level in 13 years. In this report we also got a glimpse into the expectations around growth from U.S. consumers. And against the backdrop of an administration arguing that we need corporate tax reform to get more economic and wage growth, it seems that consumers are actually quite content with the current state of affairs. Lingering doubts about the near term strength of the national economy were dispelled as more than half of all respondents expected good times during the year ahead and anticipated the expansion to continue uninterrupted over the next five years, said Richard Curtin, chief economist for the University of Michigan survey. Consumers do not anticipate accelerating growth rates but rather a continuation of the slower pace of growth that has characterized this recovery, Curtin added. Low unemployment and low inflation rates have made lower income growth rates more acceptable. Moreover, the Great Recession has caused a fundamental change in assessments of economic risks, with consumers now giving greater preference to economic stability relative to economic growth. This is the essential reason why consumers have voiced such positive economic assessments of such a modest pace of economic growth. And so while so much of the post-crisis economic discussion has been about how the economys growth trajectory has been slow to accelerate, it seems that consumers have simply adjusted to this new normal. Economist Matt Busigin noted Friday that the third quarter GDP report was the first since the crisis that filled the output gap, meaning that actual GDP exceeded potential GDP. The U.S. economy is finally back to meeting its potential. (Source: FRED) The economy, then, is back to meeting whatever potential power economists estimate we can muster from existing workforce trends. And it seems that consumers are content to meet this potential against a sense of this being relatively sustainable rather than seeing growth shoot higher against a gnawing feeling that the good times might not last. Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: TOM LEE: Bitcoin is an important asset for investors to own Wall Street cant stop talking about Bitcoin Why a new Federal Reserve chair wont rattle markets Warren Buffett likes the stock market because of the bond market Americas shortage of workers is about to get much worse || Cryptocurrencies That Could Take the Lead: from New Source Code to Unlimited Opportunities: Apart from their major goal, which is creating a new digital coin, cryptocurrency developers have a few minor ones, too. Those could be creating a whole new transaction processing model with high-speed execution and minimum fees, or a higher level of payment security, regardless of the amount. This could also be financial transaction privacy, being a very important feature for investors nowadays. Every such minor goal deserves special attention. When it comes to promising cryptocurrencies, the key factor is innovation, that being a new technology or a unique approach that is not typical for the money market. The return one can get with such cryptocurrencies has not arrived in the maximum yet, as the potential is still quite high, although one has got to take a broad-minded approach to see that potential. Since digital currencies are closely related to IT development, let’s talk tech innovation first. In this regard, the best example is Monero . It is not a carbon copy of Bitcoin, being an independent cryptocurrency, while its developers also focus on privacy and anonymity. All transactions run based on the CryptoNote protocol , with the code using one-time keys and ring signatures. Monero is already used as a virtual currency on the web, which is a substantial advantage. Another good example is IOTA . Its developers’ goal was to create a whole new space on the web, the one they called the Internet of Things. IOTA code enables deeper communication on the web through various devices. The digital currency itself serves as ‘crypto token’ that enables transactions on the Internet of Things. The source code is based on Tangle, which both accelerates payment processing and allows users to avoid paying fees or commissions. Cryptocurrency code may be both closed source and open source. This does not mean that open source digital currencies are not secure, this is just yet another approach to it. NEM, a Japanese cryptocurrency , can serve as a good example here, as its open source may enable various kinds of useful modifications going forward. NEM is based on the Proof Of Importance(POI) algorithm, which is among the top three. This is quite a new algorithm at the same time, allowing you to leverage new methods to protect the system from hacks and unauthorized blockchain changes. Story continues All the above cryptocurrencies can, of course, take the lead in the future. Their price ranges from $47 per unit (Monero) to $0.70 and $1.20 in case of NEM and IOTA. With more innovative development, the demand for these digital coins will be going up. Cryptocurrency developers are also quite focused on payment processing models. This is actually how Ripple was introduced. Ripple is not just yet another digital coin, being a whole-new fully functional payment system. It is based on a unique transaction processing protocol that enhances security, enables instant conversion with a low commission, and facilitates nearly unlimited transaction volume. Ripple also leverages distribution registers, which means a lot of room for development for this algorithm. Global banks have already taken notice on Ripple, which means this digital currency is not just promising, but a lot more. The above cryptocurrencies are just starting to gain popularity. Their price is not that high, although their potential, both regarding the technology they are based on and the approach towards financial transactions they use, is great. There will be no wonder if we witness these coins skyrocket sometime in the future. However, we cannot ignore digital currencies that are taking the lead right now, such as Bitcoin and Ethereum , that have been, until recently, the only ones known to the general public. Bitcoin was introduced in 2009 as an alternative to regular money. The traditional financial system has a big drawback, as it is managed according to the interests of big players. This is how all central banks work. Bitcoin has become one of the first steps to change this, as it is decentralized, unregulated, and does not suffer from inflation. Does it have even more potential for the future? Of course, it does. However, Ethereum is even more promising than Bitcoin. Ether is open source, which simplifies the way the blockchain works, while the information it provides cannot be used for legal purposes. An alternative ‘smart contract’ legal model is in place here, which actually could also be used in other areas, not only in cryptocurrencies. Even if we assume the cryptocurrency market is a bubble that, when overinflated, will burst, we cannot deny the obvious. The amazing technologies developed recently, from great throughput of 3,000 transactions a second all the way to the utmost security and whole new data storing solutions, will be here to stay. RoboForex is a group of companies that offers brokerage services to clients in various countries over the world. The group provides traders from the Forex and stock markets with access to its proprietary trading platforms. Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Fundamental Analysis – week of October 30, 2017 Major US Indices Forecast, October 30, 2017, Technical Analysis GBP/USD forecast for the week of October 30, 2017, Technical Analysis Oil Price Fundamental Weekly Forecast – May Start to See Profit-taking Ahead of OPEC Meeting Natural Gas Price Fundamental Weekly Forecast – Pressured by Overproduction, Mild Winter Forecast Weekly Forex Technical Analysis, Oct 30 – Nov 3, 2017 || Cryptocurrencies That Could Take the Lead: from New Source Code to Unlimited Opportunities: Apart from their major goal, which is creating a new digital coin, cryptocurrency developers have a few minor ones, too. Those could be creating a whole new transaction processing model with high-speed execution and minimum fees, or a higher level of payment security, regardless of the amount. This could also be financial transaction privacy, being a very important feature for investors nowadays. Every such minor goal deserves special attention. When it comes to promising cryptocurrencies, the key factor is innovation, that being a new technology or a unique approach that is not typical for the money market. The return one can get with such cryptocurrencies has not arrived in the maximum yet, as the potential is still quite high, although one has got to take a broad-minded approach to see that potential. Since digital currencies are closely related to IT development, let’s talk tech innovation first. In this regard, the best example is Monero . It is not a carbon copy of Bitcoin, being an independent cryptocurrency, while its developers also focus on privacy and anonymity. All transactions run based on the CryptoNote protocol , with the code using one-time keys and ring signatures. Monero is already used as a virtual currency on the web, which is a substantial advantage. Another good example is IOTA . Its developers’ goal was to create a whole new space on the web, the one they called the Internet of Things. IOTA code enables deeper communication on the web through various devices. The digital currency itself serves as ‘crypto token’ that enables transactions on the Internet of Things. The source code is based on Tangle, which both accelerates payment processing and allows users to avoid paying fees or commissions. Cryptocurrency code may be both closed source and open source. This does not mean that open source digital currencies are not secure, this is just yet another approach to it. NEM, a Japanese cryptocurrency , can serve as a good example here, as its open source may enable various kinds of useful modifications going forward. NEM is based on the Proof Of Importance(POI) algorithm, which is among the top three. This is quite a new algorithm at the same time, allowing you to leverage new methods to protect the system from hacks and unauthorized blockchain changes. Story continues All the above cryptocurrencies can, of course, take the lead in the future. Their price ranges from $47 per unit (Monero) to $0.70 and $1.20 in case of NEM and IOTA. With more innovative development, the demand for these digital coins will be going up. Cryptocurrency developers are also quite focused on payment processing models. This is actually how Ripple was introduced. Ripple is not just yet another digital coin, being a whole-new fully functional payment system. It is based on a unique transaction processing protocol that enhances security, enables instant conversion with a low commission, and facilitates nearly unlimited transaction volume. Ripple also leverages distribution registers, which means a lot of room for development for this algorithm. Global banks have already taken notice on Ripple, which means this digital currency is not just promising, but a lot more. The above cryptocurrencies are just starting to gain popularity. Their price is not that high, although their potential, both regarding the technology they are based on and the approach towards financial transactions they use, is great. There will be no wonder if we witness these coins skyrocket sometime in the future. However, we cannot ignore digital currencies that are taking the lead right now, such as Bitcoin and Ethereum , that have been, until recently, the only ones known to the general public. Bitcoin was introduced in 2009 as an alternative to regular money. The traditional financial system has a big drawback, as it is managed according to the interests of big players. This is how all central banks work. Bitcoin has become one of the first steps to change this, as it is decentralized, unregulated, and does not suffer from inflation. Does it have even more potential for the future? Of course, it does. However, Ethereum is even more promising than Bitcoin. Ether is open source, which simplifies the way the blockchain works, while the information it provides cannot be used for legal purposes. An alternative ‘smart contract’ legal model is in place here, which actually could also be used in other areas, not only in cryptocurrencies. Even if we assume the cryptocurrency market is a bubble that, when overinflated, will burst, we cannot deny the obvious. The amazing technologies developed recently, from great throughput of 3,000 transactions a second all the way to the utmost security and whole new data storing solutions, will be here to stay. RoboForex is a group of companies that offers brokerage services to clients in various countries over the world. The group provides traders from the Forex and stock markets with access to its proprietary trading platforms. Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews. This article was originally posted on FX Empire More From FXEMPIRE: GBP/USD Fundamental Analysis – week of October 30, 2017 Major US Indices Forecast, October 30, 2017, Technical Analysis GBP/USD forecast for the week of October 30, 2017, Technical Analysis Oil Price Fundamental Weekly Forecast – May Start to See Profit-taking Ahead of OPEC Meeting Natural Gas Price Fundamental Weekly Forecast – Pressured by Overproduction, Mild Winter Forecast Weekly Forex Technical Analysis, Oct 30 – Nov 3, 2017 || Santo Mining and Canoe Pool Announce Exclusive American Licensing Agreement: DORAL, FL / ACCESSWIRE / October 28, 2017 /Santo Mining Corp. (the "Company"), (OTC PINK: SANP) is pleased to announce the execution of an exclusive licensing agreement with Chongqing Yuhuan Technology Co., Ltd. one of China's largest cryptocurrency mining companies with a total global mining hash rate of almost 2% and a year to date reward of 1,537 bitcoins, also known as Canoe Pool. Under this exclusive licensing agreement, Canoe Pool will provide technical and developmental support to develop the bitcoin currency mining pool platform for Santo Mining. Under this co-operation and licensing agreement, both companies will create a mining pool called Canoe Pool America for the exclusive bitcoin mining in America.This latest development is the first of a multi-part agreement for both Companies corporate development strategy that focuses on the rapidly expanding sector of cryptocurrency mining in America. The company's exclusive focus will now be working in tandem with Canoe Pool to develop Canoe Pool America and have Canoe Pool America up and running to join the mining collective pool no later than year end 2017.Mr. Frank Yglesias CEO of Santo Mining stated; "we will be building a new company focused on cryptocurrency mining and cryptocurrency transactions. This is just the tip of the iceberg, and during the weeks and months to come there will be many new changes and developments for Santo Mining."About Canoe PoolCanoe Pool (Chongqing Yuhuan Technology Co., Ltd.), led by its founder Ang Li since 2013, is one of the fastest growing bitcoin mining companies in China with two large-size mining farms in Sichuan and Xinjiang, China; and with a total capacity of 75 thousand kilowatts, accommodating up to 50 thousand of the latest Bitmain S9 mining machines. Canoe Pool has a total hashrate potential of 700P. Miners can choose between PPS or PPLNS payment systems with fees of 2% or 4%, accordingly. Canoe Pool currently supports Bitcoin Unlimited and represents 1.7% of the global cryptocurrency mining market share. More athttps://www.canoepool.com/.About Santo Mining Corp.Santo Mining Corp, a publicly traded company in the Over-the-Counter (OTC) market, trading under the ticker symbol SANP. Formally an analog mining company in the gold and copper sector, it has now focused on the digital cryptocurrency mining and transactions operations. Our goal is to make mining accessible to all users regardless of age, location, investment, technical experience. We want to give our miners the opportunity to try out cryptocurrency mining pool and earn cryptocurrency rewards. On a larger scale, we hope to contribute to the development of mining services and subsequently to the development, establishment and adoption of cryptocurrencies both as a currency and as an economic system.Media Contacts:Santo Mining Corp.Mr. Matthew [email protected] Looking Statements and DisclaimerStatements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.
SOURCE:Santo Mining Corp. || New on Netflix in November 2017: 20 New Netflix Movies: What’s new onNetflix, Inc.(NASDAQ:NFLX) for November 2017?
Source: Shutterstock
Next month will include a slate of new Netflix movies thatwill impress. The online streaming site always seems to bring forth a refreshing combination of old and new films from various genres.
One such film that will be available in November isMen in Black, which offers a perfect opportunity for younger generations to enjoy the 1990s in all its glory. Baseball lovers will rejoice asField of Dreamsis also arriving early in the month.
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The 2009 filmThe Readeradds a touch of prestige to the November Netflix selection as the film was nominated for five Academy Awards, garnering a Best Actress award for Kate Winslet.
New comedyThe Boss Babywill give viewers an option that is hilarious and ideal for the whole family to enjoy.
Here’s the selection of what’s new on Netflix for November:
November 1
• 42
• Field of Dreams
• Men in Black
• Michael Clayton
• Scary Movie
• The Pursuit of Happyness
• The Reader
• The Whole Nine Yards
• To Rome with Love
November 4
• Williams
November 5
• The Homesman
November 10
• The Killer (Netflix Original)
November 12
• Long Time Running
November 13
• Chasing Trane: The John Coltrane Documentary
• Scooby-Doo 2: Monsters Unleashed
November 14
• DeRay Davis: How To Act Black (Netflix Original)
November 16
• 9
November 17
• Red, White, Black, Blue Odyssey
November 22
• The Boss Baby
November 30
• Winning
NFLX stock gained 1.6% Friday.
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The postNew on Netflix in November 2017: 20 New Netflix Moviesappeared first onInvestorPlace. || Bitcoin is a huge scam, ‘Wolf of Wall Street’ says: Jordan Belfort, ‘Way of the Wolf’ author and the original “Wolf of Wall Street”, is speaking out on Bitcoin, warning investors of the speculation surrounding the cryptocurrency.
According to Belfort it isn’t Bitcoin itself that is the issue, but the fever pitch surrounding the cryptocurrency’s trading, telling the FOX Business Network’s Stuart Varney, “People all over the world who know nothing about what they’re buying, they’re just operating with the greater fool theory, meaning if there’s someone more foolish than me, you’ll buy it a higher price than it’s a great price where it is. There’s no value, it’s just pure speculation.”
Belfort compared the trading of Bitcoin to the mortgage market before the financial crisis.
“It reminds me exactly of 2005, 2006 in the mortgage market when you’re getting your haircut and your haircutter says ‘oh, I also sell mortgages now...,’ it’s like everybody and their grandma became involved in real estate and mortgages, that’s what’s happening with Bitcoin.”
Belfort sees a potential Bitcoin bubble ahead, saying on “Varney & Co.,” “It’s not at the top yet, so it could go higher for all I know, but in the end after enough people have bought and you can’t support the bubble it’s going to crash so hard and fast.”
Though Belfort raised concerns about the trading of Bitcoin, he said he isn’t opposed to the idea of a cryptocurrency.
“My point is not that the fundamental idea of a cryptocurrency is bad. I think it’s a good idea, but what’s run amuck right now is people using it as, it’s turned to speculation and people are going to get destroyed.”
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• House speaker wants new deal for Pawtucket Red Sox stadium || Bitcoin is a huge scam, Wolf of Wall Street says: Jordan Belfort, Way of the Wolf author and the original Wolf of Wall Street, is speaking out on Bitcoin, warning investors of the speculation surrounding the cryptocurrency. According to Belfort it isnt Bitcoin itself that is the issue, but the fever pitch surrounding the cryptocurrencys trading, telling the FOX Business Networks Stuart Varney, People all over the world who know nothing about what theyre buying, theyre just operating with the greater fool theory, meaning if theres someone more foolish than me, youll buy it a higher price than its a great price where it is. Theres no value, its just pure speculation. Belfort compared the trading of Bitcoin to the mortgage market before the financial crisis. It reminds me exactly of 2005, 2006 in the mortgage market when youre getting your haircut and your haircutter says oh, I also sell mortgages now..., its like everybody and their grandma became involved in real estate and mortgages, thats whats happening with Bitcoin. Belfort sees a potential Bitcoin bubble ahead, saying on Varney & Co., Its not at the top yet, so it could go higher for all I know, but in the end after enough people have bought and you cant support the bubble its going to crash so hard and fast. Though Belfort raised concerns about the trading of Bitcoin, he said he isnt opposed to the idea of a cryptocurrency. My point is not that the fundamental idea of a cryptocurrency is bad. I think its a good idea, but whats run amuck right now is people using it as, its turned to speculation and people are going to get destroyed. Related Articles State, local deductions could still stymie tax reforms and almost derailed the budget Facebook ads: Social media giant announces new transparency House speaker wants new deal for Pawtucket Red Sox stadium || Bitcoin is a huge scam, ‘Wolf of Wall Street’ says: Jordan Belfort, ‘Way of the Wolf’ author and the original “Wolf of Wall Street”, is speaking out on Bitcoin, warning investors of the speculation surrounding the cryptocurrency.
According to Belfort it isn’t Bitcoin itself that is the issue, but the fever pitch surrounding the cryptocurrency’s trading, telling the FOX Business Network’s Stuart Varney, “People all over the world who know nothing about what they’re buying, they’re just operating with the greater fool theory, meaning if there’s someone more foolish than me, you’ll buy it a higher price than it’s a great price where it is. There’s no value, it’s just pure speculation.”
Belfort compared the trading of Bitcoin to the mortgage market before the financial crisis.
“It reminds me exactly of 2005, 2006 in the mortgage market when you’re getting your haircut and your haircutter says ‘oh, I also sell mortgages now...,’ it’s like everybody and their grandma became involved in real estate and mortgages, that’s what’s happening with Bitcoin.”
Belfort sees a potential Bitcoin bubble ahead, saying on “Varney & Co.,” “It’s not at the top yet, so it could go higher for all I know, but in the end after enough people have bought and you can’t support the bubble it’s going to crash so hard and fast.”
Though Belfort raised concerns about the trading of Bitcoin, he said he isn’t opposed to the idea of a cryptocurrency.
“My point is not that the fundamental idea of a cryptocurrency is bad. I think it’s a good idea, but what’s run amuck right now is people using it as, it’s turned to speculation and people are going to get destroyed.”
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• House speaker wants new deal for Pawtucket Red Sox stadium || The Next Way To Play The Bitcoin Boom: Gain Capital: Gain Capital Holdings Inc(NYSE:GCAP) is the newest way for traders to play the bitcoin craze. The stock spiked more than 15 percent on Friday after management revealed the company would be launching bitcoin trading.
According to the companyearnings call, Gain plans on launching bitcoin trading in Q4 after repeated requests by customers to do so.
“So, the bitcoin is really an exciting prospect for us,” Gain CEO Glenn Stevenssaid.
“We are adding it to our product offering and it’s going to start out as a limited rollout and build from there and it will line up just like a currency pair next to our other products where a customer will be able to use their account as they do for other products to margin traded to be long, be short, get streaming prices, everything will be the same for the customer.”
Stevens said bitcoin will be embedded in its normal trading environment, and traders will be able to do “pretty much everything they can do with our existing products.”
Traders clearly see the bitcoin offering as a money-maker for Gain, and the move could potentially open the door for other trading services to provide customers access to cryptocurrency markets as well.
As it stands, one of themost popularway for traders to play bitcoin is the OTC-listedBitcoin Investment Trust(OTC:GBTC). However, long-term investors may be paying a hefty premium for the GBTC ETF. In September, Citron Research said the Bitcoin Investment Trust was grossly overvalued.
"Do you want to own a fund that owns [Bitcoin] while paying a price 70% higher than what the underlying asset is actually worth?” Citron asked in the report.
Citron has a $500 price target for the GBTC ETF.
Related Links:
Does Bitcoin Actually Hold Any Value At All?
Jamie Dimon: Bitcoin Is Stupid
See more from Benzinga
• A Guide To Who Loves And Hates Cryptocurrency
• The Curious Case Of Bitcoin, Dimon And JPMorgan
• Dalio Calls Bitcoin A Bubble
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Next Way To Play The Bitcoin Boom: Gain Capital: Gain Capital Holdings Inc(NYSE:GCAP) is the newest way for traders to play the bitcoin craze. The stock spiked more than 15 percent on Friday after management revealed the company would be launching bitcoin trading.
According to the companyearnings call, Gain plans on launching bitcoin trading in Q4 after repeated requests by customers to do so.
“So, the bitcoin is really an exciting prospect for us,” Gain CEO Glenn Stevenssaid.
“We are adding it to our product offering and it’s going to start out as a limited rollout and build from there and it will line up just like a currency pair next to our other products where a customer will be able to use their account as they do for other products to margin traded to be long, be short, get streaming prices, everything will be the same for the customer.”
Stevens said bitcoin will be embedded in its normal trading environment, and traders will be able to do “pretty much everything they can do with our existing products.”
Traders clearly see the bitcoin offering as a money-maker for Gain, and the move could potentially open the door for other trading services to provide customers access to cryptocurrency markets as well.
As it stands, one of themost popularway for traders to play bitcoin is the OTC-listedBitcoin Investment Trust(OTC:GBTC). However, long-term investors may be paying a hefty premium for the GBTC ETF. In September, Citron Research said the Bitcoin Investment Trust was grossly overvalued.
"Do you want to own a fund that owns [Bitcoin] while paying a price 70% higher than what the underlying asset is actually worth?” Citron asked in the report.
Citron has a $500 price target for the GBTC ETF.
Related Links:
Does Bitcoin Actually Hold Any Value At All?
Jamie Dimon: Bitcoin Is Stupid
See more from Benzinga
• A Guide To Who Loves And Hates Cryptocurrency
• The Curious Case Of Bitcoin, Dimon And JPMorgan
• Dalio Calls Bitcoin A Bubble
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AbbVie Inc (ABBV) Earnings: 12 Things to Know: AbbVie Inc(NYSE:ABBV) has released its earnings report for the third quarter of 2017.
Source: Shutterstock
Here are a few things to know about AbbVie Inc’s recent earnings report.
• The company reported earnings per share of $1.41 on revenue of $7.00 billion.
• Earnings per share and revenue from the same time last year were $1.21 and $6.43 billion.
• Wall Street was looking for ABBV to report earnings per share of $1.38 on revenue of $7.00 billion for the quarter.
• Operating income for the quarter was $2.71 billion, which is up from the $2.36 billion reported in the third quarter of 2016.
• Net income was $1.63 billion compared to net income of $1.60 billion in the same period of the year prior.
• AbbVie Inc updated its 2017 guidance to include earnings per share ranging from$5.53 to $5.55.
• Wall Street is expecting ABBV to report earnings per share of $5.53 for the year.
• The biopharmaceutical research company also says that it is expecting earnings per share for 2018 to come in between $6.37 and $6.57.
• Analysts are looking for the company to report earnings per share of $6.56 in 2018.
• The company also notes that its Board of Directors have approved increasing its quarterly cash dividend to 71 cents per share from 64 cents per share.
• The increase to the quarterly cash dividend for holders of ABBV stock will start with the dividend payable on Feb. 15, 2018.
• Investors of ABBV must be on record as of Jan. 12, 2018 to receive the quarterly cash dividend.
• 7 Spinoff Stocks That Could Be Better Than Their Parents
ABBV stock was up 3% as of noon Friday and is up 48% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
The postAbbVie Inc (ABBV) Earnings: 12 Things to Knowappeared first onInvestorPlace. || AbbVie Inc (ABBV) Earnings: 12 Things to Know: AbbVie Inc (NYSE: ABBV ) has released its earnings report for the third quarter of 2017. AbbVie Inc (ABBV) Earnings: 12 Things to Know Source: Shutterstock Here are a few things to know about AbbVie Inc’s recent earnings report. The company reported earnings per share of $1.41 on revenue of $7.00 billion. Earnings per share and revenue from the same time last year were $1.21 and $6.43 billion. Wall Street was looking for ABBV to report earnings per share of $1.38 on revenue of $7.00 billion for the quarter. Operating income for the quarter was $2.71 billion, which is up from the $2.36 billion reported in the third quarter of 2016. Net income was $1.63 billion compared to net income of $1.60 billion in the same period of the year prior. AbbVie Inc updated its 2017 guidance to include earnings per share ranging from $5.53 to $5.55 . Wall Street is expecting ABBV to report earnings per share of $5.53 for the year. The biopharmaceutical research company also says that it is expecting earnings per share for 2018 to come in between $6.37 and $6.57. Analysts are looking for the company to report earnings per share of $6.56 in 2018. The company also notes that its Board of Directors have approved increasing its quarterly cash dividend to 71 cents per share from 64 cents per share. The increase to the quarterly cash dividend for holders of ABBV stock will start with the dividend payable on Feb. 15, 2018. Investors of ABBV must be on record as of Jan. 12, 2018 to receive the quarterly cash dividend. 7 Spinoff Stocks That Could Be Better Than Their Parents ABBV stock was up 3% as of noon Friday and is up 48% year-to-date. InvestorPlace - Stock Market News, Stock Advice & Trading Tips More From InvestorPlace 10 Small-Cap Stocks to Buy for Big-Time Growth Potential 7 Investments Every Retirement Investor Should Own 5 Bitcoin Stocks to Buy for Low-Risk Cryptocurrency Profits As of this writing, William White did not hold a position in any of the aforementioned securities. The post AbbVie Inc (ABBV) Earnings: 12 Things to Know appeared first on InvestorPlace . || Bull Exhaustion? Bitcoin Price Halts Advance Ahead of $6,000: After failing to breach $6,000, bitcoin prices have again taken a downturn.
At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is $5,850, but of greater interest to traders is what this means for the ongoing rally, which has pushed bitcoin up from an Oct. 25 low of $5,376.
Prices on the CoinDesk Bitcoin Price Index (BPI) have twice neared the $6,000 mark in the last 24 hours, yet both attempts have stalled.
The first attempt ran out of steam at $5,978 yesterday at 13:00 UTC, while a second fell apart at 01:00 UTC today.
As of writing, the BPI is down 0.90 percent at $5,834.
While the reasons for the exhaustion are unknown, it may simply be the case of the formation of a new psychological level, with traders unsure of whether higher prices above $6,000 will hold.
Whatever the reason, the price action analysis calls for vigilance.
The above chart shows:
• Bearish price-money flow index (MFI) divergence, indicating the rally ended with the Oct. 21 record highs above $6,100.
• Bearish 5-day moving average (MA) and 10-day MA crossover (i.e. 5-day MA cuts 10-day MA from above).
Exhaustion near $6,000 adds credence to the bearish price-MFI divergence and indicates potential for a drop below the 5-day MA of $5,786.
A break below $5,786 would validate the bearish 5-day MA and 10-day MA crossover and could open doors for a drop to head-and-shoulders neckline (red line) support of $5,440.
The rising trend line (blue dotted line) is also likely to offer support around $5,440 levels.
As per CoinMarketCap, total bitcoin trading volume dropped 28 percent on Thursday, and decreased by another 3 percent today.
This further suggests the rally from $5,376 lacked substance (weak volumes), thus the exhaustion near $6,000 is perhaps to be expected.
Looking ahead to today:
• The odds of a break below $5,786 and a drop to $5,440 levels are high.
• On the higher side, only a convincing move above $6,000 would open doors for new record highs above $6,200.
Tired runnerimage via Shutterstock
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• Highs on the Radar? Bitcoin Retakes $5,800 as Prices Edge Up || Bull Exhaustion? Bitcoin Price Halts Advance Ahead of $6,000: After failing to breach $6,000, bitcoin prices have again taken a downturn. At press time, the bitcoin-U.S. dollar ( BTC/USD ) exchange rate is $5,850, but of greater interest to traders is what this means for the ongoing rally, which has pushed bitcoin up from an Oct. 25 low of $5,376. Prices on the CoinDesk Bitcoin Price Index ( BPI ) have twice neared the $6,000 mark in the last 24 hours, yet both attempts have stalled. The first attempt ran out of steam at $5,978 yesterday at 13:00 UTC, while a second fell apart at 01:00 UTC today. As of writing, the BPI is down 0.90 percent at $5,834. While the reasons for the exhaustion are unknown, it may simply be the case of the formation of a new psychological level, with traders unsure of whether higher prices above $6,000 will hold. Whatever the reason, the price action analysis calls for vigilance. Daily chart The above chart shows: Bearish price-money flow index (MFI) divergence, indicating the rally ended with the Oct. 21 record highs above $6,100. Bearish 5-day moving average (MA) and 10-day MA crossover (i.e. 5-day MA cuts 10-day MA from above). Exhaustion near $6,000 adds credence to the bearish price-MFI divergence and indicates potential for a drop below the 5-day MA of $5,786. A break below $5,786 would validate the bearish 5-day MA and 10-day MA crossover and could open doors for a drop to head-and-shoulders neckline (red line) support of $5,440. The rising trend line (blue dotted line) is also likely to offer support around $5,440 levels. View As per CoinMarketCap, total bitcoin trading volume dropped 28 percent on Thursday, and decreased by another 3 percent today. This further suggests the rally from $5,376 lacked substance (weak volumes), thus the exhaustion near $6,000 is perhaps to be expected. Looking ahead to today: The odds of a break below $5,786 and a drop to $5,440 levels are high. On the higher side, only a convincing move above $6,000 would open doors for new record highs above $6,200. Tired runner image via Shutterstock Related Stories Diverse Team, Diverse Portfolio: Amentum Raising $10 Million Crypto Fund 'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt Low Volume Lift? Litecoin Prices Rise But Big Leaps Unlikely Highs on the Radar? Bitcoin Retakes $5,800 as Prices Edge Up View comments || Bull Exhaustion? Bitcoin Price Halts Advance Ahead of $6,000: After failing to breach $6,000, bitcoin prices have again taken a downturn.
At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is $5,850, but of greater interest to traders is what this means for the ongoing rally, which has pushed bitcoin up from an Oct. 25 low of $5,376.
Prices on the CoinDesk Bitcoin Price Index (BPI) have twice neared the $6,000 mark in the last 24 hours, yet both attempts have stalled.
The first attempt ran out of steam at $5,978 yesterday at 13:00 UTC, while a second fell apart at 01:00 UTC today.
As of writing, the BPI is down 0.90 percent at $5,834.
While the reasons for the exhaustion are unknown, it may simply be the case of the formation of a new psychological level, with traders unsure of whether higher prices above $6,000 will hold.
Whatever the reason, the price action analysis calls for vigilance.
The above chart shows:
• Bearish price-money flow index (MFI) divergence, indicating the rally ended with the Oct. 21 record highs above $6,100.
• Bearish 5-day moving average (MA) and 10-day MA crossover (i.e. 5-day MA cuts 10-day MA from above).
Exhaustion near $6,000 adds credence to the bearish price-MFI divergence and indicates potential for a drop below the 5-day MA of $5,786.
A break below $5,786 would validate the bearish 5-day MA and 10-day MA crossover and could open doors for a drop to head-and-shoulders neckline (red line) support of $5,440.
The rising trend line (blue dotted line) is also likely to offer support around $5,440 levels.
As per CoinMarketCap, total bitcoin trading volume dropped 28 percent on Thursday, and decreased by another 3 percent today.
This further suggests the rally from $5,376 lacked substance (weak volumes), thus the exhaustion near $6,000 is perhaps to be expected.
Looking ahead to today:
• The odds of a break below $5,786 and a drop to $5,440 levels are high.
• On the higher side, only a convincing move above $6,000 would open doors for new record highs above $6,200.
Tired runnerimage via Shutterstock
• Diverse Team, Diverse Portfolio: Amentum Raising $10 Million Crypto Fund
• 'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt
• Low Volume Lift? Litecoin Prices Rise But Big Leaps Unlikely
• Highs on the Radar? Bitcoin Retakes $5,800 as Prices Edge Up || A legendary Wall Street strategist lays out the stock market's 'nightmare scenario': Albert Edwards Real Vision Television The legendary strategist Albert Edwards thinks investors are ignoring many latent risks in the stock market. His "nightmare scenario" combines accelerating wage inflation with a hawkish adjustment to Federal Reserve rate-hike expectations. Albert Edwards thinks you're all too confident about the durability of the 8-1/2-year bull market. And he'd like to remind you that some major risks are lurking in the shadows, waiting to strike. He's identified the worst-case scenario for what could cause a massive stock blowout, and it ultimately involves the Federal Reserve raising rates too slowly. But that won't just happen for no reason — Edwards thinks there needs to be a surprising economic jolt. "The nightmare scenario for equities would be if US wage inflation flickers back to life and investors not only decide that they are too far behind the Fed dots, but they also decide that the Fed itself is behind the tightening curve," the legendary Societe Generale investment strategist and outspoken market bear said in a recent note to clients. That's right: In an ironic twist, the economy could recover too quickly for the stock market to handle. And shockingly strong wage inflation could be the root cause of the catastrophe. Edwards noted wage inflation's decline this year, as indicated in the chart below. He points out, however, that US average hourly earnings have jumped, and he suggests that a similar jump in wage inflation could follow. Screen Shot 2017 10 26 at 2.15.59 PM Societe Generale "Wage inflation has been the dog that didn't bark this year — or indeed the wolf that didn't howl," Edwards said. "High wage inflation data in the months ahead could cause a rapid reappraisal of the pace of Fed rate hikes. At these high equity valuations, that could really scare investors." Another element of the US macroeconomic picture that could be affected by expectations of quicker Fed tightening is the dollar. Bucking forecasts and staying surprisingly weak for much of 2017, the greenback could be due for a bullish reversal in the event of hawkish expectations. The US dollar index has fallen by more than 7% year-to-date. Story continues That would be bad news for the torrid earnings growth being enjoyed by US companies, since the large multinational corporations with heavy weighting in stock indexes have had exports boosted by a weak currency. That said, investors have been reluctant to price that potential downside into the market. And Edwards just doesn't understand that. In his mind, current market conditions hold many eerie parallels to those before the 1987 stock market crash. That most notably includes lofty stock valuations. Major US indexes are near their most extended levels ever, the same as three decades ago. And as in 1987, investors don't seem particularly concerned about it. Edwards also draws a comparison between modern-day investment methods — volatility targeting , risk parity, and trend-following quant funds — and the 1987-era hedging technique called "portfolio insurance," which is frequently associated with the market crash. In the end, Edwards acknowledges that his bearish views are largely contrarian. But he also points out that 10 of the 13 postwar Fed tightening cycles have ended in unexpected recessions. So if you are to keep piling into stocks, and the bottom drops out at some point, don't say Edwards didn't warn you. Screen Shot 2017 10 26 at 2.35.30 PM Societe Generale NOW WATCH: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble See Also: Traders were blindsided by Celgene's massive earnings flop GOLDMAN SACHS: There are only 50 stocks in the world that are perfect for this environment The stock market's robot revolution is here SEE ALSO: Here's how to protect yourself against a stock market 'fragility event' || A legendary Wall Street strategist lays out the stock market's 'nightmare scenario': Real Vision Television
• The legendary strategist Albert Edwards thinks investors are ignoring many latent risks in the stock market.
• His "nightmare scenario" combines accelerating wage inflation with a hawkish adjustment to Federal Reserve rate-hike expectations.
Albert Edwardsthinks you're all too confident about the durability of the 8-1/2-year bull market. And he'd like to remind you that some major risks are lurking in the shadows, waiting to strike.
He's identified the worst-case scenario for what could cause a massive stock blowout, and it ultimately involves theFederal Reserveraising rates too slowly. But that won't just happen for no reason — Edwards thinks there needs to be a surprising economic jolt.
"The nightmare scenario for equities would be if US wage inflation flickers back to life and investors not only decide thattheyare too far behind the Fed dots, but they also decide that the Fed itself is behind the tightening curve," the legendary Societe Generale investment strategist and outspoken market bear said in a recent note to clients.
That's right: In an ironic twist, the economy could recover too quickly for the stock market to handle. And shockingly strong wage inflation could be the root cause of the catastrophe.
Edwards noted wage inflation's decline this year, as indicated in the chart below. He points out, however, that US average hourly earnings have jumped, and he suggests that a similar jump in wage inflation could follow.
Societe Generale
"Wage inflation has been the dog that didn't bark this year — or indeed the wolf that didn't howl," Edwards said. "High wage inflation data in the months ahead could cause a rapid reappraisal of the pace of Fed rate hikes. At these high equity valuations, that could really scare investors."
Another element of the US macroeconomic picture that could be affected by expectations of quicker Fed tightening is the dollar. Bucking forecasts and staying surprisingly weak for much of 2017, the greenback could be due for a bullish reversal in the event of hawkish expectations. TheUS dollar indexhas fallen by more than 7% year-to-date.
That would be bad news for the torrid earnings growth being enjoyed by US companies, since the large multinational corporations with heavy weighting in stock indexes have had exports boosted by a weak currency.
That said, investors have been reluctant to price that potential downside into the market. And Edwards just doesn't understand that. In his mind, current market conditions hold many eerie parallels to those before the 1987 stock market crash.
That most notably includes lofty stock valuations. Major US indexes are near their most extended levels ever, the same as three decades ago. And as in 1987, investors don't seem particularly concerned about it.
Edwards also draws a comparison between modern-day investment methods —volatility targeting, risk parity, and trend-following quant funds — and the 1987-era hedging technique called "portfolio insurance," which is frequently associated with the market crash.
In the end, Edwards acknowledges that his bearish views are largely contrarian. But he also points out that 10 of the 13 postwar Fed tightening cycles have ended in unexpected recessions.
So if you are to keep piling into stocks, and the bottom drops out at some point, don't say Edwards didn't warn you.
Societe Generale
NOW WATCH:$6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble
See Also:
• Traders were blindsided by Celgene's massive earnings flop
• GOLDMAN SACHS: There are only 50 stocks in the world that are perfect for this environment
• The stock market's robot revolution is here
SEE ALSO:Here's how to protect yourself against a stock market 'fragility event' || Joff Paradise Set to Speak at CryptoCurrency Expo Dubai October 29-31, 2017: Joff Paradise Founding Partner of the Highly Successful CryptoCurrency Trading Platform Trade Coin Club will be a Featured Speaker at CryptoCurrency Expo Dubai October 29-31, 2017 LAS VEGAS, NV / ACCESSWIRE / October 26, 2017 / CrytoCurrency expert and entrepreneur Joff Paradise will be speaking at the upcoming CryptoCurrency Expo in Dubai, scheduled for October 29-31, 2017. Paradise is a renowned expert in the crypto-trading space after establishing several successful businesses in a variety of industries. After founding crypto-trading platform Trade Coin Club, Paradise has experienced rapid expansion and has helped new and experienced crypto-traders all over the world experience financial success. "I am humbled to be given the honor of speaking at this year's CryptoCurrency Expo. The crypto community is full of some of the most inspiring and innovative people I have ever met. I've been fortunate to make several connections and close friends. I'm very excited to give back and share some of the techniques and innovations that have worked for me and my people," Said Trade Coin Club Founding Partner Joff Paradise . "The crypto-space is constantly evolving, which makes it very exciting and fast-paced. You have to be on your game. You have to be a constant student. The ones who are successful have this type of mindset - they combine hard work and education to great results. Every time I go to these types of events I get energized and am able to go home filled with new knowledge and energy. I can't wait," continued Paradise. For details about the upcoming Crypto Currency Expo, visit: http://bitcoinpam.com/ About Trade Coin Club (TCC) Founded by entrepreneur Joff Paradise Trade Coin Club (TCC) allows individuals to tap into the emerging Bitcoin cryptocurrency trading space as a means to generate streams of income that lead to financial solvency and increased income through its proprietary software, educational products, and marketing support. Story continues Trade Coin Club is a membership group created to allow any individual to engage in the digital trading of cryptocurrency (Bitcoin) using the club's specialized digital solutions designed to leverage maximum profit and earning potential. TCC offers interested business people with three investment opportunities utilizing a tiered investment platform depending on individual risk level and return on investment potential - all with a nominal investment requiring no prior experience or knowledge in Bitcoin trading. Learn more at http://joffparadise.com/ About Crypto Currency Expo Dubai The worlds largest Cryptocurrency Expo brings together professionals, bankers, investors, educators and miners from different parts of the world. The CryptoCurrency Expo event provides a real perspective on the state of the crypto industry, future trends, business opportunities and innovations. Contact Info: Name: Joff Paradise Email: Send Email Organization: Joff Paradise Source URL: https://marketersmedia.com/joff-paradise-set-to-speak-at-cryptocurrency-expo-dubai-october-29-31-2017/255625 For more information, please visit http://joffparadise.com/ SOURCE: Joff Paradise || Joff Paradise Set to Speak at CryptoCurrency Expo Dubai October 29-31, 2017: Joff Paradise Founding Partner of the Highly Successful CryptoCurrency Trading Platform Trade Coin Club will be a Featured Speaker at CryptoCurrency Expo Dubai October 29-31, 2017
LAS VEGAS, NV / ACCESSWIRE / October 26, 2017 /CrytoCurrency expert and entrepreneur Joff Paradise will be speaking at the upcoming CryptoCurrency Expo in Dubai, scheduled for October 29-31, 2017. Paradise is a renowned expert in the crypto-trading space after establishing several successful businesses in a variety of industries. After founding crypto-trading platform Trade Coin Club, Paradise has experienced rapid expansion and has helped new and experienced crypto-traders all over the world experience financial success.
"I am humbled to be given the honor of speaking at this year's CryptoCurrency Expo. The crypto community is full of some of the most inspiring and innovative people I have ever met. I've been fortunate to make several connections and close friends. I'm very excited to give back and share some of the techniques and innovations that have worked for me and my people," Said Trade Coin Club Founding PartnerJoff Paradise.
"The crypto-space is constantly evolving, which makes it very exciting and fast-paced. You have to be on your game. You have to be a constant student. The ones who are successful have this type of mindset - they combine hard work and education to great results. Every time I go to these types of events I get energized and am able to go home filled with new knowledge and energy. I can't wait," continued Paradise.
For details about the upcoming Crypto Currency Expo, visit:http://bitcoinpam.com/
About Trade Coin Club (TCC)
Founded by entrepreneurJoff Paradise Trade Coin Club(TCC) allows individuals to tap into the emerging Bitcoin cryptocurrency trading space as a means to generate streams of income that lead to financial solvency and increased income through its proprietary software, educational products, and marketing support.
Trade Coin Club is a membership group created to allow any individual to engage in the digital trading of cryptocurrency (Bitcoin) using the club's specialized digital solutions designed to leverage maximum profit and earning potential. TCC offers interested business people with three investment opportunities utilizing a tiered investment platform depending on individual risk level and return on investment potential - all with a nominal investment requiring no prior experience or knowledge in Bitcoin trading. Learn more athttp://joffparadise.com/
About Crypto Currency Expo Dubai
The worlds largest Cryptocurrency Expo brings together professionals, bankers, investors, educators and miners from different parts of the world. The CryptoCurrency Expo event provides a real perspective on the state of the crypto industry, future trends, business opportunities and innovations.
Contact Info:
Name: Joff ParadiseEmail:Send EmailOrganization: Joff Paradise
Source URL:https://marketersmedia.com/joff-paradise-set-to-speak-at-cryptocurrency-expo-dubai-october-29-31-2017/255625
For more information, please visithttp://joffparadise.com/
SOURCE:Joff Paradise
[Social Media Buzz]
STOPPED OUT (0.0000868292), sold $BRX position for a LOSS (-23% LOSS). (2192) #altcoin #trading #bitcoin 00:18:02 || #Bitcoin : Baja !! 30/10/2017 18:00:03 COMPRAMOS a COP 17.500.955,10 y VENDEMOS en COP 21.922.249,02 #BitcoinColombiapic.twitter.com/SexHgGonLi || One Bitcoin now worth $6115.33@bitstamp. High $6316.85. Low $5755.00. Market Cap $101.841 Billion #bitcoin || Bitcoin Cash: $466.00
-1.23% (-$5.82)
High: $497.75
Low: $413.00
Volume: 15903
$BCC #BCC #bitcoincash || In the last 1...
|
6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84.
|
[Bitcoin Technical Analysis for 2017-07-12]
Volume: 1117410048, RSI (14-day): 43.36, 50-day EMA: 2413.06, 200-day EMA: 1696.84
[Wider Market Context]
Gold Price: 1218.10, Gold RSI: 37.22
Oil Price: 45.49, Oil RSI: 50.13
[Recent News (last 7 days)]
Bitcoin is giving gold a run for its money: trader: ByDavid Nelson, CFA
Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k).
German 10-year yields also rose, holding onto their post-election breakout last November.
Even Japanese 10-year yields—in a nearly two-decade slump—are threatening to break the downtrend line.
However, of more concern for asset allocators, is gold (GLD,GC=F)—the ultimate safe haven trade. This is the asset that’s supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil … even a nuclear event).
Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017.
Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Gold’s selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade.
The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness.
Benign inflation certainly hasn’t helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secular—not cyclical—dynamic.
Geopolitical instability or military action often provides a lift in gold. However, following North Korea’s test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout.
Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. There’s no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan (JPM), are exploring it as well as developing their own systems.
It wasn’t that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations.
Gold has long been the alternative to fiat currencies—giving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge.
How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christ—so there’s some 5,000 years of history. It’s way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices.
Bitcoin’s success will likely come at the expense of gold and provide another example of thezero-sum-game.
————————————————-
Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives.
Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link:http://belpointe.com/disclosures. || Bitcoin is giving gold a run for its money: trader: How safe is the safe haven trade? By David Nelson, CFA Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k). US 10-year yield 5 years Source: Bloomberg German 10-year yields also rose, holding onto their post-election breakout last November. German 10-year yield 5 years Source: Bloomberg Will Japan be next? Even Japanese 10-year yieldsin a nearly two-decade slumpare threatening to break the downtrend line. Source: Bloomberg However, of more concern for asset allocators, is gold ( GLD , GC=F )the ultimate safe haven trade. This is the asset thats supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil
even a nuclear event). Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017. Source: Bloomberg Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Golds selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade. The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness. Benign inflation certainly hasnt helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secularnot cyclicaldynamic. Geopolitical instability or military action often provides a lift in gold. However, following North Koreas test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout. Story continues Bitcoin the rising threat? Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. Theres no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan ( JPM ), are exploring it as well as developing their own systems. Source: Bloomberg It wasnt that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations. Gold has long been the alternative to fiat currenciesgiving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge. How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christso theres some 5,000 years of history. Its way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices. Bitcoins success will likely come at the expense of gold and provide another example of the zero-sum-game . - Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives. Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link: http://belpointe.com/disclosures . || Bitcoin is giving gold a run for its money: trader: ByDavid Nelson, CFA
Stocks ended the shortened holiday week close to the flatline. Bonds and gold finished under pressure, as investors rotated out of traditional safe haven assets. US yields pushed higher on the heels of a better-than-expected jobs report coming in at 222k (above consensus at 185k).
German 10-year yields also rose, holding onto their post-election breakout last November.
Even Japanese 10-year yields—in a nearly two-decade slump—are threatening to break the downtrend line.
However, of more concern for asset allocators, is gold (GLD,GC=F)—the ultimate safe haven trade. This is the asset that’s supposed to protect us from all adversaries (e.g., inflation, geopolitical turmoil … even a nuclear event).
Early in the year, the yellow metal put in a bottom and, certainly on a short-term basis, gold bugs could rejoice. After the lows late December, gold shot up a quick 25%, and even after a rough couple of weeks, is still up close to 15% for 2017.
Despite its year-to-date strength, I find the breakdown last week concerning, as it comes in the face of dollar weakness, where there is a strong inverse correlation. Gold’s selloff after the election was textbook, as the US dollar climbed higher on hopes of the Trump agenda igniting the reflation trade.
The rise in gold after the bottom in December was in lockstep with the fall of the Greenback. However, starting in June, the ultimate safe haven trade has struggled even in the face of continued dollar weakness.
Benign inflation certainly hasn’t helped the gold price action. Central bankers are quick to tell us they expect inflation to meet their target, failing to recognize that cheap oil, which touches the cost of many products, is a secular—not cyclical—dynamic.
Geopolitical instability or military action often provides a lift in gold. However, following North Korea’s test launch of an ICBM near the Fourth of July break, gold barely budged, dashing hopes of a breakout.
Cryptocurrencies and, of course Bitcoin, have captured the attention of nearly every speculator on the planet. There’s no doubt the underlying technology, blockchain, is here to stay. Many banks, including JPMorgan (JPM), are exploring it as well as developing their own systems.
It wasn’t that long ago that I interviewed NASDAQ Vice Chair Sandy Frucher on iHeart Radio, where he told me to expect NASDAQ to embrace blockchain for its back office and clearing operations.
Gold has long been the alternative to fiat currencies—giving its holder a hard asset that retains value in the face of any geopolitical, inflationary, or economic challenge.
How much is that worth in the face of competition? Therein lies the concern. The first human interaction with gold likely took place nearly 3,000 years before Christ—so there’s some 5,000 years of history. It’s way too soon to write off gold as the alternative currency of choice, but competition usually means lower prices.
Bitcoin’s success will likely come at the expense of gold and provide another example of thezero-sum-game.
————————————————-
Please contact your Belpointe investment advisor representative if there are any changes in your financial situation or investment objectives.
Investment advice is offered through Belpointe Asset Management, LLC. Past performance is no guarantee of future returns. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. It is important to read our email disclosures available at this link:http://belpointe.com/disclosures. || The Rise and Fall (And Rise and Fall) of Ethereum: InvestorPlace - Stock Market News, Stock Advice & Trading Tips The big cryptocurrency story of 2017 is not Bitcoin . It’s Ethereum . The cryptocurrency, sometimes called ether and abbreviated as ETH, was first described in a paper by Bitcoin programmer Vitaly Buterin in 2013. The software was developed by a Swiss company in early 2014, and the market opened on July 22, 2014, less than three years ago. The Rise and Fall and Rise (and Fall) of Ethereum Source: Shutterstock Hacking and development disputes led to a split in the blockchain in July 2016. There are now two cryptocurrencies carrying the Ethereum name — ETH and Ethereum Classic, or ETC. Don’t be confused, many are. The market cap for ETH is $25.6 billion, but just $1.67 billion for ETC. The difference lies in the perceived superiority of Ethereum’s blockchain technology. The Ethereum blockchain can reportedly resist attack from hackers, and handle many simultaneous transactions, unlike rival Bitcoin, where clearing of trades can be difficult, time-consuming and costly. Another difference is that there’s something you can buy with Ethereum, startups launched through Initial Coin Offerings or ICOs . By offering stock for coins, rather than dollars, blockchain startups attracted capital that grows in value, and Ethereum speculators gained a bigger market. Should You Buy Bitcoin? 3 Pros, 3 Cons While the ICOs were meant to take speculation out of the currency, removing coins from circulation by turning them back into real money, they seem to have had the opposite effect. Retail investors around the world, seeing big profits in cryptocurrency investments, have piled in to Ethereum, like day traders in the 1990s. They have overwhelmed the liquidity of some Ethereum markets, creating flash crashes , and a bubble in companies that took coins as their start-up capital, as well as the coins themselves. Some of the companies that used ICOs for start-up capital are bound to fail, like old oil wildcatters with dry holes. Story continues The rush of institutions, including venture capitalists, into the business of Ethereum trading has only made the whole structure more volatile. The result was that the value of a single token peaked at nearly $400 in early June, plunged by one-third to $267 on July 27, rose briefly to $328 a few days later, and opened on July 6 at about $275. Ethereum boosters predict the currency will soon be worth $1,000 per token, but the short-term technical charts remained a mess as this was written. Vantiv’s WorldPay Buy The desire of credit card processors to get ahead of the fintech boom is leading to lots of mergers in the sector. The latest is Vantiv Inc (NYSE: VNTV ) agreeing to spend $10 billion to buy Worldpay Group , at 382 UK pence per Worldpay share. The deal is considered a “Brexit bargain,” but it’s also a defensive move by Vantiv, since WorldPay has a lot of small-business and e-commerce clients . That price may be why Square Inc (NYSE: SQ ) — a processor focused on small businesses that has never made money but did $1.7 billion in business during 2016, and $461.55 million in the March quarter — is up 80% so far this year and is now worth $9.3 billion, meaning its acquisition would likely come at an even higher price than Worldpay’s. Vitalik Buterin: 7 Things to Know About the Ethereum Co-Founder The biggest pure merchant processor, First Data Corp (NYSE: FDC ), currently has a $16.8 billion valuation with trailing-year revenue of $11.584 billion, and a profit. And Finally … The former CEO of Barclays PLC (ADR) (NYSE: BCS ), Anthony Jenkins, warns that banks which refuse to embrace fintech face a “Kodak moment” — a point where they suddenly become irrelevant to their customers. Jenkins was fired by Barclays in late 2015 and has since launched his own fintech start-up, 10X Banking , which aims to eliminate paperwork in areas like opening accounts and making loans. Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romance The Reluctant Detective Travels in Time , available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn . As of this writing, he owned no shares of companies mentioned in this story. To follow the value of cryptocurrencies, bookmark https://coinmarketcap.com/ . More From InvestorPlace The 10 Best Stocks to Buy for the Rest of 2017 7 High-Yield Dividend Stocks for Aggressive Investors 8 Mergers That Could Dethrone Amazon The post The Rise and Fall (And Rise and Fall) of Ethereum appeared first on InvestorPlace . || The Rise and Fall (And Rise and Fall) of Ethereum: InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The big cryptocurrency story of 2017 is notBitcoin. It’sEthereum. The cryptocurrency, sometimes called ether and abbreviated as ETH, was first described in a paper by Bitcoin programmer Vitaly Buterin in 2013. The software was developed by a Swiss company in early 2014, and the market opened on July 22, 2014, less than three years ago.
Source: Shutterstock
Hacking and development disputes led to a split in the blockchain in July 2016. There are now two cryptocurrencies carrying the Ethereum name — ETH and Ethereum Classic, or ETC. Don’t be confused, many are. The market cap for ETH is $25.6 billion, but just $1.67 billion for ETC.
The difference lies in the perceived superiority of Ethereum’s blockchain technology.
The Ethereum blockchain can reportedly resist attack from hackers, and handle many simultaneous transactions, unlike rival Bitcoin, where clearing of trades can be difficult, time-consuming and costly.
Another difference is that there’s something you can buy with Ethereum, startups launched through Initial Coin Offerings orICOs. By offering stock for coins, rather than dollars, blockchain startups attracted capital that grows in value, and Ethereum speculators gained a bigger market.
• Should You Buy Bitcoin? 3 Pros, 3 Cons
While the ICOs were meant to take speculation out of the currency, removing coins from circulation by turning them back into real money, they seem to have had the opposite effect. Retail investors around the world, seeing big profits in cryptocurrency investments, have piled in to Ethereum, like day traders in the 1990s. They have overwhelmed the liquidity of some Ethereum markets, creatingflash crashes, and a bubble in companies that took coins as their start-up capital, as well as the coins themselves. Some of the companies that used ICOs for start-up capital are bound to fail, like old oil wildcatters with dry holes.
The rush of institutions, including venture capitalists, into the business of Ethereum trading has only made the whole structure more volatile. The result was that the value of a single token peaked at nearly $400 in early June, plunged by one-third to $267 on July 27, rose briefly to $328 a few days later, and opened on July 6 at about $275.
Ethereum boosters predict the currency will soon be worth $1,000 per token, but the short-term technical charts remained a mess as this was written.
The desire of credit card processors to get ahead of the fintech boom is leading to lots of mergers in the sector. The latest isVantiv Inc(NYSE:VNTV) agreeing to spend $10 billion to buyWorldpay Group, at 382 UK pence per Worldpay share. The deal is considered a “Brexit bargain,” but it’s also a defensive move by Vantiv, since WorldPay hasa lot of small-business and e-commerce clients.
That price may be whySquare Inc(NYSE:SQ) — a processor focused on small businesses that has never made money but did $1.7 billion in business during 2016, and $461.55 million in the March quarter — is up 80% so far this year and is now worth $9.3 billion, meaning its acquisition would likely come at an even higher price than Worldpay’s.
• Vitalik Buterin: 7 Things to Know About the Ethereum Co-Founder
The biggest pure merchant processor,First Data Corp(NYSE:FDC), currently has a $16.8 billion valuation with trailing-year revenue of $11.584 billion, and a profit.
The former CEO ofBarclays PLC (ADR)(NYSE:BCS), Anthony Jenkins, warns that banks which refuse to embrace fintech facea “Kodak moment”— a point where they suddenly become irrelevant to their customers.
Jenkins was fired by Barclays in late 2015 and has since launched his own fintech start-up,10X Banking, which aims to eliminate paperwork in areas like opening accounts and making loans.
Dana Blankenhornis a financial and technology journalist. He is the author of the historical mystery romanceThe Reluctant Detective Travels in Time, available now at the Amazon Kindle store. Write him [email protected] follow him on Twitter at@danablankenhorn. As of this writing, he owned no shares of companies mentioned in this story. To follow the value of cryptocurrencies, bookmarkhttps://coinmarketcap.com/.
• The 10 Best Stocks to Buy for the Rest of 2017
• 7 High-Yield Dividend Stocks for Aggressive Investors
• 8 Mergers That Could Dethrone Amazon
The postThe Rise and Fall (And Rise and Fall) of Ethereumappeared first onInvestorPlace. || Chief of bitcoin exchange Mt. Gox denies embezzlement as trial opens: By Thomas Wilson TOKYO (Reuters) - The 32-year-old chief executive of defunct Mt. Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world's biggest bitcoin exchange. French national Mark Karpeles filed the plea in response to charges of embezzlement and data manipulation at the Tokyo District Court, according to a pool report for foreign journalists. Mt. Gox once handled 80 percent of the world's bitcoin trades but filed for bankruptcy in 2014 after losing some 850,000 bitcoins - then worth around half a billion U.S. dollars - and $28 million in cash from its bank accounts. In its bankruptcy filing, Tokyo-based Mt. Gox blamed hackers for the lost bitcoins, pointing to a software security flaw. Mt. Gox subsequently said it had found 200,000 of the missing bitcoins. Karpeles was indicted for transferring 341 million yen ($3 million) from a Mt. Gox account holding customer funds to an account in his name during September to December 2013. The prosecution also alleged Karpeles boosted the balance of an account in his name in Mt. Gox's trading system. In its opening statement to the court, Karpeles' defense team did not dispute that the transfers took place, but denied they amounted to embezzlement. Karpeles told the court he was an information technology engineer. "I swear to God that I am innocent," he said in Japanese to the three-judge panel hearing his case, according to the pool report. LICENSED EXCHANGES The collapse of Mt. Gox badly damaged the image of virtual currencies, particularly among risk-averse Japanese investors and corporations. But the bankruptcy also prompted Japan's government to decide how to treat bitcoin, and preceded a push by local regulators to license virtual currency exchanges. Japan this year became the first country to regulate exchanges at the national level, part of a government effort to exploit financial technology as a means of stimulating the economy. Story continues Interest in bitcoin among Japan's legions of individual investors - encouraged by Tokyo's recognition of the virtual currency as legal tender - has spiked in recent months. Still, institutional investors remain wary, say those running virtual currency exchanges in Tokyo. Japanese firms are also unenthusiastic: Only 4 percent of large and mid-sized firms plan to use bitcoin in the near to medium term, showed a Reuters poll last month. The value of bitcoin is highly volatile. It hit a record high of $2,980 last month. Like other virtual currencies, such as Ethereum and Ripple, bitcoin has no central authority and relies instead on thousands of computers across the world that validate transactions and add new units to the system - technology known as blockchain. Bitcoin can be traded on exchanges in the same manner as stocks and bonds. It has also become a mode of payment for some retailers, and a way to transfer funds without the need for a third party. (Reporting by Thomas Wilson; Editing by Christopher Cushing) || Chief of bitcoin exchange Mt. Gox denies embezzlement as trial opens: By Thomas Wilson
TOKYO (Reuters) - The 32-year-old chief executive of defunct Mt. Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world's biggest bitcoin exchange.
French national Mark Karpeles filed the plea in response to charges of embezzlement and data manipulation at the Tokyo District Court, according to a pool report for foreign journalists.
Mt. Gox once handled 80 percent of the world's bitcoin trades but filed for bankruptcy in 2014 after losing some 850,000 bitcoins - then worth around half a billion U.S. dollars - and $28 million in cash from its bank accounts.
In its bankruptcy filing, Tokyo-based Mt. Gox blamed hackers for the lost bitcoins, pointing to a software security flaw.
Mt. Gox subsequently said it had found 200,000 of the missing bitcoins.
Karpeles was indicted for transferring 341 million yen ($3 million) from a Mt. Gox account holding customer funds to an account in his name during September to December 2013. The prosecution also alleged Karpeles boosted the balance of an account in his name in Mt. Gox's trading system.
In its opening statement to the court, Karpeles' defense team did not dispute that the transfers took place, but denied they amounted to embezzlement.
Karpeles told the court he was an information technology engineer.
"I swear to God that I am innocent," he said in Japanese to the three-judge panel hearing his case, according to the pool report.
LICENSED EXCHANGES
The collapse of Mt. Gox badly damaged the image of virtual currencies, particularly among risk-averse Japanese investors and corporations.
But the bankruptcy also prompted Japan's government to decide how to treat bitcoin, and preceded a push by local regulators to license virtual currency exchanges.
Japan this year became the first country to regulate exchanges at the national level, part of a government effort to exploit financial technology as a means of stimulating the economy.
Interest in bitcoin among Japan's legions of individual investors - encouraged by Tokyo's recognition of the virtual currency as legal tender - has spiked in recent months.
Still, institutional investors remain wary, say those running virtual currency exchanges in Tokyo. Japanese firms are also unenthusiastic: Only 4 percent of large and mid-sized firms plan to use bitcoin in the near to medium term, showed a Reuters poll last month.
The value of bitcoin is highly volatile. It hit a record high of $2,980 last month.
Like other virtual currencies, such as Ethereum and Ripple, bitcoin has no central authority and relies instead on thousands of computers across the world that validate transactions and add new units to the system - technology known as blockchain.
Bitcoin can be traded on exchanges in the same manner as stocks and bonds. It has also become a mode of payment for some retailers, and a way to transfer funds without the need for a third party.
(Reporting by Thomas Wilson; Editing by Christopher Cushing) || First Bitcoin Capital Corp Acquires Control of World's First Crypto ETF Named AlphaBIT (COIN:ABC): VANCOUVER, BC / ACCESSWIRE / July 10, 2017 /First Bitcoin Capital Corp (OTC PINK: BITCF) today invested its primary wallet (1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS) owning dozens of cryptocurrencies into AlphaBIT in exchange for controlling interest, e.g. 200,000,000 ABCs. AlphaBIT is a closed-end crypto-exchange traded fund (CETF).
This is BITCF's first venture into the Ethereum ecosystem, as ABC runs on the Ethereum blockchain.
Management considers this acquisition significant for many reasons, including providing a vehicle for shareholders to transparently monitor some of the Company's assets. For example, atwww.alphabitcoinfund.com, each wallet address of each asset owned that has been included in coinmarketcap.com can be seen, along with its value and the total current illiquid values of all assets owned in this manner. Also found on this site is the current Net Asset Value (NAV) of each share of the 200,000,000 ABC that BITCF owns in ABC, as well as the market value of each crypto-share of AlphaBIT.
In order to capitalize on the pent-up demand for ETFs in this space, the Company has made this acquisition, the first of its kind ETF and the only vehicle that provides such an opportunity to speculators.
With a total of 210,000,000 ABC current and ever to be in outstanding, AlphaBIT utilizes the newest ERC20 Standard Token Ethereum protocols, which is the same as some of the world's most popular cryptocurrencies - as a smart contract - which was generated by a Decentralized Autonomous Organization (DAO).
This hybrid fund is in the process of utilizing proprietary AI robots to buy and sell many cryptocurrencies as a small part of its business model, which it hopes to increase as proven successful and greater funding allows.
The Company intends to register AlphaBIT with the SEC and subsequently cause its shares to trade on a non-crypto, more traditional stock market, such as NASDAQ, NYSE, or the London Stock Exchange.
About the Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange -www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development:
• www.CoinQX.com- cryptocurrency exchange, registered with FINCEN.
• www.altcoinmarketcap.com- market capitalization for all cryptocurrencies with up and down voting by altcoin communities.
• www.Alphabitcoinfund.comworld's first crypto ETF.
• www.strain.ID- cannabis strains genetic information depository on decentralized Blockchain.
• www.iCoiNEWS.com- real time cryptocurrency and bitcoin news site.
• www.BITminer.cc- providing mining pool management services.
• www.2016coin.org- online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins.
• www.bitcannpay.com- Open Loop merchant services for dispensaries.
• List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
• Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
• Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com.
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Acquires Control of World's First Crypto ETF Named AlphaBIT (COIN:ABC): VANCOUVER, BC / ACCESSWIRE / July 10, 2017 /First Bitcoin Capital Corp (OTC PINK: BITCF) today invested its primary wallet (1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS) owning dozens of cryptocurrencies into AlphaBIT in exchange for controlling interest, e.g. 200,000,000 ABCs. AlphaBIT is a closed-end crypto-exchange traded fund (CETF).
This is BITCF's first venture into the Ethereum ecosystem, as ABC runs on the Ethereum blockchain.
Management considers this acquisition significant for many reasons, including providing a vehicle for shareholders to transparently monitor some of the Company's assets. For example, atwww.alphabitcoinfund.com, each wallet address of each asset owned that has been included in coinmarketcap.com can be seen, along with its value and the total current illiquid values of all assets owned in this manner. Also found on this site is the current Net Asset Value (NAV) of each share of the 200,000,000 ABC that BITCF owns in ABC, as well as the market value of each crypto-share of AlphaBIT.
In order to capitalize on the pent-up demand for ETFs in this space, the Company has made this acquisition, the first of its kind ETF and the only vehicle that provides such an opportunity to speculators.
With a total of 210,000,000 ABC current and ever to be in outstanding, AlphaBIT utilizes the newest ERC20 Standard Token Ethereum protocols, which is the same as some of the world's most popular cryptocurrencies - as a smart contract - which was generated by a Decentralized Autonomous Organization (DAO).
This hybrid fund is in the process of utilizing proprietary AI robots to buy and sell many cryptocurrencies as a small part of its business model, which it hopes to increase as proven successful and greater funding allows.
The Company intends to register AlphaBIT with the SEC and subsequently cause its shares to trade on a non-crypto, more traditional stock market, such as NASDAQ, NYSE, or the London Stock Exchange.
About the Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange -www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development:
• www.CoinQX.com- cryptocurrency exchange, registered with FINCEN.
• www.altcoinmarketcap.com- market capitalization for all cryptocurrencies with up and down voting by altcoin communities.
• www.Alphabitcoinfund.comworld's first crypto ETF.
• www.strain.ID- cannabis strains genetic information depository on decentralized Blockchain.
• www.iCoiNEWS.com- real time cryptocurrency and bitcoin news site.
• www.BITminer.cc- providing mining pool management services.
• www.2016coin.org- online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins.
• www.bitcannpay.com- Open Loop merchant services for dispensaries.
• List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
• Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
• Third (managed) Omni wallet owned by COINQX:http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com.
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Acquires Control of World's First Crypto ETF Named AlphaBIT (COIN:ABC): VANCOUVER, BC / ACCESSWIRE / July 10, 2017 / First Bitcoin Capital Corp (OTC PINK: BITCF) today invested its primary wallet (1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS) owning dozens of cryptocurrencies into AlphaBIT in exchange for controlling interest, e.g. 200,000,000 ABCs. AlphaBIT is a closed-end crypto-exchange traded fund (CETF). This is BITCF's first venture into the Ethereum ecosystem, as ABC runs on the Ethereum blockchain. Management considers this acquisition significant for many reasons, including providing a vehicle for shareholders to transparently monitor some of the Company's assets. For example, at www.alphabitcoinfund.com , each wallet address of each asset owned that has been included in coinmarketcap.com can be seen, along with its value and the total current illiquid values of all assets owned in this manner. Also found on this site is the current Net Asset Value (NAV) of each share of the 200,000,000 ABC that BITCF owns in ABC, as well as the market value of each crypto-share of AlphaBIT. In order to capitalize on the pent-up demand for ETFs in this space, the Company has made this acquisition, the first of its kind ETF and the only vehicle that provides such an opportunity to speculators. With a total of 210,000,000 ABC current and ever to be in outstanding, AlphaBIT utilizes the newest ERC20 Standard Token Ethereum protocols, which is the same as some of the world's most popular cryptocurrencies - as a smart contract - which was generated by a Decentralized Autonomous Organization (DAO). This hybrid fund is in the process of utilizing proprietary AI robots to buy and sell many cryptocurrencies as a small part of its business model, which it hopes to increase as proven successful and greater funding allows. The Company intends to register AlphaBIT with the SEC and subsequently cause its shares to trade on a non-crypto, more traditional stock market, such as NASDAQ, NYSE, or the London Stock Exchange. About the Company First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange - www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development: Story continues www.CoinQX.com - cryptocurrency exchange, registered with FINCEN. www.altcoinmarketcap.com - market capitalization for all cryptocurrencies with up and down voting by altcoin communities. www.Alphabitcoinfund.com world's first crypto ETF. www.strain.ID - cannabis strains genetic information depository on decentralized Blockchain. www.iCoiNEWS.com - real time cryptocurrency and bitcoin news site. www.BITminer.cc - providing mining pool management services. www.2016coin.org - online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins. www.bitcannpay.com - Open Loop merchant services for dispensaries. List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe Third (managed) Omni wallet owned by COINQX: http://omnichest.info/lookupadd.aspx?address=1M18oycUdsXv4pKyLLiASREcRGzPu22MxK Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com . SOURCE: First Bitcoin Capital Corp. || Nvidia is set to dominate the '4th tectonic shift' in computing: (Facebook)
Decades of work have paid off forNvidia. The next computer revolution is here, and the company is set to dominate its competition, according to Jefferies.
"IBM dominated in the 1950's with the mainframe computer, DEC in the mid 1960's with the transition to mini-computers, Microsoft and Intel as PCs ramped, and finally Apple and Google as cell phones became ubiquitous," Mark Lipacis wrote in a note to clients. "We believe the next tectonic shift is happening now and NVDA stands to benefit the way these aforementioned tech giants did in prior transitions."
Nvidia has been working on itsCUDA computing platformand its graphics processing unit (GPU) technology for years. Traditionally, a computer has worked in a linear way, processing one task at a time on the central processing unit (CPU).
Shortly after GPUs were introduced in the 1990s, programmers began using them to break tasks into lots of smaller problems and solving them all at the same time on the GPU. This is called "parallel processing."
For certain types of problems, like rendering lots of graphics elements in a video game, GPUs were far superior to the single-minded CPU. They were slower at single tasks, but could handle lots of problems at the same time. Nvidia developed a programming platform, called CUDA, to take advantage of the way their GPUs could handle these multi-faceted problems. CUDA made it easy to break traditional problems into multiple parts that ran much faster on a GPU than the traditional CPU.
Fast forward to modern times where artificial intelligence and deep learning technologies are the hot trends. Companies like Google, Tesla and Amazon are using artificial intelligence toprogram self-driving cars,conquer ancient board gamesanddevelop smart personal assistants. Luckily for Nvidia, artificial intelligence and deep learning programs are perfectly suited to run on its GPUs and CUDA platform.
Jefferies thinks these two technologies give Nvidia a huge advantage over the competition.
"We see NVDA as a major beneficiary of the 4th Tectonic Shift in Computing, where serial processing (x86) architectures give way to massively parallel processing capabilities as the next wave of connected devices approach 10b units by 2022," Jefferies said.
As tech giants build out new data centers to handle their ballooning artificial intelligence research, they often turn to Nvidia to supply the hundreds or thousands of GPUs they need. MIT recently said Nvidia has spent around $3 billion to develop its current data center chip, and it's a move that has paid off for the company.MIT named Nvidia as the smartest company in the worldin 2017, in part, because of this investment.
Nvidia has beenmaking waves in the autonomous-car business as well.The company recently announced partnerships with Baidu, Volvo and Volkswagen to improve their self-driving car technologies and its technology is already being used in vehicles made by Tesla, Audi and Toyota.
Cryptocurrency mining is another example of a process that runs better on GPUs. Nvidia has been raking in profits in that area too, andone Wall Street bank thinks it will be just another sector that Nvidia will come to dominate.
Investors have been rewarding Nvidia as it takes the computer world by storm. Shares of Nvidia are up 48.55% this year.
While it might take some time before Nvidia's $87.04 billion market cap comes close to the companies that dominated the last computing revolution (Alphabet at $598.61 billion and Apple at $751.88 billion), Jefferies has faith in the company. The investment bank raised its price target to $180, up about 19% from Nvidia's current price.
(Markets Insider)
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• Bitcoin and Ethereum are 'cannibalizing' gold || Nvidia is set to dominate the '4th tectonic shift' in computing: Lulea data center 5 - Facebook data center (Facebook) Decades of work have paid off for Nvidia . The next computer revolution is here, and the company is set to dominate its competition, according to Jefferies. "IBM dominated in the 1950's with the mainframe computer, DEC in the mid 1960's with the transition to mini-computers, Microsoft and Intel as PCs ramped, and finally Apple and Google as cell phones became ubiquitous," Mark Lipacis wrote in a note to clients. "We believe the next tectonic shift is happening now and NVDA stands to benefit the way these aforementioned tech giants did in prior transitions." Nvidia has been working on its CUDA computing platform and its graphics processing unit (GPU) technology for years. Traditionally, a computer has worked in a linear way, processing one task at a time on the central processing unit (CPU). Shortly after GPUs were introduced in the 1990s, programmers began using them to break tasks into lots of smaller problems and solving them all at the same time on the GPU. This is called "parallel processing." For certain types of problems, like rendering lots of graphics elements in a video game, GPUs were far superior to the single-minded CPU. They were slower at single tasks, but could handle lots of problems at the same time. Nvidia developed a programming platform, called CUDA, to take advantage of the way their GPUs could handle these multi-faceted problems. CUDA made it easy to break traditional problems into multiple parts that ran much faster on a GPU than the traditional CPU. Fast forward to modern times where artificial intelligence and deep learning technologies are the hot trends. Companies like Google, Tesla and Amazon are using artificial intelligence to program self-driving cars , conquer ancient board games and develop smart personal assistants . Luckily for Nvidia, artificial intelligence and deep learning programs are perfectly suited to run on its GPUs and CUDA platform. Jefferies thinks these two technologies give Nvidia a huge advantage over the competition. Story continues "We see NVDA as a major beneficiary of the 4th Tectonic Shift in Computing, where serial processing (x86) architectures give way to massively parallel processing capabilities as the next wave of connected devices approach 10b units by 2022," Jefferies said. As tech giants build out new data centers to handle their ballooning artificial intelligence research, they often turn to Nvidia to supply the hundreds or thousands of GPUs they need. MIT recently said Nvidia has spent around $3 billion to develop its current data center chip, and it's a move that has paid off for the company. MIT named Nvidia as the smartest company in the world in 2017, in part, because of this investment. Nvidia has been making waves in the autonomous-car business as well. The company recently announced partnerships with Baidu, Volvo and Volkswagen to improve their self-driving car technologies and its technology is already being used in vehicles made by Tesla, Audi and Toyota. Cryptocurrency mining is another example of a process that runs better on GPUs. Nvidia has been raking in profits in that area too, and one Wall Street bank thinks it will be just another sector that Nvidia will come to dominate . Investors have been rewarding Nvidia as it takes the computer world by storm. Shares of Nvidia are up 48.55% this year. While it might take some time before Nvidia's $87.04 billion market cap comes close to the companies that dominated the last computing revolution (Alphabet at $598.61 billion and Apple at $751.88 billion), Jefferies has faith in the company. The investment bank raised its price target to $180, up about 19% from Nvidia's current price. Click here to follow Nvidia's share price in real time. Nvidia stock price (Markets Insider) NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy More From Business Insider This upgrade will extend the life of your MacBook Air for years Most people blow 70% of their money on 3 things and cutting back could be the key to retiring much earlier Bitcoin and Ethereum are 'cannibalizing' gold || Nvidia is set to dominate the '4th tectonic shift' in computing: Lulea data center 5 - Facebook data center (Facebook) Decades of work have paid off for Nvidia . The next computer revolution is here, and the company is set to dominate its competition, according to Jefferies. "IBM dominated in the 1950's with the mainframe computer, DEC in the mid 1960's with the transition to mini-computers, Microsoft and Intel as PCs ramped, and finally Apple and Google as cell phones became ubiquitous," Mark Lipacis wrote in a note to clients. "We believe the next tectonic shift is happening now and NVDA stands to benefit the way these aforementioned tech giants did in prior transitions." Nvidia has been working on its CUDA computing platform and its graphics processing unit (GPU) technology for years. Traditionally, a computer has worked in a linear way, processing one task at a time on the central processing unit (CPU). Shortly after GPUs were introduced in the 1990s, programmers began using them to break tasks into lots of smaller problems and solving them all at the same time on the GPU. This is called "parallel processing." For certain types of problems, like rendering lots of graphics elements in a video game, GPUs were far superior to the single-minded CPU. They were slower at single tasks, but could handle lots of problems at the same time. Nvidia developed a programming platform, called CUDA, to take advantage of the way their GPUs could handle these multi-faceted problems. CUDA made it easy to break traditional problems into multiple parts that ran much faster on a GPU than the traditional CPU. Fast forward to modern times where artificial intelligence and deep learning technologies are the hot trends. Companies like Google, Tesla and Amazon are using artificial intelligence to program self-driving cars , conquer ancient board games and develop smart personal assistants . Luckily for Nvidia, artificial intelligence and deep learning programs are perfectly suited to run on its GPUs and CUDA platform. Jefferies thinks these two technologies give Nvidia a huge advantage over the competition. Story continues "We see NVDA as a major beneficiary of the 4th Tectonic Shift in Computing, where serial processing (x86) architectures give way to massively parallel processing capabilities as the next wave of connected devices approach 10b units by 2022," Jefferies said. As tech giants build out new data centers to handle their ballooning artificial intelligence research, they often turn to Nvidia to supply the hundreds or thousands of GPUs they need. MIT recently said Nvidia has spent around $3 billion to develop its current data center chip, and it's a move that has paid off for the company. MIT named Nvidia as the smartest company in the world in 2017, in part, because of this investment. Nvidia has been making waves in the autonomous-car business as well. The company recently announced partnerships with Baidu, Volvo and Volkswagen to improve their self-driving car technologies and its technology is already being used in vehicles made by Tesla, Audi and Toyota. Cryptocurrency mining is another example of a process that runs better on GPUs. Nvidia has been raking in profits in that area too, and one Wall Street bank thinks it will be just another sector that Nvidia will come to dominate . Investors have been rewarding Nvidia as it takes the computer world by storm. Shares of Nvidia are up 48.55% this year. While it might take some time before Nvidia's $87.04 billion market cap comes close to the companies that dominated the last computing revolution (Alphabet at $598.61 billion and Apple at $751.88 billion), Jefferies has faith in the company. The investment bank raised its price target to $180, up about 19% from Nvidia's current price. Click here to follow Nvidia's share price in real time. Nvidia stock price (Markets Insider) NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA More From Business Insider This upgrade will extend the life of your MacBook Air for years Most people blow 70% of their money on 3 things and cutting back could be the key to retiring much earlier Bitcoin and Ethereum are 'cannibalizing' gold || Nvidia is set to dominate the '4th tectonic shift' in computing: (Facebook)
Decades of work have paid off forNvidia. The next computer revolution is here, and the company is set to dominate its competition, according to Jefferies.
"IBM dominated in the 1950's with the mainframe computer, DEC in the mid 1960's with the transition to mini-computers, Microsoft and Intel as PCs ramped, and finally Apple and Google as cell phones became ubiquitous," Mark Lipacis wrote in a note to clients. "We believe the next tectonic shift is happening now and NVDA stands to benefit the way these aforementioned tech giants did in prior transitions."
Nvidia has been working on itsCUDA computing platformand its graphics processing unit (GPU) technology for years. Traditionally, a computer has worked in a linear way, processing one task at a time on the central processing unit (CPU).
Shortly after GPUs were introduced in the 1990s, programmers began using them to break tasks into lots of smaller problems and solving them all at the same time on the GPU. This is called "parallel processing."
For certain types of problems, like rendering lots of graphics elements in a video game, GPUs were far superior to the single-minded CPU. They were slower at single tasks, but could handle lots of problems at the same time. Nvidia developed a programming platform, called CUDA, to take advantage of the way their GPUs could handle these multi-faceted problems. CUDA made it easy to break traditional problems into multiple parts that ran much faster on a GPU than the traditional CPU.
Fast forward to modern times where artificial intelligence and deep learning technologies are the hot trends. Companies like Google, Tesla and Amazon are using artificial intelligence toprogram self-driving cars,conquer ancient board gamesanddevelop smart personal assistants. Luckily for Nvidia, artificial intelligence and deep learning programs are perfectly suited to run on its GPUs and CUDA platform.
Jefferies thinks these two technologies give Nvidia a huge advantage over the competition.
"We see NVDA as a major beneficiary of the 4th Tectonic Shift in Computing, where serial processing (x86) architectures give way to massively parallel processing capabilities as the next wave of connected devices approach 10b units by 2022," Jefferies said.
As tech giants build out new data centers to handle their ballooning artificial intelligence research, they often turn to Nvidia to supply the hundreds or thousands of GPUs they need. MIT recently said Nvidia has spent around $3 billion to develop its current data center chip, and it's a move that has paid off for the company.MIT named Nvidia as the smartest company in the worldin 2017, in part, because of this investment.
Nvidia has beenmaking waves in the autonomous-car business as well.The company recently announced partnerships with Baidu, Volvo and Volkswagen to improve their self-driving car technologies and its technology is already being used in vehicles made by Tesla, Audi and Toyota.
Cryptocurrency mining is another example of a process that runs better on GPUs. Nvidia has been raking in profits in that area too, andone Wall Street bank thinks it will be just another sector that Nvidia will come to dominate.
Investors have been rewarding Nvidia as it takes the computer world by storm. Shares of Nvidia are up 48.55% this year.
While it might take some time before Nvidia's $87.04 billion market cap comes close to the companies that dominated the last computing revolution (Alphabet at $598.61 billion and Apple at $751.88 billion), Jefferies has faith in the company. The investment bank raised its price target to $180, up about 19% from Nvidia's current price.
(Markets Insider)
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• Bitcoin and Ethereum are 'cannibalizing' gold || BTCS Announces Letter to Shareholders from CEO: SILVER SPRING, MD--(Marketwired - Jul 10, 2017) -BTCS Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology focused company, released a Letter to Shareholders updating current activities and outlining its corporate strategy for 2017, as follows:
Dear Shareholders,
Our decision to focus our business around blockchain technologies in 2015 has proven to be a valid thesis with prescient timing, yet without the ability to secure sufficient capital in 2016, we were unable to realize the potential from this truly disruptive opportunity.
Recognizing that this opportunity is still in its infancy, we spent much of the past year focused on restructuring liabilities to improve our financial position as we seek out acquisition opportunities and execute on our plan to build a portfolio of digital assets. To this end, we successfully exchanged approximately $3.9 million of convertible notes and liquidated damages for fixed-price Series B preferred stock, entered a leak-out agreement with the former note holders, and raised $1 million to settle liabilities and provide working capital.
We have taken these steps because we believe the rise of digital tokens as a new asset class has created a tremendous opportunity for us to leverage our experience in the sector. One of our most significant assets in this regard is our seasoned team of industry leaders who are recognized for their deep relationships with key players in the space. Our team's value is further enhanced by our ability to bridge the gap between public company experience and blockchain expertise, which we believe fills a major talent void in this burgeoning arena.
Over the past year, the price of Bitcoin surged more than 300%, while Ethereum has soared more than 2,000% in the last six months alone. These meteoric rises in value of blockchain technology-based digital assets, combined with the increasing involvement of major organizations, such as Goldman Sachs, JP Morgan, and others, demonstrably proves digital assets are now entering mainstream acceptance, shedding the negative perceptions that plagued them in the past.
This shift in acceptance can be seen in the recent successes of initial coin offerings. Block.one, a blockchain startup, raised $185 million in five days, breaking the previous record set just a few weeks earlier by Bancor, which raised nearly $150 million. In total, initial coin offerings raised more than $500 million in the first half of 2017.
Moving forward, subject to the completion of additional financing, we plan to create a portfolio of digital assets, through participation in initial coin offerings, strategic market purchases, and by resuming our transaction verification services business, through outsourced data centers. We are also keenly focused on the potential acquisition of target opportunities across the blockchain space.
We believe our track record of identifying opportunities within blockchain technologies speaks for itself. With your continued support, and the right forward-thinking financial partners, we hope to capitalize on these opportunities while the industry is still in its early days, maximizing the potential for long-term shareholder value improvement.
On behalf of our management team, I want to personally thank you for your continued support.
Sincerely,Charles AllenCEO and Chairman
About BTCS:
BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other "protocol tokens" to provide investors a diversified pure-play exposure to the blockchain space. The blockchain is a decentralized public ledger and could fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS is keenly focused on growth through acquisition and intends to acquire digital assets through open market purchases and participation in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers, earning rewards in digital assets by securing their respective blockchains. For more information visit:www.btcs.com
Forward-Looking Statements:Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Announces Letter to Shareholders from CEO: SILVER SPRING, MD--(Marketwired - Jul 10, 2017) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology focused company, released a Letter to Shareholders updating current activities and outlining its corporate strategy for 2017, as follows: Dear Shareholders, Our decision to focus our business around blockchain technologies in 2015 has proven to be a valid thesis with prescient timing, yet without the ability to secure sufficient capital in 2016, we were unable to realize the potential from this truly disruptive opportunity. Recognizing that this opportunity is still in its infancy, we spent much of the past year focused on restructuring liabilities to improve our financial position as we seek out acquisition opportunities and execute on our plan to build a portfolio of digital assets. To this end, we successfully exchanged approximately $3.9 million of convertible notes and liquidated damages for fixed-price Series B preferred stock, entered a leak-out agreement with the former note holders, and raised $1 million to settle liabilities and provide working capital. We have taken these steps because we believe the rise of digital tokens as a new asset class has created a tremendous opportunity for us to leverage our experience in the sector. One of our most significant assets in this regard is our seasoned team of industry leaders who are recognized for their deep relationships with key players in the space. Our team's value is further enhanced by our ability to bridge the gap between public company experience and blockchain expertise, which we believe fills a major talent void in this burgeoning arena. Over the past year, the price of Bitcoin surged more than 300%, while Ethereum has soared more than 2,000% in the last six months alone. These meteoric rises in value of blockchain technology-based digital assets, combined with the increasing involvement of major organizations, such as Goldman Sachs, JP Morgan, and others, demonstrably proves digital assets are now entering mainstream acceptance, shedding the negative perceptions that plagued them in the past. Story continues This shift in acceptance can be seen in the recent successes of initial coin offerings. Block.one, a blockchain startup, raised $185 million in five days, breaking the previous record set just a few weeks earlier by Bancor, which raised nearly $150 million. In total, initial coin offerings raised more than $500 million in the first half of 2017. Moving forward, subject to the completion of additional financing, we plan to create a portfolio of digital assets, through participation in initial coin offerings, strategic market purchases, and by resuming our transaction verification services business, through outsourced data centers. We are also keenly focused on the potential acquisition of target opportunities across the blockchain space. We believe our track record of identifying opportunities within blockchain technologies speaks for itself. With your continued support, and the right forward-thinking financial partners, we hope to capitalize on these opportunities while the industry is still in its early days, maximizing the potential for long-term shareholder value improvement. On behalf of our management team, I want to personally thank you for your continued support. Sincerely, Charles Allen CEO and Chairman About BTCS: BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other "protocol tokens" to provide investors a diversified pure-play exposure to the blockchain space. The blockchain is a decentralized public ledger and could fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS is keenly focused on growth through acquisition and intends to acquire digital assets through open market purchases and participation in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers, earning rewards in digital assets by securing their respective blockchains. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || SinglePoint Signs Deal to Manufacture CBD Hemp Oil Patches -- CFN Media: SEATTLE, WA--(Marketwired - Jul 10, 2017) - CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article that will take a look at SinglePoint Inc.'s ( OTC PINK : SING ) recent agreement with Premier Biomedical Inc. to begin manufacturing Premier's newly designed CBD Hemp Oil Patch products in high volume. The cannabis industry is projected to exceed $50 billion by 2026, according to Cowen & Co., driven by the ongoing legalization of medical and recreational marijuana. While recreational marijuana has drawn a lot of attention, tetrahydrocannabinol's (THC) non-psychoactive cousin, cannabidiol (CBD), has been experiencing tremendous growth as researchers continue to unlock its potential across a wide range of medical conditions. Generating Revenue SinglePoint recently announced a deal with Premier Biomedical to mass-manufacture its CBD Hemp Oil Patch and potentially future products. The deal provides the company with a consistent stream of revenue while it continues to execute organic growth initiatives and make strategic acquisitions in the cannabis industry. In addition, the potential to add future products to the mix opens the door to scaling these revenue streams higher. "We have been working very hard on making acquisitions and inside sales to boost revenue," said SinglePoint CEO Greg Lambrecht in a press release announcing the partnership. "This new business will contribute significantly to our revenue goals." Premier Biomedical benefits from the mass manufacture of its topical pain relief products, which will help the company aggressively expand its distribution network through retail outlets, health care facilities, pharmacies, and various online shopping platforms. "We are excited that we found a volume supplier for our products," said Premier Biomedical President & CEO William Hartman in the same press release. "This significantly increases the company's initiatives and enables us to grow revenues through expansion of sales volumes in both domestic and foreign markets. We look forward to working with SinglePoint to continue bringing current and future planned new products [to market]." Story continues Horizontal Market Strategy SinglePoint has evolved from a mobile technology provider to a diversified cannabis holding company with a presence in several industry segments. Management's horizontal market diversification strategy involved acquiring portfolio companies, leveraging economies of scale, and unlocking incremental value through synergies. For example, the company's recent acquisition of 90% of DIGS provided it with an online, retail, and consulting arm. At the center of the so-called "hub-and-spokes" business model, SingleSeed has become a supplier of products and services to the cannabis industry. The company's strong historical presence in the cannabis industry -- cultivated over several years through its payment offerings -- provides a strong base for growth, while SingleSeed is designed to connect various portfolio companies by sharing customers and synergies. The company has also established partnerships designed to enable its entry into other market segments. For instance, the company recently raised $1 million from an institutional investor to close deals in the cryptocurrency market. The company's new funding and partnership with First Bitcoin Capital is designed to expedite the development of effective payment solutions for the cannabis industry. Looking Ahead SinglePoint Inc. ( OTC PINK : SING ) represents a compelling and diversified opportunity within the cannabis industry. While its primary focus is on payments, the company's agreement with Premier Biomedical to manufacture CBD products opens the door to near-term revenue opportunities that could help finance its ongoing growth and future acquisitions. Please follow the link to watch the interview and read the full article: http://www.cannabisfn.com/singlepoint-signs-deal-manufacture-cbd-hemp-oil-patches/ For more information, visit the company's website or CannabisFN's company profile . About CFN Media CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed. Learn how to become a CFN Media client company, brand or entrepreneur: http://www.cannabisfn.com/become-featured-company/ Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand: https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8 Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone: http://www.cannabisfn.com Disclaimer: Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns CFN Media and CannabisFN.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit: http://www.cannabisfn.com/legal-disclaimer/ || SinglePoint Signs Deal to Manufacture CBD Hemp Oil Patches -- CFN Media: SEATTLE, WA--(Marketwired - Jul 10, 2017) - CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article that will take a look at SinglePoint Inc.'s (OTC PINK:SING) recent agreement with Premier Biomedical Inc. to begin manufacturing Premier's newly designed CBD Hemp Oil Patch products in high volume.
The cannabis industry is projected to exceed $50 billion by 2026, according to Cowen & Co., driven by the ongoing legalization of medical and recreational marijuana. While recreational marijuana has drawn a lot of attention, tetrahydrocannabinol's (THC) non-psychoactive cousin, cannabidiol (CBD), has been experiencing tremendous growth as researchers continue to unlock its potential across a wide range of medical conditions.
Generating Revenue
SinglePointrecently announceda deal with Premier Biomedical to mass-manufacture its CBD Hemp Oil Patch and potentially future products. The deal provides the company with a consistent stream of revenue while it continues to execute organic growth initiatives and make strategic acquisitions in the cannabis industry. In addition, the potential to add future products to the mix opens the door to scaling these revenue streams higher.
"We have been working very hard on making acquisitions and inside sales to boost revenue," said SinglePoint CEO Greg Lambrecht in a press release announcing the partnership. "This new business will contribute significantly to our revenue goals."
Premier Biomedical benefits from the mass manufacture of its topical pain relief products, which will help the company aggressively expand its distribution network through retail outlets, health care facilities, pharmacies, and various online shopping platforms.
"We are excited that we found a volume supplier for our products," said Premier Biomedical President & CEO William Hartman in the same press release. "This significantly increases the company's initiatives and enables us to grow revenues through expansion of sales volumes in both domestic and foreign markets. We look forward to working with SinglePoint to continue bringing current and future planned new products [to market]."
Horizontal Market Strategy
SinglePoint has evolved from a mobile technology provider to a diversified cannabis holding company with a presence in several industry segments. Management's horizontal market diversification strategy involved acquiring portfolio companies, leveraging economies of scale, and unlocking incremental value through synergies. For example, thecompany's recent acquisitionof 90% of DIGS provided it with an online, retail, and consulting arm.
At the center of the so-called "hub-and-spokes" business model,SingleSeedhas become a supplier of products and services to the cannabis industry. The company's strong historical presence in the cannabis industry -- cultivated over several years through its payment offerings -- provides a strong base for growth, while SingleSeed is designed to connect various portfolio companies by sharing customers and synergies.
The company has also established partnerships designed to enable its entry into other market segments. For instance, the company recently raised $1 million from an institutional investor to close deals in the cryptocurrency market. The company's new funding and partnership with First Bitcoin Capital is designed to expedite the development of effective payment solutions for the cannabis industry.
Looking Ahead
SinglePoint Inc. (OTC PINK:SING) represents a compelling and diversified opportunity within the cannabis industry. While its primary focus is on payments, the company's agreement with Premier Biomedical to manufacture CBD products opens the door to near-term revenue opportunities that could help finance its ongoing growth and future acquisitions.
Please follow the link to watch the interview and read the full article:http://www.cannabisfn.com/singlepoint-signs-deal-manufacture-cbd-hemp-oil-patches/
For more information, visit thecompany's websiteor CannabisFN'scompany profile.
About CFN MediaCFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
Learn how to become a CFN Media client company, brand or entrepreneur:http://www.cannabisfn.com/become-featured-company/
Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand:https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8
Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone:http://www.cannabisfn.com
Disclaimer:
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC, which owns CFN Media and CannabisFN.com, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC may from time to time have a position in the securities mentioned herein and may increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice. Emerging Growth LLC may be compensated for its services in the form of cash-based compensation or equity securities in the companies it writes about, or a combination of the two. For full disclosure please visit:http://www.cannabisfn.com/legal-disclaimer/ || Bitcoin and Ethereum Price Forecast Bitcoin Consolidates as ETH Crashes: Bitcoin prices continued on their consolidation and ranging phase and as we have pointed out many times over, over the last few days, this is likely to be the trend in the short and medium term as we wait for the next direction in the field of cryptocurrencies. Over the last few weeks, we have seen the interest increase in this field but that has not translated into higher volatility as yet. Bitcoin 4H It is clear that the bitcoin traders are a bit wary at these prices and ideally, they would like to see a correction in the prices before they start buying again. But those who have already bought the bitcoins are in no mood to left the price fall and that is one of the reasons for this consolidation. Also, as mentioned many times before, the number of bitcoins is finite and hence the demand and the prices are likely to continue to remain high despite competition from many such similar currencies. Bitcoin Forecast On the technical front, we see some strong support coming in the bitcoin prices at around the $2400 region and this support should be enough to keep the bulls interested. We expect this consolidation and ranging for some more days to come as the market and the traders prepare themselves for the next move. Ethereum Crashed Through Ethereum prices have broken through the support region at $260 and this has led to the prices pushing lower into the $230 region. We had mentioned the same in our forecast last week where we had said that a break through the tight ranges of last week would lead to a large move and this is what happened over the last few days as the prices crashed by close to 10%. This is just a measure of the volatility that the traders have to deal with and like every other instrument, this volatility has the capability to give or take out a lot from the traders. Get Into Bitcoin Trading Today This article was originally posted on FX Empire More From FXEMPIRE: AUDCAD Leaves no Hope for Buyers E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis July 10, 2017 Forecast E-mini S&P 500 Index (ES) Futures Technical Analysis July 10, 2017 Forecast U.S. Traders Will Be Watched to See If They Can Maintain Momentum E-mini Dow Jones Industrial Average (YM) Futures Analysis July 10, 2017 Forecast European Shares Rise Following Dovish Remarks from ECB Officials || Bitcoin and Ethereum Price Forecast – Bitcoin Consolidates as ETH Crashes: Bitcoin prices continued on their consolidation and ranging phase and as we have pointed out many times over, over the last few days, this is likely to be the trend in the short and medium term as we wait for the next direction in the field of cryptocurrencies. Over the last few weeks, we have seen the interest increase in this field but that has not translated into higher volatility as yet.
It is clear that the bitcoin traders are a bit wary at these prices and ideally, they would like to see a correction in the prices before they start buying again. But those who have already bought the bitcoins are in no mood to left the price fall and that is one of the reasons for this consolidation. Also, as mentioned many times before, the number of bitcoins is finite and hence the demand and the prices are likely to continue to remain high despite competition from many such similar currencies.
On the technical front, we see some strong support coming in the bitcoin prices at around the $2400 region and this support should be enough to keep the bulls interested. We expect this consolidation and ranging for some more days to come as the market and the traders prepare themselves for the next move.
Ethereum prices have broken through the support region at $260 and this has led to the prices pushing lower into the $230 region. We had mentioned the same in our forecast last week where we had said that a break through the tight ranges of last week would lead to a large move and this is what happened over the last few days as the prices crashed by close to 10%. This is just a measure of the volatility that the traders have to deal with and like every other instrument, this volatility has the capability to give or take out a lot from the traders.
Get Into Bitcoin Trading Today
Thisarticlewas originally posted on FX Empire
• AUDCAD Leaves no Hope for Buyers
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 10, 2017 Forecast
• E-mini S&P 500 Index (ES) Futures Technical Analysis – July 10, 2017 Forecast
• U.S. Traders Will Be Watched to See If They Can Maintain Momentum
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 10, 2017 Forecast
• European Shares Rise Following Dovish Remarks from ECB Officials
[Social Media Buzz]
#BTC 24hr Summary:
Last: $2370.03
High: $2380.00
Low: $2250.00
Change: 0.24% | $5.65
Volume: $ 13321.02
$BTC #Bitcoin #coinbasepic.twitter.com/IEo7oRDAVL || #BTC 24hr Summary:
Last: $2343.78
High: $2377.04
Low: $2250.00
Change: -1.29% | $-30.66
Volume: $ 13005.85
$BTC #Bitcoin #coinbasepic.twitter.com/GaRYuQnECj || Bitcoin - BTC
Price: $2,389.54
Change in 1h: +0.86%
Market cap: $39,292,998,375.00
Ranking: 1
#Bitcoin #BTC || BTC Real Time Price: ThePriceOfBTC: $2334.01 #gemini;
$2340.00 #bitstamp...
|
2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34.
|
[Bitcoin Technical Analysis for 2016-06-30]
Volume: 138980000, RSI (14-day): 55.76, 50-day EMA: 594.28, 200-day EMA: 470.81
[Wider Market Context]
Gold Price: 1318.40, Gold RSI: 64.69
Oil Price: 48.33, Oil RSI: 50.49
[Recent News (last 7 days)]
Winklevoss brothers choose BATS over Nasdaq for bitcoin ETF listing: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Investors Cameron and Tyler Winklevoss on Wednesday filed to switch the listing of their proposed bitcoin exchange-traded fund to BATS Global Markets from Nasdaq, according to a filing with the Securities and Exchange Commission. The Winklevoss brothers, identical twins, had filed their first application for a listing three years ago. The proposed ETF, the Winklevoss Bitcoin Trust, will list 1 million shares at $65 each, according to the filing. That is up from a list price of $20.09 per share given in the first filing. The filing did not say why there was a change in trading venues, but over the last year BATS has emerged as one of the fastest-rising trading venues for ETFs. BATS is the second largest U.S. equities market operator. If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity. The ETF would trade under the ticker symbol COIN. Gemini Trust Company, the Winklevoss brothers' trust company, which runs a bitcoin trading venue, has been designated the custodian of the ETF. There was no designated custodian in the previous filings. Gemini operates a trading platform for bitcoin and for another digital currency, ether. The ETF's bitcoin will be valued using the Gemini's spot price as of 4 p.m. Eastern time each business day, according to the SEC filing. Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 last week in the run-up to the British referendum whether the country should leave the European Union. As of late Wednesday, one bitcoin was worth $634.24 (BTC=BTSP) on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler) || Winklevoss brothers choose BATS over Nasdaq for bitcoin ETF listing: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Investors Cameron and Tyler Winklevoss on Wednesday filed to switch the listing of their proposed bitcoin exchange-traded fund to BATS Global Markets from Nasdaq, according to a filing with the Securities and Exchange Commission.
The Winklevoss brothers, identical twins, had filed their first application for a listing three years ago.
The proposed ETF, the Winklevoss Bitcoin Trust, will list 1 million shares at $65 each, according to the filing. That is up from a list price of $20.09 per share given in the first filing.
The filing did not say why there was a change in trading venues, but over the last year BATS has emerged as one of the fastest-rising trading venues for ETFs. BATS is the second largest U.S. equities market operator.
If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity.
The ETF would trade under the ticker symbol COIN.
Gemini Trust Company, the Winklevoss brothers' trust company, which runs a bitcoin trading venue, has been designated the custodian of the ETF. There was no designated custodian in the previous filings.
Gemini operates a trading platform for bitcoin and for another digital currency, ether.
The ETF's bitcoin will be valued using the Gemini's spot price as of 4 p.m. Eastern time each business day, according to the SEC filing.
Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange.
It has since recovered, hitting a more than two-year high of nearly $780 last week in the run-up to the British referendum whether the country should leave the European Union. As of late Wednesday, one bitcoin was worth $634.24 <BTC=BTSP> on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler) || Winklevoss brothers choose BATS over Nasdaq for bitcoin ETF listing: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Investors Cameron and Tyler Winklevoss on Wednesday filed to switch the listing of their proposed bitcoin exchange-traded fund to BATS Global Markets from Nasdaq, according to a filing with the Securities and Exchange Commission. The Winklevoss brothers, identical twins, had filed their first application for a listing three years ago. The proposed ETF, the Winklevoss Bitcoin Trust, will list 1 million shares at $65 each, according to the filing. That is up from a list price of $20.09 per share given in the first filing. The filing did not say why there was a change in trading venues, but over the last year BATS has emerged as one of the fastest-rising trading venues for ETFs. BATS is the second largest U.S. equities market operator. If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity. The ETF would trade under the ticker symbol COIN. Gemini Trust Company, the Winklevoss brothers' trust company, which runs a bitcoin trading venue, has been designated the custodian of the ETF. There was no designated custodian in the previous filings. Gemini operates a trading platform for bitcoin and for another digital currency, ether. The ETF's bitcoin will be valued using the Gemini's spot price as of 4 p.m. Eastern time each business day, according to the SEC filing. Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since recovered, hitting a more than two-year high of nearly $780 last week in the run-up to the British referendum whether the country should leave the European Union. As of late Wednesday, one bitcoin was worth $634.24 <BTC=BTSP> on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler) View comments || Winklevoss brothers choose BATS over Nasdaq for bitcoin ETF listing: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Investors Cameron and Tyler Winklevoss on Wednesday filed to switch the listing of their proposed bitcoin exchange-traded fund to BATS Global Markets from Nasdaq, according to a filing with the Securities and Exchange Commission.
The Winklevoss brothers, identical twins, had filed their first application for a listing three years ago.
The proposed ETF, the Winklevoss Bitcoin Trust, will list 1 million shares at $65 each, according to the filing. That is up from a list price of $20.09 per share given in the first filing.
The filing did not say why there was a change in trading venues, but over the last year BATS has emerged as one of the fastest-rising trading venues for ETFs. BATS is the second largest U.S. equities market operator.
If approved by the SEC, the Winklevoss ETF would be the first bitcoin ETF issued by a U.S. entity.
The ETF would trade under the ticker symbol COIN.
Gemini Trust Company, the Winklevoss brothers' trust company, which runs a bitcoin trading venue, has been designated the custodian of the ETF. There was no designated custodian in the previous filings.
Gemini operates a trading platform for bitcoin and for another digital currency, ether.
The ETF's bitcoin will be valued using the Gemini's spot price as of 4 p.m. Eastern time each business day, according to the SEC filing.
Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange.
It has since recovered, hitting a more than two-year high of nearly $780 last week in the run-up to the British referendum whether the country should leave the European Union. As of late Wednesday, one bitcoin was worth $634.24 (BTC=BTSP) on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Leslie Adler) || WRIT Media Group Develops Additional Strategies for Newly Acquired Pelecoin Digital Currency Technology: LOS ANGELES, CA--(Marketwired - Jun 29, 2016) - WRIT Media Group, Inc. (OTCQB:WRIT) is pleased to announce plans to develop Pelecoin's Blockchain technology into innovative products and applications that can be used for video game loyalty rewards, crowd funding, currency trading, and secure content distribution.
WRIT Media Group's Pelecoin digital currency, acquired through its recent Pandora Venture Capital transaction, is a unique cryptocurrency platform that provides secure digital currency products and services -- including wallets, exchanges, loyalty rewards and merchant integration -- to consumers and businesses around the globe. The open and distributed nature of the "record keeping" in Pelecoin transactions ensures that evidence of ownership is reliable and that the reporting of transactions is verifiable and secure. The Company intends to develop this technology into the following products and applications:
Currency & Derivative Trading
WRIT Media Group plans to organize trade in derivative instruments, based on its existing Pelecoin technology, Bitcoin, and other digital currencies. The Company intends to combine the marketing advantages of Pelecoin with popular cryptocurrencies such as Bitcoin, by developing its exchange platform technologies to support trade in digital currencies. The platform plans to offer a full system to run a digital currency exchanges, including a solution for automatic market-making on exchange using third-party exchanges. When launched, the platform will work with Pelecoin, Bitcoin and other digital currency exchanges around the world.
Video Game Loyalty Rewards
WRIT Media Group intends to develop and deliver loyalty solutions built on the combination of Pelecoin's Blockchain technology and the Company's Amiga Games brand. Gamers can earn various points by playing Amiga Games or participating in other "value" activities. The earned points consolidate into AmigaRewards or other branded rewards, which will be tradable Blockchain-based loyalty tokens. The Company also plans to develop a suite of solutions which will allow brands to create and run rewards programs, as well as a marketplace to shop and redeem those reward points.
Crowd Funding
Crowdfunding and peer-to-peer lending have allowed retail investors to access asset classes and investment opportunities previously unavailable for them. The Company intends to develop a Pelecoin-based system where small amounts of equity can be attained without significant amounts of red tape, and where efficient record keeping of a high volume of shareholders and trades provides significant value to investors and companies alike.Secure Content
The Company also plans to partner with leading content creators, owners, distributors and other creative institutions to enable artists and content owners to protect their works from copyright infringement and illicit uses by developing tracking software which uses its proprietary Pelecoin Blockchain technology.
About Writ Media GroupWRIT Media Group, Inc. (OTCQB:WRIT) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions.
The Company's portfolio of wholly owned businesses includes:
• Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming;
• Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles;
• Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and
• Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions.
Cautionary Note Regarding Forward-Looking StatementsExcept for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements.Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Pandora Venture Capital Corp., Pelecoin and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || WRIT Media Group Develops Additional Strategies for Newly Acquired Pelecoin Digital Currency Technology: LOS ANGELES, CA--(Marketwired - Jun 29, 2016) - WRIT Media Group, Inc. ( OTCQB : WRIT ) is pleased to announce plans to develop Pelecoin's Blockchain technology into innovative products and applications that can be used for video game loyalty rewards, crowd funding, currency trading, and secure content distribution. WRIT Media Group's Pelecoin digital currency, acquired through its recent Pandora Venture Capital transaction, is a unique cryptocurrency platform that provides secure digital currency products and services -- including wallets, exchanges, loyalty rewards and merchant integration -- to consumers and businesses around the globe. The open and distributed nature of the "record keeping" in Pelecoin transactions ensures that evidence of ownership is reliable and that the reporting of transactions is verifiable and secure. The Company intends to develop this technology into the following products and applications: Currency & Derivative Trading WRIT Media Group plans to organize trade in derivative instruments, based on its existing Pelecoin technology, Bitcoin, and other digital currencies. The Company intends to combine the marketing advantages of Pelecoin with popular cryptocurrencies such as Bitcoin, by developing its exchange platform technologies to support trade in digital currencies. The platform plans to offer a full system to run a digital currency exchanges, including a solution for automatic market-making on exchange using third-party exchanges. When launched, the platform will work with Pelecoin, Bitcoin and other digital currency exchanges around the world. Video Game Loyalty Rewards WRIT Media Group intends to develop and deliver loyalty solutions built on the combination of Pelecoin's Blockchain technology and the Company's Amiga Games brand. Gamers can earn various points by playing Amiga Games or participating in other "value" activities. The earned points consolidate into AmigaRewards or other branded rewards, which will be tradable Blockchain-based loyalty tokens. The Company also plans to develop a suite of solutions which will allow brands to create and run rewards programs, as well as a marketplace to shop and redeem those reward points. Story continues Crowd Funding Crowdfunding and peer-to-peer lending have allowed retail investors to access asset classes and investment opportunities previously unavailable for them. The Company intends to develop a Pelecoin-based system where small amounts of equity can be attained without significant amounts of red tape, and where efficient record keeping of a high volume of shareholders and trades provides significant value to investors and companies alike. Secure Content The Company also plans to partner with leading content creators, owners, distributors and other creative institutions to enable artists and content owners to protect their works from copyright infringement and illicit uses by developing tracking software which uses its proprietary Pelecoin Blockchain technology. About Writ Media Group WRIT Media Group, Inc. ( OTCQB : WRIT ) is a diversified media and software company whose operations include content production and distribution; video game distribution via mobile platforms; and digital currency software development, including trading platforms and Blockchain solutions. The Company's portfolio of wholly owned businesses includes: Front Row Networks, a content creation company which produces, acquires and distributes live event programming for worldwide digital broadcast into digitally enabled movie theaters and online streaming; Amiga Games, a software company resurrecting the Amiga brand by publishing retro video games on smartphones, tablets and consoles; Retro Infinity, Inc., a video game distribution portal which publishes video games from Amiga, Atari and other "retro" brands on today's smartphones, tablets and consoles; and Pandora Venture Capital, a software developer with a focus on digital currency technologies, including; a cryptocurrency trading platform, a new generation of cryptocurrency, and Blockchain technology solutions. Cautionary Note Regarding Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in WRIT Media Group's latest 10-Q filed December 31, 2015. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Pandora Venture Capital Corp., Pelecoin and its related trademarks and names are the property of WRIT Media Group, Inc. and are registered and/or used in the U.S. and countries around the world. All rights reserved. All other trademarks belong to their respective owners. || How to Hedge Market Turns with Inverse ETFs: With the equities market exhibiting greater bouts of volatility, exchange traded fund investors can utilize inverse or bearish strategies to help protect against the turns and limit the negative effects of any further drawdowns. On a recent webcast, Managing Market Pullbacks with Inverse ETFs , Sylvia Jablonski, Managing Director and Head of the Capital Markets & Institutional Strategy Team at Direxion, explained that inverse ETFs typically replicate the inverse returns of a benchmark on a daily basis, allowing investors to easily gain short or bearish exposure to various areas of the market. Jablonski pointed out that traders have typically used inverse ETFs to maintain momentum strategies, capitalize on short-term opportunities or hedge against unforeseen risks. “Inverse ETFs can provide an easy means of short-term hedging for long-term investors,” Jablonski said. However, potential investors should be aware of the risks associated with these inverse products. Specifically, Jablonski reminded advisors that these ETFs rebalance on a daily basis, so the inverse funds may not perfectly reflect their intended strategies over long periods due to compounding issues as a result of the daily rebalancing. In Trending markets that move consistently in a single direction, compounding may benefit inverse ETFs. However, in more volatile markets when securities experience greater oscillations, an inverse ETF may underperform its intended -1x, -2x or -3x multiples compared to a benchmark.. Related: VIX, Bearish S&P 500 ETFs to Hedge Uncertainty Jablonski also pointed to a number inverse ETF strategies that could help traders hedge against potential market risks ahead. For instance, the he Direxion Daily CSI 300 China A Share Bear 1x Shares ( CHAD ) , Direxion Daily S&P Biotech Bear 1X Shares ( LABS ) , Direxion Daily Financial Bear 1x Shares ( FAZZ ) , Direxion Daily Energy Bear 1x Shares ( ERYY ) , Direxion Dialy Technology Bear 1x Shares ( TECZ ) and Direxion Daily S&P 500 Bear 1x Shares ETF ( SPDN ) provide inverse or -100% exposure to some of the more volatile areas this year. Story continues On a survey of financial advisors who attended the webcast, 26.9% of respondents pointed to oil & gas as the area that could offer the most tactical opportunities in the next 6 months, followed by 16.4% pointing to Europe, 15.8% looking to gold related and 14.0% watching financials. Trending on ETF Trends 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely As Q3 Begins, Gold Miner ETFs Keep Shining Winklevoss Bitcoin ETF Will Trade on BATS Tom Dorsey, Co-Founder of Dorsey, Wright & Associates, pointed to the relative strength technical indicator to help financial advisor and investors to gauge a securities’ momentum in the market. “This reading is plotted on a point and figure chart, which then tells us whether we can expect that stock or ETF to outperform or outperform the base index,” Dorsey said. Relative strength is a type of momentum investment technique that compares the performance of a security to that of the overall market. The indicator calculates which investments are the strongest performers compared to the overall market and suggests further investments for purchase. Related: Navigating Risks of Leveraged, Inverse ETF Play Along with the momentum indicator, investors can also utilize other trend following techniques. Jablonski pointed to a simple trend following strategy around the 200-day moving average indicator. For example, if the S&P 500 is trading above its 200-day, go long the S&P 500. On the other hand, if the index dips below its 200-day, go short or inverse S&P 500. Financial advisors who are interested in learning more about hedging strategies for a volatile market ahead can watch the webcast here on demand . || How to Hedge Market Turns with Inverse ETFs: With the equities market exhibiting greater bouts of volatility, exchange traded fund investors can utilize inverse or bearish strategies to help protect against the turns and limit the negative effects of any further drawdowns.
On a recent webcast,Managing Market Pullbacks with Inverse ETFs, Sylvia Jablonski, Managing Director and Head of the Capital Markets & Institutional Strategy Team at Direxion, explained that inverse ETFs typically replicate the inverse returns of a benchmark on a daily basis, allowing investors to easily gain short or bearish exposure to various areas of the market.
Jablonski pointed out that traders have typically used inverse ETFs to maintain momentum strategies, capitalize on short-term opportunities or hedge against unforeseen risks.
“Inverse ETFs can provide an easy means of short-term hedging for long-term investors,” Jablonski said.
However, potential investors should be aware of the risks associated with these inverse products. Specifically, Jablonski reminded advisors that these ETFs rebalance on a daily basis, so the inverse funds may not perfectly reflect their intended strategies over long periods due to compounding issues as a result of the daily rebalancing.
In Trending markets that move consistently in a single direction, compounding may benefit inverse ETFs. However, in more volatile markets when securities experience greater oscillations, an inverse ETF may underperform its intended -1x, -2x or -3x multiples compared to a benchmark..
Related:VIX, Bearish S&P 500 ETFs to Hedge Uncertainty
Jablonski also pointed to a number inverse ETF strategies that could help traders hedge against potential market risks ahead. For instance, the he Direxion Daily CSI 300 China A Share Bear 1x Shares (CHAD) ,Direxion Daily S&P Biotech Bear 1X Shares (LABS), Direxion Daily Financial Bear 1x Shares (FAZZ) , Direxion Daily Energy Bear 1x Shares (ERYY) , Direxion Dialy Technology Bear 1x Shares (TECZ) and Direxion Daily S&P 500 Bear 1x Shares ETF (SPDN) provide inverse or -100% exposure to some of the more volatile areas this year.
On a survey of financial advisors who attended the webcast, 26.9% of respondents pointed to oil & gas as the area that could offer the most tactical opportunities in the next 6 months, followed by 16.4% pointing to Europe, 15.8% looking to gold related and 14.0% watching financials.
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Tom Dorsey, Co-Founder of Dorsey, Wright & Associates, pointed to the relative strength technical indicator to help financial advisor and investors to gauge a securities’ momentum in the market.
“This reading is plotted on a point and figure chart, which then tells us whether we can expect that stock or ETF to outperform or outperform the base index,” Dorsey said.
Relative strength is a type of momentum investment technique that compares the performance of a security to that of the overall market. The indicator calculates which investments are the strongest performers compared to the overall market and suggests further investments for purchase.
Related:Navigating Risks of Leveraged, Inverse ETF Play
Along with the momentum indicator, investors can also utilize other trend following techniques. Jablonski pointed to a simple trend following strategy around the 200-day moving average indicator. For example, if the S&P 500 is trading above its 200-day, go long the S&P 500. On the other hand, if the index dips below its 200-day, go short or inverse S&P 500.
Financial advisors who are interested in learning more about hedging strategies for a volatile market ahead canwatch the webcast here on demand. || Brexit Weighs on Big Oil ETFs: The United States Oil Fund (USO) , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund (BNO) , which tracks Brent crude oil futures, are among the various commodities exchange traded products that have been stung by the Brexit result.
A stronger dollar coupled with downward revisions to U.K. economic growth forecast are among the factors pressuring crude in Brexit’s wake and there could be more near-term pain for oil because some market observers see Brexit also affecting Chinese economic growth.
Related:The Worst Could be Over for Oil ETFs
“The Brexit also likely has a negative impact for China by strengthening the Japanese Yen and triggering a sell-off in the Yuan. The future of EU Oil imports is also brought into question, given the risk of other countries following England’s lead in exiting the Union. Despite the risks, inventory levels are expected to inch lower over the summer months, which may underpin Oil prices. US production is expected to decrease over the coming months, which may offset decreased UK/EU demand,” according to OptionsExpress.
Brexit’s subsequent volatility could drag on riskier assets like commodities and add to concerns over a global slowdown in energy demand. Moreover, commodities may find pressure from a strengthening U.S. dollar as many expect the British pound to depreciate following a break.
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Elevated levels of production remain an issue for oil as well. OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers.
Saudi Arabia previously said it would join a production freeze deal if Iran agreed to curb output. However, Iran has maintained that it should be allowed to raise production to previous levels before the introduction of Western sanctions over Iran’s nuclear program, instead arguing for individual-country production quotas.
Related:Oil ETFs at 7 Month High on Falling U.S. Inventories
“Turning to the chart, we see the August Crude Oil contract forming what could become a double top formation. If confirmed, the measure of the double top could result in a test of the $40 level. The recent closes below the 20-day moving average (“MA”) suggest that a near-term high may be in place,” adds Options Express.
For more information on the oil market, visit ouroil category.
United States Brent Oil Fund || Brexit Weighs on Big Oil ETFs: The United States Oil Fund ( USO ) , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund ( BNO ) , which tracks Brent crude oil futures, are among the various commodities exchange traded products that have been stung by the Brexit result. A stronger dollar coupled with downward revisions to U.K. economic growth forecast are among the factors pressuring crude in Brexits wake and there could be more near-term pain for oil because some market observers see Brexit also affecting Chinese economic growth. Related: The Worst Could be Over for Oil ETFs The Brexit also likely has a negative impact for China by strengthening the Japanese Yen and triggering a sell-off in the Yuan. The future of EU Oil imports is also brought into question, given the risk of other countries following Englands lead in exiting the Union. Despite the risks, inventory levels are expected to inch lower over the summer months, which may underpin Oil prices. US production is expected to decrease over the coming months, which may offset decreased UK/EU demand, according to OptionsExpress. Brexits subsequent volatility could drag on riskier assets like commodities and add to concerns over a global slowdown in energy demand. Moreover, commodities may find pressure from a strengthening U.S. dollar as many expect the British pound to depreciate following a break. Trending on ETF Trends 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely As Q3 Begins, Gold Miner ETFs Keep Shining Winklevoss Bitcoin ETF Will Trade on BATS Elevated levels of production remain an issue for oil as well. OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers. Saudi Arabia previously said it would join a production freeze deal if Iran agreed to curb output. However, Iran has maintained that it should be allowed to raise production to previous levels before the introduction of Western sanctions over Irans nuclear program, instead arguing for individual-country production quotas. Story continues Related: Oil ETFs at 7 Month High on Falling U.S. Inventories Turning to the chart, we see the August Crude Oil contract forming what could become a double top formation. If confirmed, the measure of the double top could result in a test of the $40 level. The recent closes below the 20-day moving average (MA) suggest that a near-term high may be in place, adds Options Express. For more information on the oil market, visit our oil category . United States Brent Oil Fund bno || Silver ETFs Might be due for Pullbacks: The iShares Silver Trust (SLV) and ETFS Physical Silver Shares (SIVR) are among this year’s best-performing commodities exchange traded products, but with investors looking for safer assets following the Brexit outcome, some commodities market observers see silver as ripe for a near-term retreat.
Silver and other precious metals enjoyed safe-haven demand as the equities market plunged into a correction. The metal also maintained its momentum as the Federal Reserve lowered its interest rate outlook to only two hikes this year from a previously expected four rate hikes. Additionally, with the dovish Fed stance, the U.S. dollar weakened, which made USD-denominated silver cheaper for foreign buyers and a better store of value for U.S. investors.
Related:Analysis: Silver ETFs Are Outshining Gold
Both SLV and SIVR are bullion-backed silver ETFs – the funds’ shares represent a physical holding in silver bars stored in London, U.K. bank vaults. Potential investors should be aware that physically backed ETFs are taxed as collectibles at a rate of 28% instead of long-term equity rate of 15%.
On Monday, “we noted that a push higher would likely be difficult for the metal given resistance between the 17.80s and 18.00 vicinity. As it turned out, the third lower high was created at 17.86 before shoving back lower,” reports DailyFX. “It might not turn into a rout, but a clean undercut into the upper 17.50s on the hourly should lead to near-term weakness towards 17.30/25. If selling becomes aggressive then a move could develop into strong support between 17.07 and 17.13.”
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Looking ahead, total global installed photovoltaic power capacity is projected to increase by about 150% to 605 gigawatts by 2020, according to Bloomberg New Energy Finance.
Related:Soaring Silver ETFs to Snap Up as Metals Shine
However, increased technological efficiency has reduced the amount of silver required in newer solar panels. The amount of silver used in solar cells has been reduced by 5% to 6% every year. Nevertheless, Andreas Liebheit, head of the photovoltaic business at Heraeus, the German technology group, argued that the diminished requirements have been offset by growth in the overall market of 20% per year.
“A convincing break of the top-side trend-line puts this view at risk, but again, as said yesterday, there isn’t much room for silver to run before running aground with resistance,” adds DailyFX.
Traders looking to profit from silvers downside can consider the ProShares UltraShort Silver ETF (ZSL)
For more information on the silver market, visit oursilver category.
iShares Silver Trust
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || Silver ETFs Might be due for Pullbacks: The iShares Silver Trust ( SLV ) and ETFS Physical Silver Shares ( SIVR ) are among this years best-performing commodities exchange traded products, but with investors looking for safer assets following the Brexit outcome, some commodities market observers see silver as ripe for a near-term retreat. Silver and other precious metals enjoyed safe-haven demand as the equities market plunged into a correction. The metal also maintained its momentum as the Federal Reserve lowered its interest rate outlook to only two hikes this year from a previously expected four rate hikes. Additionally, with the dovish Fed stance, the U.S. dollar weakened, which made USD-denominated silver cheaper for foreign buyers and a better store of value for U.S. investors. Related: Analysis: Silver ETFs Are Outshining Gold Both SLV and SIVR are bullion-backed silver ETFs the funds shares represent a physical holding in silver bars stored in London, U.K. bank vaults. Potential investors should be aware that physically backed ETFs are taxed as collectibles at a rate of 28% instead of long-term equity rate of 15%. On Monday, we noted that a push higher would likely be difficult for the metal given resistance between the 17.80s and 18.00 vicinity. As it turned out, the third lower high was created at 17.86 before shoving back lower, reports DailyFX. It might not turn into a rout, but a clean undercut into the upper 17.50s on the hourly should lead to near-term weakness towards 17.30/25. If selling becomes aggressive then a move could develop into strong support between 17.07 and 17.13. Trending on ETF Trends 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely As Q3 Begins, Gold Miner ETFs Keep Shining Winklevoss Bitcoin ETF Will Trade on BATS Looking ahead, total global installed photovoltaic power capacity is projected to increase by about 150% to 605 gigawatts by 2020, according to Bloomberg New Energy Finance. Story continues Related: Soaring Silver ETFs to Snap Up as Metals Shine However, increased technological efficiency has reduced the amount of silver required in newer solar panels. The amount of silver used in solar cells has been reduced by 5% to 6% every year. Nevertheless, Andreas Liebheit, head of the photovoltaic business at Heraeus, the German technology group, argued that the diminished requirements have been offset by growth in the overall market of 20% per year. A convincing break of the top-side trend-line puts this view at risk, but again, as said yesterday, there isnt much room for silver to run before running aground with resistance, adds DailyFX. Traders looking to profit from silvers downside can consider the ProShares UltraShort Silver ETF ( ZSL ) For more information on the silver market, visit our silver category . iShares Silver Trust slv2 The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || A Surprising Post-Brexit Currency ETF Idea: A predictable result of last weeks stunning decision is that, at least in the near-term, investors are likely to bolster their affinity for safe-haven assets. At the currency level, that can include exchange traded products such as the PowerShares DB U.S. Dollar Index Bullish Fund ( UUP ) , which tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. The red hot CurrencyShares Japanese Yen Trust ( FXY ) is also another likely beneficiary of investors desire to embrace safe currencies, particularly as market participants bet on weakness ahead for the British pound and euro. Emerging markets currencies and the WisdomTree Emerging Currency Strategy Fund ( CEW ) probably will not be the first currency ideas to come to mind for the risk averse, but some market observers see post-Brexit opportunity with select developing world currencies. CEW tracks the U.S. dollar against the Mexican Peso, Brazilian Real, Chilean Peso, Colombian Peso, South African Rand, Polish Zloty, Russian Ruble, Turkish New Lira, Chinese Yuan, South Korean Won, Indonesian Rupiah, Indian Rupee, Malaysian Ringgit, Philippine Peso and Thai Baht. Related: Are Dollar ETFs Ready to Rally? These are rates markets, with obvious currency repercussions. Hedge funds entered the week of the referendum vote very flat in terms of positioning, with maybe a few longs in the emerging market high yield sector (South African rand (ZAR), Turkish lira (TRY), Brazilian real (BRL) and Indian rupee (IDR)). Real money stayed very quiet in terms of new flows in the weeks preceding the vote. That engineered a reasonably flat environment in both emerging market rates and currency, according to a Citigroup note posted by Dimitra DeFotis of Barrons. Trending on ETF Trends 11 Surging Silver ETFs as Two-Year High Looms A Gold Boon for these Glistening ETFs As Bank of England Mulls Rate Cuts, More Pound Punishment Likely Story continues As Q3 Begins, Gold Miner ETFs Keep Shining Winklevoss Bitcoin ETF Will Trade on BATS Currency ETFs try to reflect the performance of a single currency or a basket of currencies. ETF providers structure their currency funds to try to reflect the movements of a currency in a foreign exchange market by holding foreign currencies directly, foreign currency denominated short-term debt instrument, derivatives or swaps. Additionally, commodity producing country currencies are enjoying a boost from rebounding crude oil and metals prices. For example, Russia is a large producer and exporter of oil. Brazil also has larger oil and metal reserves. South Africa is also a major gold and precious metals miner. Related: Currency Hedged ETFs Offer a Smoother Long-Term Ride The UK political timeframe looks too long to vouch for an outright long U.S. dollar in an environment where funding currencies will be forced by monetary policy. Equity fundamentals are weak, for sure. But that will influence emerging market FX in a very choppy way, in bouts of risk-off. It doesnt look like 2014-15 in terms of U.S. dollar cycle. In doubt, real money will likely buy emerging market bonds, adds Citi in the note posted by Barrons. For more news and strategy on the Currency ETF market, visit our Currency category . WisdomTree Emerging Currency Strategy Fund cew The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || A Surprising Post-Brexit Currency ETF Idea: A predictable result of last week’s stunning decision is that, at least in the near-term, investors are likely to bolster their affinity for safe-haven assets.
At the currency level, that can include exchange traded products such as the PowerShares DB U.S. Dollar Index Bullish Fund (UUP) , which tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.
The red hot CurrencyShares Japanese Yen Trust (FXY) is also another likely beneficiary of investors’ desire to embrace safe currencies, particularly as market participants bet on weakness ahead for the British pound and euro.
Emerging markets currencies and the WisdomTree Emerging Currency Strategy Fund (CEW) probably will not be the first currency ideas to come to mind for the risk averse, but some market observers see post-Brexit opportunity with select developing world currencies.
CEW tracks the U.S. dollar against the Mexican Peso, Brazilian Real, Chilean Peso, Colombian Peso, South African Rand, Polish Zloty, Russian Ruble, Turkish New Lira, Chinese Yuan, South Korean Won, Indonesian Rupiah, Indian Rupee, Malaysian Ringgit, Philippine Peso and Thai Baht.
Related:Are Dollar ETFs Ready to Rally?
“These are rates markets, with obvious currency repercussions. Hedge funds entered the week of the referendum vote very flat in terms of positioning, with maybe a few longs in the emerging market high yield sector (South African rand (ZAR), Turkish lira (TRY), Brazilian real (BRL) and Indian rupee (IDR)). Real money stayed very quiet in terms of new flows in the weeks preceding the vote. That engineered a reasonably flat environment in both emerging market rates and currency,” according to a Citigroup note posted by Dimitra DeFotis of Barron’s.
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Currency ETFs try to reflect the performance of a single currency or a basket of currencies. ETF providers structure their currency funds to try to reflect the movements of a currency in a foreign exchange market by holding foreign currencies directly, foreign currency denominated short-term debt instrument, derivatives or swaps.
Additionally, commodity producing country currencies are enjoying a boost from rebounding crude oil and metals prices. For example, Russia is a large producer and exporter of oil. Brazil also has larger oil and metal reserves. South Africa is also a major gold and precious metals miner.
Related:Currency Hedged ETFs Offer a Smoother Long-Term Ride
“The UK political timeframe looks too long to vouch for an outright long U.S. dollar in an environment where funding currencies will be forced by monetary policy. Equity fundamentals are weak, for sure. But that will influence emerging market FX in a very choppy way, in bouts of risk-off. It doesn’t look like 2014-15 in terms of U.S. dollar cycle. In doubt, real money will likely buy emerging market bonds,” adds Citi in the note posted by Barron’s.
For more news and strategy on the Currency ETF market, visit ourCurrency category.
WisdomTree Emerging Currency Strategy Fund
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || BioViva Partners With Waves Blockchain Tokens Platform: Waves Platform is coming to the internet and is aiming to be a decentralized kickstarter, enabling asset-asset trading and supporting national currencies and crypto currencies like Bitcoin, Ethereum on the Waves blockchain at the same time
MOSCOW, RUSSIA / ACCESSWIRE / June 28, 2016 /On June 20th a press conference was organised in Moscow by Alex Fork, a member of the board for Blockchain.community, the founder of Future Fintech, and a representative of the Deep Knowledge Life Sciences investment fund. Present were Elizabeth Parrish, CEO of BioViva; Avi Roy, representative of the Global Healthspan Policy Institute, Junior Partner of Deep Knowledge Life Sciences and President of Biogerontology Research Foundation (Oxford); and Sasha Ivanov, founder of the Waves blockchain platform.
Elizabeth Parrish is the first human to have successfully undergone gene therapy to slow the ageing process and extend the period of healthy longevity - which, BioViva's biological markers indicate, has led to the rejuvenation of white blood cells by roughly 20 years. Being at the same time a humanitarian, an entrepreneur and an innovator, as well as a leading name in the field of genetic research, Elizabeth has opened the door on an era of self-experimentation and developed a new business model for medical procedures.
Avi Roy is one of the founders of the Global Healthspan Policy Institute in Europe, which encompasses the world's leading universities and government agencies, as well as biotech and pharmaceutical companies. Avi is also the founding partner of the Personalized and Precision Preventive Medicine Clinic (P3 Clinic), which aims to bring together cutting edge diagnostics, prognostics and therapeutics to prevent the diseases of ageing. These companies together aim to extend healthy lifespans to 100 years or more.
BioViva has set out ambitious plans to make healthy longevity available to everyone. Alex Fork invited Sasha Ivanov, founder of the blockchain projectWaves platform, to promote a more dynamic development for BioViva's project in Russia and around the world. To these ends, a decision to issue shares on the basis of Waves' blockchain technology was made. Elizabeth Parrish has found support for her plans in Russia in the name of Blockchain.community and the Waves platform - a joint enterprise that will help accelerate the achievement of the set goals using advanced financial technologies.
Sasha Ivanovfounded the Waves project at the beginning of 2016 and has crowdfunded in excess of $16 million for the development of the project. The Waves blockchain platform allows the creation of digital stocks with minimum expenditure, quickly and efficiently, whilst taking into consideration current legislation. Such financial instruments expand the possibilities for investment into healthy longevity technologies, making them accessible to everybody and erasing the boundaries between countries and continents. For the first time ever, a biotechnology company will issue shares on the blockchain.
For more information, please visithttps://wavesplatform.com/
Contact Info:
Name: Sasha IvanovEmail:[email protected]: Waves PlatformPhone: +79253658312
SOURCE:Waves Platform || BioViva Partners With Waves Blockchain Tokens Platform: Waves Platform is coming to the internet and is aiming to be a decentralized kickstarter, enabling asset-asset trading and supporting national currencies and crypto currencies like Bitcoin, Ethereum on the Waves blockchain at the same time MOSCOW, RUSSIA / ACCESSWIRE / June 28, 2016 / On June 20th a press conference was organised in Moscow by Alex Fork, a member of the board for Blockchain.community, the founder of Future Fintech, and a representative of the Deep Knowledge Life Sciences investment fund. Present were Elizabeth Parrish, CEO of BioViva; Avi Roy, representative of the Global Healthspan Policy Institute, Junior Partner of Deep Knowledge Life Sciences and President of Biogerontology Research Foundation (Oxford); and Sasha Ivanov, founder of the Waves blockchain platform. Elizabeth Parrish is the first human to have successfully undergone gene therapy to slow the ageing process and extend the period of healthy longevity - which, BioViva's biological markers indicate, has led to the rejuvenation of white blood cells by roughly 20 years. Being at the same time a humanitarian, an entrepreneur and an innovator, as well as a leading name in the field of genetic research, Elizabeth has opened the door on an era of self-experimentation and developed a new business model for medical procedures. Avi Roy is one of the founders of the Global Healthspan Policy Institute in Europe, which encompasses the world's leading universities and government agencies, as well as biotech and pharmaceutical companies. Avi is also the founding partner of the Personalized and Precision Preventive Medicine Clinic (P3 Clinic), which aims to bring together cutting edge diagnostics, prognostics and therapeutics to prevent the diseases of ageing. These companies together aim to extend healthy lifespans to 100 years or more. BioViva has set out ambitious plans to make healthy longevity available to everyone. Alex Fork invited Sasha Ivanov, founder of the blockchain project Waves platform , to promote a more dynamic development for BioViva's project in Russia and around the world. To these ends, a decision to issue shares on the basis of Waves' blockchain technology was made. Elizabeth Parrish has found support for her plans in Russia in the name of Blockchain.community and the Waves platform - a joint enterprise that will help accelerate the achievement of the set goals using advanced financial technologies. Sasha Ivanov founded the Waves project at the beginning of 2016 and has crowdfunded in excess of $16 million for the development of the project. The Waves blockchain platform allows the creation of digital stocks with minimum expenditure, quickly and efficiently, whilst taking into consideration current legislation. Such financial instruments expand the possibilities for investment into healthy longevity technologies, making them accessible to everybody and erasing the boundaries between countries and continents. For the first time ever, a biotechnology company will issue shares on the blockchain. Story continues For more information, please visit https://wavesplatform.com/ Contact Info: Name: Sasha Ivanov Email: [email protected] Organization: Waves Platform Phone: +79253658312 SOURCE: Waves Platform View comments || ETF Strategies in a Post Brexit World: After a seven year bull run and an increased uncertainty, people may expect the equities market will more likely pullback and give up some of its gains. Consequently, traders have turned to bearish or inverse exchange traded fund strategies to hedge against turns in a more volatile market. On an upcoming webcast this Wednesday, Sector Strategies in a Post Brexit World , Tom Dorsey, Co-Founder of Dorsey, Wright & Associates, and Sylvia Jablonski, Managing Director and Head of the Capital Markets & Institutional Strategy Team at Direxion, will discuss hedging strategies to manage a rougher road ahead. According to Jefferson Nationals second annual Advisory Authority Survey, financial advisors see ongoing volatility as one of the top macro issues that will adversely affect client portfolios over the next year, ThinkAdvisor reports. Related: VIX, Bearish S&P 500 ETFs to Hedge Uncertainty Specifically, 76% of RIAs and fee-based advisors, 89% of the highest earning advisors and 63% of investors in the survey expected volatility to rise in the coming year as both U.S. politics and domestic and international economics exacerbate the uncertain outlook. Among the top concerns, those surveyed pointed to energy prices, Federal Reserve policy, U.S. presidential election and Chinese instability. When it comes to investing, protecting clients portfolios and protecting their own practice, ongoing volatility remains the number one concern of RIAs and fee-based advisors year over year while investors are aware of volatilitys impact, they say that protecting assets is their number-one concern, Jefferson National president Laurence Greenberg said in a statement. Trending on ETF Trends As Q3 Begins, Gold Miner ETFs Keep Shining Winklevoss Bitcoin ETF Will Trade on BATS Another Rally Looms for Gold ETFs How to Hedge Market Turns with Inverse ETFs Brexit Weighs on Big Oil ETFs Among those surveyed 48% of all RIAs and fee-based advisors looked to ETFs and alternative mutual funds as their number one solution in todays volatile markets. Additionally, 60% of high earning advisors pointed to liquid alternatives. Story continues ETF traders also have a number of liquid alternative strategies to choose from. For instance, the Direxion Daily S&P Biotech Bear 1X Shares ( LABS ) , Direxion Daily Financial Bear 1x Shares ( FAZZ ) and Direxion Daily Energy Bear 1x Shares ( ERYY ) provide inverse or -100% exposure to some of the more volatile areas of the market this year. Related: ETF Traders Look Beyond Brexit to China Risk LABS may be a good way for investors to hedge against further selling in the biotech sector as political rhetoric puts a spotlight on pharmaceutical treatment prices and the growth play sours. FAZZ could be used to hedge against the Brexit fallout and potentially extended low-rate environment, which could weigh on the financial sector. Any further concerns on global growth and oil prices could also help traders hedge against a weakening energy sector with ERYY. Financial advisors who are interested in learning more about sector strategies can register for the Wednesday, June 29 webcast here . || ETF Strategies in a Post Brexit World: After a seven year bull run and an increased uncertainty, people may expect the equities market will more likely pullback and give up some of its gains. Consequently, traders have turned to bearish or inverse exchange traded fund strategies to hedge against turns in a more volatile market.
On an upcoming webcast this Wednesday,Sector Strategies in a Post Brexit World, Tom Dorsey, Co-Founder of Dorsey, Wright & Associates, and Sylvia Jablonski, Managing Director and Head of the Capital Markets & Institutional Strategy Team at Direxion, will discuss hedging strategies to manage a rougher road ahead.
According to Jefferson National’s second annual Advisory Authority Survey, financial advisors see ongoing volatility as one of the top macro issues that will adversely affect client portfolios over the next year, ThinkAdvisor reports.
Related:VIX, Bearish S&P 500 ETFs to Hedge Uncertainty
Specifically, 76% of RIAs and fee-based advisors, 89% of the highest earning advisors and 63% of investors in the survey expected volatility to rise in the coming year as both U.S. politics and domestic and international economics exacerbate the uncertain outlook. Among the top concerns, those surveyed pointed to energy prices, Federal Reserve policy, U.S. presidential election and Chinese instability.
“When it comes to investing, protecting clients’ portfolios and protecting their own practice, ongoing volatility remains the number one concern of RIAs and fee-based advisors year over year — while investors are aware of volatility’s impact, they say that protecting assets is their number-one concern,” Jefferson National president Laurence Greenberg said in a statement.
Trending on ETF Trends
As Q3 Begins, Gold Miner ETFs Keep Shining
Winklevoss Bitcoin ETF Will Trade on BATS
Another Rally Looms for Gold ETFs
How to Hedge Market Turns with Inverse ETFs
Brexit Weighs on Big Oil ETFs
Among those surveyed 48% of all RIAs and fee-based advisors looked to ETFs and alternative mutual funds as their number one solution in today’s volatile markets. Additionally, 60% of high earning advisors pointed to liquid alternatives.
ETF traders also have a number of liquid alternative strategies to choose from. For instance, theDirexion Daily S&P Biotech Bear 1X Shares (LABS), Direxion Daily Financial Bear 1x Shares (FAZZ) and Direxion Daily Energy Bear 1x Shares (ERYY) provide inverse or -100% exposure to some of the more volatile areas of the market this year.
Related:ETF Traders Look Beyond Brexit to China Risk
LABS may be a good way for investors to hedge against further selling in the biotech sector as political rhetoric puts a spotlight on pharmaceutical treatment prices and the growth play sours. FAZZ could be used to hedge against the Brexit fallout and potentially extended low-rate environment, which could weigh on the financial sector. Any further concerns on global growth and oil prices could also help traders hedge against a weakening energy sector with ERYY.
Financial advisors who are interested in learning more about sector strategies canregister for the Wednesday, June 29 webcast here. || British bitcoin market sent extraordinary signals ahead of the Brexit vote: The price of the digital currency bitcoin rose 6.5% in the 24 hours directly after Britain voted to leave the European Union. And while the coin had already been on a ride over the two weeks before the vote (it's up 25% in the last month), for a number of factors besides the Brexit , it is likely that uncertainty over the situation stoked interest in the cryptocurrency, which is seen as an investment asset uncorrelated to the broader economy. Bitcoin price over the past month from Winkdex, including Coinbase data. Note the spike after the Brexit vote, but also the much larger spike well before the vote. New data from Coinbase, which offers the leading bitcoin wallet and a popular bitcoin exchange, proves that the prospect of Brexit had an impact on bitcoin even before the referendum vote. In the week leading up to the vote (June 13-20), Coinbase saw a 55% increase in new account sign-ups from Great Britain, and a 350% increase in bitcoin purchases from UK customers. On the day of the Brexit vote, Coinbase saw an 86% increase in Great Britain signups. It's one of the largest spikes in activity Coinbase has ever seen from one region in one week. The British bitcoin bump is a reminder, a Coinbase spokesperson says, that b itcoin "has long been a hedge against turmoil in Greece, capital controls in China, and macro-economic issues." Indeed, many compare the coin to gold as an investment vehicle. The current market cap of all bitcoins is $10.1 billion. Coinbase, founded in 2012, has 4 million users and is now operable in 32 countries. It launched in the UK just one year ago , giving Brits the ability to buy bitcoin using pounds, euros or dollars. In the US, it recently added the ability for customers to buy bitcoin instantly using a debit card, making it even easier to buy up coin. Expect the fervor around Brexit to show a continued impact on the price of bitcoin. For a conversation with Coinbase cofounder Fred Ehrsam, watch the above video. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more of Yahoo Finances Brexit coverage: Story continues The latest Bitcoin price hike is not all about Brexit This crazy Brexit flowchart shows how the UK could still remain in the EU Brexit might not be so bad for... Burberry Harry Potter author JK Rowling unleashes fury at Brexit voters || British bitcoin market sent extraordinary signals ahead of the Brexit vote: The price of the digital currency bitcoin rose 6.5% in the 24 hours directly after Britain voted to leave the European Union. And while the coin had already been on a ride over the two weeks before the vote (it's up 25% in the last month),for a number of factors besides the Brexit, it is likely that uncertainty over the situation stoked interest in the cryptocurrency, which is seen as an investment asset uncorrelated to the broader economy.
New data from Coinbase, which offers the leading bitcoin wallet and a popular bitcoin exchange, proves that the prospect of Brexit had an impact on bitcoin even before the referendum vote.
In the week leading up to the vote (June 13-20),Coinbase saw a55% increase in new account sign-ups from Great Britain, and a 350% increase in bitcoin purchases from UK customers.
On the day of the Brexit vote, Coinbase saw an 86% increase in Great Britain signups.
It's one of the largest spikes in activity Coinbase has ever seen from one region in one week.
The British bitcoin bump is a reminder, a Coinbase spokesperson says, that bitcoin "has long been a hedge against turmoil in Greece, capital controls in China, and macro-economic issues." Indeed, many compare the coin to gold as an investment vehicle. The current market cap of all bitcoins is $10.1 billion.
Coinbase, founded in 2012, has 4 million users and is now operable in 32 countries. Itlaunched in the UK just one year ago, giving Brits the ability to buy bitcoin using pounds, euros or dollars. In the US, it recentlyadded the ability for customers to buy bitcoin instantly using a debit card, making it even easier to buy up coin.
Expect the fervor around Brexit to show a continued impact on the price of bitcoin.
For a conversation with Coinbase cofounder Fred Ehrsam, watch the above video.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more of Yahoo Finance’s Brexit coverage:
The latest Bitcoin price hike is not all about Brexit
This crazy Brexit flowchart shows how the UK could still remain in the EU
Brexit might not be so bad for... Burberry
Harry Potter author JK Rowling unleashes fury at Brexit voters
[Social Media Buzz]
$650.50 at 11:46 UTC [24h Range: $626.73 - $652.00 Volume: 8551 BTC] || Be judicious, buy your bitcoins at https://Bittylicious.com/refer/2465 £512.00 per BTC. (BPI +1.18%) #buy #bitcoin #banktrans || Current price of Bitcoin is $670.00 via @Chain || big trade: BUY $669.86/25.268 BTC at 6/30/2016, 09:53:00 AM PDT || One Bitcoin now worth $629.00@bitstamp. High $638.88. Low $625.37. Market Cap $ 9.886 Billion #bitcoin pic.twitter.com/fRn3sbqH9T || Goedkoopste Nederlandse aanbieder op dit moment ...
|
676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50.
|
[Bitcoin Technical Analysis for 2016-08-30]
Volume: 70342400, RSI (14-day): 43.45, 50-day EMA: 597.49, 200-day EMA: 536.50
[Wider Market Context]
Gold Price: 1311.70, Gold RSI: 38.90
Oil Price: 46.35, Oil RSI: 52.95
[Recent News (last 7 days)]
3 of Murray Stahl's Latest Investment Ideas: - By Bram de Haas
FRMO Corp. (FRMO) is out with another annual letter to investors by CEOMurray Stahl(Trades,Portfolio) and CFO Steven Bregman, and as always, it is highly interesting and a must-read for any enterprising value investor who enjoys creative ideas. The full letter can be read here, but I have taken the liberty to summarize the actionable investment ideas for you:
• Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out.
• FRMO 15-Year Financial Data
• The intrinsic value of FRMO
• Peter Lynch Chart of FRMO
1. CASH
If there is one important idea in the letter it is to keep cash. For some time now, Stahl and Bregman have been fairly bearish on the outlook for the investment landscape. Especially liquid investments contained in many ETF's are highly unattractive to them.
Readers of our Shareholder Letter for 2015 will recall that in the first paragraph we made reference to exceedingly low interest rates. We did not imagine the appearance of negative interest rates. As far as we can determine, after consulting Sidney Homer's classic text The History of Interest Rates , we are now in the lowest interest rate environment in the last 5,000 years. This is important, since interest rates establish value for all financial assets. Consequently, valuations for many types of financial assets are high. The investment opportunity set is, therefore, unusually narrow. It is for this reason that we carry about $49 million of cash and cash equivalents on our balance sheet. Indeed, viewed on a tangible assets basis, we are largely uninvested, since much of the balance sheet valuation of our Horizon Kinetics LLC assets is necessarily intangible.
One of the solutions proposed and put in practice by the duo is to hoard cash in large quantities. Not just as a defensive measure, but also in an offensive way. The cash can be used ONCE asset prices go down. What is merely zero yielding cash now, can be highly lucrative firepower later. Their argumentation strongly reminds me of " The Dao Of Capital" by Spitznagel. From the blurb:
We arrive at his central investment methodology ofAustrian Investing, where victory comes not from waging the immediate decisive battle, but rather from theroundaboutapproach of seeking the intermediate positional advantage (what he callsshi), of aiming at the indirect means rather than directly at the ends.
The roundabout is where he bets first on something that will decline in crisis, to reap rewards exactly at a time where liquidity comes at a premium. It is then the Austrian Investor is flush with cash and can harvest.
2. BITCOIN
Stahl and Bregman have, as long as I have tracked their moves, taken optionality very seriously. One outgrowth of that preference is the ownership interests in many exchanges of financial assets carried by FRMO. Bitcoin (BTC) and other altcoins are, in essence, exchanges as well. They represent a method to exchange value or store value. Still in the early innings of what they could be, there is tremendous optionality within Bitcoin, the blockchain and other altcoins. FRMO holds an investment in the Digital Currency Group, which is an investor in many different bitcoin and blockchain related companies. Among other assets, it holds a stake in Coinbase (a very user friendly bitcoin and ethereum wallet) and the GBTC, which is one of the few ways institutional investors can buy Bitcoin. In addition in 2016, as per the annual letter, Horizon Kinetics also established a fund that invests in bitcoin:
The fund established an investment maximum of $50,000 per client. We are not aware of any other firm that so constrains client contributions. However, we believe it is the easiest and most obvious way to control risk. We simply limit the amount of money that can possibly be lost to an amount that is tolerable. Investment firms often complain about the short-term focus of clients. The short-term focus is more understandable if the investment in failure mode could quite negatively impact their lives. In any case, we rapidly sold essentially every available slot in the fund.
I like this for two reasons: 1) the fact that they set up another successful fund and 2) This increases FRMO's exposure to crytocurrency, a currency or asset class (however you want to call it) that I'm bullish on as it solves real-world problems. For a more in-depth discussion, you can reference my writing in 5 reasons to buy bitcoin and 6 reasons why you shouldn't invest in bitcoin .
MICROCAPS
As an extension of Stahl and Bregman's distrust of large liquid assets, they pursue lots of illiquid assets but also have become interested in the micro cap space.
As a consequence of the industrial scale upon which indexes operate, the largest companies frequently have valuations far in excess of smaller companies. For example, large-capitalization shares have outperformed micro-capitalization equities for years. The S&P 500 trades at nearly two times the price-to-book-value ratio of a typical micro-capitalization index. This is very unusual. However, the enormous industrial scale of indexation investing, as well as the market capitalization float adjusted methodology of weighting, requires maximum trading liquidity that simply cannot be provided by genuinely small companies. Another factor, the importance of which is difficult to quantify, is that the large companies frequently pay robust dividends. This is not usually true of small firms. There are many large capitalization equity indexes that are marketed as so-called "bond substitutes." This is nothing other than a consequence of the worldwide central bank effort to lower interest rates, to zero in many instances. The theory behind this effort was to essentially force investors into risk-based assets and, hence, stimulate economic growth.
It is not referenced by name in the current annual letter, but I believe their investment in the Royce Microcap Trust (RMT), through Horizon Kinetics funds, is inspired by this idea. This is a closed-end fund that is trading at a historically very sizeable discount, while micro caps have underperformed for years on end. Lots of potential to get a double whammy here if both micro caps close the valuation gap with large caps and the discount to intrinsic value narrows. As you can see below, the discount is really much wider than it has historically been:
Disclosure: Long FRMO Corp and Bitcoin.
Start afree 7-day trial of Premium Membershipto GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out.
• FRMO 15-Year Financial Data
• The intrinsic value of FRMO
• Peter Lynch Chart of FRMO || 3 of Murray Stahl's Latest Investment Ideas: - By Bram de Haas FRMO Corp. (FRMO) is out with another annual letter to investors by CEO Murray Stahl ( Trades , Portfolio ) and CFO Steven Bregman, and as always, it is highly interesting and a must-read for any enterprising value investor who enjoys creative ideas. The full letter can be read here, but I have taken the liberty to summarize the actionable investment ideas for you: Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out. FRMO 15-Year Financial Data The intrinsic value of FRMO Peter Lynch Chart of FRMO 1. CASH If there is one important idea in the letter it is to keep cash. For some time now, Stahl and Bregman have been fairly bearish on the outlook for the investment landscape. Especially liquid investments contained in many ETF's are highly unattractive to them. Readers of our Shareholder Letter for 2015 will recall that in the first paragraph we made reference to exceedingly low interest rates. We did not imagine the appearance of negative interest rates. As far as we can determine, after consulting Sidney Homer's classic text The History of Interest Rates , we are now in the lowest interest rate environment in the last 5,000 years. This is important, since interest rates establish value for all financial assets. Consequently, valuations for many types of financial assets are high. The investment opportunity set is, therefore, unusually narrow. It is for this reason that we carry about $49 million of cash and cash equivalents on our balance sheet. Indeed, viewed on a tangible assets basis, we are largely uninvested, since much of the balance sheet valuation of our Horizon Kinetics LLC assets is necessarily intangible. One of the solutions proposed and put in practice by the duo is to hoard cash in large quantities. Not just as a defensive measure, but also in an offensive way. The cash can be used ONCE asset prices go down. What is merely zero yielding cash now, can be highly lucrative firepower later. Their argumentation strongly reminds me of " The Dao Of Capital" by Spitznagel. From the blurb: Story continues We arrive at his central investment methodology of Austrian Investing , where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi ), of aiming at the indirect means rather than directly at the ends. The roundabout is where he bets first on something that will decline in crisis, to reap rewards exactly at a time where liquidity comes at a premium. It is then the Austrian Investor is flush with cash and can harvest. 2. BITCOIN Stahl and Bregman have, as long as I have tracked their moves, taken optionality very seriously. One outgrowth of that preference is the ownership interests in many exchanges of financial assets carried by FRMO. Bitcoin (BTC) and other altcoins are, in essence, exchanges as well. They represent a method to exchange value or store value. Still in the early innings of what they could be, there is tremendous optionality within Bitcoin, the blockchain and other altcoins. FRMO holds an investment in the Digital Currency Group, which is an investor in many different bitcoin and blockchain related companies. Among other assets, it holds a stake in Coinbase (a very user friendly bitcoin and ethereum wallet) and the GBTC, which is one of the few ways institutional investors can buy Bitcoin. In addition in 2016, as per the annual letter, Horizon Kinetics also established a fund that invests in bitcoin: The fund established an investment maximum of $50,000 per client. We are not aware of any other firm that so constrains client contributions. However, we believe it is the easiest and most obvious way to control risk. We simply limit the amount of money that can possibly be lost to an amount that is tolerable. Investment firms often complain about the short-term focus of clients. The short-term focus is more understandable if the investment in failure mode could quite negatively impact their lives. In any case, we rapidly sold essentially every available slot in the fund. I like this for two reasons: 1) the fact that they set up another successful fund and 2) This increases FRMO's exposure to crytocurrency, a currency or asset class (however you want to call it) that I'm bullish on as it solves real-world problems. For a more in-depth discussion, you can reference my writing in 5 reasons to buy bitcoin and 6 reasons why you shouldn't invest in bitcoin . MICROCAPS As an extension of Stahl and Bregman's distrust of large liquid assets, they pursue lots of illiquid assets but also have become interested in the micro cap space. As a consequence of the industrial scale upon which indexes operate, the largest companies frequently have valuations far in excess of smaller companies. For example, large-capitalization shares have outperformed micro-capitalization equities for years. The S&P 500 trades at nearly two times the price-to-book-value ratio of a typical micro-capitalization index. This is very unusual. However, the enormous industrial scale of indexation investing, as well as the market capitalization float adjusted methodology of weighting, requires maximum trading liquidity that simply cannot be provided by genuinely small companies. Another factor, the importance of which is difficult to quantify, is that the large companies frequently pay robust dividends. This is not usually true of small firms. There are many large capitalization equity indexes that are marketed as so-called "bond substitutes." This is nothing other than a consequence of the worldwide central bank effort to lower interest rates, to zero in many instances. The theory behind this effort was to essentially force investors into risk-based assets and, hence, stimulate economic growth. It is not referenced by name in the current annual letter, but I believe their investment in the Royce Microcap Trust ( RMT ), through Horizon Kinetics funds, is inspired by this idea. This is a closed-end fund that is trading at a historically very sizeable discount, while micro caps have underperformed for years on end. Lots of potential to get a double whammy here if both micro caps close the valuation gap with large caps and the discount to intrinsic value narrows. As you can see below, the discount is really much wider than it has historically been: discountNAV.jpg Disclosure: Long FRMO Corp and Bitcoin. Start a free 7-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 8 Warning Signs with PM. Click here to check it out. FRMO 15-Year Financial Data The intrinsic value of FRMO Peter Lynch Chart of FRMO || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. Story continues His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. Story continues His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled “Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk” was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Cyber threat grows for bitcoin exchanges: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theft -- the second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyo's MtGox exchange in early 2014 -- is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositor's insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cyber security risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with under-capitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. "There is a general sense in the bitcoin community that any centralized repository is at risk," said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. "So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins," the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the currency. "I am skeptical there's going to be any technological silver bullet that's going to solve security breach problems. No technology, crypto-currency, or financial mechanism can be made safe from hacks," said Tyler Moore, assistant professor of cyber security at the University of Tulsa's Tandy School of Computer Science who will soon publish the new research on the vulnerability of bitcoin exchanges. His study, funded by the U.S. Department of Homeland Security and shared with Reuters, shows that since bitcoin's creation in 2009 to March 2015, 33 percent of all bitcoin exchanges operational during that period were hacked. The figure represents one of the first estimates of the extent of security breaches in the bitcoin world. In contrast, data from the Privacy Rights Clearinghouse, a non-profit organization, showed that of the 6,000 operational U.S. banks, only 67 banks experienced a publicly-disclosed data breach between 2009 and 2015. That's roughly 1 percent of U.S. banks. Among the world's stock exchanges, however, security breaches are much higher, with hackers attracted to the large pools of cash moving in and out of these trading venues. The latest survey of 46 securities exchanges released three years ago by the International Organization of Securities Commissions and World Federation of Exchanges found that more than half had experienced a cyber attack. Moore collaborated on the research with Nicolas Christin, associate research professor at Carnegie Mellon University and Janos Szurdi, a Ph.D. student also at Carnegie. In 2013, Moore and Christin wrote a research paper on security risks surrounding bitcoin exchanges when Moore was still a professor at Southern Methodist University. That research entitled Beware of the Middleman: Empirical Analysis of Bitcoin Exchange Risk was peer-reviewed and presented at the 17th International Financial Cryptography and Data Security Conference in Okinawa, Japan in 2013. In the most recent study, the rate of closure for bitcoin exchanges in Moore's research edged up to 48 percent among those operating from 2009 to March 2015. Hacking did not necessarily trigger the closure in each case. "A 48 percent closure is not acceptable, but not surprising given that bitcoin is a new technology," said Richard Johnson, vice president of market structure and technology at Greenwich Associates. Johnson has written reports on risk and security issues in the crypto-currency world. Profitability is a big problem for bitcoin exchanges, with many of them unable to generate enough volume to keep afloat. Bitcoin exchanges overall could be launched for as low as $100,000 up to $1 million, said Erik Voorhees, founder and chief executive officer of digital currency exchange ShapeShift. That is a fraction of what U.S. forex exchanges' are required to put up. Retail FX trading platform FXCM, for instance, is required by the Commodity Futures Trading Commission to have at least $25 million in capital at all times. RECOVERING LOSSES A key factor tied to the risk posed by exchanges is whether customers are reimbursed after closure or after the loss of bitcoins following a hack. Each closure and breach have been handled differently, but Tandy's Moore said the risk of losing funds stored in exchanges are real. In the case of Bitfinex, which is now up and running after the hack August 2, customers lost 36 percent of the assets they had on the platform and were compensated for the losses with tokens of credit that would be converted into equity in the parent company. At Tokyo's MtGox, customers have yet to recover their investments more than two years after closure. Experts say trading venues acting like banks such as Bitfinex will remain vulnerable. These exchanges act as custodial wallets in which they control users' digital currencies like banks control customer deposits. "The big exchanges that hold customer deposits are a big target for hackers," said ShapeShift's Voorhees, "and unfortunately most bitcoin exchanges store user funds." When customers' checking accounts are hacked, there is always a third party at the bank that can step in to deal with the theft. Not so with bitcoin, said Seattle-based Darin Stanchfield, chief executive officer at KeepKey, a hardware wallet provider. He expects more of these attacks to happen despite efforts to improve security at bitcoin exchanges. "Unfortunately because of its irreversible nature, bitcoin requires near perfect security." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Edward Tobin) || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy ofIris.xyz
Written by:Christopher Burniske, ARK Analyst
ARK Invest and Coinbase defineinvestabilityas providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016.
However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British pound—the assumption being that businesses are monitored more closely when handling these currencies—the picture is starkly different.
Trending on ETF Trends
BATS Encouraging Greater Liquidity in ETF Trades
Pros Bet on an Oil ETF Rally
Uranium ETF: Ready to Break a Long Slumber?
Dollar ETFs may Finally get Their Day
ETF Investors Find More Variety as Fund Sponsors Expand
Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume.
As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBit’s Asian OTC volume soared 300% month-over-month in March 2016.
Click hereto read the full story on Iris.xyz. || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy ofIris.xyz
Written by:Christopher Burniske, ARK Analyst
ARK Invest and Coinbase defineinvestabilityas providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016.
However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British pound—the assumption being that businesses are monitored more closely when handling these currencies—the picture is starkly different.
Trending on ETF Trends
BATS Encouraging Greater Liquidity in ETF Trades
Pros Bet on an Oil ETF Rally
Uranium ETF: Ready to Break a Long Slumber?
Dollar ETFs may Finally get Their Day
ETF Investors Find More Variety as Fund Sponsors Expand
Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume.
As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBit’s Asian OTC volume soared 300% month-over-month in March 2016.
Click hereto read the full story on Iris.xyz. || Bitcoin: A Significantly Investable Asset: Note: This article is courtesy of Iris.xyz Written by: Christopher Burniske, ARK Analyst ARK Invest and Coinbase define investability as providing ample liquidity and opportunity to invest. Globally, bitcoin exchange trading volumes are a good measure of the liquidity available to investors. As shown in the graph below, these volumes have been increasing steadily, reaching roughly $1 billion per day through the first quarter of 2016. global-daily However, the graph above suffers a shortcoming as trading activity is self-reported by exchanges and not validated by third parties. If we were to look only at bitcoin traded as a cross with the US dollar, euro and British poundthe assumption being that businesses are monitored more closely when handling these currenciesthe picture is starkly different. Trending on ETF Trends BATS Encouraging Greater Liquidity in ETF Trades Pros Bet on an Oil ETF Rally Uranium ETF: Ready to Break a Long Slumber? Dollar ETFs may Finally get Their Day ETF Investors Find More Variety as Fund Sponsors Expand Daily trades made in these three currencies have been ranging between $10 to $100 million since early 2014, as shown in the graph below. For 2016, this comparison puts these three currencies at between 2-10% of global bitcoin trading volume. daily-bitcoin As a percentage of reported bitcoin volume traded, the Chinese yuan took significant share during the explosive November 2013 price rally, and has continued to dominate (see graph below). Although over-the-counter (OTC) trading is still a small percentage of total volume generation, and not included in these graphs, itBits Asian OTC volume soared 300% month-over-month in March 2016. Click here to read the full story on Iris.xyz. View comments || This infographic shows the questionable effectiveness of UN Peacekeeping missions: (French UN soldiers run from Sarajevo's Radio and Television building on July 27, 1993 after it came under attack by artillery shells.Chris Helgren/Reuters)
TheUnited Nationshas long been a purported force for change in developing countries and other international crises.
Public opinion on their undertakings have been mixed at best, with the role of UN Peacekeeping missions particularly under the microscope.
Wearing their recognizable light blue berets and helmets, UN peacekeepers have been bothsuccessfulin resolving conflicts andcriticizedfor their lack of action during life-threatening emergencies.
The following infographic fromNorwich University Onlineexplains UN Peacekeeping missions and seeks to explain if the missions are even effective in the long run.
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• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || This infographic shows the questionable effectiveness of UN Peacekeeping missions: UN soldiers (French UN soldiers run from Sarajevo's Radio and Television building on July 27, 1993 after it came under attack by artillery shells.Chris Helgren/Reuters) The United Nations has long been a purported force for change in developing countries and other international crises. Public opinion on their undertakings have been mixed at best, with the role of UN Peacekeeping missions particularly under the microscope. Wearing their recognizable light blue berets and helmets, UN peacekeepers have been both successful in resolving conflicts and criticized for their lack of action during life-threatening emergencies. The following infographic from Norwich University Online explains UN Peacekeeping missions and seeks to explain if the missions are even effective in the long run. Norwich University Online Masters in Diplomacy NOW WATCH: The Pentagon made a move that will revolutionize thousands of soldiers' lives More From Business Insider The man who accurately predicted 5 market crashes has 3 more dates we need to worry about THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || JIM ROGERS: 'I'm not the only person who knows there's turmoil coming': Jim Rogers (Jim RogersREUTERS/Brendan McDermid) There's economic havoc on the horizon, but no safe haven, says legendary investor Jim Rogers. "I'm not the only person who knows there's turmoil coming," Rogers said in an interview with Real Vision TV released Friday. "And people are looking for ways to protect themselves." Rogers is worried about the increasing valuation of gold and the US dollar, as well as the US stock indexes, which he said are up despite most underlying stocks being down. Meanwhile, many investors are seeking shelter in gold and the US dollar, but neither are safe, Rogers said. "I own a lot of US dollars, though," he added. "Not because it's a safe haven, but because people think it's a safe haven. And when the world falls apart, people will put their money into the dollar. That's going to mean the dollar's going to go up." In turn, the dollar's increase is going to hurt a lot of other currencies, Rogers said, including the euro, the UK pound, and the Chinese currency. Rogers warned against seeing strength in the strong US stock market, which has continued to rise. "Everybody thinks, well, things are great because look at the S&P," he said. "Well, look under the S&P, and you would say, 'Oh, my God, look what's going on here.' We've got problems, and that's happening this year as well." Rogers joins other notable investors who have raised concerns about potential market turmoil. Stan Druckenmiller said earlier this year that investors should move their money to gold, and 36 South's Jerry Haworth, who runs a black swan fund, said he also expects chaos to come . NOW WATCH: Kobe Bryant is starting a $100-million venture capital fund More From Business Insider The man who accurately predicted 5 market crashes has 3 more dates we need to worry about THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || JIM ROGERS: 'I'm not the only person who knows there's turmoil coming': (Jim RogersREUTERS/Brendan McDermid)
There's economic havoc on the horizon, but no safe haven, says legendary investor Jim Rogers.
"I'm not the only person who knows there's turmoil coming," Rogers said in an interview withReal Vision TVreleased Friday. "And people are looking for ways to protect themselves."
Rogers is worried about the increasing valuation of gold and the US dollar, as well as the US stock indexes, which he said are up despite most underlying stocks being down.
Meanwhile, many investors are seeking shelter in gold and the US dollar, but neither are safe, Rogers said.
"I own a lot of US dollars, though," he added. "Not because it's a safe haven, but because people think it's a safe haven. And when the world falls apart, people will put their money into the dollar. That's going to mean the dollar's going to go up."
In turn, the dollar's increase is going to hurt a lot of other currencies, Rogers said, including the euro, the UK pound, and the Chinese currency.
Rogers warned against seeing strength in the strong US stock market, which has continued to rise. "Everybody thinks, well, things are great because look at the S&P," he said. "Well, look under the S&P, and you would say, 'Oh, my God, look what's going on here.' We've got problems, and that's happening this year as well."
Rogers joins other notable investors who have raised concerns about potential market turmoil.
Stan Druckenmiller said earlier this year that investors should move their money to gold, and 36 South's Jerry Haworth, who runs a black swan fund, said he also expectschaos to come.
NOW WATCH:Kobe Bryant is starting a $100-million venture capital fund
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• The man who accurately predicted 5 market crashes has 3 more dates we need to worry about
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || Maine governor challenges 'son of a b----' politician to duel after leaving profanity-laced voicemail: Paul LePage (Paul LePage.AP Photo/Michael Dwyer) Maine Gov. Paul LePage challenged a state representative to "prove that I'm a racist" in a scathing, profane voicemail to the lawmaker he attacked. LePage left the wild voicemail Thursday morning after a reporter confronted him and suggested that Democratic Rep. Drew Gattine was among several who labeled the Pine Tree State governor a racist after a series of comments made by LePage throughout the year. "Mr. Gattine, this is Gov. Paul Richard LePage," began the voicemail, published Friday by The Portland Press Herald . "I would like to talk to you about your comments about my being a racist, you c---s-----. I want to talk to you." "I want you to prove that I'm a racist," he continued. "I've spent my life helping black people and you little son-of-a-b---- socialist c---s-----. You ... I need you to, just friggin' — I want you to record this and make it public because I am after you. Thank you." Listen to the voicemail: After local media obtained the voicemail, the Maine Republican invited reporters to hear him out. The governor admitted to leaving the voicemail and professed a desire to settle the dispute with Gattine in an armed duel. "When a snot-nosed little guy from Westbrook calls me a racist, now I'd like him to come up here because, tell you right now, I wish it were 1825," LePage said, according to The Press Herald. "And we would have a duel, that's how angry I am, and I would not put my gun in the air, I guarantee you, I would not be [Alexander] Hamilton. I would point it right between his eyes, because he is a snot-nosed little runt and he has not done a damn thing since he's been in this Legislature to help move the state forward." Gattine told The Press Herald that he never explicitly called LePage a racist. On Wednesday , LePage stirred up controversy when he said that for the past seven months he kept a binder in which he inserts photos of drug dealers arrested in the state. LePage said he's logged the photos in an attempt to justify racially tinged comments he made earlier this year when speaking about drug-related problems in his state. "I made the comment that black people are trafficking in our state," he said. "Now, ever since I said that comment I've been collecting every single drug dealer who has been arrested in our state." "I don't ask them to come to Maine and sell their poison, but they come," he continued. "And I will tell you that 90-plus percent of those pictures in my book ― and it's a three-ringed binder ― are black and Hispanic people from Waterbury, Connecticut, the Bronx, and Brooklyn." Story continues Paul LePage (AP) LePage said in January that "guys with the name D-Money, Smoothie," come to Maine to sell drugs and "impregnate a young, white girl." "They come from Connecticut and New York, they come up here, they sell their heroin, they go back home," he said. "Incidentally, half the time they impregnate a young, white girl before they leave, which is a real sad thing because then we have another issue we have to deal with down the road." He gave an apology for the comments in a subsequent press conference, saying that he should've said "Maine women" instead of white women. Later that month, he said convicted drug criminals should face "the guillotine." LePage is an active supporter of Republican presidential nominee Donald Trump, introducing him at multiple Maine rallies. LePage's daughter also recently accepted a position in the Trump campaign. NOW WATCH: INSTANT POLL: Americans viewed Clinton's convention speech more favorably than Trump's More From Business Insider The man who accurately predicted 5 market crashes has 3 more dates we need to worry about THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem Fintech could be bigger than ATMs, PayPal, and Bitcoin combined View comments || Maine governor challenges 'son of a b----' politician to duel after leaving profanity-laced voicemail: (Paul LePage.AP Photo/Michael Dwyer)
Maine Gov. Paul LePage challenged a state representative to "prove that I'm a racist" in a scathing, profane voicemail to the lawmaker he attacked.
LePage left the wild voicemail Thursday morning after a reporter confronted him and suggested that Democratic Rep. Drew Gattine was among several who labeled the Pine Tree State governor a racist after a series of comments made by LePage throughout the year.
"Mr. Gattine, this is Gov. Paul Richard LePage," began the voicemail,published Friday by The Portland Press Herald. "I would like to talk to you about your comments about my being a racist, you c---s-----. I want to talk to you."
"I want you to prove that I'm a racist," he continued. "I've spent my life helping black people and you little son-of-a-b---- socialist c---s-----. You ... I need you to, just friggin' — I want you to record this and make it public because I am after you. Thank you."
After local media obtained the voicemail, the Maine Republican invited reporters to hear him out. The governor admitted to leaving the voicemail and professed a desire to settle the dispute with Gattine in an armed duel.
"When a snot-nosed little guy from Westbrook calls me a racist, now I'd like him to come up here because, tell you right now, I wish it were 1825," LePage said, according to The Press Herald.
"And we would have a duel, that's how angry I am, and I would not put my gun in the air, I guarantee you, I would not be [Alexander] Hamilton. I would point it right between his eyes, because he is a snot-nosed little runt and he has not done a damn thing since he's been in this Legislature to help move the state forward."
Gattine told The Press Herald that he never explicitly called LePage a racist.
On Wednesday, LePage stirred up controversy when he said that for the past seven months he kept a binder in which he inserts photos of drug dealers arrested in the state. LePage said he's logged the photos in an attempt to justify racially tinged comments he made earlier this year when speaking about drug-related problems in his state.
"I made the comment that black people are trafficking in our state," he said. "Now, ever since I said that comment I've been collecting every single drug dealer who has been arrested in our state."
"I don't ask them to come to Maine and sell their poison, but they come," he continued. "And I will tell you that 90-plus percent of those pictures in my book ― and it's a three-ringed binder ― are black and Hispanic people from Waterbury, Connecticut, the Bronx, and Brooklyn."
(AP)
LePage said in Januarythat "guys with the name D-Money, Smoothie," come to Maine to sell drugs and "impregnate a young, white girl."
"They come from Connecticut and New York, they come up here, they sell their heroin, they go back home," he said. "Incidentally, half the time they impregnate a young, white girl before they leave, which is a real sad thing because then we have another issue we have to deal with down the road."
He gave an apology for the comments in a subsequent press conference, saying that he should've said "Maine women" instead of white women.
Later that month, he saidconvicted drug criminalsshould face "the guillotine."
LePage is an active supporter of Republican presidential nominee Donald Trump, introducing him at multiple Maine rallies. LePage's daughteralso recently accepteda position in the Trump campaign.
NOW WATCH:INSTANT POLL: Americans viewed Clinton's convention speech more favorably than Trump's
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• The man who accurately predicted 5 market crashes has 3 more dates we need to worry about
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || This CEO says he was shut out by tons of investors in Silicon Valley for classifying his workers as W-2 employees: josh bruno hometeam (Hometeam CEO Josh BrunoHometeam) The debate about whether "on-demand" economy workers should be classified as independent contractors (who use IRS Form 1099) or employees (who use Form W-2) rages on, but one startup CEO found that for Silicon Valley venture capitalists, there was a clear preference for 1099s. On-demand startups like ride-hailing Uber or delivery service Instacart generally rely on 1099 workers who aren't technically employees of the company. And there's a simple reason: Having employees on your payroll can get expensive. Last year, the food delivery service Munchery told Business Insider that hiring its drivers as employees instead of contractors adds an estimated 20-30% to cost per hour. That's a ton. But having your workers on 1099s restricts the type of training and support a startup can give, and this can decrease efficiency. The cost-benefit analysis of 1099 versus W-2 even caused valet startup Luxe to switch from W-2 to 1099, and then back to W-2. It can sometimes be tough for a startup to decide which is best for it and its workers. But Josh Bruno, the CEO of senior-care startup Hometeam , said that for him it was always clear that Hometeam's 1,000-plus caregivers needed to be on W-2s. They needed a lot of training, and Bruno wanted to give them the sense that Hometeam was investing in them for the long haul. But unfortunately, when Bruno was trying to raise money, that wasn't what Silicon Valley VCs wanted to hear. "I was kicked out of every office on Sand Hill Road," Bruno said, referring to the iconic street that houses many famous Silicon Valley VCs. Bruno said he even had a verbal agreement with a "flashy name" VC, who then wouldn't go through with the investment unless Bruno put his workers on 1099s. Why? One reason, Bruno said, is because big names like Uber and Lyft were doing it. Bruno's main competitor, Honor, which was named one of Business Insider's hottest San Francisco startups to watch in 2016, originally used 1099s. It has since switched to W-2s. Story continues But it wasn't simply because everyone was doing it, Bruno said. The deeper reason rested in what a 1099 represented. Bruno said that to VCs he spoke with, a 1099 meant a job that was both easy and repeatable. The worker is a part that can be swapped in, which is good because it means the business will be easier to scale, Bruno explained. And it would be easier to get the kind of growth the VCs were looking for. Not all VCs think this way, even among those whom Bruno was pitching. Hometeam has so far raised $43.5 million from Kaiser Permanente Ventures, Oak HC/FT, Lux Capital, IA Ventures, and Recruit Strategic Partners. Honor has raised $62 million total, and recently raised $42 million long after switching its workers to W-2s. But Bruno's experience raises useful points about how "gig economy" workers are conceptualized by both startups and VCs. The more that workers swing toward the W-2 side, the less they seem like cogs in a machine, but the less they feel like part of a startup that can use technology to scale itself rapidly, up and up. NOW WATCH: Apple just fixed a major security problem — and you should update your iPhone right now More From Business Insider The man who accurately predicted 5 market crashes has 3 more dates we need to worry about THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || This CEO says he was shut out by tons of investors in Silicon Valley for classifying his workers as W-2 employees: (Hometeam CEO Josh BrunoHometeam)
The debate about whether "on-demand" economy workers should be classified as independent contractors (who use IRS Form 1099) or employees (who use Form W-2) rages on, but one startup CEO found that for Silicon Valley venture capitalists, there was a clear preference for 1099s.
On-demand startups like ride-hailing Uber or delivery service Instacart generally rely on 1099 workers who aren't technically employees of the company.
And there's a simple reason: Having employees on your payroll can get expensive.
Last year, the food delivery serviceMunchery told Business Insiderthat hiring its drivers as employees instead of contractors adds an estimated 20-30% to cost per hour. That's a ton.
But having your workers on 1099s restricts the type of training and support a startup can give, and this can decrease efficiency. The cost-benefit analysis of 1099 versus W-2even causedvalet startup Luxe to switch from W-2 to 1099, and then back to W-2. It can sometimes be tough for a startup to decide which is best for it and its workers.
But Josh Bruno, the CEO of senior-care startupHometeam, said that for him it was always clear that Hometeam's1,000-plus caregiversneeded to be on W-2s. They needed a lot of training, and Bruno wanted to give them the sense that Hometeam was investing in them for the long haul.
But unfortunately, when Bruno was trying to raise money, that wasn't what Silicon Valley VCs wanted to hear.
"I was kicked out of every office on Sand Hill Road," Bruno said, referring to the iconic street that houses many famous Silicon Valley VCs. Bruno said he even had a verbal agreement with a "flashy name" VC, who then wouldn't go through with the investment unless Bruno put his workers on 1099s.
Why? One reason, Bruno said, is because big names like Uber and Lyft were doing it. Bruno's main competitor, Honor, which was named one of Business Insider'shottest San Franciscostartups to watch in 2016, originally used 1099s. It has since switched to W-2s.
But it wasn't simply because everyone was doing it, Bruno said. The deeper reason rested in what a 1099 represented.
Bruno said that to VCs he spoke with, a 1099 meant a job that was both easy and repeatable. The worker is a part that can be swapped in, which is good because it means the business will be easier to scale, Bruno explained. And it would be easier to get the kind of growth the VCs were looking for.
Not all VCs think this way, even among those whom Bruno was pitching. Hometeam has so far raised $43.5 million from Kaiser Permanente Ventures, Oak HC/FT, Lux Capital, IA Ventures, and Recruit Strategic Partners.
Honor has raised $62 million total, andrecently raised $42 millionlong after switching its workers to W-2s.
But Bruno's experience raises useful points about how "gig economy" workers are conceptualized by both startups and VCs. The more that workers swing toward the W-2 side, the less they seem like cogs in a machine, but the less they feel like part of a startup that can use technology to scale itself rapidly, up and up.
NOW WATCH:Apple just fixed a major security problem — and you should update your iPhone right now
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• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined || Your first trade for Friday, August 26: The " Fast Money " traders gave their final trades of the day. Steve Grasso is a buyer of Dollar General (DG ( DG ) ). Karen Finerman is a buyer of the SPDR S&P 500 ETF Trust (SPY (NYSE Arca: SPY) ). David Seaburg is a buyer of Bank of America (BAC (NYSE: BAC"A) ). Brian Kelly is a buyer of the Gold Miners ETF (GDX (NYSE Arca: GDX) ). Trader disclosure: On Thursday, August 25 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: STEVE GRASSO is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY No Shorts Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP KAREN FINERMAN is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. BRIAN KELLY is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY= || Your first trade for Friday, August 26: The "Fast Money" traders gave their final trades of the day.
Steve Grasso is a buyer of Dollar General (DG(DG)).
Karen Finerman is a buyer of the SPDR S&P 500 ETF Trust (SPY(NYSE Arca: SPY)).
David Seaburg is a buyer of Bank of America (BAC(NYSE: BAC"A)).
Brian Kelly is a buyer of the Gold Miners ETF (GDX(NYSE Arca: GDX)).
Trader disclosure: OnThursday, August 25the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:
STEVE GRASSOis long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX Grasso's Kids Own EFA, EFG, EWJ, IJR, SPY No Shorts Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP
KAREN FINERMANis long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT.
BRIAN KELLYis long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, VXX, XLF, XOP, US Dollar UUP; he is short EUR=, JPY= || Consumer confidence unexpectedly drops: (Joe Raedle / Staff / Getty Images)
The University of Michigan's final reading for consumer confidence in the month of August came in at 89.8, lower than economist's expectations of 90.5.
The number is also lower than the preliminary number of 90.4 from August 12.
This is a decline than the index's reading of 90 from July.
According to Richard Curtin, chief economist of the survey, the decline mostly came from young people worried about their personal finances.
"Less favorable personal financial prospects were largely offset by a slight improvement in the outlook for the overall economy," said Curtin in the release. "Most of the weakness in personal finances was among younger households who cited higher expenses than anticipated as well as slightly smaller expected income gains."
NOW WATCH:Scientists just collected a mysterious 'purple orb' at the bottom of the ocean, but no one could anticipate what happened next
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[Social Media Buzz]
1 #bitcoin = $10750.00 MXN | $576.35 USD #BitAPeso 1 USD = 18.65MXN http://www.bitapeso.com || 1 #BTC (#Bitcoin) quotes:
$573.00/$574.08 #Bitstamp
$577.52/$577.84 #BTCe
⇢$3.44/$4.84
$572.95/$578.78 #Coinbase
⇢$-1.13/$5.78 || 1 #bitcoin = $10700.00 MXN | $573.9 USD #BitAPeso 1 USD = 18.64MXN http://www.bitapeso.com || One Bitcoin now worth $575.96@bitstamp. High $576.00. Low $568.55. Market Cap $9.125 Billion #bitcoin || One Bitcoin now worth $574.99@bitstamp. High $576.00. Low $568.55. Market ...
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575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94.
|
[Bitcoin Technical Analysis for 2020-02-07]
Volume: 34522718159, RSI (14-day): 70.77, 50-day EMA: 8588.43, 200-day EMA: 8370.07
[Wider Market Context]
Gold Price: 1568.60, Gold RSI: 58.11
Oil Price: 50.32, Oil RSI: 26.18
[Recent News (last 7 days)]
South Korean university issues blockchain-stored diplomas amid the spread of the coronavirus: South Korea’s Pohang University of Science and Technology (POSTECH) is set to issue blockchain-stored diplomas to its new graduates.
Given the threat of the coronavirus, the university believes it’s no longer safe for students to congregate at a graduation ceremony. Instead of postponing the event, the administration decided to give students the option to get their diplomas online, local media outletMBNreported.
On Feb. 7, POSTECH’s 828 new graduates will receive an email letter with a QR code linked to their blockchain-stored diploma. The diplomas are created by blockchain-based certification service “broof.” Launched in May 2019 by Korean firmICONLOOP, the service allows users to issue, manage, and view online certificates via ICONLOOP’s public blockchain network.
"In the aftermath of the new corona, it is impossible to hold a graduation ceremony on time,” a POSTECH official told MBN. "Now, even if a student does not visit the school to receive the diploma, they can get an online digital degree secured by blockchain technology."
POSTECH previously made use of broof’s technology in June 2019 when it issued blockchain certificates to graduates of its blockchain CEO course, MBN said. Compared to traditional online diplomas, blockchain-based certificates are not subject to forgery or alteration. Recipients can access the information through an encrypted path.
Meanwhile, other higher education institutions also are experimenting with digital academic credentials. MIT Media Lab, for example, isbuildinga set of tools to store and manage cryptographically signed certificates on the Bitcoin blockchain. || South Korean university issues blockchain-stored diplomas amid the spread of the coronavirus: South Koreas Pohang University of Science and Technology (POSTECH) is set to issue blockchain-stored diplomas to its new graduates. Given the threat of the coronavirus, the university believes its no longer safe for students to congregate at a graduation ceremony. Instead of postponing the event, the administration decided to give students the option to get their diplomas online, local media outlet MBN reported. On Feb. 7, POSTECHs 828 new graduates will receive an email letter with a QR code linked to their blockchain-stored diploma. The diplomas are created by blockchain-based certification service broof . Launched in May 2019 by Korean firm ICONLOOP , the service allows users to issue, manage, and view online certificates via ICONLOOPs public blockchain network. "In the aftermath of the new corona, it is impossible to hold a graduation ceremony on time, a POSTECH official told MBN. "Now, even if a student does not visit the school to receive the diploma, they can get an online digital degree secured by blockchain technology." POSTECH previously made use of broofs technology in June 2019 when it issued blockchain certificates to graduates of its blockchain CEO course, MBN said. Compared to traditional online diplomas, blockchain-based certificates are not subject to forgery or alteration. Recipients can access the information through an encrypted path. Meanwhile, other higher education institutions also are experimenting with digital academic credentials. MIT Media Lab, for example, is building a set of tools to store and manage cryptographically signed certificates on the Bitcoin blockchain. || Bitcoin Climbs Above 9,782.4 Level, Up 2%: Bitcoin Climbs Above 9,782.4 Level, Up 2% Investing.com - Bitcoin rose above the $9,782.4 threshold on Friday. Bitcoin was trading at 9,782.4 by 19:50 (00:50 GMT) on the Investing.com Index, up 2.37% on the day. It was the largest one-day percentage gain since February 5. The move upwards pushed Bitcoin's market cap up to $177.7B, or 62.96% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $9,770.7 to $9,816.3 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.03%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $37.5B or 27.33% of the total volume of all cryptocurrencies. It has traded in a range of $9,179.9121 to $9,854.8955 in the past 7 days. At its current price, Bitcoin is still down 50.77% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $216.46 on the Investing.com Index, up 6.19% on the day. XRP was trading at $0.28303 on the Investing.com Index, a gain of 1.85%. Ethereum's market cap was last at $23.6B or 8.38% of the total cryptocurrency market cap, while XRP's market cap totaled $12.3B or 4.37% of the total cryptocurrency market value. Related Articles Chinese Crypto Mine Stop or Stall Operations Due to Coronavirus Outbreak Coinbase and Ripple Push for Regulatory Framework, US Congress Stalls US Navy Bets $9.5M on Blockchain to Keep Messaging Secret || Bitcoin Climbs Above 9,782.4 Level, Up 2%: Investing.com - Bitcoin rose above the $9,782.4 threshold on Friday. Bitcoin was trading at 9,782.4 by 19:50 (00:50 GMT) on the Investing.com Index, up 2.37% on the day. It was the largest one-day percentage gain since February 5.
The move upwards pushed Bitcoin's market cap up to $177.7B, or 62.96% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $9,770.7 to $9,816.3 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.03%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $37.5B or 27.33% of the total volume of all cryptocurrencies. It has traded in a range of $9,179.9121 to $9,854.8955 in the past 7 days.
At its current price, Bitcoin is still down 50.77% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $216.46 on the Investing.com Index, up 6.19% on the day.
XRP was trading at $0.28303 on the Investing.com Index, a gain of 1.85%.
Ethereum's market cap was last at $23.6B or 8.38% of the total cryptocurrency market cap, while XRP's market cap totaled $12.3B or 4.37% of the total cryptocurrency market value.
Related Articles
Chinese Crypto Mine Stop or Stall Operations Due to Coronavirus Outbreak
Coinbase and Ripple Push for Regulatory Framework, US Congress Stalls
US Navy Bets $9.5M on Blockchain to Keep Messaging Secret || Bitcoin Climbs Above 9,782.4 Level, Up 2%: Investing.com - Bitcoin rose above the $9,782.4 threshold on Friday. Bitcoin was trading at 9,782.4 by 19:50 (00:50 GMT) on the Investing.com Index, up 2.37% on the day. It was the largest one-day percentage gain since February 5.
The move upwards pushed Bitcoin's market cap up to $177.7B, or 62.96% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $9,770.7 to $9,816.3 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.03%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $37.5B or 27.33% of the total volume of all cryptocurrencies. It has traded in a range of $9,179.9121 to $9,854.8955 in the past 7 days.
At its current price, Bitcoin is still down 50.77% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $216.46 on the Investing.com Index, up 6.19% on the day.
XRP was trading at $0.28303 on the Investing.com Index, a gain of 1.85%.
Ethereum's market cap was last at $23.6B or 8.38% of the total cryptocurrency market cap, while XRP's market cap totaled $12.3B or 4.37% of the total cryptocurrency market value.
Related Articles
Chinese Crypto Mine Stop or Stall Operations Due to Coronavirus Outbreak
Coinbase and Ripple Push for Regulatory Framework, US Congress Stalls
US Navy Bets $9.5M on Blockchain to Keep Messaging Secret || Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin: Blockstack is giving its long-term holders a new way to earn bitcoin. Announced Thursday, the decentralized-web startup is rolling out a consensus mechanism that essentially presents a fresh use case for the world’s most popular cryptocurrency. When version 2.0 of Blockstack’s Stacks blockchain comes out, miners on the network will need to post BTC to mine a block. That BTC will then get shared with nodes maintaining a copy of the ledger. Related: Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks “We accept bitcoin as the most secure blockchain in the world. We accept a world where this will continue to be the case,” Blockstack CEO Muneeb Ali told CoinDesk in a phone call. The Stacks blockchain, which aims to put user data in the hands of users, is designed so apps can be built without central data storage. Apps can point to where to look for user data, and these pointers are stored on the Stacks blockchain. STX tokens are needed to participate in the chain. To prevent spamming, or Sybil , attacks, all cryptocurrencies require some cost for writing new blocks. Bitcoin did this first by essentially requiring miners to spend electricity to participate, with its Proof-of-Work (PoW) consensus mechanism. By requiring miners to buy bitcoin and turn that over to the network to participate, Blockstack thinks it has found an ample cost to help prevent malicious entries. How it works Called Proof-of-Transfer (or PoX in the new Blockstack white paper describing the mechanism ), the new consensus protocol has two kinds of participants: miners and stackers. Related: RSK Launches Interoperability Bridge Between Bitcoin and Ethereum “PoX can help to solve a bootstrapping problem for new blockchains,” the white paper states. “Participation rewards in a separate, potentially more stable, base cryptocurrency can be a better incentive for encouraging initial participation than offering participation rewards in a new cryptocurrency.” Miners write blocks and earn STX tokens in exchange for their BTC – at a rate of 500 STX per block. That BTC will be distributed among the stackers, who will be keeping a copy of the blockchain and also voting on which version of the chain miners should mine on. Story continues Blockstack distinguishes this new approach from Proof-of-Stake (PoS) because node participants don’t have to put any of their assets at risk to participate, beyond the opportunity cost of agreeing to lock up their STX for some set amount of time. “Proof of Transfer is a proposed design that uses Bitcoin’s Proof of Work (PoW) to launch new blockchains that are anchored in Bitcoin’s security,” Blockstack wrote in a blog post shared with CoinDesk in advance. “Further, PoX can give incentives to earn Bitcoin rewards to participants of such new blockchains. Such Bitcoin rewards were not possible before PoX. These rewards can potentially be used for use cases like consensus participation, ecosystem developer funds, incentives for specific players, etc.” To serve as a stacker won’t be cheap, though. It will take roughly $10,000 in STX to participate, Ali said, but like other chains with similar arrangements users won’t need to actually have that much. They can delegate to a service that maintains the node, in exchange for agreeing to lock up STX in collaboration with the node operator. Tezos has this with its “bakers” and EOS has effectively turned staking eos to vote for validators into a money-making proposition as well, as we previously reported . What’s new with PoX, though, is participants in the network locking up the native token don’t earn the native token for doing so. They earn BTC. “I think the market and the entrepreneurs are starting to recognize that bitcoin is the strongest computing network in the world and therefore you can build things on top of it,” Anthony Pompliano, partner at Morgan Creek Digital, told CoinDesk. But, given the rough outline of the proposal, Pompliano wasn’t sure the bitcoin community would get behind it. What’s in it for miners? Mining the Stacks blockchain will be possible with a normal internet connection and computer, Ali said. Miners will just need to watch the price of STX and the price of BTC to assess whether continued participation fits their risk profile. “In our process of mining, the miners can model PoX mining as almost as an exchange,” Ali said. This should have some sort of arbitrage advantage early on but if all goes well that difference should shrink as participation increases, he added. Miners’ income opportunities will also go up when Blockstack is ready to release its smart contract language, Clarity. Once miners activate it, they will start earning smart-contract fees. Ali argues Stacks may be attractive for developers looking to use smart contracts because they will be able to get extremely precise cost estimates for their code. Blockstack will not participate in mining. The current plan, Ali said, is that once 20 miners activate the new version of the software, Blockstack 2.0 will go live. Miners will continue to have the ultimate decision about upgrades on the network. The current version of Stacks operates atop bitcoin with the vision to eventually migrate out as its own PoW chain. This completely changes with version 2.0. “With this thing, we basically need to never migrate from bitcoin,” Ali said. Update (Feb. 6, 18:29 UTC): The headline of this piece has been changed for accuracy. Related Stories Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin || Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin: Blockstack is giving its long-term holders a new way to earn bitcoin.
Announced Thursday, the decentralized-web startup is rolling out a consensus mechanism that essentially presents a fresh use case for the world’s most popular cryptocurrency.
When version 2.0 of Blockstack’sStacksblockchain comes out, miners on the network will need to post BTC to mine a block. That BTC will then get shared with nodes maintaining a copy of the ledger.
Related:Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks
“We accept bitcoin as the most secure blockchain in the world. We accept a world where this will continue to be the case,” Blockstack CEOMuneeb Alitold CoinDesk in a phone call.
The Stacks blockchain, which aims to put user data in the hands of users, is designed so apps can be built without central data storage. Apps can point to where to look for user data, and these pointers are stored on the Stacks blockchain. STX tokens are needed to participate in the chain.
To prevent spamming, orSybil, attacks, all cryptocurrencies require some cost for writing new blocks. Bitcoin did this first by essentially requiring miners to spend electricity to participate, with its Proof-of-Work (PoW) consensus mechanism. By requiring miners to buy bitcoin and turn that over to the network to participate, Blockstack thinks it has found an ample cost to help prevent malicious entries.
Called Proof-of-Transfer (or PoX in the new Blockstackwhite paper describing the mechanism), the new consensus protocol has two kinds of participants: miners and stackers.
Related:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
“PoX can help to solve a bootstrapping problem for new blockchains,” the white paper states. “Participation rewards in a separate, potentially more stable, base cryptocurrency can be a better incentive for encouraging initial participation than offering participation rewards in a new cryptocurrency.”
Miners write blocks and earn STX tokens in exchange for their BTC – at a rate of 500 STX per block. That BTC will be distributed among the stackers, who will be keeping a copy of the blockchain and also voting on which version of the chain miners should mine on.
Blockstack distinguishes this new approach fromProof-of-Stake (PoS)because node participants don’t have to put any of their assets at risk to participate, beyond the opportunity cost of agreeing to lock up their STX for some set amount of time.
“Proof of Transfer is a proposed design that uses Bitcoin’s Proof of Work (PoW) to launch new blockchains that are anchored in Bitcoin’s security,” Blockstack wrote in ablog postshared with CoinDesk in advance. “Further, PoX can give incentives to earn Bitcoin rewards to participants of such new blockchains. Such Bitcoin rewards were not possible before PoX. These rewards can potentially be used for use cases like consensus participation, ecosystem developer funds, incentives for specific players, etc.”
To serve as a stacker won’t be cheap, though. It will take roughly $10,000 in STX to participate, Ali said, but like other chains with similar arrangements users won’t need to actually have that much. They can delegate to a service that maintains the node, in exchange for agreeing to lock up STX in collaboration with the node operator.
Tezos has thiswith its “bakers” and EOS has effectively turned staking eos to vote for validators into amoney-makingproposition as well, aswe previously reported.
What’s new with PoX, though, is participants in the network locking up the native token don’t earn the native token for doing so. They earn BTC.
“I think the market and the entrepreneurs are starting to recognize that bitcoin is the strongest computing network in the world and therefore you can build things on top of it,” Anthony Pompliano, partner at Morgan Creek Digital, told CoinDesk.
But, given the rough outline of the proposal, Pompliano wasn’t sure the bitcoin community would get behind it.
Mining the Stacks blockchain will be possible with a normal internet connection and computer, Ali said. Miners will just need to watch the price of STX and the price of BTC to assess whether continued participation fits their risk profile.
“In our process of mining, the miners can model PoX mining as almost as an exchange,” Ali said. This should have some sort of arbitrage advantage early on but if all goes well that difference should shrink as participation increases, he added.
Miners’ income opportunities will also go up when Blockstack is ready to release its smart contract language, Clarity. Once miners activate it, they will start earning smart-contract fees. Ali argues Stacks may be attractive for developers looking to use smart contracts because they will be able to get extremely precise cost estimates for their code.
Blockstack will not participate in mining. The current plan, Ali said, is that once 20 miners activate the new version of the software, Blockstack 2.0 will go live. Miners will continue to have the ultimate decision about upgrades on the network.
The current version of Stacks operates atop bitcoin with the vision to eventually migrate out as its own PoW chain. This completely changes with version 2.0.
“With this thing, we basically need to never migrate from bitcoin,” Ali said.
Update (Feb. 6, 18:29 UTC):The headline of this piece has been changed for accuracy.
• Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs
• Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin || Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin: Blockstack is giving its long-term holders a new way to earn bitcoin.
Announced Thursday, the decentralized-web startup is rolling out a consensus mechanism that essentially presents a fresh use case for the world’s most popular cryptocurrency.
When version 2.0 of Blockstack’sStacksblockchain comes out, miners on the network will need to post BTC to mine a block. That BTC will then get shared with nodes maintaining a copy of the ledger.
Related:Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks
“We accept bitcoin as the most secure blockchain in the world. We accept a world where this will continue to be the case,” Blockstack CEOMuneeb Alitold CoinDesk in a phone call.
The Stacks blockchain, which aims to put user data in the hands of users, is designed so apps can be built without central data storage. Apps can point to where to look for user data, and these pointers are stored on the Stacks blockchain. STX tokens are needed to participate in the chain.
To prevent spamming, orSybil, attacks, all cryptocurrencies require some cost for writing new blocks. Bitcoin did this first by essentially requiring miners to spend electricity to participate, with its Proof-of-Work (PoW) consensus mechanism. By requiring miners to buy bitcoin and turn that over to the network to participate, Blockstack thinks it has found an ample cost to help prevent malicious entries.
Called Proof-of-Transfer (or PoX in the new Blockstackwhite paper describing the mechanism), the new consensus protocol has two kinds of participants: miners and stackers.
Related:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
“PoX can help to solve a bootstrapping problem for new blockchains,” the white paper states. “Participation rewards in a separate, potentially more stable, base cryptocurrency can be a better incentive for encouraging initial participation than offering participation rewards in a new cryptocurrency.”
Miners write blocks and earn STX tokens in exchange for their BTC – at a rate of 500 STX per block. That BTC will be distributed among the stackers, who will be keeping a copy of the blockchain and also voting on which version of the chain miners should mine on.
Blockstack distinguishes this new approach fromProof-of-Stake (PoS)because node participants don’t have to put any of their assets at risk to participate, beyond the opportunity cost of agreeing to lock up their STX for some set amount of time.
“Proof of Transfer is a proposed design that uses Bitcoin’s Proof of Work (PoW) to launch new blockchains that are anchored in Bitcoin’s security,” Blockstack wrote in ablog postshared with CoinDesk in advance. “Further, PoX can give incentives to earn Bitcoin rewards to participants of such new blockchains. Such Bitcoin rewards were not possible before PoX. These rewards can potentially be used for use cases like consensus participation, ecosystem developer funds, incentives for specific players, etc.”
To serve as a stacker won’t be cheap, though. It will take roughly $10,000 in STX to participate, Ali said, but like other chains with similar arrangements users won’t need to actually have that much. They can delegate to a service that maintains the node, in exchange for agreeing to lock up STX in collaboration with the node operator.
Tezos has thiswith its “bakers” and EOS has effectively turned staking eos to vote for validators into amoney-makingproposition as well, aswe previously reported.
What’s new with PoX, though, is participants in the network locking up the native token don’t earn the native token for doing so. They earn BTC.
“I think the market and the entrepreneurs are starting to recognize that bitcoin is the strongest computing network in the world and therefore you can build things on top of it,” Anthony Pompliano, partner at Morgan Creek Digital, told CoinDesk.
But, given the rough outline of the proposal, Pompliano wasn’t sure the bitcoin community would get behind it.
Mining the Stacks blockchain will be possible with a normal internet connection and computer, Ali said. Miners will just need to watch the price of STX and the price of BTC to assess whether continued participation fits their risk profile.
“In our process of mining, the miners can model PoX mining as almost as an exchange,” Ali said. This should have some sort of arbitrage advantage early on but if all goes well that difference should shrink as participation increases, he added.
Miners’ income opportunities will also go up when Blockstack is ready to release its smart contract language, Clarity. Once miners activate it, they will start earning smart-contract fees. Ali argues Stacks may be attractive for developers looking to use smart contracts because they will be able to get extremely precise cost estimates for their code.
Blockstack will not participate in mining. The current plan, Ali said, is that once 20 miners activate the new version of the software, Blockstack 2.0 will go live. Miners will continue to have the ultimate decision about upgrades on the network.
The current version of Stacks operates atop bitcoin with the vision to eventually migrate out as its own PoW chain. This completely changes with version 2.0.
“With this thing, we basically need to never migrate from bitcoin,” Ali said.
Update (Feb. 6, 18:29 UTC):The headline of this piece has been changed for accuracy.
• Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs
• Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin || Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin: Pseudonymous researcher Hasu has discovered a new twist on a well-known potential attack on the bitcoin network.
The researcher posted a description of the attack, which he named “Purge” after the B-movie franchise, to the bitcoindeveloper email listlast week. It’s a variation on the so-calledsabotage attack, in which malicious miners try to wreak havoc on bitcoin for the sake of wreaking havoc, rather than for profit.
“Purge attacks probably don’t constitute a bigger risk than other known forms of sabotage attacks, but seem like an interesting spin,” he wrote.
Related:Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks
In the dystopia of the “Purge” films, the U.S. government legalizes all crime for one night every year to unleash a sort of national catharsis. Hasu said he chose the name “because the attacker doesn’t (primarily) steal money himself, he makes theft legal in the network for a short period of time.”
In short, the attack opens the possibility that in very particular circumstances some users could spend their bitcoins more than once, something the unique technology behind bitcoin is supposed to prevent.
To be clear: The scenario is hypothetical, like many others bitcoin researchers have identified in their efforts to steel the network against real-world sabotage attempts. Anticipating the danger is a first step toward preventing or at least mitigating it.
In order to execute a purge attack, a rogue miner would replace an already accepted block with an empty one, pushing transactions that were previously seen as final back into the “mempool,” which is like a waitlist for transactions. Then, anyone who sent a transaction during that time can spend the same coin twice.
Related:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
The new type of sabotage could be used to “undermine trust in bitcoin’s assurances,” such as the assurance that transactions are after a time “final,” meaning irreversible. “Possible attackers could include nation-states hostile to bitcoin as well as terrorist organizations,” Hasu added.
Further, Purge is different from other sabotage attacks because the users who are suddenly allowed to double-spend could get incentive to go along with the attack.
“Because Purge gives normal users a way to benefit from the attack, the attacker hopes that it will be harder to coordinate a response quickly because whoever benefited from the attack has an incentive to defend the attack chain,” Hasu told CoinDesk.
But while Purge is a new idea, it’s not necessarily worse than other known attacks. Hasu also points to a couple of lines of defense: One, the risk to the attacker of losing block rewards, which are expensive to win and could decline in value if the attack shakes confidence in bitcoin; and two, the “strength of bitcoin’s pre-coordination.”Thefull report(on bitcoin futures exchange Deribit’s blog) dives into much more detail.
• Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs
• Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin || Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin: Pseudonymous researcher Hasu has discovered a new twist on a well-known potential attack on the bitcoin network.
The researcher posted a description of the attack, which he named “Purge” after the B-movie franchise, to the bitcoindeveloper email listlast week. It’s a variation on the so-calledsabotage attack, in which malicious miners try to wreak havoc on bitcoin for the sake of wreaking havoc, rather than for profit.
“Purge attacks probably don’t constitute a bigger risk than other known forms of sabotage attacks, but seem like an interesting spin,” he wrote.
Related:Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks
In the dystopia of the “Purge” films, the U.S. government legalizes all crime for one night every year to unleash a sort of national catharsis. Hasu said he chose the name “because the attacker doesn’t (primarily) steal money himself, he makes theft legal in the network for a short period of time.”
In short, the attack opens the possibility that in very particular circumstances some users could spend their bitcoins more than once, something the unique technology behind bitcoin is supposed to prevent.
To be clear: The scenario is hypothetical, like many others bitcoin researchers have identified in their efforts to steel the network against real-world sabotage attempts. Anticipating the danger is a first step toward preventing or at least mitigating it.
In order to execute a purge attack, a rogue miner would replace an already accepted block with an empty one, pushing transactions that were previously seen as final back into the “mempool,” which is like a waitlist for transactions. Then, anyone who sent a transaction during that time can spend the same coin twice.
Related:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
The new type of sabotage could be used to “undermine trust in bitcoin’s assurances,” such as the assurance that transactions are after a time “final,” meaning irreversible. “Possible attackers could include nation-states hostile to bitcoin as well as terrorist organizations,” Hasu added.
Further, Purge is different from other sabotage attacks because the users who are suddenly allowed to double-spend could get incentive to go along with the attack.
“Because Purge gives normal users a way to benefit from the attack, the attacker hopes that it will be harder to coordinate a response quickly because whoever benefited from the attack has an incentive to defend the attack chain,” Hasu told CoinDesk.
But while Purge is a new idea, it’s not necessarily worse than other known attacks. Hasu also points to a couple of lines of defense: One, the risk to the attacker of losing block rewards, which are expensive to win and could decline in value if the attack shakes confidence in bitcoin; and two, the “strength of bitcoin’s pre-coordination.”Thefull report(on bitcoin futures exchange Deribit’s blog) dives into much more detail.
• Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs
• Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin || Crypto Researcher Hasu Flags Attack That Could Bring ‘Purge’-Style Mayhem to Bitcoin: Pseudonymous researcher Hasu has discovered a new twist on a well-known potential attack on the bitcoin network. The researcher posted a description of the attack, which he named “Purge” after the B-movie franchise, to the bitcoin developer email list last week. It’s a variation on the so-called sabotage attack , in which malicious miners try to wreak havoc on bitcoin for the sake of wreaking havoc, rather than for profit. “Purge attacks probably don’t constitute a bigger risk than other known forms of sabotage attacks, but seem like an interesting spin,” he wrote. Related: Bitcoin Has Erased Over 45% of 2019 Sell-Off in Just 7 Weeks In the dystopia of the “ Purge ” films, the U.S. government legalizes all crime for one night every year to unleash a sort of national catharsis. Hasu said he chose the name “because the attacker doesn’t (primarily) steal money himself, he makes theft legal in the network for a short period of time.” In short, the attack opens the possibility that in very particular circumstances some users could spend their bitcoins more than once, something the unique technology behind bitcoin is supposed to prevent. To be clear: The scenario is hypothetical, like many others bitcoin researchers have identified in their efforts to steel the network against real-world sabotage attempts. Anticipating the danger is a first step toward preventing or at least mitigating it. Undermining trust In order to execute a purge attack, a rogue miner would replace an already accepted block with an empty one, pushing transactions that were previously seen as final back into the “mempool,” which is like a waitlist for transactions. Then, anyone who sent a transaction during that time can spend the same coin twice. Related: RSK Launches Interoperability Bridge Between Bitcoin and Ethereum The new type of sabotage could be used to “undermine trust in bitcoin’s assurances,” such as the assurance that transactions are after a time “final,” meaning irreversible. “Possible attackers could include nation-states hostile to bitcoin as well as terrorist organizations,” Hasu added. Story continues Further, Purge is different from other sabotage attacks because the users who are suddenly allowed to double-spend could get incentive to go along with the attack. “Because Purge gives normal users a way to benefit from the attack, the attacker hopes that it will be harder to coordinate a response quickly because whoever benefited from the attack has an incentive to defend the attack chain,” Hasu told CoinDesk. But while Purge is a new idea, it’s not necessarily worse than other known attacks. Hasu also points to a couple of lines of defense: One, the risk to the attacker of losing block rewards, which are expensive to win and could decline in value if the attack shakes confidence in bitcoin; and two, the “strength of bitcoin’s pre-coordination .” The full report (on bitcoin futures exchange Deribit’s blog) dives into much more detail. Related Stories Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs Blockstack’s New Consensus Mechanism Creates New Use Case for Bitcoin || Cramer Says Tesla's Stock Will Eventually Rise Above $968: Shares of Tesla Inc (NASDAQ: TSLA ) looked to be on track to hit $1,000 per share but tumbled Wednesday to close at $734.70. The stock will be back at former highs at some point, but in the meantime, the reversal is "simply what happens," CNBC's Jim Cramer said on Wednesday's "Mad Money." Cramer Disagrees With Tesla-Bitcoin Comparison Tesla's stock peaked at $968 Tuesday, and despite a sharp and sudden selloff, the stock is still up 75% since the start of 2020, Cramer said. This type of volatility was seen before in Bitcoin, although Cramer said he isn't buying the comparison. Tesla's volatility is the result of sellers letting "some air out of the balloon," although all signs point to "plenty of helium left," Cramer said. Tesla is at its core a "technology company on wheels" that has shown plenty of growth potential, he said. Tesla's product uses less energy and emits far fewer carbon emissions. Its rise comes at a time when consumers worldwide are starting to take action to lower emissions. 'Natural Buyers' Of Tesla Shares Part of Tesla's move higher can be attributed to what Cramer describes as a "natural buyer," he said. This refers to anyone who buys Tesla stock to "establish an actual position" instead of covering a short position. These investors merely went on to sell the stock and lock in their profits, which created a "genuine heaviness that really spooked the market," the CNBC host said. What's Next For Tesla Cramer said he isn't sure when Tesla's stock will return back to $968, but he is confident it will happen. "Maybe it will take a while, but when it gets back there, I bet it keeps climbing," he said. The stock was trading 2.08% higher at $749.96 at the time of publication. Related Links: 6 Potential M&A Targets For Tesla Shorts In A Twist: Tesla Shares Seem To Be Going Through A Classic "Squeeze" 0 See more from Benzinga Early Tesla Investor Ron Baron Sees Path To T In Revenue Verizon Exec Talks 'First 5G Super Bowl,' Musk Downplays 5G Health Scare Cramer Compares Tesla Investors To Amazon, Netflix: If You Love The Product, You Love The Stock © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cramer Says Tesla's Stock Will Eventually Rise Above $968: Shares of Tesla Inc (NASDAQ: TSLA ) looked to be on track to hit $1,000 per share but tumbled Wednesday to close at $734.70. The stock will be back at former highs at some point, but in the meantime, the reversal is "simply what happens," CNBC's Jim Cramer said on Wednesday's "Mad Money." Cramer Disagrees With Tesla-Bitcoin Comparison Tesla's stock peaked at $968 Tuesday, and despite a sharp and sudden selloff, the stock is still up 75% since the start of 2020, Cramer said. This type of volatility was seen before in Bitcoin, although Cramer said he isn't buying the comparison. Tesla's volatility is the result of sellers letting "some air out of the balloon," although all signs point to "plenty of helium left," Cramer said. Tesla is at its core a "technology company on wheels" that has shown plenty of growth potential, he said. Tesla's product uses less energy and emits far fewer carbon emissions. Its rise comes at a time when consumers worldwide are starting to take action to lower emissions. 'Natural Buyers' Of Tesla Shares Part of Tesla's move higher can be attributed to what Cramer describes as a "natural buyer," he said. This refers to anyone who buys Tesla stock to "establish an actual position" instead of covering a short position. These investors merely went on to sell the stock and lock in their profits, which created a "genuine heaviness that really spooked the market," the CNBC host said. What's Next For Tesla Cramer said he isn't sure when Tesla's stock will return back to $968, but he is confident it will happen. "Maybe it will take a while, but when it gets back there, I bet it keeps climbing," he said. The stock was trading 2.08% higher at $749.96 at the time of publication. Related Links: 6 Potential M&A Targets For Tesla Shorts In A Twist: Tesla Shares Seem To Be Going Through A Classic "Squeeze" 0 See more from Benzinga Early Tesla Investor Ron Baron Sees Path To T In Revenue Verizon Exec Talks 'First 5G Super Bowl,' Musk Downplays 5G Health Scare Cramer Compares Tesla Investors To Amazon, Netflix: If You Love The Product, You Love The Stock © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin takes aim at $10,000 as golden cross comes into effect: Bitcoin surged with a stunning 5% rally to the upside on Wednesday, going on to test the $9,650 level of resistance as it looks to build momentum before setting its sights on the psychological $10,000 price target. It has since been flirting with a breakout following yesterday evenings daily candle close, which provided the first marginal higher high since it shot to $14,000 in June. After rallying to its yearly high, Bitcoin slumped into a bearish market trend with four consecutive lower highs at $13,200, $12,400, $11,000 and $10,300. This resulted in an eventual decline towards Decembers local low of $6,410, which coincidentally came exactly two years after Bitcoin achieved its all-time high of $20,000. If Bitcoin can continue to rally over the weekend it will almost certainly test the psychological level of $10,000. A break above here would see the worlds largest cryptocurrency establish a truly bullish trend with upside targets emerging above $11,300. One key technical aspect from the past week is that a golden cross has come into fruition on the daily chart, with the 50 EMA crossing the 200 EMA to the upside. The previous time this happened was in April 2019 when Bitcoin was trading at $4,800, it went on to rise by 195% in the following two months. Eyes on halving The recent rally, which has seen Bitcoin skyrocket from $6,400 to $9,700 in six weeks, has been attributed to the upcoming halving event. Bitcoins block reward halving will commence in May, with miners seeing rewards for each block slashed from 12.5 to 6.25. This has historically caused a tremendous upswing in the price of Bitcoin and other cryptocurrencies as miners are incentivised to hold rewards, thus reducing supply amid rising demand. Miners also need to ensure the price of Bitcoin trades at a level where the industry remains profitable in order to cover overheads like staff, equipment and electricity. With just three months to go until the halving the price of Bitcoin is predicted to keep rising as anticipation mounts from early adopters and hopeful new investors. Story continues Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. Pricing Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar BTCtoUSD British Pound Sterling BTCtoGBP Japanese Yen BTCtoJPY Euro BTCtoEUR Australian Dollar BTCtoAUD Russian Rouble BTCtoRUB About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins. More Bitcoin news and information If you want to find out more information about BTC or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. The post Bitcoin takes aim at $10,000 as golden cross comes into effect appeared first on Coin Rivet . || Bitcoin takes aim at $10,000 as golden cross comes into effect: Bitcoin surged with a stunning 5% rally to the upside on Wednesday, going on to test the $9,650 level of resistance as it looks to build momentum before setting its sights on the psychological $10,000 price target. It has since been flirting with a breakout following yesterday evenings daily candle close, which provided the first marginal higher high since it shot to $14,000 in June. After rallying to its yearly high, Bitcoin slumped into a bearish market trend with four consecutive lower highs at $13,200, $12,400, $11,000 and $10,300. This resulted in an eventual decline towards Decembers local low of $6,410, which coincidentally came exactly two years after Bitcoin achieved its all-time high of $20,000. If Bitcoin can continue to rally over the weekend it will almost certainly test the psychological level of $10,000. A break above here would see the worlds largest cryptocurrency establish a truly bullish trend with upside targets emerging above $11,300. One key technical aspect from the past week is that a golden cross has come into fruition on the daily chart, with the 50 EMA crossing the 200 EMA to the upside. The previous time this happened was in April 2019 when Bitcoin was trading at $4,800, it went on to rise by 195% in the following two months. Eyes on halving The recent rally, which has seen Bitcoin skyrocket from $6,400 to $9,700 in six weeks, has been attributed to the upcoming halving event. Bitcoins block reward halving will commence in May, with miners seeing rewards for each block slashed from 12.5 to 6.25. This has historically caused a tremendous upswing in the price of Bitcoin and other cryptocurrencies as miners are incentivised to hold rewards, thus reducing supply amid rising demand. Miners also need to ensure the price of Bitcoin trades at a level where the industry remains profitable in order to cover overheads like staff, equipment and electricity. With just three months to go until the halving the price of Bitcoin is predicted to keep rising as anticipation mounts from early adopters and hopeful new investors. Story continues Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. Pricing Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar BTCtoUSD British Pound Sterling BTCtoGBP Japanese Yen BTCtoJPY Euro BTCtoEUR Australian Dollar BTCtoAUD Russian Rouble BTCtoRUB About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins. More Bitcoin news and information If you want to find out more information about BTC or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. The post Bitcoin takes aim at $10,000 as golden cross comes into effect appeared first on Coin Rivet . || Bitcoin takes aim at $10,000 as golden cross comes into effect: Bitcoin surged with a stunning 5% rally to the upside on Wednesday, going on to test the $9,650 level of resistance as it looks to build momentum before setting its sights on the psychological $10,000 price target. It has since been flirting with a breakout following yesterday evenings daily candle close, which provided the first marginal higher high since it shot to $14,000 in June. After rallying to its yearly high, Bitcoin slumped into a bearish market trend with four consecutive lower highs at $13,200, $12,400, $11,000 and $10,300. This resulted in an eventual decline towards Decembers local low of $6,410, which coincidentally came exactly two years after Bitcoin achieved its all-time high of $20,000. If Bitcoin can continue to rally over the weekend it will almost certainly test the psychological level of $10,000. A break above here would see the worlds largest cryptocurrency establish a truly bullish trend with upside targets emerging above $11,300. One key technical aspect from the past week is that a golden cross has come into fruition on the daily chart, with the 50 EMA crossing the 200 EMA to the upside. The previous time this happened was in April 2019 when Bitcoin was trading at $4,800, it went on to rise by 195% in the following two months. Eyes on halving The recent rally, which has seen Bitcoin skyrocket from $6,400 to $9,700 in six weeks, has been attributed to the upcoming halving event. Bitcoins block reward halving will commence in May, with miners seeing rewards for each block slashed from 12.5 to 6.25. This has historically caused a tremendous upswing in the price of Bitcoin and other cryptocurrencies as miners are incentivised to hold rewards, thus reducing supply amid rising demand. Miners also need to ensure the price of Bitcoin trades at a level where the industry remains profitable in order to cover overheads like staff, equipment and electricity. With just three months to go until the halving the price of Bitcoin is predicted to keep rising as anticipation mounts from early adopters and hopeful new investors. Story continues Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. Pricing Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents: US Dollar BTCtoUSD British Pound Sterling BTCtoGBP Japanese Yen BTCtoJPY Euro BTCtoEUR Australian Dollar BTCtoAUD Russian Rouble BTCtoRUB About Bitcoin In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are. The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins. More Bitcoin news and information If you want to find out more information about BTC or cryptocurrencies in general, then use the search box at the top of this page. Heres an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. The post Bitcoin takes aim at $10,000 as golden cross comes into effect appeared first on Coin Rivet . || Ponzi scheme mastermind Bernie Madoff says he's dying, seeks release from 150-year prison term: NEW YORK – Reviled Ponzi scheme mastermind Bernard Madoff on Wednesday sought compassionate release from his 150-year prison term, saying he has terminal kidney failure and less than 18 months to live.
Madoff, held in federal custody since his 2009 guilty plea to charges that he stole roughly $20 billion from celebrities, charities, financial funds, and average investors, was admitted to the comfort care unit of a Butner, North Carolina, prison in July for "end-stage renal disease," attorney Brandon Sample wrote in a Manhattan federal court motion.
The disgraced 81-year-old ex-financier is confined to a wheelchair, suffers shortness of breath that requires him to get supplemental oxygen at night, and also has cardiovascular disease and has other health ailments, the filing said.
He was admitted to a comfort care unit at the prison in July. After initially refusing dialysis, the blood-filtering procedure commonly prescribed for kidney-failure patients, he agreed to start that treatment in December, the court filing said.
Taxes 2020:When to file taxes for 2019 and what changes to expect
Beware of Bitcoin scams:Tesla CEO Elon Musk warns Twitter followers about Bitcoin scams: "This is not cool."
"The nature of Mr. Madoff's serious medical conditions coupled with the effects of incarceration will only cause his overall physical condition to worsen as his illnesses progress and his death becomes ever more inevitable," wrote Sample.
While stressing that Madoff doesn't dispute "the severity of his crimes" or "seek to minimize the suffering of his victims," the filing argued that the convicted scammer's conditions meet the guidelines for compassionate release.
Sample filed the motion with the court after the U.S. Bureau of Prisons rejected the administrative request for release Madoff filed in September 2019. The ruling said setting Madoff free "would minimize the severity of his offense."
The court that sentenced him represents Madoff's last chance for end-of-life freedom, wrote Sample, who noted in the filing that Scotland granted Lockerbie bomber Abdel Baset Ali al-Megrahi compassionate release for his crimes after he developed terminal prostate cancer.
Sample also cited the case of Bernard Ebbers, the former chief executive of the former WorldCom telecommunications company that went bankrupt in 2002. He was sentenced to a 25-year prison term for an estimated $11 billion accounting fraud.
A Manhattan federal court judge granted Ebbers compassionate release in December, based on his age and deteriorating health.Ebbers died on Feb. 2 at age 78.
"When this court sentenced Bernard Madoff it was clear that Madoff's 150-year prison sentence was symbolic for three reasons: retribution, deterrence, and for the victims," the filing said. "This court must now consider whether keeping Madoff incarcerated, in light of his terminal kidney failure and a life expectancy of less than 18 months, is truly in furtherance of statutory sentencing goals and our society's value and understanding of compassion."
Madoff attracted thousands of investors by delivering improbably steady gains for decades. In reality, he engineered a classic Ponzi scheme — using money from newer clients to pay previous investors, including so-called feeder funds that placed their customers with the former Nasdaq chairman.
He also used the money to finance a lavish lifestyle, with homes in Manhattan, Long Island's East End and in Europe.
Madoff's scheme collapsed in December 2008 as many of his customers, needing cash during the national financial crisis, tried to redeem their investments. They soon learned that the investment gains in the records they'd received from Madoff existed only on paper.
The size and decades-long breadth of the scam made it the largest of its kind in U.S. history and one of the top frauds worldwide.
Madoff confessed the scam to his sons. They contacted authorities, who arrested the financier and began unraveling the fraud. Declaring that he had acted alone, Madoff pleaded guilty in 2009 without standing trial. Five of his former employees were convicted of aiding the scheme in 2014.
Although Madoff's sons worked with him, they said they had no idea their father had masterminded a scam. Both died afterward, one by suicide and the other from cancer.
Ruth Madoff, the scammer's wife, lost everything and moved in with relatives and friends. She, too, said she didn't know what her husband had done.
According to the Madoff Recovery Initiative website,www.madofftrustee.com, court-appointed trustee Irving Picard had distributed more than $12.9 billion to Madoff's many victims as of Jan. 24. The trustee had reached agreements or recovered approximately $14.3 billion as of that date as well.
Both totals are far higher than most authorities had expected at the time Madoff was arrested.
If granted release, Madoff would live with a friend who was not identified in the court motion for privacy reasons.
This article originally appeared on USA TODAY:Bernie Madoff seeks prison release due to terminal kidney failure || Ponzi scheme mastermind Bernie Madoff says he's dying, seeks release from 150-year prison term: NEW YORK – Reviled Ponzi scheme mastermind Bernard Madoff on Wednesday sought compassionate release from his 150-year prison term, saying he has terminal kidney failure and less than 18 months to live. Madoff, held in federal custody since his 2009 guilty plea to charges that he stole roughly $20 billion from celebrities, charities, financial funds, and average investors, was admitted to the comfort care unit of a Butner, North Carolina, prison in July for "end-stage renal disease," attorney Brandon Sample wrote in a Manhattan federal court motion. The disgraced 81-year-old ex-financier is confined to a wheelchair, suffers shortness of breath that requires him to get supplemental oxygen at night, and also has cardiovascular disease and has other health ailments, the filing said. He was admitted to a comfort care unit at the prison in July. After initially refusing dialysis, the blood-filtering procedure commonly prescribed for kidney-failure patients, he agreed to start that treatment in December, the court filing said. Taxes 2020: When to file taxes for 2019 and what changes to expect Beware of Bitcoin scams: Tesla CEO Elon Musk warns Twitter followers about Bitcoin scams: "This is not cool." File photo taken in 2009 shows Ponzi scheme mastermind Bernard Madoff leaving Manhattan Federal court in New York City after a court hearing. "The nature of Mr. Madoff's serious medical conditions coupled with the effects of incarceration will only cause his overall physical condition to worsen as his illnesses progress and his death becomes ever more inevitable," wrote Sample. While stressing that Madoff doesn't dispute "the severity of his crimes" or "seek to minimize the suffering of his victims," the filing argued that the convicted scammer's conditions meet the guidelines for compassionate release. Sample filed the motion with the court after the U.S. Bureau of Prisons rejected the administrative request for release Madoff filed in September 2019. The ruling said setting Madoff free "would minimize the severity of his offense." Story continues The court that sentenced him represents Madoff's last chance for end-of-life freedom, wrote Sample, who noted in the filing that Scotland granted Lockerbie bomber Abdel Baset Ali al-Megrahi compassionate release for his crimes after he developed terminal prostate cancer. Sample also cited the case of Bernard Ebbers, the former chief executive of the former WorldCom telecommunications company that went bankrupt in 2002. He was sentenced to a 25-year prison term for an estimated $11 billion accounting fraud. A Manhattan federal court judge granted Ebbers compassionate release in December, based on his age and deteriorating health. Ebbers died on Feb. 2 at age 78 . "When this court sentenced Bernard Madoff it was clear that Madoff's 150-year prison sentence was symbolic for three reasons: retribution, deterrence, and for the victims," the filing said. "This court must now consider whether keeping Madoff incarcerated, in light of his terminal kidney failure and a life expectancy of less than 18 months, is truly in furtherance of statutory sentencing goals and our society's value and understanding of compassion." Madoff attracted thousands of investors by delivering improbably steady gains for decades. In reality, he engineered a classic Ponzi scheme — using money from newer clients to pay previous investors, including so-called feeder funds that placed their customers with the former Nasdaq chairman. He also used the money to finance a lavish lifestyle, with homes in Manhattan, Long Island's East End and in Europe. Madoff's scheme collapsed in December 2008 as many of his customers, needing cash during the national financial crisis, tried to redeem their investments. They soon learned that the investment gains in the records they'd received from Madoff existed only on paper. The size and decades-long breadth of the scam made it the largest of its kind in U.S. history and one of the top frauds worldwide. Madoff confessed the scam to his sons. They contacted authorities, who arrested the financier and began unraveling the fraud. Declaring that he had acted alone, Madoff pleaded guilty in 2009 without standing trial. Five of his former employees were convicted of aiding the scheme in 2014. Although Madoff's sons worked with him, they said they had no idea their father had masterminded a scam. Both died afterward, one by suicide and the other from cancer. Ruth Madoff, the scammer's wife, lost everything and moved in with relatives and friends. She, too, said she didn't know what her husband had done. According to the Madoff Recovery Initiative website, www.madofftrustee.com , court-appointed trustee Irving Picard had distributed more than $12.9 billion to Madoff's many victims as of Jan. 24. The trustee had reached agreements or recovered approximately $14.3 billion as of that date as well. Both totals are far higher than most authorities had expected at the time Madoff was arrested. If granted release, Madoff would live with a friend who was not identified in the court motion for privacy reasons. This article originally appeared on USA TODAY: Bernie Madoff seeks prison release due to terminal kidney failure || ICE CEO: New Acquisition Opens Trillion-Dollar Market for Bakkt: Bakkts acquisition of a loyalty rewards company will expand Bakkts presence across an asset class that today spans over $1 trillion in value, its parent companys CEO said Thursday. Speaking during Intercontinental Exchanges Q4 earnings call Thursday, Jeffrey Sprecher said the companys pending acquisition of Bridge2 Solutions, which will ultimately be acquired by the bitcoin warehouse, will accelerate the second phase of our digital asset strategy. We began by building a regulated bitcoin custody solution as well as regulated futures and options on bitcoin, he said. The second phase includes a consumer-focused digital payments app Bakkt first formally announced in October. Related: Open Positions in Bakkts Bitcoin Futures Jump to Record Highs The next big hurdle for the company will be getting that app into consumer hands and we will be looking at consumer adoption more than revenue or expense, Sprecher said. Fortunately, that company is not a big drain on us
we have a lot of financial flexibility now from the company given it has a revenue stream both from trading and from operation of all these rewards programs. Users will be able to manage and transact with airline miles, hotel points, cryptocurrencies and other assets on a single platform, he said. Bakkt is also looking to digital gaming assets as a potential new aspect. Well position Bakkt as an aggregator and marketplace for these points, he said. Bridge2 already supports 4,500 loyalty and incentive perk programs, Sprecher said, and supports products for seven of the top 10 financial institutions in the U.S. Related: ICE Snaps Up Loyalty Program Provider Bridge2 to Boost Bakkts Consumer Play Sprecher told Fortune Magazine that the legacy payments infrastructure is ripe for disintermediation. He envisioned Bakkts app as a direct payment system not dependent on services provided by other third parties. It hit us that making rewards cash-like would be a step in that direction, he said. Story continues Bakkt anticipates launching the app in the first half of 2020. The company is also continuing to raise funds and build out its products. In a press release Wednesday, ICE said Bakkt is looking to close a new funding round in the coming days. During Thursdays earnings call, ICE CFO Scott Hill said Bakkt was included in a bucket of ICEs anticipated expenses for the fiscal year, as the company expects to spend $20 to $30 million in technology and operations. This bucket would include ICE Futures and other platforms in addition to Bakkt. Related Stories Options Growth Will Ignite Innovation in the Bitcoin Market But Not in the Way You Think Crypto News Roundup for Jan. 30, 2020 || ICE CEO: New Acquisition Opens Trillion-Dollar Market for Bakkt: Bakkt’s acquisition of a loyalty rewards company will “expand Bakkt’s presence across an asset class that today spans over $1 trillion in value,” its parent company’s CEO said Thursday.
Speaking during Intercontinental Exchange’s Q4 earnings call Thursday, Jeffrey Sprecher said the company’s pending acquisition of Bridge2 Solutions, whichwill ultimately be acquiredby the bitcoin warehouse, “will accelerate the second phase of our digital asset strategy.”
“We began by building a regulated bitcoin custody solution as well as regulated futures and options on bitcoin,” he said. The second phase includes a consumer-focused digital payments app Bakktfirst formally announcedin October.
Related:Open Positions in Bakkt’s Bitcoin Futures Jump to Record Highs
“The next big hurdle for the company will be getting that app into consumer hands and we will be looking at consumer adoption more than revenue or expense,” Sprecher said. “Fortunately, that company is not a big drain on us … we have a lot of financial flexibility now from the company given it has a revenue stream both from trading and from operation of all these rewards programs.”
Users will be able to manage and transact with airline miles, hotel points, cryptocurrencies and other assets on a single platform, he said. Bakkt is also looking to digital gaming assets as a potential new aspect.
“We’ll position Bakkt as an aggregator and marketplace for these points,” he said.
Bridge2 already supports 4,500 loyalty and incentive perk programs, Sprecher said, and supports products for seven of the top 10 financial institutions in the U.S.
Related:ICE Snaps Up Loyalty Program Provider Bridge2 to Boost Bakkt’s Consumer Play
Sprechertold Fortune Magazinethat “the legacy payments infrastructure is ripe for disintermediation.”
He envisioned Bakkt’s app as “a direct payment system” not dependent on services provided by other third parties. “It hit us that making rewards cash-like would be a step in that direction,” he said.
Bakkt anticipates launching the app in the first half of 2020.
The company is also continuing to raise funds and build out its products. In a press release Wednesday, ICE said Bakkt is looking to close a new funding round in the coming days.
During Thursday’s earnings call, ICE CFO Scott Hill said Bakkt was included in a bucket of ICE’s anticipated expenses for the fiscal year, as the company expects to spend $20 to $30 million in technology and operations. This bucket would include ICE Futures and other platforms in addition to Bakkt.
• Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think
• Crypto News Roundup for Jan. 30, 2020
[Social Media Buzz]
None available.
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9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84.
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[Bitcoin Technical Analysis for 2020-06-12]
Volume: 22610564515, RSI (14-day): 50.60, 50-day EMA: 9096.19, 200-day EMA: 8433.09
[Wider Market Context]
Gold Price: 1729.30, Gold RSI: 53.68
Oil Price: 36.26, Oil RSI: 57.63
[Recent News (last 7 days)]
Gemini Plots Singapore Expansion With Appointment of New Asia Director: The problem with paying gas to run transactions is that it discourages lots of transactions. The advantage of paying gas to run transactions, though, is that it discourages lots of transactions. This contradiction is captured well in a new paper examining transactions on EOS, Tezos and XRP Ledger (XRPL) over a seven-month period ending in April. Researchers from Imperial College London and University College London found the overwhelming number of transactions on these three networks either have no value attached or are passing it back and forth within one entity. Titled “Revisiting Transactional Statistics of High-scalability Blockchain,” by Daniel Perez, Jiahua Xu and Benjamin Livshits, the report explains these findings in detail. “Our analysis reveals that only a small fraction of the transactions are used for value transfer purposes,” the authors write. “In particular, 96% of the transactions on EOSIO were triggered by the airdrop of a currently valueless token; on Tezos, 76% of throughput was used for maintaining consensus; and over 94% of transactions on XRPL carried no economic value.” Read more: A Mysterious Airdrop Called EIDOS Is Clogging EOS to Make a Point The authors’ latest version came out Wednesday, following up on two prior versions, with this one including several more months of data. It immediately sparked discussion , with its findings that high-throughput blockchains don’t necessarily have a lot of payment activity. It also illuminated the fact that transparency doesn’t necessarily equal legibility. Related: Free Transactions Invite Systemic Attacks on Blockchains, Researchers Find So many records can pile up on a blockchain that needed information can become needles in a very large haystack. As Perez, a Ph.D. candidate at Imperial College London told CoinDesk in an email, “When the level of spam activity is very high, the size of the history gets disproportionately large given the amount of useful activity on the network. This makes such blockchains much more difficult to analyze and reason about.” Story continues That said, the authors’ analysis is based on a careful examination of each blockchain, looking at the kinds of transactions and characterizing what kind of work they represented. Then they looked at the biggest users of the networks, which generally corresponded to most of the usage, and dug deeper into what was going on in their transactions. As the authors note, there has been a dearth of academic investigation into blockchains besides that of Bitcoin and Ethereum. This analysis of EOS, XRP Ledger and Tezos covers the period from October 1, 2019 to April 30, 2020, using data collected by the open source tool, Blockchain Analyzer . Here’s what they found for each chain. EOS Last November, CoinDesk reported on a mysterious airdrop on EOS that gave users an incentive to make as many low-value transactions as they could, called EIDOS, which overall made the blockchain more expensive to use, making it look very much like a denial of service (DoS) attack (also evidenced by the fact that “DOS” is part of the airdrop’s name). The researchers found that most of the transactions taking place on EOS, at least through the end of April, were related to the EIDOS stunt. The authors write, “Before the arrival of the EIDOS token, approximately 50% of these are transactions to betting games. … The launch of EIDOS increased the total number of transactions more than tenfold, resulting in 96% of the transactions being used for token transfers.” To recap: The EIDOS smart contract sends a token to any EOS wallet address that sends it any amount of EOS. The smart contract instantly returns any EOS sent along with the token. The smart contract rewards transactions, not value, so it doesn’t matter how much EOS gets sent. It sends the same number of tokens back no matter what. EIDOS was worth a little less than $0.02 when we last reported it on it. It currently trades for about $0.0008, according to CoinGecko . Read more: Tron Dapps Saw $1.6 Billion in Volume in Q1 2019, Driven By Gambling Additionally, the authors also found that most of the transactions on one of EOS’s large apps, WhaleEx, look suspicious. The WhaleEx website says it is the “#1 Decentralized Exchange in the World,” yet the authors looked at its transactions and found: “Firstly, and most obviously, we notice that in more than 75% of the trades, the buyer and the seller are the same. This means that no asset is transferred at the end of the action. Furthermore, the transaction fees for both the buyer and the seller are 0, which means that such a transaction is achieving absolutely nothing else than artificially increasing the service statistics, i.e. wash-trading.” WhaleEx could not be immediately reached for comment. Block.One, the creators of the EOSIO software that runs EOS among a few other blockchains, declined to comment directly to CoinDesk. Instead, they directed CoinDesk to a new Medium post by CTO Dan Larimer, which does not directly address the questions about EIDOS and WhaleEx, but instead dwells on how the report’s authors define throughput. The paper makes a theoretical argument that the true throughput on each of these chains is very low in terms of transactions with actual value, a point which Larimer disputes. In other words, Larimer emphasizes what EOSIO software could be used for. Potential aside, the researchers’ findings are about what it is currently used for. Larimer writes: “How the media chooses to report on this paper will reveal whether or not they have integrity to differentiate technological capability and recognize EOSIO as being the most demonstrably scalable.” Again, Block.One declined to further comment. XRP XRP is periodically beset by spam. The authors write: “The ledger experienced two waves of abnormally high traffic in the form of Payment transactions in late 2019, the first between the end of October and the beginning of November, the second – at a higher level – between the end of November and the beginning of December.” Why such traffic occurs, however, is unclear. “It remains something of a mystery how such an expensive form of ‘spam’ benefited its originators.” Ripple’s CTO David Schwartz addressed this point when a prior draft of this paper was under discussion. He wrote in May: “If you have a cheap, high-capacity public blockchain that was designed for maximum censorship resistance, it’s going to get a lot of spam. There’s no real disincentive and no authority to stop you. What are you willing to give up to stop it given that it doesn’t do much harm?” That said, they also found that most XRP holders do very little. “The distribution of the number of transactions per account is highly skewed. Over one third (71 thousand) of the accounts have transacted only once during the entire observation period, whereas the 35 most active accounts are responsible for half of the total traffic,” they wrote, though such Pareto distributions are not unusual, especially when money is concerned. Ripple has not yet provided further comment to CoinDesk on this latest draft. Tezos On Tezos, the authors find that most activity on the network is related to governance and staking. They write, “Tezos has a high number of ‘endorsements,’ which are used as part of the consensus protocol, and only a small fraction of the throughput are actual transactions.” Further, a large portion of the transactions appear to be bakers (the validators) making payments to users who have delegated XTZ.” Later, the paper notes: “Tezos has not yet come close to maximizing its actual capacity.” It does not, however, find suspicious or malicious transactions in any real volume on Tezos. TQuorum, an entity that promotes Tezos, had not yet provided comment as of press time. In conclusion As most people who follow cryptocurrency know, the Bitcoin blockchain debuted what’s come to be known as the internet of value. The paper’s analysis then is based on how frequently users actually transfer value, as opposed to making other kinds of transactions. It raises questions about whether it is wise to design a blockchain so that valueless transactions are free or nearly free. The authors write: “While on XRPL the consequences of such a spam attack are limited, on EOSIO they forced the network to enter congestion mode, causing regular users to be unable to use the network because transactions which used to be free started to cost a fee.” In short, the authors write, “The massive potential of those blockchains has thus far not been fully realized for their intended purposes.” Read the full paper below: Related Stories XRP EOS || Gemini Plots Singapore Expansion With Appointment of New Asia Director: The problem with paying gas to run transactions is that it discourages lots of transactions. The advantage of paying gas to run transactions, though, is that it discourages lots of transactions.
This contradiction is captured well in anew paperexamining transactions on EOS, Tezos and XRP Ledger (XRPL) over a seven-month period ending in April. Researchers from Imperial College London and University College London found the overwhelming number of transactions on these three networks either have no value attached or are passing it back and forth within one entity.
Titled “Revisiting Transactional Statistics of High-scalability Blockchain,” by Daniel Perez, Jiahua Xu and Benjamin Livshits, the report explains these findings in detail.
“Our analysis reveals that only a small fraction of the transactions are used for value transfer purposes,” the authors write. “In particular, 96% of the transactions on EOSIO were triggered by the airdrop of a currently valueless token; on Tezos, 76% of throughput was used for maintaining consensus; and over 94% of transactions on XRPL carried no economic value.”
Read more:A Mysterious Airdrop Called EIDOS Is Clogging EOS to Make a Point
The authors’ latest version came out Wednesday, following up on two prior versions, with this one including several more months of data. It immediatelysparked discussion, with its findings that high-throughput blockchains don’t necessarily have a lot of payment activity.
It also illuminated the fact that transparency doesn’t necessarily equal legibility.
Related:Free Transactions Invite Systemic Attacks on Blockchains, Researchers Find
So many records can pile up on a blockchain that needed information can become needles in a very large haystack. As Perez, a Ph.D. candidate at Imperial College London told CoinDesk in an email, “When the level of spam activity is very high, the size of the history gets disproportionately large given the amount of useful activity on the network. This makes such blockchains much more difficult to analyze and reason about.”
That said, the authors’ analysis is based on a careful examination of each blockchain, looking at the kinds of transactions and characterizing what kind of work they represented. Then they looked at the biggest users of the networks, which generally corresponded to most of the usage, and dug deeper into what was going on in their transactions.
As the authors note, there has been a dearth of academic investigation into blockchains besides that of Bitcoin and Ethereum. This analysis of EOS, XRP Ledger and Tezos covers the period from October 1, 2019 to April 30, 2020, using data collected by the open source tool,Blockchain Analyzer. Here’s what they found for each chain.
Last November, CoinDesk reported ona mysterious airdropon EOS that gave users an incentive to make as many low-value transactions as they could, called EIDOS, which overall made the blockchain more expensive to use, making it look very much like a denial of service (DoS) attack (also evidenced by the fact that “DOS” is part of the airdrop’s name).
The researchers found that most of the transactions taking place on EOS, at least through the end of April, were related to the EIDOS stunt.
The authors write, “Before the arrival of the EIDOS token, approximately 50% of these are transactions to betting games. … The launch of EIDOS increased the total number of transactions more than tenfold, resulting in 96% of the transactions being used for token transfers.”
To recap: The EIDOS smart contract sends a token to any EOS wallet address that sends it any amount of EOS. The smart contract instantly returns any EOS sent along with the token. The smart contract rewards transactions, not value, so it doesn’t matter how much EOS gets sent. It sends the same number of tokens back no matter what.
EIDOS was worth a little less than $0.02 when we last reported it on it. It currently trades for about $0.0008,according to CoinGecko.
Read more:Tron Dapps Saw $1.6 Billion in Volume in Q1 2019, Driven By Gambling
Additionally, the authors also found that most of the transactions on one of EOS’s large apps, WhaleEx, look suspicious.The WhaleEx websitesays it is the “#1 Decentralized Exchange in the World,” yet the authors looked at its transactions and found:
“Firstly, and most obviously, we notice that in more than 75% of the trades, the buyer and the seller are the same. This means that no asset is transferred at the end of the action. Furthermore, the transaction fees for both the buyer and the seller are 0, which means that such a transaction is achieving absolutely nothing else than artificially increasing the service statistics, i.e. wash-trading.”
WhaleEx could not be immediately reached for comment.
Block.One, the creators of the EOSIO software that runs EOS among a few other blockchains, declined to comment directly to CoinDesk. Instead, they directed CoinDesk to anew Medium postby CTO Dan Larimer, which does not directly address the questions about EIDOS and WhaleEx, but instead dwells on how the report’s authors define throughput.
The paper makes a theoretical argument that the true throughput on each of these chains is very low in terms of transactions with actual value, a point which Larimer disputes. In other words, Larimer emphasizes what EOSIO softwarecouldbe used for. Potential aside, the researchers’ findings are about what it is currently used for.
Larimer writes:
“How the media chooses to report on this paper will reveal whether or not they have integrity to differentiate technological capability and recognize EOSIO as being the most demonstrably scalable.”
Again, Block.One declined to further comment.
XRP is periodically beset by spam. The authors write:
“The ledger experienced two waves of abnormally high traffic in the form of Payment transactions in late 2019, the first between the end of October and the beginning of November, the second – at a higher level – between the end of November and the beginning of December.”
Why such traffic occurs, however, is unclear. “It remains something of a mystery how such an expensive form of ‘spam’ benefited its originators.”
Ripple’s CTO David Schwartz addressed this point when a prior draft of this paper was under discussion.He wrotein May:
“If you have a cheap, high-capacity public blockchain that was designed for maximum censorship resistance, it’s going to get a lot of spam. There’s no real disincentive and no authority to stop you. What are you willing to give up to stop it given that it doesn’t do much harm?”
That said, they also found that most XRP holders do very little. “The distribution of the number of transactions per account is highly skewed. Over one third (71 thousand) of the accounts have transacted only once during the entire observation period, whereas the 35 most active accounts are responsible for half of the total traffic,” they wrote, thoughsuch Pareto distributionsare not unusual, especially when money is concerned.
Ripple has not yet provided further comment to CoinDesk on this latest draft.
On Tezos, the authors find that most activity on the network is related to governance and staking.
They write, “Tezos has a high number of ‘endorsements,’ which are used as part of the consensus protocol, and only a small fraction of the throughput are actual transactions.” Further, a large portion of the transactions appear to be bakers (the validators) making payments to users who have delegated XTZ.”
Later, the paper notes:
“Tezos has not yet come close to maximizing its actual capacity.”
It does not, however, find suspicious or malicious transactions in any real volume on Tezos. TQuorum, an entity that promotes Tezos, had not yet provided comment as of press time.
As most people who follow cryptocurrency know, the Bitcoin blockchain debuted what’s come to be known as the internet of value. The paper’s analysis then is based on how frequently users actually transfer value, as opposed to making other kinds of transactions.
It raises questions about whether it is wise to design a blockchain so that valueless transactions are free or nearly free. The authors write:
“While on XRPL the consequences of such a spam attack are limited, on EOSIO they forced the network to enter congestion mode, causing regular users to be unable to use the network because transactions which used to be free started to cost a fee.”
In short, the authors write, “The massive potential of those blockchains has thus far not been fully realized for their intended purposes.”
Read the full paper below:
• XRP
• EOS || Free Transactions Invite Systemic Attacks on Blockchains, Researchers Find: Markets are taking the U.S. Federal Reserve’s less-than-optimistic economic forecasts quite hard, and that’s leading crypto traders to hit the sell button.
Bitcoin(BTC) was trading around $9,258 as of 20:00 UTC (4 p.m. ET), slipping 6.4% over the previous 24 hours.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,890 on exchanges like Coinbase. By 06:00 (2 a.m. ET), its price began to decline, dipping to as low as $9,049. The price is now well below the 50-day and 10-day moving averages, a bearish technical indicator.
Read More:Bitcoin Stuck Below $10K as Stocks Drop
Traders are being confronted with a sea of red across almost all assets Thursday. Fed Chair Jerome Powell’s speech on the economy didn’t inspire any optimism about the next few quarters. “The virus and the forceful measures taken to control its spread have induced a sharp decline in economic activity and a surge in job losses,” Powell said in remarks Wednesday.
“You can’t print your way out of this,” said Zachary Reece, managing partner of digital asset firm Lotus Investment Strategies Global. “I fear we are taking the opposite approach and will see the downfall of the United States dollar.”
Read More:Fed Sees No Inflation Through 2021, but Bitcoiners Are Betting on It Anyway
Related:Market Wrap: Stocks’ Carnage Drags Bitcoin Down to $9K
Indeed, the U.S. Dollar Index rose 0.4% off its three-month lows Thursday after Powell’s comments. That could signal investors are starting to look at classic safe havens like gold.
“I think the general negative sentiment of traditional markets affects bitcoin,’ said Sasha Goldberg, a senior trader for Efficient Frontier Markets, a digital asset quant fund. “We’re now seeing the following events priced in the market – riots in the U.S., the China-U.S. trade war, coronavirus uncertainty – among other events that happened lately.”
Bitcoin has increased its correlation to gold in 2020, particularly after March’s crash. The 90-day coefficient is close to 0.35, up from 0 back in January. A coefficient of 1.0 means two assets move in perfect tandem while a coefficient of -1.0 means they move in opposite directions. A coefficient of 0.0 implies that returns on the two assets have no relationship.
Gold is one asset trading flat, down by less than a percent at around $1,727 for the day. “In my view gold is the safe haven for old-school investors and bitcoin for more modern-thinking ones,” said Henrik Kugelberg, a Sweden-based over-the-counter cryptocurrency trader.
Cryptocurrency stakeholders have long insisted bitcoin is its own asset class, not tied to any other. However, it seems like it is increasingly operating with the traditional markets, at least for now.
Bitcoin isn’t the only cryptocurrency taking a hit. Digital assets on CoinDesk’s big board are red Thursday.Ether(ETH), the second-largest cryptocurrency by market capitalization, is trading around $230 and slipped 7% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:‘Whale’ Just Sent $130 in Cryptocurrency With a $2.6M Transaction Fee
Weekly Ethereum-based decentralized exchange (DEX) volume is picking up, slowly recovering from March’s coronavirus-induced crash when traders pushed volumes over $400 million for a short time.
The biggest cryptocurrency losers on the day includeneo(NEO) down 10%,tron(TRX) in the red 10% andiota(IOTA) slipping 9.7%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:Cryptos on Coinbase’s Exploratory List See Prices Jump 17% on Average
Oil isdown quite a bit, slipping 7% with a barrel of crude priced at $36 at press time.
In Europe, the FTSE 100 index of top companies in Europe fell 4% Thursdayas job cuts were announced at several companies. In Asia, the Nikkei 225 index of publicly traded companies in Japan ended trading in the red 2.8%as companies were dragged downon the U.S. Federal Reserve’s outlook.
Read More:Bitcoin Pops Past $10K as Fed Says Rates May Stay Near 0% Until 2022
In the U.S. the S&P 500 index fell 5.8%, with major selling in the final hour of trading ascoronavirus-induced economic numbers put a damper on the market. U.S. Treasury bonds were mixed Thursday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 18%.
• Bitcoin Stuck Below $10K as Stocks Drop
• First Mover: Fed Sees No Inflation Through 2021, but Bitcoiners Are Betting on It Anyway || Free Transactions Invite Systemic Attacks on Blockchains, Researchers Find: Markets are taking the U.S. Federal Reserve’s less-than-optimistic economic forecasts quite hard, and that’s leading crypto traders to hit the sell button. Bitcoin (BTC) was trading around $9,258 as of 20:00 UTC (4 p.m. ET), slipping 6.4% over the previous 24 hours. At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,890 on exchanges like Coinbase. By 06:00 (2 a.m. ET), its price began to decline, dipping to as low as $9,049. The price is now well below the 50-day and 10-day moving averages, a bearish technical indicator. Read More: Bitcoin Stuck Below $10K as Stocks Drop Traders are being confronted with a sea of red across almost all assets Thursday. Fed Chair Jerome Powell’s speech on the economy didn’t inspire any optimism about the next few quarters. “The virus and the forceful measures taken to control its spread have induced a sharp decline in economic activity and a surge in job losses,” Powell said in remarks Wednesday. “You can’t print your way out of this,” said Zachary Reece, managing partner of digital asset firm Lotus Investment Strategies Global. “I fear we are taking the opposite approach and will see the downfall of the United States dollar.” Read More: Fed Sees No Inflation Through 2021, but Bitcoiners Are Betting on It Anyway Related: Market Wrap: Stocks’ Carnage Drags Bitcoin Down to $9K Indeed, the U.S. Dollar Index rose 0.4% off its three-month lows Thursday after Powell’s comments. That could signal investors are starting to look at classic safe havens like gold. “I think the general negative sentiment of traditional markets affects bitcoin,’ said Sasha Goldberg, a senior trader for Efficient Frontier Markets, a digital asset quant fund. “We’re now seeing the following events priced in the market – riots in the U.S., the China-U.S. trade war, coronavirus uncertainty – among other events that happened lately.” Bitcoin has increased its correlation to gold in 2020, particularly after March’s crash. The 90-day coefficient is close to 0.35, up from 0 back in January. A coefficient of 1.0 means two assets move in perfect tandem while a coefficient of -1.0 means they move in opposite directions. A coefficient of 0.0 implies that returns on the two assets have no relationship. Gold is one asset trading flat, down by less than a percent at around $1,727 for the day. “In my view gold is the safe haven for old-school investors and bitcoin for more modern-thinking ones,” said Henrik Kugelberg, a Sweden-based over-the-counter cryptocurrency trader. Story continues Cryptocurrency stakeholders have long insisted bitcoin is its own asset class, not tied to any other. However, it seems like it is increasingly operating with the traditional markets, at least for now. Other markets Bitcoin isn’t the only cryptocurrency taking a hit. Digital assets on CoinDesk’s big board are red Thursday. Ether (ETH), the second-largest cryptocurrency by market capitalization, is trading around $230 and slipped 7% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: ‘Whale’ Just Sent $130 in Cryptocurrency With a $2.6M Transaction Fee Weekly Ethereum-based decentralized exchange (DEX) volume is picking up, slowly recovering from March’s coronavirus-induced crash when traders pushed volumes over $400 million for a short time. The biggest cryptocurrency losers on the day include neo (NEO) down 10%, tron (TRX) in the red 10% and iota (IOTA) slipping 9.7%. All price changes were as of 20:00 UTC (4:00 p.m. ET). Read More: Cryptos on Coinbase’s Exploratory List See Prices Jump 17% on Average Oil isdown quite a bit, slipping 7% with a barrel of crude priced at $36 at press time. In Europe, the FTSE 100 index of top companies in Europe fell 4% Thursday as job cuts were announced at several companies . In Asia, the Nikkei 225 index of publicly traded companies in Japan ended trading in the red 2.8% as companies were dragged down on the U.S. Federal Reserve’s outlook. Read More: Bitcoin Pops Past $10K as Fed Says Rates May Stay Near 0% Until 2022 In the U.S. the S&P 500 index fell 5.8%, with major selling in the final hour of trading as coronavirus-induced economic numbers put a damper on the market . U.S. Treasury bonds were mixed Thursday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 18%. Related Stories Bitcoin Stuck Below $10K as Stocks Drop First Mover: Fed Sees No Inflation Through 2021, but Bitcoiners Are Betting on It Anyway View comments || Market Wrap: Stocks’ Carnage Drags Bitcoin Down to $9K: Coinbase announced Wednesday it is considering listing Bancor’s BNT token, as well as 18 others, which already gave the asset’s global trading price a slight bump . “Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws,” the announcement said. “As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.” Although Coinbase declined to comment further, it’s not hard to imagine why BNT made the list. The token project itself saw a resurgence in May, facilitating nearly $10 million worth of trading volume and rising from roughly $0.20 a token at the start of the month to $0.85 by the end. Bancor’s growth, despite the broader economic crisis in 2020, may be due to a systems upgrade in April. But market analyst Andrew Kang said the majority of transactions associated with the surge were related to a wallet affiliated with Bancor CTO Yudi Levi. According to the Bancor analytics site Blockchair , BNT in particular was used in more than 10,457 transactions on Friday, May 29, out of 2.67 million transactions total since 2017. When asked about the surge, Bancor spokesperson Nate Hindman said the Bancor team practically invented automated market makers (AMMs), which he said are now organically popular. “After introducing AMMs in 2017 and having seen their meteoric rise in the last two years, we are thrilled to solve some of the key obstacles to their widespread adoption and continue to drive innovation in this key area of decentralized finance [DeFi],” Hindman said of the upgrade in April. “AMMs are now used in a wide range of DeFi products and protocols.” The network analytics site Dune Analytics estimates the decentralized exchange (DEX) software and token have been used to process more than $1.4 billion worth of transactions to date. Story continues Related: With Token Uptick and Israeli Election Work, It’s Been a Busy Year for Bancor’s Founders BNT’s growth comes as other DEX tokens have surged in recent months. Kyber Network (KNC) surged promptly after being listed by Coinbase in February 2020 and became one of this year’s hottest crypto assets. Ethereum-friendly DEX tokens like KNC and BNT appear to be increasingly lucrative in 2020. Yet, even after the jump, BNT tokens are now selling for far less than they were during the initial sale in 2017. The overall DEX system, however, is only growing in value as the Bancor team garners political clout in addition to their considerable token holdings . As such, some blogs continue to promote the idea that BNT is “ undervalued .” Data experts It’s proving to be an eventful year for the Bancor team even beyond the token activity. On March 2, 2020, Israeli Prime Minister Benjamin Netanyahu thanked Bancor co-founders Eyal Hertzog and Guy Benartzi, along with their business partner, LiquidApps CEO Beni Hakak, for their “help” using “data” to win the March election. Hertzog and Benartzi were among roughly two dozen campaign leaders mentioned in both the victory speech and featured in the official photo of the celebration in Netanyahu’s office. Stepping back, the token founders – who declined to comment on the election – raised more than $153 million in 2017 for the DEX project now serving hundreds of people a day. Still, it’s unclear if the crypto companies, Bancor and LiquidApps, had anything to do with this software system during the Israeli election. Most likely, the token founders were acting as private citizens rather than corporate donors or contractors. Either way, Israeli professor Anat Ben Dov said the Netanyahu campaign’s data strategy “was turning citizens into informants” by using both Facebook and a mobile app called Elector . This strategy encouraged voters to enter sensitive information about all Israeli citizens, Ben Dov said. “The more people you added to the app, the higher your rank was. You could get stars, like military ranks,” Ben Dov said of the app’s gamified leaderboard. “The campaign was said to transport data from Facebook to Elector … it’s also a social supervision system.” Outsized role Tehilla Shwartz Altshuler, a senior fellow at the Israel Democracy Institute, said that“data was the game changer in March 2020” because Netanyahu used Facebook data to push “proactive” notifications to influence voters. “Using personal data to win an election is not unique to Israel, it’s also happening all around the world,” Altshuler said. “This is similar to what was done in America in 2016.” Ben Dov agreed, adding this “wouldn’t be possible because of the GDPR ,” but it “might be possible in the United States.” Indeed, Netanyahu leaned heavily on American advisers for this data strategy, including President Donald Trump’s campaign strategist John McLaughlin . Netanyahu also relied on another American consultant, former Breitbart journalist Aaron Klein . Former White House chief strategist Steve Bannon credited Klein with the idea of interviewing former U.S. President Bill Clinton’s sexual assault accusers ahead of an October 2016 presidential debate. Altshuler said Netanyahu and Trump have similar, and complementary, digital media strategies. “On the surface, you have leaders trying to be as extreme as they can,” Altshuler said. “The deeper layer is using personal data to target these messages and spread them through specific social groups.” On the other hand, both Netanyahu and Trump fans see such strategies as effective leadership in an age of voter apathy and high-tech tools. Regardless of the Bancor founders’ political activism, their proximity to such data strategies may offer a competitive advantage. Understanding how to compliantly encourage specific behaviors, whether it’s voting or trading, is part of the digital casino game. Plus, Coinbase appears to be ramping up DeFi governance features in 2020. Related Stories ConsenSys Muscles Into Compliance With New Regulatory Product for DeFi Bitfinex Spin-Out Says Funds Are Lining Up for Its New Decentralized Exchange || Market Wrap: Stocks’ Carnage Drags Bitcoin Down to $9K: Coinbase announcedWednesdayit is considering listing Bancor’s BNT token, as well as 18 others, which already gave the asset’s global trading price aslight bump.
“Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws,” the announcement said. “As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.”
Although Coinbase declined to comment further, it’s not hard to imagine why BNT made the list. The token project itself saw a resurgence in May, facilitating nearly$10 millionworth of trading volume and rising from roughly$0.20 a tokenat the start of the month to$0.85by the end.
Bancor’s growth, despite the broader economic crisis in 2020, may be due to asystems upgradein April. But market analystAndrew Kangsaid the majority of transactions associated with the surge were related to awalletaffiliated with Bancor CTO Yudi Levi. According to the Bancor analytics siteBlockchair, BNT in particular was used in more than 10,457 transactions on Friday, May 29, out of 2.67 million transactions total since 2017.
When asked about the surge, Bancor spokesperson Nate Hindman said the Bancor team practically invented automated market makers (AMMs), which he said are now organically popular.
“After introducing AMMs in 2017 and having seen their meteoric rise in the last two years, we are thrilled to solve some of the key obstacles to their widespread adoption and continue to drive innovation in this key area of decentralized finance [DeFi],” Hindman said of the upgrade in April. “AMMs are now used in a wide range of DeFi products and protocols.”
The network analytics site Dune Analytics estimates the decentralized exchange (DEX) software and token have been used to process more than$1.4 billionworth of transactions to date.
Related:With Token Uptick and Israeli Election Work, It’s Been a Busy Year for Bancor’s Founders
BNT’s growth comes as other DEX tokens have surged in recent months.Kyber Network (KNC)surged promptly after being listed by Coinbase inFebruary 2020and became one of this year’s hottest crypto assets. Ethereum-friendly DEX tokens like KNC and BNT appear to be increasingly lucrative in 2020.
Yet, even after the jump, BNT tokens are now selling for far less than they were during the initial sale in 2017. The overall DEX system, however, is only growing in value as the Bancor team garners political clout in addition to their considerabletoken holdings. As such, some blogs continue to promote the idea that BNT is “undervalued.”
It’s proving to be an eventful year for the Bancor team even beyond the token activity.
On March 2, 2020, Israeli Prime Minister Benjamin NetanyahuthankedBancor co-founders Eyal Hertzog and Guy Benartzi, along with their business partner,LiquidAppsCEO Beni Hakak, for their “help” using “data” to win the March election. Hertzog and Benartzi were among roughly two dozen campaign leaders mentioned in both the victory speech and featured in theofficial photoof the celebration in Netanyahu’s office.
Stepping back, the token founders – who declined to comment on the election – raised more than$153 millionin 2017 for the DEX project now servinghundreds of peoplea day. Still, it’s unclear if the crypto companies, Bancor and LiquidApps, had anything to do with this software system during the Israeli election.
Most likely, the token founders were acting as private citizens rather than corporate donors or contractors. Either way, Israeli professor Anat Ben Dov said the Netanyahu campaign’s data strategy “was turning citizens into informants” by using both Facebook and a mobile app calledElector. This strategy encouraged voters toenter sensitive informationabout all Israeli citizens, Ben Dov said.
“The more people you added to the app, the higher your rank was. You could get stars, like military ranks,” Ben Dov said of the app’s gamified leaderboard. “The campaign was said to transport data from Facebook to Elector … it’s also a social supervision system.”
Tehilla Shwartz Altshuler, a senior fellow at the Israel Democracy Institute, said that“data was the game changer in March 2020” because Netanyahu used Facebook data to push “proactive” notifications to influence voters.
“Using personal data to win an election is not unique to Israel, it’s also happening all around the world,” Altshuler said. “This is similar to what was done in America in 2016.”
Ben Dov agreed, adding this “wouldn’t be possible because of theGDPR,” but it “might be possible in the United States.”
Indeed, Netanyahu leaned heavily on American advisers for this data strategy, including President Donald Trump’scampaign strategist John McLaughlin. Netanyahu also relied on another American consultant, former Breitbart journalistAaron Klein. Former White House chief strategist Steve BannoncreditedKlein with the idea of interviewing former U.S. President Bill Clinton’s sexual assault accusers ahead of an October 2016 presidential debate. Altshuler said Netanyahu and Trump have similar, and complementary, digital media strategies.
“On the surface, you have leaders trying to be as extreme as they can,” Altshuler said. “The deeper layer is using personal data to target these messages and spread them through specific social groups.”
On the other hand, both Netanyahu and Trump fans see such strategies aseffective leadershipin an age of voter apathy and high-tech tools.
Regardless of the Bancor founders’ political activism, their proximity to such data strategies may offer a competitive advantage. Understanding how to compliantly encourage specific behaviors, whether it’svotingor trading, is part of the digital casino game. Plus, Coinbaseappearsto be ramping upDeFi governancefeatures in 2020.
• ConsenSys Muscles Into Compliance With New Regulatory Product for DeFi
• Bitfinex Spin-Out Says Funds Are Lining Up for Its New Decentralized Exchange || Market Wrap: Stocks’ Carnage Drags Bitcoin Down to $9K: Coinbase announcedWednesdayit is considering listing Bancor’s BNT token, as well as 18 others, which already gave the asset’s global trading price aslight bump.
“Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws,” the announcement said. “As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.”
Although Coinbase declined to comment further, it’s not hard to imagine why BNT made the list. The token project itself saw a resurgence in May, facilitating nearly$10 millionworth of trading volume and rising from roughly$0.20 a tokenat the start of the month to$0.85by the end.
Bancor’s growth, despite the broader economic crisis in 2020, may be due to asystems upgradein April. But market analystAndrew Kangsaid the majority of transactions associated with the surge were related to awalletaffiliated with Bancor CTO Yudi Levi. According to the Bancor analytics siteBlockchair, BNT in particular was used in more than 10,457 transactions on Friday, May 29, out of 2.67 million transactions total since 2017.
When asked about the surge, Bancor spokesperson Nate Hindman said the Bancor team practically invented automated market makers (AMMs), which he said are now organically popular.
“After introducing AMMs in 2017 and having seen their meteoric rise in the last two years, we are thrilled to solve some of the key obstacles to their widespread adoption and continue to drive innovation in this key area of decentralized finance [DeFi],” Hindman said of the upgrade in April. “AMMs are now used in a wide range of DeFi products and protocols.”
The network analytics site Dune Analytics estimates the decentralized exchange (DEX) software and token have been used to process more than$1.4 billionworth of transactions to date.
Related:With Token Uptick and Israeli Election Work, It’s Been a Busy Year for Bancor’s Founders
BNT’s growth comes as other DEX tokens have surged in recent months.Kyber Network (KNC)surged promptly after being listed by Coinbase inFebruary 2020and became one of this year’s hottest crypto assets. Ethereum-friendly DEX tokens like KNC and BNT appear to be increasingly lucrative in 2020.
Yet, even after the jump, BNT tokens are now selling for far less than they were during the initial sale in 2017. The overall DEX system, however, is only growing in value as the Bancor team garners political clout in addition to their considerabletoken holdings. As such, some blogs continue to promote the idea that BNT is “undervalued.”
It’s proving to be an eventful year for the Bancor team even beyond the token activity.
On March 2, 2020, Israeli Prime Minister Benjamin NetanyahuthankedBancor co-founders Eyal Hertzog and Guy Benartzi, along with their business partner,LiquidAppsCEO Beni Hakak, for their “help” using “data” to win the March election. Hertzog and Benartzi were among roughly two dozen campaign leaders mentioned in both the victory speech and featured in theofficial photoof the celebration in Netanyahu’s office.
Stepping back, the token founders – who declined to comment on the election – raised more than$153 millionin 2017 for the DEX project now servinghundreds of peoplea day. Still, it’s unclear if the crypto companies, Bancor and LiquidApps, had anything to do with this software system during the Israeli election.
Most likely, the token founders were acting as private citizens rather than corporate donors or contractors. Either way, Israeli professor Anat Ben Dov said the Netanyahu campaign’s data strategy “was turning citizens into informants” by using both Facebook and a mobile app calledElector. This strategy encouraged voters toenter sensitive informationabout all Israeli citizens, Ben Dov said.
“The more people you added to the app, the higher your rank was. You could get stars, like military ranks,” Ben Dov said of the app’s gamified leaderboard. “The campaign was said to transport data from Facebook to Elector … it’s also a social supervision system.”
Tehilla Shwartz Altshuler, a senior fellow at the Israel Democracy Institute, said that“data was the game changer in March 2020” because Netanyahu used Facebook data to push “proactive” notifications to influence voters.
“Using personal data to win an election is not unique to Israel, it’s also happening all around the world,” Altshuler said. “This is similar to what was done in America in 2016.”
Ben Dov agreed, adding this “wouldn’t be possible because of theGDPR,” but it “might be possible in the United States.”
Indeed, Netanyahu leaned heavily on American advisers for this data strategy, including President Donald Trump’scampaign strategist John McLaughlin. Netanyahu also relied on another American consultant, former Breitbart journalistAaron Klein. Former White House chief strategist Steve BannoncreditedKlein with the idea of interviewing former U.S. President Bill Clinton’s sexual assault accusers ahead of an October 2016 presidential debate. Altshuler said Netanyahu and Trump have similar, and complementary, digital media strategies.
“On the surface, you have leaders trying to be as extreme as they can,” Altshuler said. “The deeper layer is using personal data to target these messages and spread them through specific social groups.”
On the other hand, both Netanyahu and Trump fans see such strategies aseffective leadershipin an age of voter apathy and high-tech tools.
Regardless of the Bancor founders’ political activism, their proximity to such data strategies may offer a competitive advantage. Understanding how to compliantly encourage specific behaviors, whether it’svotingor trading, is part of the digital casino game. Plus, Coinbaseappearsto be ramping upDeFi governancefeatures in 2020.
• ConsenSys Muscles Into Compliance With New Regulatory Product for DeFi
• Bitfinex Spin-Out Says Funds Are Lining Up for Its New Decentralized Exchange || Bitcoin, Ethereum & WAX - American Wrap 6/11: Bitcoin Sentiment Overview: BTC/USD can skyrocket thanks to inflation
Bitcoin broke $10,000 again on June 10 but got rejected and dropped to $9,700. The top-ranked cryptocurrency is trading at $9,550 at the time of writing after a steep consolidation due to the recent rejection. Bulls are looking to hold the daily 12-EMA at $9,679. A loss of this EMA will be significant and it hasn’t happened since May 21.
Ethereum Price Prediction: ETH/USD slides below $240 and there are not many support levels nearby
Ethereum is clearly seeing a shift in momentum after the rejection we saw yesterday on June 10. The second-ranked cryptocurrency attempted to break $250 again and had a minor rejection that is getting a ton of continuation today. The daily 12-EMA is set at $239 at the time of writing and the bulls are trying to defend it.
Unfortunately, below the 12-EMA there is not a lot of support for Ethereum. The nearest resistance area can be found between $237.67 and $237.25 where the previous hourly and 4-hour lows are converging. The daily Fibonacci 161.8% is also there. Below that, Ethereum doesn’t have a lot of support besides the daily 26-EMA at $228.49.
WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets toWAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to $0.057.057
The WAX bull run is paused as bulls couldn’t handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547.
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• Bitcoin, Ethereum & Litecoin - American Wrap 6/4
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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & WAX - American Wrap 6/11: Bitcoin Sentiment Overview: BTC/USD can skyrocket thanks to inflation
Bitcoin broke $10,000 again on June 10 but got rejected and dropped to $9,700. The top-ranked cryptocurrency is trading at $9,550 at the time of writing after a steep consolidation due to the recent rejection. Bulls are looking to hold the daily 12-EMA at $9,679. A loss of this EMA will be significant and it hasn’t happened since May 21.
Ethereum Price Prediction: ETH/USD slides below $240 and there are not many support levels nearby
Ethereum is clearly seeing a shift in momentum after the rejection we saw yesterday on June 10. The second-ranked cryptocurrency attempted to break $250 again and had a minor rejection that is getting a ton of continuation today. The daily 12-EMA is set at $239 at the time of writing and the bulls are trying to defend it.
Unfortunately, below the 12-EMA there is not a lot of support for Ethereum. The nearest resistance area can be found between $237.67 and $237.25 where the previous hourly and 4-hour lows are converging. The daily Fibonacci 161.8% is also there. Below that, Ethereum doesn’t have a lot of support besides the daily 26-EMA at $228.49.
WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets toWAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to $0.057.057
The WAX bull run is paused as bulls couldn’t handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547.
See more from Benzinga
• Bitcoin, Ethereum & Litecoin - American Wrap 6/4
• Bitcoin, Litecoin & Cardano - American Wrap
• Bitcoin, Ethereum & Ripple - American Wrap
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & WAX - American Wrap 6/11: Bitcoin Sentiment Overview: BTC/USD can skyrocket thanks to inflation Bitcoin broke $10,000 again on June 10 but got rejected and dropped to $9,700. The top-ranked cryptocurrency is trading at $9,550 at the time of writing after a steep consolidation due to the recent rejection. Bulls are looking to hold the daily 12-EMA at $9,679. A loss of this EMA will be significant and it hasnt happened since May 21. Ethereum Price Prediction: ETH/USD slides below $240 and there are not many support levels nearby Ethereum is clearly seeing a shift in momentum after the rejection we saw yesterday on June 10. The second-ranked cryptocurrency attempted to break $250 again and had a minor rejection that is getting a ton of continuation today. The daily 12-EMA is set at $239 at the time of writing and the bulls are trying to defend it. Unfortunately, below the 12-EMA there is not a lot of support for Ethereum. The nearest resistance area can be found between $237.67 and $237.25 where the previous hourly and 4-hour lows are converging. The daily Fibonacci 161.8% is also there. Below that, Ethereum doesnt have a lot of support besides the daily 26-EMA at $228.49. WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to WAX Technical Analysis: WAX/USD succumbs to selling pressure and plummets to $0.057 .057 The WAX bull run is paused as bulls couldnt handle the selling pressure around $0.08 and the price dropped to a low of $0.057, the current price at the time of writing. Bulls have lost the daily 12-EMA at $0.0641 and they are looking to defend the daily 26-EMA at $0.0547. See more from Benzinga Bitcoin, Ethereum & Litecoin - American Wrap 6/4 Bitcoin, Litecoin & Cardano - American Wrap Bitcoin, Ethereum & Ripple - American Wrap © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Quadriga Was a Ponzi Scheme, Ontario Securities Regulator Says: Top shelf CBDCs The House Financial Services Committee (FSC) Task Force on Financial Technology will convene Thursday to discuss digital currencies and other novel technologies. This includes a discussion on how FedAccounts and other digital tools might help the federal government distribute stimulus payments to help Americans suffering the economic fallout of COVID-19. The virtual hearing kicks off at noon Eastern (16:00 UTC), which you can watch here. Separately, ING Group, crypto custodian Copper, smart contract platform Cypherium and Giesecke+Devrient Currency Technology GmbH have joined the Digital Monetary Institute (DMI), which seeks to research the adoption of digital currencies by central banks. Decentralized Storage Arweave, a blockchain network meant for the permanent storage of data, has released a completely new approach to smart contracts to run on users’ computers rather than the blockchain itself. The SmartWeave update will dispense with gas fees and only requires a smart contract’s code to be run as often as it’s needed and not by every node on the network. Meanwhile, Unstoppable Domains released an uncensorable decentralized blog (dBlog) service hosted on Protocol Lab’s InterPlanetary File System . Finally, Filecoin announced the launch of the ‘Incentivized Testnet’ , the final phase of testing for its decentralized storage network. Custody Battles Crypto custodians are in a race to build the next State Street or BNY Mellon. Recent acquisitions in the crypto space have seen a bundling together of services such as custody, settlement, lending and trade execution – including examples by BitGo, Genesis Trading and a recent partnership between Galaxy Digital and Bakkt. This pace of consolidation is likely to continue, and firms specializing in standalone custody or trade execution may need to pivot to offer additional services or risk being swallowed up, think BitGo CEO Mike Belshe. Story continues Politics Patrick Nelson (D-NY) is running for New York State Senate, with a background in local politics, progressive activism and vocal support for cryptographic monies. CoinDesk spoke with Nelson about his previous attempts to fundraise using bitcoin, reforming the state’s burdensome BitLicense and his attempts to convince party leadership to use blockchain voting to elect the state’s delegates. Privacy The Human Rights Foundation (HRF) will support bitcoin privacy tech with its Bitcoin Developer Fund. The first $50,000 grant has been awarded to a CoinSwap developer, and HRF will continue to support those “working on strengthening Bitcoin pseudonymity at the network level,” Chief Strategy Officer Alex Gladstein said. Elsewhere, Catallaxy, a blockchain consultancy affiliated with accounting giant Grant Thornton, is teaming up with CipherTrace to better track cybercrimes. Financial Products Crypto exchange BTSE will price its new tether gold futures contracts in bitcoin. The perpetual contract tracks the value of one tether gold (XAUT) token, which itself tracks the value of gold, allowing traders to speculate on whether bitcoin or gold will turn out to have the most demand. Elsewhere, crypto retirement savings firm Bitcoin IRA will take on smaller accounts with the launch and redesign of its IRA products. The firm has dropped the standard account minimum to $3,000, and launched Saver IRA. Separately, crypto hedge fund Three Arrows Capital now holds 6.26% of GBTC shares, worth nearly $259 million. ( The Block ) Lastly, Coinbase is looking to possibly add 19 new digital assets, including Aragon, Aave, Bancor, Siacoin, Origin Protocol, Ren and VeChain. The news is drive prices up between 8-25%. Funding Hut 8 Mining is looking to raise at least C $7.5 million to upgrade its fleet of BlockBox bitcoin miners. The firm, the biggest cryptocurrency miner in Canada and one of the largest publicly traded miners in the world, seeks to raise the funds through an overnight marketed public offering on the Toronto Stock Exchange. Elsewhere, Celsius Network is running a $5 million fundraising round on BnkToTheFuture, a crowd investment platform. ( Decrypt ) Related: Blockchain Bites: CBDCs on Capitol Hill, Custody Battles and Smart Drugs Cybercrime Hackers have moved approximately $4 million of stolen bitcoin from the 2016 Bitfinex hack into unknown wallets. ( Decrypt ) Additionally, Europol has shuttered a $17 million video stream service, accused of pirating content from Netflix and Amazon, which was partly funded through cryptocurrency. ( Decrypt ) Human Interest Smart drugs, a class of performance-enhancing supplements are seeing widespread use in the tech and crypto sectors, and prompting much skepticism everywhere else. “Being in frontier tech means you’re (a) more exposed to new ideas and tools, (b) in a community where experimentation is normalized and widely and openly discussed and often encouraged, and (c) more willing to try new things,” Meltem Demirors, CEO of CoinShares, said. Market intel Inflationary Boost? There’s no end in sight to loose monetary policy at the Federal Reserve, and that’s just fine with bitcoin bulls. Fed officials said Wednesday they expect to keep interest rates close to zero through 2022, while pumping at least $120 billion a month of freshly created money into the financial system for the foreseeable future. While the monetary guardians are not expecting runaway inflation, cryptocurrency analysts said that the longer the central bank sticks to its loose-money stance, the higher the chances of inflation down the road. Prices for bitcoin, seen by many investors as a hedge against inflation, rose on the news. Stuck for Now Bitcoin remains stuck below $10,000 amid jitters in traditional markets over the pace of economic recovery. While bitcoin’s price is down 1% on the day, the major equity market indices in Europe are reporting over a 2% drop. The futures tied to the Dow Jones Industrial Average, Wall Street’s equity index, are down over 600 points and reporting a 1.8% decline on the day. Asian equities also suffered losses early Wednesday, according to data source Investing. CoinDesk podcast network A Vision for Digital Property Rights, Feat. Nic Carter Most people today look at social platforms like any other private company, but what if we saw them as alternative jurisdictions with a new set of property rights? That’s the vision Nic Carter, a partner at Castle Island Ventures, lays out in conversation with NLW. You can read more about it here. Who won #CryptoTwitter? Related Stories First Mover: Crypto Broker Voyager’s Stock Has Doubled This Year, Beating Bitcoin Blockchain Bites: Coinbase Surveillance, Bitcoin Wargames, CoinMarketCap Drama || Quadriga Was a Ponzi Scheme, Ontario Securities Regulator Says: CBDCsThe House Financial Services Committee (FSC) Task Force on Financial Technology will convene Thursday to discuss digital currencies and other novel technologies. This includes a discussion on how FedAccounts and other digital tools might help the federal government distribute stimulus payments to help Americans suffering the economic fallout of COVID-19. The virtual hearing kicks off at noon Eastern (16:00 UTC), which you canwatch here.Separately, ING Group, crypto custodian Copper, smart contract platform Cypherium and Giesecke+Devrient Currency Technology GmbH have joined theDigital Monetary Institute (DMI),which seeks to research the adoption of digital currencies by central banks.
Decentralized StorageArweave, a blockchain network meant for the permanent storage of data, has releaseda completely new approach to smart contractsto run on users’ computers rather than the blockchain itself. The SmartWeave update will dispense with gas fees and only requires a smart contract’s code to be run as often as it’s needed and not by every node on the network. Meanwhile, Unstoppable Domains released an uncensorabledecentralized blog (dBlog) service hosted on Protocol Lab’s InterPlanetary File System. Finally,Filecoin announced the launch of the ‘Incentivized Testnet’, the final phase of testing for its decentralized storage network.
Custody BattlesCrypto custodians are in a raceto build the next State Street or BNY Mellon.Recent acquisitions in the crypto space have seen a bundling together of services such as custody, settlement, lending and trade execution – including examples by BitGo, Genesis Trading and a recent partnership between Galaxy Digital and Bakkt. This pace of consolidation is likely to continue, and firms specializing in standalone custody or trade execution may need to pivot to offer additional services or risk being swallowed up, think BitGo CEO Mike Belshe.
PoliticsPatrick Nelson (D-NY) is running for New York State Senate, with a background inlocal politics, progressive activism and vocal support for cryptographic monies.CoinDesk spoke with Nelson about his previous attempts to fundraise using bitcoin, reforming the state’s burdensome BitLicense and his attempts to convince party leadership to use blockchain voting to elect the state’s delegates.
PrivacyThe Human Rights Foundation (HRF) will supportbitcoin privacy techwith its Bitcoin Developer Fund. The first $50,000 grant has been awarded to a CoinSwap developer, and HRF will continue to support those “working on strengthening Bitcoin pseudonymity at the network level,” Chief Strategy Officer Alex Gladstein said. Elsewhere, Catallaxy, a blockchain consultancy affiliated with accounting giant Grant Thornton, isteaming up with CipherTraceto better track cybercrimes.
Financial ProductsCrypto exchange BTSE will price its newtether gold futurescontracts in bitcoin. The perpetual contract tracks the value of one tether gold (XAUT) token, which itself tracks the value of gold, allowing traders to speculate on whether bitcoin or gold will turn out to have the most demand. Elsewhere, crypto retirement savings firmBitcoin IRA will take on smaller accountswith the launch and redesign of its IRA products. The firm has dropped the standard account minimum to $3,000, and launched Saver IRA. Separately, crypto hedge fund Three Arrows Capital now holds 6.26% of GBTC shares, worth nearly $259 million. (The Block) Lastly, Coinbase is looking to possibly add19 new digital assets,including Aragon, Aave, Bancor, Siacoin, Origin Protocol, Ren and VeChain. The news is drive prices up between 8-25%.
FundingHut 8 Mining is looking to raise at least C$7.5 million to upgrade its fleet of BlockBox bitcoin miners.The firm, the biggest cryptocurrency miner in Canada and one of the largest publicly traded miners in the world, seeks to raise the funds through an overnight marketed public offering on the Toronto Stock Exchange. Elsewhere, Celsius Network is running a $5 million fundraising round on BnkToTheFuture, a crowd investment platform. (Decrypt)
Related:Blockchain Bites: CBDCs on Capitol Hill, Custody Battles and Smart Drugs
CybercrimeHackers have moved approximately $4 million of stolen bitcoin from the 2016 Bitfinex hack into unknown wallets. (Decrypt) Additionally, Europol has shuttered a $17 million video stream service, accused of pirating content from Netflix and Amazon, which was partly funded through cryptocurrency. (Decrypt)
Human InterestSmart drugs, a class of performance-enhancing supplements are seeingwidespread use in the tech and crypto sectors,and prompting much skepticism everywhere else. “Being in frontier tech means you’re (a) more exposed to new ideas and tools, (b) in a community where experimentation is normalized and widely and openly discussed and often encouraged, and (c) more willing to try new things,” Meltem Demirors, CEO of CoinShares, said.
Inflationary Boost?There’s no end in sight to loose monetary policy at the Federal Reserve, and that’sjust fine with bitcoin bulls.Fed officials said Wednesday they expect to keep interest rates close to zero through 2022, while pumping at least $120 billion a month of freshly created money into the financial system for the foreseeable future. While the monetary guardians are not expecting runaway inflation, cryptocurrency analysts said that the longer the central bank sticks to its loose-money stance, the higher the chances of inflation down the road. Prices for bitcoin, seen by many investors as a hedge against inflation, rose on the news.
Stuck for NowBitcoin remainsstuck below $10,000amid jitters in traditional markets over the pace of economic recovery. While bitcoin’s price is down 1% on the day, the major equity market indices in Europe are reporting over a 2% drop. The futures tied to the Dow Jones Industrial Average, Wall Street’s equity index, are down over 600 points and reporting a 1.8% decline on the day. Asian equities also suffered losses early Wednesday, according to data source Investing.
A Vision for Digital Property Rights, Feat. Nic CarterMost people today look at social platforms like any other private company, but what if we saw them as alternative jurisdictions witha new set of property rights?That’s the vision Nic Carter, a partner at Castle Island Ventures, lays out in conversation with NLW. You canread more about it here.
• First Mover: Crypto Broker Voyager’s Stock Has Doubled This Year, Beating Bitcoin
• Blockchain Bites: Coinbase Surveillance, Bitcoin Wargames, CoinMarketCap Drama || Bitmains Power Struggle Takes Toll on Customers as Co-Founder Halts Shipments: With BTC and global equity markets down more than 1% on the day, CoinDesks Markets Daily is back with your bitcoin news roundup. For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . This episode is sponsored by Bitstamp and Ciphertrace Todays bitcoin news: Bitcoin Stuck Below $10K as Stocks Drop With the U.S. Federal Reserve dashing hopes of a V-shaped recovery, its uncertain whether bitcoin will become a store of value or begin to track stocks. Microsoft Releases Bitcoin-Based ID Tool as COVID-19 Passports Draw Criticism Microsofts Bitcoin-based decentralized identity tool, ION, just went live with a beta version on mainnet. Related: Bitcoin News Roundup for June 11, 2020 Russias Economy Ministry Calls for Controllable Market Rather Than Crypto Ban The ministry argued the draft ban would be harmful for Russias economy and citizens, and called for a softer stance. Coca-Cola Distributor Offers Bitcoin Payment Options for Aussie Vending Machines More than 2,000 vending machines in Australia and New Zealand will let customers purchase Coke products using bitcoin. For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . Related Stories Coca-Cola Distributor Offers Bitcoin Payment Options for Aussie Vending Machines Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office || Bitmain’s Power Struggle Takes Toll on Customers as Co-Founder Halts Shipments: WithBTCand global equity markets down more than 1% on the day, CoinDesk’s Markets Daily is back with your bitcoin news roundup.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
This episode is sponsored byBitstampandCiphertrace
Bitcoin Stuck Below $10K as Stocks Drop
With the U.S. Federal Reserve dashing hopes of a V-shaped recovery, it’s uncertain whether bitcoin will become a store of value or begin to track stocks.
Microsoft Releases Bitcoin-Based ID Tool as COVID-19 ‘Passports’ Draw Criticism
Microsoft’s Bitcoin-based decentralized identity tool, ION, just went live with a beta version on mainnet.
Related:Bitcoin News Roundup for June 11, 2020
Russia’s Economy Ministry Calls for ‘Controllable Market’ Rather Than Crypto Ban
The ministry argued the draft ban would be harmful for Russia’s economy and citizens, and called for a softer stance.
Coca-Cola Distributor Offers Bitcoin Payment Options for Aussie Vending Machines
More than 2,000 vending machines in Australia and New Zealand will let customers purchase Coke products using bitcoin.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
• Coca-Cola Distributor Offers Bitcoin Payment Options for Aussie Vending Machines
• Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office || Mutual Fund Giant Vanguard Wraps Phase 1 of Digital Asset-Backed Securities Pilot: Three Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), according to a new filing with the U.S. Securities and Exchange Commission (SEC). The firm filed a schedule 13D disclosure to the SEC on Thursday after accumulating 21,057,237 shares, or 6.26%, of the trust for an amount valued over 20,000 bitcoin (BTC) or around $192 million, according to a filing dated June 10 . (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent firm.) A Schedule 13D form or beneficial ownership report is required when a person or group (firm) acquires more than 5% of any class of a company’s shares. The information must be disclosed to the SEC within a 10-day period from the date of the transaction under current regulations. Related: Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust Grayscale Investments is the world’s largest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up in 2013. As of June 11, the trust holds approximately 365,000 bitcoin worth $3.6 billion, according to Grayscale’s website . See also: Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies “Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership,” said Su Zhu, CEO and co-founder at Three Arrows Capital. On January 21 , GBTC became an SEC-compliant reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities it is used to register a class of securities for trading on U.S.-based exchanges. A company with over $10 million in total assets under management is required to file a Form 10 with the SEC. Related Stories Bitcoin Stuck Below $10K as Stocks Drop Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma || Mutual Fund Giant Vanguard Wraps Phase 1 of Digital Asset-Backed Securities Pilot: Three Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), according to a new filing with the U.S. Securities and Exchange Commission (SEC).
The firm filed aschedule 13Ddisclosure to the SEC on Thursday after accumulating 21,057,237 shares, or 6.26%, of the trust for an amount valued over 20,000bitcoin(BTC) or around $192 million, according toa filing dated June 10. (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent firm.)
A Schedule 13D form or beneficial ownership report is required when a person or group (firm) acquires more than 5% of any class of a company’s shares. The information must be disclosed to the SEC within a 10-day period from the date of the transaction under current regulations.
Related:Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust
Grayscale Investments is the world’s largest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up in 2013. As of June 11, the trust holds approximately 365,000 bitcoin worth $3.6 billion, according toGrayscale’s website.
See also:Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
“Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership,” said Su Zhu, CEO and co-founder at Three Arrows Capital.
On January 21, GBTC became an SEC-compliant reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities it is used to register a class of securities for trading on U.S.-based exchanges. A company with over $10 million in total assets under management is required to file a Form 10 with the SEC.
• Bitcoin Stuck Below $10K as Stocks Drop
• Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office
• Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma || Bitcoin News Roundup for June 11, 2020: Three Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), according to a new filing with the U.S. Securities and Exchange Commission (SEC). The firm filed a schedule 13D disclosure to the SEC on Thursday after accumulating 21,057,237 shares, or 6.26%, of the trust for an amount valued over 20,000 bitcoin (BTC) or around $192 million, according to a filing dated June 10 . (Grayscale is a subsidiary of Digital Currency Group, CoinDesks parent firm.) A Schedule 13D form or beneficial ownership report is required when a person or group (firm) acquires more than 5% of any class of a companys shares. The information must be disclosed to the SEC within a 10-day period from the date of the transaction under current regulations. Related: Three Arrows Capital Now Holds More Than 6% of Grayscales $3.6B Bitcoin Trust Grayscale Investments is the worlds largest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up in 2013. As of June 11, the trust holds approximately 365,000 bitcoin worth $3.6 billion, according to Grayscales website . See also: Shares in Grayscales Bitcoin Trust Up By 14% After Cryptos Price Rallies Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership, said Su Zhu, CEO and co-founder at Three Arrows Capital. On January 21 , GBTC became an SEC-compliant reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities it is used to register a class of securities for trading on U.S.-based exchanges. A company with over $10 million in total assets under management is required to file a Form 10 with the SEC. Related Stories Bitcoin Stuck Below $10K as Stocks Drop Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office Human Rights Foundation Funds Bitcoin Privacy Tools Despite Coin Mixing Legal Stigma View comments || Bitcoin News Roundup for June 11, 2020: Three Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), according to a new filing with the U.S. Securities and Exchange Commission (SEC).
The firm filed aschedule 13Ddisclosure to the SEC on Thursday after accumulating 21,057,237 shares, or 6.26%, of the trust for an amount valued over 20,000bitcoin(BTC) or around $192 million, according toa filing dated June 10. (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent firm.)
A Schedule 13D form or beneficial ownership report is required when a person or group (firm) acquires more than 5% of any class of a company’s shares. The information must be disclosed to the SEC within a 10-day period from the date of the transaction under current regulations.
Related:Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust
Grayscale Investments is the world’s largest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up in 2013. As of June 11, the trust holds approximately 365,000 bitcoin worth $3.6 billion, according toGrayscale’s website.
See also:Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
“Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership,” said Su Zhu, CEO and co-founder at Three Arrows Capital.
On January 21, GBTC became an SEC-compliant reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities it is used to register a class of securities for trading on U.S.-based exchanges. A company with over $10 million in total assets under management is required to file a Form 10 with the SEC.
• Bitcoin Stuck Below $10K as Stocks Drop
• Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office
• Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma || Bitcoin News Roundup for June 11, 2020: Three Arrows Capital, a crypto fund management firm based in Singapore, has acquired a significant stake in the Grayscale Bitcoin Trust (GBTC), according to a new filing with the U.S. Securities and Exchange Commission (SEC).
The firm filed aschedule 13Ddisclosure to the SEC on Thursday after accumulating 21,057,237 shares, or 6.26%, of the trust for an amount valued over 20,000bitcoin(BTC) or around $192 million, according toa filing dated June 10. (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent firm.)
A Schedule 13D form or beneficial ownership report is required when a person or group (firm) acquires more than 5% of any class of a company’s shares. The information must be disclosed to the SEC within a 10-day period from the date of the transaction under current regulations.
Related:Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust
Grayscale Investments is the world’s largest digital currency asset manager with its flagship product, the Grayscale Bitcoin Trust that was set up in 2013. As of June 11, the trust holds approximately 365,000 bitcoin worth $3.6 billion, according toGrayscale’s website.
See also:Shares in Grayscale’s Bitcoin Trust Up By 14% After Crypto’s Price Rallies
“Grayscale is one of the most professional and beneficial companies in the crypto ecosystem. We enjoy working with their team and are proud to be the first investor to file a Schedule 13D/G with the SEC for over 5% ownership,” said Su Zhu, CEO and co-founder at Three Arrows Capital.
On January 21, GBTC became an SEC-compliant reporting company after filing a Form 10 with the SEC. Also known as the General Form for Registration of Securities it is used to register a class of securities for trading on U.S.-based exchanges. A company with over $10 million in total assets under management is required to file a Form 10 with the SEC.
• Bitcoin Stuck Below $10K as Stocks Drop
• Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office
• Human Rights Foundation Funds Bitcoin Privacy Tools Despite ‘Coin Mixing’ Legal Stigma || Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust: Decentralized blogging is coming to a URL near you thanks to a partnership between Unstoppable Domains and Protocol Labs.
Launched Thursday, San Francisco blockchain firmUnstoppable Domainshas released its decentralized blog (dBlog) service hosted on Protocol Lab’s InterPlanetary File System (IPFS), complete with the .crypto domain.
“No one can take it down,” Unstoppable Domains co-founder Brad Kam said in a phone interview. “We expect over time all sorts of content that is currently controversial or maybe even not permissible in certain parts of the world popping up because the censorship-resistant internet is usable now.”
dBlogs come complete with tools similar to Medium, with functionality such as plain text, images, audio and video, according to the company. Notable crypto investors and enthusiasts such as CoinShares CSOMeltem Demirors, venture investor William Mougayar and Ethereum developer Alex Masmej have launched personal blogs on the network.
Read more:The Domain Startups Building an Uncensorable Internet on Top of Ethereum
In an email, Demirors told CoinDesk her experience watching the Turkish governmentcensor Wikipediafrom 2017 until earlier this year and subsequent actions by IPFS topreserve the domainmade her “really interested in the application of IPFS in defending civil liberties and freedom of information.”
Masmej, on the other hand, said he is less interested in the censorship-resistant properties of dBlog than having a permanent nook on the internet for his own thoughts. “It’s like writing for the future,” he said in a private message.
Related:Unstoppable Domains Launches Censorship-Resistant Blogging Platform
Data is stored using 3Box, which leverages the peer-to-peer (P2P) architecture of IPFS for secure and decentralized storage.
Kam of Unstoppable Domains noted the recent rise in censorship among tech platforms, not to mention nation-states with less lenient free speech guarantees than the U.S. He pointed to a report from think tank Freedom House that claimed some2 billion people“experience a partially or fully censored internet.”
“The numbers are pretty alarming and I think the trend is towards more,” Kam said. “As the world digitizes, the stakes become higher.”
dBlog comes on the heels of Unstoppable Domainsintegration with web browser Operaon its Android product. Kam said Unstoppable Domains has over 200,000 registered domains to date placing it in the conversation with a handful ofdecentralized domain registry projects.
• Media Startup Civil Shuts Down, Team Absorbed Into Decentralized ID Efforts at ConsenSys
• ‘We Need 30 Different Words for Censorship,’ Feat. Andreas M. Antonopoulos
[Social Media Buzz]
None available.
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9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90.
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[Bitcoin Technical Analysis for 2018-02-16]
Volume: 7296159744, RSI (14-day): 52.32, 50-day EMA: 10799.75, 200-day EMA: 8909.40
[Wider Market Context]
Gold Price: 1353.20, Gold RSI: 62.19
Oil Price: 61.68, Oil RSI: 47.87
[Recent News (last 7 days)]
The iPhone took in 51% of global smartphone revenue over Christmas: New research data compiled by Strategy Analytics reveals that Apple’s iPhone lineup accounted for a whopping 51% of global smartphone revenues during the 2017 holiday quarter. Specifically, the iPhone generated approximately $61.4 billion in revenue during the December quarter, with the global smartphone market raking in $120 billion during the same time period. Year over year, the iPhone’s share of global smartphone revenue increased slightly, jumping from 48% to 51%. With Apple occupying the top spot, second and third place went to Samsung and Huawei which posted quarterly revenues of $18.9 billion and $8.4 billion, respectively. Don't Miss : Meet the $40 accessory every single Apple Watch owner should have “Apple iPhone generated a huge US$61 billion in the quarter, helped by solid demand for its premium X model,” the company noted in a press release, “and Apple now accounts for more revenue than the rest of the entire global smartphone industry combined. “Apple generated three times more smartphone revenue than nearest rival Samsung and 7 times more than Huawei,” the press release adds. “Apple iPhone’s average selling price is approaching US$800 and almost three times higher than the overall industry average. Apple iPhone is an incredible money-making machine.” All told, Apple’s ability to dramatically increase iPhone revenue during the holiday quarter is all the more impressive given how late into the quarter the iPhone X was released. Looking ahead, Apple’s revenue dominance is poised to increase in the months ahead. Though the iPhone X did not usher in an upgrade super cycle as some anticipated, there’s a strong chance that Apple’s rumored 6.1-inch iPhone X variant with an LCD display — and a much more affordable price point — will spur an avalanche of upgrades later this year. With carriers no longer offering friendly subsidies as in years past, the reality is that the iPhone X’s $1,000 sticker price likely dissuaded otherwise interested iPhone owners from actually upgrading. Story continues BGR Top Deals: Meet the $40 accessory every single Apple Watch owner should have Rare Amazon sale on Bose’s first truly wireless earbuds will save you $50 Trending Right Now: Apple isn’t the only company that has problems with speaker design Your iPhone will crash if someone sends you this character, and there’s no way to fix it The US’s leading Bitcoin exchange is draining tens of thousands of dollars from users’ bank accounts See the original version of this article on BGR.com || The iPhone took in 51% of global smartphone revenue over Christmas: New research data compiled by Strategy Analytics reveals that Apple’s iPhone lineup accounted for a whopping 51% of global smartphone revenues during the 2017 holiday quarter. Specifically, the iPhone generated approximately $61.4 billion in revenue during the December quarter, with the global smartphone market raking in $120 billion during the same time period. Year over year, the iPhone’s share of global smartphone revenue increased slightly, jumping from 48% to 51%. With Apple occupying the top spot, second and third place went to Samsung and Huawei which posted quarterly revenues of $18.9 billion and $8.4 billion, respectively. Don't Miss : Meet the $40 accessory every single Apple Watch owner should have “Apple iPhone generated a huge US$61 billion in the quarter, helped by solid demand for its premium X model,” the company noted in a press release, “and Apple now accounts for more revenue than the rest of the entire global smartphone industry combined. “Apple generated three times more smartphone revenue than nearest rival Samsung and 7 times more than Huawei,” the press release adds. “Apple iPhone’s average selling price is approaching US$800 and almost three times higher than the overall industry average. Apple iPhone is an incredible money-making machine.” All told, Apple’s ability to dramatically increase iPhone revenue during the holiday quarter is all the more impressive given how late into the quarter the iPhone X was released. Looking ahead, Apple’s revenue dominance is poised to increase in the months ahead. Though the iPhone X did not usher in an upgrade super cycle as some anticipated, there’s a strong chance that Apple’s rumored 6.1-inch iPhone X variant with an LCD display — and a much more affordable price point — will spur an avalanche of upgrades later this year. With carriers no longer offering friendly subsidies as in years past, the reality is that the iPhone X’s $1,000 sticker price likely dissuaded otherwise interested iPhone owners from actually upgrading. Story continues BGR Top Deals: Meet the $40 accessory every single Apple Watch owner should have Rare Amazon sale on Bose’s first truly wireless earbuds will save you $50 Trending Right Now: Apple isn’t the only company that has problems with speaker design Your iPhone will crash if someone sends you this character, and there’s no way to fix it The US’s leading Bitcoin exchange is draining tens of thousands of dollars from users’ bank accounts See the original version of this article on BGR.com || Cryptocurrency mining is impacting the search for alien life: Report: The cryptocurrency craze is making it more difficult for scientists to secure the equipment they need to search space for alien life, according to a researcher at the University of California Berkeley’s Search For Extraterrestrial Life (SETI) Research Center. The practice of “mining” for cryptocurrencies like bitcoin and ethereum requires a massive amount of computing power. Dr. Dan Werthimer, chief scientist at Berkeley SETI, says his team is struggling to find the powerful computer chips it needs to process data from its listening arrays, which scan the universe for radio transmissions, because the same chips, called graphics processing units (GPUs), are being used to mine for cryptocurrencies. "We'd like to use the latest GPUs [graphics processing units]... and we can't get 'em," Werthimer told the BBC . "This is a new problem, it's only happened on orders we've been trying to make in the last couple of months." A massive surge in the value of bitcoin, ethereum and litecoin in recent months has generated an unprecedented global demand for cryptocurrencies. Bitcoin’s value has risen more than 800% since February 2017, rising as high as $19,206 per coin last December before plunging to about $10,000 as of this week. Business leaders from JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon to billionaire entrepreneur Mark Cuban have publicly discussed whether cryptocurrencies, which have displayed extreme volatility, are a bubble or a financial opportunity. Wethimer says SETI is interested in expanding its infrastructure at observatories in West Virginia and Australia, but has been unable to secure the necessary gear. "We've got the money, we've contacted the vendors, and they say, 'We just don't have them'," he said. Related Articles Activists delay rebirth of Hawaii hotel with Elvis ties Qualcomm rejects Broadcom $121B takeover offer Trump warned against Venezuela oil ban, Maduro calls it illegal || Cryptocurrency mining is impacting the search for alien life: Report: The cryptocurrency craze is making it more difficult for scientists to secure the equipment they need to search space for alien life, according to a researcher at the University of California Berkeley’s Search For Extraterrestrial Life (SETI) Research Center. The practice of “mining” for cryptocurrencies like bitcoin and ethereum requires a massive amount of computing power. Dr. Dan Werthimer, chief scientist at Berkeley SETI, says his team is struggling to find the powerful computer chips it needs to process data from its listening arrays, which scan the universe for radio transmissions, because the same chips, called graphics processing units (GPUs), are being used to mine for cryptocurrencies. "We'd like to use the latest GPUs [graphics processing units]... and we can't get 'em," Werthimer told the BBC . "This is a new problem, it's only happened on orders we've been trying to make in the last couple of months." A massive surge in the value of bitcoin, ethereum and litecoin in recent months has generated an unprecedented global demand for cryptocurrencies. Bitcoin’s value has risen more than 800% since February 2017, rising as high as $19,206 per coin last December before plunging to about $10,000 as of this week. Business leaders from JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon to billionaire entrepreneur Mark Cuban have publicly discussed whether cryptocurrencies, which have displayed extreme volatility, are a bubble or a financial opportunity. Wethimer says SETI is interested in expanding its infrastructure at observatories in West Virginia and Australia, but has been unable to secure the necessary gear. "We've got the money, we've contacted the vendors, and they say, 'We just don't have them'," he said. Related Articles Activists delay rebirth of Hawaii hotel with Elvis ties Qualcomm rejects Broadcom $121B takeover offer Trump warned against Venezuela oil ban, Maduro calls it illegal || Timely ETF Strategy for Investors to Limit Equity Risk: This article was originally published onETFTrends.com.
The recent market correction reminded investors that market volatility can swiftly knockdown a bullish run. Consequently, investors should consider incorporating an exchange traded fund strategy to limit potential downside risks.
For example, the VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) follows a two-step approach to improve upon the process used by other minimum volatility ETF offerings available today. The ETF has the potential to enhance returns and then optimize the portfolio with the aim of reducing volatility, whereas many minimum volatility strategies focus solely on the latter step.
The underling index "offers a next-generation approach to low-volatility investing," according to Nasdaq OMX. "It seeks to provide a smoother path to long-term capital appreciation. The Index employs a two-step approach that aims to deliver superior risk-adjusted equity returns."
In the first step, a multi-factor process is utilized to screen for the best securities in the US marketplace. The strategy first starts with a universe of mid- and large-cap U.S. companies taken from the Nasdaq US Large Mid Cap Index and then ranks the companies using a number of proprietary fundamental factors like dividend yield, sales growth and other financial metrics identified by a quantitative multi-factor selection process to focus on companies most likely to outperform the broader market.
After the securities are picked out, in the second step, securities are put through an optimizer to create weights that have expectations for minimizing volatility while also meeting other constraints that keep the index from leaning too far in any direction away from the market.
"The multi-factor model alone produced better performance with lower volatility than the S&P 500," according to a Nasdaq OMX research note. "After running the securities with their multi-factor composite scores through the optimizer, the historical results show how applying an optimization process allowed for even better performance while limiting volatility."
In contrast, other popular low-vol ETF strategies only select and weight companies that exhibit the least volatility from a broader benchmark like the S&P 500. However, VSMV takes the initial first step of screening for smart beta factors like momentum, quality, value and growth before incorporating an optimization tool to weight individual securities to minimize absolute volatility.
Other low-vol strategies don’t put their initial input into consideration and just start with the broad equities market. On the other hand, through a better starting universe of securities to select from, an investor can potentially gain exposure to a better optimized portfolio.
"The combination seeks alpha from the multi-factor screen, and lower volatility stemming from the optimized portfolio construction," according to Nasdaq OMX. "This results in a portfolio designed to participate in rising or bull markets, while outperforming during periods of heightened volatility or bear markets (best illustrated in the up/down market-capture ratio of the Index). Ultimately, the Index aims to provide superior risk-adjusted returns and a smoother path to long-term capital appreciation."
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• More ETF M&A: Mirae Asset to Acquire Global X
READ MORE AT ETFTRENDS.COM > || Timely ETF Strategy for Investors to Limit Equity Risk: This article was originally published on ETFTrends.com. The recent market correction reminded investors that market volatility can swiftly knockdown a bullish run. Consequently, investors should consider incorporating an exchange traded fund strategy to limit potential downside risks. For example, the VictoryShares US Multi-Factor Minimum Volatility ETF ( VSMV ) follows a two-step approach to improve upon the process used by other minimum volatility ETF offerings available today. The ETF has the potential to enhance returns and then optimize the portfolio with the aim of reducing volatility, whereas many minimum volatility strategies focus solely on the latter step. The underling index "offers a next-generation approach to low-volatility investing," according to Nasdaq OMX. "It seeks to provide a smoother path to long-term capital appreciation. The Index employs a two-step approach that aims to deliver superior risk-adjusted equity returns." In the first step, a multi-factor process is utilized to screen for the best securities in the US marketplace. The strategy first starts with a universe of mid- and large-cap U.S. companies taken from the Nasdaq US Large Mid Cap Index and then ranks the companies using a number of proprietary fundamental factors like dividend yield, sales growth and other financial metrics identified by a quantitative multi-factor selection process to focus on companies most likely to outperform the broader market. After the securities are picked out, in the second step, securities are put through an optimizer to create weights that have expectations for minimizing volatility while also meeting other constraints that keep the index from leaning too far in any direction away from the market. "The multi-factor model alone produced better performance with lower volatility than the S&P 500," according to a Nasdaq OMX research note. "After running the securities with their multi-factor composite scores through the optimizer, the historical results show how applying an optimization process allowed for even better performance while limiting volatility." In contrast, other popular low-vol ETF strategies only select and weight companies that exhibit the least volatility from a broader benchmark like the S&P 500. However, VSMV takes the initial first step of screening for smart beta factors like momentum, quality, value and growth before incorporating an optimization tool to weight individual securities to minimize absolute volatility. Other low-vol strategies don’t put their initial input into consideration and just start with the broad equities market. On the other hand, through a better starting universe of securities to select from, an investor can potentially gain exposure to a better optimized portfolio. Story continues "The combination seeks alpha from the multi-factor screen, and lower volatility stemming from the optimized portfolio construction," according to Nasdaq OMX. "This results in a portfolio designed to participate in rising or bull markets, while outperforming during periods of heightened volatility or bear markets (best illustrated in the up/down market-capture ratio of the Index). Ultimately, the Index aims to provide superior risk-adjusted returns and a smoother path to long-term capital appreciation." POPULAR ARTICLES FROM ETFTRENDS.COM Shorts Target a Big High-Yield Bond ETF Transportation ETFs Could be Ready to Rally Traders Return to Volatility ETPs After XIV Meltdown ETFs Could Revolutionize Bitcoin Access…if They Come to Market More ETF M&A: Mirae Asset to Acquire Global X READ MORE AT ETFTRENDS.COM > View comments || Bitcoin’s Price Surges Above $10,000—But Investors Still Down $60 Billion in 2018: After slipping below$6,000 nine days earlier, the price of Bitcoin briefly shot above $10,200 on Thursday.
The Bitcoin rally comes as a string of positive news has buoyed the broader market for cryptocurrencies, includingLitecoinand Ethereum.
Prices had tumbled amid fears of global cryptocurrency crackdown by governments, but got a lift following signs that the U.S. hadno plans to ban cryptocurrency earlier this month. Investors took heart, in particular, from remarks before the Senate by Commodity Futures Trading Commission Chair Christopher Giancarlo and Securities and Exchange Commission Chair Jay Clayton. Their general message, which came as Bitcoin was bottoming, was: The U.S. doesn’t want to quash the market but regulate it.
Layering on the positive sentiment was South Korea. The country helped lower Bitcoin prices this year after imposing stricter regulations and even floating an outright ban on cryptocurrency exchanges. But now it is apparently considering alicensing system for cryptocurrency exchanges, according to reports from Business Korea.
Still, for investors who bought into Bitcoin at the beginning of the year, it’s still not smooth sailing. Bitcoin started the year at $14,000, down from an all-time high of about $20,000 in December. Since the start of the year, Bitcoin’s market cap is still down by about $60 billion.
As of late Thursday, the cryptocurrencies had moderated some of their latest gains.
Bitcoin is now up 7% at $10,000, Ethereum rose 2% to $926, while Litecoin trades up roughly 1% at $211.
See original article on Fortune.com
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• Bitcoin Is a 'Noxious Poison,' Billionaire Says || Bitcoins Price Surges Above $10,000But Investors Still Down $60 Billion in 2018: After slipping below $6,000 nine days earlier , the price of Bitcoin briefly shot above $10,200 on Thursday. The Bitcoin rally comes as a string of positive news has buoyed the broader market for cryptocurrencies, including Litecoin and Ethereum. Prices had tumbled amid fears of global cryptocurrency crackdown by governments, but got a lift following signs that the U.S. had no plans to ban cryptocurrency earlier this month . Investors took heart, in particular, from remarks before the Senate by Commodity Futures Trading Commission Chair Christopher Giancarlo and Securities and Exchange Commission Chair Jay Clayton. Their general message, which came as Bitcoin was bottoming, was: The U.S. doesnt want to quash the market but regulate it. Layering on the positive sentiment was South Korea. The country helped lower Bitcoin prices this year after imposing stricter regulations and even floating an outright ban on cryptocurrency exchanges. But now it is apparently considering a licensing system for cryptocurrency exchanges, according to reports from Business Korea . Still, for investors who bought into Bitcoin at the beginning of the year, its still not smooth sailing. Bitcoin started the year at $14,000, down from an all-time high of about $20,000 in December. Since the start of the year, Bitcoins market cap is still down by about $60 billion. As of late Thursday, the cryptocurrencies had moderated some of their latest gains. Bitcoin is now up 7% at $10,000, Ethereum rose 2% to $926, while Litecoin trades up roughly 1% at $211. See original article on Fortune.com More from Fortune.com Trader Is Charged With Stealing Millions Worth of Bitcoin to Cover His Own Losses Bitcoin 'Scam' Triggers Police Search Across Europe U.S. Olympians Request Bitcoin to Fund Gold Medal Dreams Coinbase Releases Tool for Merchants to Accept Cryptocurrencies Bitcoin Is a 'Noxious Poison,' Billionaire Says || Bitcoin’s Price Surges Above $10,000—But Investors Still Down $60 Billion in 2018: After slipping below$6,000 nine days earlier, the price of Bitcoin briefly shot above $10,200 on Thursday.
The Bitcoin rally comes as a string of positive news has buoyed the broader market for cryptocurrencies, includingLitecoinand Ethereum.
Prices had tumbled amid fears of global cryptocurrency crackdown by governments, but got a lift following signs that the U.S. hadno plans to ban cryptocurrency earlier this month. Investors took heart, in particular, from remarks before the Senate by Commodity Futures Trading Commission Chair Christopher Giancarlo and Securities and Exchange Commission Chair Jay Clayton. Their general message, which came as Bitcoin was bottoming, was: The U.S. doesn’t want to quash the market but regulate it.
Layering on the positive sentiment was South Korea. The country helped lower Bitcoin prices this year after imposing stricter regulations and even floating an outright ban on cryptocurrency exchanges. But now it is apparently considering alicensing system for cryptocurrency exchanges, according to reports from Business Korea.
Still, for investors who bought into Bitcoin at the beginning of the year, it’s still not smooth sailing. Bitcoin started the year at $14,000, down from an all-time high of about $20,000 in December. Since the start of the year, Bitcoin’s market cap is still down by about $60 billion.
As of late Thursday, the cryptocurrencies had moderated some of their latest gains.
Bitcoin is now up 7% at $10,000, Ethereum rose 2% to $926, while Litecoin trades up roughly 1% at $211.
See original article on Fortune.com
More from Fortune.com
• Trader Is Charged With Stealing Millions Worth of Bitcoin to Cover His Own Losses
• Bitcoin 'Scam' Triggers Police Search Across Europe
• U.S. Olympians Request Bitcoin to Fund Gold Medal Dreams
• Coinbase Releases Tool for Merchants to Accept Cryptocurrencies
• Bitcoin Is a 'Noxious Poison,' Billionaire Says || Top Stocks Warren Buffett Is Buying Now: Warren Buffett is arguably the best investor in the world, and his penchant for picking winning stocks for long-haul portfolios makes it worth knowing what stocks he's buying forBerkshire Hathaway's(NYSE: BRK-A)(NYSE: BRK-B)portfolio.
Fortunately, big investors like Buffett file a 13F report with the Securities and Exchange Commission each quarter that shows what they've been up to. In the case of Berkshire Hathaway, the latest report shows he's been busy buyingApple Inc.(NASDAQ: AAPL),The Bank of New York Mellon Corporation(NYSE: BK), andTeva Pharmaceutical Industries(NYSE: TEVA). Are these stocks right for your portfolio, too?
In 2012, Warren Buffett said that a few years earlier, he had recommended to Steve Jobs that he use Apple's growing cash stockpile to buy back Apple's stock. Buffett didn't take his own advice until 2016, but Apple's become Berkshire Hathaway's biggest holding since then.
IMAGE SOURCE: GETTY IMAGES.
Apple's shares have rallied significantly since Buffett first added them to Berkshire Hathaway's portfolio, yet his appetite to acquire more shares hasn't abated. Even as Apple's shares rallied higher over the past year, he added 31.2 million more shares to his position in the fourth quarter of 2017, bringing his total holdings to more than 165.3 million shares, worth at least a staggering $28 billion as of this writing.
The decision to make Apple his biggest position suggests Buffett isn't very worried about short-term concerns over iPhone X unit volume. Instead, he appears solidly convinced that consumers will continue to upgrade their aging phones to Apple's latest devices -- and that their doing so will increase margin-friendly revenue across Apple's ecosystem.
If he's right (and I think he is), then there's reason to join him and buy Apple shares, too. Apple's long-term plan is to double services revenue between 2016 and 2020, and last quarter, record smartphone sales kept it on track to achieve its goal. Despite having one less week in that last quarter, the company's total revenue was $88.3 billion, up 13% year over year, and its services revenue was $8.5 billion, up 18% from one year ago.
Sales growth boosted quarterly earnings per share by 16% year over year to $3.89; cash flow from operations of $28.3 billion was more than enough to cover the $14.5 billion Apple returned to investors via dividends and stock buybacks.
There are now more than 1.3 billion active Apple devices, up 30% from two years ago. The company is launching new products like HomePod. And its financial position is set todramatically improvein the wake of tax reform. Given all these facts, picking up Apple's shares while they're trading at less than 13 times forward earnings makes sense.
[{"Company": "Apple Inc.", "Shares Held": "165,333,962", "Shares Purchased in Q4 2017": "31,241,180", "Change in Shares Held": "23.3%", "Value": "$27.7 billion"}, {"Company": "The Bank of New York Mellon", "Shares Held": "60,818,783", "Shares Purchased in Q4 2017": "10,589,195", "Change in Shares Held": "21.08%", "Value": "$3.47 billion"}, {"Company": "Teva Pharmaceutical", "Shares Held": "18,875,721", "Shares Purchased in Q4 2017": "18,875,721", "Change in Shares Held": "New position", "Value": "$364.9 million"}]
Positions current as of Dec. 31, 2017. Source: Berkshire-Hathaway SEC form 13F, filed Feb. 14, 2018.
It's not news thatWells Fargohas long been a big Buffett holding, but that hasn't kept Buffett from adding other banks to Berkshire Hathaway's portfolio.
Lately, his favorite to buy is The Bank of New York Mellon. This is a financial services company with a $59 billion market cap that makes money helping high-net-worth individualsmanage their money. It offers investment management, trust and custody, fund administration, securities lending, global payments and cash management, banking, and clearing services to its clients. It also has a corporate banking business.
The stock market's rally has been very good news for The Bank of New York Mellon's fee revenue, as it leads to greater assets under management. Baby boomers' demand for legacy planning strategies provides tailwinds to its trust business. Thanks to global economic growth, corporate services demand is also increasing.
Those tailwinds are reflected in the bank's trailing-12-month return on equity, which has steadily increased over the past three years and is now 11.2%. In 2017, the bank earned $3.9 billion ($3.72 per share), up 18% from 2016; total revenue was $15.5 billion, up 2% from 2016.
With profits booming, it's easy to understand why Buffett increased his stake in the bank by 10.6 million shares. At 60.8 million shares, The Bank of New York Mellon is now Berkshire Hathaway's 10th-largest position, and it wouldn't surprise me if it becomes an even bigger position in the coming year.
IMAGE SOURCE: GETTY IMAGES.
The most surprising addition to Berkshire Hathaway's portfolio last quarter was Teva Pharmaceutical. Teva Pharmaceutical has beenplagued by stiff generic-drug competitionthat's crimping pricing power. It's also been weighed down by the mountainous debt it incurred when it acquiredAllergan's generic-drug business in 2016 for $33.43 billion in cash and about 100 million shares.
Additionally, Teva Pharmaceutical's competitorMylan Labswon approval from the Food and Drug Administrationlast fall for a generic version of Teva Pharmaceutical's top-selling drug, Copaxone, and that generic is significantly cutting into Teva's sales. In the fourth quarter, declining sales of Copaxone caused Teva Pharmaceutical's revenue to tumble 16% and its non-GAAPEPS to slide 32.6% from Q4 of 2016.
Teva Pharmaceutical's challenges have caused its shares to fall dramatically from over $60 two years ago to about $20 today. Buffett's buying suggests that the drop is creating an opportunity to buy this stock on sale.
If Teva Pharmaceutical can execute on a major restructuring of its business, then he might be right. New management has a plan that could create $3 billion in savings by the end of 2019, half of which is expected to be realized this year.
Yet Teva Pharmaceutical's rebound is far from a certainty, and that makes it a risky stock for average investors to buy now. Management expects competitors to continue chipping away at Copaxone's more than $3 billion in sales this year. As a result, it only expects revenue of between $18.3 billion and $18.8 billion in 2018, down 17.2% from 2017 at the midpoint; it also expects its EPS will slump to between $2.25 and $2.50 -- a big decline from the $4.01 it delivered in 2017.
Overall, Teva Pharmaceutical has a lot of work ahead to return to its winning ways. Investors might be better off looking elsewhere.
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Todd Campbellowns shares of Apple and Mylan. His clients may have positions in the companies mentioned. The Motley Fool owns shares of and recommends Apple and Berkshire Hathaway (B shares). The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Mylan. The Motley Fool has adisclosure policy. || Top Stocks Warren Buffett Is Buying Now: Warren Buffett is arguably the best investor in the world, and his penchant for picking winning stocks for long-haul portfolios makes it worth knowing what stocks he's buying for Berkshire Hathaway 's (NYSE: BRK-A) (NYSE: BRK-B) portfolio. Fortunately, big investors like Buffett file a 13F report with the Securities and Exchange Commission each quarter that shows what they've been up to. In the case of Berkshire Hathaway, the latest report shows he's been busy buying Apple Inc. (NASDAQ: AAPL) , The Bank of New York Mellon Corporation (NYSE: BK) , and Teva Pharmaceutical Industries (NYSE: TEVA) . Are these stocks right for your portfolio, too? Going all in on Apple In 2012, Warren Buffett said that a few years earlier, he had recommended to Steve Jobs that he use Apple's growing cash stockpile to buy back Apple's stock. Buffett didn't take his own advice until 2016, but Apple's become Berkshire Hathaway's biggest holding since then. Four young adults sitting on the floor using their consumer electronics IMAGE SOURCE: GETTY IMAGES. Apple's shares have rallied significantly since Buffett first added them to Berkshire Hathaway's portfolio, yet his appetite to acquire more shares hasn't abated. Even as Apple's shares rallied higher over the past year, he added 31.2 million more shares to his position in the fourth quarter of 2017, bringing his total holdings to more than 165.3 million shares, worth at least a staggering $28 billion as of this writing. The decision to make Apple his biggest position suggests Buffett isn't very worried about short-term concerns over iPhone X unit volume. Instead, he appears solidly convinced that consumers will continue to upgrade their aging phones to Apple's latest devices -- and that their doing so will increase margin-friendly revenue across Apple's ecosystem. If he's right (and I think he is), then there's reason to join him and buy Apple shares, too. Apple's long-term plan is to double services revenue between 2016 and 2020, and last quarter, record smartphone sales kept it on track to achieve its goal. Despite having one less week in that last quarter, the company's total revenue was $88.3 billion, up 13% year over year, and its services revenue was $8.5 billion, up 18% from one year ago. Story continues Sales growth boosted quarterly earnings per share by 16% year over year to $3.89; cash flow from operations of $28.3 billion was more than enough to cover the $14.5 billion Apple returned to investors via dividends and stock buybacks. There are now more than 1.3 billion active Apple devices, up 30% from two years ago. The company is launching new products like HomePod. And its financial position is set to dramatically improve in the wake of tax reform. Given all these facts, picking up Apple's shares while they're trading at less than 13 times forward earnings makes sense. Company Shares Held Shares Purchased in Q4 2017 Change in Shares Held Value Apple Inc. 165,333,962 31,241,180 23.3% $27.7 billion The Bank of New York Mellon 60,818,783 10,589,195 21.08% $3.47 billion Teva Pharmaceutical 18,875,721 18,875,721 New position $364.9 million Positions current as of Dec. 31, 2017. Source: Berkshire-Hathaway SEC form 13F, filed Feb. 14, 2018. Branching out in banking It's not news that Wells Fargo has long been a big Buffett holding, but that hasn't kept Buffett from adding other banks to Berkshire Hathaway's portfolio. Lately, his favorite to buy is The Bank of New York Mellon. This is a financial services company with a $59 billion market cap that makes money helping high-net-worth individuals manage their money . It offers investment management, trust and custody, fund administration, securities lending, global payments and cash management, banking, and clearing services to its clients. It also has a corporate banking business. The stock market's rally has been very good news for The Bank of New York Mellon's fee revenue, as it leads to greater assets under management. Baby boomers' demand for legacy planning strategies provides tailwinds to its trust business. Thanks to global economic growth, corporate services demand is also increasing. Those tailwinds are reflected in the bank's trailing-12-month return on equity, which has steadily increased over the past three years and is now 11.2%. In 2017, the bank earned $3.9 billion ($3.72 per share), up 18% from 2016; total revenue was $15.5 billion, up 2% from 2016. With profits booming, it's easy to understand why Buffett increased his stake in the bank by 10.6 million shares. At 60.8 million shares, The Bank of New York Mellon is now Berkshire Hathaway's 10th-largest position, and it wouldn't surprise me if it becomes an even bigger position in the coming year. A clothing tag labeled "for sale" on a wooden table IMAGE SOURCE: GETTY IMAGES. Jumping into generics The most surprising addition to Berkshire Hathaway's portfolio last quarter was Teva Pharmaceutical. Teva Pharmaceutical has been plagued by stiff generic-drug competition that's crimping pricing power. It's also been weighed down by the mountainous debt it incurred when it acquired Allergan 's generic-drug business in 2016 for $33.43 billion in cash and about 100 million shares. Additionally, Teva Pharmaceutical's competitor Mylan Labs won approval from the Food and Drug Administration last fall for a generic version of Teva Pharmaceutical's top-selling drug, Copaxone, and that generic is significantly cutting into Teva's sales. In the fourth quarter, declining sales of Copaxone caused Teva Pharmaceutical's revenue to tumble 16% and its non- GAAP EPS to slide 32.6% from Q4 of 2016. Teva Pharmaceutical's challenges have caused its shares to fall dramatically from over $60 two years ago to about $20 today. Buffett's buying suggests that the drop is creating an opportunity to buy this stock on sale. If Teva Pharmaceutical can execute on a major restructuring of its business, then he might be right. New management has a plan that could create $3 billion in savings by the end of 2019, half of which is expected to be realized this year. Yet Teva Pharmaceutical's rebound is far from a certainty, and that makes it a risky stock for average investors to buy now. Management expects competitors to continue chipping away at Copaxone's more than $3 billion in sales this year. As a result, it only expects revenue of between $18.3 billion and $18.8 billion in 2018, down 17.2% from 2017 at the midpoint; it also expects its EPS will slump to between $2.25 and $2.50 -- a big decline from the $4.01 it delivered in 2017. Overall, Teva Pharmaceutical has a lot of work ahead to return to its winning ways. Investors might be better off looking elsewhere. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Todd Campbell owns shares of Apple and Mylan. His clients may have positions in the companies mentioned. The Motley Fool owns shares of and recommends Apple and Berkshire Hathaway (B shares). The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Mylan. The Motley Fool has a disclosure policy . || Why Triton International Ltd’s Stock Is Plunging Today: What happened Shares of Triton International Ltd (NYSE: TRTN) are getting pounded on Thursday and were down more than 13% at 2:45 p.m. EST. Driving the downdraft is the poorly received fourth-quarter reports of rivals CAI International Inc (NYSE: CAI) and Textainer Group Holdings Limited (NYSE: TGH) , which are also plunging today, down 18% and 20%, respectively, by mid-afternoon. So what On the surface, both CAI International and Textainer Group Holdings Limited seemed to report solid fourth-quarter numbers. In CAI International's case, revenue rose nearly 22% year over year, to $94 million, while adjusted net income was $20.7 million, or $1.03 per share. This was well above the year-ago period when net income was $0.6 million, or $0.03 per share. Further, that result beat the analyst consensus by $0.05 per share. Likewise, Textainer Group Holdings reported expectation-beating results, with its adjusted net income of $14.8 million, or $0.26 per share, coming in $0.07 per share ahead of the consensus estimate. Further, the company reversed its year-ago loss. Containers lined up at a port. Image source: Getty Images. That said, while both companies issued bullish outlooks for 2018, each noted some concerning headwinds. "Yields on new leases have slightly moderated as competition increases," according to Textainer's CEO Phillip Brewer. Despite that, Brewer still concluded that returns would "remain at attractive levels" assuming the industry remains disciplined in ordering new containers. CAI International also warned of "increased competition from container equipment lessors who are active in the market," which CEO Victor Garcia warned would result in lower gains on the sale of older equipment. Further, CAI International's CEO noted that higher interest rates would be a headwind this year. Now what Those dimmer views suggest that Triton will offer a similarly weaker outlook when it reports results next week. One of the concerns specific to Triton is that it has been the most aggressive investor in new containers, purchasing $1.6 billion through the third quarter of last year, and had another $100 million on pre-order for 2018. If competition in the container sector and interest rates heat up this year, these new additions might not earn as high as hoped for returns. Story continues More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo owns shares of Textainer Group. The Motley Fool recommends Textainer Group. The Motley Fool has a disclosure policy . || Why Triton International Ltd’s Stock Is Plunging Today: Shares ofTriton International Ltd(NYSE: TRTN)are getting pounded on Thursday and were down more than 13% at 2:45 p.m. EST. Driving the downdraft is the poorly received fourth-quarter reports of rivalsCAI International Inc(NYSE: CAI)andTextainer Group Holdings Limited(NYSE: TGH), which are also plunging today, down 18% and 20%, respectively, by mid-afternoon.
On the surface, both CAI International and Textainer Group Holdings Limited seemed to report solid fourth-quarter numbers. In CAI International's case, revenue rose nearly 22% year over year, to $94 million, while adjusted net income was $20.7 million, or $1.03 per share. This was well above the year-ago period when net income was $0.6 million, or $0.03 per share.
Further, that result beat the analyst consensus by $0.05 per share. Likewise, Textainer Group Holdingsreportedexpectation-beating results, with its adjusted net income of $14.8 million, or $0.26 per share, coming in $0.07 per share ahead of the consensus estimate. Further, the company reversed its year-ago loss.
Image source: Getty Images.
That said, while both companies issued bullish outlooks for 2018, each noted some concerning headwinds. "Yields on new leases have slightly moderated as competition increases," according to Textainer's CEO Phillip Brewer. Despite that, Brewer still concluded that returns would "remain at attractive levels" assuming the industry remains disciplined in ordering new containers.
CAI International also warned of "increased competition from container equipment lessors who are active in the market," which CEO Victor Garcia warned would result in lower gains on the sale of older equipment. Further, CAI International's CEO noted that higher interest rates would be a headwind this year.
Those dimmer views suggest that Triton will offer a similarly weaker outlook when it reports results next week. One of the concerns specific to Triton is that it has been the most aggressive investor in new containers, purchasing $1.6 billion through the third quarter of last year, and had another $100 million on pre-order for 2018. If competition in the container sector and interest rates heat up this year, these new additions might not earn as high as hoped for returns.
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Matthew DiLalloowns shares of Textainer Group. The Motley Fool recommends Textainer Group. The Motley Fool has adisclosure policy. || This Generous New York Bank Is Doing Better Than Many Think: 2017 was a good year for banks, generally speaking. But not every financial institution got love from the stock market. Fresh off the cancellation ofa planned acquisition,New York Community Bancorp's(NYSE: NYCB)share price fell by almost 20% across 2017.
The company recently unveiled its results for that fiscal year, plus its fourth quarter. Can its performance bring the bulls back to its shares?
Image source: Getty Images.
For the quarter, New York Community Bancorp's total revenue came in at $296.3 million, which was a 15% drop from the Q4 2016 result. On the bottom line, net profit rose by 20% to $136.5 million ($0.26 per share). However, $42 million of this was due to a net tax benefit booked in advance of the upcoming changes to the corporate tax regime. On average, analysts expected per-share net profit of $0.17 for the period.
For the year, the bank's top line was $1.13 billion, a 6% drop from the 2016 level. Net income was also 6% lower at $466.2 million. At the end of the year, the bank's loan tally slipped by 3% to just over $38.2 billion. Deposits grew marginally to $28.9 billion.
That said, New York Community Bancorp's business is more solid than these recent declines would indicate. The company's core activity is the provision of mortgages for multi-family homes in New York City. This, it almost goes without saying, is a lucrative and high-demand segment of the real estate market.
The drops in fundamentals were due partially to divestments the company made last summer. It reached a deal to sell the mortgage banking business it acquired as part of its 2009 buyout of AmTrust Bank to Freedom Mortgage Corporation. Another set of mortgage-related assets was bought by an affiliate of big private-equity concern Cerberus Capital Management.
The erosion in fundamentals probably isn't a key reason why the stock has traded down. At the end of 2016, a planned acquisition of fellow New York lender Astoria Financial wascalled off by the two companies. Since then, New York Community Bancorp's stock price has fallen by 21%. Meanwhile, Astoria has been taken off the market; last year it was acquired bySterling Bancorp(NYSE: STL).
Investors weren't crazy about the acquisition (we might say the same for Sterling's, as that company's share price has flatlined since its deal). In New York City Bancorp's case, this was most likely because the purchase would have vaulted the company into the government's "systemically important financial institution" (SIFI) category for banks that hold over $50 billion in assets. Becoming a SIFI means a raft of new reporting and regulatory requirements, which naturally ramp up a bank's costs of compliance. And the bank is already near the threshold: At the end of 2017, its assets stood at $49.1 billion.
Acquisitions helped the bank grow to its present size, and the Astoria Financial play clearly indicates it's willing to continue along this path. Becoming a SIFI will be quite the game-changer, though the market seems wary of "graduation" to this status.
The concern with asset size and "systemic importance" might soon become moot, however. A bill making its way through Congress proposes to raise the SIFI threshold from the present $50 billion to $250 billion. If this passes into law, New York Community Bancorp would be well under the bar, even if it swallowed an Astoria Financial-sized acquisition.
The company's stock could see a nice pop in that case. Meanwhile, its core business is solid, and it throws off more than enough cash to pay a generous dividend -- Despite a cut in early 2016, it currently yields over 5%.
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Eric Volkmanhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || This Generous New York Bank Is Doing Better Than Many Think: 2017 was a good year for banks, generally speaking. But not every financial institution got love from the stock market. Fresh off the cancellation of a planned acquisition , New York Community Bancorp 's (NYSE: NYCB) share price fell by almost 20% across 2017. The company recently unveiled its results for that fiscal year, plus its fourth quarter. Can its performance bring the bulls back to its shares? New York from street level, looking up Image source: Getty Images. Post-deal blues For the quarter, New York Community Bancorp's total revenue came in at $296.3 million, which was a 15% drop from the Q4 2016 result. On the bottom line, net profit rose by 20% to $136.5 million ($0.26 per share). However, $42 million of this was due to a net tax benefit booked in advance of the upcoming changes to the corporate tax regime. On average, analysts expected per-share net profit of $0.17 for the period. For the year, the bank's top line was $1.13 billion, a 6% drop from the 2016 level. Net income was also 6% lower at $466.2 million. At the end of the year, the bank's loan tally slipped by 3% to just over $38.2 billion. Deposits grew marginally to $28.9 billion. That said, New York Community Bancorp's business is more solid than these recent declines would indicate. The company's core activity is the provision of mortgages for multi-family homes in New York City. This, it almost goes without saying, is a lucrative and high-demand segment of the real estate market. The drops in fundamentals were due partially to divestments the company made last summer. It reached a deal to sell the mortgage banking business it acquired as part of its 2009 buyout of AmTrust Bank to Freedom Mortgage Corporation. Another set of mortgage-related assets was bought by an affiliate of big private-equity concern Cerberus Capital Management. The erosion in fundamentals probably isn't a key reason why the stock has traded down. At the end of 2016, a planned acquisition of fellow New York lender Astoria Financial was called off by the two companies . Since then, New York Community Bancorp's stock price has fallen by 21%. Meanwhile, Astoria has been taken off the market; last year it was acquired by Sterling Bancorp (NYSE: STL) . Story continues Investors weren't crazy about the acquisition (we might say the same for Sterling's, as that company's share price has flatlined since its deal). In New York City Bancorp's case, this was most likely because the purchase would have vaulted the company into the government's "systemically important financial institution" (SIFI) category for banks that hold over $50 billion in assets. Becoming a SIFI means a raft of new reporting and regulatory requirements, which naturally ramp up a bank's costs of compliance. And the bank is already near the threshold: At the end of 2017, its assets stood at $49.1 billion. Acquisitions helped the bank grow to its present size, and the Astoria Financial play clearly indicates it's willing to continue along this path. Becoming a SIFI will be quite the game-changer, though the market seems wary of "graduation" to this status. Go ahead and grow The concern with asset size and "systemic importance" might soon become moot, however. A bill making its way through Congress proposes to raise the SIFI threshold from the present $50 billion to $250 billion. If this passes into law, New York Community Bancorp would be well under the bar, even if it swallowed an Astoria Financial-sized acquisition. The company's stock could see a nice pop in that case. Meanwhile, its core business is solid, and it throws off more than enough cash to pay a generous dividend -- Despite a cut in early 2016, it currently yields over 5%. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Bitcoin Surges Past $10,000, But One Billionaire Thinks It's "Noxious Poison": Leading cryptocurrency bitcoin (BTC-USD) is continuing its multi-day rally, up another 9% on Thursday and surpassing the key $10,000 level for the first time in two weeks. Other major cryptocurrencies are mostly in positive territory as well.
Despite the recent cryptocurrency rally, yet another famous billionaire investor has made extremely negative comments about bitcoin. Here's a look at the latest cryptocurrency prices and whatBerkshire Hathaway's(NYSE: BRK-A)(NYSE: BRK-B)vice chairman thinks about the "bitcoin craze."
Image source: Getty Images.
Here's a look at the five largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours.
[{"Cryptocurrency Name (Code)": "Bitcoin (BTC)", "Price in U.S. Dollars": "$10,089", "Day's Change": "9.1%"}, {"Cryptocurrency Name (Code)": "Ethereum (ETH)", "Price in U.S. Dollars": "$926.26", "Day's Change": "2.3%"}, {"Cryptocurrency Name (Code)": "Ripple (XRP)", "Price in U.S. Dollars": "$1.12", "Day's Change": "3.3%"}, {"Cryptocurrency Name (Code)": "Bitcoin Cash (BCH)", "Price in U.S. Dollars": "$1,374.90", "Day's Change": "3.8%"}, {"Cryptocurrency Name (Code)": "Litecoin (LTC)", "Price in U.S. Dollars": "$216.77", "Day's Change": "5.1%"}]
Data Source: www.investing.com. Prices and daily changes as of Feb. 15, 2018 at 3 p.m. EST, and prices are rounded to the nearest cent where appropriate.
The largest cryptocurrencies are all up for the day, with bitcoin (BTC-USD) as the biggest gainer. The leading cryptocurrency has gained nearly 70% since bottoming out at less than $6,000 last Tuesday.
One possible catalyst is key cryptocurrency market South Korea backing off from itsprevious stancethat the cryptocurrency markets needed to be strictly regulated or even shut down entirely in the country. Now, reports are suggesting that South Korea may be entertaining the possibility of a cryptocurrency exchange licensing system, similar to the one currently in New York.
The recent gains have prompted many bitcoin enthusiasts to renew their calls for $25,000 or even $50,000 bitcoin values by the end of 2018. However, there are many high-profile investors who think bitcoin is nothing but a good way to lose money, with Berkshire Hathaway's Charlie Munger being the latest to voice his negative opinion.
Munger, the 94-year-old vice chairman of Berkshire Hathaway, is the latest billionaire to publicly criticize bitcoin (BTC-USD) and other cryptocurrencies, followingJPMorgan ChaseCEO Jamie Dimon, activist investor Carl Icahn, and Berkshire's chairman and CEO Warren Buffett.
Speaking at the annual meeting of the Daily Journal, Munger referred to bitcoin as "noxious poison."
He said that he considers the surge in bitcoin's popularity to be "totally asinine" and said that the government should have cracked down on it when it began to spike in the last few months of 2017. "Our government's more lax approach to it is wrong," Munger said. "The right answer to something like that is to step on it hard. I expect the world to do silly things from time to time, because everybody wants easy money."
These latest comments come after Munger'sprevious warningon bitcoin. In November, Munger called bitcoin "total insanity," and said that people should avoid bitcoin "like the plague." Buffett, Munger's longtime business partner, has said that he's almost certain "[cryptocurrencies] will come to a bad ending."
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Matthew Frankelowns shares of Berkshire Hathaway (B shares) and owns Ethereum and Litecoin tokens. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool has no position in any cryptocurrencies mentioned. The Motley Fool has adisclosure policy. || Bitcoin Surges Past $10,000, But One Billionaire Thinks It's "Noxious Poison": Leading cryptocurrency bitcoin (BTC-USD) is continuing its multi-day rally, up another 9% on Thursday and surpassing the key $10,000 level for the first time in two weeks. Other major cryptocurrencies are mostly in positive territory as well.
Despite the recent cryptocurrency rally, yet another famous billionaire investor has made extremely negative comments about bitcoin. Here's a look at the latest cryptocurrency prices and whatBerkshire Hathaway's(NYSE: BRK-A)(NYSE: BRK-B)vice chairman thinks about the "bitcoin craze."
Image source: Getty Images.
Here's a look at the five largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours.
[{"Cryptocurrency Name (Code)": "Bitcoin (BTC)", "Price in U.S. Dollars": "$10,089", "Day's Change": "9.1%"}, {"Cryptocurrency Name (Code)": "Ethereum (ETH)", "Price in U.S. Dollars": "$926.26", "Day's Change": "2.3%"}, {"Cryptocurrency Name (Code)": "Ripple (XRP)", "Price in U.S. Dollars": "$1.12", "Day's Change": "3.3%"}, {"Cryptocurrency Name (Code)": "Bitcoin Cash (BCH)", "Price in U.S. Dollars": "$1,374.90", "Day's Change": "3.8%"}, {"Cryptocurrency Name (Code)": "Litecoin (LTC)", "Price in U.S. Dollars": "$216.77", "Day's Change": "5.1%"}]
Data Source: www.investing.com. Prices and daily changes as of Feb. 15, 2018 at 3 p.m. EST, and prices are rounded to the nearest cent where appropriate.
The largest cryptocurrencies are all up for the day, with bitcoin (BTC-USD) as the biggest gainer. The leading cryptocurrency has gained nearly 70% since bottoming out at less than $6,000 last Tuesday.
One possible catalyst is key cryptocurrency market South Korea backing off from itsprevious stancethat the cryptocurrency markets needed to be strictly regulated or even shut down entirely in the country. Now, reports are suggesting that South Korea may be entertaining the possibility of a cryptocurrency exchange licensing system, similar to the one currently in New York.
The recent gains have prompted many bitcoin enthusiasts to renew their calls for $25,000 or even $50,000 bitcoin values by the end of 2018. However, there are many high-profile investors who think bitcoin is nothing but a good way to lose money, with Berkshire Hathaway's Charlie Munger being the latest to voice his negative opinion.
Munger, the 94-year-old vice chairman of Berkshire Hathaway, is the latest billionaire to publicly criticize bitcoin (BTC-USD) and other cryptocurrencies, followingJPMorgan ChaseCEO Jamie Dimon, activist investor Carl Icahn, and Berkshire's chairman and CEO Warren Buffett.
Speaking at the annual meeting of the Daily Journal, Munger referred to bitcoin as "noxious poison."
He said that he considers the surge in bitcoin's popularity to be "totally asinine" and said that the government should have cracked down on it when it began to spike in the last few months of 2017. "Our government's more lax approach to it is wrong," Munger said. "The right answer to something like that is to step on it hard. I expect the world to do silly things from time to time, because everybody wants easy money."
These latest comments come after Munger'sprevious warningon bitcoin. In November, Munger called bitcoin "total insanity," and said that people should avoid bitcoin "like the plague." Buffett, Munger's longtime business partner, has said that he's almost certain "[cryptocurrencies] will come to a bad ending."
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Matthew Frankelowns shares of Berkshire Hathaway (B shares) and owns Ethereum and Litecoin tokens. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool has no position in any cryptocurrencies mentioned. The Motley Fool has adisclosure policy. || Bitcoin Surges Past $10,000, But One Billionaire Thinks It's "Noxious Poison": Leading cryptocurrency bitcoin (BTC-USD) is continuing its multi-day rally, up another 9% on Thursday and surpassing the key $10,000 level for the first time in two weeks. Other major cryptocurrencies are mostly in positive territory as well. Despite the recent cryptocurrency rally, yet another famous billionaire investor has made extremely negative comments about bitcoin. Here's a look at the latest cryptocurrency prices and what Berkshire Hathaway 's (NYSE: BRK-A) (NYSE: BRK-B) vice chairman thinks about the "bitcoin craze." Gold token with a bitcoin symbol floating in space. Image source: Getty Images. Today's cryptocurrency prices Here's a look at the five largest cryptocurrencies by market capitalization, and how much each has changed over the past 24 hours. Cryptocurrency Name (Code) Price in U.S. Dollars Day's Change Bitcoin (BTC) $10,089 9.1% Ethereum (ETH) $926.26 2.3% Ripple (XRP) $1.12 3.3% Bitcoin Cash (BCH) $1,374.90 3.8% Litecoin (LTC) $216.77 5.1% Data Source: www.investing.com. Prices and daily changes as of Feb. 15, 2018 at 3 p.m. EST, and prices are rounded to the nearest cent where appropriate. The largest cryptocurrencies are all up for the day, with bitcoin (BTC-USD) as the biggest gainer. The leading cryptocurrency has gained nearly 70% since bottoming out at less than $6,000 last Tuesday. One possible catalyst is key cryptocurrency market South Korea backing off from its previous stance that the cryptocurrency markets needed to be strictly regulated or even shut down entirely in the country. Now, reports are suggesting that South Korea may be entertaining the possibility of a cryptocurrency exchange licensing system, similar to the one currently in New York. The recent gains have prompted many bitcoin enthusiasts to renew their calls for $25,000 or even $50,000 bitcoin values by the end of 2018. However, there are many high-profile investors who think bitcoin is nothing but a good way to lose money, with Berkshire Hathaway's Charlie Munger being the latest to voice his negative opinion. Story continues Berkshire's Charlie Munger has even more harsh words about bitcoin Munger, the 94-year-old vice chairman of Berkshire Hathaway, is the latest billionaire to publicly criticize bitcoin (BTC-USD) and other cryptocurrencies, following JPMorgan Chase CEO Jamie Dimon, activist investor Carl Icahn, and Berkshire's chairman and CEO Warren Buffett. Speaking at the annual meeting of the Daily Journal, Munger referred to bitcoin as "noxious poison." He said that he considers the surge in bitcoin's popularity to be "totally asinine" and said that the government should have cracked down on it when it began to spike in the last few months of 2017. "Our government's more lax approach to it is wrong," Munger said. "The right answer to something like that is to step on it hard. I expect the world to do silly things from time to time, because everybody wants easy money." These latest comments come after Munger's previous warning on bitcoin. In November, Munger called bitcoin "total insanity," and said that people should avoid bitcoin "like the plague." Buffett, Munger's longtime business partner, has said that he's almost certain "[cryptocurrencies] will come to a bad ending." More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew Frankel owns shares of Berkshire Hathaway (B shares) and owns Ethereum and Litecoin tokens. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool has no position in any cryptocurrencies mentioned. The Motley Fool has a disclosure policy . || Why Sears Holdings Stock Jumped Today: Shares ofSears Holdings Corp.(NASDAQ: SHLD)surged 14% on Thursday after the beleaguered retailer reported preliminary fourth-quarter results. While comparable sales plummeted at both Sears and Kmart stores, a surprise profit due to a one-time tax benefit provided enough good news to push up the stock price.
Sears expects fourth-quarter revenue of $4.4 billion, down from $6.1 billion in the prior-year period. Total comparable sales are expected to decline by 15.6%, with an 18.1% decline at Sears stores and a 12.2% decline at Kmart stores.
Image source: Sears Holdings.
Sears was able to improve its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter despite the abysmal sales numbers. The company expects adjusted EBITDA between a loss of $10 million and a gain of $10 million, up from a loss of $61 million during the prior-year period.
Sears expects to report a net profit for the fourth quarter. Thanks to a one-time non-cash tax benefit of $445 million to $495 million related to the U.S. tax bill, the company expects to report net income of $140 million to $240 million. This number also includes an impairment charge related to the Sears trade name of between $50 million and $100 million. The company posted a net loss of $607 million in the fourth quarter of 2016.
"In order to remain a viable competitor in the face of a very challenging retail environment, Sears Holdings is working to transform to a less asset-intensive business model, with a store footprint and digital capabilities meeting consumer needs and preferences," reads Sears' filing with the SEC.
Shares of Sears Holdings are down 94% over the past three years. Comparable sales continue to crater, and all the cost-cutting in the world won't prevent the company fromfailing sooner or later. A one-time tax benefit may have boosted the bottom line, but it doesn't change anything.
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• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Timothy Greenhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Why Sears Holdings Stock Jumped Today: What happened Shares of Sears Holdings Corp. (NASDAQ: SHLD) surged 14% on Thursday after the beleaguered retailer reported preliminary fourth-quarter results. While comparable sales plummeted at both Sears and Kmart stores, a surprise profit due to a one-time tax benefit provided enough good news to push up the stock price. So what Sears expects fourth-quarter revenue of $4.4 billion, down from $6.1 billion in the prior-year period. Total comparable sales are expected to decline by 15.6%, with an 18.1% decline at Sears stores and a 12.2% decline at Kmart stores. The exterior of a Sears store. Image source: Sears Holdings. Sears was able to improve its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter despite the abysmal sales numbers. The company expects adjusted EBITDA between a loss of $10 million and a gain of $10 million, up from a loss of $61 million during the prior-year period. Sears expects to report a net profit for the fourth quarter. Thanks to a one-time non-cash tax benefit of $445 million to $495 million related to the U.S. tax bill, the company expects to report net income of $140 million to $240 million. This number also includes an impairment charge related to the Sears trade name of between $50 million and $100 million. The company posted a net loss of $607 million in the fourth quarter of 2016. Now what "In order to remain a viable competitor in the face of a very challenging retail environment, Sears Holdings is working to transform to a less asset-intensive business model, with a store footprint and digital capabilities meeting consumer needs and preferences," reads Sears' filing with the SEC. Shares of Sears Holdings are down 94% over the past three years. Comparable sales continue to crater, and all the cost-cutting in the world won't prevent the company from failing sooner or later . A one-time tax benefit may have boosted the bottom line, but it doesn't change anything. Story continues More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Timothy Green has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
[Social Media Buzz]
2018年02月17日 02:00
[DOGE建]
1XP=0.0855622円
24時間の最高値 0.1040053円
24時間の最安値 0.0734779円
[BTC建]
1XP=0.0845163円
24時間の最高値 0.0972517円
24時間の最安値 0.0711995円
時価総額ランキング: 107 位 / 全 900 中
#XP $XP || Bruna Ferreira,00:10,16/02/2018:
"Será que vale a pena investir em bitcoin?!" kkkk || Best free cloud mining fast site with 50.00 ghs bonus and earn free bitcoin daily
https://youtu.be/ImKRBzwPWG4 via @YouTube || PUMP ANNOUNCEMENT
Saturday, Feb 17, 6:00 PM GMT (London)
Saturday, Feb 17, 1:00 PM EST (New York)
...
|
11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93.
|
[Bitcoin Technical Analysis for 2015-10-09]
Volume: 17353100, RSI (14-day): 60.03, 50-day EMA: 239.58, 200-day EMA: 250.43
[Wider Market Context]
Gold Price: 1156.30, Gold RSI: 60.79
Oil Price: 49.63, Oil RSI: 62.28
[Recent News (last 7 days)]
Bitcoin exchange Gemini safe and legal: Founders: Bitcoin is often associated with illegal activity and the dark corners of the Internet. But the Winklevoss twins believe their new exchange will help investors get involved with the digital currency safely and legally.
Cameron and Tyler Winklevoss, famous for their legal spat with Facebook(NASDAQ: FB)founder Mark Zuckerberg, launched bitcoin exchange Gemini on Thursday. While the currency has received criticism for its role in exchanges such as online black market Silk Road, the brothers contend they have established sufficient safeguards to unlock its potential.
"We built with a security mentality from Day One," said Tyler Winklevoss.
Cameron Winklevoss added that Gemini has "the highest regulatory policies and capitalization requirements." The brothers said they implemented background checks and protections against money laundering.
Read MoreNY issues license to Winklevoss bitcoin venture
Specifically, they contended that their platform gives hedge funds and market makers a secure platform to dive into the digital currency.
Tyler Winklevoss also touched on Facebook, saying it is a "great company" and Zuckerberg deserves credit for its growth and success.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin exchange Gemini safe and legal: Founders: Bitcoin is often associated with illegal activity and the dark corners of the Internet. But the Winklevoss twins believe their new exchange will help investors get involved with the digital currency safely and legally. Cameron and Tyler Winklevoss, famous for their legal spat with Facebook (NASDAQ: FB) founder Mark Zuckerberg, launched bitcoin exchange Gemini on Thursday. While the currency has received criticism for its role in exchanges such as online black market Silk Road, the brothers contend they have established sufficient safeguards to unlock its potential. "We built with a security mentality from Day One," said Tyler Winklevoss. Cameron Winklevoss added that Gemini has "the highest regulatory policies and capitalization requirements." The brothers said they implemented background checks and protections against money laundering. Read More NY issues license to Winklevoss bitcoin venture Specifically, they contended that their platform gives hedge funds and market makers a secure platform to dive into the digital currency. Tyler Winklevoss also touched on Facebook, saying it is a "great company" and Zuckerberg deserves credit for its growth and success. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin exchange Gemini safe and legal: Founders: Bitcoin is often associated with illegal activity and the dark corners of the Internet. But the Winklevoss twins believe their new exchange will help investors get involved with the digital currency safely and legally.
Cameron and Tyler Winklevoss, famous for their legal spat with Facebook(NASDAQ: FB)founder Mark Zuckerberg, launched bitcoin exchange Gemini on Thursday. While the currency has received criticism for its role in exchanges such as online black market Silk Road, the brothers contend they have established sufficient safeguards to unlock its potential.
"We built with a security mentality from Day One," said Tyler Winklevoss.
Cameron Winklevoss added that Gemini has "the highest regulatory policies and capitalization requirements." The brothers said they implemented background checks and protections against money laundering.
Read MoreNY issues license to Winklevoss bitcoin venture
Specifically, they contended that their platform gives hedge funds and market makers a secure platform to dive into the digital currency.
Tyler Winklevoss also touched on Facebook, saying it is a "great company" and Zuckerberg deserves credit for its growth and success.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Cable & Wireless Communications Scores With Exclusive Premier League Football Rights From Seasons 2016/17 to 2018/19: MIAMI, FL--(Marketwired - Oct 7, 2015) - Starting next season, the Premier League will have a new home in the Caribbean. Cable & Wireless Communications Plc (CWC) today announced that it has won the exclusive rights to broadcast live all 380 matches per season of the Premier League across 32 Caribbean countries from 2016/17 to 2018/19. Commencing in August 2016, the Premier League will be available on the Caribbean's newest sports network --Flow Sports.CWC was also awarded the mobile clip rights, allowing fans to follow the latest goals and action from the world's best football league on any mobile device.
The extensive coverage of live Premier League matches will form the centerpiece of Flow Sports' programming schedule. The network will be launched in November 2015, with content that includes coverage of international and regional football, cricket, rugby, tennis and athletics, as well as CWC's exclusive NFL and Rio 2016 Olympics coverage. Flow Sports will broadcast across the region from a new 4-K-ready, state-of-the-art facility in Trinidad, offering 24/7 sports coverage in HD.
Commenting on the exclusive rights award, John Reid, President of CWC's Consumer Division said: "We are thrilled to partner with the Premier League across the Caribbean. As the most popular league of the world's greatest sport, the Premier League will be at the heart of Flow Sports, the region's newest and largest sports network. We are excited as well to bring additional jobs, skills and investment into the Caribbean with our new Trinidad facility, truly showcasing the power of the new Cable & Wireless and our commitment to the region."
CWC's market research has shown that sports programming is a key decision driver for customers purchasing TV and broadband packages. Approximately 70% of customers identify as being 'sports fans,' with the Premier League dominating sports viewing in the Caribbean. Reid added: "As the region's leading quad play operator, we look forward to bringing Caribbean sports fans closer to the action with our innovations in mobile and online viewing. With our Flow ToGo application and access to mobile clips, fans won't miss any of the excitement that truly defines this tremendous sports asset. Flow Sports will be available in our basic subscription package, meaning more games for more fans, and instantly positioning Flow as the home of sports in the Caribbean."
Phil Bentley, Chief Executive of Cable & Wireless Communications said: "Following our merger with Columbus and our re-branding to Flow, the agreement with the Premier League is yet another example of the growing momentum building across the Caribbean, delivering significant additional revenue synergies through cross-selling and upselling, as well as improving customer loyalty. This is set to accelerate over the next few years."
Richard Scudamore, Chief Executive of the Premier League said: "We are very pleased that Cable & Wireless Communications has chosen to invest in Premier League broadcasting rights in the Caribbean.
"We look forward to welcoming them as a new partner and are sure they will do excellent job making the competition available to fans across the region."
About Cable & Wireless Communications:
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information please visit:http://www.cwc.com
About the Premier League:
The Barclays Premier League is the most-watched, continuous, annual sporting event in the world. Last season 13.9 million fans attended matches with record average stadium occupancy of 95.9%. Across nine months of the year, 380 matches are viewed in 185 countries with coverage available in over 725 million households. || Cable & Wireless Communications Scores With Exclusive Premier League Football Rights From Seasons 2016/17 to 2018/19: MIAMI, FL--(Marketwired - Oct 7, 2015) - Starting next season, the Premier League will have a new home in the Caribbean. Cable & Wireless Communications Plc (CWC) today announced that it has won the exclusive rights to broadcast live all 380 matches per season of the Premier League across 32 Caribbean countries from 2016/17 to 2018/19. Commencing in August 2016, the Premier League will be available on the Caribbean's newest sports network -- Flow Sports . CWC was also awarded the mobile clip rights, allowing fans to follow the latest goals and action from the world's best football league on any mobile device. The extensive coverage of live Premier League matches will form the centerpiece of Flow Sports' programming schedule. The network will be launched in November 2015, with content that includes coverage of international and regional football, cricket, rugby, tennis and athletics, as well as CWC's exclusive NFL and Rio 2016 Olympics coverage. Flow Sports will broadcast across the region from a new 4-K-ready, state-of-the-art facility in Trinidad, offering 24/7 sports coverage in HD. Commenting on the exclusive rights award, John Reid, President of CWC's Consumer Division said: "We are thrilled to partner with the Premier League across the Caribbean. As the most popular league of the world's greatest sport, the Premier League will be at the heart of Flow Sports, the region's newest and largest sports network. We are excited as well to bring additional jobs, skills and investment into the Caribbean with our new Trinidad facility, truly showcasing the power of the new Cable & Wireless and our commitment to the region." CWC's market research has shown that sports programming is a key decision driver for customers purchasing TV and broadband packages. Approximately 70% of customers identify as being 'sports fans,' with the Premier League dominating sports viewing in the Caribbean. Reid added: "As the region's leading quad play operator, we look forward to bringing Caribbean sports fans closer to the action with our innovations in mobile and online viewing. With our Flow ToGo application and access to mobile clips, fans won't miss any of the excitement that truly defines this tremendous sports asset. Flow Sports will be available in our basic subscription package, meaning more games for more fans, and instantly positioning Flow as the home of sports in the Caribbean." Story continues Phil Bentley, Chief Executive of Cable & Wireless Communications said: "Following our merger with Columbus and our re-branding to Flow, the agreement with the Premier League is yet another example of the growing momentum building across the Caribbean, delivering significant additional revenue synergies through cross-selling and upselling, as well as improving customer loyalty. This is set to accelerate over the next few years." Richard Scudamore, Chief Executive of the Premier League said: "We are very pleased that Cable & Wireless Communications has chosen to invest in Premier League broadcasting rights in the Caribbean. "We look forward to welcoming them as a new partner and are sure they will do excellent job making the competition available to fans across the region." About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information please visit: http://www.cwc.com About the Premier League: The Barclays Premier League is the most-watched, continuous, annual sporting event in the world. Last season 13.9 million fans attended matches with record average stadium occupancy of 95.9%. Across nine months of the year, 380 matches are viewed in 185 countries with coverage available in over 725 million households. || Bitcoin May Be Flailing, But Blockchain Is On The Rise: Bitcoin has suffered from several high-profile scandals which have branded the cryptocurrency as a tool for criminals and given the public reason to question its safety. However, blockchain, the ledger-like technology that bitcoin runs on, has been touted as one of the most important technological advances of the past decade. Many believe that although bitcoin may eventually die out, blockchain will continue to gain support as more and more industries find use for the technology.
Blockchain Not Bitcoin
On Tuesday at Bloomberg Markets Most Influential Summit, blockchainreceived a nodfrom Blythe Masters, the CEO of Digital Asset Holdings. Masters remarked that while bitcoin was of no interest to her, blockchain had the potential to transform the finance space. Blockchain has been suggested as a way to revamp financial markets and make transactions faster and more streamlined, something Masters says is an important trend to watch.
Related Link:Charlie Shrem Weighs In On Bitcoin From His Prison Cell
Support From The Finance Industry
Masters isn't alone in thinking blockchain has potential, a recent survey by Greenwich Associates showed that the majority of finance professionals agree. When asked whether blockchain can continue to thrive without bitcoin, 73 percent of the 55 participants said "yes." That attitude suggests that although bitcoin is struggling to gain mainstream approval, blockchain is already being considered a viable option for finance firms looking to improve their operations.
Several Applications
While financial markets have been at the forefront of discussions about the use of blockchain, other industries also see the technology as a potential game-changer. Blockchain would be able to facilitate online auctions as well as create smart contracts, something that could be applicable in several sectors.
See more from Benzinga
• Fuel Surcharges Give E-Commerce Firms More Reason To Be Creative About Logistics
• Tech Firms Caught Between Privacy And Law Enforcement
• Gemini Prepares To Open Its Doors
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin May Be Flailing, But Blockchain Is On The Rise: Bitcoin has suffered from several high-profile scandals which have branded the cryptocurrency as a tool for criminals and given the public reason to question its safety. However, blockchain, the ledger-like technology that bitcoin runs on, has been touted as one of the most important technological advances of the past decade. Many believe that although bitcoin may eventually die out, blockchain will continue to gain support as more and more industries find use for the technology.
Blockchain Not Bitcoin
On Tuesday at Bloomberg Markets Most Influential Summit, blockchainreceived a nodfrom Blythe Masters, the CEO of Digital Asset Holdings. Masters remarked that while bitcoin was of no interest to her, blockchain had the potential to transform the finance space. Blockchain has been suggested as a way to revamp financial markets and make transactions faster and more streamlined, something Masters says is an important trend to watch.
Related Link:Charlie Shrem Weighs In On Bitcoin From His Prison Cell
Support From The Finance Industry
Masters isn't alone in thinking blockchain has potential, a recent survey by Greenwich Associates showed that the majority of finance professionals agree. When asked whether blockchain can continue to thrive without bitcoin, 73 percent of the 55 participants said "yes." That attitude suggests that although bitcoin is struggling to gain mainstream approval, blockchain is already being considered a viable option for finance firms looking to improve their operations.
Several Applications
While financial markets have been at the forefront of discussions about the use of blockchain, other industries also see the technology as a potential game-changer. Blockchain would be able to facilitate online auctions as well as create smart contracts, something that could be applicable in several sectors.
See more from Benzinga
• Fuel Surcharges Give E-Commerce Firms More Reason To Be Creative About Logistics
• Tech Firms Caught Between Privacy And Law Enforcement
• Gemini Prepares To Open Its Doors
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin May Be Flailing, But Blockchain Is On The Rise: Bitcoin has suffered from several high-profile scandals which have branded the cryptocurrency as a tool for criminals and given the public reason to question its safety. However, blockchain, the ledger-like technology that bitcoin runs on, has been touted as one of the most important technological advances of the past decade. Many believe that although bitcoin may eventually die out, blockchain will continue to gain support as more and more industries find use for the technology. Blockchain Not Bitcoin On Tuesday at Bloomberg Markets Most Influential Summit, blockchain received a nod from Blythe Masters, the CEO of Digital Asset Holdings. Masters remarked that while bitcoin was of no interest to her, blockchain had the potential to transform the finance space. Blockchain has been suggested as a way to revamp financial markets and make transactions faster and more streamlined, something Masters says is an important trend to watch. Related Link: Charlie Shrem Weighs In On Bitcoin From His Prison Cell Support From The Finance Industry Masters isn't alone in thinking blockchain has potential, a recent survey by Greenwich Associates showed that the majority of finance professionals agree. When asked whether blockchain can continue to thrive without bitcoin, 73 percent of the 55 participants said "yes." That attitude suggests that although bitcoin is struggling to gain mainstream approval, blockchain is already being considered a viable option for finance firms looking to improve their operations. Several Applications While financial markets have been at the forefront of discussions about the use of blockchain, other industries also see the technology as a potential game-changer. Blockchain would be able to facilitate online auctions as well as create smart contracts, something that could be applicable in several sectors. See more from Benzinga Fuel Surcharges Give E-Commerce Firms More Reason To Be Creative About Logistics Tech Firms Caught Between Privacy And Law Enforcement Gemini Prepares To Open Its Doors © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Ripple Adds Santander InnoVentures Fund as Series A Investor: SAN FRANCISCO, CA--(Marketwired - Oct 6, 2015) -Ripple, provider of global financial settlement technology (formerly known as Ripple Labs), today announced thatSantander InnoVentures--Santander Group's $100 million fintech venture capital fund -- has joined itsrecent Series A funding roundas an investor, bringing the round's total to $32 million.
Ripple's Series A funding round included a mix of traditional investment firms and global strategic investors that all support the vision for Ripple to enable an Internet of Value (IoV) by powering the real-time, secure settlement of funds for financial institutions and their customers worldwide.
"Santander InnoVentures is a natural fit in this round because of their demonstrated support for real-time international payments and their commitment to new technologies that enable Santander to empower its customers," said Ripple CEO and co-founder Chris Larsen. "We are excited to work closely with them in building the Internet of Value and accelerating adoption amongst financial institutions, market makers and businesses worldwide."
The Santander InnoVentures fund is an investment vehicle designed to partner with portfolio companies and explore new technologies that can be used in support of Santander's customer base.
"Santander has long been an advocate for modernizing banking infrastructure," said Mariano Belinky, Managing Partner of Santander InnoVentures. "In our recentFintech 2.0 report, we highlighted the $20 billion opportunity available to the financial services industry, and many of the scenarios where distributed ledger technology will have a positive impact."
Belinky added: "We believe Ripple possesses the talent, technology, and momentum to address many of these scenarios, and are actively exploring where and how best to apply Ripple technology inside the bank. Ripple and Santander share a common vision of the future of the industry, and we intend to jointly advocate it in the community."
Other investors in Ripple's Series A round includeIDG Capital Partners, the venture arms ofCME Groupand global data storage companySeagate Technology, Jerry Yang'sAME Cloud Ventures,ChinaRock Capital Management,China Growth Capital, Wicklow Capital, the investment vehicle for Dan Tierney and Stephen Schuler, co-founders of GETCO (now KCG),Bitcoin Opportunity Corp.,Core Innovation Capital,Route 66 Ventures,RRE Ventures,Vast Ventures, andVenture 51.
Ripple provides bank-grade solutions that enable the world's disparate financial networks to securely transfer funds in any currency in real time. Financial institutions use Ripple as an alternative to correspondent banking to facilitate real-time, certain settlement at the lowest total cost possible.
Ripple was created to enable the world to move value as easily as information moves today, giving rise to an Internet of Value (IoV) akin to today's Internet of Knowledge. For more information about Ripple, please visithttp://www.ripple.com.
About Ripple
Rippleprovides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information - giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, without correspondent banks, and with real-time certainty of settlement. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value.
Ripple is a venture-backed startup with offices in San Francisco, New York and Sydney. As an industry advocate for the Internet of Value, Ripple sits on theFederal Reserve's Faster Payments Task Force Steering Committeeand is a member of theW3C's Web Payments Interest Group.
About Santander InnoVentures
Launched in July 2014 with a global remit to invest in transformational fintech business, Santander InnoVentures is based in London. The fund builds on the bank's philosophy of collaboration and partnership with small and start-up companies. Santander InnoVentures provides fintech companies with growth finance, industry expertise and access to Santander's internal technology and operations organisations.
Through this hybrid approach to investing, Santander Group ensures continuous innovation within its own business to the benefit of customers around the world, as well as helping new fintech businesses to succeed. Santander InnoVentures focuses on working with fintech businesses operating within digital delivery of financial services, e-commerce and payments, online lending, e-financial investments, big data and analytics.
The Fintech 2.0 Paper is a call to action for both banks and fintechs to consider the multi-billion dollar opportunities available through partnership. Download the full paper, exploring these opportunities in-depth and identifying specific use-cases, here:www.santanderinnoventures.com/fintech2
For more information, visitwww.santanderinnoventures.com. Follow Santander InnoVentures on Twitter:@SanInnoventures.
Banco Santander(SAN.MC, STD.N, BNC.LN) is a leading retail and commercial bank, based in Spain, with a meaningful market share in 10 core countries in Europe and the Americas. Santander is the largest bank in the euro zone by market capitalization and among the top 12 banks on a global basis. Founded in 1857, Santander had EUR 1.51 trillion in managed funds, 12,910 branches and 190,000 employees at the close of June 2015. In the first half of 2015, Santander made ordinary attributable profit of EUR 3,426 million, a 24% increase. || Ripple Adds Santander InnoVentures Fund as Series A Investor: SAN FRANCISCO, CA--(Marketwired - Oct 6, 2015) - Ripple , provider of global financial settlement technology ( formerly known as Ripple Labs ), today announced that Santander InnoVentures -- Santander Group 's $100 million fintech venture capital fund -- has joined its recent Series A funding round as an investor, bringing the round's total to $32 million. Ripple's Series A funding round included a mix of traditional investment firms and global strategic investors that all support the vision for Ripple to enable an Internet of Value (IoV) by powering the real-time, secure settlement of funds for financial institutions and their customers worldwide. "Santander InnoVentures is a natural fit in this round because of their demonstrated support for real-time international payments and their commitment to new technologies that enable Santander to empower its customers," said Ripple CEO and co-founder Chris Larsen. "We are excited to work closely with them in building the Internet of Value and accelerating adoption amongst financial institutions, market makers and businesses worldwide." The Santander InnoVentures fund is an investment vehicle designed to partner with portfolio companies and explore new technologies that can be used in support of Santander's customer base. "Santander has long been an advocate for modernizing banking infrastructure," said Mariano Belinky, Managing Partner of Santander InnoVentures. "In our recent Fintech 2.0 report , we highlighted the $20 billion opportunity available to the financial services industry, and many of the scenarios where distributed ledger technology will have a positive impact." Belinky added: "We believe Ripple possesses the talent, technology, and momentum to address many of these scenarios, and are actively exploring where and how best to apply Ripple technology inside the bank. Ripple and Santander share a common vision of the future of the industry, and we intend to jointly advocate it in the community." Other investors in Ripple's Series A round include IDG Capital Partners , the venture arms of CME Group and global data storage company Seagate Technology , Jerry Yang's AME Cloud Ventures , ChinaRock Capital Management , China Growth Capital , Wicklow Capital, the investment vehicle for Dan Tierney and Stephen Schuler, co-founders of GETCO (now KCG), Bitcoin Opportunity Corp., Core Innovation Capital , Route 66 Ventures , RRE Ventures , Vast Ventures , and Venture 51 . Ripple provides bank-grade solutions that enable the world's disparate financial networks to securely transfer funds in any currency in real time. Financial institutions use Ripple as an alternative to correspondent banking to facilitate real-time, certain settlement at the lowest total cost possible. Story continues Ripple was created to enable the world to move value as easily as information moves today, giving rise to an Internet of Value (IoV) akin to today's Internet of Knowledge. For more information about Ripple, please visit http://www.ripple.com . About Ripple Ripple provides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information - giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, without correspondent banks, and with real-time certainty of settlement. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value. Ripple is a venture-backed startup with offices in San Francisco, New York and Sydney. As an industry advocate for the Internet of Value, Ripple sits on the Federal Reserve's Faster Payments Task Force Steering Committee and is a member of the W3C's Web Payments Interest Group . About Santander InnoVentures Launched in July 2014 with a global remit to invest in transformational fintech business, Santander InnoVentures is based in London. The fund builds on the bank's philosophy of collaboration and partnership with small and start-up companies. Santander InnoVentures provides fintech companies with growth finance, industry expertise and access to Santander's internal technology and operations organisations. Through this hybrid approach to investing, Santander Group ensures continuous innovation within its own business to the benefit of customers around the world, as well as helping new fintech businesses to succeed. Santander InnoVentures focuses on working with fintech businesses operating within digital delivery of financial services, e-commerce and payments, online lending, e-financial investments, big data and analytics. The Fintech 2.0 Paper is a call to action for both banks and fintechs to consider the multi-billion dollar opportunities available through partnership. Download the full paper, exploring these opportunities in-depth and identifying specific use-cases, here: www.santanderinnoventures.com/fintech2 For more information, visit www.santanderinnoventures.com . Follow Santander InnoVentures on Twitter: @SanInnoventures . Banco Santander (SAN.MC, STD.N, BNC.LN) is a leading retail and commercial bank, based in Spain, with a meaningful market share in 10 core countries in Europe and the Americas. Santander is the largest bank in the euro zone by market capitalization and among the top 12 banks on a global basis. Founded in 1857, Santander had EUR 1.51 trillion in managed funds, 12,910 branches and 190,000 employees at the close of June 2015. In the first half of 2015, Santander made ordinary attributable profit of EUR 3,426 million, a 24% increase. View comments || New York regulator issues license to Winkelvoss bitcoin venture: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, has been granted a license to operate as a chartered limited liability trust company by the New York State Department of Financial Services, the state regulator announced on Monday.
Under the charter, Gemini will operate a bitcoin exchange and will officially open for trading on Thursday at 9:30 a.m. (1330 GMT)) serving both individual and institutional customers, Gemimi said in a separate statement on Monday.
Bitcoin is a virtual currency bought and sold on a peer-to-peer network independent of central control.
"In New York, we are continuing to move forward on licensing and chartering virtual currency firms," said Anthony J. Albanese, acting superintendent of Financial Services. "Smart, targeted regulation that helps protect consumers and prevent illicit activity is vital to the long-term future of this industry."
Gemini is the first licensed crypto currency business for the Winklevoss brothers, best known for accusing Facebook Inc founder Mark Zuckerberg of stealing their idea.
"Our focus right now is operating a spot bitcoin exchange. In many ways, we're not really re-inventing the wheel," said Gemini chief executive Tyler Winklevoss told Reuters in August.
The Winklevoss brothers filed an application to operate as a trust company with the New York's banking regulator in July.
A trust company is a type of financial institution technically different from a bank, analysts said. Under New York banking law, a trust company has all the powers of a bank to take deposits and make loans, alongside certain fiduciary powers such as acting as an agent for government bodies.
As a limited liability trust company, Gemini will maintain significant capital reserves consistent with that of a premier fiduciary business, the company said.
Gemini added that it will hold in custody all bitcoin deposits, the majority of which will be held in its offline, multi-signature, geographically distributed cold storage system.
Gemini said all fiat currency such as U.S. dollars transferred to Gemini will be deposited in a New York state chartered bank, headquartered in midtown Manhattan, and eligible for Federal Deposit Insurance Corp insurance, subject to applicable limitations. It did not name the bank.
Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. One bitcoin is currently worth around $238.17 on the BitStamp platform.
(Reporting by Gertrude Chavez-Dreyfuss Editing by W Simon) || New York regulator issues license to Winkelvoss bitcoin venture: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, has been granted a license to operate as a chartered limited liability trust company by the New York State Department of Financial Services, the state regulator announced on Monday. Under the charter, Gemini will operate a bitcoin exchange and will officially open for trading on Thursday at 9:30 a.m. (1330 GMT)) serving both individual and institutional customers, Gemimi said in a separate statement on Monday. Bitcoin is a virtual currency bought and sold on a peer-to-peer network independent of central control. "In New York, we are continuing to move forward on licensing and chartering virtual currency firms," said Anthony J. Albanese, acting superintendent of Financial Services. "Smart, targeted regulation that helps protect consumers and prevent illicit activity is vital to the long-term future of this industry." Gemini is the first licensed crypto currency business for the Winklevoss brothers, best known for accusing Facebook Inc founder Mark Zuckerberg of stealing their idea. "Our focus right now is operating a spot bitcoin exchange. In many ways, we're not really re-inventing the wheel," said Gemini chief executive Tyler Winklevoss told Reuters in August. The Winklevoss brothers filed an application to operate as a trust company with the New York's banking regulator in July. A trust company is a type of financial institution technically different from a bank, analysts said. Under New York banking law, a trust company has all the powers of a bank to take deposits and make loans, alongside certain fiduciary powers such as acting as an agent for government bodies. As a limited liability trust company, Gemini will maintain significant capital reserves consistent with that of a premier fiduciary business, the company said. Gemini added that it will hold in custody all bitcoin deposits, the majority of which will be held in its offline, multi-signature, geographically distributed cold storage system. Story continues Gemini said all fiat currency such as U.S. dollars transferred to Gemini will be deposited in a New York state chartered bank, headquartered in midtown Manhattan, and eligible for Federal Deposit Insurance Corp insurance, subject to applicable limitations. It did not name the bank. Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. One bitcoin is currently worth around $238.17 on the BitStamp platform. (Reporting by Gertrude Chavez-Dreyfuss Editing by W Simon) || Pot Resort To Open Fully Booked On New Year's Eve: In September, the Santee Sioux tribe of South Dakota announced that it was embracing new laws that allow Native American Tribes to sell and consume marijuana on their reservations by opening a marijuana-themed resort. The tribe outlined plans to create the ultimate "adult playground" where people could come to relax and enjoy marijuana in public spaces without fear of being prosecuted.
Now, the Tribe's lawyers say thatreservationsfor the resort's opening night are flying in, and that the establishment will likely open its doors for the first time to a sold out weekend.
See Also:Relax And Get High
New Year's Eve Opening
The marijuana resort is slated to open on New Year's Eve, providing the perfect atmosphere for partygoers who are interested in making cannabis a part of their 2016 celebrations. The venue will feature dance clubs and a dedicated smoking lounge where around 30 different strains of cannabis will be on offer. The tribe's attorney Seth Pearmansaidthe resort has already booked in rooms for 100 people as interest continues to grow.
Tribal Revenue
Much like casinos, many Native American tribes are hoping to bring in revenue from marijuana sales as laws allow them to sell and use the drug even if the state they reside in has classed it as illegal. For the Santee Sioux tribe, that has opened the door for a revolutionary idea to create the world's first cannabis resort. However, the venture comes with its own risks as the marijuana industry is still under the microscope.
For one, the tribe will have to ensure that marijuana isn't taken off the reservation and that visitors aren't buying too much of the stuff. However, for the tribe, which has struggled to stay afloat financially, the estimated $2 million per month the resort is forecast to bring in is well worth it.
See more from Benzinga
• Bitcoin Takes A Hit In Australia
• Small Businesses Turn To Online Lenders
• As California's Drought Drags On, Winners And Losers Emerge
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Pot Resort To Open Fully Booked On New Year's Eve: In September, the Santee Sioux tribe of South Dakota announced that it was embracing new laws that allow Native American Tribes to sell and consume marijuana on their reservations by opening a marijuana-themed resort. The tribe outlined plans to create the ultimate "adult playground" where people could come to relax and enjoy marijuana in public spaces without fear of being prosecuted. Now, the Tribe's lawyers say that reservations for the resort's opening night are flying in, and that the establishment will likely open its doors for the first time to a sold out weekend. See Also: Relax And Get High New Year's Eve Opening The marijuana resort is slated to open on New Year's Eve, providing the perfect atmosphere for partygoers who are interested in making cannabis a part of their 2016 celebrations. The venue will feature dance clubs and a dedicated smoking lounge where around 30 different strains of cannabis will be on offer. The tribe's attorney Seth Pearman said the resort has already booked in rooms for 100 people as interest continues to grow. Tribal Revenue Much like casinos, many Native American tribes are hoping to bring in revenue from marijuana sales as laws allow them to sell and use the drug even if the state they reside in has classed it as illegal. For the Santee Sioux tribe, that has opened the door for a revolutionary idea to create the world's first cannabis resort. However, the venture comes with its own risks as the marijuana industry is still under the microscope. For one, the tribe will have to ensure that marijuana isn't taken off the reservation and that visitors aren't buying too much of the stuff. However, for the tribe, which has struggled to stay afloat financially, the estimated $2 million per month the resort is forecast to bring in is well worth it. See more from Benzinga Bitcoin Takes A Hit In Australia Small Businesses Turn To Online Lenders As California's Drought Drags On, Winners And Losers Emerge © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Takes A Hit In Australia: Bitcoin has gained popularity across the globe in recent years, but concerns about safety have kept the cryptocurrency from becoming a mainstream means of payment. For that reason, banks in Australia have begun to move away from cryptocurrency, deciding last month to close the accounts of 13 of the continent's 17 bitcoin exchanges.
The decision has had a ripple effect on the bitcoin industry in Australia as more and more businesses similarly turn their backs on digital currencies.
Bye-Bye Bitcoin
In Australia, many businesses began accepting bitcoin payments when the coin gained popularity. As the digital payments trend expanded, some firms hoped to use bitcoin in order to tap into a greater pool of potential clients and make it easier for international customers to pay. However, the nation's banks' decision to shut bitcoin exchanges out has led many Australian firms to rethink their decisions. Many worry that the banks are only the beginning of a backlash against cryptocurrencies, and that by participating in the trend they could tarnish their reputations.
Related Link:Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre
Big Blow To Cryptocurrencies
Although cryptocurrencies are still receiving a lot of positive attention in places like Europe and the US, the changing attitude in Australia could put a dent in the industry's momentum. Australia makes up around7 percentof bitcoin's $3.5 billion global value, a significant portion. Not only will a negative attitude toward bitcoin affect the Australian market, but it could spread further afield. Some worry that the negative reputation could eventually influence the opinions of consumers and lawmakers in other countries as well.
See more from Benzinga
• Small Businesses Turn To Online Lenders
• As California's Drought Drags On, Winners And Losers Emerge
• Is Europe Recovering Or Not?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Takes A Hit In Australia: Bitcoin has gained popularity across the globe in recent years, but concerns about safety have kept the cryptocurrency from becoming a mainstream means of payment. For that reason, banks in Australia have begun to move away from cryptocurrency, deciding last month to close the accounts of 13 of the continent's 17 bitcoin exchanges.
The decision has had a ripple effect on the bitcoin industry in Australia as more and more businesses similarly turn their backs on digital currencies.
Bye-Bye Bitcoin
In Australia, many businesses began accepting bitcoin payments when the coin gained popularity. As the digital payments trend expanded, some firms hoped to use bitcoin in order to tap into a greater pool of potential clients and make it easier for international customers to pay. However, the nation's banks' decision to shut bitcoin exchanges out has led many Australian firms to rethink their decisions. Many worry that the banks are only the beginning of a backlash against cryptocurrencies, and that by participating in the trend they could tarnish their reputations.
Related Link:Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre
Big Blow To Cryptocurrencies
Although cryptocurrencies are still receiving a lot of positive attention in places like Europe and the US, the changing attitude in Australia could put a dent in the industry's momentum. Australia makes up around7 percentof bitcoin's $3.5 billion global value, a significant portion. Not only will a negative attitude toward bitcoin affect the Australian market, but it could spread further afield. Some worry that the negative reputation could eventually influence the opinions of consumers and lawmakers in other countries as well.
See more from Benzinga
• Small Businesses Turn To Online Lenders
• As California's Drought Drags On, Winners And Losers Emerge
• Is Europe Recovering Or Not?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Takes A Hit In Australia: Bitcoin has gained popularity across the globe in recent years, but concerns about safety have kept the cryptocurrency from becoming a mainstream means of payment. For that reason, banks in Australia have begun to move away from cryptocurrency, deciding last month to close the accounts of 13 of the continent's 17 bitcoin exchanges. The decision has had a ripple effect on the bitcoin industry in Australia as more and more businesses similarly turn their backs on digital currencies. Bye-Bye Bitcoin In Australia, many businesses began accepting bitcoin payments when the coin gained popularity. As the digital payments trend expanded, some firms hoped to use bitcoin in order to tap into a greater pool of potential clients and make it easier for international customers to pay. However, the nation's banks' decision to shut bitcoin exchanges out has led many Australian firms to rethink their decisions. Many worry that the banks are only the beginning of a backlash against cryptocurrencies, and that by participating in the trend they could tarnish their reputations. Related Link: Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre Big Blow To Cryptocurrencies Although cryptocurrencies are still receiving a lot of positive attention in places like Europe and the US, the changing attitude in Australia could put a dent in the industry's momentum. Australia makes up around 7 percent of bitcoin's $3.5 billion global value, a significant portion. Not only will a negative attitude toward bitcoin affect the Australian market, but it could spread further afield. Some worry that the negative reputation could eventually influence the opinions of consumers and lawmakers in other countries as well. See more from Benzinga Small Businesses Turn To Online Lenders As California's Drought Drags On, Winners And Losers Emerge Is Europe Recovering Or Not? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || XBT Provider AB: Bitcoin Tracker EUR to start trading on Nasdaq Nordic today: Stockholm, SWEDEN (October 5th, 2015) -XBT Provider AB is proud to announce the launch of Bitcoin tracker Euro.
Starting today anyone with a brokerage account connected to Nasdaq Nordic can trade the ETN "Bitcoin Tracker EUR" The ticker code is Bitcoin XBTE. ISIN: SE0007525332
Bitcoin Tracker EUR is designed to mirror the return of the underlying asset, U.S. dollar (USD) per Bitcoin. The product is an exchange traded note designed to track the movement of the underlying asset after fees.
Bitcoin Tracker EUR is our second Bitcoin-based security available on Nasdaq Nordic. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to Bitcoin prices.
"Bitcoin tracker EUR" (BTE) is listed on Nasdaq Nordic in Stockholm and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. BTE is also available via Bloomberg terminals through the ticker code COINXBE.
The full prospectus is available onxbtprovider.com
Bitcoin Tracker EUR is issued under the same prospectus as Bitcoin Tracker One which isapproved by Sweden`s financial supervisory authority, Finansinspektionen.
ABOUT XBT PROVIDERXBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSIONMangold Fondkommission is a Stockholm based Brokerage and Investment bank. As a member of Nasdaq Nordic the company assists XBT Provider with clearing services and acts as a liquidity provider for Bitcoin Tracker One and Bitcoin Tracker EUR.
FOR FURTHER INFORMATION, PLEASE CONTACT
Alexander MarshE-mail:[email protected]
Johan WattenströmE-mail:[email protected]
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1956529 || XBT Provider AB: Bitcoin Tracker EUR to start trading on Nasdaq Nordic today: Stockholm, SWEDEN (October 5th, 2015) -XBT Provider AB is proud to announce the launch of Bitcoin tracker Euro.
Starting today anyone with a brokerage account connected to Nasdaq Nordic can trade the ETN "Bitcoin Tracker EUR" The ticker code is Bitcoin XBTE. ISIN: SE0007525332
Bitcoin Tracker EUR is designed to mirror the return of the underlying asset, U.S. dollar (USD) per Bitcoin. The product is an exchange traded note designed to track the movement of the underlying asset after fees.
Bitcoin Tracker EUR is our second Bitcoin-based security available on Nasdaq Nordic. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to Bitcoin prices.
"Bitcoin tracker EUR" (BTE) is listed on Nasdaq Nordic in Stockholm and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. BTE is also available via Bloomberg terminals through the ticker code COINXBE.
The full prospectus is available onxbtprovider.com
Bitcoin Tracker EUR is issued under the same prospectus as Bitcoin Tracker One which isapproved by Sweden`s financial supervisory authority, Finansinspektionen.
ABOUT XBT PROVIDERXBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSIONMangold Fondkommission is a Stockholm based Brokerage and Investment bank. As a member of Nasdaq Nordic the company assists XBT Provider with clearing services and acts as a liquidity provider for Bitcoin Tracker One and Bitcoin Tracker EUR.
FOR FURTHER INFORMATION, PLEASE CONTACT
Alexander MarshE-mail:[email protected]
Johan WattenströmE-mail:[email protected]
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1956529 || Bitcoin flounders in Australia as regulatory worries bite: By Byron Kaye and Swati Pandey SYDNEY (Reuters) - Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency's mainstream appeal is fading. Concerns about bitcoin's potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks' move last month to close the accounts of 13 of the country's 17 bitcoin exchanges. The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 percent of the currency's $3.5 billion global value, a sizeable figure in a country of just 24 million people. "We've got a squeaky clean reputation, and that's actually worth a lot more to us than dipping into this," said James Snodgrass, principal of Sydney's Forsyth Real Estate, which ditched the currency in late 2014 after the firm was investigated by the federal tax office. Forsyth had offered to collect home deposits and other realtor fees via bitcoin to cater to international buyers. The tax office probe found no wrongdoing but Forsyth was burned by the negative publicity and bailed out before ever taking a bitcoin payment. Although most mainstream banks in Europe and the U.S. already refuse to keep bitcoin-affiliated accounts, developments in Australia represent the first coordinated shutdown of bitcoin exchanges by a country's banking system. The move makes it much harder for people to convert regular currencies in to or out of bitcoin, threatening its long-term value. "It really runs on people using bitcoin, and if nobody uses it then it's worthless," said University of Technology Sydney senior finance lecturer Adrian Lee. BANK SHUTDOWN The banks' shutdown appears at odds with a government inquiry which in August recommended removing sales tax for people who buy bitcoin. The Australian anti-money laundering agency, AUSTRAC, told Reuters that banks have no legal obligation to close bitcoin accounts. The so-called "Big Four" banks - Commonwealth Bank of Australia, Westpac Banking Corp, Australia and New Zealand Banking Group and National Australia Bank - directed inquiries about bitcoin to the Australian Bankers' Association. Tony Pearson, the association's acting chief executive, wouldn't confirm the coordinated rejection of bitcoin but said in an email that its "lack of transparency and regulatory oversight raises a number of risks for users and also poses risks for the payments system, the integrity of the financial system and the erosion of the tax base". Australia's organised crime agency has said it is concerned the currency's untraceable nature makes it attractive for money laundering and selling illicit drugs. In the U.K. and the U.S., most large banks have already cut ties with bitcoin account holders, but lack of industry co-ordination has left room for individual lenders to support the currency, including Germany's Fidor Bank AG, which operates in Britain, and tech-focused Californian lender Silicon Valley Bank. CLOSE, MOVE OFFSHORE OR SNEAK AROUND The 13 Australian bitcoin exchanges whose accounts were closed by the banks have shut operations. The remaining four have had their accounts frozen, and now face three options: close, move overseas or spread their business into several smaller bank accounts to avoid detection by their banks. Buyabitcoin.com.au, one of the remaining four exchanges, said it is still considering its options. "It makes it, obviously, hard to take payments from our customers, but we have a couple of relationships left," said Andrew Smith, general manager of the Melbourne-based exchange. Smith declined to identify which bank his firm is now using from fear of repercussions but said he plans to move the business offshore. Two sources told Reuters that regional lender Bank of Queensland still held some bitcoin accounts. The bank said in an email that "virtual currencies fall outside of our risk appetite" but did not deny or confirm it had these accounts. RETAIL PULLOUT Some industry watchers believe ambivalence may be bitcoin's biggest problem. At least six Australian retail businesses, which as recently as 2014 courted publicity for offering sales by bitcoin, told Reuters they were considering exiting the currency. "If governments begin to aggressively attack the whole idea of cryptocurrencies and give it a bad name, it might have an adverse effect on our brand by accepting it," said David Brim, co-founder of off-road vehicle maker Tomcar Australia, which has sold one car using bitcoin since introducing it in November 2014. Grant Fairweather, owner of the Metropolitan Hotel in Sydney, said he started accepting bitcoin when a group of digital currency fans chose his pub as their regular meeting venue. "They tell me that it's doing quite well, but that doesn't transpose into here," said Fairweather, who sells about A$100 ($70) worth of drinks via bitcoin from the meetings and does no other bitcoin trade. An online clothing retailer told Reuters she had made no bitcoin sales since introducing the service in 2013 and asked not to be named, saying "since bitcoin's going out anyway, we'd rather not throw our name back into it". (Additional reporting by Nathan Lynch in SYDNEY and Jemima Kelly in LONDON. Editing by Jane Wardell and Rachel Armstrong)
[Social Media Buzz]
LIVE: Profit = $93.88 (1.43 %). BUY B26.93 @ $242.00 (#BTCe). SELL @ $243.49 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || Current price: 159.06£ $BTCGBP $btc #bitcoin 2015-10-09 05:00:04 BST || Current price: 217.17€ $BTCEUR $btc #bitcoin 2015-10-09 07:00:03 CEST || 1 #bitcoin = $4150.00 MXN | $252.7 USD #BitAPeso 1 USD = 16.42MXN http://www.bitapeso.com || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000003
Bittrex: 0.00000005
Average $1.0E-5 per #reddcoin
09:45:00 || In the last 10 ...
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244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31.
|
[Bitcoin Technical Analysis for 2016-01-14]
Volume: 43945500, RSI (14-day): 48.04, 50-day EMA: 416.12, 200-day EMA: 334.33
[Wider Market Context]
Gold Price: 1073.90, Gold RSI: 46.87
Oil Price: 31.20, Oil RSI: 30.71
[Recent News (last 7 days)]
You say advertising, I say block that malware: The real reason online advertising is doomed and adblockers thrive? Its malware epidemic is unacknowledged, and out of control.
The Forbes 30 Under 30 list came out this week and it featured a prominent security researcher. Other researchers were pleased to see one of their own getting positive attention, and visited the site in droves to view the list.
On arrival, like a growing number of websites, Forbes asked readers to turn off ad blockers in order to view the article. After doing so, visitors were immediately served with pop-under malware, primed to infect their computers, and likely silently steal passwords, personal data and banking information. Or, as is popular worldwide with these malware "exploit kits," lock up their hard drives in exchange for Bitcoin ransom.
One researcher commented on Twitter that the situation was "ironic" -- and while it's certainly another variant ofhackenfreude, ironic isn't exactly the word I'd use to describe what happened.
That's because this situation spotlights what happened in 2015 to billions -- yep, billions -- of people who were victims of virus-infected ads which were spread via ad networks like germs from a sneeze across the world's most popular websites.
Less than a month ago, a bogus banner ad was found serving malvertising to visitors of video site DailyMotion. After discovering it, security companyMalwarebytescontacted the online ad platform the bad ad was coming through, Atomx. The company blamed a "rogue" advertiser on the WWPromoter network.
It was estimated the adware broadcast through DailyMotion put 128 million people at risk. To be specific, it was from the notorious malware family called "Angler Exploit Kit." Remember this name, because I'm pretty sure we're going to be getting to know it a whole lot better in 2016.
Last August, Angler struck MSN.com with -- you guessed it -- another drive-by malvertising campaign. It was the same campaign that had infected Yahoo visitors back in July (an estimated 6.9 billion visits per month, it'sconsideredthe biggest malvertising attack so far).
October saw Angler targeting Daily Mail visitors through poisoned ads as well (monthly ad impressions64.4 million). Only last month, Angler's malicious ads hit visitors to Reader's Digest (210K readers;ad impressions 1.7M). That attack sat unattended after being in the press, and was fixed only after a week of public outcry.
It's crazy to consider what a perfect marriage this is, between the advertisers and the criminals pushing the exploit kits. They have alotin common.
Both try to trick us into giving them something we don't want to. We've recently learned that both entities surveil and track us beyond what we're OK with. And both are hard to get rid of. You know, like those gross toenail and skin condition ad-banners found at the bottom of every cheapo blog you've ever seen, forever burned into the "can't unsee" section of your brain.
It actually makes business sense to think about malware attacks like an advertiser. You want to deliver your infection to, and scrape those dollars from, every little reader out there. You need a targeted delivery system, with the widest distribution, and as many clueless middlemen as possible.
It's easy to want to blame Reader's Digest, or Yahoo, or Forbes, or Daily Mail, or any of these sites for screwing viewers by serving them malicious ads and not telling them, or not helping them with the cleanup afterward. And it's a hell of a lot easier when they've compelled us to turn off our ad blockers to simply see what brought us to their site.
But the problem is coming through them, from the ad networks themselves. The same ones, it should be mentioned, who control the Faustian bargains made by bartering and selling our information.
What should the websites do? The ad networks clearly don't have a handle on this at all, giving us one more reason to use ad blockers. They're practically the most popular malware delivery systems on Earth, and they're making the websites they do business with into the same poisonous monster. I don't even want to think about what it all means for the security practices of the ad companies handling our tracking data or the sites we visit hosting these pathogens.
So, to my friend on theForbes 30 Under 30 list-- a malware researcher, which I'll concede is actually ironic -- I'm sorry I won't be seeing your time in that particular spotlight. What we need is a word for the fact that ad blockers have become our first line of defense against a malware epidemic. Especially during a time when the sites we visit are begging, pleading, demanding and practically tricking us into turning off Ad Block Plus.
[Image credit: Getty Images] || You say advertising, I say block that malware: The real reason online advertising is doomed and adblockers thrive? Its malware epidemic is unacknowledged, and out of control. The Forbes 30 Under 30 list came out this week and it featured a prominent security researcher. Other researchers were pleased to see one of their own getting positive attention, and visited the site in droves to view the list. On arrival, like a growing number of websites, Forbes asked readers to turn off ad blockers in order to view the article. After doing so, visitors were immediately served with pop-under malware, primed to infect their computers, and likely silently steal passwords, personal data and banking information. Or, as is popular worldwide with these malware "exploit kits," lock up their hard drives in exchange for Bitcoin ransom. One researcher commented on Twitter that the situation was "ironic" -- and while it's certainly another variant of hackenfreude , ironic isn't exactly the word I'd use to describe what happened. The @Forbes website held content until I disabled Ad Blocker. I did so and was immediately given pop-under malware. pic.twitter.com/eDVRAA9ZSu — Brian Baskin (@bbaskin) January 4, 2016 That's because this situation spotlights what happened in 2015 to billions -- yep, billions -- of people who were victims of virus-infected ads which were spread via ad networks like germs from a sneeze across the world's most popular websites. Less than a month ago, a bogus banner ad was found serving malvertising to visitors of video site DailyMotion. After discovering it, security company Malwarebytes contacted the online ad platform the bad ad was coming through, Atomx. The company blamed a "rogue" advertiser on the WWPromoter network. It was estimated the adware broadcast through DailyMotion put 128 million people at risk. To be specific, it was from the notorious malware family called "Angler Exploit Kit." Remember this name, because I'm pretty sure we're going to be getting to know it a whole lot better in 2016. Story continues Last August, Angler struck MSN.com with -- you guessed it -- another drive-by malvertising campaign. It was the same campaign that had infected Yahoo visitors back in July (an estimated 6.9 billion visits per month, it's considered the biggest malvertising attack so far). October saw Angler targeting Daily Mail visitors through poisoned ads as well (monthly ad impressions 64.4 million ). Only last month, Angler's malicious ads hit visitors to Reader's Digest (210K readers; ad impressions 1.7M ). That attack sat unattended after being in the press, and was fixed only after a week of public outcry. It's crazy to consider what a perfect marriage this is, between the advertisers and the criminals pushing the exploit kits. They have a lot in common. pop-up ads coming out of laptop screen with a spring Both try to trick us into giving them something we don't want to. We've recently learned that both entities surveil and track us beyond what we're OK with. And both are hard to get rid of. You know, like those gross toenail and skin condition ad-banners found at the bottom of every cheapo blog you've ever seen, forever burned into the "can't unsee" section of your brain. It actually makes business sense to think about malware attacks like an advertiser. You want to deliver your infection to, and scrape those dollars from, every little reader out there. You need a targeted delivery system, with the widest distribution, and as many clueless middlemen as possible. It's easy to want to blame Reader's Digest, or Yahoo, or Forbes, or Daily Mail, or any of these sites for screwing viewers by serving them malicious ads and not telling them, or not helping them with the cleanup afterward. And it's a hell of a lot easier when they've compelled us to turn off our ad blockers to simply see what brought us to their site. But the problem is coming through them, from the ad networks themselves. The same ones, it should be mentioned, who control the Faustian bargains made by bartering and selling our information. What should the websites do? The ad networks clearly don't have a handle on this at all, giving us one more reason to use ad blockers. They're practically the most popular malware delivery systems on Earth, and they're making the websites they do business with into the same poisonous monster. I don't even want to think about what it all means for the security practices of the ad companies handling our tracking data or the sites we visit hosting these pathogens. So, to my friend on the Forbes 30 Under 30 list -- a malware researcher, which I'll concede is actually ironic -- I'm sorry I won't be seeing your time in that particular spotlight. What we need is a word for the fact that ad blockers have become our first line of defense against a malware epidemic. Especially during a time when the sites we visit are begging, pleading, demanding and practically tricking us into turning off Ad Block Plus. [Image credit: Getty Images] || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoinclimbed6 percent.
The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase.
Mining Returns
With bitcoin on the upswing, bitcoin mining has begun togain popularityonce again, according to Bloomberg.
Related Link:Mike Tyson Dives Deeper Into Bitcoin
When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards.
Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it.
A Risky Business
While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs.
Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble.
Image Credit: Public Domain
See more from Benzinga
• Should Investors Be Worried About Apple?
• CES Paints Worrying Picture For Telecoms
• Netflix Gains On Expansion News, But Some Still Wary
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoin climbed 6 percent. The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase. Mining Returns With bitcoin on the upswing, bitcoin mining has begun to gain popularity once again, according to Bloomberg. Related Link: Mike Tyson Dives Deeper Into Bitcoin When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards. Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it. A Risky Business While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs. Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble. Image Credit: Public Domain See more from Benzinga Should Investors Be Worried About Apple? CES Paints Worrying Picture For Telecoms Netflix Gains On Expansion News, But Some Still Wary © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Interest In Bitcoin Mining Returns: While markets around the world suffered significant turbulence this week, bitcoinclimbed6 percent.
The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase.
Mining Returns
With bitcoin on the upswing, bitcoin mining has begun togain popularityonce again, according to Bloomberg.
Related Link:Mike Tyson Dives Deeper Into Bitcoin
When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards.
Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it.
A Risky Business
While mining is gaining popularity once again, many caution that bitcoin's price isn't the only factor that drives profitability for miners. This year, bitcoin's software will reduce the number of coins that miners receive for mining activities by half, something that could have an impact on the time it takes to recoup investment costs.
Not only that, but bitcoin's price is far from stable. In past years, bitcoin's wild swings in value have proven that it is difficult to predict whether the cryptocurrency will be able to continue trading at current levels, making investing in mining equipment a bit of a gamble.
Image Credit: Public Domain
See more from Benzinga
• Should Investors Be Worried About Apple?
• CES Paints Worrying Picture For Telecoms
• Netflix Gains On Expansion News, But Some Still Wary
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 6 trades to watch in an uncertain market: After U.S. stocks followed global markets lower Thursday, "Fast Money" traders outlined what they deemed safe plays to ride out uncertainty.
Major averages each closed down more than 2 percent, after a brief Chinese trading session in which a 7 percent drop in the CSI300 triggered a halt. Traders looked to longer-term plays that could offer protection through volatility.
Market Vectors Gold Miners ETF(NYSE Arca: GDX)
The price of gold(CEC:Commodities Exchange Centre: @GC.1), a traditional "safe haven" asset, climbed Thursday amid the uncertainty in stock and oil markets. The Market Vectors Gold Miners ETF rose more than 4 percent for the day.
Both traders Guy Adami and Brian Kelly said gold likely has more upside ahead.
iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT)
U.S. Treasury prices rose in choppy trading Thursday amid a flight to safer assets, sending yields lower. In that environment, the iShares 20+ Year Treasury Bond ETF could make a good play, said Adami and trader Dan Nathan.
Utilities Select Sector SPDR Fund(NYSE Arca: XLU)
Utilities offer a place to "hide" in current markets, said trader Steve Grasso. Nathan also identified them as a defensive play because of their dividend yields.
They looked to the Utilities Select Sector SPDR Fund, which fell slightly on Thursday.
Retail
Shares of department store chain Macy's(NYSE: M)climbed about 2 percent Thursday in the wake of a restructuring announcement. Adami believes the stock can rise even more.
Grasso also outlined possible strength in American Eagle Outfitters(NYSE: AEO).
Verizon(NYSE: VZ)
Nathan also saw Verizon as a possible play for investors looking for yield.
Disclosures:
Dan Nathan
Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, Long UUP, long WMT puts
Steve Grasso
Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB
Guy Adami
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 6 trades to watch in an uncertain market: After U.S. stocks followed global markets lower Thursday, "Fast Money" traders outlined what they deemed safe plays to ride out uncertainty. Major averages each closed down more than 2 percent, after a brief Chinese trading session in which a 7 percent drop in the CSI300 triggered a halt. Traders looked to longer-term plays that could offer protection through volatility. Market Vectors Gold Miners ETF (NYSE Arca: GDX) The price of gold (CEC:Commodities Exchange Centre: @GC.1) , a traditional "safe haven" asset, climbed Thursday amid the uncertainty in stock and oil markets. The Market Vectors Gold Miners ETF rose more than 4 percent for the day. Both traders Guy Adami and Brian Kelly said gold likely has more upside ahead. iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) U.S. Treasury prices rose in choppy trading Thursday amid a flight to safer assets, sending yields lower. In that environment, the iShares 20+ Year Treasury Bond ETF could make a good play, said Adami and trader Dan Nathan. Utilities Select Sector SPDR Fund (NYSE Arca: XLU) Utilities offer a place to "hide" in current markets, said trader Steve Grasso. Nathan also identified them as a defensive play because of their dividend yields. They looked to the Utilities Select Sector SPDR Fund, which fell slightly on Thursday. Retail Shares of department store chain Macy's (NYSE: M) climbed about 2 percent Thursday in the wake of a restructuring announcement. Adami believes the stock can rise even more. Grasso also outlined possible strength in American Eagle Outfitters (NYSE: AEO) . Verizon (NYSE: VZ) Nathan also saw Verizon as a possible play for investors looking for yield. Disclosures: Dan Nathan Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, long TWTR March Risk Reversal, long UUP March call, long XLU Feb Call spread, long PYPL Jan Risk Reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM feb calls, short SPY, Long UUP, long WMT puts Story continues Steve Grasso Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY Brian Kelly Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB Guy Adami Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday: The "Fast Money" traders delivered their final trades of the day.
Dan Nathan was a seller of Wal-Mart(WMT).
Steve Grasso was a buyer of American Eagle Outfitters(AEO).
Brian Kelly was a seller of Deutsche Bank(XETRA:DBK-DE).
Guy Adami was a buyer of the Market Vectors Gold Miners ETF(NYSE Arca: GDX)after picking Macy's(NYSE:M)three days in a row.
Trader disclosure: On January 7, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long MCD Feb put spread, long PFE buy-write, long TWTR March risk reversal, long UUP March call, long XLU Feb call spread, long PYPL Jan risk reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM Feb calls, short SPY, long UUP, long WMT puts. Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Wolfe Research Sr. Analyst Paul Sankey: No disclosures.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Friday: The " Fast Money " traders delivered their final trades of the day. Dan Nathan was a seller of Wal-Mart ( WMT ) . Steve Grasso was a buyer of American Eagle Outfitters ( AEO ) . Brian Kelly was a seller of Deutsche Bank (XETRA:DBK-DE) . Guy Adami was a buyer of the Market Vectors Gold Miners ETF (NYSE Arca: GDX) after picking Macy's (NYSE: M ) three days in a row. Trader disclosure: On January 7, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is l ong MCD Feb put spread, long PFE buy-write, long TWTR March risk reversal, long UUP March call, long XLU Feb call spread, long PYPL Jan risk reversal, long M Jan16 call spread, long NTAP Jan risk reversal, long QCOM Feb calls, short SPY, long UUP, long WMT puts. Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MBLY, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long APC, CXO, OXY, BP, CVX, MCD, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY, DB. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Wolfe Research Sr. Analyst Paul Sankey: No disclosures. More From CNBC Top News and Analysis Latest News Video Personal Finance || 10 Tech Predictions for 2016: As I always say, predicting what will happen in the tech industry over a short time horizon is a lot like shooting darts at Jell-O. But someone’s got to do it and it may as well be me. Besides, myprophecies for 2015didn’t do nearly as well asin 2014, and I’m itching to redeem myself.
I did hit a number of forecasts out of the park, including the success of Apple Pay and the demise of Twitter CEO Dick Costolo. And my prediction that the Nasdaq would break its all-time high and then fizzle out turned out to be reasonably accurate.
But a few of the calls I made, including those aboutnet neutralityand the Comcast – Time Warner Cable merger – were thwarted by Netflix CEO Reed Hastings and federal regulators. [Sigh.] And my bet oncinematic reality startup Magic Leapnever made the jump from virtual to reality.
Let’s see if I can do better this year. Here’s what my crystal ball says will happen in 2016:
Users will develop smart gadget fatigue.While smartphones and tablets, to a lesser extent, will continue to see strong growth in emerging markets, the growth curve will continue to flatten out in mature markets – especially among Android devices. Wearables will get a boost from Apple Watch 2 but unit sales will remain unimpressive compared with the incomparable iPhone.
Jack will tweak Twitter.O Twitter, Twitter! Wherefore art thou Twitter? The return of Jack Dorsey as CEO will see the cofounder do a lot of Facebook-like (move fast and break things) tweaking to Twitter, starting with increasing the 140 character tweet limit. Jack will continue to tweak the product until something good happens, as in renewed user growth and engagement.
Apple and Google car hype will reach fever pitch.Car tech is heating up in a big way. And since the market’s response to Apple’s first new products since Steve Jobs – Apple Watch and Apple TV (the product, not the hobby) – has been muted, fanboys will be clamoring for rumors on the car front. And Google will likewise be pressured to show progress on at least one of its massive Alphabet ventures, notably its self-driving car.
Drones will continue to bug neighbors, privacy buffs and the FAA.Drones will remain an annoying hobbyfor the foreseeable future. Unfortunately, nobody in desperate need of a midnight pizza or a six-pack will be getting one delivered by drone anytime soon. And definitely not anytime this year.
The digital and real worlds will meet in augmented reality (AR).Virtual reality has been the next big thingfor as far back as I can remember, but the technology behind Facebook Oculus Rift, Samsung Gear VR and Google Cardboard is becoming more real all the time. A breakthrough, however, is more likely in the AR space, where the digital and real worlds meet. That means something will pop from Magic Leap, Microsoft HoloLens, Google Glass 2, or who knows, maybe Apple.
The tech bubble will correct.With notable exceptions like Netflix and Amazon, tech stocks took a breather in 2015 after an impressive six-year bull run. But the slowing global economy, the Fed’s monetary tightening, and terrorism concerns will let some air out of theprivate equity bubbleand take the Nasdaq down into correction territory.
Satoshi Nakamoto, the mysterious Bitcoin founder, will not be found.Wired, Gizmodo and every other tech media outlet have been hot on the trail ofidentifying Satoshi Nakamoto, the pseudonym of Bitcoin’s mysterious founder. They thought they had it figured out a few weeks ago, but that turned out to be an elaborate hoax. Still, it was nowhere near as embarrassing asNewsweek’s Dorian Nakamotodebacle of 2014.
The IPO market will be weak.The private equity bubble is keeping late-stage startups that would ordinarily go public out of the IPO market. That will change when there’s a unicorn shakeout, investors get burned and VCs stop throwing money at startups at crazy valuations. That’s when tech companies will once again see public markets as viable exits. That’s when you’ll seeunicorns stampede on Wall Street. And it won’t be in 2016.
M&A activity will be strong.With the bull market running out of steam and private investors becoming more cautious, M&A exits will be on the rise. Unfortunately, a lot of them will be companies that maintain high burn rates until it’s too late and end up going for dimes on a dollar in fire sales.
Yahoo will sell its core business and Marissa Mayer will be out as CEO.Here’s a fun little rhyme for 2016, courtesy of Humpty Dumpty:
Yahoo Yahoo sat on a wallYahoo Yahoo had a great fallAll the Valley’s CEOs and all the Valley’s chairmenCouldn’t put Yahoo Yahoo together again
Jerry Yang, Carol Bartz, Roy Bostock, Tim Morse, Scott Thompson, Ross Levinsohn, Fred Amoroso, Maynard Webb. I’m sure I missed a CEO or chairman somewhere in there, but in any case, enough is enough. It’s long past time to put this company, its board, and Marissa Mayer out of their misery. Yahoo will be acquired or taken private in 2016.
Related Articles
• GM Eyes the Future With $500M Bet on Lyft
• Where You Can Watch and Participate in the GOP Debate
• The Most Annoying Aspects of Our Tech-Crazed Culture || 10 Tech Predictions for 2016: As I always say, predicting what will happen in the tech industry over a short time horizon is a lot like shooting darts at Jell-O. But someone’s got to do it and it may as well be me. Besides, my prophecies for 2015 didn’t do nearly as well as in 2014 , and I’m itching to redeem myself. I did hit a number of forecasts out of the park, including the success of Apple Pay and the demise of Twitter CEO Dick Costolo. And my prediction that the Nasdaq would break its all-time high and then fizzle out turned out to be reasonably accurate. But a few of the calls I made, including those about net neutrality and the Comcast – Time Warner Cable merger – were thwarted by Netflix CEO Reed Hastings and federal regulators. [Sigh.] And my bet on cinematic reality startup Magic Leap never made the jump from virtual to reality. Let’s see if I can do better this year. Here’s what my crystal ball says will happen in 2016: Users will develop smart gadget fatigue. While smartphones and tablets, to a lesser extent, will continue to see strong growth in emerging markets, the growth curve will continue to flatten out in mature markets – especially among Android devices. Wearables will get a boost from Apple Watch 2 but unit sales will remain unimpressive compared with the incomparable iPhone. Jack will tweak Twitter. O Twitter, Twitter! Wherefore art thou Twitter? The return of Jack Dorsey as CEO will see the cofounder do a lot of Facebook-like (move fast and break things) tweaking to Twitter, starting with increasing the 140 character tweet limit. Jack will continue to tweak the product until something good happens, as in renewed user growth and engagement. Apple and Google car hype will reach fever pitch. Car tech is heating up in a big way. And since the market’s response to Apple’s first new products since Steve Jobs – Apple Watch and Apple TV (the product, not the hobby) – has been muted, fanboys will be clamoring for rumors on the car front. And Google will likewise be pressured to show progress on at least one of its massive Alphabet ventures, notably its self-driving car. Drones will continue to bug neighbors, privacy buffs and the FAA. Drones will remain an annoying hobby for the foreseeable future. Unfortunately, nobody in desperate need of a midnight pizza or a six-pack will be getting one delivered by drone anytime soon. And definitely not anytime this year. The digital and real worlds will meet in augmented reality (AR). Virtual reality has been the next big thing for as far back as I can remember, but the technology behind Facebook Oculus Rift, Samsung Gear VR and Google Cardboard is becoming more real all the time. A breakthrough, however, is more likely in the AR space, where the digital and real worlds meet. That means something will pop from Magic Leap, Microsoft HoloLens, Google Glass 2, or who knows, maybe Apple. Story continues The tech bubble will correct. With notable exceptions like Netflix and Amazon, tech stocks took a breather in 2015 after an impressive six-year bull run. But the slowing global economy, the Fed’s monetary tightening, and terrorism concerns will let some air out of the private equity bubble and take the Nasdaq down into correction territory. Satoshi Nakamoto, the mysterious Bitcoin founder, will not be found. Wired, Gizmodo and every other tech media outlet have been hot on the trail of identifying Satoshi Nakamoto , the pseudonym of Bitcoin’s mysterious founder. They thought they had it figured out a few weeks ago, but that turned out to be an elaborate hoax. Still, it was nowhere near as embarrassing as Newsweek’s Dorian Nakamoto debacle of 2014. The IPO market will be weak. The private equity bubble is keeping late-stage startups that would ordinarily go public out of the IPO market. That will change when there’s a unicorn shakeout, investors get burned and VCs stop throwing money at startups at crazy valuations. That’s when tech companies will once again see public markets as viable exits. That’s when you’ll see unicorns stampede on Wall Street . And it won’t be in 2016. M&A activity will be strong. With the bull market running out of steam and private investors becoming more cautious, M&A exits will be on the rise. Unfortunately, a lot of them will be companies that maintain high burn rates until it’s too late and end up going for dimes on a dollar in fire sales. Yahoo will sell its core business and Marissa Mayer will be out as CEO. Here’s a fun little rhyme for 2016, courtesy of Humpty Dumpty: Yahoo Yahoo sat on a wall Yahoo Yahoo had a great fall All the Valley’s CEOs and all the Valley’s chairmen Couldn’t put Yahoo Yahoo together again Jerry Yang, Carol Bartz, Roy Bostock, Tim Morse, Scott Thompson, Ross Levinsohn, Fred Amoroso, Maynard Webb. I’m sure I missed a CEO or chairman somewhere in there, but in any case, enough is enough. It’s long past time to put this company, its board, and Marissa Mayer out of their misery. Yahoo will be acquired or taken private in 2016. Related Articles GM Eyes the Future With $500M Bet on Lyft Where You Can Watch and Participate in the GOP Debate The Most Annoying Aspects of Our Tech-Crazed Culture View comments
[Social Media Buzz]
$431.70 at 14:45 UTC [24h Range: $427.00 - $434.00 Volume: 4540 BTC] || $429.48 at 23:45 UTC [24h Range: $427.00 - $434.00 Volume: 4495 BTC] via #btcusdpic.twitter.com/dfv6PoPa6o || $430.77 at 16:15 UTC [24h Range: $427.00 - $434.00 Volume: 4310 BTC] || $431.31 at 19:30 UTC [24h Range: $427.00 - $434.00 Volume: 4446 BTC] via #btcusdpic.twitter.com/cFp3HlawCQ || $431.60 at 04:15 UTC [24h Range: $424.50 - $434.00 Volume: 7220 BTC] via #btcusdpic.twitter.com/Wl4fCFXUhq || LIVE: Profit = $387.57 (4....
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364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09.
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[Bitcoin Technical Analysis for 2015-09-21]
Volume: 19678800, RSI (14-day): 40.17, 50-day EMA: 240.81, 200-day EMA: 252.92
[Wider Market Context]
Gold Price: 1133.10, Gold RSI: 55.43
Oil Price: 46.68, Oil RSI: 53.83
[Recent News (last 7 days)]
Innovation ETFs: Real Deal Or Gimmick?: [This article previously appeared in our September issue of ETF Report .] Technological innovations are so integrated into our lives that we don’t think about their impact. Beyond the latest electronic gadget, technology has enhanced everything from medicine to food. Within the past 12 months, several new exchange-traded funds debuted promoting the idea that innovation is an investable theme. These funds are more than simple technology sector ETFs; rather, their idea of innovation is to look at companies using technology to push their industry forward. In fact, many of these companies aren’t necessarily considered technology firms; instead, they inhabit other sectors like energy or health care. The biggest of these funds in terms of assets under management by far is the iShares Exponential Technologies ETF (XT ), based on the Morningstar Exponential Technologies Index. It’s backed by fund manager Ric Edelman, founder and chief executive officer of Edelman Financial, who seeded the fund with about $560 million after its launch. There are two other fund families focusing on technological innovation. ARK Investment Management’s funds include four actively managed ETFs: the ARK Genomic Revolution Multi-Sector ETF (ARKG | D-36) , ARK Industrial Innovation ETF (ARKQ | D-44) , ARK Web x.0 ETF (ARKW|D-29) and ARK Innovation ETF (ARKK | D-32) . ARKK contains all three of the other ARK innovation funds. Meanwhile, the newly launched Gavekal Knowledge Leaders Developed World ETF (KLDW ) and the Gavekal Knowledge Leaders Emerging Markets ETF (KLEM) follow Gavekal’s Knowledge Leaders indexes. There is some debate about whether technological innovation is an investment theme, and it may just be pure coincidence that within the space of a year several funds launched based roughly on the same idea without being clones of each other. Technology certainly has blurred the lines regarding the categorization of certain firms based on their business lines—think of Tesla being a car company and focused on energy storage. Yet at least one industry watcher said the name “innovation” is just growth with better marketing. Story continues Another Paradigm Shift? Managers of these funds said when thinking broadly about innovation, consider how the advent of different technologies changed life over the centuries, such as the printing press, the steam engine and electricity. Edelman said previously he went to iShares to create a fund focusing on “new economy” companies, a fund that would include everything from robotics to artificial intelligence to energy and environmental systems to medicine. Innovation is neither a market sector nor a geographical issue, but a fundamental theme. Given recent technological breakthroughs, he has said, this fund could not have existed even a few years ago. XT launched March 23 and has about $689 million in assets under management. Information technology and health care make up the bulk of the fund, a little more than 60% combined, with 67% of the companies domiciled in the U.S. It has an expense ratio of 0.47%. Targeting ‘Disruptive’ Technology XT has the most assets under management of the innovation funds, but it wasn’t the first on the scene. ARK Investments’ fund ARKQ launched on Sept. 30, 2014, ARKW launched on Oct. 7, 2014 and ARKG and ARKK launched Oct. 31. These funds focus on the theme of “disruptive” technology. Tom Staudt, associate portfolio manager at ARK, says the funds look at what they call “general purpose technology platforms” that will drive the economy across sectors. Those platforms include cloud computing and big data, automation and robotics, and genomic sequencing. Innovations Capture For a larger view, please click on the image above. All four funds have expense ratios of 0.95% and have a heavy domestic tilt, with at least 71% of holdings in U.S. companies. By sector breakdown, ARKW has 77% in technology; ARKQ is 56% technology-focused; ARKG is 80% focused on health care. ARKK holds all three funds and comprises 48% ARKW, 31% ARKQ and 20% ARKG. As of July 20, assets under management were $14 million for ARKQ, $13.1 million for ARKW, $9.7 million for ARKG and $7.7 million for ARKK. At first blush, the funds appear to be heavily weighted in technology or health care, but Staudt says they’re really cross-sector funds that fit into a portfolio’s growth allocation. The funds’ construction takes advantage of the blurry lines of classification across sectors. For instance, investors who own the Technology Select Sector SPDR Fund (XLK | A-90) , don’t own Amazon, the largest cloud provider in the world. “The reason they don’t is because [Amazon] is considered a consumer-discretionary company. They don’t have Netflix, the largest streaming-video provider in the world. Why? It’s consumer discretionary,” he said. Staudt doesn’t necessarily consider innovation to be a new investment idea, but he suggests the current interest in innovation comes from buyers getting comfortable again with technology investing as a whole after dealing with “scar tissue from the tech and telecom bust” that started in 2000. A Semiconductor Spark Steven Vannelli, chief investment officer for Gavekal Funds, says they trace back the idea of technological innovation influencing everyday life to the introduction of the semiconductor and how computing power grew. The exponential growth in computing technology is commonly known as Moore’s law, named after Gordon Moore, co-founder of Intel. The semiconductor’s influence is seen in what Gavekal calls “the knowledge effect,” and Gavekal built indexes around companies using this to change how their industries develop. The KLDW and KLEM ETFs are based on those benchmarks. Launched July 8, the funds each have $2.5 million in assets under management as of July 20. Companies using the knowledge effect outperform less innovative companies, Vannelli says, and part of that is due to how the U.S. Financial Accounting Standards Board forces firms to expense their knowledge investments in the period in which they were incurred. This doesn’t allow companies to treat knowledge investments as assets—unlike the way physical objects are accounted—so it skews what information investors have, he says. Gavekal picks the firms for their funds by reorganizing what’s publically recorded on a company’s balance sheet and treats investments in intellectual property the same way a company might treat equipment. Growth Rebranded? … Christian Magoon, chief executive officer of YieldShares, and an industry veteran who launched many ETFs, is skeptical about whether innovation is a true investment theme. “If you launched a ‘growth-leaders fund,’ there would be yawning in the marketplace. But if you launched an ‘innovation fund,’ people would say ‘oh, innovation, that’s interesting.’ It has a little bit of a branding/marketing feel to it,” he said. Paul Britt, senior analyst at FactSet, says investors interested in an innovation fund need to look closely at the holdings, because some of them contain big-cap names rather than small- or midcap firms most people associate with innovation, noting the PureFunds ISE Mobile Payments ETF (IPAY) as an example. “That’s hot and trending, and I’m picturing a bunch of college kids in a loft somewhere cooking these things up. But if you look under the hood, the top holdings [in IPAY] are Visa, MasterCard and Amex. You’re thinking ‘how innovative is that?’” he said. Britt agrees that blunt sector classification is becoming fuzzy, such as in the Amazon and Netflix examples. He said investors wanting a nuanced approach should review a firm’s revenue attribution to understand what portion is actually focused on the potential innovation theme. “That speaks to the classification notion of what these companies are, and what bucket you put them in,” he said. What makes these ETFs stand out a bit is that they may hold some names not normally represented in traditional indexes, Magoon says, since many leading innovation firms usually have smaller market caps or are emerging companies. He says these are likely more volatile stocks, so owning a basket of 20 or 30 companies in a diversified ETF is less risky than owning, say, a biotech sector ETF. One thing to consider about these funds is their expectations that they will target future growth, Britt says. “It’s one thing to name these companies; it’s another thing to say that these things are going to outperform the market—that the market has underpriced them. At end of the day, they might not outperform Nabisco or something else,” he said. The overall market is currently rewarding growth, which benefits these ETFs, Magoon says, but if value investing becomes popular, it’s hard to say how it will affect the funds. Britt says investors could get some perspective on innovation funds by looking back at what was hot a few years ago, such as renewable energy. He used the PowerShares Global Clean Energy Portfolio (PBD | D-23) as an example of a fund that is down significantly from its highs. “That’s innovation, but it’s not so fresh. It may give you a little perspective on what will it feel like in five years when we’ve moved on to the next thing. Some of these funds will be with us, some not,” he said. … Or A Lasting Theme? Certainly, XT, the largest of these funds, has a heavy growth tilt, though it’s not at all a pure growth vehicle. If you look at the Morningstar classifications of the holdings, 46% of the portfolio is in growth stocks, with 32% in blend and 21% in value. In other words, more than half of the fund is in nongrowth stocks. By contrast, 33% of the SPDR SandP 500 ETF (SPY | A-98) is classified as growth. However, advisors using the funds would beg to differ with the growth characterization. John Eberle, chief investment officer of Fiduciary Financial Partners, notes that he’s been using the firm’s actively managed mutual fund since not too long after it launched, and that he would be moving some of those assets into the ETFs. The ETFs, he points out, don’t need to maintain cash reserves, unlike the mutual fund, which at times has roughly 20% of its assets in cash. Eberle also doesn’t see Gavekal’s approach as a growth-oriented strategy. “I could see these being perceived as more growth-oriented, but I would think of it in a different way. They’re trying to define an asset that’s not defined in the balance sheet, like intangibles,” Eberle said, adding that he considers himself to be a value investor, as he believes growth expectations are frequently overestimated. “Whether the intellectual capital is generated internally or through MandA, it shouldn’t make a difference. Value or growth, what they’re getting is an asset that is—or more to the point, is not —on the balance sheet that will generate revenue and profit opportunity that other people are not accounting for,” he said. For Ric Edelman, who was the main driving force behind XT, the growth characterization seems to be purely coincidental. He notes that growth qualities were not a part of the selection methodology. “The fund was designed to contain companies that are leaders in using or developing exponential technologies, and growth was not a criteria,” he said. And while Edelman doesn’t think the launch of seven similarly themed funds within the space of a year was necessarily a coincidence, he’s not convinced it’s a widespread trend, adding that he’s not aware of any other similar funds in development. He is, however, a firm believer in the exponential technologies theme that underlies XT. “I’m convinced that this particular theme is very important for investment portfolios, and will increasingly be viewed as an essential part of any asset allocation model,” he said. Recommended stories Swedroe: Taxing The Yale Model ETF Options 101: 3 Ways To Go Long SPY Greg King Debuts New ETF Firm All Investors Are Long Volatility, But There’s Help Bitcoins In This ETF Not What It Seems Permalink | © Copyright "dat ETF.com. All rights reserved || Innovation ETFs: Real Deal Or Gimmick?: [This article previously appeared in ourSeptember issue of ETF Report.]
Technological innovations are so integrated into our lives that we don’t think about their impact. Beyond the latest electronic gadget, technology has enhanced everything from medicine to food.
Within the past 12 months, several new exchange-traded funds debuted promoting the idea that innovation is an investable theme. These funds are more than simple technology sector ETFs; rather, their idea of innovation is to look at companies using technology to push their industry forward. In fact, many of these companies aren’t necessarily considered technology firms; instead, they inhabit other sectors like energy or health care.
The biggest of these funds in terms of assets under management by far is theiShares Exponential Technologies ETF (XT), based on the Morningstar Exponential Technologies Index. It’s backed by fund manager Ric Edelman, founder and chief executive officer of Edelman Financial, who seeded the fund with about $560 million after its launch.
There are two other fund families focusing on technological innovation. ARK Investment Management’s funds include four actively managed ETFs: theARK Genomic Revolution Multi-Sector ETF (ARKG | D-36),ARK Industrial Innovation ETF (ARKQ | D-44),ARK Web x.0 ETF (ARKW|D-29)andARK Innovation ETF (ARKK | D-32). ARKK contains all three of the other ARK innovation funds. Meanwhile, the newly launchedGavekal Knowledge Leaders Developed World ETF (KLDW) and theGavekal Knowledge Leaders Emerging Markets ETF (KLEM)follow Gavekal’s Knowledge Leaders indexes.
There is some debate about whether technological innovation is an investment theme, and it may just be pure coincidence that within the space of a year several funds launched based roughly on the same idea without being clones of each other. Technology certainly has blurred the lines regarding the categorization of certain firms based on their business lines—think of Tesla being a car companyandfocused on energy storage. Yet at least one industry watcher said the name “innovation” is just growth with better marketing.
Another Paradigm Shift?Managers of these funds said when thinking broadly about innovation, consider how the advent of different technologies changed life over the centuries, such as the printing press, the steam engine and electricity.
Edelman said previously he went to iShares to create a fund focusing on “new economy” companies, a fund that would include everything from robotics to artificial intelligence to energy and environmental systems to medicine. Innovation is neither a market sector nor a geographical issue, but a fundamental theme. Given recent technological breakthroughs, he has said, this fund could not have existed even a few years ago.
XT launched March 23 and has about $689 million in assets under management. Information technology and health care make up the bulk of the fund, a little more than 60% combined, with 67% of the companies domiciled in the U.S. It has an expense ratio of 0.47%.
Targeting ‘Disruptive’ TechnologyXT has the most assets under management of the innovation funds, but it wasn’t the first on the scene. ARK Investments’ fund ARKQ launched on Sept. 30, 2014, ARKW launched on Oct. 7, 2014 and ARKG and ARKK launched Oct. 31. These funds focus on the theme of “disruptive” technology.
Tom Staudt, associate portfolio manager at ARK, says the funds look at what they call “general purpose technology platforms” that will drive the economy across sectors. Those platforms include cloud computing and big data, automation and robotics, and genomic sequencing.
For a larger view, please click on the image above.
All four funds have expense ratios of 0.95% and have a heavy domestic tilt, with at least 71% of holdings in U.S. companies. By sector breakdown, ARKW has 77% in technology; ARKQ is 56% technology-focused; ARKG is 80% focused on health care. ARKK holds all three funds and comprises 48% ARKW, 31% ARKQ and 20% ARKG.
As of July 20, assets under management were $14 million for ARKQ, $13.1 million for ARKW, $9.7 million for ARKG and $7.7 million for ARKK.
At first blush, the funds appear to be heavily weighted in technology or health care, but Staudt says they’re really cross-sector funds that fit into a portfolio’s growth allocation. The funds’ construction takes advantage of the blurry lines of classification across sectors. For instance, investors who own theTechnology Select Sector SPDR Fund (XLK | A-90), don’t own Amazon, the largest cloud provider in the world.
“The reason they don’t is because [Amazon] is considered a consumer-discretionary company. They don’t have Netflix, the largest streaming-video provider in the world. Why? It’s consumer discretionary,” he said.
Staudt doesn’t necessarily consider innovation to be a new investment idea, but he suggests the current interest in innovation comes from buyers getting comfortable again with technology investing as a whole after dealing with “scar tissue from the tech and telecom bust” that started in 2000.
A Semiconductor SparkSteven Vannelli, chief investment officer for Gavekal Funds, says they trace back the idea of technological innovation influencing everyday life to the introduction of the semiconductor and how computing power grew.
The exponential growth in computing technology is commonly known as Moore’s law, named after Gordon Moore, co-founder of Intel.
The semiconductor’s influence is seen in what Gavekal calls “the knowledge effect,” and Gavekal built indexes around companies using this to change how their industries develop. The KLDW and KLEM ETFs are based on those benchmarks. Launched July 8, the funds each have $2.5 million in assets under management as of July 20.
Companies using the knowledge effect outperform less innovative companies, Vannelli says, and part of that is due to how the U.S. Financial Accounting Standards Board forces firms to expense their knowledge investments in the period in which they were incurred. This doesn’t allow companies to treat knowledge investments as assets—unlike the way physical objects are accounted—so it skews what information investors have, he says.
Gavekal picks the firms for their funds by reorganizing what’s publically recorded on a company’s balance sheet and treats investments in intellectual property the same way a company might treat equipment.
Growth Rebranded? …Christian Magoon, chief executive officer of YieldShares, and an industry veteran who launched many ETFs, is skeptical about whether innovation is a true investment theme.
“If you launched a ‘growth-leaders fund,’ there would be yawning in the marketplace. But if you launched an ‘innovation fund,’ people would say ‘oh, innovation, that’s interesting.’ It has a little bit of a branding/marketing feel to it,” he said.
Paul Britt, senior analyst at FactSet, says investors interested in an innovation fund need to look closely at the holdings, because some of them contain big-cap names rather than small- or midcap firms most people associate with innovation, noting the PureFunds ISE Mobile Payments ETF (IPAY) as an example.
“That’s hot and trending, and I’m picturing a bunch of college kids in a loft somewhere cooking these things up. But if you look under the hood, the top holdings [in IPAY] are Visa, MasterCard and Amex. You’re thinking ‘how innovative is that?’” he said.
Britt agrees that blunt sector classification is becoming fuzzy, such as in the Amazon and Netflix examples. He said investors wanting a nuanced approach should review a firm’s revenue attribution to understand what portion is actually focused on the potential innovation theme.
“That speaks to the classification notion of what these companies are, and what bucket you put them in,” he said.
What makes these ETFs stand out a bit is that they may hold some names not normally represented in traditional indexes, Magoon says, since many leading innovation firms usually have smaller market caps or are emerging companies. He says these are likely more volatile stocks, so owning a basket of 20 or 30 companies in a diversified ETF is less risky than owning, say, a biotech sector ETF.
One thing to consider about these funds is their expectations that they will target future growth, Britt says.
“It’s one thing to name these companies; it’s another thing to say that these things are going to outperform the market—that the market has underpriced them. At end of the day, they might not outperform Nabisco or something else,” he said.
The overall market is currently rewarding growth, which benefits these ETFs, Magoon says, but if value investing becomes popular, it’s hard to say how it will affect the funds.
Britt says investors could get some perspective on innovation funds by looking back at what was hot a few years ago, such as renewable energy. He used thePowerShares Global Clean Energy Portfolio (PBD | D-23)as an example of a fund that is down significantly from its highs.
“That’s innovation, but it’s not so fresh. It may give you a little perspective on what will it feel like in five years when we’ve moved on to the next thing. Some of these funds will be with us, some not,” he said.
… Or A Lasting Theme?Certainly, XT, the largest of these funds, has a heavy growth tilt, though it’s not at all a pure growth vehicle. If you look at the Morningstar classifications of the holdings, 46% of the portfolio is in growth stocks, with 32% in blend and 21% in value. In other words, more than half of the fund is in nongrowth stocks. By contrast, 33% of theSPDR SandP 500 ETF (SPY | A-98)is classified as growth.
However, advisors using the funds would beg to differ with the growth characterization. John Eberle, chief investment officer of Fiduciary Financial Partners, notes that he’s been using the firm’s actively managed mutual fund since not too long after it launched, and that he would be moving some of those assets into the ETFs. The ETFs, he points out, don’t need to maintain cash reserves, unlike the mutual fund, which at times has roughly 20% of its assets in cash. Eberle also doesn’t see Gavekal’s approach as a growth-oriented strategy.
“I could see these being perceived as more growth-oriented, but I would think of it in a different way. They’re trying to define an asset that’s not defined in the balance sheet, like intangibles,” Eberle said, adding that he considers himself to be a value investor, as he believes growth expectations are frequently overestimated.
“Whether the intellectual capital is generated internally or through MandA, it shouldn’t make a difference. Value or growth, what they’re getting is an asset that is—or more to the point, isnot—on the balance sheet that will generate revenue and profit opportunity that other people are not accounting for,” he said.
For Ric Edelman, who was the main driving force behind XT, the growth characterization seems to be purely coincidental. He notes that growth qualities were not a part of the selection methodology.
“The fund was designed to contain companies that are leaders in using or developing exponential technologies, and growth was not a criteria,” he said.
And while Edelman doesn’t think the launch of seven similarly themed funds within the space of a year was necessarily a coincidence, he’s not convinced it’s a widespread trend, adding that he’s not aware of any other similar funds in development. He is, however, a firm believer in the exponential technologies theme that underlies XT.
“I’m convinced that this particular theme is very important for investment portfolios, and will increasingly be viewed as an essential part of any asset allocation model,” he said.
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Permalink| © Copyright "datETF.com.All rights reserved || Bitcoin Is Now Classified as a Commodity in the U.S.: Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency.
The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations. It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm.
This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC's scope.
"CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act," the regulator said in a statement Thursday.
Aitan Goelman, the CFTC's director of enforcement, added that "while there is a lot of excitement surrounding bitcoin...innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets."
Francisco Riordan was not immediately available for comment when contacted by CNBC.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.
As well as bitcoin exchanges and wallet services, a small but growing sector of derivatives firms selling products based on the digital currency have also sprung up in recent years. Crypto Facilities was set up in the U.K. this year by former bankers from Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale.
The platform pitches itself as a broker which specializes in bitcoin derivatives, and trades financial products like options and futures which are directly linked to the price of the cryptocurrency. Thus, it allows users to "go long" and bet that the price of bitcoin will rise, or "go short" and bet the price will fall.
Technology enthusiasts, regulators and economists have been pondering how to pigeon hole bitcoin since its emergence in 2009. In August 2013, the German Finance Ministry classified it as a "unit of account", meaning it is can be used for tax and trading purposes in the country and is like "private money." || Bitcoin Is Now Classified as a Commodity in the U.S.: Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency.
The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations. It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm.
This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC's scope.
"CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act," the regulator said in a statement Thursday.
Aitan Goelman, the CFTC's director of enforcement, added that "while there is a lot of excitement surrounding bitcoin...innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets."
Francisco Riordan was not immediately available for comment when contacted by CNBC.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.
As well as bitcoin exchanges and wallet services, a small but growing sector of derivatives firms selling products based on the digital currency have also sprung up in recent years. Crypto Facilities was set up in the U.K. this year by former bankers from Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale.
The platform pitches itself as a broker which specializes in bitcoin derivatives, and trades financial products like options and futures which are directly linked to the price of the cryptocurrency. Thus, it allows users to "go long" and bet that the price of bitcoin will rise, or "go short" and bet the price will fall.
Technology enthusiasts, regulators and economists have been pondering how to pigeon hole bitcoin since its emergence in 2009. In August 2013, the German Finance Ministry classified it as a "unit of account", meaning it is can be used for tax and trading purposes in the country and is like "private money." || Bitcoin Is Now Classified as a Commodity in the U.S.: Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency. The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations. It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm. This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC's scope. "CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act," the regulator said in a statement Thursday. Aitan Goelman, the CFTC's director of enforcement, added that "while there is a lot of excitement surrounding bitcoin...innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets." Francisco Riordan was not immediately available for comment when contacted by CNBC. Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining. As well as bitcoin exchanges and wallet services, a small but growing sector of derivatives firms selling products based on the digital currency have also sprung up in recent years. Crypto Facilities was set up in the U.K. this year by former bankers from Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale. The platform pitches itself as a broker which specializes in bitcoin derivatives, and trades financial products like options and futures which are directly linked to the price of the cryptocurrency. Thus, it allows users to "go long" and bet that the price of bitcoin will rise, or "go short" and bet the price will fall. Technology enthusiasts, regulators and economists have been pondering how to pigeon hole bitcoin since its emergence in 2009. In August 2013, the German Finance Ministry classified it as a "unit of account", meaning it is can be used for tax and trading purposes in the country and is like "private money." View comments || Bitcoins Officially Deemed A Commodity: It’s official: Bitcoins are a commodity in the U.S.
The Commodity Futures Trading Commission (CFTC) said today that bitcoin, the cryptocurrency that has been gathering traction globally since the financial crisis of 2008, will be treated as a commodity for regulatory purposes, much like gold and oil.
As such, trading in bitcoins should come under the same type of scrutiny that commodity trading does. The ruling is aimed specifically at derivatives trading firms that have been transacting in bitcoins without complying with CFTC rules.
Must Follow Rules Like Others“While there is a lot of excitement surrounding bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets,” Aitan Goelman, CFTC’s director of enforcement, said in apress release.
For a long time, there’s been a debate on whether bitcoins should be classified as a currency or a commodity. The distinction matters to the extent that it dictates regulatory standards that apply to the still largely unregulated cryptocurrency.
Last year, the Internal Revenue Service began to offer some clarity about the status of bitcoins bysayingthat virtual currencies such as bitcoins are “treated as property for U.S. federal tax purposes.”
Winklevoss Bitcoin Trust
In the ETF space, the ruling should have little—if any—impact on theWinklevoss Bitcoin Trust (COIN), which is currently in registration. COIN, if approved, could be the first bitcoin ETF in the market. TheARK Web x.0 ETF (ARKW | D-30)hasan allocation to bitcoins, but it’s an Internet equity fund.
According to theprospectusfiled with the Securities and Exchange Commission, COIN is designed under the assumption that bitcoin is a “digital commodity,” much like theSPDR Gold Trust (GLD | A-100)is a physical commodity trust that owns gold, or the smallerMerk Gold ETF (OUNZ | B-100), which owns physical gold and allows individual investors of any size to redeem shares for actual assets.
“The trust [COIN] is expected from time to time to issue baskets in exchange for deposits of bitcoins and to distribute bitcoins in connection with redemptions of baskets,” according to the prospectus.
Contact Cinthia Murphy [email protected].
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Permalink| © Copyright 2015ETF.com.All rights reserved || Bitcoins Officially Deemed A Commodity: Bitcoin prices have now rallied upward of 70 percent in the past 90 days50 percent in the past month alonethanks to a pickup in demand led by China. These gains are starting to show up in a pair of ETFs that offer some exposure to the crypto-currency. Its official: Bitcoins are a commodity in the U.S. The Commodity Futures Trading Commission (CFTC) said today that bitcoin, the cryptocurrency that has been gathering traction globally since the financial crisis of 2008, will be treated as a commodity for regulatory purposes, much like gold and oil. As such, trading in bitcoins should come under the same type of scrutiny that commodity trading does. The ruling is aimed specifically at derivatives trading firms that have been transacting in bitcoins without complying with CFTC rules. Must Follow Rules Like Others While there is a lot of excitement surrounding bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets, Aitan Goelman, CFTCs director of enforcement, said in a press release. For a long time, theres been a debate on whether bitcoins should be classified as a currency or a commodity. The distinction matters to the extent that it dictates regulatory standards that apply to the still largely unregulated cryptocurrency. Last year, the Internal Revenue Service began to offer some clarity about the status of bitcoins by saying that virtual currencies such as bitcoins are treated as property for U.S. federal tax purposes. Winklevoss Bitcoin Trust In the ETF space, the ruling should have littleif anyimpact on the Winklevoss Bitcoin Trust (COIN) , which is currently in registration. COIN, if approved, could be the first bitcoin ETF in the market. The ARK Web x.0 ETF (ARKW | D-30) has an allocation to bitcoins , but its an Internet equity fund. According to the prospectus filed with the Securities and Exchange Commission, COIN is designed under the assumption that bitcoin is a digital commodity, much like the SPDR Gold Trust (GLD | A-100) is a physical commodity trust that owns gold, or the smaller Merk Gold ETF (OUNZ | B-100) , which owns physical gold and allows individual investors of any size to redeem shares for actual assets. Story continues The trust [COIN] is expected from time to time to issue baskets in exchange for deposits of bitcoins and to distribute bitcoins in connection with redemptions of baskets, according to the prospectus. Contact Cinthia Murphy at [email protected] . Recommended stories Gold Vs Platinum: ETF Prices Diverge ETFs To Consider As US Oil Output Tumbles Bitcoins Officially Deemed A Commodity How An ETF Can Drop 100% In A Day Bitcoins In This ETF Not What It Seems Permalink | © Copyright 2015 ETF.com. All rights reserved || Bitcoins Officially Deemed A Commodity: It’s official: Bitcoins are a commodity in the U.S.
The Commodity Futures Trading Commission (CFTC) said today that bitcoin, the cryptocurrency that has been gathering traction globally since the financial crisis of 2008, will be treated as a commodity for regulatory purposes, much like gold and oil.
As such, trading in bitcoins should come under the same type of scrutiny that commodity trading does. The ruling is aimed specifically at derivatives trading firms that have been transacting in bitcoins without complying with CFTC rules.
Must Follow Rules Like Others“While there is a lot of excitement surrounding bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets,” Aitan Goelman, CFTC’s director of enforcement, said in apress release.
For a long time, there’s been a debate on whether bitcoins should be classified as a currency or a commodity. The distinction matters to the extent that it dictates regulatory standards that apply to the still largely unregulated cryptocurrency.
Last year, the Internal Revenue Service began to offer some clarity about the status of bitcoins bysayingthat virtual currencies such as bitcoins are “treated as property for U.S. federal tax purposes.”
Winklevoss Bitcoin Trust
In the ETF space, the ruling should have little—if any—impact on theWinklevoss Bitcoin Trust (COIN), which is currently in registration. COIN, if approved, could be the first bitcoin ETF in the market. TheARK Web x.0 ETF (ARKW | D-30)hasan allocation to bitcoins, but it’s an Internet equity fund.
According to theprospectusfiled with the Securities and Exchange Commission, COIN is designed under the assumption that bitcoin is a “digital commodity,” much like theSPDR Gold Trust (GLD | A-100)is a physical commodity trust that owns gold, or the smallerMerk Gold ETF (OUNZ | B-100), which owns physical gold and allows individual investors of any size to redeem shares for actual assets.
“The trust [COIN] is expected from time to time to issue baskets in exchange for deposits of bitcoins and to distribute bitcoins in connection with redemptions of baskets,” according to the prospectus.
Contact Cinthia Murphy [email protected].
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Permalink| © Copyright 2015ETF.com.All rights reserved || Cannabis Sativa Inc and THC Farmaceuticals’ Subsidiary, Terpene Research Labs (TRL) to Produce Terpenes Based on CBDS’ Patent Pending Strain: MESQUITE, NV / ACCESSWIRE / September 18, 2015 / Cannabis Sativa Inc ( CBDS ) and THC Farmaceuticals, Inc (CBDG) announced today that they have entered into an agreement for TRL to develop for CBDS terpene based products from CBDS' patent pending stain of Cannabis known as "CTA." As part of the agreement CBDG shall pay CBDS 10,000,000 hempcoins for the non-exclusive right to sell products TRL produces from the CTA strain plus a 5% cash royalty. CBDG will pay 35% royalty to CBDS on all fees or other gross revenues it receives from licensing products for others to produce products using CTA genetics. CBDS shall retain the right to sell the same products under its "Hi" brand (or such other of its brands in its sole discretion) and will pay a 5% royalty to TRL for all products sold using the terpene products developed by TRL. CBDS shall pay a royalty at the rate of 35% of gross revenue to CBDG for all terpene products developed by TRL and licensed by CBDS to other parties. CBDS also transfers to CBDG all rights to the CTA products developed by TRL for distribution outside of North America. CBDS granted CBDG a 3 year option to acquire all of the CTA plant and patent rights outside of North America for an additional 10,000,000 hempcoins. The option begins to run from the time that the first hempcoins are delivered to CBDS. Should this option be exercised, CBDG will then pay a royalty of 3% of gross revenues received from with respect to products produced by or for CBDG or any of its affiliates and 20% on all royalties it receives. The US Commodity Futures Trading Commission ruled yesterday that "[t]he definition of a commodity [being] broad... Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities," the agency has turned our newest earned asset into a commodity. About Terpenes; Terpenes (/ˈtɜrpiːn/) are a large and diverse class of organic compounds, produced by a variety of plants. About Hempcoin : Hempcoins (HMP) is a litecoin type crypo-commodity that can be mined and is backed by shares of $RMTN. See: http://www.hempcoin.com . About CBDS: Cannabis Sativa, Inc. is in the business of branding and licensing via its 'hi' intellectual properties. The Company also offers the Wild Earth Naturals line of CBD Water and cosmetic products which are designed to use organic and natural ingredients, including CBD and hemp seed oil. The Company is engaged through its subsidiaries, Kush and Hi Brands International, Inc., in the research, development and licensing of specialized natural cannabis products, including cannabis formulas, edibles, topicals, strains, recipes and delivery systems. Story continues This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Contact Information: Investor Relations Mesquite, NV 89027 702-345-4074 http://www.cbds.com SOURCE: Cannabis Sativa, Inc. View comments || Cannabis Sativa Inc and THC Farmaceuticals’ Subsidiary, Terpene Research Labs (TRL) to Produce Terpenes Based on CBDS’ Patent Pending Strain: MESQUITE, NV / ACCESSWIRE / September 18, 2015 /Cannabis Sativa Inc (CBDS) and THC Farmaceuticals, Inc (CBDG) announced today that they have entered into an agreement for TRL to develop for CBDS terpene based products from CBDS' patent pending stain of Cannabis known as "CTA."
As part of the agreement CBDG shall pay CBDS 10,000,000 hempcoins for the non-exclusive right to sell products TRL produces from the CTA strain plus a 5% cash royalty. CBDG will pay 35% royalty to CBDS on all fees or other gross revenues it receives from licensing products for others to produce products using CTA genetics.
CBDS shall retain the right to sell the same products under its "Hi" brand (or such other of its brands in its sole discretion) and will pay a 5% royalty to TRL for all products sold using the terpene products developed by TRL.
CBDS shall pay a royalty at the rate of 35% of gross revenue to CBDG for all terpene products developed by TRL and licensed by CBDS to other parties.
CBDS also transfers to CBDG all rights to the CTA products developed by TRL for distribution outside of North America.
CBDS granted CBDG a 3 year option to acquire all of the CTA plant and patent rights outside of North America for an additional 10,000,000 hempcoins. The option begins to run from the time that the first hempcoins are delivered to CBDS. Should this option be exercised, CBDG will then pay a royalty of 3% of gross revenues received from with respect to products produced by or for CBDG or any of its affiliates and 20% on all royalties it receives.
The US Commodity Futures Trading Commission ruled yesterday that "[t]he definition of acommodity[being] broad... Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities," the agency has turned our newest earned asset into a commodity.
About Terpenes;Terpenes (/ˈtɜrpiːn/) are a large and diverse class of organic compounds, produced by a variety of plants.
About Hempcoin: Hempcoins (HMP) is a litecoin type crypo-commodity that can be mined and is backed by shares of $RMTN. See:http://www.hempcoin.com.
About CBDS:Cannabis Sativa, Inc. is in the business of branding and licensing via its 'hi' intellectual properties. The Company also offers the Wild Earth Naturals line of CBD Water and cosmetic products which are designed to use organic and natural ingredients, including CBD and hemp seed oil. The Company is engaged through its subsidiaries, Kush and Hi Brands International, Inc., in the research, development and licensing of specialized natural cannabis products, including cannabis formulas, edibles, topicals, strains, recipes and delivery systems.
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact Information:
Investor RelationsMesquite, NV 89027702-345-4074
http://www.cbds.com
SOURCE:Cannabis Sativa, Inc. || IBM Gets Behind Blockchain: While bitcoin and other cryptocurrencies have struggled to find mainstream appeal, blockchain, the ledger like technology that they run on, has been touted as one of the most important technological advancements of the past decade. The system has the ability to facilitate transactions in a way that many say will transform more than just the financial industry. That idea is now being put into practice by tech giant International Business Machines Corp. (NYSE: IBM ), as the company announced that it is working to use the technology to create a "smart contracts" system. Related Link: Buy Some Bitcoin With This ETF Smart Contracts The Wall Street Journal reported that IBM Research Senior Vice President Arvind Krishna said that the firm is working on a way to develop blockchain technology into a system that can facilitate contracts. The system is expected to eventually be released as open-source software and will likely give other big name companies reason to look into using the technology. Improving Business Transactions IBM's smart contracts system won't include the use of cryptocurrencies, but will instead draw on blockchain's ability to track individual transactions but keep the details private. The idea is to allow companies to embed rules into their contracts and allow the blockchain system to enforce them. One example the company is looking into would be a system that automatically pays for goods once they are delivered, however the possibilities for using the technology could reach into several aspects of business operations. See more from Benzinga IBM Uses Tennis To Demonstrate Its Dominance In Data U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules iBusiness, iPrograms: Apple Stretches Its Legs © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || IBM Gets Behind Blockchain: While bitcoin and other cryptocurrencies have struggled to find mainstream appeal, blockchain, the ledger like technology that they run on, has been touted as one of the most important technological advancements of the past decade. The system has the ability to facilitate transactions in a way that many say will transform more than just the financial industry.
That idea is now being put into practice by tech giantInternational Business Machines Corp.(NYSE:IBM), as the company announced that it is working to use the technology to create a "smart contracts" system.
Related Link:Buy Some Bitcoin With This ETF
Smart Contracts
TheWall Street Journalreported that IBM Research Senior Vice President Arvind Krishna said that the firm is working on a way to develop blockchain technology into a system that can facilitate contracts. The system is expected to eventually be released as open-source software and will likely give other big name companies reason to look into using the technology.
Improving Business Transactions
IBM's smart contracts system won't include the use of cryptocurrencies, but will instead draw on blockchain's ability to track individual transactions but keep the details private. The idea is to allow companies to embed rules into their contracts and allow the blockchain system to enforce them.
One example the company is looking into would be a system that automatically pays for goods once they are delivered, however the possibilities for using the technology could reach into several aspects of business operations.
See more from Benzinga
• IBM Uses Tennis To Demonstrate Its Dominance In Data
• U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules
• iBusiness, iPrograms: Apple Stretches Its Legs
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || ACKMAN: The US government is perpetrating 'the most illegal act of scale' with Fannie and Freddie: Bill Ackman (Screenshot) Bill Ackman, founder of Pershing Square Capital. Hedge fund titan Bill Ackman, founder of $19 billion Pershing Square Capital Management, slammed the US government Tuesday night for keeping all the profits from mortgage guarantors Fannie Mae and Freddie Mac. Ackman called it "the most illegal act of scale" he has ever seen the US government do. Ackman spoke Tuesday evening during a panel at Columbia University for the launch of Bethany McLean's new book "Shaky Ground ." McLean and former Fannie Mae CEO Frank Raines were also panelists. Ackman, however, did most of the talking. During the financial crisis, Fannie and Freddie needed massive bailouts and were taken over by the government. It has been seven years since the financial crisis and the companies are still in a state of conservatorship. Today, the government- sponsored enterprises make billions in profits, all of which goes directly to the Treasury. Ackman, the largest shareholder of Fannie and Freddie , and other investors are suing the US government for taking property for public use without just compensation. He said: "And there is no way they will not be allowed to stand, from a legal point of view. And the reason for that is if the US government can step in and take 100% of profits of a corporation forever, then we are in a Stalinist state and no private property is safe and take your money out of every financial institution, put it into gold or Bitcoin and just get the hell out because we're done , maybe the clothes on your back, but other than that nothing is safe." A stands outside Fannie Mae headquarters in Washington February 21, 2014. REUTERS/Kevin Lamarque (Thomson Reuters) In Ackman's view, Fannie and Freddie are vital to the US economy. Right now, he said, the biggest threat to the US middle class is rising rental rates. "If you don't own a home, and you're a member of the middle class, you have a problem," he said. "This is the biggest threat to the middle-class livelihood is that your cost of living, the roof over your head is not fixed, it's floating." Story continues Ackman said Fannie and Freddie were set up to make middle-class housing more accessible. Together, they have enabled widespread availability and affordability with the 30-year, fixed-rate, prepayable mortgage a system that has been in place for 45 years. Ackman said he's optimistic about the future of Fannie and Freddie. He has said before that with the right reforms they could be worth a lot more. He has given the GSEs a price target ranging between $23 and $47 , which is well above the current $2 range. Watch the full panel below: More From Business Insider Bill Ackman is eyeing another huge and potentially controversial deal Some of Wall Street's biggest hedge fund names are racing to rescue their year BILL ACKMAN: Stocks are pretty cheap right now || ACKMAN: The US government is perpetrating 'the most illegal act of scale' with Fannie and Freddie: (Screenshot)Bill Ackman, founder of Pershing Square Capital.
Hedge fund titan Bill Ackman, founder of $19 billion Pershing Square Capital Management, slammed the US government Tuesday night for keeping all the profits from mortgage guarantors Fannie Mae and Freddie Mac.
Ackman called it "the most illegalact of scale" he has ever seen the US government do.
Ackman spoke Tuesday evening during a panel at Columbia University for the launch of Bethany McLean's new book"Shaky Ground." McLean and former Fannie Mae CEO Frank Raines were also panelists. Ackman, however, did most of the talking.
During the financial crisis, Fannie and Freddie needed massive bailouts and were taken over by the government.It has been seven years since the financial crisis and the companies are still in a state of conservatorship.Today, thegovernment-sponsored enterprisesmake billions in profits, all of which goes directly to the Treasury.
Ackman, the largestshareholder of Fannie and Freddie, and other investors aresuing the US governmentfor takingproperty for public use without just compensation.
He said: "And there is no way they will not be allowed to stand, from a legal point of view. And the reason for that is if the US government can step in and take 100% of profits of a corporation forever, then we are in a Stalinist state and no private property is safe — and take your money out of every financial institution, put it into gold or Bitcoin and just get the hell out because we're done, maybe the clothes on your back, but other than that nothing is safe."
(Thomson Reuters)
In Ackman's view, Fannie and Freddie are vital to the US economy. Right now, he said, the biggest threat to the US middle class is rising rental rates.
"If you don't own a home, and you're a member of the middle class, you have a problem," he said. "This is the biggest threat to the middle-class livelihood is that your cost of living, the roof over your head is not fixed, it's floating."
Ackman said Fannie and Freddie were set up to make middle-class housing more accessible. Together, they have enabledwidespread availability and affordability with the 30-year, fixed-rate, prepayable mortgage — a system that has been in place for 45 years.
Ackman said he's optimistic about the future of Fannie and Freddie. He has said before that withthe right reformsthey could be worth a lot more. He has given the GSEs a price targetranging between $23 and $47, which is well above the current $2 range.
Watch the full panel below:
More From Business Insider
• Bill Ackman is eyeing another huge and potentially controversial deal
• Some of Wall Street's biggest hedge fund names are racing to rescue their year
• BILL ACKMAN: Stocks are pretty cheap right now || All Investors Are Long Volatility, But There’s Help: This article is part of a regular series of thought leadership pieces from some of the more influential ETF strategists in the money management industry. Today's article is by Mike Venuto, co-founder and chief investment officer of New York-based Toroso Investments.
Over the past few years, there has been a lot of discussion about volatility as an asset class. The recent turmoil in the market has reignited this debate.
In my opinion, volatility is not an asset class; rather, it’s a market factor that all investors are inherently long. Factors are idiosyncratic risk that traditional index investors inadvertently accept. Assets are tangible; they can grow and compound value.
Volatility is a behavioral result or return characteristic, and usually a bad one. Unless an investor explicitly limits volatility, they are long this factor. The advent of VIX exchanged-traded products (ETPs) was intended to provide investors the ability to mitigate the exposure to this factor.
The unintended consequence of these innovations was to create an opportunity for astute investors to profit from others’ desire to purchase volatility insurance.
What Volatility Really IsBefore delving into the intricacies of these ETPs, let’s clearly define the volatility factor. Realized volatility is simply a measure of standard deviation or investment performance outside of historical norms.
Since the market trends upward, most spikes in volatility usually correspond with negative economic events. Additionally, realized volatility erodes the positive effects of compounding returns.
This is best illustrated by Jeremy Siegel’s volatility paradox, which notes that returns are not geometrically offsetting. A loss of 10 percent in value requires a gain of 11 percent to go back to the original value. Volatility exponentially amplifies the breakeven requirements; a loss of 25 percent needs a 33 percent positive return to reset. Clearly mitigating this factor can have a positive effect on portfolio performance.
Historically, investors have attempted to limit volatility through diversification and asset allocation. Over long market cycles, this has worked, but in times of extreme stress—like 2008, or most recently, during August of this year—correlation of investments increases and the negative impact of volatility trumps the benefits of diversification.
The Need For Short-Term ToolsInvestors with shorter time horizons need tools that implicitly mitigate the volatility factor; hence, the advent of volatility ETPs.
Most volatility ETPs seek exposure to the VIX index. The VIX index is a measure of implied volatility, which calculates the anticipated future standard deviation of the SandP 500 based on options prices. The VIX index is unique in that it does not compound, and always mean-reverts.
Unlike an asset, it cannot go to zero, and it cannot go to infinity. Historically, the realized standard deviation of the SandP 500 has been about 16 percent. Over the past 20 years, the average value of the VIX has been about 18, indicating an anticipated volatility or implied volatility of 18 percent. It is common that implied volatility is higher than realized, and this spread is translated into the cost of purchasing insurance on realized volatility.
Most ETPs that offer exposure to the VIX do so using futures. Essentially the underlying indexes combine long and/or short allocations of at least two VIX futures contracts.
You’re Not Buying Spot VIXThe process is complicated, but the most important thing for investors to understand is that investing in VIX futures will not result in returns that correspond identically to the VIX spot price.
This phenomenon is best illustrated by the first VIX futures-based ETN. TheiPath SandP 500 VIX ST Futures ETN (VXX | B-62)launched in January 2009, at a time when spot VIX was relatively high, around 44. Today spot VIX is about 45 percent lower, but VXX is 99 percent lower. It is safe to say that VXX is not a buy-and-hold investment. This is due in large part to the cost of maintaining the exposure or insurance.
Since the launch of VXX in 2009, I have been fascinated by volatility ETPs. A key component of my investment philosophy is the acknowledgment that problems and inefficiencies create opportunities. This is an aspect shared by well-known investment managers in the ETP industry.
When Inverse Is Not ShortingGreg King, currently CEO of the newly created REX ETFs, was both one of the architects of VXX and the creator of the vehicle, which captured the opportunity created by its inefficiency.
In late 2010, King, via VelocityShares, launched theVelocityShares Daily Inverse VIX ST ETN (XIV), which represents the inverse of the VIX Futures index tracked by VXX. It is extremely important for investors to understand that XIV is not short the VIX; it is short the cost of using futures to gain exposure to the VIX.
In other words, XIV collects and compounds the cost or premium others are willing to pay for insurance. That said, when volatility spikes, the cost structure or futures curve inverts, and XIV loses significant value quickly and violently.
The metaphor of picking up pennies in front of a steamroller accurately describes investing in XIV, but instead of pennies, investors collect dollars. I believe harvesting those dollars and consistently rebalancing exposure to XIV is one way to avoid being crushed.
A less popular way to express this trade or metaphor is to pick up quarters in front of a go-kart with theVelocityShares Daily Inverse VIX MT ETN (ZIV). ZIV investors can still get hurt, but not likely crushed, and the insurance premium collected is much smaller.
ZIV tracks the inverse of the midterm VIX futures index. It collects the cost of maintaining exposure to VIX futures by using the three- to seven-months’ futures. This part of the curve is less expensive and less reactive to moves in the VIX. Since inception in 2010, ZIV is up about 180 percent.
The Volatility ETP UniverseToday there are close to $5 billion allocated to ETPs that invest in VIX futures. There are about equal amounts dedicated to products that are long VIX futures as there are to the inverse products. There is also about $1 billion in a new suite of products that dynamically move from equity exposures to long or short VIX futures.
[{"ETPs": "Long VIX Futures", "Assets $M": "$1,176,613.90", "# of ETFs": "3", "# of ETNs": "4"}, {"ETPs": "Leveraged Long VIX Futures", "Assets $M": "$730,168.10", "# of ETFs": "1", "# of ETNs": "2"}, {"ETPs": "Short VIX Futures", "Assets $M": "$1,992,688.50", "# of ETFs": "1", "# of ETNs": "4"}, {"ETPs": "Equities + L/S VIX Futures", "Assets $M": "$1,057,104.10", "# of ETFs": "4", "# of ETNs": "3"}, {"ETPs": "Total:", "Assets $M": "$4,956,574.60", "# of ETFs": "9", "# of ETNs": "13"}]
Source: ETF.com as of Sept. 11, 2015
It should be self-evident that current VIX futures-based ETPs are insufficient tools to mitigate the realized volatility factor in a portfolio unless an investor has impeccable and consistent timing.
That said, innovative new products are launched every year. Perhaps one of the most interesting launches in this space was this year’sAccuShares Spot CBOE VIX Up Shares (VXUP)andAccuShares Spot CBOE VIX Down Shares (VXDN).
These ETFs seek exposure to spot VIX, which is the holy grail of volatility-factor reduction. Unfortunately, this is not easily achieved, and the structure of these ETFs appears quite convoluted at first glance.
They own cash instead of futures. Their value is maintained through distributions. There are equal amounts of VXUP and VXDN shares: Once a month, a distribution is made from one to the other that corresponds to the relative percent change in the VIX. This distribution is intended to keep the ETFs trading close to their statednet asset value (NAV).
Circuit Breakers Built InTheoretically, the insurance premium inherent in VIX futures implies that there should always be more demand for VXUP than VXDN; therefore, VXUP should normally trade at a premium.
AccuShares was acutely aware of this possibility, and built circuit breakers—or triggers—into the structure that force a series of special distributions if either fund trades at significant premium or discount to NAV for more than three consecutive days.
Around Aug. 17, this structure was tested when the VIX spiked more than 200 percent. To my surprise, VXUP was trading at about a 35 percent discount to NAV at this time of extreme fear.
On Aug. 24, the special distribution process successfully brought the trading price back in line with NAV. Only time will tell if investors embrace this concept now that these ETFs have passed the first test.
So, if you are investing in the stock market, you are idiosyncratically long volatility.
There are many new and innovative ETPs to help mitigate that factor, but the intricacies and execution of these products requires vast knowledge of their structure and pricing.
When investing, I prefer to embrace the volatility factor, if properly compensated and hedged. After all, Warren Buffett didn’t become rich by buying insurance; instead, his success came from prudently selling insurance. It might be time for ordinary investors to benefit from selling insurance as well.
At the time of this writing, Toroso had positions in XIV, ZIV and VXUP.Toroso is affiliated with Global X Management Company. Toroso is a New York-based investment advisor focused on researching ETFs and other exchange-traded products, and designing asset allocation strategies, using ETFs that seek to perform well in various economic climates while emphasizing future objectives over past correlations. For more information about Toroso, call646-465-5930, visitwww.torosoinv.comor [email protected]. For a list of relevant disclosures, please clickhere.
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Permalink| © Copyright 2015ETF.com.All rights reserved || All Investors Are Long Volatility, But There’s Help: This article is part of a regular series of thought leadership pieces from some of the more influential ETF strategists in the money management industry. Today's article is by Mike Venuto, co-founder and chief investment officer of New York-based Toroso Investments. Over the past few years, there has been a lot of discussion about volatility as an asset class. The recent turmoil in the market has reignited this debate. In my opinion, volatility is not an asset class; rather, it’s a market factor that all investors are inherently long. Factors are idiosyncratic risk that traditional index investors inadvertently accept. Assets are tangible; they can grow and compound value. Volatility is a behavioral result or return characteristic, and usually a bad one. Unless an investor explicitly limits volatility, they are long this factor. The advent of VIX exchanged-traded products (ETPs) was intended to provide investors the ability to mitigate the exposure to this factor. The unintended consequence of these innovations was to create an opportunity for astute investors to profit from others’ desire to purchase volatility insurance. What Volatility Really Is Before delving into the intricacies of these ETPs, let’s clearly define the volatility factor. Realized volatility is simply a measure of standard deviation or investment performance outside of historical norms. Since the market trends upward, most spikes in volatility usually correspond with negative economic events. Additionally, realized volatility erodes the positive effects of compounding returns. This is best illustrated by Jeremy Siegel’s volatility paradox, which notes that returns are not geometrically offsetting. A loss of 10 percent in value requires a gain of 11 percent to go back to the original value. Volatility exponentially amplifies the breakeven requirements; a loss of 25 percent needs a 33 percent positive return to reset. Clearly mitigating this factor can have a positive effect on portfolio performance. Story continues Historically, investors have attempted to limit volatility through diversification and asset allocation. Over long market cycles, this has worked, but in times of extreme stress—like 2008, or most recently, during August of this year—correlation of investments increases and the negative impact of volatility trumps the benefits of diversification. The Need For Short-Term Tools Investors with shorter time horizons need tools that implicitly mitigate the volatility factor; hence, the advent of volatility ETPs. Most volatility ETPs seek exposure to the VIX index. The VIX index is a measure of implied volatility, which calculates the anticipated future standard deviation of the SandP 500 based on options prices. The VIX index is unique in that it does not compound, and always mean-reverts. Unlike an asset, it cannot go to zero, and it cannot go to infinity. Historically, the realized standard deviation of the SandP 500 has been about 16 percent. Over the past 20 years, the average value of the VIX has been about 18, indicating an anticipated volatility or implied volatility of 18 percent. It is common that implied volatility is higher than realized, and this spread is translated into the cost of purchasing insurance on realized volatility. Most ETPs that offer exposure to the VIX do so using futures. Essentially the underlying indexes combine long and/or short allocations of at least two VIX futures contracts. You’re Not Buying Spot VIX The process is complicated, but the most important thing for investors to understand is that investing in VIX futures will not result in returns that correspond identically to the VIX spot price. This phenomenon is best illustrated by the first VIX futures-based ETN. The iPath SandP 500 VIX ST Futures ETN (VXX | B-62) launched in January 2009, at a time when spot VIX was relatively high, around 44. Today spot VIX is about 45 percent lower, but VXX is 99 percent lower. It is safe to say that VXX is not a buy-and-hold investment. This is due in large part to the cost of maintaining the exposure or insurance. Since the launch of VXX in 2009, I have been fascinated by volatility ETPs. A key component of my investment philosophy is the acknowledgment that problems and inefficiencies create opportunities. This is an aspect shared by well-known investment managers in the ETP industry. When Inverse Is Not Shorting Greg King, currently CEO of the newly created REX ETFs, was both one of the architects of VXX and the creator of the vehicle, which captured the opportunity created by its inefficiency. In late 2010, King, via VelocityShares, launched the VelocityShares Daily Inverse VIX ST ETN (XIV) , which represents the inverse of the VIX Futures index tracked by VXX. It is extremely important for investors to understand that XIV is not short the VIX; it is short the cost of using futures to gain exposure to the VIX. In other words, XIV collects and compounds the cost or premium others are willing to pay for insurance. That said, when volatility spikes, the cost structure or futures curve inverts, and XIV loses significant value quickly and violently. The metaphor of picking up pennies in front of a steamroller accurately describes investing in XIV, but instead of pennies, investors collect dollars. I believe harvesting those dollars and consistently rebalancing exposure to XIV is one way to avoid being crushed. A less popular way to express this trade or metaphor is to pick up quarters in front of a go-kart with the VelocityShares Daily Inverse VIX MT ETN (ZIV) . ZIV investors can still get hurt, but not likely crushed, and the insurance premium collected is much smaller. ZIV tracks the inverse of the midterm VIX futures index. It collects the cost of maintaining exposure to VIX futures by using the three- to seven-months’ futures. This part of the curve is less expensive and less reactive to moves in the VIX. Since inception in 2010, ZIV is up about 180 percent. The Volatility ETP Universe Today there are close to $5 billion allocated to ETPs that invest in VIX futures. There are about equal amounts dedicated to products that are long VIX futures as there are to the inverse products. There is also about $1 billion in a new suite of products that dynamically move from equity exposures to long or short VIX futures. ETPs Assets $M # of ETFs # of ETNs Long VIX Futures $1,176,613.90 3 4 Leveraged Long VIX Futures $730,168.10 1 2 Short VIX Futures $1,992,688.50 1 4 Equities + L/S VIX Futures $1,057,104.10 4 3 Total: $4,956,574.60 9 13 Source: ETF.com as of Sept. 11, 2015 It should be self-evident that current VIX futures-based ETPs are insufficient tools to mitigate the realized volatility factor in a portfolio unless an investor has impeccable and consistent timing. That said, innovative new products are launched every year. Perhaps one of the most interesting launches in this space was this year’s AccuShares Spot CBOE VIX Up Shares (VXUP) and AccuShares Spot CBOE VIX Down Shares (VXDN) . These ETFs seek exposure to spot VIX, which is the holy grail of volatility-factor reduction. Unfortunately, this is not easily achieved, and the structure of these ETFs appears quite convoluted at first glance. They own cash instead of futures. Their value is maintained through distributions. There are equal amounts of VXUP and VXDN shares: Once a month, a distribution is made from one to the other that corresponds to the relative percent change in the VIX. This distribution is intended to keep the ETFs trading close to their stated net asset value (NAV ). Circuit Breakers Built In Theoretically, the insurance premium inherent in VIX futures implies that there should always be more demand for VXUP than VXDN; therefore, VXUP should normally trade at a premium. AccuShares was acutely aware of this possibility, and built circuit breakers—or triggers—into the structure that force a series of special distributions if either fund trades at significant premium or discount to NAV for more than three consecutive days. Around Aug. 17, this structure was tested when the VIX spiked more than 200 percent. To my surprise, VXUP was trading at about a 35 percent discount to NAV at this time of extreme fear. On Aug. 24, the special distribution process successfully brought the trading price back in line with NAV. Only time will tell if investors embrace this concept now that these ETFs have passed the first test. So, if you are investing in the stock market, you are idiosyncratically long volatility. There are many new and innovative ETPs to help mitigate that factor, but the intricacies and execution of these products requires vast knowledge of their structure and pricing. When investing, I prefer to embrace the volatility factor, if properly compensated and hedged. After all, Warren Buffett didn’t become rich by buying insurance; instead, his success came from prudently selling insurance. It might be time for ordinary investors to benefit from selling insurance as well. At the time of this writing, Toroso had positions in XIV, ZIV and VXUP. Toroso is affiliated with Global X Management Company. Toroso is a New York-based investment advisor focused on researching ETFs and other exchange-traded products, and designing asset allocation strategies, using ETFs that seek to perform well in various economic climates while emphasizing future objectives over past correlations. For more information about Toroso, call 646-465-5930, visit www.torosoinv.com or email [email protected] . For a list of relevant disclosures, please click here . Recommended stories Swedroe: Taxing The Yale Model ETF Options 101: 3 Ways To Go Long SPY Greg King Debuts New ETF Firm All Investors Are Long Volatility, But There’s Help Bitcoins In This ETF Not What It Seems Permalink | © Copyright 2015 ETF.com. All rights reserved || Buy Some Bitcoin With This ETF: It has been more than two years since Cameron and Tyler Winklevoss filed plans for an exchange traded fund backed by holdings of bitcoin. That ETF has yet to come to market, but a previously existing ETF has added bitcoin to its holdings.
ARK Investment Management LLC, the New York-based issuer of four actively managed ETFs, said Tuesday investors can now access bitcoin through theARK Web x.0 ETF(NYSE:ARKW). That makes ARKW the first ETF to invest in bitcoin.
“ARK has made its investment for ARK Web x.0 ETF through the purchase of publicly traded shares of Grayscale’s Bitcoin Investment Trust (OTCQX: GBTC),”according to a statementissued by ARK Investment Management.
Related Link:Did Barclays Start The Bitcoin Bull Run?
ARKW, which celebrates its first anniversary at the end of this month, is managed by ARK founder and Chief Investment Officer Cathie Wood. The ETF can hold 40 to 50 companies that are legitimately wear the “disruptive” and “game-changing” labels. ARKW currently holds 40 stocks, includingAmazon.com, Inc.(NASDAQ:AMZN),Netflix, Inc.(NASDAQ:NFLX),Facebook Inc(NASDAQ:FB) andApple Inc.(NASDAQ:AAPL), according toissuer data.
“ARK believes that bitcoin, a digital currency, could disrupt the $500 billion intermediary payment platform industry which includes credit cards, electronic payments and remittances, and might empower the creation of a new group of companies and industries,” said ARK in the statement.
Bitcoin burstonto the scenein 2007 and today is the most recognizable of the digital or cryptocurrencies. Unlike traditional currencies, such as dollars, pounds or yen, bitcoin is not created by a central bank, but is created by people.
ARK’s investment in publicly traded shares of the Bitcoin Investment Trust will be valued each day at 4:00 p.m. ET at their then current daily market price, according to the statement. The Bitcoin Investment Trust is ARKW's smallest holding at just under a third of the ETF's weight, according to issuer data.
One bitcoin is currently equivalent to just over $231, according to Coinbase data, indicating that the value of the digital currency has been cut in half over the past 12 months. However, Coinbase data also indicate the number of daily transactions involving bitcoin has also more than doubled over that period.
ARKW charges 0.95 percent per year, or $95 per $10,000 invested.
See more from Benzinga
• Preferred Stock ETFs Provide Potential Fed Clues
• Going Small With A Technology ETF
• Tech ETFs Depend Heavily On Apple Earnings
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Buy Some Bitcoin With This ETF: It has been more than two years since Cameron and Tyler Winklevoss filed plans for an exchange traded fund backed by holdings of bitcoin. That ETF has yet to come to market, but a previously existing ETF has added bitcoin to its holdings. ARK Investment Management LLC, the New York-based issuer of four actively managed ETFs, said Tuesday investors can now access bitcoin through the ARK Web x.0 ETF (NYSE: ARKW ). That makes ARKW the first ETF to invest in bitcoin. “ARK has made its investment for ARK Web x.0 ETF through the purchase of publicly traded shares of Grayscale’s Bitcoin Investment Trust (OTCQX: GBTC),” according to a statement issued by ARK Investment Management. Related Link: Did Barclays Start The Bitcoin Bull Run? ARKW, which celebrates its first anniversary at the end of this month, is managed by ARK founder and Chief Investment Officer Cathie Wood. The ETF can hold 40 to 50 companies that are legitimately wear the “disruptive” and “game-changing” labels. ARKW currently holds 40 stocks, including Amazon.com, Inc. (NASDAQ: AMZN ), Netflix, Inc. (NASDAQ: NFLX ), Facebook Inc (NASDAQ: FB ) and Apple Inc. (NASDAQ: AAPL ), according to issuer data . “ARK believes that bitcoin, a digital currency, could disrupt the $500 billion intermediary payment platform industry which includes credit cards, electronic payments and remittances, and might empower the creation of a new group of companies and industries,” said ARK in the statement. Bitcoin burst onto the scene in 2007 and today is the most recognizable of the digital or cryptocurrencies. Unlike traditional currencies, such as dollars, pounds or yen, bitcoin is not created by a central bank, but is created by people. ARK’s investment in publicly traded shares of the Bitcoin Investment Trust will be valued each day at 4:00 p.m. ET at their then current daily market price, according to the statement. The Bitcoin Investment Trust is ARKW's smallest holding at just under a third of the ETF's weight, according to issuer data. Story continues One bitcoin is currently equivalent to just over $231, according to Coinbase data, indicating that the value of the digital currency has been cut in half over the past 12 months. However, Coinbase data also indicate the number of daily transactions involving bitcoin has also more than doubled over that period. ARKW charges 0.95 percent per year, or $95 per $10,000 invested. See more from Benzinga Preferred Stock ETFs Provide Potential Fed Clues Going Small With A Technology ETF Tech ETFs Depend Heavily On Apple Earnings © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Buy Some Bitcoin With This ETF: It has been more than two years since Cameron and Tyler Winklevoss filed plans for an exchange traded fund backed by holdings of bitcoin. That ETF has yet to come to market, but a previously existing ETF has added bitcoin to its holdings.
ARK Investment Management LLC, the New York-based issuer of four actively managed ETFs, said Tuesday investors can now access bitcoin through theARK Web x.0 ETF(NYSE:ARKW). That makes ARKW the first ETF to invest in bitcoin.
“ARK has made its investment for ARK Web x.0 ETF through the purchase of publicly traded shares of Grayscale’s Bitcoin Investment Trust (OTCQX: GBTC),”according to a statementissued by ARK Investment Management.
Related Link:Did Barclays Start The Bitcoin Bull Run?
ARKW, which celebrates its first anniversary at the end of this month, is managed by ARK founder and Chief Investment Officer Cathie Wood. The ETF can hold 40 to 50 companies that are legitimately wear the “disruptive” and “game-changing” labels. ARKW currently holds 40 stocks, includingAmazon.com, Inc.(NASDAQ:AMZN),Netflix, Inc.(NASDAQ:NFLX),Facebook Inc(NASDAQ:FB) andApple Inc.(NASDAQ:AAPL), according toissuer data.
“ARK believes that bitcoin, a digital currency, could disrupt the $500 billion intermediary payment platform industry which includes credit cards, electronic payments and remittances, and might empower the creation of a new group of companies and industries,” said ARK in the statement.
Bitcoin burstonto the scenein 2007 and today is the most recognizable of the digital or cryptocurrencies. Unlike traditional currencies, such as dollars, pounds or yen, bitcoin is not created by a central bank, but is created by people.
ARK’s investment in publicly traded shares of the Bitcoin Investment Trust will be valued each day at 4:00 p.m. ET at their then current daily market price, according to the statement. The Bitcoin Investment Trust is ARKW's smallest holding at just under a third of the ETF's weight, according to issuer data.
One bitcoin is currently equivalent to just over $231, according to Coinbase data, indicating that the value of the digital currency has been cut in half over the past 12 months. However, Coinbase data also indicate the number of daily transactions involving bitcoin has also more than doubled over that period.
ARKW charges 0.95 percent per year, or $95 per $10,000 invested.
See more from Benzinga
• Preferred Stock ETFs Provide Potential Fed Clues
• Going Small With A Technology ETF
• Tech ETFs Depend Heavily On Apple Earnings
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoins In This ETF Not What It Seems: Yesterday’s surprise news that theARK Web x.0 ETF (ARKW | D-30)willstart includingbitcoins is a bit of a headscratcher to me. There are issues on a few levels that I have with this announcement. Let’s take them in order:
Why Now? Marketing Success
I get the allure of Ark trying to make some noise in its flagship fund. Launched in October of last year, ARKW has struggled to find a footing, and has just $12 million in assets at the moment. It’s also really suffered from on-screen liquidity problems, with less than a few thousand shares trading hands every day.
But the thing is, I can’t help but root for it. It’s not crazy that it’s failed to find traction—it’s actively managed. And like most actively managed funds, it needs time to develop a track record before core ETF buyers, like financial advisors, will be willing to take the leap of faith.
It’s about to come up on its one-year anniversary, and the truth is, it’s actually done very well versus broader-based tech funds. Consider the ~5 percent gap it’s opened up on the more broadly diversifiediShares US Technology ETF (IYW | A-96)in just under a year:
Heck, the fund has even outperformed the biggest ETF launch of the year, thePureFunds ISE Cyber Security ETF (HACK | C- 31).
So, as much as I think the fund probably deserves more attention than it’s received so far from investors, I can’t help but think the timing of the bitcoin announcement is slightly set to mark the one-year anniversary and crow-able performance.
It’s Not Really Bitcoins
The timing might make sense. I’m a bit more skeptical about the way in which it’s tackling bitcoins. When I read the press release, my first thought was that someone was stealing the march on the Winklevoss brothers’ upcomingWinklevoss Bitcoin Trust ETF (COIN)ETF—an actual ETF in registration that would solely invest in bitcoins. That ETF has been hung up at the SEC since filing, and there’s no word on when it may come out.
But Ark isn’t—instead, it’s investing in a company listed on the OTC pink sheets—the Bitcoin Investment Trust, which you can find on OTC under the ticker GTBC. GTBC is a strange beast. On the surface, it looks like a closed-end fund—accredited investors can petition authorized participants to create or redeem shares in 100-share baskets in a process clearly based on the fundamental precepts of how ETFs work.
But let me be perfectly clear: It may look like a duck, and quack like a duck, but GTBC ain’t no duck. It’s essentially entirely unregulated by the SEC. In fact, the whole reason Ark can get away with this quasi-ETF-like structure is precisely because the SEC hasn’t even decided what bitcoins are yet. GTBC’s owndisclosure documentsinclude this little sword of Damocles:
“To the extent that bitcoins are deemed to fall within the definition of a security for SEC purposes, the Trust and the Sponsor may be required to register and comply with additional regulation under the Investment Company Act of 1940. Moreover, the Sponsor may be required to register as an investment adviser under the Investment Adviser Act of 1940 and register the Trust as an investment company. Such additional registrations may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares.”
To translate that into Human: As soon as the SEC decides what bitcoins actually are, GTBC may get slammed with expenses or have to close.
Even if you love Internet stocks, there’s an enormous difference between investing in a small-cap startup company and investing in an essentially unregulated entity that may have to close precisely when bitcoins themselves graduate into the big leagues at some point in the future.
If that weren’t bad enough, the connection between the underlying net asset value of the bitcoins in GTBC and the trading price is tenuous at best.
This chart comes right from GTBC’s own website—since GTBC started trading on the pink sheets, the actual traded price has born little resemblance to the performance of bitcoins themselves (the blue NAV line itself), at times swinging wildly up or down seemingly in no relation.
From ARKW’s perspective, this may not matter in the long run, as I imagine it will be able to create and redeem through the AP process set up by GTBC. But day-to-day, I don’t see how the value of that investment—and thus your exposure as an investor—won’t be tied to the somewhat-capricious price of GTBC on the bulletin board.
And Then There’s Bitcoin
I admit it, I’m a full-on nerd. I play board games. I love my iPhone and my running gadgets and my voice-activated radio in the kitchen. So I love the idea of bitcoin. I love the idea of an unregulated currency that actually functions a little like gold-backed currencies were supposed to.
But the problem with bitcoin remains one of chicken-and-egg. Until I can get paid in it, and pay my mortgage with it, and buy my groceries with it, it just remains a speculative bet on an intermediate value store. Fundamentally, it’s no different than gold—it has value because lots of people think it should have value and want to use it to store value. And that’s why you end up with charts like this one:
That’s the value of a single bitcoin as reported by coindesk.com. And just like charts of gold, bitcoin has had its crazy hazy days (2014), and it’s had its rapid declines (2014). But here in the fall of 2015, I remain skeptical. For every announcement about anew vendoraccepting bitcoin, there’s one about some startupthat’s lost its way.
Toe In The Water?
In the end, I suspect the actual positions inside ARKW will be relatively small at first. I also suspect that when and if COIN comes to market, it will be the vastly preferred vehicle for such exposure, as the pink-sheet, unregulated nature of GTBC gives me genuine pause.
As ARKW is actively managed, the decision to add bitcoin now has to be seen as a tactical one, and as such, in a year, we’ll be able to look back and consider it a brilliant move, or a terrible one.
I’d say “grab the popcorn,” but I’m not sure the popcorn guy takes bitcoin yet.
At the time of writing, the author held no positions in the securities mentioned. You can reach Dave Nadig [email protected], or on Twitter @DaveNadig.
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Permalink| © Copyright 2015ETF.com.All rights reserved
[Social Media Buzz]
Current price: 147.17£ $BTCGBP $btc #bitcoin 2015-09-22 02:00:02 BST || LIVE: Profit = $107.64 (1.91 %). BUY B24.77 @ $227.00 (#BTCe). SELL @ $228.38 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || 1 #bitcoin 674 TL, 226.685 $, 197.059 €, GBP, 15527.24 RUR, 27050 ¥, CNH, 302.00 CAD #btc || One Bitcoin now worth $228.15@bitstamp. High $231.70. Low $225.00. Market Cap $3.339 Billion #bitcoin || Current price: 229.1$ $BTCUSD $btc #bitcoin 2015-09-21 00:20:02 EDT || Current price: 147.77£...
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230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74.
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[Bitcoin Technical Analysis for 2019-10-09]
Volume: 19384942333, RSI (14-day): 43.64, 50-day EMA: 9332.08, 200-day EMA: 8720.83
[Wider Market Context]
Gold Price: 1506.10, Gold RSI: 51.97
Oil Price: 52.59, Oil RSI: 38.53
[Recent News (last 7 days)]
Bitcoin stabilizes between $8,100 and $8,200 after yesterday's recovery: Bitcointrading seems to have relaxed a bit following Monday’s recovery, when the price of BTC went from $7,790 to close the day above $8,200.
Since then, Bitcoin has not been able to break through the small and, frankly, boring horizontal channel of roughly $200, bouncing between $8100 and $8280—once again providing a signal to traders that the break-even point in today’s market is withinthis thin band.
The trading volume is not surprising either. And except for a brief attempt by the bullish few to push Bitcoin to $8360, trading has remained relatively stable, at least for scalpers and day traders.
The Relative Strength Index (RSI) is also at a medium level, indicating a lack of enthusiasm among traders to sell or buy throughout the day.
Theoutlook, however, looks a little more interesting for position traders or long term hodlers.
Bitcoin has been in a downward channel for the last few weeks with a few brief exceptions, and so far has not shown any signs of wanting to break this channel.
Likewise, the threat of a “death cross” remains, and if this happens, many technical analysts fear the possibility of a new and prolonged bearish trend.
It’s worth noting that Bitcoin has never had such a low RSI since the downstream channel began. This means that sellers are currently reaching a point where they would be exhausted from selling Bitcoin at bargain prices.
If so, Bitcoin could start a new bullish movement even within the channel and touch the ceiling at $9,700, before a new fight between bulls and bears begins to see who dominates the market. || Bitcoin stabilizes between $8,100 and $8,200 after yesterday's recovery: Bitcointrading seems to have relaxed a bit following Monday’s recovery, when the price of BTC went from $7,790 to close the day above $8,200.
Since then, Bitcoin has not been able to break through the small and, frankly, boring horizontal channel of roughly $200, bouncing between $8100 and $8280—once again providing a signal to traders that the break-even point in today’s market is withinthis thin band.
The trading volume is not surprising either. And except for a brief attempt by the bullish few to push Bitcoin to $8360, trading has remained relatively stable, at least for scalpers and day traders.
The Relative Strength Index (RSI) is also at a medium level, indicating a lack of enthusiasm among traders to sell or buy throughout the day.
Theoutlook, however, looks a little more interesting for position traders or long term hodlers.
Bitcoin has been in a downward channel for the last few weeks with a few brief exceptions, and so far has not shown any signs of wanting to break this channel.
Likewise, the threat of a “death cross” remains, and if this happens, many technical analysts fear the possibility of a new and prolonged bearish trend.
It’s worth noting that Bitcoin has never had such a low RSI since the downstream channel began. This means that sellers are currently reaching a point where they would be exhausted from selling Bitcoin at bargain prices.
If so, Bitcoin could start a new bullish movement even within the channel and touch the ceiling at $9,700, before a new fight between bulls and bears begins to see who dominates the market. || Bitcoin stabilizes between $8,100 and $8,200 after yesterday's recovery: Bitcoin trading seems to have relaxed a bit following Mondays recovery, when the price of BTC went from $7,790 to close the day above $8,200. Since then, Bitcoin has not been able to break through the small and, frankly, boring horizontal channel of roughly $200, bouncing between $8100 and $8280once again providing a signal to traders that the break-even point in todays market is within this thin band . The trading volume is not surprising either. And except for a brief attempt by the bullish few to push Bitcoin to $8360, trading has remained relatively stable, at least for scalpers and day traders. The Relative Strength Index ( RSI ) is also at a medium level, indicating a lack of enthusiasm among traders to sell or buy throughout the day. The outlook , however, looks a little more interesting for position traders or long term hodlers. Bitcoin has been in a downward channel for the last few weeks with a few brief exceptions, and so far has not shown any signs of wanting to break this channel. Likewise, the threat of a death cross remains, and if this happens, many technical analysts fear the possibility of a new and prolonged bearish trend. Its worth noting that Bitcoin has never had such a low RSI since the downstream channel began. This means that sellers are currently reaching a point where they would be exhausted from selling Bitcoin at bargain prices. If so, Bitcoin could start a new bullish movement even within the channel and touch the ceiling at $9,700, before a new fight between bulls and bears begins to see who dominates the market. || Bitcoin Cash down to $228 after continued sell offs: Crypto is an up and down gameand todays been a down day for Bitcoin Cash. In fact, most of the top-20 cryptocurrencies by market cap had small drops in price today, according to data from Messari. Bitcoin is once again back down to trading between $8,100 to $8,200 per coin, despite rising to as high as $8,300 just 24 hours ago. Ethereum remains more or less stable at around the $180 mark . But Bitcoin Cash has dropped nearly $10 per coin within the last few days, from $236 to now around $228 per coina decrease of nearly 2 percent. Any rally BCH manages to pull off has yet to find sustained interest it appears. But its not all bad news for Bitcoin Cash, which recently found newfound acceptance in South America, thanks, in part, to a new partnership between Mercado Livre and BitPay. This will allow crypto enthusiasts in Brazil to pay with BCH and BTC for goods available through Mercado Livre, one of Latin Americas biggest online marketplaces. Alberto Vega, a regional manager at BitPay, told Business Insider that Bitcoin and other cryptocurrencies have become overwhelmingly popular in Brazil, and blockchain awareness has grown significantly within the past 12 months. || Bitcoin Cash down to $228 after continued sell offs: Crypto is an up and down game—and today’s been a down day for Bitcoin Cash.
In fact, most of the top-20 cryptocurrencies by market cap had small drops in price today, according to data from Messari.Bitcoinisonce again back downto trading between $8,100 to $8,200 per coin, despite rising to as high as $8,300 just 24 hours ago.Ethereumremains more or less stable ataround the $180 mark.
But Bitcoin Cash has dropped nearly $10 per coin within the last few days, from $236 to now around $228 per coin—a decrease of nearly 2 percent. Any rally BCH manages to pull off has yet to find sustained interest it appears.
But it’s not all bad news for Bitcoin Cash, which recently found newfound acceptance in South America, thanks, in part, toa new partnershipbetween Mercado Livre and BitPay. This will allow crypto enthusiasts in Brazil to pay with BCH and BTC for goods available through Mercado Livre, one of Latin America’s biggest online marketplaces.
Alberto Vega, a regional manager at BitPay, toldBusiness Insiderthat Bitcoin and other cryptocurrencieshave become overwhelmingly popularin Brazil, and blockchain awareness has grown significantly within the past 12 months. || Bitcoin Cash down to $228 after continued sell offs: Crypto is an up and down game—and today’s been a down day for Bitcoin Cash.
In fact, most of the top-20 cryptocurrencies by market cap had small drops in price today, according to data from Messari.Bitcoinisonce again back downto trading between $8,100 to $8,200 per coin, despite rising to as high as $8,300 just 24 hours ago.Ethereumremains more or less stable ataround the $180 mark.
But Bitcoin Cash has dropped nearly $10 per coin within the last few days, from $236 to now around $228 per coin—a decrease of nearly 2 percent. Any rally BCH manages to pull off has yet to find sustained interest it appears.
But it’s not all bad news for Bitcoin Cash, which recently found newfound acceptance in South America, thanks, in part, toa new partnershipbetween Mercado Livre and BitPay. This will allow crypto enthusiasts in Brazil to pay with BCH and BTC for goods available through Mercado Livre, one of Latin America’s biggest online marketplaces.
Alberto Vega, a regional manager at BitPay, toldBusiness Insiderthat Bitcoin and other cryptocurrencieshave become overwhelmingly popularin Brazil, and blockchain awareness has grown significantly within the past 12 months. || Vodafone leads the calls for independent chief of Facebook's cryptocurrency Libra: Vodafone's chief executive Nick Read said the company remains committed to Facebook's Libra cryptocurrency project Vodafone has called for the rapid appointment of an independent chief executive of Libra to fully separate it from Facebook, as it reiterated its support yesterday for the troubled crypto-currency project.. Nick Read, chief executive of the FTSE100 mobile phone giant, said independent leadership was essential to guarantee the success of the ambitious scheme. It needs a chief executive for that business, he said. The sooner a chief executive is appointed to lead it going forward that is not [from] Facebook, then people will then understand the ambition of the entity itself. Vodafone is one of the founding members of Facebooks Swiss-based Libra Association, the governing body that will run the international digital coin. Speaking with journalists at Vodafones Düsseldorf base, Mr Read said Vodafone remained fully committed to the project, which has suffered a string of problems including the loss of some key partners including PayPal. He said: It is at super early stages. There are a lot of regulatory hurdles to go through. We are signing it. The Vodafone boss added the firm would need a leader who was viewed as being independent of Facebook and that the Association was poised to begin a process to pick an appointee. Facebook hopes to launch the new currency as soon as next year, forcing the members of the new group to decide whether to sign up to its articles of association. They have their first group meeting next week, on October 14. The crunch decision has prompted some to express reservations. Last week PayPal confirmed it was pulling out of the Association, a founding group of 28, now 27, who were due to develop and run the coin, which would be backed by regular currencies including the dollar and sterling and exist only in a digital form like Bitcoin. Most members remain on board but their support comes with conditions. Regulator qualms Libra will let users make cheaper foreign payments and money transfers. There are plans for it to work with Facebooks WhatsApp and Messenger services, while the company has also spun out a separate company, Calibra, that will take control of developing a digital wallet for Libra coins. Story continues But the project has come under enormous pressure from regulators. Calibras David Marcus, the Facebook executive charged with running the initiative, has been dragged before US politicians to answer questions, while central bankers in Europe have warned the coin represents a power grab by Facebook over sovereign currencies. On Tuesday, the European Commissions incoming financial services chief Valdis Dombrovskis said there was a need to regulate Libra to supervise it on an EU level both from the point of financial stability and protection of investors. While PayPal is the only Libra member to have left, other Libra members, including payments providers Visa, MasterCard and Stripe, are understood to have reservations about how the coalition works. In a response to PayPal's departure, Libras head of policy Dante Disparte said: It requires a certain boldness and fortitude to take on an endeavor as ambitious as Libra a generational opportunity to get things right and to improve financial inclusion. The journey will be long and challenging. Were better off knowing about this lack of commitment now, rather than later. Conflicts of interest? There have been questions raised over the independence of some other Libra Association members. Whilst some backers are multinational corporations with their own interests, others are smaller financial institutions or venture capital firms. Marc Andreesen, partner and founder of venture capital firm Andreesen Horowitz, a Libra member, sits on Facebooks board. Mark Zuckerberg, meanwhile, is a director at Breakthrough Initiatives, another Libra member. On Twitter last month, Calibra boss Marcus set out to defend the new cryptocurrency. We will continue to engage with central banks, regulators, and lawmakers to ensure we address their concerns through Libras design and operations, he said. He added the Libra Association would take on full leadership of the project once its charter has been ratified. Vodafones Read said there was still work to be done to ensure clarity around the regulatory framework of Libra, setting it up to acknowledge regulatory requirements. He added the collective alliance could have worked on this sooner. A gamble worth taking There are huge potential advantages for firms involved in Libra if the scheme succeeds. If digital payments technology takes off, the volume of transactions could be huge. The group will earn dividends from the massive batch of reserve currency used to manage Libras payments. A company like Vodafone could also use it as a tool to improve its own payments service, the pan-African mobile payments technology M-Pesa. Read said: This is not Facebook owning this. But Libra members may be required to buy further into Facebooks vision if they are to have any say over its future. || Vodafone leads the calls for independent chief of Facebook's cryptocurrency Libra: Vodafone has called for the rapid appointment of an independent chief executive of Libra to fully separate it from Facebook, as it reiterated its support yesterday for the troubled crypto-currency project..
Nick Read, chief executive of the FTSE100 mobile phone giant, said independent leadership was essential to guarantee the success of the ambitious scheme.
“It needs a chief executive for that business,” he said.
“The sooner a chief executive is appointed to lead it going forward that is not [from] Facebook, then people will then understand the ambition of the entity itself.”
Vodafone is one of the founding members of Facebook’s Swiss-based Libra Association, the governing body that will run the international digital coin.
Speaking with journalists at Vodafone’s Düsseldorf base, Mr Read said Vodafone remained fully committed to the project, which has suffered a string of problems including the loss of some key partners including PayPal.
He said: “It is at super early stages. There are a lot of regulatory hurdles to go through. We are signing it.”
The Vodafone boss added the firm would need a leader who was viewed as being independent of Facebook and that the Association was poised to begin a process to pick an appointee.
Facebook hopes to launch the new currency as soon as next year, forcing the members of the new group to decide whether to sign up to its articles of association. They have their first group meeting next week, on October 14.
The crunch decision has prompted some to express reservations.
Last week PayPal confirmed it was pulling out of the Association, a founding group of 28, now 27, who were due to develop and run the coin, which would be backed by regular currencies including the dollar and sterling and exist only in a digital form like Bitcoin.
Most members remain on board but their support comes with conditions.
Libra will let users make cheaper foreign payments and money transfers. There are plans for it to work with Facebook’s WhatsApp and Messenger services, while the company has also spun out a separate company, Calibra, that will take control of developing a digital wallet for Libra coins.
But the project has come under enormous pressure from regulators. Calibra’s David Marcus, the Facebook executive charged with running the initiative, has been dragged before US politicians to answer questions, while central bankers in Europe have warned the coin represents a power grab by Facebook over sovereign currencies.
On Tuesday, the European Commission’s incoming financial services chief Valdis Dombrovskis said there was a need to “regulate Libra to supervise it on an EU level both from the point of financial stability and protection of investors”.
While PayPal is the only Libra member to have left, other Libra members, including payments providers Visa, MasterCard and Stripe, are understood to have reservations about how the coalition works.
In a response to PayPal's departure, Libra’s head of policy Dante Disparte said: “It requires a certain boldness and fortitude to take on an endeavor as ambitious as Libra – a generational opportunity to get things right and to improve financial inclusion. The journey will be long and challenging.”
“We’re better off knowing about this lack of commitment now, rather than later.”
There have been questions raised over the independence of some other Libra Association members.
Whilst some backers are multinational corporations with their own interests, others are smaller financial institutions or venture capital firms.
Marc Andreesen, partner and founder of venture capital firm Andreesen Horowitz, a Libra member, sits on Facebook’s board. Mark Zuckerberg, meanwhile, is a director at Breakthrough Initiatives, another Libra member.
On Twitter last month, Calibra boss Marcus set out to defend the new cryptocurrency.
“We will continue to engage with central banks, regulators, and lawmakers to ensure we address their concerns through Libra’s design and operations,” he said.
He added the Libra Association would take on “full leadership of the project” once its charter has been ratified.
Vodafone’s Read said there was still work to be done to ensure “clarity” around the regulatory framework of Libra, setting it up to “acknowledge regulatory requirements”.
He added the collective alliance could have worked on this sooner.
There are huge potential advantages for firms involved in Libra if the scheme succeeds. If digital payments technology takes off, the volume of transactions could be huge. The group will earn dividends from the massive batch of reserve currency used to manage Libra’s payments.
A company like Vodafone could also use it as a tool to improve its own payments service, the pan-African mobile payments technology M-Pesa.
Read said: “This is not Facebook owning this.” But Libra members may be required to buy further into Facebook’s vision if they are to have any say over its future. || Casa announces a new version of its Bitcoin full node: Casa, the bitcoin custody services provider, hasannouncedthe launch of Casa Node 2, the second iteration of its flagship plug-and-play Bitcoin full node.
According to the company, Casa Node 2 will run with a faster processor on the new Raspberry Pi 4 and will include 4GB of RAM compared to the 1GB found in the original Casa Node device
In addition to the launch of the new node, Casa has announced a new version of its native node software, NodeOS. NodeOS will offer a new design, dark mode, and support for BTCPayServer, the popular open-source bitcoin payments processor.
Casa plans to ship a "limited number" of Casa Node 2 devices in October and November at a discounted price.
According to Casa CEO and founder Jeremy Welch, since launching the original Casa Node in 2018, the firm has soldand shipped over 2,000 nodes globally to over 60 countries.
"This is just the beginning," Welch said, adding that Casa's recentlylaunchedHeartbeats product and its mobile application SatsApp will make it "easier than ever to maintain your own Node and own security."
When asked whether Casa plans to move into the hardware wallet space, Welch tells The Block that "we have no plans to make a hardware wallet," adding that the company, however, plans to add new wallet integrations to its multisig product such as Coldcard Wallet support. || Casa announces a new version of its Bitcoin full node: Casa, the bitcoin custody services provider, has announced the launch of Casa Node 2, the second iteration of its flagship plug-and-play Bitcoin full node. According to the company, Casa Node 2 will run with a faster processor on the new Raspberry Pi 4 and will include 4GB of RAM compared to the 1GB found in the original Casa Node device In addition to the launch of the new node, Casa has announced a new version of its native node software, NodeOS. NodeOS will offer a new design, dark mode, and support for BTCPayServer, the popular open-source bitcoin payments processor. Casa plans to ship a "limited number" of Casa Node 2 devices in October and November at a discounted price. According to Casa CEO and founder Jeremy Welch, since launching the original Casa Node in 2018, the firm has sold and shipped over 2,000 nodes globally to over 60 countries. "This is just the beginning," Welch said, adding that Casa's recently launched Heartbeats product and its mobile application SatsApp will make it " easier than ever to maintain your own Node and own security." When asked whether Casa plans to move into the hardware wallet space, Welch tells The Block that " we have no plans to make a hardware wallet," adding that the company, however, plans to add new wallet integrations to its multisig product such as Coldcard Wallet support. View comments || Casa announces a new version of its Bitcoin full node: Casa, the bitcoin custody services provider, hasannouncedthe launch of Casa Node 2, the second iteration of its flagship plug-and-play Bitcoin full node.
According to the company, Casa Node 2 will run with a faster processor on the new Raspberry Pi 4 and will include 4GB of RAM compared to the 1GB found in the original Casa Node device
In addition to the launch of the new node, Casa has announced a new version of its native node software, NodeOS. NodeOS will offer a new design, dark mode, and support for BTCPayServer, the popular open-source bitcoin payments processor.
Casa plans to ship a "limited number" of Casa Node 2 devices in October and November at a discounted price.
According to Casa CEO and founder Jeremy Welch, since launching the original Casa Node in 2018, the firm has soldand shipped over 2,000 nodes globally to over 60 countries.
"This is just the beginning," Welch said, adding that Casa's recentlylaunchedHeartbeats product and its mobile application SatsApp will make it "easier than ever to maintain your own Node and own security."
When asked whether Casa plans to move into the hardware wallet space, Welch tells The Block that "we have no plans to make a hardware wallet," adding that the company, however, plans to add new wallet integrations to its multisig product such as Coldcard Wallet support. || Tiny $217 Options Trade on Bitcoin Blockchain Could Be Wall Street’s Death Knell: The cryptocurrency industry isn’t replacing Wall Street just yet. But inventors and entrepreneurs are working on it, with some initial success, albeit modest. In this case, an option premium of 0.0202 bitcoin ($217 at the time) paid via a smart contract may have just become the proof of concept. The latest target for blockchain disruption is options trading tied to the Standard & Poor’s 500 Index, the main benchmark for U.S. stocks. It’s a massive market, with roughly $400 billion of the options changing hands every day last year, on average. Related: IKEA in ‘World First’ Transaction Using Smart Contracts and Licensed E-Money Under the current setup, Wall Street firms typically execute the trades and handle the settlement afterward – essentially making sure the securities end up in the buyer’s account, and that the cash ends up with the seller. But for investors, the process can be expensive, due to the middlemen fees being charged, and slow, with settlement typically taking a day or two. In July, Emmanuel Goh, CEO of London-based firm skew., a startup specializing in analytical tools for the crypto industry, says he came up with the idea of using the bitcoin blockchain – the decentralized computer network underpinning the decade-old cryptocurrency – to trade S&P 500 options. Goh was previously a trader in London for JPMorgan Chase, the largest U.S. bank, where he slung options on auto, chemical, consumer and industrial stocks. In other words, the options market is an arena he knows well, at least in the traditional sense. Earlier this month, skew. (which spells its name with a period) announced $2 million in seed funding from several venture capital firms, including the Silicon Valley icon Kleiner Perkins. The S&P options project was entirely experimental, Goh told CoinDesk – the challenge was mainly to see if it could be done. (The publicity probably doesn’t hurt, either.) Since the trade would essentially be automated via computer programming, it would be less expensive to conduct and settle a lot faster, maybe in just 10 or 15 minutes, according to Goh. Story continues Related: WATCH: How Blockchain Oracles Could Take Chainlink to New Highs Goh said the technology that made it possible comes from Crypto Garage, a subsidiary of the publicly traded, Tokyo-based tech firm Digital Garage. Crypto Garage has developed an expertise in smart contracts, small strings of programming that can be encoded into the bitcoin blockchain to run when activated. The transaction needed to cross on the bitcoin blockchain, Goh said, because it’s the most secure in the industry, even though smart contracts are generally considered easier to program on the ethereum network . The transaction So on Sept. 6, Goh says, he took some British pounds from an in-house research-and-development fund at skew. converted those into bitcoin, and then used the proceeds to buy 10 S&P 500 call spreads – a popular type of option – from Crypto Garage, all under a new smart contract, with terms agreed to by both counterparties in minutes. The expiration date for the options was set for the third Friday of the month, similar to the standard practice on many exchanges. At the outset, Skew. paid an option premium of 0.0202 bitcoin ($217 at the time) via the smart contract, and Crypto Garage posted 0.04667 bitcoin as collateral. On Sept. 20, the expiration date, the smart contract automatically used a price feed from Atlanta-based Intercontinental Exchange (parent company of the New York Stock Exchange) to establish the final price for the S&P 500. The trade went in skew.’s favor, resulting in a payout of 0.036 bitcoin ($365 at the time). Crypto Garage got 0.01 bitcoin of its collateral back. (Skew later sent some money back to Crypto Garage, as a true-up.) Above is an image produced with data from the bitcoin blockchain – the trade settlement, at expiry. Initially daunting, it’s the elegant simplicity here that is the promise of a blockchain-driven future. At the top, that string of letters and numbers in blue is the ID number for the transaction. On the left, the blue string is the address where the collateral is stored, and the white number is the amount of collateral, in BTC. On the right, the top blue string is the address of the winning counterparty in the trade, which got back the white number of bitcoin, and the blue address just below that is for the losing counterparty, which gets back the leftover collateral. In yellow, on the lower right, it shows that the transaction was confirmed 2068 times by the blockchain and then the yellow number of bitcoin is the total BTC proceeds distributed to the two counterparties from the collateral, after deducting the fees. Scaling limitations For Goh, the big takeaway from the exercise is that it worked. “The trade settlement took 45 minutes to process, with total transaction costs equal to a few U.S. dollars,” he said. “The smart contract knows exactly how much the parties will get back.” In theory, he says, the cost would have remained the same even if the notional amount of the trade had stretched into the millions or billions of dollars. The important part, he says, is that “you don’t have all the intermediaries.” Could the new process be scaled up to handle the volume of S&P options trades currently handled by securities firms? Probably not without improvements to the bitcoin blockchain’s processing capacity , Goh says. But a lot of programmers are working on doing just that . In the annals of technological breakthroughs, it’s not exactly Ben Franklin hanging a key on the end of a kite. But the little $217 options trade might be a step forward in making financial markets cheaper and faster to use – with less Wall Street involvement. UPDATE (Oct. 8, 18:00 UTC): An earlier version of this article misplaced Skew.’s headqu arters. It is in London, not Paris. Wall Street via Shutterstock Related Stories CME Group Is Launching Bitcoin Options Early in 2020 Coinbase-Backed ConsenSys Alum Aims to Build GitHub for Web3 || Tiny $217 Options Trade on Bitcoin Blockchain Could Be Wall Street’s Death Knell: The cryptocurrency industry isn’t replacing Wall Street just yet. But inventors and entrepreneurs are working on it, with some initial success, albeit modest.
In this case, an option premium of 0.0202 bitcoin ($217 at the time) paid via a smart contract may have just become the proof of concept.
The latest target for blockchain disruption is options trading tied to the Standard & Poor’s 500 Index, the main benchmark for U.S. stocks. It’s a massive market, with roughly $400 billion of the options changing hands every day last year, on average.
Related:IKEA in ‘World First’ Transaction Using Smart Contracts and Licensed E-Money
Under the current setup, Wall Street firms typically execute the trades and handle the settlement afterward – essentially making sure the securities end up in the buyer’s account, and that the cash ends up with the seller. But for investors, the process can be expensive, due to the middlemen fees being charged, and slow, with settlement typically taking a day or two.
In July, Emmanuel Goh, CEO of London-based firm skew., a startup specializing in analytical tools for the crypto industry, says he came up with the idea of using the bitcoin blockchain – the decentralized computer network underpinning the decade-old cryptocurrency – to trade S&P 500 options.
Goh was previously a trader in London for JPMorgan Chase, the largest U.S. bank, where he slung options on auto, chemical, consumer and industrial stocks. In other words, the options market is an arena he knows well, at least in the traditional sense. Earlier this month, skew. (which spells its name with a period) announced$2 million in seed fundingfrom several venture capital firms, including the Silicon Valley icon Kleiner Perkins.
The S&P options project was entirely experimental, Goh told CoinDesk – the challenge was mainly to see if it could be done. (The publicity probably doesn’t hurt, either.) Since the trade would essentially be automated via computer programming, it would be less expensive to conduct and settle a lot faster, maybe in just 10 or 15 minutes, according to Goh.
Related:WATCH: How Blockchain Oracles Could Take Chainlink to New Highs
Goh said the technology that made it possible comes from Crypto Garage, a subsidiary of the publicly traded, Tokyo-based tech firmDigital Garage.Crypto Garage has developed an expertise in smart contracts, small strings of programming that can be encoded into the bitcoin blockchain to run when activated.
The transaction needed to cross on the bitcoin blockchain, Goh said, because it’s the most secure in the industry, even though smart contracts are generally considered easier to programon the ethereum network.
So on Sept. 6, Goh says, he took some British pounds from an in-house research-and-development fund at skew. converted those into bitcoin, and then used the proceeds to buy 10 S&P 500 call spreads – a popular type of option – from Crypto Garage, all under a new smart contract, with terms agreed to by both counterparties in minutes. The expiration date for the options was set for the third Friday of the month, similar to the standard practice on many exchanges.
At the outset, Skew. paid an option premium of 0.0202 bitcoin ($217 at the time) via the smart contract, and Crypto Garage posted 0.04667 bitcoin as collateral.
On Sept. 20, the expiration date, the smart contract automatically used a price feed from Atlanta-based Intercontinental Exchange (parent company of the New York Stock Exchange) to establish the final price for the S&P 500.
The trade went in skew.’s favor, resulting in a payout of 0.036 bitcoin ($365 at the time). Crypto Garage got 0.01 bitcoin of its collateral back. (Skew later sent some money back to Crypto Garage, as a true-up.)
Above is an imageproduced with data from the bitcoin blockchain– the trade settlement, at expiry. Initially daunting, it’s the elegant simplicity here that is the promise of a blockchain-driven future.
At the top, that string of letters and numbers in blue is the ID number for the transaction. On the left, the blue string is the address where the collateral is stored, and the white number is the amount of collateral, in BTC. On the right, the top blue string is the address of the winning counterparty in the trade, which got back the white number of bitcoin, and the blue address just below that is for the losing counterparty, which gets back the leftover collateral. In yellow, on the lower right, it shows that the transaction was confirmed 2068 times by the blockchain and then the yellow number of bitcoin is the total BTC proceeds distributed to the two counterparties from the collateral, after deducting the fees.
For Goh, the big takeaway from the exercise is that it worked.
“The trade settlement took 45 minutes to process, with total transaction costs equal to a few U.S. dollars,” he said. “The smart contract knows exactly how much the parties will get back.”
In theory, he says, the cost would have remained the same even if the notional amount of the trade had stretched into the millions or billions of dollars.
The important part, he says, is that “you don’t have all the intermediaries.”
Could the new process be scaled up to handle the volume of S&P options trades currently handled by securities firms? Probably not without improvements to the bitcoin blockchain’sprocessing capacity, Goh says. Buta lot of programmersareworking on doing just that.
In the annals of technological breakthroughs, it’s not exactly Ben Franklin hanging a key on the end of a kite. But the little $217 options trade might be a step forward in making financial markets cheaper and faster to use – with less Wall Street involvement.
UPDATE (Oct. 8, 18:00 UTC):An earlier version of this article misplaced Skew.’s headquarters. It is in London, not Paris.
Wall Streetvia Shutterstock
• CME Group Is Launching Bitcoin Options Early in 2020
• Coinbase-Backed ConsenSys Alum Aims to Build GitHub for Web3 || Tiny $217 Options Trade on Bitcoin Blockchain Could Be Wall Street’s Death Knell: The cryptocurrency industry isn’t replacing Wall Street just yet. But inventors and entrepreneurs are working on it, with some initial success, albeit modest.
In this case, an option premium of 0.0202 bitcoin ($217 at the time) paid via a smart contract may have just become the proof of concept.
The latest target for blockchain disruption is options trading tied to the Standard & Poor’s 500 Index, the main benchmark for U.S. stocks. It’s a massive market, with roughly $400 billion of the options changing hands every day last year, on average.
Related:IKEA in ‘World First’ Transaction Using Smart Contracts and Licensed E-Money
Under the current setup, Wall Street firms typically execute the trades and handle the settlement afterward – essentially making sure the securities end up in the buyer’s account, and that the cash ends up with the seller. But for investors, the process can be expensive, due to the middlemen fees being charged, and slow, with settlement typically taking a day or two.
In July, Emmanuel Goh, CEO of London-based firm skew., a startup specializing in analytical tools for the crypto industry, says he came up with the idea of using the bitcoin blockchain – the decentralized computer network underpinning the decade-old cryptocurrency – to trade S&P 500 options.
Goh was previously a trader in London for JPMorgan Chase, the largest U.S. bank, where he slung options on auto, chemical, consumer and industrial stocks. In other words, the options market is an arena he knows well, at least in the traditional sense. Earlier this month, skew. (which spells its name with a period) announced$2 million in seed fundingfrom several venture capital firms, including the Silicon Valley icon Kleiner Perkins.
The S&P options project was entirely experimental, Goh told CoinDesk – the challenge was mainly to see if it could be done. (The publicity probably doesn’t hurt, either.) Since the trade would essentially be automated via computer programming, it would be less expensive to conduct and settle a lot faster, maybe in just 10 or 15 minutes, according to Goh.
Related:WATCH: How Blockchain Oracles Could Take Chainlink to New Highs
Goh said the technology that made it possible comes from Crypto Garage, a subsidiary of the publicly traded, Tokyo-based tech firmDigital Garage.Crypto Garage has developed an expertise in smart contracts, small strings of programming that can be encoded into the bitcoin blockchain to run when activated.
The transaction needed to cross on the bitcoin blockchain, Goh said, because it’s the most secure in the industry, even though smart contracts are generally considered easier to programon the ethereum network.
So on Sept. 6, Goh says, he took some British pounds from an in-house research-and-development fund at skew. converted those into bitcoin, and then used the proceeds to buy 10 S&P 500 call spreads – a popular type of option – from Crypto Garage, all under a new smart contract, with terms agreed to by both counterparties in minutes. The expiration date for the options was set for the third Friday of the month, similar to the standard practice on many exchanges.
At the outset, Skew. paid an option premium of 0.0202 bitcoin ($217 at the time) via the smart contract, and Crypto Garage posted 0.04667 bitcoin as collateral.
On Sept. 20, the expiration date, the smart contract automatically used a price feed from Atlanta-based Intercontinental Exchange (parent company of the New York Stock Exchange) to establish the final price for the S&P 500.
The trade went in skew.’s favor, resulting in a payout of 0.036 bitcoin ($365 at the time). Crypto Garage got 0.01 bitcoin of its collateral back. (Skew later sent some money back to Crypto Garage, as a true-up.)
Above is an imageproduced with data from the bitcoin blockchain– the trade settlement, at expiry. Initially daunting, it’s the elegant simplicity here that is the promise of a blockchain-driven future.
At the top, that string of letters and numbers in blue is the ID number for the transaction. On the left, the blue string is the address where the collateral is stored, and the white number is the amount of collateral, in BTC. On the right, the top blue string is the address of the winning counterparty in the trade, which got back the white number of bitcoin, and the blue address just below that is for the losing counterparty, which gets back the leftover collateral. In yellow, on the lower right, it shows that the transaction was confirmed 2068 times by the blockchain and then the yellow number of bitcoin is the total BTC proceeds distributed to the two counterparties from the collateral, after deducting the fees.
For Goh, the big takeaway from the exercise is that it worked.
“The trade settlement took 45 minutes to process, with total transaction costs equal to a few U.S. dollars,” he said. “The smart contract knows exactly how much the parties will get back.”
In theory, he says, the cost would have remained the same even if the notional amount of the trade had stretched into the millions or billions of dollars.
The important part, he says, is that “you don’t have all the intermediaries.”
Could the new process be scaled up to handle the volume of S&P options trades currently handled by securities firms? Probably not without improvements to the bitcoin blockchain’sprocessing capacity, Goh says. Buta lot of programmersareworking on doing just that.
In the annals of technological breakthroughs, it’s not exactly Ben Franklin hanging a key on the end of a kite. But the little $217 options trade might be a step forward in making financial markets cheaper and faster to use – with less Wall Street involvement.
UPDATE (Oct. 8, 18:00 UTC):An earlier version of this article misplaced Skew.’s headquarters. It is in London, not Paris.
Wall Streetvia Shutterstock
• CME Group Is Launching Bitcoin Options Early in 2020
• Coinbase-Backed ConsenSys Alum Aims to Build GitHub for Web3 || Altcoins on the rise while Bitcoin struggles: Altcoins are again on the rise, and0xappears to be leading the pack after recording nearly 10% growth in the last 24 hours.
Cosmos (ATOM) is likewise recording some impressive gains, adding $0.20 to its value to climb from $2.73 yesterday, up to $2.92 today.
Beyond this, Tron (TRX) and Dash are among the best performers, up 2.9% and 2.5%. Meanwhile, major altcoins XRP and Bitcoin Cash (BCH) are experiencing a slight loss, down almost 1% in the last day.
Most of the other altcoins are also experiencing gains, albeit much less dramatic. Overall, the entire market capitalization of all cryptocurrencies has blossomed from $220.5 to $221.7 billion—equivalent to an average gain of less than 1% across the board.
At the same time,Bitcoin (BTC)has seen its market dominance slip—falling from 67.7% to its current value of 66.7% over a 7-day period.
Bitcoin dominance has been on the decline since early September, after climbing to its 2019 high of over 71% on September 6. Despite this, most altcoins have lost value faster than Bitcoin in the past month, indicating a new altcoin boom isn't definitely on the cards just yet. || Altcoins on the rise while Bitcoin struggles: Altcoins are again on the rise, and 0x appears to be leading the pack after recording nearly 10% growth in the last 24 hours. Cosmos (ATOM) is likewise recording some impressive gains, adding $0.20 to its value to climb from $2.73 yesterday, up to $2.92 today. Beyond this, Tron (TRX) and Dash are among the best performers, up 2.9% and 2.5%. Meanwhile, major altcoins XRP and Bitcoin Cash (BCH) are experiencing a slight loss, down almost 1% in the last day. Most of the other altcoins are also experiencing gains, albeit much less dramatic. Overall, the entire market capitalization of all cryptocurrencies has blossomed from $220.5 to $221.7 billion—equivalent to an average gain of less than 1% across the board. At the same time, Bitcoin (BTC) has seen its market dominance slip—falling from 67.7% to its current value of 66.7% over a 7-day period. Bitcoin dominance has been on the decline since early September, after climbing to its 2019 high of over 71% on September 6. Despite this, most altcoins have lost value faster than Bitcoin in the past month, indicating a new altcoin boom isn't definitely on the cards just yet. || Altcoins on the rise while Bitcoin struggles: Altcoins are again on the rise, and0xappears to be leading the pack after recording nearly 10% growth in the last 24 hours.
Cosmos (ATOM) is likewise recording some impressive gains, adding $0.20 to its value to climb from $2.73 yesterday, up to $2.92 today.
Beyond this, Tron (TRX) and Dash are among the best performers, up 2.9% and 2.5%. Meanwhile, major altcoins XRP and Bitcoin Cash (BCH) are experiencing a slight loss, down almost 1% in the last day.
Most of the other altcoins are also experiencing gains, albeit much less dramatic. Overall, the entire market capitalization of all cryptocurrencies has blossomed from $220.5 to $221.7 billion—equivalent to an average gain of less than 1% across the board.
At the same time,Bitcoin (BTC)has seen its market dominance slip—falling from 67.7% to its current value of 66.7% over a 7-day period.
Bitcoin dominance has been on the decline since early September, after climbing to its 2019 high of over 71% on September 6. Despite this, most altcoins have lost value faster than Bitcoin in the past month, indicating a new altcoin boom isn't definitely on the cards just yet. || Polychain and a Chinese Bank Are Betting Millions on This Token Sale: Related: Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta CMBI is a strategic partner, both in terms of financial plans and other types of applications they want to utilize for the blockchain.
We want to make sure they can utilize the infrastructure. Related Stories PBoC Denies Claims It Will Launch Digital Currency in November MicroBT Expects $400 Million in Q3 as Bitcoin Miner Sales Surge || Polychain and a Chinese Bank Are Betting Millions on This Token Sale: Related:Binance and Polychain Are Funding a Crypto-Friendly Bank in Malta
• PBoC Denies Claims It Will Launch Digital Currency in November
• MicroBT Expects $400 Million in Q3 as Bitcoin Miner Sales Surge || Smaller Tether prints have bigger impact on market, data shows: Every couple of days, weeks or months, the stablecoin company Tether mints hundreds, thousands or millions of dollars' worth of its eponymous, dollar-pegged digital currency, tether. These “prints” cause tethers to flood the market, and are widely believed to correlate with an increase in Bitcoin's price—as we reported earlier this year , large "whales" unable to access the US dollar use these tethers to place large buy orders in Bitcoin, often directly anticipating rallies. But it turns out, according to new research shown to Decrypt by US fintech company Digital Assets Data , that the effect of the tether prints is curiously inverted: when Tether prints a large amount, the price increases only a little, and when Tether prints a small amount, the price increases considerably more. "What we are basically showing is that Tether printing events have a real impact on subsequent market action, but in a way we didn't expect,” said Ryan Alfred, president of Digital Assets Data. The surprise, he said, was that “volatility in the week after printing events is actually dampened.” According to the data, prints below $5 million bring the highest returns, while those up to and beyond $200 million bring the smallest. There are two possible explanations. One such possibility is that larger tether prints increase the overall liquidity in the market, making price swings less likely. “By having more tether coming into the market, you’re adding additional liquidity,” said Kevin Kaltenbacher, a researcher at Digital Assets Data. That “allows some of the volatility to be sucked up a little bit.” And that, in turn, can help “dampen out some of the wider swings that might occur if there were more of a mismatch between buyers and sellers,” he added. Part of this might also have something to do with when the prints were smaller. “Those [smaller] prints occurred mostly during the 2017 bull run,” said Alfred. “The latest printing events occurred from 2018 onwards, and were all much larger events than those that took place during the previous bull run, yet have shown smaller returns.” Story continues Blockchain consultant Colin Platt comes to the same conclusion. “To me it hints that Tether isn't pushing the market up (as has been suggested),” Platt told Decrypt . Instead, he said, it seems that “during the bull run Tether creations were small, which to me suggests that most of the run was retail money (non Tether).” If true, that could put the kibosh on a longstanding Tether conspiracy which the company is making renewed efforts to dismantle : that the digital currency is minted out of thin air, giving its suppliers, essentially, unlimited funds with which to prop up the Bitcoin markets. Tether was forced to concede earlier this year that tethers in circulation are only 74 percent backed by dollars in an offshore bank account—contrary to previous claims that they were backed “one-to-one.” And today the company’s facing a class action lawsuit accusing it of market manipulation . Whatever the answer is, we’ll find out soon enough: another $20 million worth of tethers have just been minted .
[Social Media Buzz]
IT Senior Associate - CNM LLP ( Huntington Beach, CA, USA ) - [ 📋 More Info https://t.co/LDxxbx1Nrt ] #tech #jobs #Hiring #Careers #HuntingtonBeach #CA #Cryptocurrency #Blockchain #BTC #BitCoin #ETH #crypto https://t.co/XnmhwHfxG7 || Crypto Market And Bitcoin Struggle Continues: BCH, Litecoin, EOS, XLM Analysis https://t.co/j6JT8nNWnO || #DolarTrue
🕐08/10/2019 08:07 PM
💵Dolar en BsS : 19881.59⬇
🔶BTC Compra en BsS : 152,674,241⬆
--NUEVOS INDICADORES --
🇪🇺Euro : 33167.77↔
🇨🇴Peso Col : 0.19↔
🇵🇪...
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8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92.
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[Bitcoin Technical Analysis for 2019-06-25]
Volume: 24879684533, RSI (14-day): 83.95, 50-day EMA: 8342.49, 200-day EMA: 6266.14
[Wider Market Context]
Gold Price: 1414.90, Gold RSI: 83.91
Oil Price: 57.83, Oil RSI: 56.51
[Recent News (last 7 days)]
Scammers Target Libra Fans With Fake Sites, Zuckbucks: Several exploitative websites launched over the weekend aiming to separate credulous Libra investors from their cash. Though Libra has not seen its public debut, the media buzz around it has piqued some would-be investors attention. While the majority of searches around buying Libra are focused on how to exchange it for BTC , according to Google Trends and Reddit, some nefarious scammers are hoping to ensnare the hapless trader in a supposed Libra pre-sale. One site, calìbra.com, (note the ì) is a mirror image of Facebooks legitimate website, calibra.com . Related: Security Researcher Tears Up a Binance Scam Site to Find the Hackers The artifice begins by switching the normal English i for a a grave accent ì. Those unfamiliar with Alcozauca Mixtec, Italian, Sardinian, Taos, Vietnamese, Welsh, Scottish Gaelic or the constructed language Navi, may have the unicode character that at least one reporter confused for a bit of dust. Like the URL, the customer-facing scam website has some slight differences when compared side-by-side to the legitimate site. Both websites have the same marketing materials, wording, fonts, color schemes, interactive displays, and slogans although the fraudulent one looks askew. Additionally, in the top right corner is a button that says Pre-Sale Libra Currency, instead of the social media giants welcoming induction to Get Started. Clicking the button opens another webpage that claims to offer a 25 percent bonus for trading Libra. Better act now, as the pre-sale is 93 percent complete, the scammers allege. Related: Crypto and Forex Scam Reports Tripled in the UK Last Year, Watchdog Says Traders are offered the option to swap 600 LBR (Libra) for 2 ethereum, or 8,000 LBR for 20 ethereum, which is approximately the same one to one Libra to dollar conversion Facebook was intending. While this particular scam hosted in Russia, no less is an obvious ploy to capitalize on the general incoherence of Facebooks plan, some of the chicanery put online is of a more derisive sort. Story continues Zuckbucks.cash offers visitors the option to swap ethereum for ZBUX, an ERC20 token which can be used to do absolutely nothing. Want to buy a cup of coffee with your ZBUX? Too bad! Need to pay your bills? Better use another currency! Want to pile on to Mark Zuckerbergs already incredibly overinflated bank account? Now were getting somewhere!, according to the website. Indeed, if Facebook is behind zuckbucks, it surely would be the quickest and most convenient way to feed Mark Zuckerbergs insatiable greed. The masterminds behind zuckbucks promise to spend the funds they collect on gas and kick the remaining balance up to the dev-team. They write, Just like LIBRA, Zuckbucks offers no inherent benefit besides putting your money directly into the pocket of the developers. Of the 1.5 million ZBUX available, 961,845 are currently in circulation. Mark Zuckerberg photo via Shutterstock Related Stories FTC Sues Smart Backpack Crowdfunder Who Spent Proceeds On Bitcoin Crypto Crime Blotter: Scammers Dupe Jersey Island Man Out of £1.2 million, Backpage Laundered Cash With Crypto || Scammers Target Libra Fans With Fake Sites, Zuckbucks: Several exploitative websites launched over the weekend aiming to separate credulous Libra investors from their cash.
ThoughLibrahas not seen its public debut, the media buzz around it has piqued some would-be investor’s attention. While the majority of searches around buying Libra are focused on how to exchange it forBTC, according to Google Trends and Reddit, some nefarious scammers are hoping to ensnare the hapless trader in a supposed Libra pre-sale.
One site, calìbra.com, (note the ì) is a mirror image of Facebook’s legitimate website,calibra.com.
Related:Security Researcher Tears Up a Binance Scam Site to Find the Hackers
The artifice begins by switching the normal English i for a a grave accent ì. Those unfamiliar with Alcozauca Mixtec, Italian, Sardinian, Taos, Vietnamese, Welsh, Scottish Gaelic or the constructed language Na’vi, may have the unicode character – that at least one reporter confused for a bit of dust.
Like the URL, the customer-facing scam website has some slight differences when compared side-by-side to the legitimate site. Both websites have the same marketing materials, wording, fonts, color schemes, interactive displays, and slogans – although the fraudulent one looks askew.
Additionally, in the top right corner is a button that says “Pre-Sale Libra Currency,” instead of the social media giant’s welcoming induction to “Get Started.”
Clicking the button opens another webpage that claims to offer a 25 percent bonus for trading Libra. Better act now, as the pre-sale is 93 percent complete, the scammers allege.
Related:Crypto and Forex Scam Reports Tripled in the UK Last Year, Watchdog Says
Traders are offered the option to swap 600 LBR (Libra) for 2 ethereum, or 8,000 LBR for 20 ethereum, which is approximately the same one to one Libra to dollar conversion Facebook was intending.
While this particular scam – hosted in Russia, no less – is an obvious ploy to capitalize on the general incoherence of Facebook’s plan, some of the chicanery put online is of a more derisive sort.
Zuckbucks.cash offers visitors the option to swap ethereum for ZBUX, “an ERC20 token which can be used to do absolutely nothing.”
“Want to buy a cup of coffee with your ZBUX? Too bad! Need to pay your bills? Better use another currency! Want to pile on to Mark Zuckerberg’s already incredibly overinflated bank account? Now we’re getting somewhere!,” according to the website.
Indeed, if Facebook is behind zuckbucks, it surely would be the quickest and most convenient way to “feed Mark Zuckerberg’s insatiable greed.”
The masterminds behind zuckbucks promise to spend the funds they collect on gas and kick the remaining balance up to the dev-team. They write, “Just like LIBRA, Zuckbucks offers no inherent benefit besides putting your money directly into the pocket of the developers.”
Of the 1.5 million ZBUX available, 961,845 are currently in circulation.
Mark Zuckerberg photo via Shutterstock
• FTC Sues Smart Backpack Crowdfunder Who Spent Proceeds On Bitcoin
• Crypto Crime Blotter: Scammers Dupe Jersey Island Man Out of £1.2 million, Backpage Laundered Cash With Crypto || Crypto Analyst Says Bitcoin Price Could Hit $100,000 During Next Bull Run: ThinkMarkets chief market analyst Naeem Aslam predicts that bitcoin ( BTC ) will hit somewhere between $60,000 and $100,000 during its next bull run, according to a Fox Business interview on June 24. Aslam had previously predicted on June 17 that BTC would hit $10,000 in “a couple of weeks,” citing institutional involvement as a major driver. Bitcoin successfully reached the five figure mark on June 22, marking a record high that has not been seen in over one year. According to Aslam, the major price points to look out for now are $20,000 and $50,000. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number one cryptocurrency’s all-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000. Aslam also discussed the use of BTC as a means to avoid risk, comparing BTC, which is often called “digital gold,” with gold . He remarks that in the last two months, there is a huge spike in price for these two assets, which he attributes to a lack of confidence in the stock market along with the ongoing U.S. – China trade war. Aslam also points to unrest and even a potential war in the Middle East as the biggest driver of recent growth in these diversifying assets. He also remarks that BTC now has a reputation as a safe haven for storing wealth, saying there is evidence of investors “parking” their capital in the leading crypto. As previously reported by Cointelegraph, Bitcoin podcast host Trace Mayer said that the bitcoin price in 2019 will likely close at $21,000, according to the trajectory posited by his ‘Mayer Multiple’ price indicator. The Mayer Multiple reportedly is an equation that involves dividing current BTC price by its 200-day moving average. Related Articles: Bitcoin Generates More Carbon Emissions Than Some Countries, Study Warns CEO of Major American VC Firm Digital Currency Group: Crypto Winter Is Ending Focus on Bitcoin, Not Blockchain, Crypto Entrepreneur Proclaims Genesis Capital: Institutional Activity in Crypto Up 300% in 12 Months || Crypto Analyst Says Bitcoin Price Could Hit $100,000 During Next Bull Run: ThinkMarkets chief market analyst Naeem Aslam predicts that bitcoin (BTC) will hit somewhere between $60,000 and $100,000 during its next bull run, according to a Fox Businessinterviewon June 24.
Aslam had previouslypredictedon June 17 that BTC would hit $10,000 in “a couple of weeks,” citing institutional involvement as a major driver. Bitcoin successfullyreachedthe five figure mark on June 22, marking a record high that has not been seen in over one year.
According to Aslam, the major price points to look out for now are $20,000 and $50,000. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number onecryptocurrency’sall-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000.
Aslam also discussed the use of BTC as a means to avoid risk, comparing BTC, which is often called “digital gold,” withgold. He remarks that in the last two months, there is a huge spike in price for these two assets, which he attributes to a lack of confidence in thestock marketalong with the ongoingU.S.–Chinatrade war.
Aslam also points to unrest and even a potential war in the Middle East as the biggest driver of recent growth in these diversifying assets. He also remarks that BTC now has a reputation as a safe haven for storing wealth, saying there is evidence of investors “parking” their capital in the leading crypto.
As previouslyreportedby Cointelegraph, Bitcoin podcast hostTrace Mayersaid that the bitcoin price in 2019 will likely close at $21,000, according to the trajectory posited by his ‘Mayer Multiple’ price indicator. The Mayer Multiple reportedly is an equation that involves dividing current BTC price by its 200-day moving average.
• Bitcoin Generates More Carbon Emissions Than Some Countries, Study Warns
• CEO of Major American VC Firm Digital Currency Group: Crypto Winter Is Ending
• Focus on Bitcoin, Not Blockchain, Crypto Entrepreneur Proclaims
• Genesis Capital: Institutional Activity in Crypto Up 300% in 12 Months || Crypto Analyst Says Bitcoin Price Could Hit $100,000 During Next Bull Run: ThinkMarkets chief market analyst Naeem Aslam predicts that bitcoin (BTC) will hit somewhere between $60,000 and $100,000 during its next bull run, according to a Fox Businessinterviewon June 24.
Aslam had previouslypredictedon June 17 that BTC would hit $10,000 in “a couple of weeks,” citing institutional involvement as a major driver. Bitcoin successfullyreachedthe five figure mark on June 22, marking a record high that has not been seen in over one year.
According to Aslam, the major price points to look out for now are $20,000 and $50,000. He argues that by hitting $20,000, discussion will move from conservative estimates exceeding the number onecryptocurrency’sall-time high to forecasts of $50,000; from there, breaking $50,000 will move the price target to $100,000.
Aslam also discussed the use of BTC as a means to avoid risk, comparing BTC, which is often called “digital gold,” withgold. He remarks that in the last two months, there is a huge spike in price for these two assets, which he attributes to a lack of confidence in thestock marketalong with the ongoingU.S.–Chinatrade war.
Aslam also points to unrest and even a potential war in the Middle East as the biggest driver of recent growth in these diversifying assets. He also remarks that BTC now has a reputation as a safe haven for storing wealth, saying there is evidence of investors “parking” their capital in the leading crypto.
As previouslyreportedby Cointelegraph, Bitcoin podcast hostTrace Mayersaid that the bitcoin price in 2019 will likely close at $21,000, according to the trajectory posited by his ‘Mayer Multiple’ price indicator. The Mayer Multiple reportedly is an equation that involves dividing current BTC price by its 200-day moving average.
• Bitcoin Generates More Carbon Emissions Than Some Countries, Study Warns
• CEO of Major American VC Firm Digital Currency Group: Crypto Winter Is Ending
• Focus on Bitcoin, Not Blockchain, Crypto Entrepreneur Proclaims
• Genesis Capital: Institutional Activity in Crypto Up 300% in 12 Months || 98% of BSV Transactions Used for Writing Weather Data on Blockchain: Report: More than 98% oftransactionson the Bitcoin SVblockchainover the past 30 days have been used for writing data from a weather app,Twitterpersonality Painted Frognotedtoday, June 24.
Citing data from bitcoin cash (BCH) blockchain visualiser Trends.cash, Painted Frog noted that the vast majority of BSV transactions have been implemented so far for sharing weather data through bitcoin sv-powered app WeatherSV.
Performed actions on BSV blockchain over the past 30 days. Source: Trends.cash
According to the website, other BSV implementations over the past 30 days included bitcoin cash-based social networkMemo, an incentivized BDV tool calledOpen Directory, as well as BSV-powered payment systemMoney Button. With that, WeatherSV has accounted for more than 1.2 million transactions over the period, while Memo, ranked second according to the number of transactions, has recorded just about 9,000 transactions for the same time span.
Top ten actions on Bitcoin sv blockchain over the past 30 days. Source: Trends.cash
As Painted Frog noted in histweet, WeatherSV is actually a paid subscription service that hourly copies data from an existing weather website OpenWeatherMap.org, generating the most of transactions on BSV network.
While Bitcoin Cash is the first hard fork of Bitcoin,createdback in August 2017, Bitcoin SV is a hard fork version of Bitcoin Cash, and isledbyself-proclaimedcreator of Bitcoin,Craig Wright, who has recentlyfailedto disclose his bitcoin holdings per court order.
In May 2019, Wright created a wave of discontent in crypto community byfilinga copyright claim to a part of bitcoin’s code and its white paper.
At press time, bitcoin cash is the fourth biggest cryptocurrency by market cap, trading at $473.41, while bitcoin SV is ranked eighth, trading at $235.71, according to data fromCoinMarketCap.
• Fidelity-Backed Crypto Analytics Firm to Integrate Twitter-Based Crypto Sentiment Feed
• Facebook’s Crypto Project Will Be A Milestone According to RBC
• You Can Now Get Bitcoin Rewards When Booking at Hotels.Com
• JPMorgan Will Pilot ‘JPM Coin’ Stablecoin by End of 2019: Report || 98% of BSV Transactions Used for Writing Weather Data on Blockchain: Report: More than 98% of transactions on the Bitcoin SV blockchain over the past 30 days have been used for writing data from a weather app, Twitter personality Painted Frog noted today, June 24. Citing data from bitcoin cash ( BCH ) blockchain visualiser Trends.cash, Painted Frog noted that the vast majority of BSV transactions have been implemented so far for sharing weather data through bitcoin sv-powered app WeatherSV. Performed actions on BSV blockchain over the past 30 days. Source: Trends.cash According to the website, other BSV implementations over the past 30 days included bitcoin cash-based social network Memo , an incentivized BDV tool called Open Directory , as well as BSV-powered payment system Money Button . With that, WeatherSV has accounted for more than 1.2 million transactions over the period, while Memo, ranked second according to the number of transactions, has recorded just about 9,000 transactions for the same time span. Top ten actions on Bitcoin sv blockchain over the past 30 days. Source: Trends.cash As Painted Frog noted in his tweet , WeatherSV is actually a paid subscription service that hourly copies data from an existing weather website OpenWeatherMap.org, generating the most of transactions on BSV network. While Bitcoin Cash is the first hard fork of Bitcoin, created back in August 2017, Bitcoin SV is a hard fork version of Bitcoin Cash, and is led by self-proclaimed creator of Bitcoin, Craig Wright , who has recently failed to disclose his bitcoin holdings per court order. In May 2019, Wright created a wave of discontent in crypto community by filing a copyright claim to a part of bitcoin’s code and its white paper. At press time, bitcoin cash is the fourth biggest cryptocurrency by market cap, trading at $473.41, while bitcoin SV is ranked eighth, trading at $235.71, according to data from CoinMarketCap . Related Articles: Fidelity-Backed Crypto Analytics Firm to Integrate Twitter-Based Crypto Sentiment Feed Facebook’s Crypto Project Will Be A Milestone According to RBC You Can Now Get Bitcoin Rewards When Booking at Hotels.Com JPMorgan Will Pilot ‘JPM Coin’ Stablecoin by End of 2019: Report View comments || Craig Wright's Bitcoin SV is a 'Total Ghost Town': Analyst: Kevin Rooke told Twitter that Bitcoin SV is a “total ghost town, Citing data that demonstrates that over 86% of all Bitcoin SV volume originated from just 100 transactions, analyst Kevin Rooke told Twitter that Craig Wright's pet crypto project is a “total ghost town.” 86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town. Despite that, network value is now $4.5 billion, up 300% in the last 45 days. Totally insane. pic.twitter.com/5xS2qvNsJc — Kevin Rooke (@kerooke) June 23, 2019 Indeed, the stated purpose of the Bitcoin SV fork is to have the capacity for millions of transactions , making the base layer of the cryptocurrency to be competitive with the likes of Visa or Mastercard. This the reason Bitcoin SV developers want blocks that are potentially gigabytes in size and argue that big data centers should be able to handle the traffic. Bitcoin SV: Ghost Town or Underrated Crypto Project? While it may be true that big data centers can handle the transaction volume, people immediately become concerned about the centralization that comes with such a barrier to entry. Inevitably, it requires a lot of money to run a mining outfit that has to handle potentially thousands of gigabytes per week. You then have to serve them out, which requires even more bandwidth. Nevermind getting synced up with the network in the first place. Read the full story on CCN.com . || Craig Wright's Bitcoin SV is a 'Total Ghost Town': Analyst: Citing data that demonstrates that over 86% of allBitcoin SVvolume originated from just 100 transactions, analyst Kevin Rooke told Twitter that Craig Wright's petcryptoproject is a “total ghost town.”
Indeed, the stated purpose of the Bitcoin SV fork is tohave the capacity for millions of transactions, making the base layer of the cryptocurrency to be competitive with the likes of Visa or Mastercard. This the reason Bitcoin SV developers want blocks that arepotentially gigabytes in sizeand argue that big data centers should be able to handle the traffic.
While it may be true that big data centers can handle the transaction volume, people immediately become concerned about the centralization that comes with such a barrier to entry.
Inevitably, it requires a lot of money to run a mining outfit that has to handle potentially thousands of gigabytes per week. You then have to serve them out, which requires even more bandwidth. Nevermind getting synced up with the network in the first place.
Read the full story on CCN.com. || Craig Wright's Bitcoin SV is a 'Total Ghost Town': Analyst: Citing data that demonstrates that over 86% of allBitcoin SVvolume originated from just 100 transactions, analyst Kevin Rooke told Twitter that Craig Wright's petcryptoproject is a “total ghost town.”
Indeed, the stated purpose of the Bitcoin SV fork is tohave the capacity for millions of transactions, making the base layer of the cryptocurrency to be competitive with the likes of Visa or Mastercard. This the reason Bitcoin SV developers want blocks that arepotentially gigabytes in sizeand argue that big data centers should be able to handle the traffic.
While it may be true that big data centers can handle the transaction volume, people immediately become concerned about the centralization that comes with such a barrier to entry.
Inevitably, it requires a lot of money to run a mining outfit that has to handle potentially thousands of gigabytes per week. You then have to serve them out, which requires even more bandwidth. Nevermind getting synced up with the network in the first place.
Read the full story on CCN.com. || Bitcoin Breaks $10,000: Here's Why The World's Most Popular Cryptocurrency Could Surge to New All-Time Highs: Like a phoenix rising from the ashes, Bitcoin has broken out of its bear-market slump in a big way. After falling more than 80% from the highs it reached in December 2017, the world's most valuable cryptocurrency has rallied back sharply in recent months. From its lows near $3,000 in December 2018, Bitcoin has clawed back nearly half of its losses and is once again trading above $10,000. Skeptics would argue that Bitcoin's price, like those of many cryptocurrencies, is manipulated. Research from Bitwise Asset Management supports this view. A staggering 95% of Bitcoin trading volume is fraudulent, according to a recent study by the blockchain-focused investment firm. Moreover, many crypto industry watchers believe that Bitcoin's price is being artificially inflated by Tether, the controversial stablecoin issuer that's under investigation by the New York Attorney General's office for allegations of possible fraud. With Tether issuance coinciding closely with Bitcoin's recent gains, it's understandable that many bears are questioning whether the cryptocurrency's price appreciation is largely fake and due for a serious correction. This is a risk that even ardent Bitcoin bulls should factor into their investment decisions. But there are some other possible reasons why Bitcoin's price is rallying -- and why it could continue to rise to new highs in the months ahead. Here are three of them. A digital representation of a Bitcoin token Image source: Getty Images. Facebook's blockbuster announcement The excitement surrounding Facebook 's (NASDAQ: FB) new Libra digital token is likely contributing to Bitcoin's gains. The social media titan announced on June 18 its plans to create a new global currency. Facebook's blockchain-based digital token is to be called Libra. It's designed to serve as a stable medium of exchange for billions of people around the world. Like Tether, Libra is to follow the model of a stablecoin, a low-volatility cryptocurrency whose value is backed by real assets such as fiat currencies. Yet unlike Tether -- which has admitted that its tokens are only partially backed by its cash reserves -- Libra will be backed completely by bank deposits and short-term government securities. Story continues Libra is designed to enable fast and low-fee money transfers on Facebook's network of apps. And thanks to Facebook's thriving base of more than 2 billion users, Libra is expected to quickly become one of the most-used digital currencies. So how does this benefit Bitcoin, you ask? Well, by introducing the concept of digital currencies to billions of people, Facebook is raising awareness for the cryptocurrency market as a whole. And once people become familiar with purchasing digital currencies like Libra, it's a short step to buying other cryptocurrencies like Bitcoin. In essence, Libra stands to serve as a major new on-ramp for millions of new crypto users. This increased demand could boost the price of Bitcoin -- and traders are likely already bidding up the cryptocurrency's price in anticipation of Libra's launch. Institutional investors may be entering the arena Whether the catalyst is Facebook's coming Libra launch or something else, signs are mounting that institutional investors are beginning to dip their toes into the crypto waters. CME Group (NASDAQ: CME) is enjoying record volumes for its Bitcoin futures contracts -- binding agreements that allow people to make bets on whether the cryptocurrency's price will rise or fall over a certain period of time. These contracts also help investors hedge their positions, making them a popular tool among professional investors. Additionally, Fidelity Investments, which manages more than $7 trillion in assets, is gearing up to offer Bitcoin trading services to its institutional customers, according to Bloomberg . A recent survey by Fidelity showed that 22% of institutional investors already have some exposure to digital assets, while 40% say they are open to investing in the asset class over the next five years. Furthermore, 47% of the more than 400 institutional investors surveyed -- including hedge funds, family offices, pension funds, university endowments, and financial advisors -- view digital assets as having a place in their investment portfolios. Institutional investors manage trillions of dollars' worth of capital. If even just a tiny fraction of these assets begins to flow into the crypto markets, the price of Bitcoin and other cryptocurrencies could soar. FOMO The crypto world lives on hope and is fueled by excitement. That means new highs can beget more new highs, as FOMO (fear of missing out) drives more investors into the marketplace. In this regard, $10,000 is a key psychological threshold for investors. With Bitcoin breaking back above this price in recent days, news headlines (like the one for this article!) will be flashing onto investors' screens to mark the occasion. Bitcoin will once again be a key topic on financial media shows, and astronomical price predictions will again be passed around. All of this helps to fuel Bitcoin's fire. These factors could drive the popular cryptocurrency to new highs above $20,000 in the coming months -- or even days. That is, of course, if it doesn't crash before then. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Joe Tenebruso has no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends CME Group and Facebook. The Motley Fool has no position in any of cryptocurrencies mentioned. The Motley Fool has a disclosure policy . || Bitcoin Breaks $10,000: Here's Why The World's Most Popular Cryptocurrency Could Surge to New All-Time Highs: Like a phoenix rising from the ashes, Bitcoin has broken out of its bear-market slump in a big way.
After falling more than 80% from the highs it reached in December 2017, the world's most valuable cryptocurrency has rallied back sharply in recent months. From its lows near $3,000 in December 2018, Bitcoin has clawed back nearly half of its losses and is once again trading above $10,000.
Skeptics would argue that Bitcoin's price, like those of many cryptocurrencies, is manipulated. Research from Bitwise Asset Management supports this view. A staggering 95% of Bitcoin trading volume is fraudulent, according to a recentstudyby the blockchain-focused investment firm.
Moreover, many crypto industry watchers believe that Bitcoin's price is being artificially inflated by Tether, the controversial stablecoin issuer that's under investigation by the New York Attorney General's office for allegations of possible fraud. With Tether issuance coinciding closely with Bitcoin's recent gains, it's understandable that many bears are questioning whether the cryptocurrency's price appreciation is largely fake and due for a serious correction. This is a risk that even ardent Bitcoin bulls should factor into their investment decisions.
But there are some other possible reasons why Bitcoin's price is rallying -- and why it could continue to rise to new highs in the months ahead. Here are three of them.
Image source: Getty Images.
The excitement surroundingFacebook's(NASDAQ: FB)new Libra digital token is likely contributing to Bitcoin's gains. The social media titan announced on June 18 its plans to create a new global currency.
Facebook's blockchain-based digital token is to be called Libra. It's designed to serve as a stable medium of exchange for billions of people around the world. Like Tether, Libra is to follow the model of a stablecoin, a low-volatility cryptocurrency whose value is backed by real assets such as fiat currencies. Yet unlike Tether -- which has admitted that its tokens are onlypartially backedby its cash reserves -- Libra will be backed completely by bank deposits and short-term government securities.
Libra is designed to enable fast and low-fee money transfers on Facebook's network of apps. And thanks to Facebook's thriving base of more than 2 billion users, Libra is expected to quickly become one of the most-used digital currencies.
So how does this benefit Bitcoin, you ask? Well, by introducing the concept of digital currencies to billions of people, Facebook is raising awareness for the cryptocurrency market as a whole. And once people become familiar with purchasing digital currencies like Libra, it's a short step to buying other cryptocurrencies like Bitcoin.
In essence, Libra stands to serve as a major new on-ramp for millions of new crypto users. This increased demand could boost the price of Bitcoin -- and traders are likely already bidding up the cryptocurrency's price in anticipation of Libra's launch.
Whether the catalyst is Facebook's coming Libra launch or something else, signs are mounting that institutional investors are beginning to dip their toes into the crypto waters.
CME Group(NASDAQ: CME)is enjoyingrecord volumesfor its Bitcoinfutures contracts-- binding agreements that allow people to make bets on whether the cryptocurrency's price will rise or fall over a certain period of time. These contracts also help investors hedge their positions, making them a popular tool among professional investors.
Additionally, Fidelity Investments, which manages more than $7 trillion in assets, is gearing up to offer Bitcoin trading services to its institutional customers, according toBloomberg. A recentsurveyby Fidelity showed that 22% of institutional investors already have some exposure to digital assets, while 40% say they are open to investing in the asset class over the next five years. Furthermore, 47% of the more than 400 institutional investors surveyed -- including hedge funds, family offices, pension funds, university endowments, and financial advisors -- view digital assets as having a place in their investment portfolios.
Institutional investors manage trillions of dollars' worth of capital. If even just a tiny fraction of these assets begins to flow into the crypto markets, the price of Bitcoin and other cryptocurrencies could soar.
The crypto world lives on hope and is fueled by excitement. That means new highs can beget more new highs, as FOMO (fear of missing out) drives more investors into the marketplace.
In this regard, $10,000 is a key psychological threshold for investors. With Bitcoin breaking back above this price in recent days, news headlines (like the one for this article!) will be flashing onto investors' screens to mark the occasion. Bitcoin will once again be a key topic on financial media shows, andastronomical price predictionswill again be passed around.
All of this helps to fuel Bitcoin's fire. These factors could drive the popular cryptocurrency to new highs above $20,000 in the coming months -- or even days.
That is, of course, if it doesn't crash before then.
More From The Motley Fool
• 10 Best Stocks to Buy Today
• The $16,728 Social Security Bonus You Cannot Afford to Miss
• 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own)
• What Is an ETF?
• 5 Recession-Proof Stocks
• How to Beat the Market
Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors.Joe Tenebrusohas no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends CME Group and Facebook. The Motley Fool hasno position in any of cryptocurrencies mentioned.The Motley Fool has adisclosure policy. || Bitcoin Breaks $10,000: Here's Why The World's Most Popular Cryptocurrency Could Surge to New All-Time Highs: Like a phoenix rising from the ashes, Bitcoin has broken out of its bear-market slump in a big way.
After falling more than 80% from the highs it reached in December 2017, the world's most valuable cryptocurrency has rallied back sharply in recent months. From its lows near $3,000 in December 2018, Bitcoin has clawed back nearly half of its losses and is once again trading above $10,000.
Skeptics would argue that Bitcoin's price, like those of many cryptocurrencies, is manipulated. Research from Bitwise Asset Management supports this view. A staggering 95% of Bitcoin trading volume is fraudulent, according to a recentstudyby the blockchain-focused investment firm.
Moreover, many crypto industry watchers believe that Bitcoin's price is being artificially inflated by Tether, the controversial stablecoin issuer that's under investigation by the New York Attorney General's office for allegations of possible fraud. With Tether issuance coinciding closely with Bitcoin's recent gains, it's understandable that many bears are questioning whether the cryptocurrency's price appreciation is largely fake and due for a serious correction. This is a risk that even ardent Bitcoin bulls should factor into their investment decisions.
But there are some other possible reasons why Bitcoin's price is rallying -- and why it could continue to rise to new highs in the months ahead. Here are three of them.
Image source: Getty Images.
The excitement surroundingFacebook's(NASDAQ: FB)new Libra digital token is likely contributing to Bitcoin's gains. The social media titan announced on June 18 its plans to create a new global currency.
Facebook's blockchain-based digital token is to be called Libra. It's designed to serve as a stable medium of exchange for billions of people around the world. Like Tether, Libra is to follow the model of a stablecoin, a low-volatility cryptocurrency whose value is backed by real assets such as fiat currencies. Yet unlike Tether -- which has admitted that its tokens are onlypartially backedby its cash reserves -- Libra will be backed completely by bank deposits and short-term government securities.
Libra is designed to enable fast and low-fee money transfers on Facebook's network of apps. And thanks to Facebook's thriving base of more than 2 billion users, Libra is expected to quickly become one of the most-used digital currencies.
So how does this benefit Bitcoin, you ask? Well, by introducing the concept of digital currencies to billions of people, Facebook is raising awareness for the cryptocurrency market as a whole. And once people become familiar with purchasing digital currencies like Libra, it's a short step to buying other cryptocurrencies like Bitcoin.
In essence, Libra stands to serve as a major new on-ramp for millions of new crypto users. This increased demand could boost the price of Bitcoin -- and traders are likely already bidding up the cryptocurrency's price in anticipation of Libra's launch.
Whether the catalyst is Facebook's coming Libra launch or something else, signs are mounting that institutional investors are beginning to dip their toes into the crypto waters.
CME Group(NASDAQ: CME)is enjoyingrecord volumesfor its Bitcoinfutures contracts-- binding agreements that allow people to make bets on whether the cryptocurrency's price will rise or fall over a certain period of time. These contracts also help investors hedge their positions, making them a popular tool among professional investors.
Additionally, Fidelity Investments, which manages more than $7 trillion in assets, is gearing up to offer Bitcoin trading services to its institutional customers, according toBloomberg. A recentsurveyby Fidelity showed that 22% of institutional investors already have some exposure to digital assets, while 40% say they are open to investing in the asset class over the next five years. Furthermore, 47% of the more than 400 institutional investors surveyed -- including hedge funds, family offices, pension funds, university endowments, and financial advisors -- view digital assets as having a place in their investment portfolios.
Institutional investors manage trillions of dollars' worth of capital. If even just a tiny fraction of these assets begins to flow into the crypto markets, the price of Bitcoin and other cryptocurrencies could soar.
The crypto world lives on hope and is fueled by excitement. That means new highs can beget more new highs, as FOMO (fear of missing out) drives more investors into the marketplace.
In this regard, $10,000 is a key psychological threshold for investors. With Bitcoin breaking back above this price in recent days, news headlines (like the one for this article!) will be flashing onto investors' screens to mark the occasion. Bitcoin will once again be a key topic on financial media shows, andastronomical price predictionswill again be passed around.
All of this helps to fuel Bitcoin's fire. These factors could drive the popular cryptocurrency to new highs above $20,000 in the coming months -- or even days.
That is, of course, if it doesn't crash before then.
More From The Motley Fool
• 10 Best Stocks to Buy Today
• The $16,728 Social Security Bonus You Cannot Afford to Miss
• 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own)
• What Is an ETF?
• 5 Recession-Proof Stocks
• How to Beat the Market
Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors.Joe Tenebrusohas no position in any of the stocks or cryptocurrencies mentioned. The Motley Fool owns shares of and recommends CME Group and Facebook. The Motley Fool hasno position in any of cryptocurrencies mentioned.The Motley Fool has adisclosure policy. || Price Analysis 24/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. The recent rally in bitcoin has turned around sentiment completely. Analysts are projecting a rally to new lifetime highs within the end of this year. Bitcoin Knowledge podcast host Trace Mayer has a target objective of $21,000 based on his analysis. That would entail a move of about 78.5% from the current levels. Though this number looks easily achievable, especially after the sharp up-move from the lows, as the price moves higher, we anticipate greater supply to hit the market. The people stuck at higher levels from the previous bull market will try to bail out of their positions and the traders who bought at lower levels will book profits. Hence, we expect a correction or consolidation in the markets soon. The number of people searching google for bitcoin has increased . However, the number is way below the peak hit during the previous bull market. This shows that people are beginning to notice it again but there is still no euphoria around it, which is a positive sign for the long term. BTC/USD Bitcoin ( BTC ) has been holding near $11,000 for the past two days, which is a positive sign. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, we anticipate the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command. However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support. On a bounce off the 20-day EMA, we anticipate the bulls to again try to propel the price towards its target objective of $12,000. Story continues The BTC/USD pair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of $7,413.46 will signal a deeper correction. ETH/USD Ether ( ETH ) came close to its target objective of $335 on June 22 and 23 but the bulls could not sustain the rise above $322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground. A consolidation between $280 and $322.06 indicates strength and increases the probability of a breakout above $322.06. If the ETH/USD pair closes (UTC time frame) above $322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, we expect the pair to face stiff resistance near $480. Contrary to our assumption, if the pair fails to sustain above $322.06, it can drop to $280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum. XRP/USD Ripple ( XRP ) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand. Conversely, if the XRP/USD pair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on the long position at $0.41. We will suggest to trail stops higher as the price moves northwards. LTC/USD Though Litecoin ( LTC ) closed above $140.3450 on June 22, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of $158.91 and above it $184.7949. If the bulls fail to defend the support, the LTC/USD pair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaining long positions with a stop loss placed just below the 20-day EMA. BCH/USD Bitcoin Cash ( BCH ) remains in an uptrend. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command. The price rallied above the immediate resistance of $481.99 on June 22 but turned down from the resistance line of the channel. If the BCH/USD pair breaks out of the channel, it is likely to pick up momentum and rally to $639 and above it to $889. If the bulls fail to break out of the channel, the pair might dip back to the 20-day EMA. The digital currency will indicate a trend change if it breaks below both the moving averages and the support line of the channel. EOS/USD While EOS has sustained above the breakout level of $6.8299 for the past three days, it is struggling to move up. This shows a lack of demand at higher levels. Currently, it is back at $6.8299, which is an important support. The 20-day EMA is just above this level, hence, we anticipate buyers to defend this support. A strong rebound from $6.8299 can carry the EOS/USD pair it to the resistance line of the channel. If this level is scaled, the next level to watch is $8.6503. The moving averages are gradually sloping up and the RSI is just above the midpoint, which shows that the bulls have a slight advantage. Traders can retain the stop loss on the long position at $6.40. If the bears sink the pair below $6.8299, a drop to the 50-day SMA and below it at the support line of the channel is probable. If the bulls fail to defend the support line of the channel, the trend will turn negative and the price can plunge to $4.4930. BNB/USD Binance Coin ( BNB ) has been consolidating near the highs for the past few days. Though it broke out of the overhead resistance at $38.6463356, it could not sustain it. This shows profit booking at higher levels. Currently, the bulls are attempting to rebound from the 20-day EMA. If successful, we anticipate another attempt to rally to $46.1645899 and above it to $50. On the other hand, if the bulls fail to ascend the overhead resistance, the BNB/USD pair is likely to drop below the 20-day EMA and consolidate between $28 and $38.6463356 for the next few days. Therefore, traders can protect their long positions with a stop loss placed just below the 20-day EMA. The trend will turn bearish on a breakdown of $28. BSV/USD The bulls have held the price of Bitcoin SV ( BSV ) close to the highs, which is a positive sign. It shows a lack of selling near the resistance. The bears have not even been able to drag the price to the 20-day EMA. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that bulls clearly have the advantage. If the price rebounds from the uptrend line and breaks out of $255.620, it will resume the up move that has a price target of $307.789 and above it $340.248. The probability of a breakout is high as long as the BSV/USD pair stays above the 20-day EMA. However, if the bears sink the price below the 20-day EMA, the momentum will weaken. In such a case, a range-bound action between $175 and $255.620 is likely. The trend will turn down if the price sustains below $175. TRX/USD Tron ( TRX ) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of $0.04156575. If the price breaks out of the overhead resistance, a rally to $0.05218328 is possible. Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. The TRX/USD pair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Our bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of $0.02815521. ADA/USD Cardano ( ADA ) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips. If the bulls break out and sustain the ADA/USD pair above $0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close (UTC time frame) above $0.10 and buy as suggested in our earlier analysis. Our bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between $0.076254 and $0.10 for a few days. Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView . Related Articles: Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06 BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06 || Price Analysis 24/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
The recent rally in bitcoin has turned around sentiment completely. Analysts are projecting a rally to new lifetime highs within the end of this year. Bitcoin Knowledge podcast host Trace Mayer has a target objective of$21,000based on his analysis.
That would entail a move of about 78.5% from the current levels. Though this number looks easily achievable, especially after the sharp up-move from the lows, as the price moves higher, we anticipate greater supply to hit the market. The people stuck at higher levels from the previous bull market will try to bail out of their positions and the traders who bought at lower levels will book profits. Hence, we expect a correction or consolidation in the markets soon.
The number of people searching google for bitcoin hasincreased. However, the number is waybelowthe peak hit during the previous bull market. This shows that people are beginning to notice it again but there is still noeuphoriaaround it, which is a positive sign for the long term.
Bitcoin (BTC) has been holding near $11,000 for the past two days, which is a positive sign. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, we anticipate the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command.
However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support. On a bounce off the 20-day EMA, we anticipate the bulls to again try to propel the price towards its target objective of $12,000.
TheBTC/USDpair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of $7,413.46 will signal a deeper correction.
Ether (ETH) came close to its target objective of $335 on June 22 and 23 but the bulls could not sustain the rise above $322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground. A consolidation between $280 and $322.06 indicates strength and increases the probability of a breakout above $322.06.
If theETH/USDpair closes (UTC time frame) above $322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, we expect the pair to face stiff resistance near $480.
Contrary to our assumption, if the pair fails to sustain above $322.06, it can drop to $280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum.
Ripple (XRP) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand.
Conversely, if theXRP/USDpair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on thelongposition at $0.41. We will suggest to trail stops higher as the price moves northwards.
Though Litecoin (LTC) closed above $140.3450 on June 22, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of $158.91 and above it $184.7949.
If the bulls fail to defend the support, theLTC/USDpair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaininglongpositions with a stop loss placed just below the 20-day EMA.
Bitcoin Cash (BCH) remains in an uptrend. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command. The price rallied above the immediate resistance of $481.99 on June 22 but turned down from the resistance line of the channel.
If theBCH/USDpair breaks out of the channel, it is likely to pick up momentum and rally to $639 and above it to $889. If the bulls fail to break out of the channel, the pair might dip back to the 20-day EMA. The digital currency will indicate a trend change if it breaks below both the moving averages and the support line of the channel.
WhileEOShas sustained above the breakout level of $6.8299 for the past three days, it is struggling to move up. This shows a lack of demand at higher levels. Currently, it is back at $6.8299, which is an important support. The 20-day EMA is just above this level, hence, we anticipate buyers to defend this support.
A strong rebound from $6.8299 can carry theEOS/USDpair it to the resistance line of the channel. If this level is scaled, the next level to watch is $8.6503. The moving averages are gradually sloping up and the RSI is just above the midpoint, which shows that the bulls have a slight advantage. Traders can retain the stop loss on thelongposition at $6.40.
If the bears sink the pair below $6.8299, a drop to the 50-day SMA and below it at the support line of the channel is probable. If the bulls fail to defend the support line of the channel, the trend will turn negative and the price can plunge to $4.4930.
Binance Coin (BNB) has been consolidating near the highs for the past few days. Though it broke out of the overhead resistance at $38.6463356, it could not sustain it. This shows profit booking at higher levels. Currently, the bulls are attempting to rebound from the 20-day EMA. If successful, we anticipate another attempt to rally to $46.1645899 and above it to $50.
On the other hand, if the bulls fail to ascend the overhead resistance, theBNB/USDpair is likely to drop below the 20-day EMA and consolidate between $28 and $38.6463356 for the next few days. Therefore, traders can protect theirlongpositions with a stop loss placed just below the 20-day EMA. The trend will turn bearish on a breakdown of $28.
The bulls have held the price of Bitcoin SV (BSV) close to the highs, which is a positive sign. It shows a lack of selling near the resistance. The bears have not even been able to drag the price to the 20-day EMA. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that bulls clearly have the advantage.
If the price rebounds from the uptrend line and breaks out of $255.620, it will resume the up move that has a price target of $307.789 and above it $340.248. The probability of a breakout is high as long as theBSV/USDpair stays above the 20-day EMA.
However, if the bears sink the price below the 20-day EMA, the momentum will weaken. In such a case, a range-bound action between $175 and $255.620 is likely. The trend will turn down if the price sustains below $175.
Tron (TRX) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of $0.04156575. If the price breaks out of the overhead resistance, a rally to $0.05218328 is possible.
Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. TheTRX/USDpair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Our bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of $0.02815521.
Cardano (ADA) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips.
If the bulls break out and sustain theADA/USDpair above $0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close (UTC time frame) above $0.10 and buy as suggested in ourearlieranalysis.
Our bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between $0.076254 and $0.10 for a few days.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06 || Price Analysis 24/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, ADA: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by theHitBTCexchange.
The recent rally in bitcoin has turned around sentiment completely. Analysts are projecting a rally to new lifetime highs within the end of this year. Bitcoin Knowledge podcast host Trace Mayer has a target objective of$21,000based on his analysis.
That would entail a move of about 78.5% from the current levels. Though this number looks easily achievable, especially after the sharp up-move from the lows, as the price moves higher, we anticipate greater supply to hit the market. The people stuck at higher levels from the previous bull market will try to bail out of their positions and the traders who bought at lower levels will book profits. Hence, we expect a correction or consolidation in the markets soon.
The number of people searching google for bitcoin hasincreased. However, the number is waybelowthe peak hit during the previous bull market. This shows that people are beginning to notice it again but there is still noeuphoriaaround it, which is a positive sign for the long term.
Bitcoin (BTC) has been holding near $11,000 for the past two days, which is a positive sign. This shows that the bulls expect the rally to continue, hence, they are not booking profits in a hurry. If the price stays above the resistance line of the channel, we anticipate the uptrend to resume within a couple of days. Currently, both the moving averages are trending up and the RSI is in overbought territory, which suggests that bulls are in command.
However, if the price dips back into the channel, the pullback can reach the 20-day EMA, which is a critical support. On a bounce off the 20-day EMA, we anticipate the bulls to again try to propel the price towards its target objective of $12,000.
TheBTC/USDpair will lose momentum if it drops below the 20-day EMA and the trend will weaken on a breakdown of the 50-day SMA. A breakdown of $7,413.46 will signal a deeper correction.
Ether (ETH) came close to its target objective of $335 on June 22 and 23 but the bulls could not sustain the rise above $322.06, which shows profit booking at higher levels. However, the positive thing is that the cryptocurrency has not given up much ground. A consolidation between $280 and $322.06 indicates strength and increases the probability of a breakout above $322.06.
If theETH/USDpair closes (UTC time frame) above $322.06, it will complete a rounding bottom pattern that has a target objective of $563.48. However, we expect the pair to face stiff resistance near $480.
Contrary to our assumption, if the pair fails to sustain above $322.06, it can drop to $280. The 20-day EMA is also located close to this level, hence, it is likely to act as a strong support, but if the support cracks, the cryptocurrency will lose momentum.
Ripple (XRP) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to $0.6250. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand.
Conversely, if theXRP/USDpair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on thelongposition at $0.41. We will suggest to trail stops higher as the price moves northwards.
Though Litecoin (LTC) closed above $140.3450 on June 22, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of $158.91 and above it $184.7949.
If the bulls fail to defend the support, theLTC/USDpair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaininglongpositions with a stop loss placed just below the 20-day EMA.
Bitcoin Cash (BCH) remains in an uptrend. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command. The price rallied above the immediate resistance of $481.99 on June 22 but turned down from the resistance line of the channel.
If theBCH/USDpair breaks out of the channel, it is likely to pick up momentum and rally to $639 and above it to $889. If the bulls fail to break out of the channel, the pair might dip back to the 20-day EMA. The digital currency will indicate a trend change if it breaks below both the moving averages and the support line of the channel.
WhileEOShas sustained above the breakout level of $6.8299 for the past three days, it is struggling to move up. This shows a lack of demand at higher levels. Currently, it is back at $6.8299, which is an important support. The 20-day EMA is just above this level, hence, we anticipate buyers to defend this support.
A strong rebound from $6.8299 can carry theEOS/USDpair it to the resistance line of the channel. If this level is scaled, the next level to watch is $8.6503. The moving averages are gradually sloping up and the RSI is just above the midpoint, which shows that the bulls have a slight advantage. Traders can retain the stop loss on thelongposition at $6.40.
If the bears sink the pair below $6.8299, a drop to the 50-day SMA and below it at the support line of the channel is probable. If the bulls fail to defend the support line of the channel, the trend will turn negative and the price can plunge to $4.4930.
Binance Coin (BNB) has been consolidating near the highs for the past few days. Though it broke out of the overhead resistance at $38.6463356, it could not sustain it. This shows profit booking at higher levels. Currently, the bulls are attempting to rebound from the 20-day EMA. If successful, we anticipate another attempt to rally to $46.1645899 and above it to $50.
On the other hand, if the bulls fail to ascend the overhead resistance, theBNB/USDpair is likely to drop below the 20-day EMA and consolidate between $28 and $38.6463356 for the next few days. Therefore, traders can protect theirlongpositions with a stop loss placed just below the 20-day EMA. The trend will turn bearish on a breakdown of $28.
The bulls have held the price of Bitcoin SV (BSV) close to the highs, which is a positive sign. It shows a lack of selling near the resistance. The bears have not even been able to drag the price to the 20-day EMA. Both the moving averages are sloping up and the RSI is close to the overbought zone, which shows that bulls clearly have the advantage.
If the price rebounds from the uptrend line and breaks out of $255.620, it will resume the up move that has a price target of $307.789 and above it $340.248. The probability of a breakout is high as long as theBSV/USDpair stays above the 20-day EMA.
However, if the bears sink the price below the 20-day EMA, the momentum will weaken. In such a case, a range-bound action between $175 and $255.620 is likely. The trend will turn down if the price sustains below $175.
Tron (TRX) has again entered the top 10 cryptocurrencies by market capitalization. It has rallied sharply in the past two days and is close to the June 2 high of $0.04156575. If the price breaks out of the overhead resistance, a rally to $0.05218328 is possible.
Both the moving averages are gradually moving up and the RSI is in positive territory, which suggests that bulls have the upper hand. TheTRX/USDpair has started a new uptrend after a long consolidation, hence, we anticipate the up-move to continue for some time. Our bullish view will be invalidated if the price reverses direction from the current levels and breaks down of the critical support of $0.02815521.
Cardano (ADA) again broke out of the overhead resistance at $0.10 on June 23 but failed to sustain the higher levels. However, the positive thing is that it has held above the moving averages for the past few days. This shows buying on dips.
If the bulls break out and sustain theADA/USDpair above $0.10, it will complete a reversal pattern that has a target objective of $0.22466773. The traders can wait for a close (UTC time frame) above $0.10 and buy as suggested in ourearlieranalysis.
Our bullish view will be negated if the price fails to break out and sustain above $0.10. In such a case, it might remain range-bound between $0.076254 and $0.10 for a few days.
Market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
• Price Analysis 22/06: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 19/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 17/06
• BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, XLM, ADA: Price Analysis 14/06 || Disrupting the Dollar, Gold vs Bitcoin, Marvelous Montauk—The Ledger: On the shores of foggy Montauk, tech and finance executives gathered last week atFortune’sBrainstorm Financeto talk about big ideas. Notably, they explored how the ethos of Silicon Valley isseeping into Wall Street, and asked whetherbig banks will be displaced—or if the old guard of the financial world will simply appropriate new tech tools to stay in control for decades to come. One of many delightful surprises: Citi CEO Michael Corbat took up the counter-cultural mantle,labeling himself a “true believer”in cryptocurrency.
Meanwhile, some currents of the conversation raised an even deeper question: Will new technology, notably cryptocurrency, end the dominance of the U.S. dollar? At a breakfast panel, TrustToken co-founder Tory Reiss noted how merchants in China and Ukraine are using digital money called Tether to arrange import deals, while thousands of brokers in Hong Kong are using WhatsApp and Bitcoin to subvert currency controls. In the past, it would have been U.S. dollars—namely suitcases full of cash—enabling such transactions.
Others predicted that the next phase of finance will see nation states issuing cryptocurrencies of their own. For Alex Mashinsky of Celsius Network, this will further hasten the decline of the dollar as the world’s reserve currency, and cause America to lose one of its most powerful geopolitical assets. “The monopoly of the U.S. dollar will be disrupted likeAT&Tbefore it,” he said, referring to the 1980s breakup of what was once America’s most powerful communications monopoly.
It’s not just countries, of course, getting into the digital currency game. On theBrainstorm Financemain stage, Kathryn Haun of Silicon Valley venture capital firm Andreessen Horowitzdiscussed Project Libra, the Facebook-ledinitiativeto create a new type of money for billions of users. As Haun explained it, her firm is just one of dozens that will hammer out the details of Libra, likening the process to a “Constitutional convention…you have all these different states coming in trying to form this union.”
Not everyone is cheering on this process—and some are downright hostile. Ledger reader Michele Clarke sent us an acerbic email to say, “So a quick fact check – these are corporations, not ‘states’. And wouldn’t holding a ‘Constitutional convention’ fall under the literal definition of treason?”
Meanwhile, others questioned if the financial future we are creating is part of the larger surveillance state arising all around us. In the words of Amber Baldet, Clovyr CEO and formerJPMorgan Chaseexecutive, there is a real risk of a “William Gibsonian corporate dystopia” if we turn away from decentralization, which was the original promise of blockchain technology. Finally, Gem CEO Micah Winkelspecht—a long time blockchain builder—made an impassioned plea to treat the ability to tinker with new financial technologies as a human right. As I said, lots of big ideas on the shores of Montauk.
***
If Ledger readers will indulge us in a victory lap, we were absolutely thrilled with the inaugural edition of Brainstorm Finance. We received rave reviews—including one delegate who described it as a “conference without annoying conference people.” Jen, Robert, Adam, and I want to thank everyone who came, read our coverage, and contributed to the discussions. We can’t wait to do it all over again next year.
GOT TIPS?
Send feedback and tips to [email protected], find us on Twitter@FortuneLedgeror email/DM me directly at the contact info below. Please tell your friendsto subscribe.
Jeff [email protected]@fortune.com
1. THE LEDGER’S LATESTExclusive: Mortgage Master Blend Raises $130 Millionby Robert HackettWhy Blockchain ‘Hype’ Needs to Stopby Anne SradersTala CEO: How Facebook’s Libra Cryptocurrency Can Help Companies Scaleby Lucinda ShenWhat’s Next in Blockchain? Ask This Teenage Engineerby Natallie RochaSecurity Tokens Will Be the ‘Killer App’ of Cryptocurrency, OverstockCEO Saysby Jeff John RobertsRipple CEO: Facebook Libra Cryptocurrency Push Makes Me Happyby Jonathan Vanian
2. DECENTRALIZED NEWSTo the Moon…Bitcoin is at$11,000 and climbing. Project Libra willturbo-chargeFacebook’s ad empire. France createsG7 task forceto study cryptocurrency and central banks. Fin-tech startup Tallyraises $50 millionto automate personal finance. Mike Novogratz’s Galaxy Digitalunveils option tradingfor hedgies. IBM Blockchain offers“pay as you grow” pricing.…Rekt.Fintech startup says Facebooklifted its logofor Libra. Amazon hasno plansto take on the big banks. E&Y says dead Quadriga founderdipped intoclients’ crypto funds. Western Union CEO says “cashless is classist—and bad for business.” Coinbaserebuffs zero-day attack, “burn[s] down attacker’s infrastructure.” Israeli busted for mass Bitfinex hack tells court “I’m a good boy.” Hey Facebook, the Senate Bank Committeewould like to talk to you about Libraon July 16. AndMaxine will see youthe next day.
3. BALANCING THE LEDGERA personal highlight of Brainstorm Finance was hosting what Robert called “crypto firepower”—DCG’s Barry Silbert, Circle’s Jeremy Allaire and Clovyr’s Amber Baldet—on the same panel. Needless to say,a lively chat ensued. Bonus tidbit: at the outset, I asked the room if they would invest their last $10,000 in Bitcoin or gold—the poll was about a 50-50 split.
4. BUBBLE-O-METER22 yearsBitcoin is going up, up, up of late. But despite crossing the $11,000 mark, it has much more ground to cover before it reaches its all-time 2017 high of nearly $20,000. This seems a good time, then, to dig out arecent surveyby a UBS analyst of other spectacular bubbles (i.e. the NASDAQ in 2000, oil in 2008) and the path from trough to recovery. In the worst case—the Dow Jones crash of 1929—the road back took 22 years. Here’s betting we’ll see $20K Bitcoin before the year 2039.
5. MEMES AND MUMBLESGold is for dinosaurs?Maybe. But the gold bugs had the retort of the week to crypto kingpin Barry Silbert and others who areurging investorsto drop the yellow metal in favor of Bitcoin. Check out thisclever tweet, which uses a chart of gold’s recent uptick to draw a very happy brontosaurus:Your move, Barry. || Disrupting the Dollar, Gold vs Bitcoin, Marvelous Montauk—The Ledger: On the shores of foggy Montauk, tech and finance executives gathered last week atFortune’sBrainstorm Financeto talk about big ideas. Notably, they explored how the ethos of Silicon Valley isseeping into Wall Street, and asked whetherbig banks will be displaced—or if the old guard of the financial world will simply appropriate new tech tools to stay in control for decades to come. One of many delightful surprises: Citi CEO Michael Corbat took up the counter-cultural mantle,labeling himself a “true believer”in cryptocurrency.
Meanwhile, some currents of the conversation raised an even deeper question: Will new technology, notably cryptocurrency, end the dominance of the U.S. dollar? At a breakfast panel, TrustToken co-founder Tory Reiss noted how merchants in China and Ukraine are using digital money called Tether to arrange import deals, while thousands of brokers in Hong Kong are using WhatsApp and Bitcoin to subvert currency controls. In the past, it would have been U.S. dollars—namely suitcases full of cash—enabling such transactions.
Others predicted that the next phase of finance will see nation states issuing cryptocurrencies of their own. For Alex Mashinsky of Celsius Network, this will further hasten the decline of the dollar as the world’s reserve currency, and cause America to lose one of its most powerful geopolitical assets. “The monopoly of the U.S. dollar will be disrupted likeAT&Tbefore it,” he said, referring to the 1980s breakup of what was once America’s most powerful communications monopoly.
It’s not just countries, of course, getting into the digital currency game. On theBrainstorm Financemain stage, Kathryn Haun of Silicon Valley venture capital firm Andreessen Horowitzdiscussed Project Libra, the Facebook-ledinitiativeto create a new type of money for billions of users. As Haun explained it, her firm is just one of dozens that will hammer out the details of Libra, likening the process to a “Constitutional convention…you have all these different states coming in trying to form this union.”
Not everyone is cheering on this process—and some are downright hostile. Ledger reader Michele Clarke sent us an acerbic email to say, “So a quick fact check – these are corporations, not ‘states’. And wouldn’t holding a ‘Constitutional convention’ fall under the literal definition of treason?”
Meanwhile, others questioned if the financial future we are creating is part of the larger surveillance state arising all around us. In the words of Amber Baldet, Clovyr CEO and formerJPMorgan Chaseexecutive, there is a real risk of a “William Gibsonian corporate dystopia” if we turn away from decentralization, which was the original promise of blockchain technology. Finally, Gem CEO Micah Winkelspecht—a long time blockchain builder—made an impassioned plea to treat the ability to tinker with new financial technologies as a human right. As I said, lots of big ideas on the shores of Montauk.
***
If Ledger readers will indulge us in a victory lap, we were absolutely thrilled with the inaugural edition of Brainstorm Finance. We received rave reviews—including one delegate who described it as a “conference without annoying conference people.” Jen, Robert, Adam, and I want to thank everyone who came, read our coverage, and contributed to the discussions. We can’t wait to do it all over again next year.
GOT TIPS?
Send feedback and tips to [email protected], find us on Twitter@FortuneLedgeror email/DM me directly at the contact info below. Please tell your friendsto subscribe.
Jeff [email protected]@fortune.com
1. THE LEDGER’S LATESTExclusive: Mortgage Master Blend Raises $130 Millionby Robert HackettWhy Blockchain ‘Hype’ Needs to Stopby Anne SradersTala CEO: How Facebook’s Libra Cryptocurrency Can Help Companies Scaleby Lucinda ShenWhat’s Next in Blockchain? Ask This Teenage Engineerby Natallie RochaSecurity Tokens Will Be the ‘Killer App’ of Cryptocurrency, OverstockCEO Saysby Jeff John RobertsRipple CEO: Facebook Libra Cryptocurrency Push Makes Me Happyby Jonathan Vanian
2. DECENTRALIZED NEWSTo the Moon…Bitcoin is at$11,000 and climbing. Project Libra willturbo-chargeFacebook’s ad empire. France createsG7 task forceto study cryptocurrency and central banks. Fin-tech startup Tallyraises $50 millionto automate personal finance. Mike Novogratz’s Galaxy Digitalunveils option tradingfor hedgies. IBM Blockchain offers“pay as you grow” pricing.…Rekt.Fintech startup says Facebooklifted its logofor Libra. Amazon hasno plansto take on the big banks. E&Y says dead Quadriga founderdipped intoclients’ crypto funds. Western Union CEO says “cashless is classist—and bad for business.” Coinbaserebuffs zero-day attack, “burn[s] down attacker’s infrastructure.” Israeli busted for mass Bitfinex hack tells court “I’m a good boy.” Hey Facebook, the Senate Bank Committeewould like to talk to you about Libraon July 16. AndMaxine will see youthe next day.
3. BALANCING THE LEDGERA personal highlight of Brainstorm Finance was hosting what Robert called “crypto firepower”—DCG’s Barry Silbert, Circle’s Jeremy Allaire and Clovyr’s Amber Baldet—on the same panel. Needless to say,a lively chat ensued. Bonus tidbit: at the outset, I asked the room if they would invest their last $10,000 in Bitcoin or gold—the poll was about a 50-50 split.
4. BUBBLE-O-METER22 yearsBitcoin is going up, up, up of late. But despite crossing the $11,000 mark, it has much more ground to cover before it reaches its all-time 2017 high of nearly $20,000. This seems a good time, then, to dig out arecent surveyby a UBS analyst of other spectacular bubbles (i.e. the NASDAQ in 2000, oil in 2008) and the path from trough to recovery. In the worst case—the Dow Jones crash of 1929—the road back took 22 years. Here’s betting we’ll see $20K Bitcoin before the year 2039.
5. MEMES AND MUMBLESGold is for dinosaurs?Maybe. But the gold bugs had the retort of the week to crypto kingpin Barry Silbert and others who areurging investorsto drop the yellow metal in favor of Bitcoin. Check out thisclever tweet, which uses a chart of gold’s recent uptick to draw a very happy brontosaurus:Your move, Barry. || Disrupting the Dollar, Gold vs Bitcoin, Marvelous MontaukThe Ledger: On the shores of foggy Montauk, tech and finance executives gathered last week at Fortunes Brainstorm Finance to talk about big ideas. Notably, they explored how the ethos of Silicon Valley is seeping into Wall Street , and asked whether big banks will be displaced or if the old guard of the financial world will simply appropriate new tech tools to stay in control for decades to come. One of many delightful surprises: Citi CEO Michael Corbat took up the counter-cultural mantle, labeling himself a true believer in cryptocurrency. Meanwhile, some currents of the conversation raised an even deeper question: Will new technology, notably cryptocurrency, end the dominance of the U.S. dollar? At a breakfast panel, TrustToken co-founder Tory Reiss noted how merchants in China and Ukraine are using digital money called Tether to arrange import deals, while thousands of brokers in Hong Kong are using WhatsApp and Bitcoin to subvert currency controls. In the past, it would have been U.S. dollarsnamely suitcases full of cashenabling such transactions. Others predicted that the next phase of finance will see nation states issuing cryptocurrencies of their own. For Alex Mashinsky of Celsius Network, this will further hasten the decline of the dollar as the worlds reserve currency, and cause America to lose one of its most powerful geopolitical assets. The monopoly of the U.S. dollar will be disrupted like AT&T before it, he said, referring to the 1980s breakup of what was once Americas most powerful communications monopoly. Its not just countries, of course, getting into the digital currency game. On the Brainstorm Finance main stage, Kathryn Haun of Silicon Valley venture capital firm Andreessen Horowitz discussed Project Libra , the Facebook-led initiative to create a new type of money for billions of users. As Haun explained it, her firm is just one of dozens that will hammer out the details of Libra, likening the process to a Constitutional convention
you have all these different states coming in trying to form this union. Story continues Not everyone is cheering on this processand some are downright hostile. Ledger reader Michele Clarke sent us an acerbic email to say, So a quick fact check these are corporations, not states. And wouldnt holding a Constitutional convention fall under the literal definition of treason? Meanwhile, others questioned if the financial future we are creating is part of the larger surveillance state arising all around us. In the words of Amber Baldet, Clovyr CEO and former JPMorgan Chase executive, there is a real risk of a William Gibsonian corporate dystopia if we turn away from decentralization, which was the original promise of blockchain technology. Finally, Gem CEO Micah Winkelspechta long time blockchain buildermade an impassioned plea to treat the ability to tinker with new financial technologies as a human right. As I said, lots of big ideas on the shores of Montauk. *** If Ledger readers will indulge us in a victory lap, we were absolutely thrilled with the inaugural edition of Brainstorm Finance. We received rave reviewsincluding one delegate who described it as a conference without annoying conference people. Jen, Robert, Adam, and I want to thank everyone who came, read our coverage, and contributed to the discussions. We cant wait to do it all over again next year. GOT TIPS? Send feedback and tips to [email protected], find us on Twitter @FortuneLedger or email/DM me directly at the contact info below. Please tell your friends to subscribe . Jeff Roberts @jeffjohnroberts [email protected] THE LEDGERS LATEST Exclusive: Mortgage Master Blend Raises $130 Million by Robert Hackett Why Blockchain Hype Needs to Stop by Anne Sraders Tala CEO: How Facebooks Libra Cryptocurrency Can Help Companies Scale by Lucinda Shen Whats Next in Blockchain? Ask This Teenage Engineer by Natallie Rocha Security Tokens Will Be the Killer App of Cryptocurrency, Overstock CEO Says by Jeff John Roberts Ripple CEO: Facebook Libra Cryptocurrency Push Makes Me Happy by Jonathan Vanian DECENTRALIZED NEWS To the Moon
Bitcoin is at $11,000 and climbing . Project Libra will turbo-charge Facebooks ad empire. France creates G7 task force to study cryptocurrency and central banks. Fin-tech startup Tally raises $50 million to automate personal finance. Mike Novogratzs Galaxy Digital unveils option trading for hedgies. IBM Blockchain offers pay as you grow pricing.
Rekt. Fintech startup says Facebook lifted its logo for Libra. Amazon has no plans to take on the big banks. E&Y says dead Quadriga founder dipped into clients crypto funds. Western Union CEO says cashless is classist and bad for business. Coinbase rebuffs zero-day attack , burn[s] down attackers infrastructure. Israeli busted for mass Bitfinex hack tells court Im a good boy. Hey Facebook, the Senate Bank Committee would like to talk to you about Libra on July 16. And Maxine will see you the next day. BALANCING THE LEDGER A personal highlight of Brainstorm Finance was hosting what Robert called crypto firepowerDCGs Barry Silbert, Circles Jeremy Allaire and Clovyrs Amber Baldeton the same panel. Needless to say, a lively chat ensued . Bonus tidbit: at the outset, I asked the room if they would invest their last $10,000 in Bitcoin or goldthe poll was about a 50-50 split. BUBBLE-O-METER 22 years Bitcoin is going up, up, up of late. But despite crossing the $11,000 mark, it has much more ground to cover before it reaches its all-time 2017 high of nearly $20,000. This seems a good time, then, to dig out a recent survey by a UBS analyst of other spectacular bubbles (i.e. the NASDAQ in 2000, oil in 2008) and the path from trough to recovery. In the worst casethe Dow Jones crash of 1929the road back took 22 years. Heres betting well see $20K Bitcoin before the year 2039. MEMES AND MUMBLES Gold is for dinosaurs? Maybe. But the gold bugs had the retort of the week to crypto kingpin Barry Silbert and others who are urging investors to drop the yellow metal in favor of Bitcoin. Check out this clever tweet , which uses a chart of golds recent uptick to draw a very happy brontosaurus: Your move, Barry. || Hotter Weather Trends Help Light a Fire Under Natural Gas ETFs: This article was originally published onETFTrends.com.
Natural gas futures and related ETFs surged Monday as hotter weather conditions helped stoke the electricity demand outlook for air cooling in more sweltering areas of the U.S.
TheUnited States Natural Gas Fund (UNG) gained 5.3% Monday after falling off 24.4% year-to-date. Meanwhile, Nymex natural gas futures were 5.4% higher to $2.31 per million British thermal units.
Bespoke Weather Services shifted its forecast to project a hotter first week of July, but the firm warned that trends in its weather models were mixed over the weekend,Natural Gas Intelligencereports.
The European model, “which had been the coolest model in terms of its surface temperature projection all of last week,” added several gas-weighted degree days (GWDD) over the weekend by “slowing down the retreat of heat back into the western U.S.,” Bespoke said. “It was joined by the Canadian ensemble, which made a similar shift.”
On the other hand, the American model showed a hotter last week but shifted cooler over the weekend, with changes on a three- to four-day period around the start of July.
“The weather component shifted a little more bullish over the weekend” because the European model showed “a little more heat into early July, but the overall weaker fundamentals data this morning keeps us neutral,” Bespoke added, pointing to an increase in the latest supply readings and somewhat weaker weather-adjusted power burns.
The more bullish outlook may have also fueled a knee-jerk rebound in an oversold natural gas market, which plunged last week after an updated larger-than-expected weekly increase in U.S. supplies. The U.S. Energy Information Administration revealed that domestic supplies of natural gas rose by 115 billion cubic feet for the week ended June 14, compared to average forecasts for about a 100 billion cubic feet gain. Total stockpiles were at 2.203 trillion cubic feet, or 209 billion cubic feet greater year-over-year.
For more information on the natgas market, visit ournatural gas category.
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strategy: 5010HL1h atr20d: 550.16
25 Jun 2019 13:00:00 UTC
🔄 'None' 22:00:00 JST
--- 11476.5 upper_entry_trigger
&gt; 11207.0 last_price $BTC/USD
--- 10529.5 lower_entry_trigger
#BTC/USD perpetual contract on #BitMEX || https://t.co/CLsPfe6uWK || The latest BTC, CBD, OUD, THC, LTC, ETC, POT, XRP, SUD 3 Letter Acronyms You Oughta Know By Now! https://t.co/h3rdRzMwZf Thanks to @ganjapreneur #cannabis #cbd || O valor médio das criptomoedas é:
Bitcoin(BTC) R$ 43544,72
Litecoin(LTC) R$ ...
|
13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04.
|
[Bitcoin Technical Analysis for 2020-10-19]
Volume: 23860769928, RSI (14-day): 67.08, 50-day EMA: 10999.21, 200-day EMA: 10095.81
[Wider Market Context]
Gold Price: 1906.40, Gold RSI: 49.81
Oil Price: 40.83, Oil RSI: 52.99
[Recent News (last 7 days)]
Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report: Rep. Nancy Pelosi, speaker of the Democrat-majority U.S. House of Representatives, told the White House on Sunday it has until Tuesday to reach a deal on a pandemic stimulus package or it would be unlikely to be passed before the presidential election, the Wall Street Journalreported.
• If no deal is reached by Tuesday evening, even if negotiations continue and are eventually successful, it’s unlikely to produce a package before the Nov. 3 election, the WSJ said, quoting an aide to the Senate Democrat.
• House Democrats are seeking a $2.2 trillion relief package. While President Donald Trump has said he’s prepared to go beyond his $1.8 trillion proposal, Senate Republicans, who are in the majority, are in favor of a much more modest package and may not support him.
• If a package isn’t passed by the election, it might be well into February before one happens, the WSJ said, quoting Rep. Tom Reed (R-N.Y.).
• Why this matters to crypto:Bitcoin(BTC) prices have been buoyed this year as investors bet that trillions of dollars of government and central bank spending around the world in response to the coronavirus-induced economic slowdown will inevitably result in inflation, and therefore be positive for the cryptocurrency.
• As such, if a stimulus deal is reached, BTC may rise further.
• Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report
• Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report
• Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report
• Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report || Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report: Rep. Nancy Pelosi, speaker of the Democrat-majority U.S. House of Representatives, told the White House on Sunday it has until Tuesday to reach a deal on a pandemic stimulus package or it would be unlikely to be passed before the presidential election, the Wall Street Journal reported. If no deal is reached by Tuesday evening, even if negotiations continue and are eventually successful, it’s unlikely to produce a package before the Nov. 3 election, the WSJ said, quoting an aide to the Senate Democrat. House Democrats are seeking a $2.2 trillion relief package. While President Donald Trump has said he’s prepared to go beyond his $1.8 trillion proposal, Senate Republicans, who are in the majority, are in favor of a much more modest package and may not support him. If a package isn’t passed by the election, it might be well into February before one happens, the WSJ said, quoting Rep. Tom Reed (R-N.Y.). Why this matters to crypto: Bitcoin (BTC) prices have been buoyed this year as investors bet that trillions of dollars of government and central bank spending around the world in response to the coronavirus-induced economic slowdown will inevitably result in inflation, and therefore be positive for the cryptocurrency. As such, if a stimulus deal is reached, BTC may rise further. Related Stories Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report Pelosi Says It’s Tuesday or Bust if White House Wants a Pre-Election Stimulus Package: Report || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 18, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/610951/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 18, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/610951/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 18, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/610951/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World: On Long Reads Sunday, a reading of a John Street Capital piece on the realities of a market characterized by zero-bound interest rates. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic . Related: Bitcoin News Roundup for Oct. 19, 2020 On this week’s Long Reads Sunday, NLW reads: “ Capital Allocation & Risk Asset Ramifications in a 0% Interest Rate World ” The piece examines how different asset classes – from stocks to bonds to bitcoin and beyond – fare in the context of a world where the Federal Reserve is determined to keep interest rates at or near zero for years to come. See also: ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World || How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World: On Long Reads Sunday, a reading of a John Street Capital piece on the realities of a market characterized by zero-bound interest rates. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic . Related: Bitcoin News Roundup for Oct. 19, 2020 On this week’s Long Reads Sunday, NLW reads: “ Capital Allocation & Risk Asset Ramifications in a 0% Interest Rate World ” The piece examines how different asset classes – from stocks to bonds to bitcoin and beyond – fare in the context of a world where the Federal Reserve is determined to keep interest rates at or near zero for years to come. See also: ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World || How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World: On Long Reads Sunday, a reading of a John Street Capital piece on the realities of a market characterized by zero-bound interest rates. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic . Related: Bitcoin News Roundup for Oct. 19, 2020 On this week’s Long Reads Sunday, NLW reads: “ Capital Allocation & Risk Asset Ramifications in a 0% Interest Rate World ” The piece examines how different asset classes – from stocks to bonds to bitcoin and beyond – fare in the context of a world where the Federal Reserve is determined to keep interest rates at or near zero for years to come. See also: ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World How Stocks, Bitcoin and Other Investments Fare in a 0% Interest Rate World || The Crypto Daily – Movers and Shakers – October 18th, 2020: Bitcoin, BTC to USD, rose by 0.44% on Saturday. Partially reversing a 1.62% fall from Friday, Bitcoin ended the day at $11,375.0. It was a mixed start to the day. Bitcoin fell to an early morning low $11,290.0 before striking a mid-morning high $11,388.0. Leaving the major support and resistance levels untested, Bitcoin slid to an early afternoon intraday low $11,275.0. Steering clear of the first major support level at $11,176, Bitcoin hit a mid-afternoon intraday high $11,418.0 before easing back. Falling short of the first major resistance level at $11,511, Bitcoin fell back to end the day at sub-$11,400 levels. The near-term bullish trend remained intact, supported by the latest move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Saturday. Bitcoin Cash ABC (-1.52%), Bitcoin Cash SV (-0.19%), Crypto.com Coin (-1.91%), and Litcoin (-1.49%) saw red on the day.. Binance Coin (+0.53%), Cardano’s ADA (+1.61%), Chainlink (+0.31%), Ethereum (+0.80%), Polkadot (+1.16%), and Ripple’s XRP (+0.17%) joined Bitcoin in the green. In the current week, the crypto total market rose to a Monday high $365.23bn before falling to a Friday low $343.10. At the time of writing, the total market cap stood at $350.42bn. Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Friday high 60.45%. At the time of writing, Bitcoin’s dominance stood at 60.19%. This Morning At the time of writing, Bitcoin was up by 0.14% to $11,391.0. A mixed start to the day saw Bitcoin fall to an early morning high $11,364.9 before rising to a high $11,410.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day for the crypto majors. Bitcoin Cash SV was down by 0.35% to buck the trend early on. It was a bullish start for the rest of the majors, however. Story continues At the time of writing, Binance Coin was up by 1.40% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $11,356 to bring the first major resistance level at $11,437 back into play. Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,418.0. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another crypto breakout, Bitcoin could test the second major resistance level at $11,499. Failure to avoid a fall through the $11,356 pivot would bring the first major support level at $11,294 into play. Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$11,200 levels. The second major support level at $11,213 should limit any downside. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD and NZD/USD Fundamental Daily Forecast – Rate Cut Chatter, Lower Risk Appetite Key Bearish Catalysts The Week Ahead – U.S Politics, COVID-19, Brexit, and Private Sector PMIs in Focus S&P 500 Weekly Price Forecast – Stock Markets Show Signs of Exhaustion The Weekly Wrap – Brexit, COVID-19, and U.S Politics Drive the Majors Arab SWFs Struggling with Rentier State Strategies Crude Oil Weekly Price Forecast – Crude Oil Markets Eke Out Gains || The Crypto Daily – Movers and Shakers – October 18th, 2020: Bitcoin, BTC to USD, rose by 0.44% on Saturday. Partially reversing a 1.62% fall from Friday, Bitcoin ended the day at $11,375.0.
It was a mixed start to the day. Bitcoin fell to an early morning low $11,290.0 before striking a mid-morning high $11,388.0.
Leaving the major support and resistance levels untested, Bitcoin slid to an early afternoon intraday low $11,275.0.
Steering clear of the first major support level at $11,176, Bitcoin hit a mid-afternoon intraday high $11,418.0 before easing back.
Falling short of the first major resistance level at $11,511, Bitcoin fell back to end the day at sub-$11,400 levels.
The near-term bullish trend remained intact, supported by the latest move back through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Saturday.
Bitcoin Cash ABC (-1.52%), Bitcoin Cash SV (-0.19%), Crypto.com Coin (-1.91%), and Litcoin (-1.49%) saw red on the day..
Binance Coin (+0.53%), Cardano’s ADA (+1.61%), Chainlink (+0.31%), Ethereum (+0.80%), Polkadot (+1.16%), and Ripple’s XRP (+0.17%) joined Bitcoin in the green.
In the current week, the crypto total market rose to a Monday high $365.23bn before falling to a Friday low $343.10. At the time of writing, the total market cap stood at $350.42bn.
Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Friday high 60.45%. At the time of writing, Bitcoin’s dominance stood at 60.19%.
At the time of writing, Bitcoin was up by 0.14% to $11,391.0. A mixed start to the day saw Bitcoin fall to an early morning high $11,364.9 before rising to a high $11,410.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
Bitcoin Cash SV was down by 0.35% to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Binance Coin was up by 1.40% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $11,356 to bring the first major resistance level at $11,437 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,418.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test the second major resistance level at $11,499.
Failure to avoid a fall through the $11,356 pivot would bring the first major support level at $11,294 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$11,200 levels. The second major support level at $11,213 should limit any downside.
Thisarticlewas originally posted on FX Empire
• AUD/USD and NZD/USD Fundamental Daily Forecast – Rate Cut Chatter, Lower Risk Appetite Key Bearish Catalysts
• The Week Ahead – U.S Politics, COVID-19, Brexit, and Private Sector PMIs in Focus
• S&P 500 Weekly Price Forecast – Stock Markets Show Signs of Exhaustion
• The Weekly Wrap – Brexit, COVID-19, and U.S Politics Drive the Majors
• Arab SWFs Struggling with Rentier State Strategies
• Crude Oil Weekly Price Forecast – Crude Oil Markets Eke Out Gains || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 17, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/610916/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 17, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/610916/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 17, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/610916/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Where Does Bitcoin Fit in the Global Reserve Currency Game?: On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy and Jonathan Mohan for a look at the past, present and future of global reserve currencies For more episodes and free early access before our regular releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic Related: First Mover: 'Blue Wave' in US Senate Could Mean Flood of Stimulus for Bitcoin In the beginning there was the global reserve currency (U.S. dollars), national currencies like the Japanese yen, alternative currencies like Ithaca hours and just one cryptocurrency, bitcoin . But what a difference a decade can make. Today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than bitcoin, but also currencies that use some of the technology that makes bitcoin so powerful, but which pairs it with the authority of a national government like the digital yuan in China, the digital euro out of Brussels, or even a globe-spanning corporation with billions of customers like the libra, backed by Facebook. In this emerging picture, is bitcoin still interesting? First attempts, which bitcoin very much is, are often not the successful attempts. And, importantly, as the world changes and we get closer to something other than the dollar standard, where does bitcoin fit? See also: Getting Internet Identity Right, 30 Years On Related Stories Where Does Bitcoin Fit in the Global Reserve Currency Game? Where Does Bitcoin Fit in the Global Reserve Currency Game? Where Does Bitcoin Fit in the Global Reserve Currency Game? || Where Does Bitcoin Fit in the Global Reserve Currency Game?: On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy and Jonathan Mohan for a look at the past, present and future of global reserve currencies
Formore episodesand free early access before our regular releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,Nexo.ioandElliptic
Related:First Mover: 'Blue Wave' in US Senate Could Mean Flood of Stimulus for Bitcoin
In the beginning there was the global reserve currency (U.S. dollars), national currencies like the Japanese yen, alternative currencies like Ithaca hours and just one cryptocurrency,bitcoin.
But what a difference a decade can make. Today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than bitcoin, but also currencies that use some of the technology that makes bitcoin so powerful, but which pairs it with the authority of a national government like the digital yuan in China, the digital euro out of Brussels, or even a globe-spanning corporation with billions of customers like the libra, backed by Facebook.
In this emerging picture, is bitcoin still interesting? First attempts, which bitcoin very much is, are often not the successful attempts. And, importantly, as the world changes and we get closer to something other than the dollar standard, where does bitcoin fit?
See also:Getting Internet Identity Right, 30 Years On
• Where Does Bitcoin Fit in the Global Reserve Currency Game?
• Where Does Bitcoin Fit in the Global Reserve Currency Game?
• Where Does Bitcoin Fit in the Global Reserve Currency Game? || Where Does Bitcoin Fit in the Global Reserve Currency Game?: On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy and Jonathan Mohan for a look at the past, present and future of global reserve currencies
Formore episodesand free early access before our regular releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,Nexo.ioandElliptic
Related:First Mover: 'Blue Wave' in US Senate Could Mean Flood of Stimulus for Bitcoin
In the beginning there was the global reserve currency (U.S. dollars), national currencies like the Japanese yen, alternative currencies like Ithaca hours and just one cryptocurrency,bitcoin.
But what a difference a decade can make. Today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than bitcoin, but also currencies that use some of the technology that makes bitcoin so powerful, but which pairs it with the authority of a national government like the digital yuan in China, the digital euro out of Brussels, or even a globe-spanning corporation with billions of customers like the libra, backed by Facebook.
In this emerging picture, is bitcoin still interesting? First attempts, which bitcoin very much is, are often not the successful attempts. And, importantly, as the world changes and we get closer to something other than the dollar standard, where does bitcoin fit?
See also:Getting Internet Identity Right, 30 Years On
• Where Does Bitcoin Fit in the Global Reserve Currency Game?
• Where Does Bitcoin Fit in the Global Reserve Currency Game?
• Where Does Bitcoin Fit in the Global Reserve Currency Game? || New data show how dominant Tether has become as a trading pair on crypto exchanges: Bitcoin used to be far and away the most popular trading pair at crypto exchanges. These days, the distinction belongs to Tether.
Around 70% of the trading volume at exchanges is now denominated in Tether, while 15% is denominated in bitcoin and another 4% is in other stablecoins.
In the first quarter of 2017, bitcoin pairs were nearly 50% of the volume, whileonly 5% of spot volume was denominated in Tether, and USD pairs comprised about 40%, according to data compiled byThe Block Research.
One explanation for the trend is the declining dominance of derivatives exchange, BitMEX. According to The Block Research's Larry Cermak, BitMEX only accepts BTC as collateral and the exchange's dominance in 2017 contributed to bitcoin's dominance as the base trading pair.
Now, competitors including OKEx, Huobi, and Binance are stealing market share away from BitMEX — and they all support Tether as collateral.
For more information about theTetherization of trading, subscribe to The Block Research.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || New data show how dominant Tether has become as a trading pair on crypto exchanges: Bitcoin used to be far and away the most popular trading pair at crypto exchanges. These days, the distinction belongs to Tether. Around 70% of the trading volume at exchanges is now denominated in Tether, while 15% is denominated in bitcoin and another 4% is in other stablecoins. In the first quarter of 2017, bitcoin pairs were nearly 50% of the volume, while only 5% of spot volume was denominated in Tether, and USD pairs comprised about 40%, according to data compiled by The Block Research . One explanation for the trend is the declining dominance of derivatives exchange, BitMEX. According to The Block Research's Larry Cermak, BitMEX only accepts BTC as collateral and the exchange's dominance in 2017 contributed to bitcoin's dominance as the base trading pair. Now, competitors including OKEx, Huobi, and Binance are stealing market share away from BitMEX — and they all support Tether as collateral. For more information about the Tetherization of trading , subscribe to The Block Research. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Cryptocurrency Is Just a Minor Threat to the State: Are cryptocurrencies a new form of money and, if so, do they threaten state power? Our friend Nic Carter has recently commented on these questions in dialogue with the Federal Reserve Bank of New York. We would like to add our perspective and thoughts on this, as we believe there is value to be derived from discussing these matters in depth. For better and worse, we believe that blockchains such as Bitcoin, Ethereum and Handshake (in which I am involved) have features that make them a novel threat to the powers that states derive from currency issuance — but only a very marginal threat. This fairly mild conclusion flows from more controversial premises. Steven McKie is a founding partner and managing director at Amentum Capital, developer on HandyMiner and HandyBrowser for Handshake and host of the BlockChannel podcast. A version of this article first appeared on Amentum’s blog . Related: First Mover: 'Blue Wave' in US Senate Could Mean Flood of Stimulus for Bitcoin The New York Fed writers name three kinds of money: fiat money, money with intrinsic or commodity value and claim-backed money. Without getting lost in the weeds, we think this overcomplicates things. All money that we can think of falls into two categories: either it has intrinsic value (like edible grains) or it doesn’t. If it doesn’t, then its value comes from the supposition that someone else values it. This mysterious “someone else” might be totally unspecified, as when we suppose someone will pay us for gold; or it might include a specific party, such as a state, that promises to take the money in exchange for, e.g., discharging tax obligations. Bitcoin , like gold in the post-gold-standard era, falls into the former category. It has no intrinsic value and nobody in particular has promised to exchange anything for it. We just guess that someone will. But we should not be surprised that the world’s most popular kinds of money are the ones that states explicitly promise to honor. For states, such promises are an extremely important instrument of their power. For example, by only accepting dollars as tax payment, the United States obliges its hundreds of millions of people to make sure they have dollars handy. Because of this, everyone in the world knows they can sell their dollars to someone (i.e., to U.S. residents). Moreover, everyone knows that by accumulating dollars they gain certain leverage over the United States. This situation enables the United States to print its own money and in so doing, project its power around the world. Story continues The power to print money also gives states another kind of power: It enables them to maximize their productivity. By increasing the money supply, they can pull more people on the margins of the economy into the productive process. But this comes at the cost of the scarcity of money and, because it puts the newly minted money directly into the pockets of the less-powerful, tends to decrease the power of those who have already accumulated a lot of money. Hence, artificial constraints of the money supply, like the gold standard, are often associated with extremely conservative politics. Constraining the money supply hurts productivity, but it preserves social hierarchies. Related: 'Boring' Bitcoin Market Sends Miners' Fee Earnings to 3-Month Low This is where the more benign hopes of transcending nation-states mix with the darker fantasies of so-called bitcoin maximalists. On the one hand, a meaningful alternative to national currencies could allow people in abusive regimes not to rely on their governments’ worthless “promises.” On the other hand, a mechanistically fixed supply of money could put an unequal social hierarchy beyond the reach of democratic power, as the gold standard once did. Read more: Trump’s Security Hawks Call Distributed Ledgers ‘Critical’ in US-China Tech Arms Race Bitcoin, in this respect, is very much like gold. And like gold, it poses no active threat to state currencies or state power. For the value of state currencies – as described above – is predicated upon the actual, practical power of states. Throughout modern history, the preeminent reserve currency has been the coin of the world’s preeminent military power. Only if states lose their status as the main global powers are their currencies likely to follow suit. Cryptocurrencies are only playing around the margins of this reality. Still, they can play an interesting role because they have features that prior non-state currencies did not. For example, they can facilitate coordination and communication between their holders. Imagine if all the holders of gold could, for example, vote on whether to mine more. Moreover, some cryptocurrencies have intrinsic value, such as ether (paying for the use of a distributed network), or HNS (paying for domain names on a decentralized registry). Improved diplomacy through incentives The ongoing improvements in global cooperation that happen in the bitcoin/crypto private sector derive from the many players that ensure a proof-of-work (PoW) system remains secure. The intricacies that go into the production of hashrate, such as power and chipmaker pricing negotiation, manufacturing, international sales and marketing, mining pools and hashpower secondary markets. All are playing a piece in hardening relationships locally and internationally. Therefore, a properly secured chain has then worked its way into regional regulations and labor, becoming a localized economic staple over time as it approaches scale. And, the second-order effects that come from that embedded chain of incentives include a public blockchain that is secure, not just technically but socially and politically. The most secure chains possessing such widespread economies of scale become powerful economic instruments of finance and political social progress (albeit slowly, but each new major public chain hastens this emergent process, thankfully). In essence, though these systems may at first seem adversarial to state power by their very design, if you look more closely you’ll see they inherently (slowly) improve diplomacy via scalable trustless cooperation and international business over time. To understand more on the “alchemy of PoW hashpower” and how it naturally derives incentives for international business cooperation, see this ongoing series from Anicca Research . The trustless systems we deploy globally have powerful consequences, and it’s important that we as an industry understand how to continually scale the positive aspects of decentralized monetary systems, without amplifying the negative effects such as centralized financial influence. States are not wrong to be somewhat threatened by these hard-to-assess possibilities. If many people decide they would rather hold cryptocurrencies than state-backed currencies, it will diminish states’ abilities to project power through their coins. Read more: The Crypto-Dollar Surge and the American Opportunity But states still have the armies, the police and – on a good day anyway – democratic legitimacy. All of that still matters, and will for a long time. Related Stories Cryptocurrency Is Just a Minor Threat to the State Cryptocurrency Is Just a Minor Threat to the State || Cryptocurrency Is Just a Minor Threat to the State: Are cryptocurrencies a new form of money and, if so, do they threaten state power?
Our friend Nic Carter has recentlycommentedon these questions indialoguewith the Federal Reserve Bank of New York. We would like to add our perspective and thoughts on this, as we believe there is value to be derived from discussing these matters in depth. For better and worse, we believe that blockchains such as Bitcoin, Ethereum and Handshake (in which I am involved) have features that make them a novel threat to the powers that states derive from currency issuance — but only a very marginal threat. This fairly mild conclusion flows from more controversial premises.
Steven McKie is a founding partner and managing director at Amentum Capital, developer on HandyMiner and HandyBrowser for Handshake and host of the BlockChannel podcast. A version of this article first appeared onAmentum’s blog.
Related:First Mover: 'Blue Wave' in US Senate Could Mean Flood of Stimulus for Bitcoin
The New York Fed writers name three kinds of money: fiat money, money with intrinsic or commodity value and claim-backed money. Without getting lost in the weeds, we think this overcomplicates things. All money that we can think of falls into two categories: either it has intrinsic value (like edible grains) or it doesn’t. If it doesn’t, then its value comes from the supposition that someone else values it.
This mysterious “someone else” might be totally unspecified, as when we suppose someone will pay us for gold; or it might include a specific party, such as a state, that promises to take the money in exchange for, e.g., discharging tax obligations.Bitcoin, like gold in the post-gold-standard era, falls into the former category. It has no intrinsic value and nobody in particular has promised to exchange anything for it. We just guess that someone will.
But we should not be surprised that the world’s most popular kinds of money are the ones that states explicitly promise to honor. For states, such promises are an extremely important instrument of their power. For example, by only accepting dollars as tax payment, the United States obliges its hundreds of millions of people to make sure they have dollars handy. Because of this, everyone in the world knows they can sell their dollars to someone (i.e., to U.S. residents). Moreover, everyone knows that by accumulating dollars they gain certain leverage over the United States. This situation enables the United States to print its own money and in so doing, project its power around the world.
The power to print money also gives states another kind of power: It enables them to maximize their productivity. By increasing the money supply, they can pull more people on the margins of the economy into the productive process. But this comes at the cost of the scarcity of money and, because it puts the newly minted money directly into the pockets of the less-powerful, tends to decrease the power of those who have already accumulated a lot of money. Hence, artificial constraints of the money supply, like the gold standard, are often associated with extremely conservative politics. Constraining the money supply hurts productivity, but it preserves social hierarchies.
Related:'Boring' Bitcoin Market Sends Miners' Fee Earnings to 3-Month Low
This is where the more benign hopes of transcending nation-states mix with the darker fantasies of so-called bitcoin maximalists. On the one hand, a meaningful alternative to national currencies could allow people in abusive regimes not to rely on their governments’ worthless “promises.” On the other hand, a mechanistically fixed supply of money could put an unequal social hierarchy beyond the reach of democratic power, as the gold standard once did.
Read more:Trump’s Security Hawks Call Distributed Ledgers ‘Critical’ in US-China Tech Arms Race
Bitcoin, in this respect, is very much like gold. And like gold, it poses no active threat to state currencies or state power. For the value of state currencies – as described above – is predicated upon the actual, practical power of states. Throughout modern history, the preeminent reserve currency has been the coin of the world’s preeminent military power. Only if states lose their status as the main global powers are their currencies likely to follow suit.
Cryptocurrencies are only playing around the margins of this reality. Still, they can play an interesting role because they have features that prior non-state currencies did not. For example, they can facilitate coordination and communication between their holders. Imagine if all the holders of gold could, for example, vote on whether to mine more. Moreover, some cryptocurrencies have intrinsic value, such as ether (paying for the use of a distributed network), or HNS (paying for domain names on a decentralized registry).
The ongoing improvements in global cooperation that happen in the bitcoin/crypto private sector derive from the many players that ensure a proof-of-work (PoW) system remains secure.
The intricacies that go into the production of hashrate, such as power and chipmaker pricing negotiation, manufacturing, international sales and marketing, mining pools and hashpower secondary markets. All are playing a piece in hardening relationships locally and internationally.
Therefore, a properly secured chain has then worked its way into regional regulations and labor, becoming a localized economic staple over time as it approaches scale. And, the second-order effects that come from that embedded chain of incentives include a public blockchain that is secure, not just technically but socially and politically. The most secure chains possessing such widespread economies of scale become powerful economic instruments of finance and political social progress (albeit slowly, but each new major public chain hastens this emergent process, thankfully).
In essence, though these systems may at first seem adversarial to state power by their very design, if you look more closely you’ll see they inherently (slowly) improve diplomacy via scalable trustless cooperation and international business over time.
To understand more on the “alchemy of PoW hashpower” and how it naturally derives incentives for international business cooperation, see thisongoing series from Anicca Research. The trustless systems we deploy globally have powerful consequences, and it’s important that we as an industry understand how to continually scale the positive aspects of decentralized monetary systems, without amplifying the negative effects such as centralized financial influence.
States are not wrong to be somewhat threatened by these hard-to-assess possibilities. If many people decide they would rather hold cryptocurrencies than state-backed currencies, it will diminish states’ abilities to project power through their coins.
Read more:The Crypto-Dollar Surge and the American Opportunity
But states still have the armies, the police and – on a good day anyway – democratic legitimacy. All of that still matters, and will for a long time.
• Cryptocurrency Is Just a Minor Threat to the State
• Cryptocurrency Is Just a Minor Threat to the State
[Social Media Buzz]
None available.
|
11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19.
|
[Bitcoin Technical Analysis for 2020-03-28]
Volume: 34885225901, RSI (14-day): 41.98, 50-day EMA: 7481.20, 200-day EMA: 8192.96
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Cardano Falls 10% In Bearish Trade: Investing.com - Cardano was trading at $0.027983 by 23:38 (03:38 GMT) on the Investing.com Index on Saturday, down 10.44% on the day. It was the largest one-day percentage loss since March 12. The move downwards pushed Cardano's market cap down to $733.76602M, or 0.00% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B. Cardano had traded in a range of $0.027982 to $0.029069 in the previous twenty-four hours. Over the past seven days, Cardano has seen a drop in value, as it lost 3.08%. The volume of Cardano traded in the twenty-four hours to time of writing was $85.38272M or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $0.0266 to $0.0314 in the past 7 days. At its current price, Cardano is still down 97.93% from its all-time high of $1.35 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $6,123.4 on the Investing.com Index, down 10.69% on the day. Ethereum was trading at $126.19 on the Investing.com Index, a loss of 10.24%. Bitcoin's market cap was last at $113.32570B or 0.00% of the total cryptocurrency market cap, while Ethereum's market cap totaled $14.17193B or 0.00% of the total cryptocurrency market value. Related Articles Telegram Seeks Clarity On The Preliminary Injunction Against TON Ethereum Falls 10% In Selloff Litecoin Falls 10% In Selloff || Ethereum Falls 10% In Selloff: Investing.com - Ethereum was trading at $126.27 by 23:38 (03:38 GMT) on the Investing.com Index on Saturday, down 10.16% on the day. It was the largest one-day percentage loss since March 16. The move downwards pushed Ethereum's market cap down to $14.17B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $126.21 to $132.30 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a drop in value, as it lost 2.74%. The volume of Ethereum traded in the twenty-four hours to time of writing was $11.31B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $120.1977 to $142.8971 in the past 7 days. At its current price, Ethereum is still down 91.13% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $6,123.8 on the Investing.com Index, down 10.69% on the day. XRP was trading at $0.16741 on the Investing.com Index, a loss of 5.57%. Bitcoin's market cap was last at $113.33B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.44B or 0.00% of the total cryptocurrency market value. Related Articles Telegram Seeks Clarity On The Preliminary Injunction Against TON Cardano Falls 10% In Bearish Trade Litecoin Falls 10% In Selloff View comments || Ethereum Falls 10% In Selloff: Investing.com - Ethereum was trading at $126.27 by 23:38 (03:38 GMT) on the Investing.com Index on Saturday, down 10.16% on the day. It was the largest one-day percentage loss since March 16.
The move downwards pushed Ethereum's market cap down to $14.17B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $126.21 to $132.30 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a drop in value, as it lost 2.74%. The volume of Ethereum traded in the twenty-four hours to time of writing was $11.31B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $120.1977 to $142.8971 in the past 7 days.
At its current price, Ethereum is still down 91.13% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $6,123.8 on the Investing.com Index, down 10.69% on the day.
XRP was trading at $0.16741 on the Investing.com Index, a loss of 5.57%.
Bitcoin's market cap was last at $113.33B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.44B or 0.00% of the total cryptocurrency market value.
Related Articles
Telegram Seeks Clarity On The Preliminary Injunction Against TON
Cardano Falls 10% In Bearish Trade
Litecoin Falls 10% In Selloff || Cardano Falls 10% In Bearish Trade: Investing.com - Cardano was trading at $0.027983 by 23:38 (03:38 GMT) on the Investing.com Index on Saturday, down 10.44% on the day. It was the largest one-day percentage loss since March 12.
The move downwards pushed Cardano's market cap down to $733.76602M, or 0.00% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.
Cardano had traded in a range of $0.027982 to $0.029069 in the previous twenty-four hours.
Over the past seven days, Cardano has seen a drop in value, as it lost 3.08%. The volume of Cardano traded in the twenty-four hours to time of writing was $85.38272M or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $0.0266 to $0.0314 in the past 7 days.
At its current price, Cardano is still down 97.93% from its all-time high of $1.35 set on January 4, 2018.
Bitcoin was last at $6,123.4 on the Investing.com Index, down 10.69% on the day.
Ethereum was trading at $126.19 on the Investing.com Index, a loss of 10.24%.
Bitcoin's market cap was last at $113.32570B or 0.00% of the total cryptocurrency market cap, while Ethereum's market cap totaled $14.17193B or 0.00% of the total cryptocurrency market value.
Related Articles
Telegram Seeks Clarity On The Preliminary Injunction Against TON
Ethereum Falls 10% In Selloff
Litecoin Falls 10% In Selloff || Bitcoin Falls 10% In Selloff: Investing.com - Bitcoin was trading at $6,150.3 by 23:35 (03:35 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12.
The move downwards pushed Bitcoin's market cap down to $113.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $6,150.3 to $6,374.3 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 0.57%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.0B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days.
At its current price, Bitcoin is still down 69.05% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $126.86 on the Investing.com Index, down 9.66% on the day.
XRP was trading at $0.16786 on the Investing.com Index, a loss of 5.29%.
Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value.
Related Articles
Telegram Seeks Clarity On The Preliminary Injunction Against TON
Cardano Falls 10% In Bearish Trade
Ethereum Falls 10% In Selloff || Bitcoin Falls 10% In Selloff: Bitcoin Falls 10% In Selloff Investing.com - Bitcoin was trading at $6,150.3 by 23:35 (03:35 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12. The move downwards pushed Bitcoin's market cap down to $113.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $6,150.3 to $6,374.3 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 0.57%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.0B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days. At its current price, Bitcoin is still down 69.05% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $126.86 on the Investing.com Index, down 9.66% on the day. XRP was trading at $0.16786 on the Investing.com Index, a loss of 5.29%. Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value. Related Articles Telegram Seeks Clarity On The Preliminary Injunction Against TON Cardano Falls 10% In Bearish Trade Ethereum Falls 10% In Selloff || Bitcoin Falls 10% In Selloff: Investing.com - Bitcoin was trading at $6,150.3 by 23:35 (03:35 GMT) on the Investing.com Index on Saturday, down 10.21% on the day. It was the largest one-day percentage loss since March 12.
The move downwards pushed Bitcoin's market cap down to $113.6B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $6,150.3 to $6,374.3 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a stagnation in value, as it only moved 0.57%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $35.0B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $5,710.7993 to $6,930.2427 in the past 7 days.
At its current price, Bitcoin is still down 69.05% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $126.86 on the Investing.com Index, down 9.66% on the day.
XRP was trading at $0.16786 on the Investing.com Index, a loss of 5.29%.
Ethereum's market cap was last at $14.2B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $7.5B or 0.00% of the total cryptocurrency market value.
Related Articles
Telegram Seeks Clarity On The Preliminary Injunction Against TON
Cardano Falls 10% In Bearish Trade
Ethereum Falls 10% In Selloff || Nike, Lululemon say they learned lessons from coronavirus store closures in China: Nike reported third-quarter earnings this week , and unsurprisingly, its sales in China dropped for the first time in more than 20 straight quarters, falling 4% because of store closures while China was getting hit by the coronavirus pandemic. But there were silver linings: Nike’s ( NKE ) online sales in China spiked more than 30% in the quarter, suggesting that consumers stuck at home were still happy to make purchases online; Nike saw high engagement on its mobile apps (both its fitness and e-commerce apps) amid the peak of the outbreak in China; and Nike says it is already seeing signs of a rebound in store sales in China now that it has reopened 80% of its stores there. Nike shares rose 24% this week, but are down 17% for the year. “We’re seeing the other side of the crisis in China,” said new Nike CEO John Donahoe. “Due to the resilience and creativity of our team in China, we now have a playbook that we can use elsewhere. In addition to Greater China, we’ve applied that playbook in Japan and South Korea over the past two months, and we’re seeing early momentum in those markets as well... With COVID-19 now spreading across Europe and the U.S., we are applying the same playbook.” The playbook appears to be: keep stores closed as long as local authorities and experts mandate in order to protect the health of customers and employees, but push e-commerce from distribution centers while stores are closed; once it’s safe to reopen stores, ramp back up quickly. HONG KONG, CHINA - 2020/01/31: American multinational sport clothing brand Nike store and logo seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) Lululemon sounded a very similar note. The athleisure leader beat Wall Street expectations, driven by a continued surge in sales of its men’s clothing, the same segment that has been fueling Lululemon ( LULU ) for a few quarters now. Due to coronavirus, Lululemon is not providing 2020 full-year outlook . Like Nike (and many other sports and apparel retailers like Under Armour, New Balance, Adidas, REI, and Urban Outfitters ), Lululemon has closed all of its U.S. stores amid the spread of coronavirus. But in China, which is through the worst of coronavirus, Lululemon has now reopened all but one of its stores. Story continues And Lululemon CEO Calvin McDonald said on Thursday’s earnings call that sales in China are growing quickly, though not yet back to pre-coronavirus levels. He concluded that the China business “will bounce back” and indicated that the same can be applied to the U.S. once the U.S. is through the worst of coronavirus, even though store closures will last longer in the U.S. than they did in China. Lululemon shares are up 15% this week, but down 19% for the year. Nike and Lululemon aren’t alone among major U.S. retail chains that closed all their stores in China. Apple last week reopened all 42 of its stores in China , and Starbucks began reopening all of its China stores at the end of February , citing “early signs of recovery” there. All of these companies will surely watch brick-and-mortar sales trends in China and apply them—if optimistically—to what they hope to see happen once the U.S. is through the worst of the virus. — Daniel Roberts is an editor-at-large at Yahoo Finance. Follow him on Twitter at @ readDanwrite . Read more on how coronavirus is hitting a wide range of industries: Amid coronavirus, Walmart says it's seeing increased sales of tops — but not bottoms Chef Tom Colicchio on coronavirus: Restaurants should stay closed, even for takeout Coronavirus puts 'extreme pressure' on all three pillars of Disney's business Movie theaters seek bailout as coronavirus devastates business Adidas CEO emailed store employees about coronavirus: ‘Closing is easy, staying open requires courage’ Bitcoin is crashing even more than stocks amid coronavirus || Nike, Lululemon say they learned lessons from coronavirus store closures in China: Nikereported third-quarter earnings this week, and unsurprisingly, its sales in China dropped for the first time in more than 20 straight quarters, falling 4% because of store closures while China was getting hit by the coronavirus pandemic.
But there were silver linings: Nike’s (NKE) online sales in China spiked more than 30% in the quarter, suggesting that consumers stuck at home were still happy to make purchases online; Nike saw high engagement on its mobile apps (both its fitness and e-commerce apps) amid the peak of the outbreak in China; and Nike says it is already seeing signs of a rebound in store sales in China now that it has reopened 80% of its stores there.
Nike shares rose 24% this week, but are down 17% for the year.
“We’re seeing the other side of the crisis in China,” said new Nike CEO John Donahoe. “Due to the resilience and creativity of our team in China,we now have a playbookthat we can use elsewhere. In addition to Greater China, we’ve applied that playbook in Japan and South Korea over the past two months, and we’re seeing early momentum in those markets as well... With COVID-19 now spreading across Europe and the U.S., we are applying the same playbook.”
The playbook appears to be: keep stores closed as long as local authorities and experts mandate in order to protect the health of customers and employees, but push e-commerce from distribution centers while stores are closed; once it’s safe to reopen stores, ramp back up quickly.
Lululemon sounded a very similar note.
The athleisure leader beat Wall Street expectations, driven by a continued surge in sales of its men’s clothing, the same segment that has been fueling Lululemon (LULU) for a few quarters now. Due to coronavirus, Lululemon is not providing2020 full-year outlook.
Like Nike (andmany other sports and apparel retailers like Under Armour, New Balance, Adidas, REI, and Urban Outfitters), Lululemon has closed all of its U.S. stores amid the spread of coronavirus. But in China, which is through the worst of coronavirus, Lululemon has now reopened all but one of its stores.
And Lululemon CEO Calvin McDonald said on Thursday’s earnings call that sales in China are growing quickly, though not yet back to pre-coronavirus levels. He concluded that the China business “will bounce back” and indicated that the same can be applied to the U.S. once the U.S. is through the worst of coronavirus, even though store closures will last longer in the U.S. than they did in China.
Lululemon shares are up 15% this week, but down 19% for the year.
Nike and Lululemon aren’t alone among major U.S. retail chains that closed all their stores in China.Apple last week reopened all 42 of its stores in China, andStarbucks began reopening all of its China stores at the end of February, citing “early signs of recovery” there.
All of these companies will surely watch brick-and-mortar sales trends in China and apply them—if optimistically—to what they hope to see happen once the U.S. is through the worst of the virus.
—
Daniel Roberts is an editor-at-large at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more on how coronavirus is hitting a wide range of industries:
Amid coronavirus, Walmart says it's seeing increased sales of tops — but not bottoms
Chef Tom Colicchio on coronavirus: Restaurants should stay closed, even for takeout
Coronavirus puts 'extreme pressure' on all three pillars of Disney's business
Movie theaters seek bailout as coronavirus devastates business
Adidas CEO emailed store employees about coronavirus: ‘Closing is easy, staying open requires courage’
Bitcoin is crashing even more than stocks amid coronavirus || Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach: After staging a recovery earlier this week, cryptocurrencies were stuck in a holding pattern Friday afternoon.
Bitcoin(BTC) andether(ETH) appeared to be in a period of consolidation where prices bounce around within a tight range, showing indecisiveness among traders.
Bitcoin and ether had both climbed by less than a percent. Notable performers on CoinDesk’s big board includeXRP(XRP), up 10 percent,Stellar(XLM) in the green 3 percent anddash, up 4 percent. All 24-hour price changes are from 20:00 UTC (4 p.m. ET) on March 27.
Related:Bitcoin Diverges From Falling Equities With $500 Price Rise
Traditional markets, meanwhile, continued to reel from the record unemployment claims in the U.S., part of the fallout from the coronavirus outbreak, despite a $2 trillion stimulus package making its way to President Donald Trump for his signature. U.S. stocks closed with the S&P 500 index down 3 percent. Earlier in the day, Japan’s Nikkei 255 closed its session up 3.8 percent. For Europe, the FTSE 100 Index closed in the red 3.3 percent.
See also:How a Flurry of ‘Digital Dollar’ Proposals Made It to Congress
Federal Reserve “and fiscal policies have averted for now accelerated economic and financial de-leveraging. Unfortunately, they can’t avoid a deep and sudden recession resulting in alarming unemployment and business closures,” Mohamed A. El-Erian, chief economic adviser at Allianz,wrote in a tweet.
On low volumes, bitcoin’s price changes have narrowed, staying in a $6,400-$6,900 per 1 BTC range since March 24. This has put the bellwether cryptocurrency’s 10-day and 50-day moving averages close to each other.
Related:Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
“I think bitcoin just moved up from its $4,000-$5,000 crash range earlier than equities did. While equity markets have been rallying the last couple of sessions, other more safe haven-type markets like bonds and gold have been consolidating,” said Siddharth Jha, a former Wall Street analyst now focused on blockchain technology at startup Arbol.
Indeed, gold has started to consolidate moving averages as of March 27.
“Some people I respect say gold is a buy here,” said Rupert Douglas, head of business development for institutional sales at Koine, a digital asset manager. “Perhaps it is, perhaps silver is going to go rocketing higher, but if it doesn’t and trades lower, does bitcoin follow?”
The crash on March 12 is still fresh in the minds of crypto traders and fund managers, leaving some to think no trading decisions are the best decisions for the time being.
“Markets need to be saturated for people to look for incremental yield. Plus, there’s a lot of wound licking, post-BitMEX debacle,” said Vishal Shah, founder of Alpha5, a new derivatives exchange backed by large crypto funds.
See also:Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month
Shah was referring to the$700 million of liquidations on BitMEX on March 12. This causedproblems for the Ethereum network-based DeFi ecosystem, which relies on ether’s price to ensure stability. Not surprisingly, ether has been consolidating, although there was a bit of volume early Friday.
“After a major crash and rebound, markets often consolidate for some time to see which way the flows may develop,” Arbol’s Jha said.
• Strange Days: S&P 500 Volatility Enters Bitcoin Territory
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach: After staging a recovery earlier this week, cryptocurrencies were stuck in a holding pattern Friday afternoon.
Bitcoin(BTC) andether(ETH) appeared to be in a period of consolidation where prices bounce around within a tight range, showing indecisiveness among traders.
Bitcoin and ether had both climbed by less than a percent. Notable performers on CoinDesk’s big board includeXRP(XRP), up 10 percent,Stellar(XLM) in the green 3 percent anddash, up 4 percent. All 24-hour price changes are from 20:00 UTC (4 p.m. ET) on March 27.
Related:Bitcoin Diverges From Falling Equities With $500 Price Rise
Traditional markets, meanwhile, continued to reel from the record unemployment claims in the U.S., part of the fallout from the coronavirus outbreak, despite a $2 trillion stimulus package making its way to President Donald Trump for his signature. U.S. stocks closed with the S&P 500 index down 3 percent. Earlier in the day, Japan’s Nikkei 255 closed its session up 3.8 percent. For Europe, the FTSE 100 Index closed in the red 3.3 percent.
See also:How a Flurry of ‘Digital Dollar’ Proposals Made It to Congress
Federal Reserve “and fiscal policies have averted for now accelerated economic and financial de-leveraging. Unfortunately, they can’t avoid a deep and sudden recession resulting in alarming unemployment and business closures,” Mohamed A. El-Erian, chief economic adviser at Allianz,wrote in a tweet.
On low volumes, bitcoin’s price changes have narrowed, staying in a $6,400-$6,900 per 1 BTC range since March 24. This has put the bellwether cryptocurrency’s 10-day and 50-day moving averages close to each other.
Related:Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
“I think bitcoin just moved up from its $4,000-$5,000 crash range earlier than equities did. While equity markets have been rallying the last couple of sessions, other more safe haven-type markets like bonds and gold have been consolidating,” said Siddharth Jha, a former Wall Street analyst now focused on blockchain technology at startup Arbol.
Indeed, gold has started to consolidate moving averages as of March 27.
“Some people I respect say gold is a buy here,” said Rupert Douglas, head of business development for institutional sales at Koine, a digital asset manager. “Perhaps it is, perhaps silver is going to go rocketing higher, but if it doesn’t and trades lower, does bitcoin follow?”
The crash on March 12 is still fresh in the minds of crypto traders and fund managers, leaving some to think no trading decisions are the best decisions for the time being.
“Markets need to be saturated for people to look for incremental yield. Plus, there’s a lot of wound licking, post-BitMEX debacle,” said Vishal Shah, founder of Alpha5, a new derivatives exchange backed by large crypto funds.
See also:Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month
Shah was referring to the$700 million of liquidations on BitMEX on March 12. This causedproblems for the Ethereum network-based DeFi ecosystem, which relies on ether’s price to ensure stability. Not surprisingly, ether has been consolidating, although there was a bit of volume early Friday.
“After a major crash and rebound, markets often consolidate for some time to see which way the flows may develop,” Arbol’s Jha said.
• Strange Days: S&P 500 Volatility Enters Bitcoin Territory
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach: After staging a recovery earlier this week, cryptocurrencies were stuck in a holding pattern Friday afternoon. Bitcoin (BTC) and ether (ETH) appeared to be in a period of consolidation where prices bounce around within a tight range, showing indecisiveness among traders. Bitcoin and ether had both climbed by less than a percent. Notable performers on CoinDesks big board include XRP (XRP), up 10 percent, Stellar (XLM) in the green 3 percent and dash , up 4 percent. All 24-hour price changes are from 20:00 UTC (4 p.m. ET) on March 27. Related: Bitcoin Diverges From Falling Equities With $500 Price Rise Traditional markets, meanwhile, continued to reel from the record unemployment claims in the U.S., part of the fallout from the coronavirus outbreak, despite a $2 trillion stimulus package making its way to President Donald Trump for his signature. U.S. stocks closed with the S&P 500 index down 3 percent. Earlier in the day, Japans Nikkei 255 closed its session up 3.8 percent. For Europe, the FTSE 100 Index closed in the red 3.3 percent. See also: How a Flurry of Digital Dollar Proposals Made It to Congress Federal Reserve and fiscal policies have averted for now accelerated economic and financial de-leveraging. Unfortunately, they cant avoid a deep and sudden recession resulting in alarming unemployment and business closures, Mohamed A. El-Erian, chief economic adviser at Allianz, wrote in a tweet . On low volumes, bitcoins price changes have narrowed, staying in a $6,400-$6,900 per 1 BTC range since March 24. This has put the bellwether cryptocurrencys 10-day and 50-day moving averages close to each other. Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise I think bitcoin just moved up from its $4,000-$5,000 crash range earlier than equities did. While equity markets have been rallying the last couple of sessions, other more safe haven-type markets like bonds and gold have been consolidating, said Siddharth Jha, a former Wall Street analyst now focused on blockchain technology at startup Arbol. Story continues Indeed, gold has started to consolidate moving averages as of March 27. Some people I respect say gold is a buy here, said Rupert Douglas, head of business development for institutional sales at Koine, a digital asset manager. Perhaps it is, perhaps silver is going to go rocketing higher, but if it doesnt and trades lower, does bitcoin follow? The crash on March 12 is still fresh in the minds of crypto traders and fund managers, leaving some to think no trading decisions are the best decisions for the time being. Markets need to be saturated for people to look for incremental yield. Plus, theres a lot of wound licking, post-BitMEX debacle, said Vishal Shah, founder of Alpha5, a new derivatives exchange backed by large crypto funds. See also: Strange Days: S&P 500 Is More Volatile Than Bitcoin This Month Shah was referring to the $700 million of liquidations on BitMEX on March 12 . This caused problems for the Ethereum network-based DeFi ecosystem , which relies on ethers price to ensure stability. Not surprisingly, ether has been consolidating, although there was a bit of volume early Friday. After a major crash and rebound, markets often consolidate for some time to see which way the flows may develop, Arbols Jha said. Related Stories Strange Days: S&P 500 Volatility Enters Bitcoin Territory Bitcoin Price Decline Prompts US Mining Firm to Shut Down Indefinitely || Strange Days: S&P 500 Volatility Enters Bitcoin Territory: CORRECTION (May 28, 15:51 UTC): Due to a data calculation error, an earlier version of this story overstated the S&P 500’s volatility in the days since March 12 . It has risen, but not above 80 percent. In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the average for the top cryptocurrency. The S&P 500’s 30-day volatility of daily returns, or historical volatility, jumped to nearly 80 percent Wednesday, according to data from the Federal Reserve Bank of St. Louis. Related: Bitcoin Diverges From Falling Equities With $500 Price Rise Meanwhile, bitcoin’s (BTC) volatility gauge stood at 138 percent on Wednesday compared to the average volatility of 65 percent seen in the March 2019-February 2019 period, as per CoinDesk’s Bitcoin Price Index . The 30-day volatility of daily returns calculates the standard deviation of the daily gain or loss from each of the past 30 trading days and is usually expressed in annual terms irrespective of the time period. See also: Miners Are Selling More Bitcoin Than They Are Mining Put simply, it gauges fluctuations from the mean but does not measure the direction. So, when we say that the S&P 500’s volatility reading has surpassed bitcoin’s average, it means the cryptocurrency on average witnesses smaller deviations from the mean compared to what the equity index has seen over the last 30 days. Related: Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise The S&P 500’s volatility began rising in the first week of March as the coronavirus outbreak outside China gathered pace, stoking fears of a global recession. The situation worsened in the second and third week, as the persistent sell-off in stocks triggered margin calls, forcing investors to treat traditional safe-haven assets like gold and U.S. Treasurys as sources of liquidity. That further boosted uncertainty and added to the price volatility – so much so that 4 to 5 percent daily moves have become a new normal. In fact, the volatility in the equity market recently rose above the lifetime average of bitcoin’s 30-day volatility, as pointed out by ARK Investment Management’s crypto-asset analyst Yassine Elmandjra. So by this one measure the benchmark equity index has become a relatively risky asset. Of course, bitcoin, too, has witnessed its fair share of price volatility with institutions exiting the market amid a global dash for cash and price drops getting exaggerated due to forced long liquidations on derivative exchange BitMEX. The situation, however, has been somewhat better lately compared to Wall Street in terms of volatility. Story continues See also: Bitcoin Halving 2020, Explained The cryptocurrency’s 30-day volatility hovered below its 12-month average of 65 percent in the first 11 days of the month. However, on March 12, prices fell by a staggering 39 percent from $7,950 to $4,777 and printed lows under $4,000 on the following day. With the sudden price crash , the 30-day volatility jumped to 106 percent on Mach 12 and has remained elevated ever since, despite the price recovery and relative stability in the $6,500 to $7,000 range observed this week. Looking forward, the volatility in stock markets may subside, as the central banks and governments across the world have launched monetary and fiscal lifelines to contain the economic fallout from the virus outbreak. The Federal Reserve has cut rates to zero and announced an open-ended asset purchase program. Meanwhile, the U.S. Senate approved a $2 trillion fiscal stimulus plan this week. A potential decline in the stock market volatility could conceivably also tame volatility in the bitcoin market. That said, the next halving of miners’ rewards is due in May. As a result, bitcoin could again return to its traditional status as a more risky asset than stocks. Related Stories Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ View comments || Strange Days: S&P 500 Volatility Enters Bitcoin Territory: CORRECTION (May 28, 15:51 UTC): Due to a data calculation error, an earlier version of this story overstated the S&P 500’s volatility in the days since March 12.It has risen, but not above 80 percent.
In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the average for the top cryptocurrency.
The S&P 500’s 30-day volatility of daily returns, or historical volatility, jumped to nearly 80 percent Wednesday, according to data from the Federal Reserve Bank of St. Louis.
Related:Bitcoin Diverges From Falling Equities With $500 Price Rise
Meanwhile, bitcoin’s (BTC) volatility gauge stood at 138 percent on Wednesday compared to the average volatility of 65 percent seen in the March 2019-February 2019 period, as per CoinDesk’sBitcoin Price Index.
The 30-day volatility of daily returns calculates the standard deviation of the daily gain or loss from each of the past 30 trading days and is usually expressed in annual terms irrespective of the time period.
See also:Miners Are Selling More Bitcoin Than They Are Mining
Put simply, it gauges fluctuations from the mean but does not measure the direction. So, when we say that the S&P 500’s volatility reading has surpassed bitcoin’s average, it means the cryptocurrency on average witnesses smaller deviations from the mean compared to what the equity index has seen over the last 30 days.
Related:Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
The S&P 500’s volatility began rising in the first week of March as the coronavirus outbreak outside China gathered pace, stoking fears of a global recession.
The situation worsened in the second and third week, as the persistent sell-off in stocks triggered margin calls, forcing investors to treat traditional safe-haven assets like gold and U.S. Treasurys as sources of liquidity.
That further boosted uncertainty and added to the price volatility – so much so that 4 to 5 percent daily moves have become a new normal.
In fact, the volatility in the equity market recently rose above the lifetime average of bitcoin’s 30-day volatility, aspointed outby ARK Investment Management’s crypto-asset analyst Yassine Elmandjra. So by this one measure the benchmark equity index has become a relatively risky asset.
Of course, bitcoin, too, has witnessed its fair share of price volatility with institutions exiting the market amid a global dash for cash and price drops getting exaggerated due to forced longliquidationson derivative exchange BitMEX. The situation, however, has been somewhat better lately compared to Wall Street in terms of volatility.
See also:Bitcoin Halving 2020, Explained
The cryptocurrency’s 30-day volatility hovered below its 12-month average of 65 percent in the first 11 days of the month. However, on March 12, prices fell by a staggering 39 percent from $7,950 to $4,777 and printed lows under $4,000 on the following day.
With the suddenprice crash, the 30-day volatility jumped to 106 percent on Mach 12 and has remained elevated ever since, despite the price recovery and relative stability in the $6,500 to $7,000 range observed this week.
Looking forward, the volatility in stock markets may subside, as the central banks and governments across the world have launched monetary and fiscal lifelines to contain the economic fallout from the virus outbreak.
The Federal Reserve has cut rates to zero and announced an open-ended asset purchase program. Meanwhile, the U.S. Senate approved a $2 trillion fiscal stimulus plan this week.
A potential decline in the stock market volatility could conceivably also tame volatility in the bitcoin market. That said, the next halving of miners’ rewards is due in May. As a result, bitcoin could again return to its traditional status as a more risky asset than stocks.
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || Strange Days: S&P 500 Volatility Enters Bitcoin Territory: CORRECTION (May 28, 15:51 UTC): Due to a data calculation error, an earlier version of this story overstated the S&P 500’s volatility in the days since March 12.It has risen, but not above 80 percent.
In a role reversal befitting these topsy-turvy times, Wall Street has recently seen more turbulence than the average for the top cryptocurrency.
The S&P 500’s 30-day volatility of daily returns, or historical volatility, jumped to nearly 80 percent Wednesday, according to data from the Federal Reserve Bank of St. Louis.
Related:Bitcoin Diverges From Falling Equities With $500 Price Rise
Meanwhile, bitcoin’s (BTC) volatility gauge stood at 138 percent on Wednesday compared to the average volatility of 65 percent seen in the March 2019-February 2019 period, as per CoinDesk’sBitcoin Price Index.
The 30-day volatility of daily returns calculates the standard deviation of the daily gain or loss from each of the past 30 trading days and is usually expressed in annual terms irrespective of the time period.
See also:Miners Are Selling More Bitcoin Than They Are Mining
Put simply, it gauges fluctuations from the mean but does not measure the direction. So, when we say that the S&P 500’s volatility reading has surpassed bitcoin’s average, it means the cryptocurrency on average witnesses smaller deviations from the mean compared to what the equity index has seen over the last 30 days.
Related:Bear Market Over? Charts on Bitcoin and ASX 200 Suggest Otherwise
The S&P 500’s volatility began rising in the first week of March as the coronavirus outbreak outside China gathered pace, stoking fears of a global recession.
The situation worsened in the second and third week, as the persistent sell-off in stocks triggered margin calls, forcing investors to treat traditional safe-haven assets like gold and U.S. Treasurys as sources of liquidity.
That further boosted uncertainty and added to the price volatility – so much so that 4 to 5 percent daily moves have become a new normal.
In fact, the volatility in the equity market recently rose above the lifetime average of bitcoin’s 30-day volatility, aspointed outby ARK Investment Management’s crypto-asset analyst Yassine Elmandjra. So by this one measure the benchmark equity index has become a relatively risky asset.
Of course, bitcoin, too, has witnessed its fair share of price volatility with institutions exiting the market amid a global dash for cash and price drops getting exaggerated due to forced longliquidationson derivative exchange BitMEX. The situation, however, has been somewhat better lately compared to Wall Street in terms of volatility.
See also:Bitcoin Halving 2020, Explained
The cryptocurrency’s 30-day volatility hovered below its 12-month average of 65 percent in the first 11 days of the month. However, on March 12, prices fell by a staggering 39 percent from $7,950 to $4,777 and printed lows under $4,000 on the following day.
With the suddenprice crash, the 30-day volatility jumped to 106 percent on Mach 12 and has remained elevated ever since, despite the price recovery and relative stability in the $6,500 to $7,000 range observed this week.
Looking forward, the volatility in stock markets may subside, as the central banks and governments across the world have launched monetary and fiscal lifelines to contain the economic fallout from the virus outbreak.
The Federal Reserve has cut rates to zero and announced an open-ended asset purchase program. Meanwhile, the U.S. Senate approved a $2 trillion fiscal stimulus plan this week.
A potential decline in the stock market volatility could conceivably also tame volatility in the bitcoin market. That said, the next halving of miners’ rewards is due in May. As a result, bitcoin could again return to its traditional status as a more risky asset than stocks.
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || US County Extends Rule Making Bitcoin Mining Firms Invest in Renewable Energy: Officials in Missoula County, Montana, are considering turning a temporary measure for bitcoin mining operations – that offsets energy consumption with renewables – into a permanent fixture.
The Missoula County Board of Commissioners voted unanimously Thursday to extend a measure to reduce the environmental effects of high-energy-consumption mining operations by another year, until April 3, 2021. That followed a consultation period in which 47 members of the public commented in support of the motion, according to a report by theMissoulianFriday.
Under its zoning regulations, Missoula County requires all mining operations – drawn to the area because of its cheap electricity – to either purchase or build renewable sources of energy that completely offset the electricity they consume. The measure also restricts mining operations to designated industrial districts.
Related:Riot Blockchain Says Coronavirus Outbreak Might Hurt Crypto Mining Farms
The yearlong extension will provide officials with time to consider making the measure permanent. “We are continuing to investigate this issue and this zoning and may ultimately propose it as permanent zoning,” said Jennie Dixon of Missoula’s community and planning services.
See also:A New York Power Plant Is Mining $50K Worth of Bitcoin a Day
The original measure came after local residentsvoiced concerns about the power spikes caused by newly arrived mining farms, and was passed as part of a resolution last April that committed the county to operate completely on clean renewable energy by 2030. The requirements don’t apply to miners operating before the resolution was passed, so long as they don’t then scale up their operations.
At the time, oneofficial complainedabout the “grotesque amount of energy” consumed by HyperBlock, a bitcoin mining company that reportedly used as much electricity as a third of all homes in the county. The company complained the measures were aimed at them and risked driving them out of business.
Related:Aspiring CME Director Wants Exchange to Mine Bitcoin and Issue Tokens
Officials denied the measures were intended to target any one business in particular.
During a public hearing Thursday, supporters of the measure said crypto mining placed greater demands on the energy grid, making the county dependent on fossil fuels and accelerating climate change. The attorney representing HyperBlock denied the company was “in any way contributing to climate change in our jurisdiction.”
See also:Miners Are Selling More Bitcoin Than They Are Mining
Commissioner Dave Strohmaier said the decision on whether to make the motion permanent or not will depend on whether energy demand in 2020 can be met by renewables. It is likely to become permanent if the county has to increase its reliance on fossil fuels, he said.
• Singapore Temporarily Exempts Crypto Firms, Including Coinbase, From New Licensing Regime
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || US County Extends Rule Making Bitcoin Mining Firms Invest in Renewable Energy: Officials in Missoula County, Montana, are considering turning a temporary measure for bitcoin mining operations – that offsets energy consumption with renewables – into a permanent fixture.
The Missoula County Board of Commissioners voted unanimously Thursday to extend a measure to reduce the environmental effects of high-energy-consumption mining operations by another year, until April 3, 2021. That followed a consultation period in which 47 members of the public commented in support of the motion, according to a report by theMissoulianFriday.
Under its zoning regulations, Missoula County requires all mining operations – drawn to the area because of its cheap electricity – to either purchase or build renewable sources of energy that completely offset the electricity they consume. The measure also restricts mining operations to designated industrial districts.
Related:Riot Blockchain Says Coronavirus Outbreak Might Hurt Crypto Mining Farms
The yearlong extension will provide officials with time to consider making the measure permanent. “We are continuing to investigate this issue and this zoning and may ultimately propose it as permanent zoning,” said Jennie Dixon of Missoula’s community and planning services.
See also:A New York Power Plant Is Mining $50K Worth of Bitcoin a Day
The original measure came after local residentsvoiced concerns about the power spikes caused by newly arrived mining farms, and was passed as part of a resolution last April that committed the county to operate completely on clean renewable energy by 2030. The requirements don’t apply to miners operating before the resolution was passed, so long as they don’t then scale up their operations.
At the time, oneofficial complainedabout the “grotesque amount of energy” consumed by HyperBlock, a bitcoin mining company that reportedly used as much electricity as a third of all homes in the county. The company complained the measures were aimed at them and risked driving them out of business.
Related:Aspiring CME Director Wants Exchange to Mine Bitcoin and Issue Tokens
Officials denied the measures were intended to target any one business in particular.
During a public hearing Thursday, supporters of the measure said crypto mining placed greater demands on the energy grid, making the county dependent on fossil fuels and accelerating climate change. The attorney representing HyperBlock denied the company was “in any way contributing to climate change in our jurisdiction.”
See also:Miners Are Selling More Bitcoin Than They Are Mining
Commissioner Dave Strohmaier said the decision on whether to make the motion permanent or not will depend on whether energy demand in 2020 can be met by renewables. It is likely to become permanent if the county has to increase its reliance on fossil fuels, he said.
• Singapore Temporarily Exempts Crypto Firms, Including Coinbase, From New Licensing Regime
• Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || US County Extends Rule Making Bitcoin Mining Firms Invest in Renewable Energy: Officials in Missoula County, Montana, are considering turning a temporary measure for bitcoin mining operations – that offsets energy consumption with renewables – into a permanent fixture. The Missoula County Board of Commissioners voted unanimously Thursday to extend a measure to reduce the environmental effects of high-energy-consumption mining operations by another year, until April 3, 2021. That followed a consultation period in which 47 members of the public commented in support of the motion, according to a report by the Missoulian Friday. Under its zoning regulations, Missoula County requires all mining operations – drawn to the area because of its cheap electricity – to either purchase or build renewable sources of energy that completely offset the electricity they consume. The measure also restricts mining operations to designated industrial districts. Related: Riot Blockchain Says Coronavirus Outbreak Might Hurt Crypto Mining Farms The yearlong extension will provide officials with time to consider making the measure permanent. “We are continuing to investigate this issue and this zoning and may ultimately propose it as permanent zoning,” said Jennie Dixon of Missoula’s community and planning services. See also: A New York Power Plant Is Mining $50K Worth of Bitcoin a Day The original measure came after local residents voiced concern s about the power spikes caused by newly arrived mining farms, and was passed as part of a resolution last April that committed the county to operate completely on clean renewable energy by 2030. The requirements don’t apply to miners operating before the resolution was passed, so long as they don’t then scale up their operations. At the time, one official complained about the “grotesque amount of energy” consumed by HyperBlock, a bitcoin mining company that reportedly used as much electricity as a third of all homes in the county. The company complained the measures were aimed at them and risked driving them out of business. Story continues Related: Aspiring CME Director Wants Exchange to Mine Bitcoin and Issue Tokens Officials denied the measures were intended to target any one business in particular. During a public hearing Thursday, supporters of the measure said crypto mining placed greater demands on the energy grid, making the county dependent on fossil fuels and accelerating climate change. The attorney representing HyperBlock denied the company was “in any way contributing to climate change in our jurisdiction.” See also: Miners Are Selling More Bitcoin Than They Are Mining Commissioner Dave Strohmaier said the decision on whether to make the motion permanent or not will depend on whether energy demand in 2020 can be met by renewables. It is likely to become permanent if the county has to increase its reliance on fossil fuels, he said. Related Stories Singapore Temporarily Exempts Crypto Firms, Including Coinbase, From New Licensing Regime Bitcoin Price Decline Prompts US Mining Firm to Shut Down ‘Indefinitely’ || Why Is Square (SQ) Down 29.4% Since Last Earnings Report?: A month has gone by since the last earnings report for Square (SQ). Shares have lost about 29.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Square due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Square Surpasses Earnings & Revenues Estimates in Q4 Square reported fourth-quarter 2019 adjusted earnings of 23 cents per share, which beat the Zacks Consensus Estimate by 15%. The bottom line was also higher than management’s guided range of 19-21 cents per share. Further, the figure improved 64.3% on a year-over-year basis but declined 8% sequentially. Net revenues of $1.31 billion surpassed the Zacks Consensus Estimate of $1.19 billion and came ahead of the guided range of $1.16-$1.18 billion. The top line also improved 41% from the year-ago quarter and 3.7% sequentially. We note that the company has stopped reporting adjusted revenues from fourth-quarter 2019 onwards. The top line was driven by Seller ecosystem that contributed $938 million to net revenues, up 26% year over year. Further, robust performance of Cash App, which generated $361 million of net revenues, up 147% year over year, was a major positive. Furthermore, strengthening momentum across Bitcoin and rapid adoption of Cash Card contributed to the results. Additionally, continued acceleration in gross payment volume (GPV) drove the results. Notably, the company completed the divestiture of Caviar to DoorDash at the end of October 2019. Caviar had been underperforming and consequently its sale remains a major positive. Excluding Caviar, net revenues would have exhibited growth of 46% on a year-over-year basis. We believe the company’s solid momentum across sellers and strong product portfolio is likely to continue aiding performance in the near term. Gross Payment Volume GPV in the fourth quarter amounted to $28.64 billion beating the Zacks Consensus Estimate of $28.54 billion. Notably, the figure improved 25% year over year and 1.5% on a sequential basis. GPV growth was driven by the company’s continued momentum across the larger sellers. Square defines larger sellers as those that make more than $125,000 of annualized GPV and mid-market sellers as those with annualized revenues of more than $500,000. GPV from larger sellers contributed 55% to total GPV, up 33% year over year. Further, Square witnessed strong contributions from mid-market sellers, which accounted for 27% of total GPV, up 42% from the year-ago quarter. This can be attributed to Square’s robust product portfolio and comprehensive ecosystem that aided the company in attracting new sellers to its platform while retaining the existing ones. Additionally, robust Square Capital aided the company’s momentum across the seller ecosystem. This was a positive. Further, expanding international presence of Square Terminal remained a tailwind. Top-Line Details Transaction (63.4% of net revenues): The company generated transaction revenues of $832.2 million, up 25% year over year. Revenue growth within this category can be attributed to strengthening momentum across sellers. Subscription and services (21.4% of revenues): The company generated $281.4 million revenues from this category, surging 45% from the year-ago quarter. This improvement can be attributed to the strong performance by Cash App, which contributed $183 million to the category’s top line. Further, solid momentum across seller subscription and services products remained positive. Additionally, Square Capital, which facilitated 97,000 originations worth $ 671 million, up 42% from the year-ago quarter, contributed to the results. Hardware (1.7% of revenues): Square generated $22.3 million of revenues from this business, up 23% year over year. The category’s top line was primarily driven by robust Square Terminal and Square Reader for contactless and chip. Bitcoin (13.5% of revenues): The company generated $177.6 million revenues from this category, soaring 238.6% on a year-over-year basis. Square continued to benefit in the bitcoin space on the back of growing adoption of Cash App. Notably, without bitcoin revenues, Cash App revenues would have come in at $183 million. Operating Details Per management, gross profit as a percentage of net revenues came in 40.1%, contracting 60 basis points (bps) year over year. While Transaction, Subscription and services and Bitcoin generated profit, Hardware category reported loss during the reported quarter. Adjusted EBITDA as a percentage of net revenues was 9%, expanding 30 bps year over year. Operating expenses came in $509.7 million, surging 33% from prior-year quarter. Product development expenses were $173.3 million, up 22.2% year over year, primarily owing to growing engineering, data science and design personnel costs. General and administrative expenses were $118.2 million, up 23.8% from prior-year quarter. This was primarily owing to finance, legal and support personnel costs. Further, sales and marketing costs were $185.2 million, up 55.2% year over year, due to increase in Cash App peer-to-peer payment transfer and Cash Card issuances. Balance Sheet As of Dec 31, 2019, cash and cash equivalents balance was $1.05 billion, up from $612.04 million as of Sep 30, 2019. Short-term investments were $492.5 million in the reported quarter, down from $557.6 million in the previous quarter. Long-term debt was $938.8 million, increasing from $928.9 million in previous quarter. Guidance For first-quarter 2020, Square expects net revenues between $1.34 billion and $1.36 billion. Gros profit is anticipated in the range of $550-$560 million. Adjusted earnings are expected in the range of 16-18 cents per share. For 2020, Square expects total net revenues between $5.9 billion and $5.96 billion. Gros profit is anticipated to lie between $2.44 billion and $2.475 billion. Adjusted earnings are projected in the range of 90-94 cents per share. We note that mid-points of both earnings and revenue guided ranges for first-quarter 2020 and full year 2020 are above the Zacks Consensus Estimate. Story continues How Have Estimates Been Moving Since Then? It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 91.03% due to these changes. VGM Scores At this time, Square has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Outlook Estimates have been broadly trending upward for the stock, and the magnitude of these revisions has been net zero. It comes with little surprise Square has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Square, Inc. (SQ) : Free Stock Analysis Report To read this article on Zacks.com click here. || Why Is Square (SQ) Down 29.4% Since Last Earnings Report?: A month has gone by since the last earnings report for Square (SQ). Shares have lost about 29.4% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Square due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Square Surpasses Earnings & Revenues Estimates in Q4 Square reported fourth-quarter 2019 adjusted earnings of 23 cents per share, which beat the Zacks Consensus Estimate by 15%. The bottom line was also higher than management’s guided range of 19-21 cents per share. Further, the figure improved 64.3% on a year-over-year basis but declined 8% sequentially. Net revenues of $1.31 billion surpassed the Zacks Consensus Estimate of $1.19 billion and came ahead of the guided range of $1.16-$1.18 billion. The top line also improved 41% from the year-ago quarter and 3.7% sequentially. We note that the company has stopped reporting adjusted revenues from fourth-quarter 2019 onwards. The top line was driven by Seller ecosystem that contributed $938 million to net revenues, up 26% year over year. Further, robust performance of Cash App, which generated $361 million of net revenues, up 147% year over year, was a major positive. Furthermore, strengthening momentum across Bitcoin and rapid adoption of Cash Card contributed to the results. Additionally, continued acceleration in gross payment volume (GPV) drove the results. Notably, the company completed the divestiture of Caviar to DoorDash at the end of October 2019. Caviar had been underperforming and consequently its sale remains a major positive. Excluding Caviar, net revenues would have exhibited growth of 46% on a year-over-year basis. We believe the company’s solid momentum across sellers and strong product portfolio is likely to continue aiding performance in the near term. Gross Payment Volume GPV in the fourth quarter amounted to $28.64 billion beating the Zacks Consensus Estimate of $28.54 billion. Notably, the figure improved 25% year over year and 1.5% on a sequential basis. GPV growth was driven by the company’s continued momentum across the larger sellers. Square defines larger sellers as those that make more than $125,000 of annualized GPV and mid-market sellers as those with annualized revenues of more than $500,000. GPV from larger sellers contributed 55% to total GPV, up 33% year over year. Further, Square witnessed strong contributions from mid-market sellers, which accounted for 27% of total GPV, up 42% from the year-ago quarter. This can be attributed to Square’s robust product portfolio and comprehensive ecosystem that aided the company in attracting new sellers to its platform while retaining the existing ones. Additionally, robust Square Capital aided the company’s momentum across the seller ecosystem. This was a positive. Further, expanding international presence of Square Terminal remained a tailwind. Top-Line Details Transaction (63.4% of net revenues): The company generated transaction revenues of $832.2 million, up 25% year over year. Revenue growth within this category can be attributed to strengthening momentum across sellers. Subscription and services (21.4% of revenues): The company generated $281.4 million revenues from this category, surging 45% from the year-ago quarter. This improvement can be attributed to the strong performance by Cash App, which contributed $183 million to the category’s top line. Further, solid momentum across seller subscription and services products remained positive. Additionally, Square Capital, which facilitated 97,000 originations worth $ 671 million, up 42% from the year-ago quarter, contributed to the results. Hardware (1.7% of revenues): Square generated $22.3 million of revenues from this business, up 23% year over year. The category’s top line was primarily driven by robust Square Terminal and Square Reader for contactless and chip. Bitcoin (13.5% of revenues): The company generated $177.6 million revenues from this category, soaring 238.6% on a year-over-year basis. Square continued to benefit in the bitcoin space on the back of growing adoption of Cash App. Notably, without bitcoin revenues, Cash App revenues would have come in at $183 million. Operating Details Per management, gross profit as a percentage of net revenues came in 40.1%, contracting 60 basis points (bps) year over year. While Transaction, Subscription and services and Bitcoin generated profit, Hardware category reported loss during the reported quarter. Adjusted EBITDA as a percentage of net revenues was 9%, expanding 30 bps year over year. Operating expenses came in $509.7 million, surging 33% from prior-year quarter. Product development expenses were $173.3 million, up 22.2% year over year, primarily owing to growing engineering, data science and design personnel costs. General and administrative expenses were $118.2 million, up 23.8% from prior-year quarter. This was primarily owing to finance, legal and support personnel costs. Further, sales and marketing costs were $185.2 million, up 55.2% year over year, due to increase in Cash App peer-to-peer payment transfer and Cash Card issuances. Balance Sheet As of Dec 31, 2019, cash and cash equivalents balance was $1.05 billion, up from $612.04 million as of Sep 30, 2019. Short-term investments were $492.5 million in the reported quarter, down from $557.6 million in the previous quarter. Long-term debt was $938.8 million, increasing from $928.9 million in previous quarter. Guidance For first-quarter 2020, Square expects net revenues between $1.34 billion and $1.36 billion. Gros profit is anticipated in the range of $550-$560 million. Adjusted earnings are expected in the range of 16-18 cents per share. For 2020, Square expects total net revenues between $5.9 billion and $5.96 billion. Gros profit is anticipated to lie between $2.44 billion and $2.475 billion. Adjusted earnings are projected in the range of 90-94 cents per share. We note that mid-points of both earnings and revenue guided ranges for first-quarter 2020 and full year 2020 are above the Zacks Consensus Estimate. Story continues How Have Estimates Been Moving Since Then? It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 91.03% due to these changes. VGM Scores At this time, Square has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Outlook Estimates have been broadly trending upward for the stock, and the magnitude of these revisions has been net zero. It comes with little surprise Square has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Square, Inc. (SQ) : Free Stock Analysis Report To read this article on Zacks.com click here.
[Social Media Buzz]
None available.
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5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71.
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[Bitcoin Technical Analysis for 2016-12-19]
Volume: 74886400, RSI (14-day): 69.20, 50-day EMA: 742.54, 200-day EMA: 644.97
[Wider Market Context]
Gold Price: 1140.50, Gold RSI: 30.80
Oil Price: 52.12, Oil RSI: 59.67
[Recent News (last 7 days)]
Garfield Sinclair Appointed Head of Caribbean for C&W: MIAMI, FL--(Marketwired - Dec 16, 2016) - Garfield (Garry) Sinclair was today announced as President, Caribbean for Cable & Wireless Communications ("C&W" or "The Company"). The position has responsibility for operations in 15 territories across the region, including C&W's Jamaica, Trinidad and Barbados markets. John Reid, CEO of C&W, who was recently confirmed as top executive of the region-leading full service operator, said: "Our business is entering a new phase of its development and evolution, and I am excited about the expertise, experience and passion for customers that Garry brings to what is a critical role." As head of the Caribbean, Sinclair will be responsible for the strategic execution, financial performance and reputation of the Caribbean business, developing the Company's growth opportunities, in particular triple-play, mobile data and fixed-mobile convergence, as well as capturing the growing demand for business-to-business services. Sinclair, a Jamaica national, is uniquely qualified to lead the Caribbean business given his twenty years' experience in developing growth opportunities and transformation in organizations across the region. In his role as President and COO of investment bank Dehring Bunting & Golding, Garry grew a start-up business to be key player in the Caribbean financial services industry. More recently, for the past seven years as CEO of Cable & Wireless Jamaica he has successfully led the operation's transformation, growing the mobile subscriber base from two hundred thousand to almost one million customers, as well as leading the Company's 800+ employees through the integration of the Columbus and C&W businesses to become the country's leading converged telecoms operator. In addition, his range of Board appointments including financial institutions, youth empowerment and the Jamaica Football Federation demonstrates Sinclair's leadership experience and passion for Caribbean development, qualities key to C&W's development and growth across the Caribbean. Story continues "I am honored to lead our Caribbean business into the next chapter of its development. I look forward to working with our 3,300 employees across the region as we look to seize the opportunity to develop our products and services, continue the transformation of our operations, and lead the region in innovation and quality of customer experience," said Sinclair. Sinclair's appointment will take effect on January 1, 2017; in addition he will continue to oversee C&W's Jamaica business directly until the appointment of new leadership for that operation later in the New Year. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for its European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of its operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3092379 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3092382 || Garfield Sinclair Appointed Head of Caribbean for C&W: MIAMI, FL--(Marketwired - Dec 16, 2016) - Garfield (Garry) Sinclair was today announced as President, Caribbean for Cable & Wireless Communications ("C&W" or "The Company"). The position has responsibility for operations in 15 territories across the region, including C&W's Jamaica, Trinidad and Barbados markets. John Reid, CEO of C&W, who was recently confirmed as top executive of the region-leading full service operator, said: "Our business is entering a new phase of its development and evolution, and I am excited about the expertise, experience and passion for customers that Garry brings to what is a critical role." As head of the Caribbean, Sinclair will be responsible for the strategic execution, financial performance and reputation of the Caribbean business, developing the Company's growth opportunities, in particular triple-play, mobile data and fixed-mobile convergence, as well as capturing the growing demand for business-to-business services. Sinclair, a Jamaica national, is uniquely qualified to lead the Caribbean business given his twenty years' experience in developing growth opportunities and transformation in organizations across the region. In his role as President and COO of investment bank Dehring Bunting & Golding, Garry grew a start-up business to be key player in the Caribbean financial services industry. More recently, for the past seven years as CEO of Cable & Wireless Jamaica he has successfully led the operation's transformation, growing the mobile subscriber base from two hundred thousand to almost one million customers, as well as leading the Company's 800+ employees through the integration of the Columbus and C&W businesses to become the country's leading converged telecoms operator. In addition, his range of Board appointments including financial institutions, youth empowerment and the Jamaica Football Federation demonstrates Sinclair's leadership experience and passion for Caribbean development, qualities key to C&W's development and growth across the Caribbean. Story continues "I am honored to lead our Caribbean business into the next chapter of its development. I look forward to working with our 3,300 employees across the region as we look to seize the opportunity to develop our products and services, continue the transformation of our operations, and lead the region in innovation and quality of customer experience," said Sinclair. Sinclair's appointment will take effect on January 1, 2017; in addition he will continue to oversee C&W's Jamaica business directly until the appointment of new leadership for that operation later in the New Year. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for its European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of its operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3092379 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3092382 || Bitcoin Activity in India Has Doubled Since the Banknote Ban: 1000 Rupee Note Early in November, India abolished the 500 and 1000 rupee banknotes in an effort to fight corruption and so-called " black money ". Since then, interest in Bitcoin appears to be increasing in the Asian country based on a variety of different metrics. Although there was already a vibrant Bitcoin community in India, the recent move to clamp down on illegal income and tax evasion seems to have sparked new interest in the peer-to-peer digital cash system. Who Uses Bitcoin in India? So who uses Bitcoin in India? According to Sunny Ray , who is the president and co-founder of Indian bitcoin exchange Unocoin , there are two main categories of Bitcoin users in the country. In an interview with Bitcoin Uncensored co-host Chris DeRose just before the large denomination banknote ban was put into place, Ray claimed that 40 to 50 percent of their users are savers who view bitcoin as a digital gold. "India is the largest gold market in the world," said Ray. "If you couple that with—I think it's something like 20 or 25 percent of the world's programming and IT population also live in India—digital gold is obviously something that I think people have the capacity to get." Ray also noted that roughly 20 percent of Unocoin's users are freelancers who use Bitcoin as a cheaper alternative to PayPal. Ray noted that Bitcoin currently offers what are essentially negative fees for freelancers based in India because of the relatively higher price bitcoins sell for in the country. During the Bitcoin Uncensored interview, Ray stressed that his estimates should be taken with a grain of salt, as the very nature of Bitcoin makes it difficult to get real user data. Trading Volume Has More Than Doubled Since the Ban So what's happened since India got rid of the 500 and 1000 rupee banknotes? For starters, Ray told CoinJournal that Unocoin has seen a doubling in traffic and trading volume over the past 30 days. An increase in trading volume can also be seen on LocalBitcoins , where the daily volume has increased from around 1.25 million rupees (around $18,500) per day before the cash ban to around 2.5 million rupees per day in early December. There was also an all-time high of more than 5.5 million rupees (just over $81,000) worth of bitcoin traded on November 26th. Story continues It's important to remember that LocalBitcoins trading volume is a rather rough metric because many traders continue exchanging bitcoins off of the site after finding someone they trust. Bitcoin currently trades at a high premium in India due to capital controls in India, which make it difficult for Bitcoin companies, such as Unocoin, to settle against foreign exchanges; however, Unocoin is currently working on a method to bring more bitcoin liquidity into the Indian market. In a blog post on their website, BitGo has noted the value of India-based transactions co-signed by them has increased by 240 percent since September. Larger Effects May Be Seen Over the Long Term While there's been a nice uptick in Bitcoin activity in India over the past month or so, Ray believes the larger effects of India's removal of the 500 and 1000 rupee banknotes from circulation will be seen over the long term. "Right now, people are being very careful with their spending," said Ray. "We think it will be long term because with all of the restrictions, the push towards digital money, and the amount of new money that's entering the banking system, some of that will find a home in bitcoin." || Bitcoin Activity in India Has Doubled Since the Banknote Ban: Early in November, Indiaabolishedthe 500 and 1000 rupee banknotes in an effort to fight corruption and so-called "black money". Since then, interest in Bitcoin appears to be increasing in the Asian country based on a variety of different metrics. Although there was already a vibrant Bitcoin community in India, the recent move to clamp down on illegal income and tax evasion seems to have sparked new interest in the peer-to-peer digital cash system.
So who uses Bitcoin in India? According toSunny Ray, who is the president and co-founder of Indian bitcoin exchangeUnocoin, there are two main categories of Bitcoin users in the country.Inan interviewwithBitcoin Uncensoredco-hostChris DeRosejust before the large denomination banknote ban was put into place, Ray claimed that 40 to 50 percent of their users are savers who view bitcoin as a digital gold. "India is the largest gold market in the world," said Ray. "If you couple that with—I think it's something like 20 or 25 percent of the world's programming and IT population also live in India—digital gold is obviously something that I think people have the capacity to get."Ray also noted that roughly 20 percent of Unocoin's users are freelancers who use Bitcoin as a cheaper alternative to PayPal. Ray noted that Bitcoin currently offers what are essentially negative fees for freelancers based in India because of the relatively higher price bitcoins sell for in the country.During the Bitcoin Uncensored interview, Ray stressed that his estimates should be taken with a grain of salt, as the very nature of Bitcoin makes it difficult to get real user data.
So what's happened since India got rid of the 500 and 1000 rupee banknotes? For starters, Ray toldCoinJournalthat Unocoin has seen a doubling in traffic and trading volume over the past 30 days.An increase in trading volumecan also be seenonLocalBitcoins, where the daily volume has increased from around 1.25 million rupees (around $18,500) per day before the cash ban to around 2.5 million rupees per day in early December. There was also an all-time high of more than 5.5 million rupees (just over $81,000) worth of bitcoin traded on November 26th.
It's important to remember that LocalBitcoins trading volume is a rather rough metric because many traders continue exchanging bitcoins off of the site after finding someone they trust.
Bitcoin currently trades at a high premium in India due to capital controls in India, which make it difficult for Bitcoin companies, such as Unocoin, to settle against foreign exchanges; however, Unocoin is currently working on a method to bring more bitcoin liquidity into the Indian market.In ablog poston their website,BitGohas noted the value of India-based transactions co-signed by them has increased by 240 percent since September.
While there's been a nice uptick in Bitcoin activity in India over the past month or so, Ray believes the larger effects of India's removal of the 500 and 1000 rupee banknotes from circulation will be seen over the long term.
"Right now, people are being very careful with their spending," said Ray. "We think it will be long term because with all of the restrictions, the push towards digital money, and the amount of new money that's entering the banking system, some of that will find a home in bitcoin." || Bitcoin Activity in India Has Doubled Since the Banknote Ban: Early in November, Indiaabolishedthe 500 and 1000 rupee banknotes in an effort to fight corruption and so-called "black money". Since then, interest in Bitcoin appears to be increasing in the Asian country based on a variety of different metrics. Although there was already a vibrant Bitcoin community in India, the recent move to clamp down on illegal income and tax evasion seems to have sparked new interest in the peer-to-peer digital cash system.
So who uses Bitcoin in India? According toSunny Ray, who is the president and co-founder of Indian bitcoin exchangeUnocoin, there are two main categories of Bitcoin users in the country.Inan interviewwithBitcoin Uncensoredco-hostChris DeRosejust before the large denomination banknote ban was put into place, Ray claimed that 40 to 50 percent of their users are savers who view bitcoin as a digital gold. "India is the largest gold market in the world," said Ray. "If you couple that with—I think it's something like 20 or 25 percent of the world's programming and IT population also live in India—digital gold is obviously something that I think people have the capacity to get."Ray also noted that roughly 20 percent of Unocoin's users are freelancers who use Bitcoin as a cheaper alternative to PayPal. Ray noted that Bitcoin currently offers what are essentially negative fees for freelancers based in India because of the relatively higher price bitcoins sell for in the country.During the Bitcoin Uncensored interview, Ray stressed that his estimates should be taken with a grain of salt, as the very nature of Bitcoin makes it difficult to get real user data.
So what's happened since India got rid of the 500 and 1000 rupee banknotes? For starters, Ray toldCoinJournalthat Unocoin has seen a doubling in traffic and trading volume over the past 30 days.An increase in trading volumecan also be seenonLocalBitcoins, where the daily volume has increased from around 1.25 million rupees (around $18,500) per day before the cash ban to around 2.5 million rupees per day in early December. There was also an all-time high of more than 5.5 million rupees (just over $81,000) worth of bitcoin traded on November 26th.
It's important to remember that LocalBitcoins trading volume is a rather rough metric because many traders continue exchanging bitcoins off of the site after finding someone they trust.
Bitcoin currently trades at a high premium in India due to capital controls in India, which make it difficult for Bitcoin companies, such as Unocoin, to settle against foreign exchanges; however, Unocoin is currently working on a method to bring more bitcoin liquidity into the Indian market.In ablog poston their website,BitGohas noted the value of India-based transactions co-signed by them has increased by 240 percent since September.
While there's been a nice uptick in Bitcoin activity in India over the past month or so, Ray believes the larger effects of India's removal of the 500 and 1000 rupee banknotes from circulation will be seen over the long term.
"Right now, people are being very careful with their spending," said Ray. "We think it will be long term because with all of the restrictions, the push towards digital money, and the amount of new money that's entering the banking system, some of that will find a home in bitcoin." || Bitcoin soars to nearly three-year high in wake of China volatility: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin on Tuesday surged to its highest in nearly three years as investors bought the asset in a supposedly safe-haven bid in the midst of volatility in the Chinese stock market. On Tuesday, bitcoin climbed as high $793.27 on the BitStamp platform, its highest since February 2014. Since August this year, bitcoin has soared 70 percent. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey said bitcoin has benefited from uncertainty in the Chinese stock market. Mainland Chinese markets have been on the defensive the last two days due to a widely-anticipated interest rate increase by the Federal Reserve on Wednesday. Chinese stock markets though did finish higher on Tuesday. "Bitcoin has become a safe haven, though not like a mainstream safe haven. We have been seeing lots of volume from China and also India," Stanchfield said. According to digital currency research firm Coindesk, 95 percent of global bitcoin trading is done through Chinese exchanges. Bitcoin is a virtual currency that can be moved money around the world quickly and anonymously without the need for a central authority. That makes it attractive to those seeking to get around strict capital controls in countries like China. While China currently dominates the space, Chris Burniske, analyst at exchange traded fund manager ARK Invest, noted that bitcoin trading in Venezuela has also soared, rising seven-fold this year as inflation surged and the bolivar currency collapsed. Analysts said the groundwork for bitcoin gains was laid in July this year in a process called "halving", where the rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins. Before the halving in July, the miner's reward was 25 bitcoins. The bitcoin program was designed in such a way that it cut the reward for miners in half every four years, a move that was meant to keep a lid on inflation. "If you look back a couple of years when the mining rewards were halved as well, it did take a few months before the effect of the mining rewards kicked in," said KeepKey's Stanchfield. Stanchfield believes bitcoin could exceed the record high set in 2013 of more then $1,100. (Reporting by Gertrude Chavez-Dreyfuss,; additional reporting by Jemima Kelly in London; Editing by Andrew Hay) || Bitcoin soars to nearly three-year high in wake of China volatility: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin on Tuesday surged to its highest in nearly three years as investors bought the asset in a supposedly safe-haven bid in the midst of volatility in the Chinese stock market. On Tuesday, bitcoin climbed as high $793.27 on the BitStamp platform, its highest since February 2014. Since August this year, bitcoin has soared 70 percent. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey said bitcoin has benefited from uncertainty in the Chinese stock market. Mainland Chinese markets have been on the defensive the last two days due to a widely-anticipated interest rate increase by the Federal Reserve on Wednesday. Chinese stock markets though did finish higher on Tuesday. "Bitcoin has become a safe haven, though not like a mainstream safe haven. We have been seeing lots of volume from China and also India," Stanchfield said. According to digital currency research firm Coindesk, 95 percent of global bitcoin trading is done through Chinese exchanges. Bitcoin is a virtual currency that can be moved money around the world quickly and anonymously without the need for a central authority. That makes it attractive to those seeking to get around strict capital controls in countries like China. While China currently dominates the space, Chris Burniske, analyst at exchange traded fund manager ARK Invest, noted that bitcoin trading in Venezuela has also soared, rising seven-fold this year as inflation surged and the bolivar currency collapsed. Analysts said the groundwork for bitcoin gains was laid in July this year in a process called "halving", where the rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins. Before the halving in July, the miner's reward was 25 bitcoins. The bitcoin program was designed in such a way that it cut the reward for miners in half every four years, a move that was meant to keep a lid on inflation. "If you look back a couple of years when the mining rewards were halved as well, it did take a few months before the effect of the mining rewards kicked in," said KeepKey's Stanchfield. Stanchfield believes bitcoin could exceed the record high set in 2013 of more then $1,100. (Reporting by Gertrude Chavez-Dreyfuss,; additional reporting by Jemima Kelly in London; Editing by Andrew Hay) || Bitcoin soars to nearly three-year high in wake of China volatility: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin on Tuesday surged to its highest in nearly three years as investors bought the asset in a supposedly safe-haven bid in the midst of volatility in the Chinese stock market. On Tuesday, bitcoin climbed as high $793.27 on the BitStamp platform, its highest since February 2014. Since August this year, bitcoin has soared 70 percent. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey said bitcoin has benefited from uncertainty in the Chinese stock market. Mainland Chinese markets have been on the defensive the last two days due to a widely-anticipated interest rate increase by the Federal Reserve on Wednesday. Chinese stock markets though did finish higher on Tuesday. "Bitcoin has become a safe haven, though not like a mainstream safe haven. We have been seeing lots of volume from China and also India," Stanchfield said. According to digital currency research firm Coindesk, 95 percent of global bitcoin trading is done through Chinese exchanges. Bitcoin is a virtual currency that can be moved money around the world quickly and anonymously without the need for a central authority. That makes it attractive to those seeking to get around strict capital controls in countries like China. While China currently dominates the space, Chris Burniske, analyst at exchange traded fund manager ARK Invest, noted that bitcoin trading in Venezuela has also soared, rising seven-fold this year as inflation surged and the bolivar currency collapsed. Analysts said the groundwork for bitcoin gains was laid in July this year in a process called "halving", where the rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded new bitcoins. Before the halving in July, the miner's reward was 25 bitcoins. The bitcoin program was designed in such a way that it cut the reward for miners in half every four years, a move that was meant to keep a lid on inflation. "If you look back a couple of years when the mining rewards were halved as well, it did take a few months before the effect of the mining rewards kicked in," said KeepKey's Stanchfield. Stanchfield believes bitcoin could exceed the record high set in 2013 of more then $1,100. (Reporting by Gertrude Chavez-Dreyfuss,; additional reporting by Jemima Kelly in London; Editing by Andrew Hay) || Sports car drivers make for lousy hedge fund managers, according to new research: Fade the fund manager with the brand-new Maserati, put your faith in the one who just bought a Honda Odyssey.
At least, that's what a recent research paper from a trio of finance professors, entitled "Sensation Seeking, Sports Cars, and Hedge Funds," suggests.
"We find that hedge fund managers who own powerful sports cars take on more investment risk," wrote Yan Lu of the University of Central Florida, Sugata Ray of the University of Florida and Melvyn Teo of the Singapore Management University. "The incremental risk taking by performance car buyers does not translate to higher returns."
Lu, Ray and Tao are not out to obsess over the makes and models of various fund managers' rides. Rather, their principal point is about how the emotional makeup of those making investment decisions could impact outcomes.
"We argue that the purchase of a powerful sports car, more often than not, conveys the intent to drive in a spirited fashion and therefore signals an inclination for sensation seeking," they wrote, going on to show that these "sensation seekers" deliver strikingly more volatile returns, that are not more favorable in a risk-adjusted framework.
Interestingly, the converse is also true: Drivers of minivans tend to deliver less volatile returns, the authors found.
Bolstering their point, the authors further found that drivers of sports cars are more likely to terminate their funds and to report regulatory and criminal violations than the average fund manager — while drivers of "practical but unexciting cars" are less likely to do so.
The authors say that other factors such as fund age or the wealth level of the managers are not likely to explain the disparate results.
"The cars that people drive just provide another data point into who they are," Ray said in a Monday interview on CNBC's "Trading Nation." "In this case, [sports car buyers] reveal something about themselves, … and that is reflected in their funds taking more risk."
To generate their findings, the culled multiple sources of fund performance data, and "hand-collect[ed]" vehicle purchase information from the websiteVIN.place, which utilizes data from dealerships and auto insurance companies.
More From CNBC
• Bitcoin is surging – but that might not mean what you think
• It’s time to ditch one of the past year’s hottest trades
• This stock is up 100% in one year, but may still be cheap || Hackers Refining Tools For Attacking Banks: A letter from the Swift network to member banks warns hackers are refining their cyberattack tools and the global bank transfer system remains vulnerable. Reuters reported Monday the letter, dated Nov. 2, warned the threat is very persistent, adaptive and sophisticated and it is here to stay. Reuters said the letter is evidence the Belgium-based cooperative Society for Worldwide Interbank Financial Telecommunication remains vulnerable a year after $81 million was stolen from Bangladeshs central bank. Among the tactics now being used by hackers is software allowing technicians access to computers for technical support. "We unfortunately continue to see cases in which some of our customers environments are being compromised," the letter said, noting a meaningful number of attacks have been made on both central and commercial banks, and 20 percent of them have resulted in stolen funds. Bangladeshi officials told Reuters several central bank officials enabled the theft, which was the result of malware inserted into the banks system. Bitcoin News Service reported the central bank has managed to recoup a portion of the stolen funds from a casino in the Philippines. Investigators determined the money was sold on the black market to a foreign exchange broker who transferred the funds to three casinos. A Philippines court ordered the Solaire Resort and casino to surrender the money to Bangladesh. Some $10 million was handed over. A commercial bank in Ecuador said it was held up for $12 million last year. In Vietnam thieves tried and failed to make off with $1.1 million in what investigators said may have been a practice run for the attack on Bangladesh. Russia security services warned earlier this month that foreign spy agencies were preparing attacks on Russian banks in dozens of cities to destabilize the financial system of the Russian Federation. The Federal Security Bureau didnt specify who was preparing the attack. Related Articles After Hacks, Banks Push Swift To Boost Security New York Governor Issues Cybersecurity Proposal || Hackers Refining Tools For Attacking Banks: A letter from the Swift network to member banks warns hackers are refining their cyberattack tools and the global bank transfer system remains vulnerable. Reuters reported Monday the letter, dated Nov. 2, warned the threat is very persistent, adaptive and sophisticated and it is here to stay. Reuters said the letter is evidence the Belgium-based cooperative Society for Worldwide Interbank Financial Telecommunication remains vulnerable a year after $81 million was stolen from Bangladeshs central bank. Among the tactics now being used by hackers is software allowing technicians access to computers for technical support. "We unfortunately continue to see cases in which some of our customers environments are being compromised," the letter said, noting a meaningful number of attacks have been made on both central and commercial banks, and 20 percent of them have resulted in stolen funds. Bangladeshi officials told Reuters several central bank officials enabled the theft, which was the result of malware inserted into the banks system. Bitcoin News Service reported the central bank has managed to recoup a portion of the stolen funds from a casino in the Philippines. Investigators determined the money was sold on the black market to a foreign exchange broker who transferred the funds to three casinos. A Philippines court ordered the Solaire Resort and casino to surrender the money to Bangladesh. Some $10 million was handed over. A commercial bank in Ecuador said it was held up for $12 million last year. In Vietnam thieves tried and failed to make off with $1.1 million in what investigators said may have been a practice run for the attack on Bangladesh. Russia security services warned earlier this month that foreign spy agencies were preparing attacks on Russian banks in dozens of cities to destabilize the financial system of the Russian Federation. The Federal Security Bureau didnt specify who was preparing the attack. Related Articles After Hacks, Banks Push Swift To Boost Security New York Governor Issues Cybersecurity Proposal
[Social Media Buzz]
MMMBTC || FousFan: FousFan: FousFan: zerohedge: Bitcoin: $792 || MMMBTC || MMMBTC || Overstock Successfully Issues Shares Over the Blockchain #bitcoin today! http://bit.ly/1IAb8e4 || MMMBTC || MMMBTC || three Methods Yours Could Enable Customers to Monetize Their Content material With #bitcoin http://bitcoinagile.com/9FF658/three-methods-yours-could-enable-customers-to-monetize-their-content-material-with-bitcoin_stream …pic.twitter.com/7J9jpcWbln || MMMBTC || MMMBTC...
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800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07.
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[Bitcoin Technical Analysis for 2021-11-23]
Volume: 37485803899, RSI (14-day): 42.46, 50-day EMA: 58878.60, 200-day EMA: 49468.68
[Wider Market Context]
Gold Price: 1783.50, Gold RSI: 41.07
Oil Price: 78.50, Oil RSI: 45.62
[Recent News (last 7 days)]
Music Industry Moves: OneRepublic Becomes First Major U.S. Artist to Take Cryptocurrency Payment for Live Gig: OneRepublic frontman Ryan Tedder ‘s interest in evolving technology is well-documented (see his recent interview with Variety about moving into the NFT space ). Now, he’s put his cryptocurrency where his mouth is, as OneRepublic became the first major-label U.S. act to accept Bitcoin in full payment for a show, according to the group’s reps. The exchange was for an acoustic at a historic theater outside Vienna, Haydn Hall, on Nov. 16. OneRepublic used the Strike peer-to-peer bitcoin payment app to accept payment for the gig, which is said to have sold out in a matter of minutes after going on sale just two weeks ago. More from Variety Music Industry Moves: Deezer Names Jeronimo Folgueira CEO; Tyler Henry Joins Range Media Ryan Tedder on Making the NFT Space Safe for Pop Music, and Why It's the Ultimate Collectors' Medium Beyonce, Adele, OneRepublic Songwriter Ryan Tedder Sells Majority Stake of Catalog to KKR Said Tedder in a statement: “My band and I are so happy to be a part of something that we believe is, without question, the future of how payments are transacted for unlimited amounts of assets, performances, services, purchases, music, etc. around the world. Whether it’s artists using NFTs to fund albums with their fans or bands being paid for concerts in crypto, music & tech go hand in hand. With that in mind, it only made sense for us to take the next logical step. I also have an upcoming private concert in December I’m planning on taking Bitcoin for.” + DistroKid ‘s Artists For Change, an initiative giving platform members the ability to donate portions of song earnings to charity, is expanding after more than 1,000 DistroKid members collectively donated over $50,000 to the NAACP Legal Defense Fund. While facilitating the donations through its “Splits” feature, DistroKid does not take any percentage of artist earnings or donations. Newly participating charities include Miracle Messages, Support + Feed, The North Brooklyn Angels, Vouchers for Veggies and Slice Out Hunger, with more to be announced in the coming months. Story continues Said DistroKid CEO Philip Kaplan: “The artist community has shown incredible generosity by auto-donating a portion of earnings to important causes. We’re excited to expand the program by adding support for these and many more organizations.” + Josh Van Valkenburg has been promoted to executive VP, Creative at Sony Music Publishing Nashville. Honored as one of Variety ‘s 2020 Hitmakers for his contribution to Gabby Barrett’s “I Hope,” other songwriters and producers with whom Van Valkenburg has been affiliated include Ross Copperman, Jon Nite, Lindsay Rimes, Chris DeStefano and Josh Osborne, as well as Brett Eldredge and Chase Rice. Van Valkenburg reports to Sony Music Publishing Nashville CEO Rusty Gaston. He has been with the company since 2005. Best of Variety The Fresh Prince Has a Memoir (And It's an Instant Best-Seller) What's Coming to Disney Plus in November 2021 Everything Coming to Netflix in November 2021 Sign up for Variety’s Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Music Industry Moves: OneRepublic Becomes First Major U.S. Artist to Take Cryptocurrency Payment for Live Gig: OneRepublic frontman Ryan Tedder ‘s interest in evolving technology is well-documented (see his recent interview with Variety about moving into the NFT space ). Now, he’s put his cryptocurrency where his mouth is, as OneRepublic became the first major-label U.S. act to accept Bitcoin in full payment for a show, according to the group’s reps. The exchange was for an acoustic at a historic theater outside Vienna, Haydn Hall, on Nov. 16. OneRepublic used the Strike peer-to-peer bitcoin payment app to accept payment for the gig, which is said to have sold out in a matter of minutes after going on sale just two weeks ago. More from Variety Music Industry Moves: Deezer Names Jeronimo Folgueira CEO; Tyler Henry Joins Range Media Ryan Tedder on Making the NFT Space Safe for Pop Music, and Why It's the Ultimate Collectors' Medium Beyonce, Adele, OneRepublic Songwriter Ryan Tedder Sells Majority Stake of Catalog to KKR Said Tedder in a statement: “My band and I are so happy to be a part of something that we believe is, without question, the future of how payments are transacted for unlimited amounts of assets, performances, services, purchases, music, etc. around the world. Whether it’s artists using NFTs to fund albums with their fans or bands being paid for concerts in crypto, music & tech go hand in hand. With that in mind, it only made sense for us to take the next logical step. I also have an upcoming private concert in December I’m planning on taking Bitcoin for.” + DistroKid ‘s Artists For Change, an initiative giving platform members the ability to donate portions of song earnings to charity, is expanding after more than 1,000 DistroKid members collectively donated over $50,000 to the NAACP Legal Defense Fund. While facilitating the donations through its “Splits” feature, DistroKid does not take any percentage of artist earnings or donations. Newly participating charities include Miracle Messages, Support + Feed, The North Brooklyn Angels, Vouchers for Veggies and Slice Out Hunger, with more to be announced in the coming months. Story continues Said DistroKid CEO Philip Kaplan: “The artist community has shown incredible generosity by auto-donating a portion of earnings to important causes. We’re excited to expand the program by adding support for these and many more organizations.” + Josh Van Valkenburg has been promoted to executive VP, Creative at Sony Music Publishing Nashville. Honored as one of Variety ‘s 2020 Hitmakers for his contribution to Gabby Barrett’s “I Hope,” other songwriters and producers with whom Van Valkenburg has been affiliated include Ross Copperman, Jon Nite, Lindsay Rimes, Chris DeStefano and Josh Osborne, as well as Brett Eldredge and Chase Rice. Van Valkenburg reports to Sony Music Publishing Nashville CEO Rusty Gaston. He has been with the company since 2005. Best of Variety The Fresh Prince Has a Memoir (And It's an Instant Best-Seller) What's Coming to Disney Plus in November 2021 Everything Coming to Netflix in November 2021 Sign up for Variety’s Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || EXPLAINER-What we know so far about El Salvador's volcano-powered bitcoin bond: MIZATA, El Salvador/LONDON, Nov 22 (Reuters) - El Salvador plans to build the world's first "Bitcoin City" https://www.reuters.com/markets/rates-bonds/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21 with money from a $1 billion bitcoin-backed bond the country's President Nayib Bukele said on Saturday. Here is what we know about the proposed bond and some of the details that still need to be filled in. WHAT WE KNOW Bukele said El Salvador planned to issue the bond in 2022, suggesting it could be as soon as in 60 days time. Half of the $1 billion sum would be converted to bitcoin and the other half used for infrastructure and bitcoin mining. Samson Mow, chief strategy officer of blockchain technology company Blockstream who was on stage with Bukele said that the 'volcano bonds' - the new city will be powered with geothermal energy from a nearby volcano - will be U.S. dollar-denominated 10-year bonds and carry a coupon of 6.5%. That is well below the 13.5% interest rate yield El Salvador's 10-year bonds are currently trading at. The premium investors demand to hold El Salvador bonds rather than ultra-safe U.S. government bonds has also more than doubled since June when Bukele's push to make bitcoin legal tender started. More bitcoin-back bonds are also planned and Mow said he expected other countries to do the same. He also speculated that the moves would absorb enough bitcoin to push up the value of cryptocurrency. That would allow El Salvador to then pay off the bond with profits made from selling the bitcoin again. After a five year 'lock-up', El Salvador could also start selling some of the bitcoin to give investors an "additional coupon" every year, Mow said. Crypto exchange Bitfinex was listed as the book runner for the bond on a presentation shown on a large screen on the stage. The bonds will be sold in $100 tranches to "democratize access" to them. Story continues The bonds will be able to be traded 24/7 with other assets like stablecoins, according to a blogpost https://blog.blockstream.com/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network from Blockstream, Mow's company which plans to issue the bonds. WHAT WE DON'T KNOW It is not known when exactly next year the bond would be launched or when El Salvador would buy the $500 million worth of bitcoin it sees as crucial to the plan. The legal rights of would-be buyers have also not yet been detailed. Most government bonds are strict legal contracts that mean the government is accountable if the debt is not repaid in full and on time. Those that are sold on international bond markets in dollars are often issued under widely-trusted U.S. or British laws. It is also not known what would happen to the new bonds if the country defaulted on its existing traditional bonds. The government's next bond deadline is an $800 million repayment due in January 2023. That bond is currently trading at a near 20% discount from its face value due to El Salvador's debt problems. The International Monetary Fund, whose help El Salvador is expected to need to ease its problems, has not yet commented on the volcano bond plan. Earlier in the year it said it had both economic and legal concerns about El Salvador making bitcoin legal tender. (Reporting by Marc Jones in London and Sarah Kinosian in Mizata, El Salvador; Editing by Lincoln Feast.) || EXPLAINER-What we know so far about El Salvador's volcano-powered bitcoin bond: MIZATA, El Salvador/LONDON, Nov 22 (Reuters) - El Salvador plans to build the world's first "Bitcoin City" https://www.reuters.com/markets/rates-bonds/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21 with money from a $1 billion bitcoin-backed bond the country's President Nayib Bukele said on Saturday.
Here is what we know about the proposed bond and some of the details that still need to be filled in.
WHAT WE KNOW
Bukele said El Salvador planned to issue the bond in 2022, suggesting it could be as soon as in 60 days time.
Half of the $1 billion sum would be converted to bitcoin and the other half used for infrastructure and bitcoin mining.
Samson Mow, chief strategy officer of blockchain technology company Blockstream who was on stage with Bukele said that the 'volcano bonds' - the new city will be powered with geothermal energy from a nearby volcano - will be U.S. dollar-denominated 10-year bonds and carry a coupon of 6.5%.
That is well below the 13.5% interest rate yield El Salvador's 10-year bonds are currently trading at. The premium investors demand to hold El Salvador bonds rather than ultra-safe U.S. government bonds has also more than doubled since June when Bukele's push to make bitcoin legal tender started.
More bitcoin-back bonds are also planned and Mow said he expected other countries to do the same. He also speculated that the moves would absorb enough bitcoin to push up the value of cryptocurrency. That would allow El Salvador to then pay off the bond with profits made from selling the bitcoin again.
After a five year 'lock-up', El Salvador could also start selling some of the bitcoin to give investors an "additional coupon" every year, Mow said.
Crypto exchange Bitfinex was listed as the book runner for the bond on a presentation shown on a large screen on the stage. The bonds will be sold in $100 tranches to "democratize access" to them.
The bonds will be able to be traded 24/7 with other assets like stablecoins, according to a blogpost https://blog.blockstream.com/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network from Blockstream, Mow's company which plans to issue the bonds.
WHAT WE DON'T KNOW
It is not known when exactly next year the bond would be launched or when El Salvador would buy the $500 million worth of bitcoin it sees as crucial to the plan.
The legal rights of would-be buyers have also not yet been detailed. Most government bonds are strict legal contracts that mean the government is accountable if the debt is not repaid in full and on time. Those that are sold on international bond markets in dollars are often issued under widely-trusted U.S. or British laws.
It is also not known what would happen to the new bonds if the country defaulted on its existing traditional bonds. The government's next bond deadline is an $800 million repayment due in January 2023. That bond is currently trading at a near 20% discount from its face value due to El Salvador's debt problems.
The International Monetary Fund, whose help El Salvador is expected to need to ease its problems, has not yet commented on the volcano bond plan. Earlier in the year it said it had both economic and legal concerns about El Salvador making bitcoin legal tender. (Reporting by Marc Jones in London and Sarah Kinosian in Mizata, El Salvador; Editing by Lincoln Feast.) || First Mover Asia: Bitcoin Drops to $56.5K After Brief Rally; Ether Also Falls: Good morning. Here’s what’s happening this morning:
Market moves:Bitcoin rallied in early trading on U.S. markets before dropping.
Technician’s take:Short-term downside is likely into the Asia trading day.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $56,452 -4.6%
Ether (ETH): $4,107 -5.1%
After picking up slightly earlier in the day, bitcoin continued its recent downward trend. At the time of publication, the cryptocurrency was trading above $56,500, down more than 4% over the past 24 hours. Ether followed a similar pattern, rallying before dropping to about $4,100.
The cryptocurrencies and equities markets initially rose after the news that U.S. President Joe Biden had renominated Federal Reserve Chairman Jerome Powell for another four-year term as head of the country’s central bank. Speculation had been that Biden would reappoint Powell or choose Fed Governor Lael Brainard.
Some market observers see bitcoin’s price support holding at $55,000.
“The downward pressure on major crypto assets like bitcoin and ether is to be expected,” BitBull Capital CEO Joe DiPasquale wrote in an email to CoinDesk. “Bitcoin’s price increased more than 50% in the last 45 days to its all-time high. We expect the week to consolidate around $55K before rising again to $60K before the end of the month. We’ve repeatedly seen profit-taking in crypto when there are these quick run-ups.”
DiPasquale added: “The news of Biden’s appointment of Powell is strong for crypto, as the U.S. has shown no signs of quantitative tightening; rather, just tapering the quantitative easing.”
Bitcoin Struggled at $60K Resistance; Support Above $53K
Bitcoin (BTC) buyers remained active over the weekend, although upside was limited around the $60,000resistancelevel.
The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support.
Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets.
The relative strength index (RSI) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern.
4:15 p.m. HKT/SGT (8:15 a.m. UTC): France Manufacturing Purchasing Managers Index (Nov./Monthly)
4:30 p.m. HKT/SGT (8:30 a.m. UTC): German Manufacturing Purchasing Managers Index (Nov./Monthly)
5 p.m. HKT/SGT (9 a.m. UTC): Euro Zone Manufacturing Purchasing Managers Index (Nov./Monthly)
7 p.m. HKT/SGT (11 a.m. UTC): Speech by Jonathan Haskell, Bank of England Monetary Policy Committee member
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
El Salvador Announces “Bitcoin City,” Bitcoin Continues Drift Below $60K, Congressman Tom Emmer on Introducing Bill to Modify Crypto Tax Provision in Infrastructure Law
“First Mover” hosts spoke with Minnesota Congressman Tom Emmer (R) as he joined other lawmakers to introduce the “Keep Innovation In America Act” bill to modify crypto tax provision in the infrastructure law. Bitcoin continued trading below $60K as investors eyed inflation numbers and Biden’s Fed Chair nomination. Arca Chief Investment Officer Jeff Dorman shared his market insights.
South China Morning Post Releases White Paper for NFT Standard Built on Flow Blockchain
Rare ‘Dune’ Manuscript Bought on DAO’s Behalf for $3M, but It Only Raised $700K
Biden to Renominate Powell as Fed Chair and Appoint Brainard as Vice Chair
Latin American E-Commerce Giant Mercado Libre to Enable Crypto Investments in Brazil
NFT Music Platform Royal Closes $55M Funding Round Led by A16z
Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrat’s Inflation Playbook
What Billions of Dollars in Crypto Fundraising Says About the Bull Market
What Is Bitcoin? || First Mover Asia: Bitcoin Drops to $56.5K After Brief Rally; Ether Also Falls: Good morning. Here’s what’s happening this morning: Market moves: Bitcoin rallied in early trading on U.S. markets before dropping. Technician’s take: Short-term downside is likely into the Asia trading day. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $56,452 -4.6% Ether ( ETH ): $4,107 -5.1% Market moves After picking up slightly earlier in the day, bitcoin continued its recent downward trend. At the time of publication, the cryptocurrency was trading above $56,500, down more than 4% over the past 24 hours. Ether followed a similar pattern, rallying before dropping to about $4,100. The cryptocurrencies and equities markets initially rose after the news that U.S. President Joe Biden had renominated Federal Reserve Chairman Jerome Powell for another four-year term as head of the country’s central bank. Speculation had been that Biden would reappoint Powell or choose Fed Governor Lael Brainard. Some market observers see bitcoin’s price support holding at $55,000. “The downward pressure on major crypto assets like bitcoin and ether is to be expected,” BitBull Capital CEO Joe DiPasquale wrote in an email to CoinDesk. “Bitcoin’s price increased more than 50% in the last 45 days to its all-time high. We expect the week to consolidate around $55K before rising again to $60K before the end of the month. We’ve repeatedly seen profit-taking in crypto when there are these quick run-ups.” DiPasquale added: “The news of Biden’s appointment of Powell is strong for crypto, as the U.S. has shown no signs of quantitative tightening; rather, just tapering the quantitative easing.” Technician’s take Bitcoin Struggled at $60K Resistance; Support Above $53K Bitcoin four-hour price chart (Damanick Dantes/CoinDesk, TradingView) Bitcoin (BTC) buyers remained active over the weekend, although upside was limited around the $60,000 resistance level. The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support. Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets. Story continues The relative strength index ( RSI ) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern. Important events 4:15 p.m. HKT/SGT (8:15 a.m. UTC): France Manufacturing Purchasing Managers Index (Nov./Monthly) 4:30 p.m. HKT/SGT (8:30 a.m. UTC): German Manufacturing Purchasing Managers Index (Nov./Monthly) 5 p.m. HKT/SGT (9 a.m. UTC): Euro Zone Manufacturing Purchasing Managers Index (Nov./Monthly) 7 p.m. HKT/SGT (11 a.m. UTC): Speech by Jonathan Haskell, Bank of England Monetary Policy Committee member CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV : El Salvador Announces “Bitcoin City,” Bitcoin Continues Drift Below $60K, Congressman Tom Emmer on Introducing Bill to Modify Crypto Tax Provision in Infrastructure Law “First Mover” hosts spoke with Minnesota Congressman Tom Emmer (R) as he joined other lawmakers to introduce the “Keep Innovation In America Act” bill to modify crypto tax provision in the infrastructure law. Bitcoin continued trading below $60K as investors eyed inflation numbers and Biden’s Fed Chair nomination. Arca Chief Investment Officer Jeff Dorman shared his market insights. Latest headlines South China Morning Post Releases White Paper for NFT Standard Built on Flow Blockchain Rare ‘Dune’ Manuscript Bought on DAO’s Behalf for $3M, but It Only Raised $700K Biden to Renominate Powell as Fed Chair and Appoint Brainard as Vice Chair Latin American E-Commerce Giant Mercado Libre to Enable Crypto Investments in Brazil NFT Music Platform Royal Closes $55M Funding Round Led by A16z Longer reads Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrat’s Inflation Playbook What Billions of Dollars in Crypto Fundraising Says About the Bull Market What Is Bitcoin? || First Mover Asia: Bitcoin Drops to $56.5K After Brief Rally; Ether Also Falls: Good morning. Here’s what’s happening this morning:
Market moves:Bitcoin rallied in early trading on U.S. markets before dropping.
Technician’s take:Short-term downside is likely into the Asia trading day.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $56,452 -4.6%
Ether (ETH): $4,107 -5.1%
After picking up slightly earlier in the day, bitcoin continued its recent downward trend. At the time of publication, the cryptocurrency was trading above $56,500, down more than 4% over the past 24 hours. Ether followed a similar pattern, rallying before dropping to about $4,100.
The cryptocurrencies and equities markets initially rose after the news that U.S. President Joe Biden had renominated Federal Reserve Chairman Jerome Powell for another four-year term as head of the country’s central bank. Speculation had been that Biden would reappoint Powell or choose Fed Governor Lael Brainard.
Some market observers see bitcoin’s price support holding at $55,000.
“The downward pressure on major crypto assets like bitcoin and ether is to be expected,” BitBull Capital CEO Joe DiPasquale wrote in an email to CoinDesk. “Bitcoin’s price increased more than 50% in the last 45 days to its all-time high. We expect the week to consolidate around $55K before rising again to $60K before the end of the month. We’ve repeatedly seen profit-taking in crypto when there are these quick run-ups.”
DiPasquale added: “The news of Biden’s appointment of Powell is strong for crypto, as the U.S. has shown no signs of quantitative tightening; rather, just tapering the quantitative easing.”
Bitcoin Struggled at $60K Resistance; Support Above $53K
Bitcoin (BTC) buyers remained active over the weekend, although upside was limited around the $60,000resistancelevel.
The cryptocurrency continues to consolidate, with pullbacks limited toward $53,000 support.
Intraday chart signals are neutral, suggesting the current loss of momentum could continue into the Asian trading session. Buyers will need to defend immediate support around $55,000 and decisively break above the short-term downtrend in order to yield further upside targets.
The relative strength index (RSI) on the daily chart is approaching oversold levels, which could support a price recovery similar to what took place in late September. However, previous failed attempts at sustaining an all-time price high near $69,000 is a concern.
4:15 p.m. HKT/SGT (8:15 a.m. UTC): France Manufacturing Purchasing Managers Index (Nov./Monthly)
4:30 p.m. HKT/SGT (8:30 a.m. UTC): German Manufacturing Purchasing Managers Index (Nov./Monthly)
5 p.m. HKT/SGT (9 a.m. UTC): Euro Zone Manufacturing Purchasing Managers Index (Nov./Monthly)
7 p.m. HKT/SGT (11 a.m. UTC): Speech by Jonathan Haskell, Bank of England Monetary Policy Committee member
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
El Salvador Announces “Bitcoin City,” Bitcoin Continues Drift Below $60K, Congressman Tom Emmer on Introducing Bill to Modify Crypto Tax Provision in Infrastructure Law
“First Mover” hosts spoke with Minnesota Congressman Tom Emmer (R) as he joined other lawmakers to introduce the “Keep Innovation In America Act” bill to modify crypto tax provision in the infrastructure law. Bitcoin continued trading below $60K as investors eyed inflation numbers and Biden’s Fed Chair nomination. Arca Chief Investment Officer Jeff Dorman shared his market insights.
South China Morning Post Releases White Paper for NFT Standard Built on Flow Blockchain
Rare ‘Dune’ Manuscript Bought on DAO’s Behalf for $3M, but It Only Raised $700K
Biden to Renominate Powell as Fed Chair and Appoint Brainard as Vice Chair
Latin American E-Commerce Giant Mercado Libre to Enable Crypto Investments in Brazil
NFT Music Platform Royal Closes $55M Funding Round Led by A16z
Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrat’s Inflation Playbook
What Billions of Dollars in Crypto Fundraising Says About the Bull Market
What Is Bitcoin? || European Equities: November Private Sector PMIs in Focus: Economic Calendar Tuesday, 23 rd November French Manufacturing PMI (Nov) Prelim French Services PMI (Nov) Prelim German Manufacturing PMI (Nov) Prelim German Services PMI (Nov) Prelim Eurozone Manufacturing PMI (Nov) Prelim Eurozone Markit Composite PMI (Nov) Prelim Eurozone Services PMI (Nov) Prelim Wednesday, 24 th November German Ifo Business Climate Index (Nov) Thursday, 25 th November German (YoY) (Q3) GfK German Consumer Climate (Dec) The Majors It was a bearish start to the week for the European majors on Monday, with the EuroStoxx600 seeing red for the 3 rd session in a row. The DAX30 fell by 0.27%, with the CAC40 and the EuroStoxx600 seeing modest losses of 0.10% and 0.01% respectively. A quiet economic calendar left the majors in the hands of COVID-19 news updates ahead of Eurozone consumer sentiment figures late in the session. Weaker consumer confidence amidst rising COVID-19 cases and new restrictions weighed on the day. FED Chair Powell’s reappointment as FED Chair limited the damage, however. The Stats According to the EU Commission , consumer confidence across the Eurozone fell from -4.8 to -6.8 in November. Economists had forecast a fall to -5.5. From the U.S Economic data was limited to housing sector numbers that had a muted impact on the majors. The Market Movers For the DAX: It was a mixed day for the auto sector on Monday. Volkswagen fell by 0.71% to buck the trend on the day. BMW rallied by 1.75%, however, with Daimler and Continental rising by 1.35% and by 1.32% respectively. It was also a mixed day for the banks. Deutsche Bank gained 0.37%, while Commerzbank slipped by 0.66%. From the CAC , it was a bullish day for the banks. Credit Agricole rallied by 1.96%, with BNP Paribas and Soc Gen seeing gains of 1.59% and 1.42% respectively. The French auto sector had a mixed session, however. Stellantis NV fell by 1.12%, while Renault ended the day up by 0.80%. Air France-KLM and Airbus SE saw relatively modest losses of 0.74% and 0.57% respectively. Story continues On the VIX Index It was a 4th consecutive day in the green for the VIX on Monday. Following a 1.82% gain on Friday, the VIX rose by 7.04% to end the day at 19.17. The Dow rose by 0.05%, while the NASDAQ and the S&P500 saw losses of 1.26% and 0.32% respectively. The Day Ahead It’s a particularly busy day ahead on the Eurozone’s economic calendar . Prelim November private sector PMIs for France, Germany, and the Eurozone will be in focus. We can expect plenty of market sensitivity to today’s numbers. While the headline figures will draw interest, components of the PMIs will be key. Market focus will likely remain on cost pressures, new orders, and delivery times. From the U.S, private sector PMIs for November will also be in focus later in the session. Expect the U.S services PMI to be the key stat late in the day. Away from the economic calendar, COVID-19 news updates will also need monitoring. The Futures In the futures markets, at the time of writing, the Dow Mini was up by 48 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Big Money Has Designs on Apple General Motors Invests in Electric Boating Start-Up Pure Watercraft Silver Price Prediction – Prices Drop on Powell Renomenation NZD/USD Forex Technical Analysis – Trading on Weakside of .6997-.7040 Retracement Zone Shiba Inu Coin – Daily Tech Analysis – November 23rd, 2021 NFL’s OBJ Joins Growing List of Players to Be Paid in Bitcoin || European Equities: November Private Sector PMIs in Focus: Economic Calendar Tuesday, 23 rd November French Manufacturing PMI (Nov) Prelim French Services PMI (Nov) Prelim German Manufacturing PMI (Nov) Prelim German Services PMI (Nov) Prelim Eurozone Manufacturing PMI (Nov) Prelim Eurozone Markit Composite PMI (Nov) Prelim Eurozone Services PMI (Nov) Prelim Wednesday, 24 th November German Ifo Business Climate Index (Nov) Thursday, 25 th November German (YoY) (Q3) GfK German Consumer Climate (Dec) The Majors It was a bearish start to the week for the European majors on Monday, with the EuroStoxx600 seeing red for the 3 rd session in a row. The DAX30 fell by 0.27%, with the CAC40 and the EuroStoxx600 seeing modest losses of 0.10% and 0.01% respectively. A quiet economic calendar left the majors in the hands of COVID-19 news updates ahead of Eurozone consumer sentiment figures late in the session. Weaker consumer confidence amidst rising COVID-19 cases and new restrictions weighed on the day. FED Chair Powell’s reappointment as FED Chair limited the damage, however. The Stats According to the EU Commission , consumer confidence across the Eurozone fell from -4.8 to -6.8 in November. Economists had forecast a fall to -5.5. From the U.S Economic data was limited to housing sector numbers that had a muted impact on the majors. The Market Movers For the DAX: It was a mixed day for the auto sector on Monday. Volkswagen fell by 0.71% to buck the trend on the day. BMW rallied by 1.75%, however, with Daimler and Continental rising by 1.35% and by 1.32% respectively. It was also a mixed day for the banks. Deutsche Bank gained 0.37%, while Commerzbank slipped by 0.66%. From the CAC , it was a bullish day for the banks. Credit Agricole rallied by 1.96%, with BNP Paribas and Soc Gen seeing gains of 1.59% and 1.42% respectively. The French auto sector had a mixed session, however. Stellantis NV fell by 1.12%, while Renault ended the day up by 0.80%. Air France-KLM and Airbus SE saw relatively modest losses of 0.74% and 0.57% respectively. Story continues On the VIX Index It was a 4th consecutive day in the green for the VIX on Monday. Following a 1.82% gain on Friday, the VIX rose by 7.04% to end the day at 19.17. The Dow rose by 0.05%, while the NASDAQ and the S&P500 saw losses of 1.26% and 0.32% respectively. The Day Ahead It’s a particularly busy day ahead on the Eurozone’s economic calendar . Prelim November private sector PMIs for France, Germany, and the Eurozone will be in focus. We can expect plenty of market sensitivity to today’s numbers. While the headline figures will draw interest, components of the PMIs will be key. Market focus will likely remain on cost pressures, new orders, and delivery times. From the U.S, private sector PMIs for November will also be in focus later in the session. Expect the U.S services PMI to be the key stat late in the day. Away from the economic calendar, COVID-19 news updates will also need monitoring. The Futures In the futures markets, at the time of writing, the Dow Mini was up by 48 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: Big Money Has Designs on Apple General Motors Invests in Electric Boating Start-Up Pure Watercraft Silver Price Prediction – Prices Drop on Powell Renomenation NZD/USD Forex Technical Analysis – Trading on Weakside of .6997-.7040 Retracement Zone Shiba Inu Coin – Daily Tech Analysis – November 23rd, 2021 NFL’s OBJ Joins Growing List of Players to Be Paid in Bitcoin || 4 Best Gold Stocks to Buy to Protect Against Inflation: With gold under-performing in the last few months, even the best gold stocks have been sideways to lower. However, the sentiment for gold seems to be changing. There are growing concerns related to inflation. It’s very likely that the current inflationary trend in the United States isnot transitionary in nature.
Gold finally seems to be on the verge of a break-out. The precious metal is considered as a good hedge against inflation and I believe gold is positioned to make new highs in the coming quarters.
To further elaborate on my point on inflation, assets on the Federal Reserve’s balance sheet expanded from $4 trillion in November 2019 tocurrent levels of $8.7 trillion. This is a clear indication of aggressive expansionary monetary policies. The surge in inflation is therefore not surprising.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
• 7 Stocks to Watch Now as Consumer Prices Spike
Another interesting point of discussion isBitcoin(CCC:BTC-USD), which has also emerged as a potential hedge against inflation. Money is likely to flow into gold and Bitcoin in 2022 if inflation remains high. However, considering the liquidity glut in the financial system, there seems to be ample upside potential for the precious metal.
Let’s therefore talk about the four best gold stocks to buy for 2022:
• Newmont Corporation(NYSE:NEM)
• Kinross Gold(NYSE:KGC)
• Barrick Gold(NYSE:GOLD)
• AngloGold Ashanti(NYSE:AU)
Source: Piotr Swat/Shutterstock
In May 2021, NEM stock touched highs of $75.30. However, with near-term weakness in gold price, the stock has corrected. I believe that current levels are attractive for fresh exposure.
It’s also worth noting that NEM stock has an attractive dividend yield of 3.8%. Even if gold trades in the range of $1,800 to $2,000 an ounce, dividends are sustainable.
From an asset perspective, Newmont reported94 million ounces of gold reservesand 101 million ounces of resources. The asset base is likely to ensure that the company can sustain stable production through 2040.
Newmont Mining also has a quality balance sheet. As of Q3 2021, the company reported $4.6 billion in cash and equivalents. Further, for the quarter, the company reported free cash flow of $715 million. Therefore, even at current gold price, the company is positioned for annualized free cash flow of $2.8 to $3.0 billion.
Another point to note is that Newmont has guided for an all-in-sustaining-cost of $1,050 an ounce for 2021. In the next few years, the company expects the AISC to decline further. Therefore, even if gold price remains sideways, the company has higher EBITDA margin visibility.
Overall, with a strong balance sheet and a quality asset base, NEM stock looks positioned for a rally. In particular, with inflation likely to be a catalyst for gold price upside.
Source: T. Schneider / Shutterstock.com
In the last one-month, KGC stock has trended higher by 14%. I believe that the rally is likely to sustain for the stock considering the growth visibility and gold price outlook.
Recently, Kinross Gold reported Q3 2021 results and there are two important points to note.
First and foremost, the company reported a total liquidity buffer of $2.1 billion. With strong financial flexibility, the company is positioned for aggressive expansion and sustaining dividends.
Furthermore, Kinross has reiterated the growth guidance for the coming years. For the current year, the company expects production of 2.1 million ounces of gold. Production isexpected to increase to 2.7 million and 2.9 million ouncesin 2022 and 2023 respectively.
Clearly, the company is positioned for healthy top-line growth in the next few years. At the same time, if gold trends higher, Kinross is positioned to deliver robust free cash flows.
It’s also worth noting that for 2021, Kinross has guided for an all-in-sustaining-cost of $1,100 an ounce. Similar to Newmont Mining, the company is positioned to deliver healthy EBITDA margin even if gold trades sideways. However, I do expect gold to trend higher after an extended period of consolidation.
• 7 Stocks to Watch Now as Consumer Prices Spike
Overall, KGC stock looks attractive with production growth visibility. At the same time, dividends are likely to increase in the coming years as free cash flow swells.
Source: Piotr Swat / Shutterstock.com
At a forward price-to-earnings-ratio of 18.4, GOLD stock is another attractive name to consider. In the last 12-months, GOLD stock has trended lower by 17%. I would not be surprised if this trend reverses in 2022 and the stock is a performer.
For Q3 2021, Barrick reported revenue of $2.8 billion and adjusted EBITDA of $1.7 billion. For the same period, the company’sfree cash flow was $481 million. Barrick is therefore positioned for annualized FCF in excess of $2 billion if gold trends higher. In particular, with AISC likely to be in the range of $1,000 to $1,200 an ounce.
It’s also worth noting that as of Q3 2021, Barrick reported cash and equivalents of $5 billion. With a net-debt position of just $111 million, the company has an investment-grade balance sheet. This provides ample financial flexibility to pursue aggressive exploration and production growth.
In terms of production, the outlook is relatively stable for the next few years. However, considering the company’s financial flexibility, I would not be surprised if acquisitions are pursued to boost growth. At the same time, there is visibility for dividend growth if gold trends higher.
Source: allstars / Shutterstock.com
On a relative basis, I would prefer the other three names over AU stock. However, if gold price does trend above $2,000 an ounce, the stock will be positioned for a strong rally.
It’s worth noting that for Q3 2021, AngloGold reported an AISC of $1,362 an ounce. This is higher compared to peers. However, the company still reported an adjusted EBITDA margin of 47%. At the same time, free cash flow for the quarter was $18 million at a realized gold price of $1,785 an ounce. AngloGold has been focused on lowering costs through asset diversification.
From a balance sheet perspective, AngloGold reported cash and equivalents of $2.5 billion. With a net-debt-to-adjusted-EBITDA of 0.43, the company is well positioned to pursue aggressive exploration and production upside.
At the same time, AngloGold is likely to pursue acquisition driven growth. In September 2021, the companyreported the acquisitionofCorvus Gold. This gives the company access to a Tier 1 production opportunity in Nevada.
• 7 Stocks to Watch Now as Consumer Prices Spike
Overall, at a forward P/E of 12.5, AU stock looks attractive among gold stocks. If gold continues to trend higher, the stock is likely to witness a sharp rally.
On the date of publication,Faisal Humayundid not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
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The post4 Best Gold Stocks to Buy to Protect Against Inflationappeared first onInvestorPlace. || 4 Best Gold Stocks to Buy to Protect Against Inflation: With gold under-performing in the last few months, even the best gold stocks have been sideways to lower. However, the sentiment for gold seems to be changing. There are growing concerns related to inflation. It’s very likely that the current inflationary trend in the United States is not transitionary in nature . Gold finally seems to be on the verge of a break-out. The precious metal is considered as a good hedge against inflation and I believe gold is positioned to make new highs in the coming quarters. To further elaborate on my point on inflation, assets on the Federal Reserve’s balance sheet expanded from $4 trillion in November 2019 to current levels of $8.7 trillion . This is a clear indication of aggressive expansionary monetary policies. The surge in inflation is therefore not surprising. InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Stocks to Watch Now as Consumer Prices Spike Another interesting point of discussion is Bitcoin (CCC: BTC-USD ), which has also emerged as a potential hedge against inflation. Money is likely to flow into gold and Bitcoin in 2022 if inflation remains high. However, considering the liquidity glut in the financial system, there seems to be ample upside potential for the precious metal. Let’s therefore talk about the four best gold stocks to buy for 2022: Newmont Corporation (NYSE: NEM ) Kinross Gold (NYSE: KGC ) Barrick Gold (NYSE: GOLD ) AngloGold Ashanti (NYSE: AU ) Gold Stocks to Buy: Newmont Corporation (NEM) Newmont (NEM) logo on a mobile phone screen Source: Piotr Swat/Shutterstock In May 2021, NEM stock touched highs of $75.30. However, with near-term weakness in gold price, the stock has corrected. I believe that current levels are attractive for fresh exposure. It’s also worth noting that NEM stock has an attractive dividend yield of 3.8%. Even if gold trades in the range of $1,800 to $2,000 an ounce, dividends are sustainable. From an asset perspective, Newmont reported 94 million ounces of gold reserves and 101 million ounces of resources. The asset base is likely to ensure that the company can sustain stable production through 2040. Story continues Newmont Mining also has a quality balance sheet. As of Q3 2021, the company reported $4.6 billion in cash and equivalents. Further, for the quarter, the company reported free cash flow of $715 million. Therefore, even at current gold price, the company is positioned for annualized free cash flow of $2.8 to $3.0 billion. Another point to note is that Newmont has guided for an all-in-sustaining-cost of $1,050 an ounce for 2021. In the next few years, the company expects the AISC to decline further. Therefore, even if gold price remains sideways, the company has higher EBITDA margin visibility. Overall, with a strong balance sheet and a quality asset base, NEM stock looks positioned for a rally. In particular, with inflation likely to be a catalyst for gold price upside. Kinross Gold (KGC) Cellphone with business logo of Canadian mining company Kinross Gold Corp. on screen in front of webpage. Source: T. Schneider / Shutterstock.com In the last one-month, KGC stock has trended higher by 14%. I believe that the rally is likely to sustain for the stock considering the growth visibility and gold price outlook. Recently, Kinross Gold reported Q3 2021 results and there are two important points to note. First and foremost, the company reported a total liquidity buffer of $2.1 billion. With strong financial flexibility, the company is positioned for aggressive expansion and sustaining dividends. Furthermore, Kinross has reiterated the growth guidance for the coming years. For the current year, the company expects production of 2.1 million ounces of gold. Production is expected to increase to 2.7 million and 2.9 million ounces in 2022 and 2023 respectively. Clearly, the company is positioned for healthy top-line growth in the next few years. At the same time, if gold trends higher, Kinross is positioned to deliver robust free cash flows. It’s also worth noting that for 2021, Kinross has guided for an all-in-sustaining-cost of $1,100 an ounce. Similar to Newmont Mining, the company is positioned to deliver healthy EBITDA margin even if gold trades sideways. However, I do expect gold to trend higher after an extended period of consolidation. 7 Stocks to Watch Now as Consumer Prices Spike Overall, KGC stock looks attractive with production growth visibility. At the same time, dividends are likely to increase in the coming years as free cash flow swells. Gold Stocks to Buy: Barrick Gold (GOLD) How to Play Barrick Gold Stock Ahead of Today's Earnings Source: Piotr Swat / Shutterstock.com At a forward price-to-earnings-ratio of 18.4, GOLD stock is another attractive name to consider. In the last 12-months, GOLD stock has trended lower by 17%. I would not be surprised if this trend reverses in 2022 and the stock is a performer. For Q3 2021, Barrick reported revenue of $2.8 billion and adjusted EBITDA of $1.7 billion. For the same period, the company’s free cash flow was $481 million . Barrick is therefore positioned for annualized FCF in excess of $2 billion if gold trends higher. In particular, with AISC likely to be in the range of $1,000 to $1,200 an ounce. It’s also worth noting that as of Q3 2021, Barrick reported cash and equivalents of $5 billion. With a net-debt position of just $111 million, the company has an investment-grade balance sheet. This provides ample financial flexibility to pursue aggressive exploration and production growth. In terms of production, the outlook is relatively stable for the next few years. However, considering the company’s financial flexibility, I would not be surprised if acquisitions are pursued to boost growth. At the same time, there is visibility for dividend growth if gold trends higher. AngloGold Ashanti (AU) A gold bar along with some coins made of precious metals. gold stocks Source: allstars / Shutterstock.com On a relative basis, I would prefer the other three names over AU stock. However, if gold price does trend above $2,000 an ounce, the stock will be positioned for a strong rally. It’s worth noting that for Q3 2021, AngloGold reported an AISC of $1,362 an ounce. This is higher compared to peers. However, the company still reported an adjusted EBITDA margin of 47%. At the same time, free cash flow for the quarter was $18 million at a realized gold price of $1,785 an ounce. AngloGold has been focused on lowering costs through asset diversification. From a balance sheet perspective, AngloGold reported cash and equivalents of $2.5 billion. With a net-debt-to-adjusted-EBITDA of 0.43, the company is well positioned to pursue aggressive exploration and production upside. At the same time, AngloGold is likely to pursue acquisition driven growth. In September 2021, the company reported the acquisition of Corvus Gold . This gives the company access to a Tier 1 production opportunity in Nevada. 7 Stocks to Watch Now as Consumer Prices Spike Overall, at a forward P/E of 12.5, AU stock looks attractive among gold stocks. If gold continues to trend higher, the stock is likely to witness a sharp rally. On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Man Who Called Black Monday: “Prepare Now.” #1 EV Stock Still Flying Under the Radar Interested in Crypto? Read This First... The post 4 Best Gold Stocks to Buy to Protect Against Inflation appeared first on InvestorPlace . || Turkish lira crashes 15pc as Erdogan vows to win ‘economic war’: The Turkish lira plunged as much as 15pc after President Recep Erdogan declared he would win an “economic war of independence” and praised low interest rates.
The central bank cut rates last week from 16pc to 15pc despite inflation soaring to almost 20pc last month, which mainstream economists would usually try to control with higher interest rates.
One US dollar bought 11.5 lira before the latest slide, which took the currency briefly to more than 13 lira to the dollar before regaining some of its losses to trade at 12.5 to the dollar.
President Erdogan, who has sacked three central bank governors in recent years, said he was “pleased” with the latest policy move.
He has long held unconventional views on monetary policy, calling himself an “enemy” of high interest rates and arguing that low rates also keep inflation down. “We know quite well what we’re doing with the current policy, why we’re doing it, and the kind of risks it entails,” he said this week.
The lira has fallen by more than 40pc against the dollar this year and over the past five years has lost almost three-quarters of its value against the greenback.
Simon MacAdam at Capital Economics said the lira is “firmly in crisis territory” as the central bank “is once again bowing to political pressure from President Erdogan to deliver interest rate cuts”. Hopes of action to stop the slide were evaporating due to the President’s latest comments and his “record at sacking disobedient central bank governors”, he added.
Murat Unur at Goldman Sachs said the latest selloff was being driven by locals in Turkey moving their money abroad to flee negative real interest rates, meaning the authorities will have to change course if they want to stabilise the currency.
That's all from us for today. Thank you for following and we'll be back again tomorrow!
The Indian government is working on a bill to ban private cryptocurrencies and create a framework for a digital coin backed by the country’s central bank.
The shock announcement comes a week after Prime Minister Narendra Modi warned Bitcoin is a risk for younger generations and could "spoil our youth" if it ends up "in the wrong hands".
It’s the latest emerging economy to crack down on cryptocurrencies, after China made all related transactions illegal in September.
India’s cryptocurrency users have a total asset value of more than $6bn, according toThe Economic Times.
Ryanair chief executive Michael O’Leary said the renewed coronavirus restrictions in Europe are hampering the travel sector’s recovery.
A return to lockdown in Austria risks choking demand during the key festive period, while bookings for next summer could also be affected.
The US might even review the reopening of its borders, O’Leary said in a webinar broadcast byEurocontrol.
“It’s inevitable that we will undermine confidence between now and Christmas and that will disrupt Christmas and it will also unsettle people between Christmas and New Year, when they normally start booking their summer holidays,” he said, adding that until last week “things were going great.”
Asda has appointed former M&S and Ocado chairman Lord Rose of Monewden and former Land Securities chair Dame Alison Carnwath to its board. They both will hold non-executive roles,Sky Newsreported.
The pair are both directors of petrol stations giant EG Group, which is owned by Asda shareholders Issa brothers, so the move could spark speculation of a merger between the two companies.
The Issas and private equity group TDR Capital acquired Asda for nearly £7bn last year.
EG Group recently tried to buy Asda's fuel retailing assets but it emerged last month that the deal was abandoned.
The FTSE 100 has closed 0.1pc higher at 7,266, outperforming its fellow European indices thanks to a recovery in the oil price.
Energy giants BP and Royal Dutch Shell both advanced 1pc, although the top riser was Compass with a 5.6pc jump.
The catering giant impressed investors with higher-than-expected full-year profits and a return to dividend payments.
Safety equipment group Halma and online grocery retailer Ocado were the top fallers, down 5.7pc and 4.8pc respectively.
Good afternoon, this isGiulia Bottarotaking over fromJames Warringtonfor the rest of the day.
AstraZeneca is unveiling today its new Discovery Centre (DISC), a research and development facility designed to host over 2,200 research scientists.
His Royal Highness The Prince of Wales is attending the event and will be shown around by chief executive Pascal Soriot and chairman Leif Johansson.
Our colleagueJulia Bradshawis on the scene:
The £1bn Cambridge plant will support the pharma giant’s focus on specialised and precision medicines as well as the development of next generation therapeutics, including nucleotide-based, gene-editing and cell therapies.
Tesla founder and Twitter warrior Elon Musk is at it again – and this time it's Binance chief executive Changpeng Zhao on the receiving end.
The electric car tycoon delivered a stinging rebuke to Mr Zhao after the cryptocurrency exchange limited withdrawals of meme-based digital currency dogecoin.
"Hey @cz_binance, what's going on with your doge customers? Sounds shady," Musk tweeted on Tuesday.
Binance hit back, saying it's rebuilding its dogecoin wallet entirely, resulting in a delay in withdrawals that may continue for another week.
It's the latest intervention by Mr Musk, who has previously sparked wild movements in cryptocurrency markets with his outspoken tweets.
His comments on dogecoin have fueled a dizzying rally in the digital coin's value this year – further fuelling regulatory scrutiny of volatile crypto assets.
River and Mercantile, the London-listed asset manager, has been approached by two rivals about a potential takeover, marking the latest attempted swoop in the deal-hungry industry.
Simon Foyhas more:
Premier Miton and AssetCo have tabled separate bids for the company, which River and Mercantile said are conditional on the completion of the proposed £230m sale of its solutions business to Schroders.
Zoom shares have crashed 15pc in early New York trading, wiping $12bn (£9bn) off the video conferencing firm's market value.
It comes after the company missed expectations for growth in large business customers – a closely-watched metric – over the third quarter.
Analysts at Bank of America cut the stock from buy to neutral, citing concerns about post-pandemic growth amid higher customer churn.
Culture Secretary Nadine Dorries has said she hasn't yet decided whether to press ahead with the privatisation of Channel 4.
Appearing in front of MPs on the culture select committee, Ms Dorries said: "I haven't made my mind up on Channel 4. What I'm interested in is how Channel 4 is going to survive in the future."
The Government is pushing for a sale of the Great British Bake Off broadcaster, which is state-owned by funded through advertising, as part of a wider review of the sector.
National Lottery operator Camelot has bounced back strongly from the pandemic, though sales of tickets and scratch cards in shops are still below pre-Covid levels.
Sales hit £4bn in the six months to 25 September, up 2.7pc on the same period a year ago, driven by strong sales of tickets for its main Lotto draw.
Chief executive Nigel Railton said the company was now trading at around 90pc of pre-pandemic levels.
Camelot recently launched ticket sales at checkouts in Iceland and Aldi and is eyeing more tie-ups with retailers.
It comes as the company faces stiff competition to retain its licence to run the National Lottery as regulators prepare for a review next year.
As expected, Wall Street has started on the back foot this afternoon as rising Treasury yields weigh on tech stocks.
The S&P 500 and tech-heavy Nasdaq opened 0.1pc and 0.3pc lower respectively. The Dow Jones fared much better, rising 0.7pc at the opening bell.
It's nine months since the Supreme Court handing down its historic ruling forcing Uber to class its drivers as workers, but the saga isn't over yet.
The ride-hailing giant is now back in court in London to face accusations it's trying to undermine the ruling.
Uber has challenged a small part of the landmark ruling, where a judge’s comments suggest the tech firm should enter into a direct contract with passengers when providing car journeys. It argues this isn't the case.
The App Drivers and Couriers Union (ADCU) says Uber is trying to undermine the initial ruling. It says that, should the court side with Uber, the app will “avoid responsibility for the health and safety of drivers”.
Yaseen Aslam, president of the ADCU, said: “I thought the Supreme Court ruling was the end of the matter but just months later we are being forced back to court to defend this landmark ruling from Uber’s army of slick corporate lawyers who are determined to strip us of our rights.”
A spokesperson for Uber insisted the company is committed to the worker changes it made earlier this year and that “this legal procedure is seeking to clarify a different and narrow point of law.”
Experts at the Bank of England do not believe the recovery from Covid will be complete until next year. However, one measure of the economy suggests we are already back to normal - namely, sales of coffees and chicken Caesar baguettes.
Here's more from my colleaguesRussell LynchandTim Wallace:
Sandwich chain Pret a Manger’s weekly data showed UK sales higher last week than in January 2020. The figures included London’s financial districts, airports and West End shopping districts, as well as regional towns, northern counties and Scotland, and marked the first time that sales have returned to pre-Covid levels.
After the White House announced a major release of oil reserves, there's some more detail about the UK's role in the coordinated move.
Britain will make 1.5m barrels of oil available from its strategic stockpile. This is a modest contribution to the US-led coalition looking to ease surging prices, given the US has pledged 50m barrels.
A Government spokesman said the supplies would be made available to oil companies that want to stock up on oil in the coming weeks.
The sale would still leave UK reserves well above the 90 days of demand required by the International Energy Agency.
The spokesman said: "This is a sensible and measured step to support global markets as we emerge from the pandemic."
Venture capital firm Hambro Perks is plotting the first listing of a special purpose acquisition company (Spac) in London following a recent overhaul of stock market rules.
Hambro Perks is aiming to raise up to £150m through the float. It will then target acquisitions of late-stage tech firms, with a focus on the UK and Europe.
It follows a revamp of market rules to allow Spacs raising at least £100m to avoid an old requirement to suspend trading when an acquisition is announced. This was previously seen as a key obstacle to the success of blank-check listings in London – a trend that's grown in popularity in the US and Europe.
Hambro Perks is run by Dominic Perks, a former McKinsey consultant and Morgan Stanley banker.
Its investments have included PrimaryBid, which offers retail traders access to initial public offerings, as well as location startup What3Words, digital banking app Tide and Muslim dating platform Muzmatch.
Mr Perks said:
We’ve chosen to list HPAC in London because it’s the technology capital of Europe. The number of unicorns in the UK and Europe has grown significantly over recent years as we have seen a migration of talent and capital to private growth companies.
Shares in Zoom have dropped 10pc in pre-market trading on further signs the video conferencing giant's pandemic boom could be coming to an end.
The company said it had 512,100 large business customers in the third quarter. That's up 18pc on last year but behind analyst forecast. Gains for the closely-watched measures have been narrowing since the height of the pandemic.
Zoom beat expectations for both revenue and profits in the most recent quarter, yet doubts about its post-pandemic growth continue to weigh on shares, which have dropped almost 30pc this year.
Onto more glamorous things now...
There's a warning over Amazon's £6.4bn takeover of the studio behind James Bond, with unions arguing streaming prices will rise unless competition authorities block the spy franchise deal.
Ben Woodshas the details:
A powerful group of American unions said the deal for Metro-Goldwyn-Mayer Studios would hand Amazon the power to reduce competition because it would have nearly three times as many shows as Netflix.
Carsten Fritsch, an analyst at Commerzbank, says the release of oil reserves by consumers could prompt retaliation by Opec.
This is more than suggested by sources before. The question is the time horizon of the release and how Opec+ will react.
Marks & Spencer has taken a 25pc stake in women's fashion brand Nobody's Child as it looks to beef up its branded clothing business.
Nobody's Child, which was founded in 2015, has grown rapidly over the last year and already benefits from partnering on M&S's online platform. M&S said the brand drives traffic as "the most visited guest brand" on its website.
The deal, for an undisclosed sum, will see Nobody's Child continue to operate independently but it will be able to use M&S's investment and infrastructure to grow at scale, the companies said.
M&S's investment is part of its brand-focused strategy which has used different models including wholesale agreements, exclusive collaborations and strategic acquisitions to grow its clothing business.
The group also launched its first new Jaeger lines last month after buying the brand from administrators at the start of the year as part of the strategy.
Bulb's prospective administrators are reportedly expected to appoint Lazard to oversee a sale of the collapsed energy supplier.
Sky News reports that Lazard will be tapped to run an auction amid "significant" interest in a takeover of Bulb, which is the UK's seventh-largest supplier with around 1.7m customers.
The US investment bank had already been working with Bulb on a potential sale before its collapse, holding talks with prospective buyers including Octopus, Ovo and Shell.
Regulator Ofgem is said to be lining up restructuring experts at Teneo as special administrators in what will be the first test of a new regime designed to protect customers from a large energy firm failure.
US President Joe Biden has ordered 50m barrels of oil to be released from strategic reserves in a bid to bring down soaring energy costs.
The release, which will take the form of a loan and a sale, is being made alongside other strategic releases by China, India, South Korea, Japan and Britain, the White House said.
It marks the first time the US has coordinated releases with some of the world's largest consumers and comes after production cartel Opec rebuffed calls for higher output to help keep a lid on prices.
Oil extended its losses following the announcement, with prices in New York falling as much as 1.9pc to $75.30 a barrel.
US futures are pointing to a lower open on Wall Street this afternoon as rising Treasury yields weigh on tech stocks.
Futures tracking the S&P 500 and Dow Jones slipped 0.2pc and 0.1pc respectively, while the tech-heavy Nasdaq is down 0.4pc.
Both the S&P and Nasdaq fell back from record highs on Monday as Joe Biden's decision to reappoint Jay Powell as Fed chair for another term sparked a volatile session.
While yield-sensitive tech stocks fell in pre-market trading, Wall Street's major banks were up between 0.2pc and 0.8pc on expectations of an interest rate hike.
JP Morgan has regained its status as the world's most systemically important bank after financial regulators recommended a higher capital burden for the lender.
The firm rose one place on the Financial Stability Board's annual ranking, published today.
Goldman Sachs and BNP Paribas also increased one level in this year’s assessment, which lists 30 firms deemed global systemically important banks.
But JP Morgan is the only bank to face an additional 2.5pc buffer, whereas last year it sat alongside Citigroup and HSBC in the 2pc category.
For the US banks it's largely a symbolic exercise, however, as they already have higher requirements than those recommended by the FSB.
While the Bank of England weighs up an interest rate rise, it's a very different picture over in Turkey.
The lira has tumbled nearly 9pc today after President Tayyip Erdogan defended a series of rate cuts and vowed to win his "economic war of independence" despite pleas to reverse course.
The currency tumbled to as low as 12.49 to the dollar, reaching new record lows for the 11th consecutive session. So far this year, it's lost 40pc of its value, including a near 20pc decline since the start of last week.
President Erdogan has piled pressure on Turkey's central bank to implement a series of aggressive cuts in an effort to boost investment and jobs, despite soaring inflation and and huge depreciation in the lira.
Former central bank deputy governor Semih Tumen, who was dismissed by the president last month, called for an immediate return to policies which protect the lira's value.
He said: "This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people."
Jonathan Haskel – usually one of the more dovish MPC members – has struck a more hawkish tone in his latest comments.
His insistence that a tight labour market will force the Bank into a rate rise echoes the view of Governor Andrew Bailey. Following the Bank's surprise decision to hold rates earlier this month, Mr Bailey said jobs data would be a key factor in deciding the timing of a move.
That's not to say it's a done deal, though. The Governor – who's gained the moniker 'unreliable boyfriend' over his previous communications – seemed to introduce some doubt after saying the inflation situation was "febrile".
Mr Haskel also pointed to GDP growth, which came in lower than expected in the third quarter. Forecasts for the fourth quarter are also 3.5pc below the Bank's pre-pandemic forecast.
He said: "In this case therefore, one might want to wait before normalising policy such that normalisation begins only once we are more confident that the recovery is entrenched."
Gas prices are back on the rise today after the US imposed fresh sanctions targeting Russia's Nord Stream 2 pipeline – a move the Kremlin branded "illegal".
On Monday the White House imposed fresh sanctions on a shipping company and vessel involved in building the pipeline, which runs between Russia and Germany.
While any action against the gas link can stoke supply concerns, the latest sanctions are likely too little too late, as the pipeline has already been completed and filled with gas.
Still, benchmark Dutch prices rose as much as 8.7pc on Tuesday, while the UK equivalent is up 6.6pc at 225p a therm.
The publisher of the Mirror and Express newspapers tumbled this morning after it warned on rising costs in print production.
Reach said trading was ahead of expectations, driven primarily by 17.2pc growth in digital revenues as the company continues to adapt to new reading habits.
But the company warned it had begun to see an increase in the cost of print production, particularly for energy and newsprint.
It said: "With the longer-term effect on the cost base still emerging, we are closely monitoring developments and will continue to prioritise efficiencies to mitigate the impact."
Shares dropped 5.1pc following the update.
Sticking on the pound, there's rising momentum behind bets against sterling, as my colleagueTom Reesreports.
Traders have wagered a £2bn bet on a plunge in the pound after the Bank of England failed to deliver on a widely expected interest rate rise earlier this month.
Sterling has lost ground against both the dollar and the euro, despite fresh inflation data that could pave the way for a Bank of England interest rate rise.
The pound edged 0.3pc lower against the euro to 84.16p, but remained close to the 21-month high hit on Monday as the resurgence of Covid cases in Europe hit the single currency.
Fears of more restrictions in Germany, following Austria's full lockdown, sent the euro to its lowest level against the pound since February 2020 yesterday. But the currency strengthened after data showed eurozone business activity unexpectedly grew in November.
The pound was boosted by separate PMI data showing the fastest growth in new orders since June this month alongside record cost pressures, raising expectations of a rate hike.
Versus the dollar, the pound slipped 0.1pc to $1.3384, as US President Joe Biden nominated Federal Reserve chairman Jerome Powell for a second four-year term, reinforcing market expectations of rate rises next year.
Grocery delivery firm Getir has said it's buying British rival Weezy, marking a fresh wave of consolidation in the crowded market for ultra-fast delivery services.
It comes after the Turkish firm last month said it would invest £100m in the UK. Terms of the takeover were not disclosed.
Getir launched in London in January and has since expanded to 15 towns and cities including Manchester, Birmingham and Liverpool.
The company, which is valued at $7.7bn (£5.8bn), said the takeover of Weezy marked its long-term commitment to the UK market.
Kristof Van Beveren, chief executive and co-founder of Weezy, said:
We are incredibly excited to continue our journey in disrupting the skyrocketing ultrafast grocery market. Getir has an unparalleled track-record of achievements and experience with an equally ambitious team.
Joshua Elash,director of property lender MT Finance, describes the fall in property transactions as "dramatic".
The argument for either reworking or scrapping stamp duty all together has never been louder or clearer. Stamp duty is the tax holding back a property market which would benefit now more than ever from greater levels of fluidity.
October housing transactions plunged 52pc month-on-month to the lowest number in nearly a decade as the last of the stamp duty holiday savings disappeared.
My colleagueMelissa Lawfordhas the details:
There were 76,930 transactions last month, according to HMRC’s provisional seasonally adjusted estimate. This was 28.2pc lower than in October 2020.
Catering group Compass has resumed dividend payments as the easing of lockdown restrictions helped drive up profits, but it struck a cautious tone over labour shortages and rising costs.
The FTSE 100 firm said its pre-tax profits more than doubled to £464m in the year to the end of September, even as revenues dropped 10pc.
The world's biggest caterer benefited from cost-cutting methods, while revenues recovered to 88pc of pre-pandemic levels by the fourth quarter as economies reopened.
Compass, which halted dividends in April last year, resumed payouts with an annual dividend of 14p a share as it hailed record new business wins of around £2.1bn.
But it wasn't all rosy, as the company warned the short-term impact of labour shortages and inflation would weigh on margins.
Compass said:
There is still some uncertainty in the macroeconomic environment, particularly as it relates to labour shortages, inflation and the pandemic, which we expect to continue to impact our business in the nearer term.
Rhys Herbert,senior economist at Lloyds Bank, said:
Despite today’s marginal decline the level of the composite PMI index remains consistent with continued growth in the economy. However, it is clear that supply constraints remain a very real near-term issue.
Chris Williamson, chief business economist at IHS Markit, said:
A combination of sustained buoyant business growth, further job market gains and record inflationary pressures gives a green light for interest rates to rise in December.
Business activity among UK private sector companies dipped in November as cost inflation jumped at its fastest rate on record.
The IHS Markit flash composite PMI came in at 57.7 in November, down fractionally from 57.8 in October but comfortably above the average seen in the third quarter of 2021.
Service sector growth outpaced the manufacturing recovery last month, although the latter saw its strongest expansion for three months.
New order intakes increased at the strongest pace since June, fuelled by robust rises in business and consumer spending.
But the increase in average cost burdens was the fastest since the index began in January 1998, driven by higher wages and a spike in prices paid for fuel, energy and raw materials.
Pets at Home is continuing to cash in on higher pet ownership, with dog and cat lovers now turning to more premium food and products to pamper their furry friends.
The company shrugged off supply issues to post pre-tax profits of over £70m in the six months to Oct 7 – more than 81pc higher than the same time last year.
Revenues were also up 18pc to £678m, including retail and online sales jumping 22pc on a like-for-like basis and revenues from its vet group up by more than a quarter.
Pets at Home has benefited from increased pet ownership during the pandemic, with sales of food and accessories growing over the recent period. Grooming revenues also rose sharply as owners began to show off their new dogs.
The company said full-year profit and sales were likely to hit the top end of expectations, sending shares up 7.4pc to the top of the FTSE 250.
Chris Williamson, chief business economist at IHS Markit, says:
A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from suffering slower growth in the fourth quarter, especially as rising virus cases look set to cause renewed disruptions to the economy in December.
There's been a surprise uplift in business activity in the eurozone, though inflation and fears over rising Covid cases are clouding the outlook for the rest of the year.
The IHS Markit flash composite PMI rose for the first time in four months in November, climbing to 55.8 from 54.2 the previous month.
Services outperformed manufacturing once again, recording its strongest growth in three months. Manufacturing also picked up, though remained the second weakest seen over the past 17 months.
While the figures mark an improvement on October's six-month lows, the average reading for the fourth quarter so far is substantially lower than that of the third quarter, pointing to a weakening of economic growth in the last three months of the year.
This was reflected in business optimism about the outlook, which sank to a 10-month low on renewed Covid worries and lingering supply constraints.
Some more on AO World, which has lost a quarter of its value after issuing a rather gloomy trading update.
The retailer warned on its annual results, saying product shortages, price hikes and a cutback in consumer spending would all hit the peak Christmas trading period.
AO World sank to a £10m pre-tax loss in the six months to the end of September, compared to profits of £18m a year ago. Shares dropped by a quarter.
The company said it had already increased prices by as much as 12pc to offset soaring costs, but boss John Roberts warned there was more pain to come amid soaring inflation and continued supply troubles.
The group said festive trading was now expected to be "significantly softer" than previously forecast, with full-year revenues either flat or down 5pc and underlying earnings in the range of £10m to £20m.
The FTSE 100 has slid this morning as a resurgence in Covid cases across Europe sends jitters through the markets.
The blue-chip index is down 0.6pc at 7,211 points, though it's fared better than France and Germany, where stocks fell more than 1pc on fears about new restrictions.
Gains for miners includingBHP,Rio TintoandAnglo Americanhelped cap the FTSE's losses as metal prices rose.
The domestically-focused FTSE 250 is down 1pc, withAO Worldcrashing 25pc after it cut profit forecasts for the full year.
Energy regulator Ofgem has halted its investigation into PayPoint after the company agreed to pay a £12.5m fine and address competition concerns.
PayPoint agreed to remove exclusivity clauses from its contracts with energy suppliers for pre-pay customers, who top up their meters using the company's services.
It said the move would allow suppliers and retailers to sign up to contracts with other payment service providers and to use other providers' equipment for processing payments for topping up energy supply.
The regulator said: "Ofgem believes that the commitments offered by PayPoint address its competition concerns and will ensure that competition is not distorted.
"Accepting these commitments means that the investigation closes with no decision made on whether competition rules were infringed."
The FTSE 100 has opened lower this morning, taking its cue from a late reversal on Wall Street last night.
The blue-chip index is down 0.3pc at 7,236 points.
Amid all the talk of changing working habits after the pandemic, one company has actually taken action.
Atom Bank announced on Tuesday that it's moving to a four-day week, making it the largest British company to implement such a change.
The fintech firm, which has 430 employees, rolled out the new policy at the beginning of the month after a majority of employees backed the move.
It means working hours will be reduced by 3.5 hours to 34 hours per week, with no change in salary.
Mondays or Fridays are expected to be the default day off for the majority of workers, with some exceptions for staff in operational and service roles, whose days off may vary to ensure customer service levels.
Chief executive Mark Mullen said:
We believe the 20thcentury concept of a five day week is, in many cases, no longer fit for purpose for 21stcentury businesses. Its introduction originally allowed for the establishment of the weekend, with all the benefits for employees this entailed. At Atom, we feel the time is right for the next evolution in the world of work.
The chief executive of Scottish Power has warned customers are facing two or three price rises as the escalating energy crisis continues to drive up costs for suppliers.
Keith Anderson said an expected increase in the energy price cap in April would be compounded by costs related to a string of supplier collapses – including most recently Bulb.
He told BBC Radio 4: "We’re looking at – it’s sad to say – but you’ll be looking at a future of two or three price rises coming up because of the state of this market."
Mr Anderson took aim at the price cap, which has prevented companies from passing on higher costs to consumers and led to the collapse of about 20 firms since the start of August.
He said: "We need a lot of changes in this market to get back on a sustainable footing. We need to seriously look at the purpose of things like a price cap because of the damage that’s doing the market.
"I think one of the risks right now [is that] unless there are significant changes made we will end up back at a big five or big six."
Good morning.
Oil has entered a downward slide this morning amid growing speculation that the US will tap into its strategic reserves.
Joe Biden's administration is thought to have thrashed out a plan with Asian consumers to beef up supply in the market in an effort to tame prices after Opec repeatedly rebuffed calls for higher output.
The move sets up a potential stand-off between producers and consumers, as the two sides battle for control of the global oil market.
1)Light at the end of the tunnel for Crossrail property speculatorsSuburban house prices are growing faster compared to the City as the new line begins its 'dress rehearsal'
2)Attack on the City puts EU competitiveness at riskBrussels is under fire for making finance companies set up subsidiaries within the single market
3)Paul Dacre returns to Daily Mail publisher as editor-in-chiefVeteran editor makes surprise comeback after withdrawing from the race to become Ofcom chairman
4)John Lewis takes aim at 'throwaway' culture in retail sectorRetailer to offer grants of up to £300,000 to the most innovative ideas that challenge the industry's 'outdated' approach
5)British Airways customers bemoan yet another IT mishapAirline's Executive Club website was offline for almost 10 days after planned maintenance took far longer than expected
Asian stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the US will taper its stimulus soon.
MSCI's gauge of Asia Pacific stocks outside Japan fell 0.49pc, while Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened 1.1pc and 0.2pc lower, respectively.
Australia's S&P/ASX 200 outperformed with a 0.55pc gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday.
• Corporate:Compass(Full-year results); AO World, Cranswick, Pets At Home, Severn Trent, Victoria(Interims)
• Economics:PMIs(UK, EU, US);GDP(Ger) || Turkish lira crashes 15pc as Erdogan vows to win ‘economic war’: The Turkish lira plunged as much as 15pc after President Recep Erdogan declared he would win an “economic war of independence” and praised low interest rates.
The central bank cut rates last week from 16pc to 15pc despite inflation soaring to almost 20pc last month, which mainstream economists would usually try to control with higher interest rates.
One US dollar bought 11.5 lira before the latest slide, which took the currency briefly to more than 13 lira to the dollar before regaining some of its losses to trade at 12.5 to the dollar.
President Erdogan, who has sacked three central bank governors in recent years, said he was “pleased” with the latest policy move.
He has long held unconventional views on monetary policy, calling himself an “enemy” of high interest rates and arguing that low rates also keep inflation down. “We know quite well what we’re doing with the current policy, why we’re doing it, and the kind of risks it entails,” he said this week.
The lira has fallen by more than 40pc against the dollar this year and over the past five years has lost almost three-quarters of its value against the greenback.
Simon MacAdam at Capital Economics said the lira is “firmly in crisis territory” as the central bank “is once again bowing to political pressure from President Erdogan to deliver interest rate cuts”. Hopes of action to stop the slide were evaporating due to the President’s latest comments and his “record at sacking disobedient central bank governors”, he added.
Murat Unur at Goldman Sachs said the latest selloff was being driven by locals in Turkey moving their money abroad to flee negative real interest rates, meaning the authorities will have to change course if they want to stabilise the currency.
That's all from us for today. Thank you for following and we'll be back again tomorrow!
The Indian government is working on a bill to ban private cryptocurrencies and create a framework for a digital coin backed by the country’s central bank.
The shock announcement comes a week after Prime Minister Narendra Modi warned Bitcoin is a risk for younger generations and could "spoil our youth" if it ends up "in the wrong hands".
It’s the latest emerging economy to crack down on cryptocurrencies, after China made all related transactions illegal in September.
India’s cryptocurrency users have a total asset value of more than $6bn, according toThe Economic Times.
Ryanair chief executive Michael O’Leary said the renewed coronavirus restrictions in Europe are hampering the travel sector’s recovery.
A return to lockdown in Austria risks choking demand during the key festive period, while bookings for next summer could also be affected.
The US might even review the reopening of its borders, O’Leary said in a webinar broadcast byEurocontrol.
“It’s inevitable that we will undermine confidence between now and Christmas and that will disrupt Christmas and it will also unsettle people between Christmas and New Year, when they normally start booking their summer holidays,” he said, adding that until last week “things were going great.”
Asda has appointed former M&S and Ocado chairman Lord Rose of Monewden and former Land Securities chair Dame Alison Carnwath to its board. They both will hold non-executive roles,Sky Newsreported.
The pair are both directors of petrol stations giant EG Group, which is owned by Asda shareholders Issa brothers, so the move could spark speculation of a merger between the two companies.
The Issas and private equity group TDR Capital acquired Asda for nearly £7bn last year.
EG Group recently tried to buy Asda's fuel retailing assets but it emerged last month that the deal was abandoned.
The FTSE 100 has closed 0.1pc higher at 7,266, outperforming its fellow European indices thanks to a recovery in the oil price.
Energy giants BP and Royal Dutch Shell both advanced 1pc, although the top riser was Compass with a 5.6pc jump.
The catering giant impressed investors with higher-than-expected full-year profits and a return to dividend payments.
Safety equipment group Halma and online grocery retailer Ocado were the top fallers, down 5.7pc and 4.8pc respectively.
Good afternoon, this isGiulia Bottarotaking over fromJames Warringtonfor the rest of the day.
AstraZeneca is unveiling today its new Discovery Centre (DISC), a research and development facility designed to host over 2,200 research scientists.
His Royal Highness The Prince of Wales is attending the event and will be shown around by chief executive Pascal Soriot and chairman Leif Johansson.
Our colleagueJulia Bradshawis on the scene:
The £1bn Cambridge plant will support the pharma giant’s focus on specialised and precision medicines as well as the development of next generation therapeutics, including nucleotide-based, gene-editing and cell therapies.
Tesla founder and Twitter warrior Elon Musk is at it again – and this time it's Binance chief executive Changpeng Zhao on the receiving end.
The electric car tycoon delivered a stinging rebuke to Mr Zhao after the cryptocurrency exchange limited withdrawals of meme-based digital currency dogecoin.
"Hey @cz_binance, what's going on with your doge customers? Sounds shady," Musk tweeted on Tuesday.
Binance hit back, saying it's rebuilding its dogecoin wallet entirely, resulting in a delay in withdrawals that may continue for another week.
It's the latest intervention by Mr Musk, who has previously sparked wild movements in cryptocurrency markets with his outspoken tweets.
His comments on dogecoin have fueled a dizzying rally in the digital coin's value this year – further fuelling regulatory scrutiny of volatile crypto assets.
River and Mercantile, the London-listed asset manager, has been approached by two rivals about a potential takeover, marking the latest attempted swoop in the deal-hungry industry.
Simon Foyhas more:
Premier Miton and AssetCo have tabled separate bids for the company, which River and Mercantile said are conditional on the completion of the proposed £230m sale of its solutions business to Schroders.
Zoom shares have crashed 15pc in early New York trading, wiping $12bn (£9bn) off the video conferencing firm's market value.
It comes after the company missed expectations for growth in large business customers – a closely-watched metric – over the third quarter.
Analysts at Bank of America cut the stock from buy to neutral, citing concerns about post-pandemic growth amid higher customer churn.
Culture Secretary Nadine Dorries has said she hasn't yet decided whether to press ahead with the privatisation of Channel 4.
Appearing in front of MPs on the culture select committee, Ms Dorries said: "I haven't made my mind up on Channel 4. What I'm interested in is how Channel 4 is going to survive in the future."
The Government is pushing for a sale of the Great British Bake Off broadcaster, which is state-owned by funded through advertising, as part of a wider review of the sector.
National Lottery operator Camelot has bounced back strongly from the pandemic, though sales of tickets and scratch cards in shops are still below pre-Covid levels.
Sales hit £4bn in the six months to 25 September, up 2.7pc on the same period a year ago, driven by strong sales of tickets for its main Lotto draw.
Chief executive Nigel Railton said the company was now trading at around 90pc of pre-pandemic levels.
Camelot recently launched ticket sales at checkouts in Iceland and Aldi and is eyeing more tie-ups with retailers.
It comes as the company faces stiff competition to retain its licence to run the National Lottery as regulators prepare for a review next year.
As expected, Wall Street has started on the back foot this afternoon as rising Treasury yields weigh on tech stocks.
The S&P 500 and tech-heavy Nasdaq opened 0.1pc and 0.3pc lower respectively. The Dow Jones fared much better, rising 0.7pc at the opening bell.
It's nine months since the Supreme Court handing down its historic ruling forcing Uber to class its drivers as workers, but the saga isn't over yet.
The ride-hailing giant is now back in court in London to face accusations it's trying to undermine the ruling.
Uber has challenged a small part of the landmark ruling, where a judge’s comments suggest the tech firm should enter into a direct contract with passengers when providing car journeys. It argues this isn't the case.
The App Drivers and Couriers Union (ADCU) says Uber is trying to undermine the initial ruling. It says that, should the court side with Uber, the app will “avoid responsibility for the health and safety of drivers”.
Yaseen Aslam, president of the ADCU, said: “I thought the Supreme Court ruling was the end of the matter but just months later we are being forced back to court to defend this landmark ruling from Uber’s army of slick corporate lawyers who are determined to strip us of our rights.”
A spokesperson for Uber insisted the company is committed to the worker changes it made earlier this year and that “this legal procedure is seeking to clarify a different and narrow point of law.”
Experts at the Bank of England do not believe the recovery from Covid will be complete until next year. However, one measure of the economy suggests we are already back to normal - namely, sales of coffees and chicken Caesar baguettes.
Here's more from my colleaguesRussell LynchandTim Wallace:
Sandwich chain Pret a Manger’s weekly data showed UK sales higher last week than in January 2020. The figures included London’s financial districts, airports and West End shopping districts, as well as regional towns, northern counties and Scotland, and marked the first time that sales have returned to pre-Covid levels.
After the White House announced a major release of oil reserves, there's some more detail about the UK's role in the coordinated move.
Britain will make 1.5m barrels of oil available from its strategic stockpile. This is a modest contribution to the US-led coalition looking to ease surging prices, given the US has pledged 50m barrels.
A Government spokesman said the supplies would be made available to oil companies that want to stock up on oil in the coming weeks.
The sale would still leave UK reserves well above the 90 days of demand required by the International Energy Agency.
The spokesman said: "This is a sensible and measured step to support global markets as we emerge from the pandemic."
Venture capital firm Hambro Perks is plotting the first listing of a special purpose acquisition company (Spac) in London following a recent overhaul of stock market rules.
Hambro Perks is aiming to raise up to £150m through the float. It will then target acquisitions of late-stage tech firms, with a focus on the UK and Europe.
It follows a revamp of market rules to allow Spacs raising at least £100m to avoid an old requirement to suspend trading when an acquisition is announced. This was previously seen as a key obstacle to the success of blank-check listings in London – a trend that's grown in popularity in the US and Europe.
Hambro Perks is run by Dominic Perks, a former McKinsey consultant and Morgan Stanley banker.
Its investments have included PrimaryBid, which offers retail traders access to initial public offerings, as well as location startup What3Words, digital banking app Tide and Muslim dating platform Muzmatch.
Mr Perks said:
We’ve chosen to list HPAC in London because it’s the technology capital of Europe. The number of unicorns in the UK and Europe has grown significantly over recent years as we have seen a migration of talent and capital to private growth companies.
Shares in Zoom have dropped 10pc in pre-market trading on further signs the video conferencing giant's pandemic boom could be coming to an end.
The company said it had 512,100 large business customers in the third quarter. That's up 18pc on last year but behind analyst forecast. Gains for the closely-watched measures have been narrowing since the height of the pandemic.
Zoom beat expectations for both revenue and profits in the most recent quarter, yet doubts about its post-pandemic growth continue to weigh on shares, which have dropped almost 30pc this year.
Onto more glamorous things now...
There's a warning over Amazon's £6.4bn takeover of the studio behind James Bond, with unions arguing streaming prices will rise unless competition authorities block the spy franchise deal.
Ben Woodshas the details:
A powerful group of American unions said the deal for Metro-Goldwyn-Mayer Studios would hand Amazon the power to reduce competition because it would have nearly three times as many shows as Netflix.
Carsten Fritsch, an analyst at Commerzbank, says the release of oil reserves by consumers could prompt retaliation by Opec.
This is more than suggested by sources before. The question is the time horizon of the release and how Opec+ will react.
Marks & Spencer has taken a 25pc stake in women's fashion brand Nobody's Child as it looks to beef up its branded clothing business.
Nobody's Child, which was founded in 2015, has grown rapidly over the last year and already benefits from partnering on M&S's online platform. M&S said the brand drives traffic as "the most visited guest brand" on its website.
The deal, for an undisclosed sum, will see Nobody's Child continue to operate independently but it will be able to use M&S's investment and infrastructure to grow at scale, the companies said.
M&S's investment is part of its brand-focused strategy which has used different models including wholesale agreements, exclusive collaborations and strategic acquisitions to grow its clothing business.
The group also launched its first new Jaeger lines last month after buying the brand from administrators at the start of the year as part of the strategy.
Bulb's prospective administrators are reportedly expected to appoint Lazard to oversee a sale of the collapsed energy supplier.
Sky News reports that Lazard will be tapped to run an auction amid "significant" interest in a takeover of Bulb, which is the UK's seventh-largest supplier with around 1.7m customers.
The US investment bank had already been working with Bulb on a potential sale before its collapse, holding talks with prospective buyers including Octopus, Ovo and Shell.
Regulator Ofgem is said to be lining up restructuring experts at Teneo as special administrators in what will be the first test of a new regime designed to protect customers from a large energy firm failure.
US President Joe Biden has ordered 50m barrels of oil to be released from strategic reserves in a bid to bring down soaring energy costs.
The release, which will take the form of a loan and a sale, is being made alongside other strategic releases by China, India, South Korea, Japan and Britain, the White House said.
It marks the first time the US has coordinated releases with some of the world's largest consumers and comes after production cartel Opec rebuffed calls for higher output to help keep a lid on prices.
Oil extended its losses following the announcement, with prices in New York falling as much as 1.9pc to $75.30 a barrel.
US futures are pointing to a lower open on Wall Street this afternoon as rising Treasury yields weigh on tech stocks.
Futures tracking the S&P 500 and Dow Jones slipped 0.2pc and 0.1pc respectively, while the tech-heavy Nasdaq is down 0.4pc.
Both the S&P and Nasdaq fell back from record highs on Monday as Joe Biden's decision to reappoint Jay Powell as Fed chair for another term sparked a volatile session.
While yield-sensitive tech stocks fell in pre-market trading, Wall Street's major banks were up between 0.2pc and 0.8pc on expectations of an interest rate hike.
JP Morgan has regained its status as the world's most systemically important bank after financial regulators recommended a higher capital burden for the lender.
The firm rose one place on the Financial Stability Board's annual ranking, published today.
Goldman Sachs and BNP Paribas also increased one level in this year’s assessment, which lists 30 firms deemed global systemically important banks.
But JP Morgan is the only bank to face an additional 2.5pc buffer, whereas last year it sat alongside Citigroup and HSBC in the 2pc category.
For the US banks it's largely a symbolic exercise, however, as they already have higher requirements than those recommended by the FSB.
While the Bank of England weighs up an interest rate rise, it's a very different picture over in Turkey.
The lira has tumbled nearly 9pc today after President Tayyip Erdogan defended a series of rate cuts and vowed to win his "economic war of independence" despite pleas to reverse course.
The currency tumbled to as low as 12.49 to the dollar, reaching new record lows for the 11th consecutive session. So far this year, it's lost 40pc of its value, including a near 20pc decline since the start of last week.
President Erdogan has piled pressure on Turkey's central bank to implement a series of aggressive cuts in an effort to boost investment and jobs, despite soaring inflation and and huge depreciation in the lira.
Former central bank deputy governor Semih Tumen, who was dismissed by the president last month, called for an immediate return to policies which protect the lira's value.
He said: "This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people."
Jonathan Haskel – usually one of the more dovish MPC members – has struck a more hawkish tone in his latest comments.
His insistence that a tight labour market will force the Bank into a rate rise echoes the view of Governor Andrew Bailey. Following the Bank's surprise decision to hold rates earlier this month, Mr Bailey said jobs data would be a key factor in deciding the timing of a move.
That's not to say it's a done deal, though. The Governor – who's gained the moniker 'unreliable boyfriend' over his previous communications – seemed to introduce some doubt after saying the inflation situation was "febrile".
Mr Haskel also pointed to GDP growth, which came in lower than expected in the third quarter. Forecasts for the fourth quarter are also 3.5pc below the Bank's pre-pandemic forecast.
He said: "In this case therefore, one might want to wait before normalising policy such that normalisation begins only once we are more confident that the recovery is entrenched."
Gas prices are back on the rise today after the US imposed fresh sanctions targeting Russia's Nord Stream 2 pipeline – a move the Kremlin branded "illegal".
On Monday the White House imposed fresh sanctions on a shipping company and vessel involved in building the pipeline, which runs between Russia and Germany.
While any action against the gas link can stoke supply concerns, the latest sanctions are likely too little too late, as the pipeline has already been completed and filled with gas.
Still, benchmark Dutch prices rose as much as 8.7pc on Tuesday, while the UK equivalent is up 6.6pc at 225p a therm.
The publisher of the Mirror and Express newspapers tumbled this morning after it warned on rising costs in print production.
Reach said trading was ahead of expectations, driven primarily by 17.2pc growth in digital revenues as the company continues to adapt to new reading habits.
But the company warned it had begun to see an increase in the cost of print production, particularly for energy and newsprint.
It said: "With the longer-term effect on the cost base still emerging, we are closely monitoring developments and will continue to prioritise efficiencies to mitigate the impact."
Shares dropped 5.1pc following the update.
Sticking on the pound, there's rising momentum behind bets against sterling, as my colleagueTom Reesreports.
Traders have wagered a £2bn bet on a plunge in the pound after the Bank of England failed to deliver on a widely expected interest rate rise earlier this month.
Sterling has lost ground against both the dollar and the euro, despite fresh inflation data that could pave the way for a Bank of England interest rate rise.
The pound edged 0.3pc lower against the euro to 84.16p, but remained close to the 21-month high hit on Monday as the resurgence of Covid cases in Europe hit the single currency.
Fears of more restrictions in Germany, following Austria's full lockdown, sent the euro to its lowest level against the pound since February 2020 yesterday. But the currency strengthened after data showed eurozone business activity unexpectedly grew in November.
The pound was boosted by separate PMI data showing the fastest growth in new orders since June this month alongside record cost pressures, raising expectations of a rate hike.
Versus the dollar, the pound slipped 0.1pc to $1.3384, as US President Joe Biden nominated Federal Reserve chairman Jerome Powell for a second four-year term, reinforcing market expectations of rate rises next year.
Grocery delivery firm Getir has said it's buying British rival Weezy, marking a fresh wave of consolidation in the crowded market for ultra-fast delivery services.
It comes after the Turkish firm last month said it would invest £100m in the UK. Terms of the takeover were not disclosed.
Getir launched in London in January and has since expanded to 15 towns and cities including Manchester, Birmingham and Liverpool.
The company, which is valued at $7.7bn (£5.8bn), said the takeover of Weezy marked its long-term commitment to the UK market.
Kristof Van Beveren, chief executive and co-founder of Weezy, said:
We are incredibly excited to continue our journey in disrupting the skyrocketing ultrafast grocery market. Getir has an unparalleled track-record of achievements and experience with an equally ambitious team.
Joshua Elash,director of property lender MT Finance, describes the fall in property transactions as "dramatic".
The argument for either reworking or scrapping stamp duty all together has never been louder or clearer. Stamp duty is the tax holding back a property market which would benefit now more than ever from greater levels of fluidity.
October housing transactions plunged 52pc month-on-month to the lowest number in nearly a decade as the last of the stamp duty holiday savings disappeared.
My colleagueMelissa Lawfordhas the details:
There were 76,930 transactions last month, according to HMRC’s provisional seasonally adjusted estimate. This was 28.2pc lower than in October 2020.
Catering group Compass has resumed dividend payments as the easing of lockdown restrictions helped drive up profits, but it struck a cautious tone over labour shortages and rising costs.
The FTSE 100 firm said its pre-tax profits more than doubled to £464m in the year to the end of September, even as revenues dropped 10pc.
The world's biggest caterer benefited from cost-cutting methods, while revenues recovered to 88pc of pre-pandemic levels by the fourth quarter as economies reopened.
Compass, which halted dividends in April last year, resumed payouts with an annual dividend of 14p a share as it hailed record new business wins of around £2.1bn.
But it wasn't all rosy, as the company warned the short-term impact of labour shortages and inflation would weigh on margins.
Compass said:
There is still some uncertainty in the macroeconomic environment, particularly as it relates to labour shortages, inflation and the pandemic, which we expect to continue to impact our business in the nearer term.
Rhys Herbert,senior economist at Lloyds Bank, said:
Despite today’s marginal decline the level of the composite PMI index remains consistent with continued growth in the economy. However, it is clear that supply constraints remain a very real near-term issue.
Chris Williamson, chief business economist at IHS Markit, said:
A combination of sustained buoyant business growth, further job market gains and record inflationary pressures gives a green light for interest rates to rise in December.
Business activity among UK private sector companies dipped in November as cost inflation jumped at its fastest rate on record.
The IHS Markit flash composite PMI came in at 57.7 in November, down fractionally from 57.8 in October but comfortably above the average seen in the third quarter of 2021.
Service sector growth outpaced the manufacturing recovery last month, although the latter saw its strongest expansion for three months.
New order intakes increased at the strongest pace since June, fuelled by robust rises in business and consumer spending.
But the increase in average cost burdens was the fastest since the index began in January 1998, driven by higher wages and a spike in prices paid for fuel, energy and raw materials.
Pets at Home is continuing to cash in on higher pet ownership, with dog and cat lovers now turning to more premium food and products to pamper their furry friends.
The company shrugged off supply issues to post pre-tax profits of over £70m in the six months to Oct 7 – more than 81pc higher than the same time last year.
Revenues were also up 18pc to £678m, including retail and online sales jumping 22pc on a like-for-like basis and revenues from its vet group up by more than a quarter.
Pets at Home has benefited from increased pet ownership during the pandemic, with sales of food and accessories growing over the recent period. Grooming revenues also rose sharply as owners began to show off their new dogs.
The company said full-year profit and sales were likely to hit the top end of expectations, sending shares up 7.4pc to the top of the FTSE 250.
Chris Williamson, chief business economist at IHS Markit, says:
A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from suffering slower growth in the fourth quarter, especially as rising virus cases look set to cause renewed disruptions to the economy in December.
There's been a surprise uplift in business activity in the eurozone, though inflation and fears over rising Covid cases are clouding the outlook for the rest of the year.
The IHS Markit flash composite PMI rose for the first time in four months in November, climbing to 55.8 from 54.2 the previous month.
Services outperformed manufacturing once again, recording its strongest growth in three months. Manufacturing also picked up, though remained the second weakest seen over the past 17 months.
While the figures mark an improvement on October's six-month lows, the average reading for the fourth quarter so far is substantially lower than that of the third quarter, pointing to a weakening of economic growth in the last three months of the year.
This was reflected in business optimism about the outlook, which sank to a 10-month low on renewed Covid worries and lingering supply constraints.
Some more on AO World, which has lost a quarter of its value after issuing a rather gloomy trading update.
The retailer warned on its annual results, saying product shortages, price hikes and a cutback in consumer spending would all hit the peak Christmas trading period.
AO World sank to a £10m pre-tax loss in the six months to the end of September, compared to profits of £18m a year ago. Shares dropped by a quarter.
The company said it had already increased prices by as much as 12pc to offset soaring costs, but boss John Roberts warned there was more pain to come amid soaring inflation and continued supply troubles.
The group said festive trading was now expected to be "significantly softer" than previously forecast, with full-year revenues either flat or down 5pc and underlying earnings in the range of £10m to £20m.
The FTSE 100 has slid this morning as a resurgence in Covid cases across Europe sends jitters through the markets.
The blue-chip index is down 0.6pc at 7,211 points, though it's fared better than France and Germany, where stocks fell more than 1pc on fears about new restrictions.
Gains for miners includingBHP,Rio TintoandAnglo Americanhelped cap the FTSE's losses as metal prices rose.
The domestically-focused FTSE 250 is down 1pc, withAO Worldcrashing 25pc after it cut profit forecasts for the full year.
Energy regulator Ofgem has halted its investigation into PayPoint after the company agreed to pay a £12.5m fine and address competition concerns.
PayPoint agreed to remove exclusivity clauses from its contracts with energy suppliers for pre-pay customers, who top up their meters using the company's services.
It said the move would allow suppliers and retailers to sign up to contracts with other payment service providers and to use other providers' equipment for processing payments for topping up energy supply.
The regulator said: "Ofgem believes that the commitments offered by PayPoint address its competition concerns and will ensure that competition is not distorted.
"Accepting these commitments means that the investigation closes with no decision made on whether competition rules were infringed."
The FTSE 100 has opened lower this morning, taking its cue from a late reversal on Wall Street last night.
The blue-chip index is down 0.3pc at 7,236 points.
Amid all the talk of changing working habits after the pandemic, one company has actually taken action.
Atom Bank announced on Tuesday that it's moving to a four-day week, making it the largest British company to implement such a change.
The fintech firm, which has 430 employees, rolled out the new policy at the beginning of the month after a majority of employees backed the move.
It means working hours will be reduced by 3.5 hours to 34 hours per week, with no change in salary.
Mondays or Fridays are expected to be the default day off for the majority of workers, with some exceptions for staff in operational and service roles, whose days off may vary to ensure customer service levels.
Chief executive Mark Mullen said:
We believe the 20thcentury concept of a five day week is, in many cases, no longer fit for purpose for 21stcentury businesses. Its introduction originally allowed for the establishment of the weekend, with all the benefits for employees this entailed. At Atom, we feel the time is right for the next evolution in the world of work.
The chief executive of Scottish Power has warned customers are facing two or three price rises as the escalating energy crisis continues to drive up costs for suppliers.
Keith Anderson said an expected increase in the energy price cap in April would be compounded by costs related to a string of supplier collapses – including most recently Bulb.
He told BBC Radio 4: "We’re looking at – it’s sad to say – but you’ll be looking at a future of two or three price rises coming up because of the state of this market."
Mr Anderson took aim at the price cap, which has prevented companies from passing on higher costs to consumers and led to the collapse of about 20 firms since the start of August.
He said: "We need a lot of changes in this market to get back on a sustainable footing. We need to seriously look at the purpose of things like a price cap because of the damage that’s doing the market.
"I think one of the risks right now [is that] unless there are significant changes made we will end up back at a big five or big six."
Good morning.
Oil has entered a downward slide this morning amid growing speculation that the US will tap into its strategic reserves.
Joe Biden's administration is thought to have thrashed out a plan with Asian consumers to beef up supply in the market in an effort to tame prices after Opec repeatedly rebuffed calls for higher output.
The move sets up a potential stand-off between producers and consumers, as the two sides battle for control of the global oil market.
1)Light at the end of the tunnel for Crossrail property speculatorsSuburban house prices are growing faster compared to the City as the new line begins its 'dress rehearsal'
2)Attack on the City puts EU competitiveness at riskBrussels is under fire for making finance companies set up subsidiaries within the single market
3)Paul Dacre returns to Daily Mail publisher as editor-in-chiefVeteran editor makes surprise comeback after withdrawing from the race to become Ofcom chairman
4)John Lewis takes aim at 'throwaway' culture in retail sectorRetailer to offer grants of up to £300,000 to the most innovative ideas that challenge the industry's 'outdated' approach
5)British Airways customers bemoan yet another IT mishapAirline's Executive Club website was offline for almost 10 days after planned maintenance took far longer than expected
Asian stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the US will taper its stimulus soon.
MSCI's gauge of Asia Pacific stocks outside Japan fell 0.49pc, while Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened 1.1pc and 0.2pc lower, respectively.
Australia's S&P/ASX 200 outperformed with a 0.55pc gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday.
• Corporate:Compass(Full-year results); AO World, Cranswick, Pets At Home, Severn Trent, Victoria(Interims)
• Economics:PMIs(UK, EU, US);GDP(Ger) || Turkish lira crashes 15pc as Erdogan vows to win ‘economic war’: Turkey Recep Tayyip Erdogan lira inflation - Recep Tayyip Erdogan The Turkish lira plunged as much as 15pc after President Recep Erdogan declared he would win an “economic war of independence” and praised low interest rates. The central bank cut rates last week from 16pc to 15pc despite inflation soaring to almost 20pc last month, which mainstream economists would usually try to control with higher interest rates. One US dollar bought 11.5 lira before the latest slide, which took the currency briefly to more than 13 lira to the dollar before regaining some of its losses to trade at 12.5 to the dollar. President Erdogan, who has sacked three central bank governors in recent years, said he was “pleased” with the latest policy move. He has long held unconventional views on monetary policy, calling himself an “enemy” of high interest rates and arguing that low rates also keep inflation down. “We know quite well what we’re doing with the current policy, why we’re doing it, and the kind of risks it entails,” he said this week. The lira has fallen by more than 40pc against the dollar this year and over the past five years has lost almost three-quarters of its value against the greenback. Simon MacAdam at Capital Economics said the lira is “firmly in crisis territory” as the central bank “is once again bowing to political pressure from President Erdogan to deliver interest rate cuts”. Hopes of action to stop the slide were evaporating due to the President’s latest comments and his “record at sacking disobedient central bank governors”, he added. Murat Unur at Goldman Sachs said the latest selloff was being driven by locals in Turkey moving their money abroad to flee negative real interest rates, meaning the authorities will have to change course if they want to stabilise the currency. 06:49 PM Wrapping up That's all from us for today. Thank you for following and we'll be back again tomorrow! 06:24 PM India to mirror China in crypto ban The Indian government is working on a bill to ban private cryptocurrencies and create a framework for a digital coin backed by the country’s central bank. Story continues The shock announcement comes a week after Prime Minister Narendra Modi warned Bitcoin is a risk for younger generations and could "spoil our youth" if it ends up "in the wrong hands". It’s the latest emerging economy to crack down on cryptocurrencies, after China made all related transactions illegal in September. India’s cryptocurrency users have a total asset value of more than $6bn, according to The Economic Times . 06:01 PM New restrictions hit travel sector recovery, warns Ryanair boss Ryanair chief executive Michael O’Leary said the renewed coronavirus restrictions in Europe are hampering the travel sector’s recovery. A return to lockdown in Austria risks choking demand during the key festive period, while bookings for next summer could also be affected. The US might even review the reopening of its borders, O’Leary said in a webinar broadcast by Eurocontrol. “It’s inevitable that we will undermine confidence between now and Christmas and that will disrupt Christmas and it will also unsettle people between Christmas and New Year, when they normally start booking their summer holidays,” he said, adding that until last week “things were going great.” Many thanks to Michael O'Leary of @Ryanair for a very frank and clear @eurocontrol Aviation StraightTalk interview today! https://t.co/pA3Xt3u8Yl @Transport_EU @ECACceac @A4Europe @IATA @ACI_EUROPE @CANSOEurope @eraaorg @EBAAorg pic.twitter.com/ZbmHFmjapH — Eamonn Brennan (@eurocontrolDG) November 23, 2021 05:36 PM EG Group directors to join Asda's board Asda has appointed former M&S and Ocado chairman Lord Rose of Monewden and former Land Securities chair Dame Alison Carnwath to its board. They both will hold non-executive roles, Sky News reported. The pair are both directors of petrol stations giant EG Group, which is owned by Asda shareholders Issa brothers, so the move could spark speculation of a merger between the two companies. The Issas and private equity group TDR Capital acquired Asda for nearly £7bn last year. EG Group recently tried to buy Asda's fuel retailing assets but it emerged last month that the deal was abandoned. 05:04 PM FTSE 100 closes slightly higher The FTSE 100 has closed 0.1pc higher at 7,266, outperforming its fellow European indices thanks to a recovery in the oil price. Energy giants BP and Royal Dutch Shell both advanced 1pc, although the top riser was Compass with a 5.6pc jump. The catering giant impressed investors with higher-than-expected full-year profits and a return to dividend payments. Safety equipment group Halma and online grocery retailer Ocado were the top fallers, down 5.7pc and 4.8pc respectively. 04:35 PM AstraZeneca unveils new £1bn facility in Cambridge Good afternoon, this is Giulia Bottaro taking over from James Warrington for the rest of the day. AstraZeneca is unveiling today its new Discovery Centre (DISC), a research and development facility designed to host over 2,200 research scientists. His Royal Highness The Prince of Wales is attending the event and will be shown around by chief executive Pascal Soriot and chairman Leif Johansson. Our colleague Julia Bradshaw is on the scene: Prince Charles has a nose around new AZ HQ. @telebusiness @AstraZeneca #AstraZeneca pic.twitter.com/7in3u0KIeO — Julia Bradshaw (@JuliaBradshaw_) November 23, 2021 The £1bn Cambridge plant will support the pharma giant’s focus on specialised and precision medicines as well as the development of next generation therapeutics, including nucleotide-based, gene-editing and cell therapies. First look inside #AstraZeneca HQ @telebusiness pic.twitter.com/ll48keryRg — Julia Bradshaw (@JuliaBradshaw_) November 23, 2021 04:12 PM Elon Musk clashes with Binance chief over dogecoin glitch Tesla founder and Twitter warrior Elon Musk is at it again – and this time it's Binance chief executive Changpeng Zhao on the receiving end. The electric car tycoon delivered a stinging rebuke to Mr Zhao after the cryptocurrency exchange limited withdrawals of meme-based digital currency dogecoin. "Hey @cz_binance, what's going on with your doge customers? Sounds shady," Musk tweeted on Tuesday. Binance hit back, saying it's rebuilding its dogecoin wallet entirely, resulting in a delay in withdrawals that may continue for another week. It's the latest intervention by Mr Musk, who has previously sparked wild movements in cryptocurrency markets with his outspoken tweets. His comments on dogecoin have fueled a dizzying rally in the digital coin's value this year – further fuelling regulatory scrutiny of volatile crypto assets. Hey @cz_binance , what’s going on with your Doge customers? Sounds shady. — Elon Musk (@elonmusk) November 23, 2021 03:51 PM Martin Gilbert battles rival in River and Mercantile bidding war Martin Gilbert River and Mercantile - Simon Dawson/Bloomberg River and Mercantile, the London-listed asset manager, has been approached by two rivals about a potential takeover, marking the latest attempted swoop in the deal-hungry industry. Simon Foy has more: Premier Miton and AssetCo have tabled separate bids for the company, which River and Mercantile said are conditional on the completion of the proposed £230m sale of its solutions business to Schroders. The money manager said: "There can be no certainty that any offer will be made by either of AssetCo or Premier Miton, nor as to the terms on which any such offer might be made.” AssetCo, which is chaired by City grandee Martin Gilbert, said its directors believed the two firms were “highly complementary” and a combination of the two would create “significant value” for the group’s clients, portfolio managers, employees and shareholders. Mr Gilbert’s firm has been eyeing a buying spree for some time, having set aside a cash pile earlier this year to fund an expansion drive. AssetCo owns a 6pc stake in River & Mercantile and Mr Gilbert sits on its board as deputy chairman. However, he has excused himself from the position while discussions take place on a possible offer. Meanwhile, Premier Miton, which had nearly £14bn under management at the end of September, said it had been exploring a bid for River and Mercantile for some time, adding that it believes the “scale and cultural alignment” between the two firms would deliver a “balanced and resilient business”. 03:41 PM Growth fears wipe £9bn off Zoom's value Zoom shares have crashed 15pc in early New York trading, wiping $12bn (£9bn) off the video conferencing firm's market value. It comes after the company missed expectations for growth in large business customers – a closely-watched metric – over the third quarter. Analysts at Bank of America cut the stock from buy to neutral, citing concerns about post-pandemic growth amid higher customer churn. 03:29 PM I haven't made my mind up on Channel 4 sale, says Culture Secretary Channel 4 Great British Bake Off - Love Productions Culture Secretary Nadine Dorries has said she hasn't yet decided whether to press ahead with the privatisation of Channel 4. Appearing in front of MPs on the culture select committee, Ms Dorries said: "I haven't made my mind up on Channel 4. What I'm interested in is how Channel 4 is going to survive in the future." The Government is pushing for a sale of the Great British Bake Off broadcaster, which is state-owned by funded through advertising, as part of a wider review of the sector. 03:15 PM Lottery operator Camelot bounces back despite retail troubles Camelot National Lottery - Andrew Milligan/PA Wire National Lottery operator Camelot has bounced back strongly from the pandemic, though sales of tickets and scratch cards in shops are still below pre-Covid levels. Sales hit £4bn in the six months to 25 September, up 2.7pc on the same period a year ago, driven by strong sales of tickets for its main Lotto draw. Chief executive Nigel Railton said the company was now trading at around 90pc of pre-pandemic levels. Camelot recently launched ticket sales at checkouts in Iceland and Aldi and is eyeing more tie-ups with retailers. It comes as the company faces stiff competition to retain its licence to run the National Lottery as regulators prepare for a review next year. 02:47 PM Wall Street opens lower As expected, Wall Street has started on the back foot this afternoon as rising Treasury yields weigh on tech stocks. The S&P 500 and tech-heavy Nasdaq opened 0.1pc and 0.3pc lower respectively. The Dow Jones fared much better, rising 0.7pc at the opening bell. 02:43 PM Uber accused of trying to undermine workers' rights ruling Uber Supreme Court workers' rights - Daniel LEAL-OLIVAS / AFP It's nine months since the Supreme Court handing down its historic ruling forcing Uber to class its drivers as workers, but the saga isn't over yet. The ride-hailing giant is now back in court in London to face accusations it's trying to undermine the ruling. Uber has challenged a small part of the landmark ruling, where a judge’s comments suggest the tech firm should enter into a direct contract with passengers when providing car journeys. It argues this isn't the case. The App Drivers and Couriers Union (ADCU) says Uber is trying to undermine the initial ruling. It says that, should the court side with Uber, the app will “avoid responsibility for the health and safety of drivers”. Yaseen Aslam, president of the ADCU, said: “I thought the Supreme Court ruling was the end of the matter but just months later we are being forced back to court to defend this landmark ruling from Uber’s army of slick corporate lawyers who are determined to strip us of our rights.” A spokesperson for Uber insisted the company is committed to the worker changes it made earlier this year and that “this legal procedure is seeking to clarify a different and narrow point of law.” 02:22 PM Ready, Pret, Go (back to the office) Pret a Manger lockdown Covid - Nick Ansell/PA Wire Experts at the Bank of England do not believe the recovery from Covid will be complete until next year. However, one measure of the economy suggests we are already back to normal - namely, sales of coffees and chicken Caesar baguettes. Here's more from my colleagues Russell Lynch and Tim Wallace : Sandwich chain Pret a Manger’s weekly data showed UK sales higher last week than in January 2020. The figures included London’s financial districts, airports and West End shopping districts, as well as regional towns, northern counties and Scotland, and marked the first time that sales have returned to pre-Covid levels. Sales in Yorkshire have led the way - standing 61pc above January 2020 - followed by a 35pc rise for the London suburbs since the beginning of the pandemic as many people continue to work from home, the figures showed. Districts where sales are still below pre-virus levels include the City of London, 13pc down as staff spend fewer days in the office, as well as the capital’s airports and mainline stations as rail and air travel remain depressed. Pret’s airport sales are still more than 20pc below pre-Covid levels. Pret has come to be viewed by some economists as a bellwether for consumer habits in the wider economy. The company's upbeat news came as survey data showed Britain’s economy outpacing the eurozone, parts of which have been hit by a fresh wave of Covid infections. 02:09 PM UK to release 1.5m barrels from oil reserves After the White House announced a major release of oil reserves, there's some more detail about the UK's role in the coordinated move. Britain will make 1.5m barrels of oil available from its strategic stockpile. This is a modest contribution to the US-led coalition looking to ease surging prices, given the US has pledged 50m barrels. A Government spokesman said the supplies would be made available to oil companies that want to stock up on oil in the coming weeks. The sale would still leave UK reserves well above the 90 days of demand required by the International Energy Agency. The spokesman said: "This is a sensible and measured step to support global markets as we emerge from the pandemic." 02:00 PM Hambro Perks gears up for first UK Spac listing Hambro Perks boss Dominic Perks Venture capital firm Hambro Perks is plotting the first listing of a special purpose acquisition company (Spac) in London following a recent overhaul of stock market rules. Hambro Perks is aiming to raise up to £150m through the float. It will then target acquisitions of late-stage tech firms, with a focus on the UK and Europe. It follows a revamp of market rules to allow Spacs raising at least £100m to avoid an old requirement to suspend trading when an acquisition is announced. This was previously seen as a key obstacle to the success of blank-check listings in London – a trend that's grown in popularity in the US and Europe. Hambro Perks is run by Dominic Perks, a former McKinsey consultant and Morgan Stanley banker. Its investments have included PrimaryBid, which offers retail traders access to initial public offerings, as well as location startup What3Words, digital banking app Tide and Muslim dating platform Muzmatch. Mr Perks said: We’ve chosen to list HPAC in London because it’s the technology capital of Europe. The number of unicorns in the UK and Europe has grown significantly over recent years as we have seen a migration of talent and capital to private growth companies. Investors want to back differentiated, scalable businesses with great leadership, and those are exactly the characteristics we’ll be seeking in our target. 01:40 PM Zoom tumbles on signs of slowing growth Shares in Zoom have dropped 10pc in pre-market trading on further signs the video conferencing giant's pandemic boom could be coming to an end. The company said it had 512,100 large business customers in the third quarter. That's up 18pc on last year but behind analyst forecast. Gains for the closely-watched measures have been narrowing since the height of the pandemic. Zoom beat expectations for both revenue and profits in the most recent quarter, yet doubts about its post-pandemic growth continue to weigh on shares, which have dropped almost 30pc this year. 01:21 PM Amazon's James Bond takeover is licence to hike streaming charges, unions warn Amazon MGM James Bond No Time to Die - Nicola Dove/MGM Onto more glamorous things now... There's a warning over Amazon's £6.4bn takeover of the studio behind James Bond, with unions arguing streaming prices will rise unless competition authorities block the spy franchise deal. Ben Woods has the details: A powerful group of American unions said the deal for Metro-Goldwyn-Mayer Studios would hand Amazon the power to reduce competition because it would have nearly three times as many shows as Netflix. The alliance fears Amazon will charge rivals more to access its vast catalogue of films and television shows, which could ultimately mean higher monthly prices for viewers. The Strategic Organizing Center, a group backed by the unions, claimed Amazon's library of movies and shows would swell to more than 55,000 titles compared to Netflix's 20,000. In a letter to America's Federal Trade Commission, the group said: "The prospect of Amazon acquiring a trove of additional MGM content to build on Amazon's existing vast library should raise alarm bells. "With control over MGM's vast library, Amazon may acquire enough market power over streaming content to raise prices for streaming video-on-demand (SVOD) competitors or for SVOD consumers." Amazon unveiled its swoop for the Hollywood business behind the Silence of the Lambs and Gone with the Wind in May, as it moved to strengthen Prime Video's defences in an increasingly crowded streaming market. 01:03 PM Expert reaction: US oil release could prompt Opec rethink Carsten Fritsch , an analyst at Commerzbank, says the release of oil reserves by consumers could prompt retaliation by Opec. This is more than suggested by sources before. The question is the time horizon of the release and how Opec+ will react. Some delegates said that Opec+ might rethink its strategy to increase output by another 400,000 bpd [barrels per day] at next week's meeting. To put things into perspective, 50m barrels is equivalent to a production hike by 1.6m bpd for one month or by 1m bpd for seven weeks. This is quite significant. 12:53 PM M&S takes stake in women's fashion brand Nobody's Child Marks & Spencer Nobody's Child - REUTERS/Henry Nicholls/File Photo Marks & Spencer has taken a 25pc stake in women's fashion brand Nobody's Child as it looks to beef up its branded clothing business. Nobody's Child, which was founded in 2015, has grown rapidly over the last year and already benefits from partnering on M&S's online platform. M&S said the brand drives traffic as "the most visited guest brand" on its website. The deal, for an undisclosed sum, will see Nobody's Child continue to operate independently but it will be able to use M&S's investment and infrastructure to grow at scale, the companies said. M&S's investment is part of its brand-focused strategy which has used different models including wholesale agreements, exclusive collaborations and strategic acquisitions to grow its clothing business. The group also launched its first new Jaeger lines last month after buying the brand from administrators at the start of the year as part of the strategy. 12:48 PM Bulb administrators set to hire Lazard to run auction Bulb chief executive Hayden Wood - Julian Andrews Bulb's prospective administrators are reportedly expected to appoint Lazard to oversee a sale of the collapsed energy supplier. Sky News reports that Lazard will be tapped to run an auction amid "significant" interest in a takeover of Bulb, which is the UK's seventh-largest supplier with around 1.7m customers. The US investment bank had already been working with Bulb on a potential sale before its collapse, holding talks with prospective buyers including Octopus, Ovo and Shell. Regulator Ofgem is said to be lining up restructuring experts at Teneo as special administrators in what will be the first test of a new regime designed to protect customers from a large energy firm failure. 12:38 PM US to release 50m barrels of oil in bid to tame prices US President Joe Biden has ordered 50m barrels of oil to be released from strategic reserves in a bid to bring down soaring energy costs. The release, which will take the form of a loan and a sale, is being made alongside other strategic releases by China, India, South Korea, Japan and Britain, the White House said. It marks the first time the US has coordinated releases with some of the world's largest consumers and comes after production cartel Opec rebuffed calls for higher output to help keep a lid on prices. Oil extended its losses following the announcement, with prices in New York falling as much as 1.9pc to $75.30 a barrel. 12:27 PM US futures dip as rising yields hit tech stocks US futures are pointing to a lower open on Wall Street this afternoon as rising Treasury yields weigh on tech stocks. Futures tracking the S&P 500 and Dow Jones slipped 0.2pc and 0.1pc respectively, while the tech-heavy Nasdaq is down 0.4pc. Both the S&P and Nasdaq fell back from record highs on Monday as Joe Biden's decision to reappoint Jay Powell as Fed chair for another term sparked a volatile session. While yield-sensitive tech stocks fell in pre-market trading, Wall Street's major banks were up between 0.2pc and 0.8pc on expectations of an interest rate hike. 12:13 PM JP Morgan regains title as world's most systemically important bank JP Morgan has regained its status as the world's most systemically important bank after financial regulators recommended a higher capital burden for the lender. The firm rose one place on the Financial Stability Board's annual ranking, published today. Goldman Sachs and BNP Paribas also increased one level in this year’s assessment, which lists 30 firms deemed global systemically important banks. But JP Morgan is the only bank to face an additional 2.5pc buffer, whereas last year it sat alongside Citigroup and HSBC in the 2pc category. For the US banks it's largely a symbolic exercise, however, as they already have higher requirements than those recommended by the FSB. 12:01 PM Turkish lira slides as Erdogan defends rate cuts Recep Tayyip Erdogan Turkey lira - Anadolu Agency While the Bank of England weighs up an interest rate rise, it's a very different picture over in Turkey. The lira has tumbled nearly 9pc today after President Tayyip Erdogan defended a series of rate cuts and vowed to win his "economic war of independence" despite pleas to reverse course. The currency tumbled to as low as 12.49 to the dollar, reaching new record lows for the 11th consecutive session. So far this year, it's lost 40pc of its value, including a near 20pc decline since the start of last week. President Erdogan has piled pressure on Turkey's central bank to implement a series of aggressive cuts in an effort to boost investment and jobs, despite soaring inflation and and huge depreciation in the lira. Former central bank deputy governor Semih Tumen, who was dismissed by the president last month, called for an immediate return to policies which protect the lira's value. He said: "This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people." 11:50 AM Bank of England official strikes hawkish tone Jonathan Haskel – usually one of the more dovish MPC members – has struck a more hawkish tone in his latest comments. His insistence that a tight labour market will force the Bank into a rate rise echoes the view of Governor Andrew Bailey. Following the Bank's surprise decision to hold rates earlier this month, Mr Bailey said jobs data would be a key factor in deciding the timing of a move. That's not to say it's a done deal, though. The Governor – who's gained the moniker 'unreliable boyfriend' over his previous communications – seemed to introduce some doubt after saying the inflation situation was "febrile". Mr Haskel also pointed to GDP growth, which came in lower than expected in the third quarter. Forecasts for the fourth quarter are also 3.5pc below the Bank's pre-pandemic forecast. He said: "In this case therefore, one might want to wait before normalising policy such that normalisation begins only once we are more confident that the recovery is entrenched." 11:14 AM Gas prices rise as Russia blasts 'illegal' US sanctions Gas prices are back on the rise today after the US imposed fresh sanctions targeting Russia's Nord Stream 2 pipeline – a move the Kremlin branded "illegal". On Monday the White House imposed fresh sanctions on a shipping company and vessel involved in building the pipeline, which runs between Russia and Germany. While any action against the gas link can stoke supply concerns, the latest sanctions are likely too little too late, as the pipeline has already been completed and filled with gas. Still, benchmark Dutch prices rose as much as 8.7pc on Tuesday, while the UK equivalent is up 6.6pc at 225p a therm. 11:03 AM Publisher Reach slides on cost warnings Reach Daily Mirror Express print newspaper - Leon Neal/Getty Images The publisher of the Mirror and Express newspapers tumbled this morning after it warned on rising costs in print production. Reach said trading was ahead of expectations, driven primarily by 17.2pc growth in digital revenues as the company continues to adapt to new reading habits. But the company warned it had begun to see an increase in the cost of print production, particularly for energy and newsprint. It said: "With the longer-term effect on the cost base still emerging, we are closely monitoring developments and will continue to prioritise efficiencies to mitigate the impact." Shares dropped 5.1pc following the update. 10:45 AM Traders bet £2bn against the pound Sticking on the pound, there's rising momentum behind bets against sterling, as my colleague Tom Rees reports. Traders have wagered a £2bn bet on a plunge in the pound after the Bank of England failed to deliver on a widely expected interest rate rise earlier this month. Shorts predicting a pound slump have soared to their highest level since June 2020, weekly trading data suggests. It marks a sharp reversal from just a few weeks ago when bets for the pound were at a near four-month high as investors geared up for a string of rate rises to curb the surge in inflation. However, the Bank failed to follow through on its hawkish signals and held rates at a record low of 0.1pc at its November meeting. The Bank’s rate-setters were criticised for misleading markets as they held fire to wait for the first jobs market data following the end of the furlough scheme. Sterling slumped 1.2pc against the dollar on the day of the Bank's meeting. 10:42 AM Pound slides despite inflation risks Sterling has lost ground against both the dollar and the euro, despite fresh inflation data that could pave the way for a Bank of England interest rate rise. The pound edged 0.3pc lower against the euro to 84.16p, but remained close to the 21-month high hit on Monday as the resurgence of Covid cases in Europe hit the single currency. Fears of more restrictions in Germany, following Austria's full lockdown, sent the euro to its lowest level against the pound since February 2020 yesterday. But the currency strengthened after data showed eurozone business activity unexpectedly grew in November. The pound was boosted by separate PMI data showing the fastest growth in new orders since June this month alongside record cost pressures, raising expectations of a rate hike. Versus the dollar, the pound slipped 0.1pc to $1.3384, as US President Joe Biden nominated Federal Reserve chairman Jerome Powell for a second four-year term, reinforcing market expectations of rate rises next year. 10:28 AM Getir to buy ultra-fast grocery rival Weezy Getir Weezy grocery delivery - Getir Grocery delivery firm Getir has said it's buying British rival Weezy, marking a fresh wave of consolidation in the crowded market for ultra-fast delivery services. It comes after the Turkish firm last month said it would invest £100m in the UK. Terms of the takeover were not disclosed. Getir launched in London in January and has since expanded to 15 towns and cities including Manchester, Birmingham and Liverpool. The company, which is valued at $7.7bn (£5.8bn), said the takeover of Weezy marked its long-term commitment to the UK market. Kristof Van Beveren, chief executive and co-founder of Weezy, said: We are incredibly excited to continue our journey in disrupting the skyrocketing ultrafast grocery market. Getir has an unparalleled track-record of achievements and experience with an equally ambitious team. Our alignment in purpose and culture is a winning formula for expansion globally and we will continue to deliver an exceptional offering to consumers in minutes. 10:12 AM Expert reaction: Stamp duty holding back property market Joshua Elash, director of property lender MT Finance, describes the fall in property transactions as "dramatic". The argument for either reworking or scrapping stamp duty all together has never been louder or clearer. Stamp duty is the tax holding back a property market which would benefit now more than ever from greater levels of fluidity. As inflation begins to bite, a continued lack of supply in the market will translate into higher property values. While this is great for existing property owners, it will exacerbate the issues first-time buyers have experienced in getting on the ladder. Getting rid of stamp duty will encourage more transactional volume, increase the supply of property in the market, and accordingly ease some of the inflationary pressure on real asset values. It’s a no brainer at this point. On a more positive note, the rise in non-residential transactions is consistent with what we are seeing in the market as more investors continue to return to commercial property following a particularly challenging lockdown-driven period. 10:09 AM Housing transactions slump after stamp duty holiday October housing transactions plunged 52pc month-on-month to the lowest number in nearly a decade as the last of the stamp duty holiday savings disappeared. My colleague Melissa Lawford has the details: There were 76,930 transactions last month, according to HMRC’s provisional seasonally adjusted estimate. This was 28.2pc lower than in October 2020. HMRC’s provisional non-seasonally adjusted estimate was slightly higher at 85,090. But this was the lowest number in any October since 2012. The end of the tax break, which ended for good in England and Northern Ireland on September 30, was key. In England, the drop was most extreme, with sales falling 33.4pc year-on-year. Anna Clare Harper, of property consultants SPI Capital, said: “In short, a 10-year peak in transactions last month was followed by a 10-year low.” Mr Harper added that transactions will continue to slow, but a significant reduction in house prices is unlikely while the cost of holding property remains low due to low cost fixed rate mortgages. 09:58 AM Caterer Compass resumes dividend but warns on rising costs Compass Group profit catering - Chris Ratcliffe/Bloomberg Catering group Compass has resumed dividend payments as the easing of lockdown restrictions helped drive up profits, but it struck a cautious tone over labour shortages and rising costs. The FTSE 100 firm said its pre-tax profits more than doubled to £464m in the year to the end of September, even as revenues dropped 10pc. The world's biggest caterer benefited from cost-cutting methods, while revenues recovered to 88pc of pre-pandemic levels by the fourth quarter as economies reopened. Compass, which halted dividends in April last year, resumed payouts with an annual dividend of 14p a share as it hailed record new business wins of around £2.1bn. But it wasn't all rosy, as the company warned the short-term impact of labour shortages and inflation would weigh on margins. Compass said: There is still some uncertainty in the macroeconomic environment, particularly as it relates to labour shortages, inflation and the pandemic, which we expect to continue to impact our business in the nearer term. That said, the new business pipeline continues to be strong and we remain very confident in the long term growth potential of the group supported by exciting significant structural market opportunities globally. 09:45 AM Expert reaction: Businesses face a testing winter Rhys Herbert, senior economist at Lloyds Bank, said: Despite today’s marginal decline the level of the composite PMI index remains consistent with continued growth in the economy. However, it is clear that supply constraints remain a very real near-term issue. Both manufacturing and services continue to face a range of pressures including labour shortages, commodity price rises and supply constraints. With little sign that these pressures are set to ease near term, businesses face a testing winter with the pressures on manufacturing seemingly particularly acute. More positively, today’s data indicated that demand for goods and services is still holding up. However, until supply constraints ease and inflation begins to fall back, concerns are likely to persist that consumer and business confidence could falter causing them to rein in spending. 09:42 AM Expert reaction: PMIs give green light for interest rate rise Chris Williamson , chief business economist at IHS Markit, said: A combination of sustained buoyant business growth, further job market gains and record inflationary pressures gives a green light for interest rates to rise in December. Output growth across manufacturing and services came in slightly faster than expected in November, albeit heavily skewed towards the service sector as factories continued to struggle with supply shortages and falling exports. Encouragingly, an acceleration in growth of new business hints that December should bring a strong end to the year, meaning the fourth quarter should see a welcome pick up in GDP growth after the slowdown seen in the third quarter. 09:40 AM UK business activity dips as inflation hits new record high Business activity among UK private sector companies dipped in November as cost inflation jumped at its fastest rate on record. The IHS Markit flash composite PMI came in at 57.7 in November, down fractionally from 57.8 in October but comfortably above the average seen in the third quarter of 2021. Service sector growth outpaced the manufacturing recovery last month, although the latter saw its strongest expansion for three months. New order intakes increased at the strongest pace since June, fuelled by robust rises in business and consumer spending. But the increase in average cost burdens was the fastest since the index began in January 1998, driven by higher wages and a spike in prices paid for fuel, energy and raw materials. UK PMI inflation - IHS Markit 09:28 AM Pets at Home pumps profit from pampered pooches Pets at Home dogs grooming sales - GK Hart/Vikki Hart Pets at Home is continuing to cash in on higher pet ownership, with dog and cat lovers now turning to more premium food and products to pamper their furry friends. The company shrugged off supply issues to post pre-tax profits of over £70m in the six months to Oct 7 – more than 81pc higher than the same time last year. Revenues were also up 18pc to £678m, including retail and online sales jumping 22pc on a like-for-like basis and revenues from its vet group up by more than a quarter. Pets at Home has benefited from increased pet ownership during the pandemic, with sales of food and accessories growing over the recent period. Grooming revenues also rose sharply as owners began to show off their new dogs. The company said full-year profit and sales were likely to hit the top end of expectations, sending shares up 7.4pc to the top of the FTSE 250. 09:16 AM Expert reaction: Eurozone braced for fresh disruption Chris Williamson , chief business economist at IHS Markit, says: A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from suffering slower growth in the fourth quarter, especially as rising virus cases look set to cause renewed disruptions to the economy in December. The manufacturing sector remains hamstrung by supply delays, restricting production growth to one of the lowest rates seen since the first lockdowns of 2020. The service sector’s improved performance may meanwhile prove frustratingly short-lived if new virus fighting restrictions need to be imposed. The travel and recreation sector has already seen growth deteriorate sharply since the summer. With supply delays remaining close to record highs and energy prices spiking higher, upward pressure on prices has meanwhile intensified far above anything previously witnessed by the surveys. Not surprisingly, given the mix of supply delays, soaring costs and renewed Covid-19 worries, business optimism has sunk to the lowest since January, adding to near-term downside risks for the eurozone economy. 09:14 AM Eurozone business activity picks up but Covid fears weigh There's been a surprise uplift in business activity in the eurozone, though inflation and fears over rising Covid cases are clouding the outlook for the rest of the year. The IHS Markit flash composite PMI rose for the first time in four months in November, climbing to 55.8 from 54.2 the previous month. Services outperformed manufacturing once again, recording its strongest growth in three months. Manufacturing also picked up, though remained the second weakest seen over the past 17 months. While the figures mark an improvement on October's six-month lows, the average reading for the fourth quarter so far is substantially lower than that of the third quarter, pointing to a weakening of economic growth in the last three months of the year. This was reflected in business optimism about the outlook, which sank to a 10-month low on renewed Covid worries and lingering supply constraints. IHS Markit PMI eurozone - IHS Markit 08:59 AM AO World plunges on Christmas warning AO World Christmas trading inflation supply chain - Mark Waugh Some more on AO World, which has lost a quarter of its value after issuing a rather gloomy trading update. The retailer warned on its annual results, saying product shortages, price hikes and a cutback in consumer spending would all hit the peak Christmas trading period. AO World sank to a £10m pre-tax loss in the six months to the end of September, compared to profits of £18m a year ago. Shares dropped by a quarter. The company said it had already increased prices by as much as 12pc to offset soaring costs, but boss John Roberts warned there was more pain to come amid soaring inflation and continued supply troubles. The group said festive trading was now expected to be "significantly softer" than previously forecast, with full-year revenues either flat or down 5pc and underlying earnings in the range of £10m to £20m. 08:50 AM FTSE risers and fallers The FTSE 100 has slid this morning as a resurgence in Covid cases across Europe sends jitters through the markets. The blue-chip index is down 0.6pc at 7,211 points, though it's fared better than France and Germany, where stocks fell more than 1pc on fears about new restrictions. Gains for miners including BHP , Rio Tinto and Anglo American helped cap the FTSE's losses as metal prices rose. The domestically-focused FTSE 250 is down 1pc, with AO World crashing 25pc after it cut profit forecasts for the full year. 08:24 AM Ofgem slaps PayPoint with £12.5m fine Energy regulator Ofgem has halted its investigation into PayPoint after the company agreed to pay a £12.5m fine and address competition concerns. PayPoint agreed to remove exclusivity clauses from its contracts with energy suppliers for pre-pay customers, who top up their meters using the company's services. It said the move would allow suppliers and retailers to sign up to contracts with other payment service providers and to use other providers' equipment for processing payments for topping up energy supply. The regulator said: "Ofgem believes that the commitments offered by PayPoint address its competition concerns and will ensure that competition is not distorted. "Accepting these commitments means that the investigation closes with no decision made on whether competition rules were infringed." 08:01 AM FTSE 100 opens in the red The FTSE 100 has opened lower this morning, taking its cue from a late reversal on Wall Street last night. The blue-chip index is down 0.3pc at 7,236 points. 07:58 AM Atom Bank moves to four-day week Amid all the talk of changing working habits after the pandemic, one company has actually taken action. Atom Bank announced on Tuesday that it's moving to a four-day week, making it the largest British company to implement such a change. The fintech firm, which has 430 employees, rolled out the new policy at the beginning of the month after a majority of employees backed the move. It means working hours will be reduced by 3.5 hours to 34 hours per week, with no change in salary. Mondays or Fridays are expected to be the default day off for the majority of workers, with some exceptions for staff in operational and service roles, whose days off may vary to ensure customer service levels. Chief executive Mark Mullen said: We believe the 20 th century concept of a five day week is, in many cases, no longer fit for purpose for 21 st century businesses. Its introduction originally allowed for the establishment of the weekend, with all the benefits for employees this entailed. At Atom, we feel the time is right for the next evolution in the world of work. A four-day week will provide our employees with more opportunities to pursue their passions, spend time with their families, and build a healthier work/life balance. We firmly believe that this will prove beneficial for our employees’ wellbeing and happiness and that it will have an equally positive impact on business productivity and customer experience. 07:49 AM Scottish Power warns of 'two or three' price rises The chief executive of Scottish Power has warned customers are facing two or three price rises as the escalating energy crisis continues to drive up costs for suppliers. Keith Anderson said an expected increase in the energy price cap in April would be compounded by costs related to a string of supplier collapses – including most recently Bulb. He told BBC Radio 4: "We’re looking at – it’s sad to say – but you’ll be looking at a future of two or three price rises coming up because of the state of this market." Mr Anderson took aim at the price cap, which has prevented companies from passing on higher costs to consumers and led to the collapse of about 20 firms since the start of August. He said: "We need a lot of changes in this market to get back on a sustainable footing. We need to seriously look at the purpose of things like a price cap because of the damage that’s doing the market. "I think one of the risks right now [is that] unless there are significant changes made we will end up back at a big five or big six." 07:34 AM Oil slumps as US prepares to tap reserves Good morning. Oil has entered a downward slide this morning amid growing speculation that the US will tap into its strategic reserves. Joe Biden's administration is thought to have thrashed out a plan with Asian consumers to beef up supply in the market in an effort to tame prices after Opec repeatedly rebuffed calls for higher output. The move sets up a potential stand-off between producers and consumers, as the two sides battle for control of the global oil market. 5 things to start your day 1) Light at the end of the tunnel for Crossrail property speculators Suburban house prices are growing faster compared to the City as the new line begins its 'dress rehearsal' 2) Attack on the City puts EU competitiveness at risk Brussels is under fire for making finance companies set up subsidiaries within the single market 3) Paul Dacre returns to Daily Mail publisher as editor-in-chief Veteran editor makes surprise comeback after withdrawing from the race to become Ofcom chairman 4) John Lewis takes aim at 'throwaway' culture in retail sector Retailer to offer grants of up to £300,000 to the most innovative ideas that challenge the industry's 'outdated' approach 5) British Airways customers bemoan yet another IT mishap Airline's Executive Club website was offline for almost 10 days after planned maintenance took far longer than expected What happened overnight Asian stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the US will taper its stimulus soon. MSCI's gauge of Asia Pacific stocks outside Japan fell 0.49pc, while Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened 1.1pc and 0.2pc lower, respectively. Australia's S&P/ASX 200 outperformed with a 0.55pc gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday. Coming up today Corporate: Compass (Full-year results) ; AO World, Cranswick, Pets At Home, Severn Trent, Victoria (Interims) Economics: PMIs (UK, EU, US); GDP (Ger) || Turkish lira crashes 15pc as Erdogan vows to win ‘economic war’: Turkey Recep Tayyip Erdogan lira inflation - Recep Tayyip Erdogan The Turkish lira plunged as much as 15pc after President Recep Erdogan declared he would win an “economic war of independence” and praised low interest rates. The central bank cut rates last week from 16pc to 15pc despite inflation soaring to almost 20pc last month, which mainstream economists would usually try to control with higher interest rates. One US dollar bought 11.5 lira before the latest slide, which took the currency briefly to more than 13 lira to the dollar before regaining some of its losses to trade at 12.5 to the dollar. President Erdogan, who has sacked three central bank governors in recent years, said he was “pleased” with the latest policy move. He has long held unconventional views on monetary policy, calling himself an “enemy” of high interest rates and arguing that low rates also keep inflation down. “We know quite well what we’re doing with the current policy, why we’re doing it, and the kind of risks it entails,” he said this week. The lira has fallen by more than 40pc against the dollar this year and over the past five years has lost almost three-quarters of its value against the greenback. Simon MacAdam at Capital Economics said the lira is “firmly in crisis territory” as the central bank “is once again bowing to political pressure from President Erdogan to deliver interest rate cuts”. Hopes of action to stop the slide were evaporating due to the President’s latest comments and his “record at sacking disobedient central bank governors”, he added. Murat Unur at Goldman Sachs said the latest selloff was being driven by locals in Turkey moving their money abroad to flee negative real interest rates, meaning the authorities will have to change course if they want to stabilise the currency. 06:49 PM Wrapping up That's all from us for today. Thank you for following and we'll be back again tomorrow! 06:24 PM India to mirror China in crypto ban The Indian government is working on a bill to ban private cryptocurrencies and create a framework for a digital coin backed by the country’s central bank. The shock announcement comes a week after Prime Minister Narendra Modi warned Bitcoin is a risk for younger generations and could "spoil our youth" if it ends up "in the wrong hands". It’s the latest emerging economy to crack down on cryptocurrencies, after China made all related transactions illegal in September. India’s cryptocurrency users have a total asset value of more than $6bn, according to The Economic Times . 06:01 PM New restrictions hit travel sector recovery, warns Ryanair boss Ryanair chief executive Michael O’Leary said the renewed coronavirus restrictions in Europe are hampering the travel sector’s recovery. Story continues A return to lockdown in Austria risks choking demand during the key festive period, while bookings for next summer could also be affected. The US might even review the reopening of its borders, O’Leary said in a webinar broadcast by Eurocontrol. “It’s inevitable that we will undermine confidence between now and Christmas and that will disrupt Christmas and it will also unsettle people between Christmas and New Year, when they normally start booking their summer holidays,” he said, adding that until last week “things were going great.” Many thanks to Michael O'Leary of @Ryanair for a very frank and clear @eurocontrol Aviation StraightTalk interview today! https://t.co/pA3Xt3u8Yl @Transport_EU @ECACceac @A4Europe @IATA @ACI_EUROPE @CANSOEurope @eraaorg @EBAAorg pic.twitter.com/ZbmHFmjapH — Eamonn Brennan (@eurocontrolDG) November 23, 2021 05:36 PM EG Group directors to join Asda's board Asda has appointed former M&S and Ocado chairman Lord Rose of Monewden and former Land Securities chair Dame Alison Carnwath to its board. They both will hold non-executive roles, Sky News reported. The pair are both directors of petrol stations giant EG Group, which is owned by Asda shareholders Issa brothers, so the move could spark speculation of a merger between the two companies. The Issas and private equity group TDR Capital acquired Asda for nearly £7bn last year. EG Group recently tried to buy Asda's fuel retailing assets but it emerged last month that the deal was abandoned. 05:04 PM FTSE 100 closes slightly higher The FTSE 100 has closed 0.1pc higher at 7,266, outperforming its fellow European indices thanks to a recovery in the oil price. Energy giants BP and Royal Dutch Shell both advanced 1pc, although the top riser was Compass with a 5.6pc jump. The catering giant impressed investors with higher-than-expected full-year profits and a return to dividend payments. Safety equipment group Halma and online grocery retailer Ocado were the top fallers, down 5.7pc and 4.8pc respectively. 04:35 PM AstraZeneca unveils new £1bn facility in Cambridge Good afternoon, this is Giulia Bottaro taking over from James Warrington for the rest of the day. AstraZeneca is unveiling today its new Discovery Centre (DISC), a research and development facility designed to host over 2,200 research scientists. His Royal Highness The Prince of Wales is attending the event and will be shown around by chief executive Pascal Soriot and chairman Leif Johansson. Our colleague Julia Bradshaw is on the scene: Prince Charles has a nose around new AZ HQ. @telebusiness @AstraZeneca #AstraZeneca pic.twitter.com/7in3u0KIeO — Julia Bradshaw (@JuliaBradshaw_) November 23, 2021 The £1bn Cambridge plant will support the pharma giant’s focus on specialised and precision medicines as well as the development of next generation therapeutics, including nucleotide-based, gene-editing and cell therapies. First look inside #AstraZeneca HQ @telebusiness pic.twitter.com/ll48keryRg — Julia Bradshaw (@JuliaBradshaw_) November 23, 2021 04:12 PM Elon Musk clashes with Binance chief over dogecoin glitch Tesla founder and Twitter warrior Elon Musk is at it again – and this time it's Binance chief executive Changpeng Zhao on the receiving end. The electric car tycoon delivered a stinging rebuke to Mr Zhao after the cryptocurrency exchange limited withdrawals of meme-based digital currency dogecoin. "Hey @cz_binance, what's going on with your doge customers? Sounds shady," Musk tweeted on Tuesday. Binance hit back, saying it's rebuilding its dogecoin wallet entirely, resulting in a delay in withdrawals that may continue for another week. It's the latest intervention by Mr Musk, who has previously sparked wild movements in cryptocurrency markets with his outspoken tweets. His comments on dogecoin have fueled a dizzying rally in the digital coin's value this year – further fuelling regulatory scrutiny of volatile crypto assets. Hey @cz_binance , what’s going on with your Doge customers? Sounds shady. — Elon Musk (@elonmusk) November 23, 2021 03:51 PM Martin Gilbert battles rival in River and Mercantile bidding war Martin Gilbert River and Mercantile - Simon Dawson/Bloomberg River and Mercantile, the London-listed asset manager, has been approached by two rivals about a potential takeover, marking the latest attempted swoop in the deal-hungry industry. Simon Foy has more: Premier Miton and AssetCo have tabled separate bids for the company, which River and Mercantile said are conditional on the completion of the proposed £230m sale of its solutions business to Schroders. The money manager said: "There can be no certainty that any offer will be made by either of AssetCo or Premier Miton, nor as to the terms on which any such offer might be made.” AssetCo, which is chaired by City grandee Martin Gilbert, said its directors believed the two firms were “highly complementary” and a combination of the two would create “significant value” for the group’s clients, portfolio managers, employees and shareholders. Mr Gilbert’s firm has been eyeing a buying spree for some time, having set aside a cash pile earlier this year to fund an expansion drive. AssetCo owns a 6pc stake in River & Mercantile and Mr Gilbert sits on its board as deputy chairman. However, he has excused himself from the position while discussions take place on a possible offer. Meanwhile, Premier Miton, which had nearly £14bn under management at the end of September, said it had been exploring a bid for River and Mercantile for some time, adding that it believes the “scale and cultural alignment” between the two firms would deliver a “balanced and resilient business”. 03:41 PM Growth fears wipe £9bn off Zoom's value Zoom shares have crashed 15pc in early New York trading, wiping $12bn (£9bn) off the video conferencing firm's market value. It comes after the company missed expectations for growth in large business customers – a closely-watched metric – over the third quarter. Analysts at Bank of America cut the stock from buy to neutral, citing concerns about post-pandemic growth amid higher customer churn. 03:29 PM I haven't made my mind up on Channel 4 sale, says Culture Secretary Channel 4 Great British Bake Off - Love Productions Culture Secretary Nadine Dorries has said she hasn't yet decided whether to press ahead with the privatisation of Channel 4. Appearing in front of MPs on the culture select committee, Ms Dorries said: "I haven't made my mind up on Channel 4. What I'm interested in is how Channel 4 is going to survive in the future." The Government is pushing for a sale of the Great British Bake Off broadcaster, which is state-owned by funded through advertising, as part of a wider review of the sector. 03:15 PM Lottery operator Camelot bounces back despite retail troubles Camelot National Lottery - Andrew Milligan/PA Wire National Lottery operator Camelot has bounced back strongly from the pandemic, though sales of tickets and scratch cards in shops are still below pre-Covid levels. Sales hit £4bn in the six months to 25 September, up 2.7pc on the same period a year ago, driven by strong sales of tickets for its main Lotto draw. Chief executive Nigel Railton said the company was now trading at around 90pc of pre-pandemic levels. Camelot recently launched ticket sales at checkouts in Iceland and Aldi and is eyeing more tie-ups with retailers. It comes as the company faces stiff competition to retain its licence to run the National Lottery as regulators prepare for a review next year. 02:47 PM Wall Street opens lower As expected, Wall Street has started on the back foot this afternoon as rising Treasury yields weigh on tech stocks. The S&P 500 and tech-heavy Nasdaq opened 0.1pc and 0.3pc lower respectively. The Dow Jones fared much better, rising 0.7pc at the opening bell. 02:43 PM Uber accused of trying to undermine workers' rights ruling Uber Supreme Court workers' rights - Daniel LEAL-OLIVAS / AFP It's nine months since the Supreme Court handing down its historic ruling forcing Uber to class its drivers as workers, but the saga isn't over yet. The ride-hailing giant is now back in court in London to face accusations it's trying to undermine the ruling. Uber has challenged a small part of the landmark ruling, where a judge’s comments suggest the tech firm should enter into a direct contract with passengers when providing car journeys. It argues this isn't the case. The App Drivers and Couriers Union (ADCU) says Uber is trying to undermine the initial ruling. It says that, should the court side with Uber, the app will “avoid responsibility for the health and safety of drivers”. Yaseen Aslam, president of the ADCU, said: “I thought the Supreme Court ruling was the end of the matter but just months later we are being forced back to court to defend this landmark ruling from Uber’s army of slick corporate lawyers who are determined to strip us of our rights.” A spokesperson for Uber insisted the company is committed to the worker changes it made earlier this year and that “this legal procedure is seeking to clarify a different and narrow point of law.” 02:22 PM Ready, Pret, Go (back to the office) Pret a Manger lockdown Covid - Nick Ansell/PA Wire Experts at the Bank of England do not believe the recovery from Covid will be complete until next year. However, one measure of the economy suggests we are already back to normal - namely, sales of coffees and chicken Caesar baguettes. Here's more from my colleagues Russell Lynch and Tim Wallace : Sandwich chain Pret a Manger’s weekly data showed UK sales higher last week than in January 2020. The figures included London’s financial districts, airports and West End shopping districts, as well as regional towns, northern counties and Scotland, and marked the first time that sales have returned to pre-Covid levels. Sales in Yorkshire have led the way - standing 61pc above January 2020 - followed by a 35pc rise for the London suburbs since the beginning of the pandemic as many people continue to work from home, the figures showed. Districts where sales are still below pre-virus levels include the City of London, 13pc down as staff spend fewer days in the office, as well as the capital’s airports and mainline stations as rail and air travel remain depressed. Pret’s airport sales are still more than 20pc below pre-Covid levels. Pret has come to be viewed by some economists as a bellwether for consumer habits in the wider economy. The company's upbeat news came as survey data showed Britain’s economy outpacing the eurozone, parts of which have been hit by a fresh wave of Covid infections. 02:09 PM UK to release 1.5m barrels from oil reserves After the White House announced a major release of oil reserves, there's some more detail about the UK's role in the coordinated move. Britain will make 1.5m barrels of oil available from its strategic stockpile. This is a modest contribution to the US-led coalition looking to ease surging prices, given the US has pledged 50m barrels. A Government spokesman said the supplies would be made available to oil companies that want to stock up on oil in the coming weeks. The sale would still leave UK reserves well above the 90 days of demand required by the International Energy Agency. The spokesman said: "This is a sensible and measured step to support global markets as we emerge from the pandemic." 02:00 PM Hambro Perks gears up for first UK Spac listing Hambro Perks boss Dominic Perks Venture capital firm Hambro Perks is plotting the first listing of a special purpose acquisition company (Spac) in London following a recent overhaul of stock market rules. Hambro Perks is aiming to raise up to £150m through the float. It will then target acquisitions of late-stage tech firms, with a focus on the UK and Europe. It follows a revamp of market rules to allow Spacs raising at least £100m to avoid an old requirement to suspend trading when an acquisition is announced. This was previously seen as a key obstacle to the success of blank-check listings in London – a trend that's grown in popularity in the US and Europe. Hambro Perks is run by Dominic Perks, a former McKinsey consultant and Morgan Stanley banker. Its investments have included PrimaryBid, which offers retail traders access to initial public offerings, as well as location startup What3Words, digital banking app Tide and Muslim dating platform Muzmatch. Mr Perks said: We’ve chosen to list HPAC in London because it’s the technology capital of Europe. The number of unicorns in the UK and Europe has grown significantly over recent years as we have seen a migration of talent and capital to private growth companies. Investors want to back differentiated, scalable businesses with great leadership, and those are exactly the characteristics we’ll be seeking in our target. 01:40 PM Zoom tumbles on signs of slowing growth Shares in Zoom have dropped 10pc in pre-market trading on further signs the video conferencing giant's pandemic boom could be coming to an end. The company said it had 512,100 large business customers in the third quarter. That's up 18pc on last year but behind analyst forecast. Gains for the closely-watched measures have been narrowing since the height of the pandemic. Zoom beat expectations for both revenue and profits in the most recent quarter, yet doubts about its post-pandemic growth continue to weigh on shares, which have dropped almost 30pc this year. 01:21 PM Amazon's James Bond takeover is licence to hike streaming charges, unions warn Amazon MGM James Bond No Time to Die - Nicola Dove/MGM Onto more glamorous things now... There's a warning over Amazon's £6.4bn takeover of the studio behind James Bond, with unions arguing streaming prices will rise unless competition authorities block the spy franchise deal. Ben Woods has the details: A powerful group of American unions said the deal for Metro-Goldwyn-Mayer Studios would hand Amazon the power to reduce competition because it would have nearly three times as many shows as Netflix. The alliance fears Amazon will charge rivals more to access its vast catalogue of films and television shows, which could ultimately mean higher monthly prices for viewers. The Strategic Organizing Center, a group backed by the unions, claimed Amazon's library of movies and shows would swell to more than 55,000 titles compared to Netflix's 20,000. In a letter to America's Federal Trade Commission, the group said: "The prospect of Amazon acquiring a trove of additional MGM content to build on Amazon's existing vast library should raise alarm bells. "With control over MGM's vast library, Amazon may acquire enough market power over streaming content to raise prices for streaming video-on-demand (SVOD) competitors or for SVOD consumers." Amazon unveiled its swoop for the Hollywood business behind the Silence of the Lambs and Gone with the Wind in May, as it moved to strengthen Prime Video's defences in an increasingly crowded streaming market. 01:03 PM Expert reaction: US oil release could prompt Opec rethink Carsten Fritsch , an analyst at Commerzbank, says the release of oil reserves by consumers could prompt retaliation by Opec. This is more than suggested by sources before. The question is the time horizon of the release and how Opec+ will react. Some delegates said that Opec+ might rethink its strategy to increase output by another 400,000 bpd [barrels per day] at next week's meeting. To put things into perspective, 50m barrels is equivalent to a production hike by 1.6m bpd for one month or by 1m bpd for seven weeks. This is quite significant. 12:53 PM M&S takes stake in women's fashion brand Nobody's Child Marks & Spencer Nobody's Child - REUTERS/Henry Nicholls/File Photo Marks & Spencer has taken a 25pc stake in women's fashion brand Nobody's Child as it looks to beef up its branded clothing business. Nobody's Child, which was founded in 2015, has grown rapidly over the last year and already benefits from partnering on M&S's online platform. M&S said the brand drives traffic as "the most visited guest brand" on its website. The deal, for an undisclosed sum, will see Nobody's Child continue to operate independently but it will be able to use M&S's investment and infrastructure to grow at scale, the companies said. M&S's investment is part of its brand-focused strategy which has used different models including wholesale agreements, exclusive collaborations and strategic acquisitions to grow its clothing business. The group also launched its first new Jaeger lines last month after buying the brand from administrators at the start of the year as part of the strategy. 12:48 PM Bulb administrators set to hire Lazard to run auction Bulb chief executive Hayden Wood - Julian Andrews Bulb's prospective administrators are reportedly expected to appoint Lazard to oversee a sale of the collapsed energy supplier. Sky News reports that Lazard will be tapped to run an auction amid "significant" interest in a takeover of Bulb, which is the UK's seventh-largest supplier with around 1.7m customers. The US investment bank had already been working with Bulb on a potential sale before its collapse, holding talks with prospective buyers including Octopus, Ovo and Shell. Regulator Ofgem is said to be lining up restructuring experts at Teneo as special administrators in what will be the first test of a new regime designed to protect customers from a large energy firm failure. 12:38 PM US to release 50m barrels of oil in bid to tame prices US President Joe Biden has ordered 50m barrels of oil to be released from strategic reserves in a bid to bring down soaring energy costs. The release, which will take the form of a loan and a sale, is being made alongside other strategic releases by China, India, South Korea, Japan and Britain, the White House said. It marks the first time the US has coordinated releases with some of the world's largest consumers and comes after production cartel Opec rebuffed calls for higher output to help keep a lid on prices. Oil extended its losses following the announcement, with prices in New York falling as much as 1.9pc to $75.30 a barrel. 12:27 PM US futures dip as rising yields hit tech stocks US futures are pointing to a lower open on Wall Street this afternoon as rising Treasury yields weigh on tech stocks. Futures tracking the S&P 500 and Dow Jones slipped 0.2pc and 0.1pc respectively, while the tech-heavy Nasdaq is down 0.4pc. Both the S&P and Nasdaq fell back from record highs on Monday as Joe Biden's decision to reappoint Jay Powell as Fed chair for another term sparked a volatile session. While yield-sensitive tech stocks fell in pre-market trading, Wall Street's major banks were up between 0.2pc and 0.8pc on expectations of an interest rate hike. 12:13 PM JP Morgan regains title as world's most systemically important bank JP Morgan has regained its status as the world's most systemically important bank after financial regulators recommended a higher capital burden for the lender. The firm rose one place on the Financial Stability Board's annual ranking, published today. Goldman Sachs and BNP Paribas also increased one level in this year’s assessment, which lists 30 firms deemed global systemically important banks. But JP Morgan is the only bank to face an additional 2.5pc buffer, whereas last year it sat alongside Citigroup and HSBC in the 2pc category. For the US banks it's largely a symbolic exercise, however, as they already have higher requirements than those recommended by the FSB. 12:01 PM Turkish lira slides as Erdogan defends rate cuts Recep Tayyip Erdogan Turkey lira - Anadolu Agency While the Bank of England weighs up an interest rate rise, it's a very different picture over in Turkey. The lira has tumbled nearly 9pc today after President Tayyip Erdogan defended a series of rate cuts and vowed to win his "economic war of independence" despite pleas to reverse course. The currency tumbled to as low as 12.49 to the dollar, reaching new record lows for the 11th consecutive session. So far this year, it's lost 40pc of its value, including a near 20pc decline since the start of last week. President Erdogan has piled pressure on Turkey's central bank to implement a series of aggressive cuts in an effort to boost investment and jobs, despite soaring inflation and and huge depreciation in the lira. Former central bank deputy governor Semih Tumen, who was dismissed by the president last month, called for an immediate return to policies which protect the lira's value. He said: "This irrational experiment which has no chance of success must be abandoned immediately and we must return to quality policies which protect the Turkish lira's value and the prosperity of the Turkish people." 11:50 AM Bank of England official strikes hawkish tone Jonathan Haskel – usually one of the more dovish MPC members – has struck a more hawkish tone in his latest comments. His insistence that a tight labour market will force the Bank into a rate rise echoes the view of Governor Andrew Bailey. Following the Bank's surprise decision to hold rates earlier this month, Mr Bailey said jobs data would be a key factor in deciding the timing of a move. That's not to say it's a done deal, though. The Governor – who's gained the moniker 'unreliable boyfriend' over his previous communications – seemed to introduce some doubt after saying the inflation situation was "febrile". Mr Haskel also pointed to GDP growth, which came in lower than expected in the third quarter. Forecasts for the fourth quarter are also 3.5pc below the Bank's pre-pandemic forecast. He said: "In this case therefore, one might want to wait before normalising policy such that normalisation begins only once we are more confident that the recovery is entrenched." 11:14 AM Gas prices rise as Russia blasts 'illegal' US sanctions Gas prices are back on the rise today after the US imposed fresh sanctions targeting Russia's Nord Stream 2 pipeline – a move the Kremlin branded "illegal". On Monday the White House imposed fresh sanctions on a shipping company and vessel involved in building the pipeline, which runs between Russia and Germany. While any action against the gas link can stoke supply concerns, the latest sanctions are likely too little too late, as the pipeline has already been completed and filled with gas. Still, benchmark Dutch prices rose as much as 8.7pc on Tuesday, while the UK equivalent is up 6.6pc at 225p a therm. 11:03 AM Publisher Reach slides on cost warnings Reach Daily Mirror Express print newspaper - Leon Neal/Getty Images The publisher of the Mirror and Express newspapers tumbled this morning after it warned on rising costs in print production. Reach said trading was ahead of expectations, driven primarily by 17.2pc growth in digital revenues as the company continues to adapt to new reading habits. But the company warned it had begun to see an increase in the cost of print production, particularly for energy and newsprint. It said: "With the longer-term effect on the cost base still emerging, we are closely monitoring developments and will continue to prioritise efficiencies to mitigate the impact." Shares dropped 5.1pc following the update. 10:45 AM Traders bet £2bn against the pound Sticking on the pound, there's rising momentum behind bets against sterling, as my colleague Tom Rees reports. Traders have wagered a £2bn bet on a plunge in the pound after the Bank of England failed to deliver on a widely expected interest rate rise earlier this month. Shorts predicting a pound slump have soared to their highest level since June 2020, weekly trading data suggests. It marks a sharp reversal from just a few weeks ago when bets for the pound were at a near four-month high as investors geared up for a string of rate rises to curb the surge in inflation. However, the Bank failed to follow through on its hawkish signals and held rates at a record low of 0.1pc at its November meeting. The Bank’s rate-setters were criticised for misleading markets as they held fire to wait for the first jobs market data following the end of the furlough scheme. Sterling slumped 1.2pc against the dollar on the day of the Bank's meeting. 10:42 AM Pound slides despite inflation risks Sterling has lost ground against both the dollar and the euro, despite fresh inflation data that could pave the way for a Bank of England interest rate rise. The pound edged 0.3pc lower against the euro to 84.16p, but remained close to the 21-month high hit on Monday as the resurgence of Covid cases in Europe hit the single currency. Fears of more restrictions in Germany, following Austria's full lockdown, sent the euro to its lowest level against the pound since February 2020 yesterday. But the currency strengthened after data showed eurozone business activity unexpectedly grew in November. The pound was boosted by separate PMI data showing the fastest growth in new orders since June this month alongside record cost pressures, raising expectations of a rate hike. Versus the dollar, the pound slipped 0.1pc to $1.3384, as US President Joe Biden nominated Federal Reserve chairman Jerome Powell for a second four-year term, reinforcing market expectations of rate rises next year. 10:28 AM Getir to buy ultra-fast grocery rival Weezy Getir Weezy grocery delivery - Getir Grocery delivery firm Getir has said it's buying British rival Weezy, marking a fresh wave of consolidation in the crowded market for ultra-fast delivery services. It comes after the Turkish firm last month said it would invest £100m in the UK. Terms of the takeover were not disclosed. Getir launched in London in January and has since expanded to 15 towns and cities including Manchester, Birmingham and Liverpool. The company, which is valued at $7.7bn (£5.8bn), said the takeover of Weezy marked its long-term commitment to the UK market. Kristof Van Beveren, chief executive and co-founder of Weezy, said: We are incredibly excited to continue our journey in disrupting the skyrocketing ultrafast grocery market. Getir has an unparalleled track-record of achievements and experience with an equally ambitious team. Our alignment in purpose and culture is a winning formula for expansion globally and we will continue to deliver an exceptional offering to consumers in minutes. 10:12 AM Expert reaction: Stamp duty holding back property market Joshua Elash, director of property lender MT Finance, describes the fall in property transactions as "dramatic". The argument for either reworking or scrapping stamp duty all together has never been louder or clearer. Stamp duty is the tax holding back a property market which would benefit now more than ever from greater levels of fluidity. As inflation begins to bite, a continued lack of supply in the market will translate into higher property values. While this is great for existing property owners, it will exacerbate the issues first-time buyers have experienced in getting on the ladder. Getting rid of stamp duty will encourage more transactional volume, increase the supply of property in the market, and accordingly ease some of the inflationary pressure on real asset values. It’s a no brainer at this point. On a more positive note, the rise in non-residential transactions is consistent with what we are seeing in the market as more investors continue to return to commercial property following a particularly challenging lockdown-driven period. 10:09 AM Housing transactions slump after stamp duty holiday October housing transactions plunged 52pc month-on-month to the lowest number in nearly a decade as the last of the stamp duty holiday savings disappeared. My colleague Melissa Lawford has the details: There were 76,930 transactions last month, according to HMRC’s provisional seasonally adjusted estimate. This was 28.2pc lower than in October 2020. HMRC’s provisional non-seasonally adjusted estimate was slightly higher at 85,090. But this was the lowest number in any October since 2012. The end of the tax break, which ended for good in England and Northern Ireland on September 30, was key. In England, the drop was most extreme, with sales falling 33.4pc year-on-year. Anna Clare Harper, of property consultants SPI Capital, said: “In short, a 10-year peak in transactions last month was followed by a 10-year low.” Mr Harper added that transactions will continue to slow, but a significant reduction in house prices is unlikely while the cost of holding property remains low due to low cost fixed rate mortgages. 09:58 AM Caterer Compass resumes dividend but warns on rising costs Compass Group profit catering - Chris Ratcliffe/Bloomberg Catering group Compass has resumed dividend payments as the easing of lockdown restrictions helped drive up profits, but it struck a cautious tone over labour shortages and rising costs. The FTSE 100 firm said its pre-tax profits more than doubled to £464m in the year to the end of September, even as revenues dropped 10pc. The world's biggest caterer benefited from cost-cutting methods, while revenues recovered to 88pc of pre-pandemic levels by the fourth quarter as economies reopened. Compass, which halted dividends in April last year, resumed payouts with an annual dividend of 14p a share as it hailed record new business wins of around £2.1bn. But it wasn't all rosy, as the company warned the short-term impact of labour shortages and inflation would weigh on margins. Compass said: There is still some uncertainty in the macroeconomic environment, particularly as it relates to labour shortages, inflation and the pandemic, which we expect to continue to impact our business in the nearer term. That said, the new business pipeline continues to be strong and we remain very confident in the long term growth potential of the group supported by exciting significant structural market opportunities globally. 09:45 AM Expert reaction: Businesses face a testing winter Rhys Herbert, senior economist at Lloyds Bank, said: Despite today’s marginal decline the level of the composite PMI index remains consistent with continued growth in the economy. However, it is clear that supply constraints remain a very real near-term issue. Both manufacturing and services continue to face a range of pressures including labour shortages, commodity price rises and supply constraints. With little sign that these pressures are set to ease near term, businesses face a testing winter with the pressures on manufacturing seemingly particularly acute. More positively, today’s data indicated that demand for goods and services is still holding up. However, until supply constraints ease and inflation begins to fall back, concerns are likely to persist that consumer and business confidence could falter causing them to rein in spending. 09:42 AM Expert reaction: PMIs give green light for interest rate rise Chris Williamson , chief business economist at IHS Markit, said: A combination of sustained buoyant business growth, further job market gains and record inflationary pressures gives a green light for interest rates to rise in December. Output growth across manufacturing and services came in slightly faster than expected in November, albeit heavily skewed towards the service sector as factories continued to struggle with supply shortages and falling exports. Encouragingly, an acceleration in growth of new business hints that December should bring a strong end to the year, meaning the fourth quarter should see a welcome pick up in GDP growth after the slowdown seen in the third quarter. 09:40 AM UK business activity dips as inflation hits new record high Business activity among UK private sector companies dipped in November as cost inflation jumped at its fastest rate on record. The IHS Markit flash composite PMI came in at 57.7 in November, down fractionally from 57.8 in October but comfortably above the average seen in the third quarter of 2021. Service sector growth outpaced the manufacturing recovery last month, although the latter saw its strongest expansion for three months. New order intakes increased at the strongest pace since June, fuelled by robust rises in business and consumer spending. But the increase in average cost burdens was the fastest since the index began in January 1998, driven by higher wages and a spike in prices paid for fuel, energy and raw materials. UK PMI inflation - IHS Markit 09:28 AM Pets at Home pumps profit from pampered pooches Pets at Home dogs grooming sales - GK Hart/Vikki Hart Pets at Home is continuing to cash in on higher pet ownership, with dog and cat lovers now turning to more premium food and products to pamper their furry friends. The company shrugged off supply issues to post pre-tax profits of over £70m in the six months to Oct 7 – more than 81pc higher than the same time last year. Revenues were also up 18pc to £678m, including retail and online sales jumping 22pc on a like-for-like basis and revenues from its vet group up by more than a quarter. Pets at Home has benefited from increased pet ownership during the pandemic, with sales of food and accessories growing over the recent period. Grooming revenues also rose sharply as owners began to show off their new dogs. The company said full-year profit and sales were likely to hit the top end of expectations, sending shares up 7.4pc to the top of the FTSE 250. 09:16 AM Expert reaction: Eurozone braced for fresh disruption Chris Williamson , chief business economist at IHS Markit, says: A stronger expansion of business activity in November defied economists’ expectations of a slowdown, but is unlikely to prevent the eurozone from suffering slower growth in the fourth quarter, especially as rising virus cases look set to cause renewed disruptions to the economy in December. The manufacturing sector remains hamstrung by supply delays, restricting production growth to one of the lowest rates seen since the first lockdowns of 2020. The service sector’s improved performance may meanwhile prove frustratingly short-lived if new virus fighting restrictions need to be imposed. The travel and recreation sector has already seen growth deteriorate sharply since the summer. With supply delays remaining close to record highs and energy prices spiking higher, upward pressure on prices has meanwhile intensified far above anything previously witnessed by the surveys. Not surprisingly, given the mix of supply delays, soaring costs and renewed Covid-19 worries, business optimism has sunk to the lowest since January, adding to near-term downside risks for the eurozone economy. 09:14 AM Eurozone business activity picks up but Covid fears weigh There's been a surprise uplift in business activity in the eurozone, though inflation and fears over rising Covid cases are clouding the outlook for the rest of the year. The IHS Markit flash composite PMI rose for the first time in four months in November, climbing to 55.8 from 54.2 the previous month. Services outperformed manufacturing once again, recording its strongest growth in three months. Manufacturing also picked up, though remained the second weakest seen over the past 17 months. While the figures mark an improvement on October's six-month lows, the average reading for the fourth quarter so far is substantially lower than that of the third quarter, pointing to a weakening of economic growth in the last three months of the year. This was reflected in business optimism about the outlook, which sank to a 10-month low on renewed Covid worries and lingering supply constraints. IHS Markit PMI eurozone - IHS Markit 08:59 AM AO World plunges on Christmas warning AO World Christmas trading inflation supply chain - Mark Waugh Some more on AO World, which has lost a quarter of its value after issuing a rather gloomy trading update. The retailer warned on its annual results, saying product shortages, price hikes and a cutback in consumer spending would all hit the peak Christmas trading period. AO World sank to a £10m pre-tax loss in the six months to the end of September, compared to profits of £18m a year ago. Shares dropped by a quarter. The company said it had already increased prices by as much as 12pc to offset soaring costs, but boss John Roberts warned there was more pain to come amid soaring inflation and continued supply troubles. The group said festive trading was now expected to be "significantly softer" than previously forecast, with full-year revenues either flat or down 5pc and underlying earnings in the range of £10m to £20m. 08:50 AM FTSE risers and fallers The FTSE 100 has slid this morning as a resurgence in Covid cases across Europe sends jitters through the markets. The blue-chip index is down 0.6pc at 7,211 points, though it's fared better than France and Germany, where stocks fell more than 1pc on fears about new restrictions. Gains for miners including BHP , Rio Tinto and Anglo American helped cap the FTSE's losses as metal prices rose. The domestically-focused FTSE 250 is down 1pc, with AO World crashing 25pc after it cut profit forecasts for the full year. 08:24 AM Ofgem slaps PayPoint with £12.5m fine Energy regulator Ofgem has halted its investigation into PayPoint after the company agreed to pay a £12.5m fine and address competition concerns. PayPoint agreed to remove exclusivity clauses from its contracts with energy suppliers for pre-pay customers, who top up their meters using the company's services. It said the move would allow suppliers and retailers to sign up to contracts with other payment service providers and to use other providers' equipment for processing payments for topping up energy supply. The regulator said: "Ofgem believes that the commitments offered by PayPoint address its competition concerns and will ensure that competition is not distorted. "Accepting these commitments means that the investigation closes with no decision made on whether competition rules were infringed." 08:01 AM FTSE 100 opens in the red The FTSE 100 has opened lower this morning, taking its cue from a late reversal on Wall Street last night. The blue-chip index is down 0.3pc at 7,236 points. 07:58 AM Atom Bank moves to four-day week Amid all the talk of changing working habits after the pandemic, one company has actually taken action. Atom Bank announced on Tuesday that it's moving to a four-day week, making it the largest British company to implement such a change. The fintech firm, which has 430 employees, rolled out the new policy at the beginning of the month after a majority of employees backed the move. It means working hours will be reduced by 3.5 hours to 34 hours per week, with no change in salary. Mondays or Fridays are expected to be the default day off for the majority of workers, with some exceptions for staff in operational and service roles, whose days off may vary to ensure customer service levels. Chief executive Mark Mullen said: We believe the 20 th century concept of a five day week is, in many cases, no longer fit for purpose for 21 st century businesses. Its introduction originally allowed for the establishment of the weekend, with all the benefits for employees this entailed. At Atom, we feel the time is right for the next evolution in the world of work. A four-day week will provide our employees with more opportunities to pursue their passions, spend time with their families, and build a healthier work/life balance. We firmly believe that this will prove beneficial for our employees’ wellbeing and happiness and that it will have an equally positive impact on business productivity and customer experience. 07:49 AM Scottish Power warns of 'two or three' price rises The chief executive of Scottish Power has warned customers are facing two or three price rises as the escalating energy crisis continues to drive up costs for suppliers. Keith Anderson said an expected increase in the energy price cap in April would be compounded by costs related to a string of supplier collapses – including most recently Bulb. He told BBC Radio 4: "We’re looking at – it’s sad to say – but you’ll be looking at a future of two or three price rises coming up because of the state of this market." Mr Anderson took aim at the price cap, which has prevented companies from passing on higher costs to consumers and led to the collapse of about 20 firms since the start of August. He said: "We need a lot of changes in this market to get back on a sustainable footing. We need to seriously look at the purpose of things like a price cap because of the damage that’s doing the market. "I think one of the risks right now [is that] unless there are significant changes made we will end up back at a big five or big six." 07:34 AM Oil slumps as US prepares to tap reserves Good morning. Oil has entered a downward slide this morning amid growing speculation that the US will tap into its strategic reserves. Joe Biden's administration is thought to have thrashed out a plan with Asian consumers to beef up supply in the market in an effort to tame prices after Opec repeatedly rebuffed calls for higher output. The move sets up a potential stand-off between producers and consumers, as the two sides battle for control of the global oil market. 5 things to start your day 1) Light at the end of the tunnel for Crossrail property speculators Suburban house prices are growing faster compared to the City as the new line begins its 'dress rehearsal' 2) Attack on the City puts EU competitiveness at risk Brussels is under fire for making finance companies set up subsidiaries within the single market 3) Paul Dacre returns to Daily Mail publisher as editor-in-chief Veteran editor makes surprise comeback after withdrawing from the race to become Ofcom chairman 4) John Lewis takes aim at 'throwaway' culture in retail sector Retailer to offer grants of up to £300,000 to the most innovative ideas that challenge the industry's 'outdated' approach 5) British Airways customers bemoan yet another IT mishap Airline's Executive Club website was offline for almost 10 days after planned maintenance took far longer than expected What happened overnight Asian stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the US will taper its stimulus soon. MSCI's gauge of Asia Pacific stocks outside Japan fell 0.49pc, while Hong Kong's Hang Seng Index and China's benchmark CSI300 Index opened 1.1pc and 0.2pc lower, respectively. Australia's S&P/ASX 200 outperformed with a 0.55pc gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday. Coming up today Corporate: Compass (Full-year results) ; AO World, Cranswick, Pets At Home, Severn Trent, Victoria (Interims) Economics: PMIs (UK, EU, US); GDP (Ger) View comments || Where Does Cryptocurrency Come From?: It’s fairly common knowledge thatcryptocurrencyis a decentralized digital medium of exchange that isn’t issued by a government or bank. Most people are probably familiar with Bitcoin by now, and you might have heard of Ethereum, too. But those are just two of the more than 5,000 cryptocurrencies vying to be the next big thing.
Beyond Bitcoin:Looking at Some Crypto Financial JargonSee:10 Cheap Cryptocurrencies To Check Out
With that many out there, you might be wondering where they all come from?
No bank and no government means no printing and no minting — but none is needed. Although you can spend it like regular money, cryptocurrency is born from an entirely different process altogether.
Find Out:What Is Chainlink and Why Is It Important in the World of Cryptocurrency?
Many cryptocurrencies, like Bitcoin and Ethereum, are “mined.” Others are not. More on that in a moment.
Read More:Millennials Own More Crypto Than Any Other Generation
No matter the origination process, all cryptocurrency is software that is created by code.That code determines absolutely every function associated with the cryptocurrency, from the way data are stored and how transactions are recorded to the distribution of mining rewards and the maximum supply of tokens to be produced.
Take a Look:The 10 Wildest Things Selling as NFTs
In almost all cases, the code is public and the software used to generate a given cryptocurrency is decentralized, just like the cryptocurrency itself. That public, decentralized software is hosted on individual computers all over the world instead of on a central server.
When cryptocurrencies are designed to be used as money, transactions are stored on a special kind of secure database called a blockchain, which serves as a ledger of all coded transactions. Think of it as a checkbook for cryptocurrency.
Discover:Should Crypto and NFTs Be Part of Your Retirement Plan?
Once entered into the blockchain, no one can ever change an entry in the database without meeting specific conditions. Everyone involved can see the public record of all transitions.
Blockchain technology, therefore, allows cryptocurrency to achieve its three most important defining features:
• Transparency
• Decentralization
• Immutability
The part of the code that represents what end-users know as “tokens” or “coins” is just a string of numbers stored on a blockchain. Cryptocurrencies are generated by algorithms, and those algorithms rely on cryptography — hence the name cryptocurrency.
More Economy Explained:Ethereum: All You Need To Know To Decide If This Crypto Is Worth the Investment
In most cases, the algorithms that fuel the cryptocurrency factory are written to award tokens to computers that add transactions to the blockchain. That process is known as mining. Miners use special hardware and the cryptocurrency’s public, decentralized software to add transactions to blockchains.
Read:What Are Altcoins — and Are the Potential Rewards Worth the Risks?
In exchange for providing that critical blockchain maintenance, miners get paid in new cryptocurrency tokens. Most cryptocurrency coins or tokens are created this way.
Technically, anyone can be a miner, but it’s a largely fruitless endeavor for most. It’s complicated, competitive, expensive if you fail — which is highly likely — and it gobbles up an enormous amount of power.
Some cryptocurrency was never designed to replace fiat currency like the dollar. In other words, it was never meant to be used as money. This kind of non-mineable, unspendable cryptocurrency is usually generated to reward early investors in a new cryptocurrency launch, called an ICO (initial coin offering).
The Economy and Your Money:All You Need To Know
In other cases, a new cryptocurrency can be created through a deviation in a blockchain called a hard fork. Hard forks occur when blockchain protocols change so significantly that a new, unique branch is formed on the chain that is incompatible with the old chain. Bitcoin Cash, for example, was formed through a hard fork on the original Bitcoin blockchain.
Verification is at the core of crypto. Unlike fiat currency, the value of cryptocurrency is not based on trust. It’s based on one of two verification techniques: proof of work and proof of stake.
Bitcoin Cash (BCH):The Most Important Things You Need To Know About It
Most transactions are verified through proof of work. Algorithms create complex math problems that miners race to solve using special hardware. By solving the puzzle, a miner verifies a group of transactions called a block, which is then added to the larger blockchain ledger. The miner who pulls it off first is rewarded with cryptocurrency.
Proof of stake was developed to reduce the amount of power needed to verify transactions. With this method, someone has to prove they have skin in the game in order to check transactions and compete for rewards. Users have to “stake” their own existing cryptocurrency by locking it up in a communal vault to be allowed to verify transactions. The more you stake, the more transactions you’re allowed to verify and the more cryptocurrency you can earn.
This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.
More From GOBankingRates
• 5 Things Most Americans Don’t Know About Social Security
• 10 Reasons You Should Claim Social Security Early
• How To Use a Credit Card Like a Pro This Holiday Season
• What To Consider When Choosing a Mortgage Lender
This article originally appeared onGOBankingRates.com:Where Does Cryptocurrency Come From? || Where Does Cryptocurrency Come From?: Jirapong Manustrong / iStock.com It’s fairly common knowledge that cryptocurrency is a decentralized digital medium of exchange that isn’t issued by a government or bank. Most people are probably familiar with Bitcoin by now, and you might have heard of Ethereum, too. But those are just two of the more than 5,000 cryptocurrencies vying to be the next big thing. Beyond Bitcoin: Looking at Some Crypto Financial Jargon See: 10 Cheap Cryptocurrencies To Check Out With that many out there, you might be wondering where they all come from? No bank and no government means no printing and no minting — but none is needed. Although you can spend it like regular money, cryptocurrency is born from an entirely different process altogether. Find Out: What Is Chainlink and Why Is It Important in the World of Cryptocurrency? All Cryptocurrency Is Software Many cryptocurrencies, like Bitcoin and Ethereum, are “mined.” Others are not. More on that in a moment. Read More: Millennials Own More Crypto Than Any Other Generation No matter the origination process, all cryptocurrency is software that is created by code. That code determines absolutely every function associated with the cryptocurrency, from the way data are stored and how transactions are recorded to the distribution of mining rewards and the maximum supply of tokens to be produced. Take a Look: The 10 Wildest Things Selling as NFTs In almost all cases, the code is public and the software used to generate a given cryptocurrency is decentralized, just like the cryptocurrency itself. That public, decentralized software is hosted on individual computers all over the world instead of on a central server. Algorithms, Cryptography and Blockchain Are at the Heart of It All When cryptocurrencies are designed to be used as money, transactions are stored on a special kind of secure database called a blockchain, which serves as a ledger of all coded transactions. Think of it as a checkbook for cryptocurrency. Discover: Should Crypto and NFTs Be Part of Your Retirement Plan? Story continues Once entered into the blockchain, no one can ever change an entry in the database without meeting specific conditions. Everyone involved can see the public record of all transitions. Blockchain technology, therefore, allows cryptocurrency to achieve its three most important defining features: Transparency Decentralization Immutability The part of the code that represents what end-users know as “tokens” or “coins” is just a string of numbers stored on a blockchain. Cryptocurrencies are generated by algorithms, and those algorithms rely on cryptography — hence the name cryptocurrency. More Economy Explained: Ethereum: All You Need To Know To Decide If This Crypto Is Worth the Investment Most Cryptocurrency Is Mined In most cases, the algorithms that fuel the cryptocurrency factory are written to award tokens to computers that add transactions to the blockchain. That process is known as mining. Miners use special hardware and the cryptocurrency’s public, decentralized software to add transactions to blockchains. Read: What Are Altcoins — and Are the Potential Rewards Worth the Risks? In exchange for providing that critical blockchain maintenance, miners get paid in new cryptocurrency tokens. Most cryptocurrency coins or tokens are created this way. Technically, anyone can be a miner, but it’s a largely fruitless endeavor for most. It’s complicated, competitive, expensive if you fail — which is highly likely — and it gobbles up an enormous amount of power. But Some Is Not Some cryptocurrency was never designed to replace fiat currency like the dollar. In other words, it was never meant to be used as money. This kind of non-mineable, unspendable cryptocurrency is usually generated to reward early investors in a new cryptocurrency launch, called an ICO (initial coin offering). The Economy and Your Money: All You Need To Know In other cases, a new cryptocurrency can be created through a deviation in a blockchain called a hard fork. Hard forks occur when blockchain protocols change so significantly that a new, unique branch is formed on the chain that is incompatible with the old chain. Bitcoin Cash, for example, was formed through a hard fork on the original Bitcoin blockchain. Proof of Work and Proof of Stake Verification is at the core of crypto. Unlike fiat currency, the value of cryptocurrency is not based on trust. It’s based on one of two verification techniques: proof of work and proof of stake. Bitcoin Cash (BCH): The Most Important Things You Need To Know About It Most transactions are verified through proof of work. Algorithms create complex math problems that miners race to solve using special hardware. By solving the puzzle, a miner verifies a group of transactions called a block, which is then added to the larger blockchain ledger. The miner who pulls it off first is rewarded with cryptocurrency. Proof of stake was developed to reduce the amount of power needed to verify transactions. With this method, someone has to prove they have skin in the game in order to check transactions and compete for rewards. Users have to “stake” their own existing cryptocurrency by locking it up in a communal vault to be allowed to verify transactions. The more you stake, the more transactions you’re allowed to verify and the more cryptocurrency you can earn. This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system. More From GOBankingRates 5 Things Most Americans Don’t Know About Social Security 10 Reasons You Should Claim Social Security Early How To Use a Credit Card Like a Pro This Holiday Season What To Consider When Choosing a Mortgage Lender This article originally appeared on GOBankingRates.com : Where Does Cryptocurrency Come From? || NFL star Odell Beckham Jr to receive 100% of salary in Bitcoin: LA Rams player Odell Beckham Jr has teamed up with the popular crypto wallet Cash App to receive 100% of his salary in Bitcoin. Beckham Jr took to Twitter to update his 4.1m followers on the collaboration by saying: “It’s the start of a new era and I’m looking forward to the future. That’s why I’m taking my new salary in bitcoin, thanks to @CashApp.” The wide receiver also revealed that he is “giving back a total of $1m in BTC” through his partnership with Square-owned Cash App. It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp . To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup — Odell Beckham Jr (@obj) November 22, 2021 OBJ’s partnership with Cash App follows NFL quarterback Aaron Rodgers’ first venture into cryptocurrency via a similar deal . The two aren’t the only NFL players with an interest in the industry either – Legendary quarterback Tom Brady started working with crypto exchange FTX this year and has already stated he would like to get paid in Bitcoin . Brady has also co-founded his own NFT company – Autograph – a platform that creates digital collections of the biggest names in sport and entertainment such as Tiger Woods, Naomi Osaka, and Usain Bolt. Additionally, the NFL has taken advantage of the popularity of NFTs by partnering with Dapper Labs to launch a series of collectable NFL sports highlights. Fan token platform Socios has also expanded expansion efforts in the US following its first partnership with NFL team New England Patriots. || NFL star Odell Beckham Jr to receive 100% of salary in Bitcoin: LA Rams player Odell Beckham Jr has teamed up with the popular crypto wallet Cash App to receive 100% of his salary in Bitcoin. Beckham Jr took to Twitter to update his 4.1m followers on the collaboration by saying: “It’s the start of a new era and I’m looking forward to the future. That’s why I’m taking my new salary in bitcoin, thanks to @CashApp.” The wide receiver also revealed that he is “giving back a total of $1m in BTC” through his partnership with Square-owned Cash App. It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp . To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup — Odell Beckham Jr (@obj) November 22, 2021 OBJ’s partnership with Cash App follows NFL quarterback Aaron Rodgers’ first venture into cryptocurrency via a similar deal . The two aren’t the only NFL players with an interest in the industry either – Legendary quarterback Tom Brady started working with crypto exchange FTX this year and has already stated he would like to get paid in Bitcoin . Brady has also co-founded his own NFT company – Autograph – a platform that creates digital collections of the biggest names in sport and entertainment such as Tiger Woods, Naomi Osaka, and Usain Bolt. Additionally, the NFL has taken advantage of the popularity of NFTs by partnering with Dapper Labs to launch a series of collectable NFL sports highlights. Fan token platform Socios has also expanded expansion efforts in the US following its first partnership with NFL team New England Patriots. || NFL star Odell Beckham Jr to receive 100% of salary in Bitcoin: LA Rams player Odell Beckham Jr has teamed up with the popular crypto wallet Cash App to receive 100% of his salary in Bitcoin. Beckham Jr took to Twitter to update his 4.1m followers on the collaboration by saying: “It’s the start of a new era and I’m looking forward to the future. That’s why I’m taking my new salary in bitcoin, thanks to @CashApp.” The wide receiver also revealed that he is “giving back a total of $1m in BTC” through his partnership with Square-owned Cash App. It's a NEW ERA & to kick that off I'm hyped to announce that I'm taking my new salary in bitcoin thanks to @CashApp . To ALL MY FANS out there, no matter where u r: THANK YOU! I’m giving back a total of $1M in BTC rn too. Drop your $cashtag w. #OBJBTC & follow @CashApp NOW pic.twitter.com/ds1IgZ1zup — Odell Beckham Jr (@obj) November 22, 2021 OBJ’s partnership with Cash App follows NFL quarterback Aaron Rodgers’ first venture into cryptocurrency via a similar deal . The two aren’t the only NFL players with an interest in the industry either – Legendary quarterback Tom Brady started working with crypto exchange FTX this year and has already stated he would like to get paid in Bitcoin . Brady has also co-founded his own NFT company – Autograph – a platform that creates digital collections of the biggest names in sport and entertainment such as Tiger Woods, Naomi Osaka, and Usain Bolt. Additionally, the NFL has taken advantage of the popularity of NFTs by partnering with Dapper Labs to launch a series of collectable NFL sports highlights. Fan token platform Socios has also expanded expansion efforts in the US following its first partnership with NFL team New England Patriots.
[Social Media Buzz]
None available.
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56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43, 57229.83, 56477.82, 53598.25
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01.
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[Bitcoin Technical Analysis for 2018-05-07]
Volume: 7394019840, RSI (14-day): 55.99, 50-day EMA: 8837.61, 200-day EMA: 8856.01
[Wider Market Context]
Gold Price: 1312.20, Gold RSI: 42.96
Oil Price: 70.73, Oil RSI: 68.57
[Recent News (last 7 days)]
Will Apple Launch a 16K Mixed Reality Headset in 2020?: Apple (NASDAQ: AAPL) is developing a mixed reality headset that will blend AR and VR features, according to a recent CNET report. That wouldn't be surprising, since Apple recently acquired several AR and VR firms and launched its ARKit development kit with iOS 11. Leaked patents also revealed the development of an iPhone-powered headset. However, CNET's report -- which cites an unidentified person "familiar with Apple's plans" -- reveals many more details about the secretive project, allegedly codenamed T288. According to the report: The design includes a 16K display, consisting of an 8K display per eye, for a stand-alone headset. The headset wouldn't be tethered to a PC or smartphone; instead, it would be wirelessly connected to a dedicated "box" powered by a next-gen custom Apple processor. The device could be launched for the consumer market in 2020. A woman manipulates a mixed reality display. Image source: Getty Images. Why would Apple make a mixed reality headset? The most common criticism about Apple is its financial dependence on the iPhone, which generated 62% of its revenues during the second quarter of 2018. To diversify beyond the iPhone, Apple needs new hardware products. Apple Watch sales have risen in recent quarters, but the smartwatch still doesn't generate enough revenue to be reported alongside the iPhone, iPad, and Mac. Looking back, the iPod, iPhone, and iPad were all significant products for the tech market because they reinvented existing products. Apple didn't invent the MP3 player, smartphone, or tablet, but it made sleek, consumer-friendly versions that fixed the flaws in existing products. Apple likely sees a similar opportunity in the VR/AR/mixed reality headset market, which is filled with ambitious but flawed devices. Facebook 's (NASDAQ: FB) Oculus Rift and HTC 's Vive offer high-end VR experiences, but the devices are pricey, bulky, and need to be tethered to PCs via wires and external sensors. Facebook is addressing some of these issues with the stand-alone Oculus Go , but the headset offers a much lower-fidelity experience than its big brother. Story continues Facebook's Oculus Go. Facebook's Oculus Go. Image source: Oculus VR. As a result, only a niche group of gamers use the Rift and Vive for gaming. Sony 's (NYSE: SNE) PlayStation VR for the PS4 faces the same problem. It sold 2 million PSVRs by the end of 2017, but that represents a sliver of the 78 million PS4s it sold worldwide. In the low-end market, cheaper Cardboard and Gear VR-like devices let users quickly convert smartphones to VR headsets. These experiences gave mainstream users a taste of VR, but they don't match the high-fidelity experiences of the Rift or Vive. As a result, many mobile users likely played with just a few VR apps before losing interest. Meanwhile, Microsoft (NASDAQ: MSFT) teased the future of "mixed reality" with the HoloLens, but only a $3,000 developer version is currently available. The company hasn't revealed when it will launch a cheaper consumer version, but recent reports indicate that it won't launch a new version until 2019. For now, Microsoft is letting its hardware partners test the waters by launching cheaper "Windows Mixed Reality" headsets. Could Apple move the market forward? If Apple plans to release its headset in 2020, it's likely waiting for technologies to improve enough so that it can launch a device that offers a high-fidelity experience at a reasonable price. But Apple isn't sitting still. Its latest iPhones are equipped with new depth-sensing cameras and computer vision chips, which are ideal for AR apps, and it showcased AR and face-tracking features with the Animoji and unlock features for the iPhone X. App intelligence firm Sensor Tower recently reported that over 13 million AR apps built with Apple's ARKit have already been downloaded since its release with iOS 11 last September. Apple could be slowly building an AR app ecosystem before it releases a dedicated headset. Attracting more developers to ARKit could let it start on firmer footing than Facebook, HTC, Sony, and Microsoft, which prioritized hardware launches over software development in their initial forays into the AR/VR market. The road ahead The AR market could grow from $3.3 billion in 2015 to $133.8 billion in 2021, according to Zion Market Research. That represents a huge growth opportunity for Apple, but investors should take that forecast -- and the T288 rumors -- with a grain of salt. Apple is likely focused on the growth of the AR market, but time will tell if this device sees the light of day. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. Leo Sun owns shares of Apple. The Motley Fool owns shares of and recommends Apple and Facebook. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Will Apple Launch a 16K Mixed Reality Headset in 2020?: Apple(NASDAQ: AAPL)is developing a mixed reality headset that will blend AR and VR features, according to a recent CNET report. That wouldn't be surprising, since Apple recently acquired several AR and VR firms and launched its ARKit development kit with iOS 11. Leaked patents also revealed the development of an iPhone-powered headset.
However,CNET's report-- which cites an unidentified person "familiar with Apple's plans" -- reveals many more details about the secretive project, allegedly codenamed T288. According to the report: The design includes a 16K display, consisting of an 8K display per eye, for a stand-alone headset. The headset wouldn't be tethered to a PC or smartphone; instead, it would be wirelessly connected to a dedicated "box" powered by a next-gen custom Apple processor. The device could be launched for the consumer market in 2020.
Image source: Getty Images.
The most common criticism about Apple is its financial dependence on the iPhone, which generated 62% of its revenues during the second quarter of 2018. To diversify beyond the iPhone, Apple needs new hardware products. Apple Watch sales have risen in recent quarters, but the smartwatch still doesn't generate enough revenue to be reported alongside the iPhone, iPad, and Mac.
Looking back, the iPod, iPhone, and iPad were all significant products for the tech market because they reinvented existing products. Apple didn't invent the MP3 player, smartphone, or tablet, but it made sleek, consumer-friendly versions that fixed the flaws in existing products.
Apple likely sees a similar opportunity in the VR/AR/mixed reality headset market, which is filled with ambitious but flawed devices.Facebook's(NASDAQ: FB)Oculus Rift andHTC's Vive offer high-end VR experiences, but the devices are pricey, bulky, and need to be tethered to PCs via wires and external sensors. Facebook is addressing some of these issues with the stand-aloneOculus Go, but the headset offers a much lower-fidelity experience than its big brother.
Facebook's Oculus Go. Image source: Oculus VR.
As a result, only a niche group of gamers use the Rift and Vive for gaming.Sony's(NYSE: SNE)PlayStation VR for the PS4 faces the same problem. It sold 2 million PSVRs by the end of 2017, but that represents a sliver of the 78 million PS4s it sold worldwide.
In the low-end market, cheaper Cardboard and Gear VR-like devices let users quickly convert smartphones to VR headsets. These experiences gave mainstream users a taste of VR, but they don't match the high-fidelity experiences of the Rift or Vive. As a result, many mobile users likely played with just a few VR apps before losing interest.
Meanwhile,Microsoft(NASDAQ: MSFT)teased the future of "mixed reality" with the HoloLens, but only a $3,000 developer version is currently available. The company hasn't revealed when it will launch a cheaper consumer version, butrecent reportsindicate that it won't launch a new version until 2019. For now, Microsoft is letting its hardware partners test the waters by launching cheaper "Windows Mixed Reality" headsets.
If Apple plans to release its headset in 2020, it's likely waiting for technologies to improve enough so that it can launch a device that offers a high-fidelity experience at a reasonable price.
But Apple isn't sitting still. Its latest iPhones are equipped with new depth-sensing cameras and computer vision chips, which are ideal for AR apps, and it showcased AR and face-tracking features with the Animoji and unlock features for the iPhone X. App intelligence firm Sensor Tower recently reported that over13 millionAR apps built with Apple's ARKit have already been downloaded since its release with iOS 11 last September.
Apple could be slowly building an AR app ecosystem before it releases a dedicated headset. Attracting more developers to ARKit could let it start on firmer footing than Facebook, HTC, Sony, and Microsoft, which prioritized hardware launches over software development in their initial forays into the AR/VR market.
The AR market could grow from $3.3 billion in 2015 to $133.8 billion in 2021, according to Zion Market Research. That represents a huge growth opportunity for Apple, but investors should take that forecast -- and the T288 rumors -- with a grain of salt. Apple is likely focused on the growth of the AR market, but time will tell if this device sees the light of day.
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Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft.Leo Sunowns shares of Apple. The Motley Fool owns shares of and recommends Apple and Facebook. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || AUD/USD and NZD/USD Fundamental Weekly Forecast – Topping U.S. Yields May Fuel Counter-Trend Rallies: The Australian and New Zealand Dollars finished lower last week, but the selling pressure was lighter than previous weeks. After weakness early in the week, the Aussie settled down to trade sideways-to-slightly higher. The New Zealand Dollar’s low was made at mid-week.
For the week, theAUD/USDsettled at .7537, down 0.0042 or -0.55% and theNZD/USDfinished at .7018, down 0.0066 or -0.93%.
The early selling pressure was fueled by continuing concerns over rising U.S. interest rates which made the U.S. Dollar a more attractive investment. Essentially, investors have been bullish the U.S. Dollar because of the divergence in monetary policy between the U.S. Federal Reserve and the Reserve Banks of Australia and New Zealand.
In economic news, the U.S. Federal Reserve kept its benchmark interest rate unchanged as widely expected while acknowledging that inflation was rising. It did not offer any hints as to the number of additional rate hikes later this year. However, most traders expect at least two more, including one at the Fed’s June meeting.
On Friday, the U.S. government released disappointing non-farm payrolls data. The headline number came in lower than expected. The unemployment rate fell to an 18-year low and weak average hourly earnings raised concerns over the pace of future
In Australia, the Reserve Bank left interest rates unchanged at 1.50% as widely expected. It monetary policy statement essentially reaffirmed the central bank was in no hurry to raise rates.
The Australian Trade Balance came in higher than expected at 1.53 billion. The previous figure was revised higher to 1.35 billion. Building Approvals also exceeded expectations at 2.6%. The previous figure was revised higher but still came in at -4.2%.
The New Zealand Dollar was underpinned by a solid employment report. The Employment Change rose more than expected by 0.6%. However, the previous report was revised lower to 0.4%. The Unemployment Rate held steady at 4.4%. Milk Prices fell with the GDT Price Index coming in at -1.1%.
This week’s price action will be influenced by a slew of economic data from both sides of the pond.
As far as reports are concerned, inflation will be at the forefront once again with the U.S. scheduled to report on Producer and Consumer Prices on Wednesday and Thursday respectively. Several Fed speakers are also on tap including Fed Chair Jerome Powell on Wednesday at 1915 GMT.
Investors will also get the opportunity to react to Australian Retail Sales and the Annual Budget Release.
After a report on New Zealand Inflation Expectations, investors will get the opportunity to react to the Reserve Bank of New Zealand’s Official Cash Rate, its Monetary Policy Statement, Rate Statement and Press Conference. RBNZ Governor Orr is also scheduled to speak.
Treasury yields may have topped out at least temporarily so we could see some movement to the upside in the Aussie and Kiwi this week. The move will likely be position-squaring and short-covering adjustments.
The wildcard this week will be appetite for risk. Traders aren’t sure how stock market investors will react to the U.S.-China trade talks, which went nowhere as expected, and the U.S. decision on whether to walk away from the Iran nuclear deal.
Thisarticlewas originally posted on FX Empire
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• Oil Price Fundamental Weekly Forecast – Specs Betting U.S. Will Walkaway from Iran Nuclear Deal || AUD/USD and NZD/USD Fundamental Weekly Forecast Topping U.S. Yields May Fuel Counter-Trend Rallies: The Australian and New Zealand Dollars finished lower last week, but the selling pressure was lighter than previous weeks. After weakness early in the week, the Aussie settled down to trade sideways-to-slightly higher. The New Zealand Dollars low was made at mid-week. For the week, the AUD/USD settled at .7537, down 0.0042 or -0.55% and the NZD/USD finished at .7018, down 0.0066 or -0.93%. Weekly AUD/USD The early selling pressure was fueled by continuing concerns over rising U.S. interest rates which made the U.S. Dollar a more attractive investment. Essentially, investors have been bullish the U.S. Dollar because of the divergence in monetary policy between the U.S. Federal Reserve and the Reserve Banks of Australia and New Zealand. In economic news, the U.S. Federal Reserve kept its benchmark interest rate unchanged as widely expected while acknowledging that inflation was rising. It did not offer any hints as to the number of additional rate hikes later this year. However, most traders expect at least two more, including one at the Feds June meeting. On Friday, the U.S. government released disappointing non-farm payrolls data. The headline number came in lower than expected. The unemployment rate fell to an 18-year low and weak average hourly earnings raised concerns over the pace of future In Australia, the Reserve Bank left interest rates unchanged at 1.50% as widely expected. It monetary policy statement essentially reaffirmed the central bank was in no hurry to raise rates. The Australian Trade Balance came in higher than expected at 1.53 billion. The previous figure was revised higher to 1.35 billion. Building Approvals also exceeded expectations at 2.6%. The previous figure was revised higher but still came in at -4.2%. The New Zealand Dollar was underpinned by a solid employment report. The Employment Change rose more than expected by 0.6%. However, the previous report was revised lower to 0.4%. The Unemployment Rate held steady at 4.4%. Milk Prices fell with the GDT Price Index coming in at -1.1%. Story continues Weekly NZD/USD Forecast This weeks price action will be influenced by a slew of economic data from both sides of the pond. As far as reports are concerned, inflation will be at the forefront once again with the U.S. scheduled to report on Producer and Consumer Prices on Wednesday and Thursday respectively. Several Fed speakers are also on tap including Fed Chair Jerome Powell on Wednesday at 1915 GMT. Investors will also get the opportunity to react to Australian Retail Sales and the Annual Budget Release. After a report on New Zealand Inflation Expectations, investors will get the opportunity to react to the Reserve Bank of New Zealands Official Cash Rate, its Monetary Policy Statement, Rate Statement and Press Conference. RBNZ Governor Orr is also scheduled to speak. Treasury yields may have topped out at least temporarily so we could see some movement to the upside in the Aussie and Kiwi this week. The move will likely be position-squaring and short-covering adjustments. The wildcard this week will be appetite for risk. Traders arent sure how stock market investors will react to the U.S.-China trade talks, which went nowhere as expected, and the U.S. decision on whether to walk away from the Iran nuclear deal. This article was originally posted on FX Empire More From FXEMPIRE: DAX Index Fundamental Analysis week of May 7, 2018 AUD/USD Forex Technical Analysis Sustained Move Over .7532 Could Lead to Test of .7642 to .7647 Bitcoin Cash, Litecoin and Ripple Daily Analysis 06/05/18 U.S Mortgage Rates Pause, but Upward Trend Set to Continue Lack of Wage Pressure Could Mean More Patient Federal Reserve Oil Price Fundamental Weekly Forecast Specs Betting U.S. Will Walkaway from Iran Nuclear Deal || Hawaiian Holdings Stock Could Soar Much Higher: After a lackluster performance in the first few months of 2018, shares ofHawaiian Holdings(NASDAQ: HA)surged higher following the company'sstellar first-quarter earnings report. (The stock has since retreated due to worries about a volcanic eruption on Hawaii's Big Island and new reports aboutSouthwest Airlines' plans to serve Hawaii.)
Hawaiian Airlines achieved a solid 4.9% increase in revenue per available seat mile (RASM) last quarter, despiteUnited Continental's(NYSE: UAL)massive expansion in Hawaii, outpacing its 4.3% uptick in adjusted non-fuel unit costs. This allowed Hawaiian to post adjusted EPS of $1.09 -- up 11% year over year.
Hawaiian Airlines' RASM growth will slow in the second quarter -- driven in part by the timing of Easter -- while cost pressures will increase. As a result, pre-tax profit is likely to fall sharply. However, Hawaiian's outlook for the second half of 2018 and beyond is quite strong. With the stock trading for less than seven times earnings, there is clearly tons of upside for shareholders.
Hawaiian Airlines' second-quarter guidance implies that RASM will rise about 3% for the first half of 2018. That would be impressive, given that United's rapid growth has caused industry capacity to increase by double digits on mainland-Hawaii routes. Hawaiian Airlines has also faced tough year-over-year revenue comparisons. (RASM surged 8.4% in the first half of 2017.)
By contrast, industry capacity growth on North America routes is set to decelerate to single-digit territory in the back half of the year. Hawaiian will also face easier comparisons going forward, as RASM rose less than 5% in the second half of 2017.
Hawaiian Airlines should be able to post strong RASM growth later this year. Image source: Hawaiian Airlines.
To be fair, Hawaiian Airlines is currently benefiting from a big decrease in competition within the Hawaii interisland market after itsmain competitor collapsedlast November. Meanwhile, the return of fuel surcharges in some international markets (mainly Japan) has driven strong RASM growth. Thus, RASM momentum in those two parts of the business will likely slow in 2019. But by then, North America-Hawaii unit revenue trends should be improving.
An equally important part of the investment case for Hawaiian Holdings is its improving unit cost trajectory. Adjusted non-fuel unit costs surged 6.9% in 2017 and will rise by about 5% in the first half of 2018. Yet by the second half of this year, Hawaiian's management expects non-fuel unit costs to be approximately flat year over year.
The key to this unit cost improvement is the pending replacement of Hawaiian'sBoeing767 fleet with state-of-the-artAirbusA321neos. Right now, the carrier is suffering from elevated costs related to delays in its A321neo deliveries. For example, it had to extend the life of one 767 by performing extra maintenance work on it, and pilot productivity has suffered due to the carrier operating fewer A321neos than planned.
Fortunately, Hawaiian Airlines expects to receive all nine scheduled 2018 A321neo deliveries by year-end. This will allow it to retire the last of its 767s at the end of 2018 as planned.
By the beginning of 2019, Hawaiian will have lapped United Continental's Hawaii growth, which should translate to lower competitive capacity increases. (While Southwest Airlines plans to fly to Hawaii beginning in late 2018 or early 2019, it has indicated that it will start small.)
Given that mainland-Hawaii unit revenue has held up extremely well this year despite United's big Hawaii expansion, slower capacity growth in 2019 will likely translate to solid RASM increases. Additionally, by replacing its eight 767s with A321neos, Hawaiian will be able to reduce capacity on lower-demand routes while increasing the proportion of premium seats on those flights. That should also contribute to unit revenue growth.
On the cost side, Hawaiian Airlines is now likely to get most of thebenefit from its fleet renewal projectin 2019. The new A321neos could be about 30% more fuel efficient than the 767s they replace, will have a lower cost of ownership, and they will be much cheaper to maintain.
Additionally, the cost headwinds from A321neo pilot training and from opening Hawaiian's new maintenance and cargo facility will abate next year. The carrier also signed a new contract with a maintenance vendor in late 2017, which will reduce costs starting next year.
The net result is that non-fuel unit costs will probably be flat or down in 2019 and fuel efficiency will improve significantly. This means that Hawaiian Airlines should be able to achieve margin expansion even with modest unit revenue growth. With analysts currently expecting EPS to decline next year, Hawaiian Airlines is in good position to continue performing well above expectations -- driving big gains for Hawaiian Holdings stock.
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Adam Levine-Weinbergowns shares of Hawaiian Holdings. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Hawaiian Holdings Stock Could Soar Much Higher: After a lackluster performance in the first few months of 2018, shares of Hawaiian Holdings (NASDAQ: HA) surged higher following the company's stellar first-quarter earnings report . (The stock has since retreated due to worries about a volcanic eruption on Hawaii's Big Island and new reports about Southwest Airlines ' plans to serve Hawaii.) Hawaiian Airlines achieved a solid 4.9% increase in revenue per available seat mile (RASM) last quarter, despite United Continental 's (NYSE: UAL) massive expansion in Hawaii, outpacing its 4.3% uptick in adjusted non-fuel unit costs. This allowed Hawaiian to post adjusted EPS of $1.09 -- up 11% year over year. Hawaiian Airlines' RASM growth will slow in the second quarter -- driven in part by the timing of Easter -- while cost pressures will increase. As a result, pre-tax profit is likely to fall sharply. However, Hawaiian's outlook for the second half of 2018 and beyond is quite strong. With the stock trading for less than seven times earnings, there is clearly tons of upside for shareholders. Revenue trends are very encouraging Hawaiian Airlines' second-quarter guidance implies that RASM will rise about 3% for the first half of 2018. That would be impressive, given that United's rapid growth has caused industry capacity to increase by double digits on mainland-Hawaii routes. Hawaiian Airlines has also faced tough year-over-year revenue comparisons. (RASM surged 8.4% in the first half of 2017.) By contrast, industry capacity growth on North America routes is set to decelerate to single-digit territory in the back half of the year. Hawaiian will also face easier comparisons going forward, as RASM rose less than 5% in the second half of 2017. A Hawaiian Airlines plane flying over the ocean, with mountains in the background Hawaiian Airlines should be able to post strong RASM growth later this year. Image source: Hawaiian Airlines. To be fair, Hawaiian Airlines is currently benefiting from a big decrease in competition within the Hawaii interisland market after its main competitor collapsed last November. Meanwhile, the return of fuel surcharges in some international markets (mainly Japan) has driven strong RASM growth. Thus, RASM momentum in those two parts of the business will likely slow in 2019. But by then, North America-Hawaii unit revenue trends should be improving. Story continues Cost trends will turn around in the second half of 2018 An equally important part of the investment case for Hawaiian Holdings is its improving unit cost trajectory. Adjusted non-fuel unit costs surged 6.9% in 2017 and will rise by about 5% in the first half of 2018. Yet by the second half of this year, Hawaiian's management expects non-fuel unit costs to be approximately flat year over year. The key to this unit cost improvement is the pending replacement of Hawaiian's Boeing 767 fleet with state-of-the-art Airbus A321neos. Right now, the carrier is suffering from elevated costs related to delays in its A321neo deliveries. For example, it had to extend the life of one 767 by performing extra maintenance work on it, and pilot productivity has suffered due to the carrier operating fewer A321neos than planned. Fortunately, Hawaiian Airlines expects to receive all nine scheduled 2018 A321neo deliveries by year-end. This will allow it to retire the last of its 767s at the end of 2018 as planned. The 2019 outlook is excellent By the beginning of 2019, Hawaiian will have lapped United Continental's Hawaii growth, which should translate to lower competitive capacity increases. (While Southwest Airlines plans to fly to Hawaii beginning in late 2018 or early 2019, it has indicated that it will start small.) Given that mainland-Hawaii unit revenue has held up extremely well this year despite United's big Hawaii expansion, slower capacity growth in 2019 will likely translate to solid RASM increases. Additionally, by replacing its eight 767s with A321neos, Hawaiian will be able to reduce capacity on lower-demand routes while increasing the proportion of premium seats on those flights. That should also contribute to unit revenue growth. On the cost side, Hawaiian Airlines is now likely to get most of the benefit from its fleet renewal project in 2019. The new A321neos could be about 30% more fuel efficient than the 767s they replace, will have a lower cost of ownership, and they will be much cheaper to maintain. Additionally, the cost headwinds from A321neo pilot training and from opening Hawaiian's new maintenance and cargo facility will abate next year. The carrier also signed a new contract with a maintenance vendor in late 2017, which will reduce costs starting next year. The net result is that non-fuel unit costs will probably be flat or down in 2019 and fuel efficiency will improve significantly. This means that Hawaiian Airlines should be able to achieve margin expansion even with modest unit revenue growth. With analysts currently expecting EPS to decline next year, Hawaiian Airlines is in good position to continue performing well above expectations -- driving big gains for Hawaiian Holdings stock. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Adam Levine-Weinberg owns shares of Hawaiian Holdings. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Maxim Integrated’s Automotive Business Makes It a Buy: The connected-car revolution is upon us, as the number of vehicles going online and talking to one another will spike rapidly in the coming years. IHS Markit estimates that sales of connected cars will triple to 72.5 million units in 2023 from 24 million units in 2015, which means that an estimated 69% of passenger vehicles sold globally will be receiving and sending data using sensors. These sensors need analog circuits to talk to one another and send data to the vehicle's computer, so they will stay in strong demand. One way to invest in the connected car boom is through Maxim Integrated Products (NASDAQ: MXIM) , an analog integrated circuit vendor. The chipmaker has displayed remarkable growth in its automotive business over the years as the semiconductor content in vehicles has increased. In fact, the automotive sector has been the key to its financial resurgence over the past year, setting the stage for stronger long-term growth as the connected car market gains momentum. Person reading a book inside a self-driving car. Image Source: Getty Images. Automotive has become Maxim's biggest catalyst Maxim divides its revenue into five segments. Just four years ago, automotive was one of its smallest end markets, supplying just 8% of the top line. But now, it accounts for 21% of total revenue, becoming its third-largest source of revenue after its industrial and consumer businesses. What's more, automotive is Maxim's fastest-growing business, and its increasing clout has been important in boosting the company's top line in the past year. Fiscal year (ends in June) 2014 2015 2016 2017 Total revenue (in billions) $2.45 $2.30 $2.19 $2.29 Total revenue growth (year over year) 0% (6%) (5%) 5% Automotive share of total revenue 10% 14% 19% 20% Data source: Maxim Integrated annual filings. Maxim expects its automotive business to grow in the low teens in the long run. The automotive sector accounted for an estimated $131 million of Maxim's revenue last quarter (21% of the total revenue), so it now has an annual run rate of over $520 million. Assuming that this business clocks an annual growth rate of even 10% over the next five years -- conservative by Maxim's standards -- it could generate annual revenue of almost $840 million for the company. This means that Maxim's automotive revenue could increase as much as 60% in the next five years. More important, the chipmaker has the tools to achieve such solid automotive growth thanks to an impressive clientele list that includes self-driving car pioneer NVIDIA (NASDAQ: NVDA) . Story continues Why Maxim's automotive growth is secure Maxim claims to have scored design wins at 28 automotive original equipment manufacturers around the globe, and they are producing more than 70 different car models using its chips. And some of its customers haven't yet released their models featuring Maxim's designs. But the biggest boost for Maxim could come from NVIDIA, which recently decided to use the former's high-speed integrated circuits to enable high levels of automation in self-driving cars. NVIDIA plans to use Maxim's expertise to power its DRIVE Pegasus and Xavier platforms, which can help self-driving cars attain Level 4 and Level 5 autonomy . Maxim claims that its integrated circuits are tailor-made for this application. More important, the partnership gives Maxim access to NVIDIA's ecosystem of 225 partners that are developing autonomous car solutions based on the latter's hardware and software platforms. And NVIDIA has kept boosting its automotive presence by striking deals with big players such as Uber to supply autonomous car systems. Uber expects to deploy 24,000 self-driving SUVs in the next three years, and it is highly likely that NVIDIA will power the autonomous systems in these vehicles based on their recent partnership . So, Maxim is getting access to an automotive gold mine with NVIDIA's help. Another catalyst that should give Maxim's automotive business a long-term boost is the electric vehicle (EV) market. The chipmaker estimates that EV-related sales constitute just 10% of its total automotive revenue at present, but they are on track to gain impressive momentum thanks to the growing demand for battery management systems (BMS). The BMS is the brain of the battery pack that powers EVs. It manages a bunch of functions including charging and discharging, and gives the battery pack a longer life by keeping it within its safe operating zone. Not surprisingly, the BMS market is expected to grow at a compound annual growth rate of almost 21% over the next five years as EV sales increase, hitting $7.25 billion in value by 2022. So, there's a lot to like about the way Maxim's automotive business is shaping up, but it is the company's valuation and its dividend that should seal the deal for potential investors. Two more reasons to like Maxim Maxim Integrated has been a fairly expensive stock over the years. It carries a trailing price-to-earnings (P/E) ratio of 43, which is in line with rival Analog Devices . However, the stock is currently expensive as compared to the semiconductor industry's average ratio of 35. But Maxim trades at a cheap 19 times forward earnings, which clearly points toward bottom-line growth. This year, for instance, Maxim's earnings are expected to increase 25%. And it is expected to clock a solid 15% annual growth rate over the next five years. Finally, Maxim has a handsome dividend yield of 2.90%, and it looks set to become a solid dividend play over the years, thanks to management's decision to return all of its free cash flow to investors. The company recently raised its quarterly dividend by 17% as its free cash flow has jumped 27% during the trailing 12 months to $849 million. By comparison, the company has paid out $389 million in dividends over the past year, which means that it has so far paid almost 46% of its free cash to investors in the form of dividends. So, the consistent increase in Maxim's earnings should boost its free-cash-flow profile going forward, which should lead to a higher dividend payout. The verdict: A solid bet Maxim Integrated's automotive segment has a lot going for it. The company estimates that the semiconductor content in each car will double to $200 in the next five years as the adoption of advanced driver assistance systems and infotainment systems increases in connected cars and self-driving vehicles. Maxim is on track to ride this opportunity thanks to a terrific client base. And it will pay investors handsomely with a solid dividend yield at the same time, which makes it a good investment considering the valuation. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool has a disclosure policy . View comments || Maxim Integrated’s Automotive Business Makes It a Buy: The connected-car revolution is upon us, as the number of vehicles going online and talking to one another will spike rapidly in the coming years. IHS Markit estimates that sales of connected cars will triple to 72.5 million units in 2023 from 24 million units in 2015, which means that an estimated 69% of passenger vehicles sold globally will be receiving and sending data using sensors. These sensors need analog circuits to talk to one another and send data to the vehicle's computer, so they will stay in strong demand. One way to invest in the connected car boom is through Maxim Integrated Products (NASDAQ: MXIM) , an analog integrated circuit vendor. The chipmaker has displayed remarkable growth in its automotive business over the years as the semiconductor content in vehicles has increased. In fact, the automotive sector has been the key to its financial resurgence over the past year, setting the stage for stronger long-term growth as the connected car market gains momentum. Person reading a book inside a self-driving car. Image Source: Getty Images. Automotive has become Maxim's biggest catalyst Maxim divides its revenue into five segments. Just four years ago, automotive was one of its smallest end markets, supplying just 8% of the top line. But now, it accounts for 21% of total revenue, becoming its third-largest source of revenue after its industrial and consumer businesses. What's more, automotive is Maxim's fastest-growing business, and its increasing clout has been important in boosting the company's top line in the past year. Fiscal year (ends in June) 2014 2015 2016 2017 Total revenue (in billions) $2.45 $2.30 $2.19 $2.29 Total revenue growth (year over year) 0% (6%) (5%) 5% Automotive share of total revenue 10% 14% 19% 20% Data source: Maxim Integrated annual filings. Maxim expects its automotive business to grow in the low teens in the long run. The automotive sector accounted for an estimated $131 million of Maxim's revenue last quarter (21% of the total revenue), so it now has an annual run rate of over $520 million. Assuming that this business clocks an annual growth rate of even 10% over the next five years -- conservative by Maxim's standards -- it could generate annual revenue of almost $840 million for the company. This means that Maxim's automotive revenue could increase as much as 60% in the next five years. More important, the chipmaker has the tools to achieve such solid automotive growth thanks to an impressive clientele list that includes self-driving car pioneer NVIDIA (NASDAQ: NVDA) . Story continues Why Maxim's automotive growth is secure Maxim claims to have scored design wins at 28 automotive original equipment manufacturers around the globe, and they are producing more than 70 different car models using its chips. And some of its customers haven't yet released their models featuring Maxim's designs. But the biggest boost for Maxim could come from NVIDIA, which recently decided to use the former's high-speed integrated circuits to enable high levels of automation in self-driving cars. NVIDIA plans to use Maxim's expertise to power its DRIVE Pegasus and Xavier platforms, which can help self-driving cars attain Level 4 and Level 5 autonomy . Maxim claims that its integrated circuits are tailor-made for this application. More important, the partnership gives Maxim access to NVIDIA's ecosystem of 225 partners that are developing autonomous car solutions based on the latter's hardware and software platforms. And NVIDIA has kept boosting its automotive presence by striking deals with big players such as Uber to supply autonomous car systems. Uber expects to deploy 24,000 self-driving SUVs in the next three years, and it is highly likely that NVIDIA will power the autonomous systems in these vehicles based on their recent partnership . So, Maxim is getting access to an automotive gold mine with NVIDIA's help. Another catalyst that should give Maxim's automotive business a long-term boost is the electric vehicle (EV) market. The chipmaker estimates that EV-related sales constitute just 10% of its total automotive revenue at present, but they are on track to gain impressive momentum thanks to the growing demand for battery management systems (BMS). The BMS is the brain of the battery pack that powers EVs. It manages a bunch of functions including charging and discharging, and gives the battery pack a longer life by keeping it within its safe operating zone. Not surprisingly, the BMS market is expected to grow at a compound annual growth rate of almost 21% over the next five years as EV sales increase, hitting $7.25 billion in value by 2022. So, there's a lot to like about the way Maxim's automotive business is shaping up, but it is the company's valuation and its dividend that should seal the deal for potential investors. Two more reasons to like Maxim Maxim Integrated has been a fairly expensive stock over the years. It carries a trailing price-to-earnings (P/E) ratio of 43, which is in line with rival Analog Devices . However, the stock is currently expensive as compared to the semiconductor industry's average ratio of 35. But Maxim trades at a cheap 19 times forward earnings, which clearly points toward bottom-line growth. This year, for instance, Maxim's earnings are expected to increase 25%. And it is expected to clock a solid 15% annual growth rate over the next five years. Finally, Maxim has a handsome dividend yield of 2.90%, and it looks set to become a solid dividend play over the years, thanks to management's decision to return all of its free cash flow to investors. The company recently raised its quarterly dividend by 17% as its free cash flow has jumped 27% during the trailing 12 months to $849 million. By comparison, the company has paid out $389 million in dividends over the past year, which means that it has so far paid almost 46% of its free cash to investors in the form of dividends. So, the consistent increase in Maxim's earnings should boost its free-cash-flow profile going forward, which should lead to a higher dividend payout. The verdict: A solid bet Maxim Integrated's automotive segment has a lot going for it. The company estimates that the semiconductor content in each car will double to $200 in the next five years as the adoption of advanced driver assistance systems and infotainment systems increases in connected cars and self-driving vehicles. Maxim is on track to ride this opportunity thanks to a terrific client base. And it will pay investors handsomely with a solid dividend yield at the same time, which makes it a good investment considering the valuation. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool has a disclosure policy . View comments || Enterprise wasnt ready for blockchain, so Manifold brought its ledger to consumers instead: While the cryptocurrency craze last year brought more consumer attention to blockchain technology, the future of this movement will be in the enterprise. Blockchains true potential is its ability to replace the archaic and centralized infrastructure that powers everything from payments to land registries with digital-first, decentralized, and trusted networks of data. Skepticism, though, abounds. Jamie Dimon, CEO of J.P. Morgan Chase, has called bitcoin a fraud, only to walk back those comments later . He has more recently said that blockchain is real . The challenge of course is it is exactly people like Dimon who ultimately control the destiny of blockchain in the enterprise. Without leadership from the top, few CIOs and other buyers are willing to consider such a wildly disruptive new technology. That has been the experience of Manifold Technology founder and CEO Chris Finan and his co-founder Robert Seger. The two have an intelligence background, with Finan working at DARPA and Defense more broadly and Seger working at the NSA. Seger would go on to become CTO of Morta Security, which was acquired by Palo Alto Networks , while Finan became director of cybersecurity legislation for the White House before heading to the Valley and working at Impermium, a cybersecurity startup acquired by Google . Taking advantage of their backgrounds, they got together in 2014 to try to connect blockchain into the enterprise. We wanted to be the Cisco of enterprise blockchain providers, Finan explained to me. We were looking at what we can do to leverage cryptography to build the picks and shovels. Over the next few years, they built out a distributed ledger technology built on top of Amazon Lambda. The idea was that serverless technology like Lambda could offer quick scalability to a blockchain from day one, without requiring the kinds of decentralized technology adoption seen in cryptocurrencies like Bitcoin. In that way, we try to let Amazon handle this scalability for us, Finan explained. Story continues There was just one problem: enterprise hasnt gotten on the blockchain bandwagon yet. They dont want to buy a blockchain, they want to flip a switch and have it, Finan said. He didnt see institutions looking to migrate their infrastructure to a blockchain model, and we found ourselves to be an engine manufacturer in a sector that wasnt buying many engines. Even worse, you definitely see VC interest in the enterprise infrastructure market definitely waning when it comes to blockchain. Stymied by the enterprise market, the team started investigating whether it could build consumer applications on top of its infrastructure. What they came up with is Volley , a blockchain-backed augmented reality marketplace to buy and sell goods, which is currently in beta and available in the Apple App Store. This new direction connected with investor appetites, and the company raised a $7 million series A from MalibuIQ, Westlake, and other investors. The idea of Volley is that current online marketplaces for goods are filled with scams and other security issues. To improve trust and safety issues, Manifold has built a reputation system for buyers and sellers so that transactions are decentralized, but trusted. We wanted to make it very expensive to make a fake account, Finan said. Using augmented reality, the app allows users to explore their world and see things for sale. The hope is that at scale, the app would show users hundreds of things all around them that they might purchase, from the backpack of the person in front of them to a car parked on the street. Right now, the technology only works with iOS and the ARKit library, with the company hoping to launch an Android version shortly. Finan believes that a consumer marketplace is a near-perfect application of blockchain. There has to be some sort of need for independent trust guarantees, he said, which requires that a marketplace be filled with people who dont trade often with each other and has goods that are not trivially cheap to replace if fraud were to occur. In addition, he believes you have to have auditability as well as high throughput for blockchain to make sense. Its easy to be cynical about two cybersecurity veterans diving into the consumer world. While Volley has to prove itself as a potential consumer winner, to me what makes the investment here more interesting is that there are two ways to win. Volley itself could become an interesting consumer play, or Volley might help to prove out Manifolds serverless blockchain technology, which could find renewed adoption in the enterprise in the future. Its the sort of hedged bet that investors are making in the blockchain space, as we await the further maturation of this brand new market. || Enterprise wasn’t ready for blockchain, so Manifold brought its ledger to consumers instead: While the cryptocurrency craze last year brought more consumer attention to blockchain technology, the future of this movement will be in the enterprise. Blockchain’s true potential is its ability to replace the archaic and centralized infrastructure that powers everything from payments to land registries with digital-first, decentralized, and trusted networks of data.
Skepticism, though, abounds.Jamie Dimon,CEO of J.P. Morgan Chase, hascalled bitcoin a “fraud,”only towalk back those comments later. He has more recentlysaid that blockchain is “real”. The challenge of course is it is exactly people like Dimon who ultimately control the destiny of blockchain in the enterprise. Without leadership from the top, few CIOs and other buyers are willing to consider such a wildly disruptive new technology.
That has been the experience ofManifold Technologyfounder and CEO Chris Finan and his co-founder Robert Seger. The two have an intelligence background, with Finan working at DARPA and Defense more broadly and Seger working at the NSA. Seger would go on to become CTO of Morta Security,which was acquired by Palo Alto Networks, while Finan became director of cybersecurity legislation for the White House before heading to the Valley and working at Impermium, acybersecurity startup acquired by Google.
Taking advantage of their backgrounds, they got together in 2014 to try to connect blockchain into the enterprise. “We wanted to be the Cisco of enterprise blockchain providers,” Finan explained to me. “We were looking at what we can do to leverage cryptography to build the picks and shovels.”
Over the next few years, they built out a distributed ledger technology built on top of Amazon Lambda. The idea was that serverless technology like Lambda could offer quick scalability to a blockchain from day one, without requiring the kinds of decentralized technology adoption seen in cryptocurrencies like Bitcoin. “In that way, we try to let Amazon handle this scalability for us,” Finan explained.
There was just one problem: enterprise hasn’t gotten on the blockchain bandwagon yet. “They don’t want to buy a blockchain, they want to flip a switch and have it,” Finan said. He didn’t see institutions looking to migrate their infrastructure to a blockchain model, and “we found ourselves to be an engine manufacturer in a sector that wasn’t buying many engines.“ Even worse, “you definitely see VC interest in the enterprise infrastructure market definitely waning” when it comes to blockchain.
Stymied by the enterprise market, the team started investigating whether it could build consumer applications on top of its infrastructure. What they came up with isVolley, a blockchain-backed augmented reality marketplace to buy and sell goods, which is currently in beta and available in the Apple App Store. This new direction connected with investor appetites, and the company raised a $7 million series A from MalibuIQ, Westlake, and other investors.
The idea of Volley is that current online marketplaces for goods are filled with scams and other security issues. To improve trust and safety issues, Manifold has built a reputation system for buyers and sellers so that transactions are decentralized, but trusted. “We wanted to make it very expensive to make a fake account,” Finan said.
Using augmented reality, the app allows users to explore their world and see things for sale. The hope is that at scale, the app would show users hundreds of things all around them that they might purchase, from the backpack of the person in front of them to a car parked on the street. Right now, the technology only works with iOS and the ARKit library, with the company hoping to launch an Android version shortly.
Finan believes that a consumer marketplace is a near-perfect application of blockchain. “There has to be some sort of need for independent trust guarantees,” he said, which requires that a marketplace be filled with people who don’t trade often with each other and has goods that are not trivially cheap to replace if fraud were to occur. In addition, he believes you have to have “auditability” as well as high throughput for blockchain to make sense.
It’s easy to be cynical about two cybersecurity veterans diving into the consumer world. While Volley has to prove itself as a potential consumer winner, to me what makes the investment here more interesting is that there are two ways to win. Volley itself could become an interesting consumer play, or Volley might help to prove out Manifold’s serverless blockchain technology, which could find renewed adoption in the enterprise in the future. It’s the sort of hedged bet that investors are making in the blockchain space, as we await the further maturation of this brand new market. || What Investors Need to Know About Agnico Eagle Mines: When an investor buys gold or an exchange-traded fund (ETF) that holds the precious metal, they're hoping to profit alongside an anticipated rise in its price. However, when an investor buys a gold mining stock, they're often seeking a much higher return driven by the view that the rising value of gold, when added to increased production, should yield a bigger payday. Unfortunately, many mining stocks have failed miserably at even keeping up with gold due to a myriad of missteps. Agnico Eagle Mines (NYSE: AEM) , however, is one of the few that has managed to outperform. Over the past two decades, Agnico Eagle's stock price has increased at a 12.5% compound annual rate compared to just 8.2% for the price of gold and less than 1.5% from the average gold stock tracked by the Philadelphia Gold and Silver Index , which is one of the most watched indexes in the sector. The company has been able to outperform by taking a different approach, which could enable it to continue delivering golden returns in the coming years. Gold nuggets with a bright light shining on them. Image source: Getty Images. Building a top-ten gold miner one project at a time Agnico Eagle Mines traces its roots all the way back to 1953 when five struggling mining companies joined forces to create Cobalt Consolidated Mining company. Four years later the company renamed itself Agnico Mines, using the chemical symbols for silver (Ag), nickel (Ni), and cobalt (Co). In 1963, the company acquired Eagle Mines and changed its name to Agnico Eagle Mines. Agnico Eagle Mines would go on to complete a steady stream of acquisitions over the next several decades. In 1993, it purchased the Goldex mine, which at the time gave it control of the largest unexploited gold deposit in Quebec, Canada. Another notable purchase came in 2007 when the company bought Cumberland Resources for its Meadowbank gold project in Canada. Three years later it purchased Comaplex Mineral for its Meliadine gold project, which was within a couple of hundred miles of Meadowbank. Story continues Its most recent deal of note came in 2014 when it teamed up with Yamana Gold to buy Osisko Mining for its Canadian Malartic mine, which is one of the largest gold mines in Canada. The companies paid 3.9 billion Canadian dollars ($3 billion at the current exchange rate) in cash and stock for Osisko, which not only handed them Canadian Malartic but several exploration properties. Agnico Eagle would go on to buy out Yamana's 50% stake in those developmental assets in 2017 for $162.5 million. Digging into Agnico Eagle Mines Agnico Eagle Mines is primarily a gold mining company and ranks as the world's ninth largest gold producer in 2017 after digging up 1.7 million ounces. The company makes most of its money on this precious metal, which contributed 95% of total revenue in 2017, followed by silver at 4% and another 1% from various base metals, including zinc and copper . The gold miner operates eight mines located in Canada, Finland, and Mexico. The biggest contributor to production in 2017 was Meadowbank, which is an open-pit mine in northern Canada that produced 352,526 ounces of gold and another 275,000 ounces of silver. However, while Meadowbank provided the most gold, it ranked as just the third largest contributor to the company's profit in the fourth-quarter of 2017 -- generating 18% of the total -- because its total cash costs were $614 an ounce, which was above the companywide average of $558. The company's biggest money-maker was the LaRonde mine, which is also in Canada. This underground mine -- one of the deepest in the Western Hemisphere -- produced 348,870 ounces of gold along with 1.3 million ounces of silver, 6,510 tonnes of zinc, and 4,501 tonnes of copper in 2017. The mine was also one of the lowest cost in Agnico's portfolio, which enabled it to contribute 27% of the company's profits in the final quarter of 2017. A third noteworthy mine is Canadian Malartic, which is also in Canada. The company owns this mine through a 50-50 joint venture (JV) with Yamana Gold (NYSE: AUY) that the companies formed to acquire the mine's previous owner Osisko Mining in 2014. Despite sharing the profits and production, this mine still supplied Agnico Eagle with its third largest amount of gold at 316,731 ounces last year. Meanwhile, with low costs of $576 an ounce, the mine contributed 20% of the company's profits in the final quarter of 2017, good for second overall. In addition to those core producing mines, Agnico Eagle has several expansion projects under way and new mines in development. The most notable in the near-term is Meliadine, which is in northern Canada and should start producing next year. Digging up value when others haven't Agnico Eagle Mines has been a rare find in the gold mining sector over the past couple of decades. While top-five gold producers like Barrick Gold (NYSE: ABX) and Goldcorp (NYSE: GG) , as well as smaller ones such as Yamana, have all underperformed the price of gold (significantly in some cases), Agnico is one of the few that managed to outperform: AEM Chart Data source: AEM data by YCharts. One reason Agnico has thrived while rivals haven't is due to its focus on creating value for investors on a per share basis . Many competitors issued boatloads of new shares to buy companies with operating mines that would boost production immediately. Agnico Eagle, on the other hand, focused on purchasing promising gold projects, which are mines in earlier stages of development. Because of that, the company didn't pay a premium for the current production, which kept its overall acquisition costs low. The company took this approach due to its focus on growing the value of the company, not necessarily its size. Instead of aiming to increase production to an absolute level, the company measures its success by the rate at which it grows production per 1,000 shares. Since 2005, the company has delivered an 8.4% compound annual growth rate in this metric, increasing it from 2.47 ounces per 1,000 shares up to 7.36 ounces in 2017. This focus on growing production per share instead of aiming for an absolute number has helped steadily increase the net asset value (NAV) of each share. In fact, since 2005, Agnico Eagle's NAV has grown at an 11% compound annual rate versus just a 2% average rate for its peer group. Agnico Eagle Mines plans to continue focusing on creating value for shareholders in the coming years. One way it will do that is by steadily increasing production per 1,000 shares, which it aims to boost up to 8.34 ounces by 2020. While the company expects output to drop in 2018 due to the expected depletion of the Lapa mine in Canada and the winddown of Meadowbank through 2019, this will only be a temporary blip since the company sees production reaccelerating by 2020. Partially replacing Lapa's output will be the recently finished Zone 5 development of the LaRonde Mine, which should add 20,000 ounces in 2018 and produce as much as 45,000 ounces in 2020. Then in 2019, the company expects to bring the Amaruq Deposit at Meadowbank online. Agnico Eagle is investing $330 million into this project, which will help replace the lost output from that legacy mine by adding up to 190,000 ounces in 2019 and as much as 270,000 ounces in 2020. The Meliadine mine should also come online in 2019. The company is investing $900 million into this project, which should start producing by the second quarter of 2019 before adding 385,000 ounces of low-cost gold by 2020. These investments will likely cause Agnico Eagle Mines to outspend cash flow in 2018, with it on pace to invest more than $1 billion, which would be slightly higher than anticipated cash flows at a gold price of $1,320 an ounce. However, as Amaruq and Meliadine go from cash consumers to cash producers in 2019, they'll help significantly increase the company's free cash flow as long as the price of gold holds up. These new additions will also boost companywide output up to 2 million ounces by 2020 as well as reduce the company's all-in sustaining cost (which is the overall production cost) from $915 an ounce to $850 an ounce by 2020. Because of those factors, the company could generate as much as $1 billion in free cash flow in three years, which would give it ample capital to fund additional expansions, pay down debt, or increase the dividend. A stock chart with gold nuggets in the background. Image source: Getty Images. Does this make Agnico Eagle Mines' stock a buy? Agnico Eagle Mines appears poised to produce a motherload of cash in the coming years as long as the price of gold cooperates. That value-creating growth has the potential to continue pushing the stock price higher over the next few years. However, the company's stock price reflects a good bit of that upside. Shares recently traded at more than 13 times trailing twelve-month (TTM) cash flow from operations (CFO) per share. For comparison's sake, most larger peers changed hands closer to eight times that level while Yamana Gold traded at less than six times that number. Because of that pricier valuation, Agnico Eagle's stock could underperform its fellow miners even if the price of gold holds up. That's why investors might want to dig into the dirt cheap Yamana , which also has significant upside ahead thanks to an upcoming mine, before paying up to buy Agnico Eagle's stock. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || What Investors Need to Know About Agnico Eagle Mines: When an investor buys gold or anexchange-traded fund (ETF)that holds the precious metal, they're hoping to profit alongside an anticipated rise in its price. However, when an investor buys a gold mining stock, they're often seeking a much higher return driven by the view that the rising value of gold, when added to increased production, should yield a bigger payday. Unfortunately, many mining stocks have failed miserably at evenkeeping up with golddue to a myriad of missteps.
Agnico Eagle Mines(NYSE: AEM), however, is one of the few that has managed to outperform. Over the past two decades, Agnico Eagle's stock price has increased at a 12.5% compound annual rate compared to just 8.2% for the price of gold and less than 1.5% from the average gold stock tracked by thePhiladelphia Gold and Silver Index, which is one of the most watched indexes in the sector. The company has been able to outperform by taking a different approach, which could enable it to continue delivering golden returns in the coming years.
Image source: Getty Images.
Agnico Eagle Mines traces its roots all the way back to 1953 when five struggling mining companies joined forces to create Cobalt Consolidated Mining company. Four years later the company renamed itself Agnico Mines, using the chemical symbols for silver (Ag), nickel (Ni), and cobalt (Co). In 1963, the company acquired Eagle Mines and changed its name to Agnico Eagle Mines.
Agnico Eagle Mines would go on to complete a steady stream of acquisitions over the next several decades. In 1993, it purchased the Goldex mine, which at the time gave it control of the largest unexploited gold deposit in Quebec, Canada. Another notable purchase came in 2007 when the company bought Cumberland Resources for its Meadowbank gold project in Canada. Three years later it purchased Comaplex Mineral for its Meliadine gold project, which was within a couple of hundred miles of Meadowbank.
Its most recent deal of note came in 2014 when it teamed up with Yamana Gold to buy Osisko Mining for its Canadian Malartic mine, which is one of the largest gold mines in Canada. The companies paid 3.9 billion Canadian dollars ($3 billion at the current exchange rate) in cash and stock for Osisko, which not only handed them Canadian Malartic but several exploration properties. Agnico Eagle would go on to buy out Yamana's 50% stake in those developmental assets in 2017 for $162.5 million.
Agnico Eagle Mines is primarily a gold mining company and ranks as the world's ninth largest gold producer in 2017 after digging up 1.7 million ounces. The company makes most of its money on this precious metal, which contributed 95% of total revenue in 2017, followed bysilverat 4% and another 1% from various base metals, includingzincandcopper.
The gold miner operates eight mines located in Canada, Finland, and Mexico. The biggest contributor to production in 2017 was Meadowbank, which is an open-pit mine in northern Canada that produced 352,526 ounces of gold and another 275,000 ounces of silver. However, while Meadowbank provided the most gold, it ranked as just the third largest contributor to the company's profit in the fourth-quarter of 2017 -- generating 18% of the total -- because its total cash costs were $614 an ounce, which was above the companywide average of $558.
The company's biggest money-maker was the LaRonde mine, which is also in Canada. This underground mine -- one of the deepest in the Western Hemisphere -- produced 348,870 ounces of gold along with 1.3 million ounces of silver, 6,510 tonnes of zinc, and 4,501 tonnes of copper in 2017. The mine was also one of the lowest cost in Agnico's portfolio, which enabled it to contribute 27% of the company's profits in the final quarter of 2017.
A third noteworthy mine is Canadian Malartic, which is also in Canada. The company owns this mine through a 50-50joint venture (JV)withYamana Gold(NYSE: AUY)that the companies formed to acquire the mine's previous owner Osisko Mining in 2014. Despite sharing the profits and production, this mine still supplied Agnico Eagle with its third largest amount of gold at 316,731 ounces last year. Meanwhile, with low costs of $576 an ounce, the mine contributed 20% of the company's profits in the final quarter of 2017, good for second overall.
In addition to those core producing mines, Agnico Eagle has several expansion projects under way and new mines in development. The most notable in the near-term is Meliadine, which is in northern Canada and should start producing next year.
Agnico Eagle Mines has been a rare find in the gold mining sector over the past couple of decades. While top-five gold producers likeBarrick Gold(NYSE: ABX)andGoldcorp(NYSE: GG), as well as smaller ones such as Yamana, have all underperformed the price of gold (significantly in some cases), Agnico is one of the few that managed to outperform:
Data source:AEMdata byYCharts.
One reason Agnico has thrived while rivals haven't is due to its focus on creating value for investors ona per share basis. Many competitors issued boatloads of new shares to buy companies with operating mines that would boost production immediately. Agnico Eagle, on the other hand, focused on purchasing promising gold projects, which are mines in earlier stages of development. Because of that, the company didn't pay a premium for the current production, which kept its overall acquisition costs low.
The company took this approach due to its focus on growing the value of the company, not necessarily its size. Instead of aiming to increase production to an absolute level, the company measures its success by the rate at which it grows production per 1,000 shares. Since 2005, the company has delivered an 8.4% compound annual growth rate in this metric, increasing it from 2.47 ounces per 1,000 shares up to 7.36 ounces in 2017. This focus on growing production per share instead of aiming for an absolute number has helped steadily increase thenet asset value (NAV)of each share. In fact, since 2005, Agnico Eagle's NAV has grown at an 11% compound annual rate versus just a 2% average rate for its peer group.
Agnico Eagle Mines plans to continue focusing on creating value for shareholders in the coming years. One way it will do that is by steadily increasing production per 1,000 shares, which it aims to boost up to 8.34 ounces by 2020. While the company expects output to drop in 2018 due to the expected depletion of the Lapa mine in Canada and the winddown of Meadowbank through 2019, this will only be a temporary blip since the company sees production reaccelerating by 2020.
Partially replacing Lapa's output will be the recently finished Zone 5 development of the LaRonde Mine, which should add 20,000 ounces in 2018 and produce as much as 45,000 ounces in 2020. Then in 2019, the company expects to bring the Amaruq Deposit at Meadowbank online. Agnico Eagle is investing $330 million into this project, which will help replace the lost output from that legacy mine by adding up to 190,000 ounces in 2019 and as much as 270,000 ounces in 2020. The Meliadine mine should also come online in 2019. The company is investing $900 million into this project, which should start producing by the second quarter of 2019 before adding 385,000 ounces of low-cost gold by 2020.
These investments will likely cause Agnico Eagle Mines to outspend cash flow in 2018, with it on pace to invest more than $1 billion, which would be slightly higher than anticipated cash flows at a gold price of $1,320 an ounce. However, as Amaruq and Meliadine go from cash consumers to cash producers in 2019, they'll help significantly increase the company'sfree cash flowas long as the price of gold holds up. These new additions will also boost companywide output up to 2 million ounces by 2020 as well as reduce the company'sall-in sustaining cost(which is the overall production cost) from $915 an ounce to $850 an ounce by 2020. Because of those factors, the company could generate as much as $1 billion in free cash flow in three years, which would give it ample capital to fund additional expansions, pay down debt, or increase the dividend.
Image source: Getty Images.
Agnico Eagle Mines appears poised to produce a motherload of cash in the coming years as long as the price of gold cooperates. That value-creating growth has the potential to continue pushing the stock price higher over the next few years.
However, the company's stock price reflects a good bit of that upside. Shares recently traded at more than 13 times trailing twelve-month (TTM) cash flow from operations (CFO) per share. For comparison's sake, most larger peers changed hands closer to eight times that level while Yamana Gold traded at less than six times that number. Because of that pricier valuation, Agnico Eagle's stock could underperform its fellow miners even if the price of gold holds up. That's why investors might want to dig into thedirt cheap Yamana, which also has significant upside ahead thanks to an upcoming mine, before paying up to buy Agnico Eagle's stock.
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Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Can Tanger Factory Outlets Rebound From an 8-Year Low?: Shares ofTanger Factory Outlets(NYSE: SKT)fell 9% to an eight-year low on May 2 after the outlet owner reported its first quarter earnings. Tanger beat estimates on the top and bottom lines, but also reported declines in its core business and cut its full-year guidance.
However, that plunge caused Tanger's forward yield to hit 6.4%, a level that hasn't been seen since 2004. Tanger has hiked its payout annually for 25 straight years, but now income investors might be wondering if its yield is worth the risk. Let's dig deeper into Tanger's first quarter report to decide.
Image source: Tanger Factory Outlets.
Tanger's headline numbers were solid. Its revenue rose 2% annually to $123.5 million, beating estimates by $1.3 million. Its FFO (funds from operations) rose 3% to $59.3 million, or $0.60 per share, topping estimates by two cents.
As a landlord, Tanger relies heavily on the health of its retail tenants. Two of the tenants' growth metrics moved in the right direction over the past 12 months -- same-center tenant sales rose 1.7%, while average tenant sales per square foot climbed from $380 to $384.
Tanger should also remain a reliable income play for the foreseeable future. During the conference call, CFO Jim Williams stated that Tanger's dividend was "well covered," and that he expected its FFO to exceed the "dividend by more than $100 million in 2018" and keep the company's FFO payout ratio under 60%.
Tanger also plans to continue buying back shares. It spent $10 million on buybacks during the quarter, leaving $65.7 million in its $125 million buyback program, which will last through next May. Tanger's average repurchase price was $22.52 last quarter, so it's highly likely that it will ramp up buybacks, as its stock sits at an eight-year low.
Insiders also seem to be confident in Tanger's long-term prospects. Over the past three months, insiders bought about 343,000 shares on the open market, but sold only 142,000 shares.
However, there are also three clear signs that Tanger's retail tenants are struggling. First, its occupancy rate dipped to 95.9%. That's high compared to other similar retail REITs likeSimon Property Group(NYSE: SPG), which reported an occupancy rate of 94.6% last quarter, but still represents a decline from previous quarters.
[{"": "Occupancy rate", "Q1 2017": "96.2%", "Q2 2017": "96.1%", "Q3 2017": "96.9%", "Q4 2017": "97.3%", "Q1 2018": "95.9%"}]
Source: Tanger quarterly reports.
Tanger has kept its occupancy rate above 95% for 37 straight years, but reaching 38 could be a tough struggle if this trend continues. However, Tanger believes that modifying leases or offering short-term leases of 12 months or less could offset future declines.
Second, Tanger's same-center NOI (net operating income) slid 1.5% annually. The company attributes that decline to rough winter weather and store closures. Tanger's stores were closed for 900 hours during the quarter, compared to just 300 hours in the prior year quarter. However, the fact that same-center sales grew as NOI slipped also indicates that Tanger's tenants could be using markdowns to boost traffic.
Image source: Getty Images.
Lastly, Tanger cut its full year guidance. It now expects its same-center NOI to decline 1.5% to 2.5%, compared to its prior forecast for flat growth to a 1% decline. It also expects its full-year FFO to rise 13%-16%, down from its prior guidance for 15%-17% growth.
That reduction wasn't huge, but it was disappointing compared to Simon Property Group'sdecision to raiseits full-year FFO guidance last quarter.
Retail REITs are already out of favor due to the tough brick-and-mortarretail marketand rising interest rates. That's why Tanger was punished harshly for the seemingly slight declines in its occupancy rate, same-center NOI, and full-year guidance.
But if investors take a breath and look at Tanger's valuations and yield, they should realize that its downside potential is fairly limited. The stock trades at just 8 times the midpoint of its FFO guidance for 2018, compared to a multiple of 13 for Simon Property Group. Its forward yield of 6.4% is also much higher than Simon's 4.9% yield.
I personally own shares of Tanger, and I'm sitting on a 16% loss as of this writing. However, I don't plan to sell my shares into this panic, since Tanger's outlook -- while rough -- doesn't indicate that the business is falling apart.
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Leo Sunowns shares of Tanger Factory Outlet Centers. The Motley Fool recommends Tanger Factory Outlet Centers. The Motley Fool has adisclosure policy. || Can Tanger Factory Outlets Rebound From an 8-Year Low?: Shares of Tanger Factory Outlets (NYSE: SKT) fell 9% to an eight-year low on May 2 after the outlet owner reported its first quarter earnings. Tanger beat estimates on the top and bottom lines, but also reported declines in its core business and cut its full-year guidance. However, that plunge caused Tanger's forward yield to hit 6.4%, a level that hasn't been seen since 2004. Tanger has hiked its payout annually for 25 straight years, but now income investors might be wondering if its yield is worth the risk. Let's dig deeper into Tanger's first quarter report to decide. A Tanger Outlets location. Image source: Tanger Factory Outlets. What went right for Tanger Tanger's headline numbers were solid. Its revenue rose 2% annually to $123.5 million, beating estimates by $1.3 million. Its FFO (funds from operations) rose 3% to $59.3 million, or $0.60 per share, topping estimates by two cents. As a landlord, Tanger relies heavily on the health of its retail tenants. Two of the tenants' growth metrics moved in the right direction over the past 12 months -- same-center tenant sales rose 1.7%, while average tenant sales per square foot climbed from $380 to $384. Tanger should also remain a reliable income play for the foreseeable future. During the conference call, CFO Jim Williams stated that Tanger's dividend was "well covered," and that he expected its FFO to exceed the "dividend by more than $100 million in 2018" and keep the company's FFO payout ratio under 60%. Tanger also plans to continue buying back shares. It spent $10 million on buybacks during the quarter, leaving $65.7 million in its $125 million buyback program, which will last through next May. Tanger's average repurchase price was $22.52 last quarter, so it's highly likely that it will ramp up buybacks, as its stock sits at an eight-year low. Insiders also seem to be confident in Tanger's long-term prospects. Over the past three months, insiders bought about 343,000 shares on the open market, but sold only 142,000 shares. Story continues What went wrong for Tanger However, there are also three clear signs that Tanger's retail tenants are struggling. First, its occupancy rate dipped to 95.9%. That's high compared to other similar retail REITs like Simon Property Group (NYSE: SPG) , which reported an occupancy rate of 94.6% last quarter, but still represents a decline from previous quarters. Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Occupancy rate 96.2% 96.1% 96.9% 97.3% 95.9% Source: Tanger quarterly reports. Tanger has kept its occupancy rate above 95% for 37 straight years, but reaching 38 could be a tough struggle if this trend continues. However, Tanger believes that modifying leases or offering short-term leases of 12 months or less could offset future declines. Second, Tanger's same-center NOI (net operating income) slid 1.5% annually. The company attributes that decline to rough winter weather and store closures. Tanger's stores were closed for 900 hours during the quarter, compared to just 300 hours in the prior year quarter. However, the fact that same-center sales grew as NOI slipped also indicates that Tanger's tenants could be using markdowns to boost traffic. A young woman shops for clothes. Image source: Getty Images. Lastly, Tanger cut its full year guidance. It now expects its same-center NOI to decline 1.5% to 2.5%, compared to its prior forecast for flat growth to a 1% decline. It also expects its full-year FFO to rise 13%-16%, down from its prior guidance for 15%-17% growth. That reduction wasn't huge, but it was disappointing compared to Simon Property Group's decision to raise its full-year FFO guidance last quarter. Did investors overreact? Retail REITs are already out of favor due to the tough brick-and-mortar retail market and rising interest rates. That's why Tanger was punished harshly for the seemingly slight declines in its occupancy rate, same-center NOI, and full-year guidance. But if investors take a breath and look at Tanger's valuations and yield, they should realize that its downside potential is fairly limited. The stock trades at just 8 times the midpoint of its FFO guidance for 2018, compared to a multiple of 13 for Simon Property Group. Its forward yield of 6.4% is also much higher than Simon's 4.9% yield. I personally own shares of Tanger, and I'm sitting on a 16% loss as of this writing. However, I don't plan to sell my shares into this panic, since Tanger's outlook -- while rough -- doesn't indicate that the business is falling apart. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Leo Sun owns shares of Tanger Factory Outlet Centers. The Motley Fool recommends Tanger Factory Outlet Centers. The Motley Fool has a disclosure policy . || Here's How Intel Corp.'s Memory Business Did in Q1 2018: One of the growth opportunities that chip giant Intel (NASDAQ: INTC) is pursuing is the rapidly expanding market for non-volatile memory products, which includes NAND flash (a type of computer memory commonly used for fast, efficient storage), as well as 3D XPoint, a unique technology that Intel helped to create for customers who want storage that's even faster than NAND flash. This business unit is called Intel's non-volatile memory solutions group (NSG). An Intel solid state drive. Image source: Intel. In 2017, this segment delivered record revenue results , although profitability remained elusive as the company's investments in future technologies and the ramp-up of NAND flash production in its Fab 68 facility in Dalian, China, offset the good sales performance. Let's go over how this business performed in the first quarter of 2018 and put that into the context of Intel's long-term prospects. Strong growth, narrower loss NSG enjoyed revenue of $1.04 billion in the first quarter of 2018, up 20% from the same quarter a year ago. The business still lost money -- $81 million, to be exact -- but that loss was narrower than the $129 million loss that the business suffered in the first quarter of 2017. The company attributes the year-over-year revenue growth to higher unit shipment sales to data center customers, though that growth, Intel says, was partially offset by lower average selling prices "due to mix of products" (this means that Intel sold, on average, cheaper products). As far as the operating loss reduction goes, Intel says that this was due to the continued production ramps of its new triple-level cell (TLC) NAND flash and 64-layer 3D NAND flash-based products, which helped to reduce the company's product cost structure compared to the technologies it was shipping last year. The lower unit cost, Intel says, "outpaced the decline in [average selling prices]," suggesting an improvement in gross profit margin. Story continues Although the business lost money in the first quarter of 2018, Intel reiterated its expectation that NSG would be profitable for the full year. The bigger picture Ultimately, Intel's entry into the non-volatile memory business is meant to allow the company to grow its revenue while also complementing its other businesses. For example, Intel is the leading vendor of processors and platforms for personal computers, and personal computers are increasingly shifting toward NAND flash-based storage drives, so Intel can try to offer major PC makers NAND flash-based drives alongside processors, wireless chips, and other components. The same argument applies in the data center. In fact, Intel's position in data center storage drives is quite a bit stronger than its position in consumer/PC oriented products because Intel's portfolio of data center solid-state drives is much more competitive than its consumer solid-state drive portfolio. On top of that, Intel's competitive advantages in drive performance tend to be more valuable to data center customers (who will pay more to boost performance and ultimately lower their operating expenses) than to consumers, who often just want as much storage as they can get for the lowest price. Intel's investment in building out its memory business has been substantial in terms of both technology research and development expenses and capital expenditures, but considering that this business continues to deliver strong revenue growth and could soon be a source of robust profit growth, I'd say those investments have been and continue to be well worth it. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy . || Here's How Intel Corp.'s Memory Business Did in Q1 2018: One of thegrowth opportunitiesthat chip giantIntel(NASDAQ: INTC)is pursuing is the rapidly expanding market for non-volatile memory products, which includes NAND flash (a type of computer memory commonly used for fast, efficient storage), as well as 3D XPoint, a unique technology that Intel helped to create for customers who want storage that's even faster than NAND flash.
This business unit is called Intel's non-volatile memory solutions group (NSG).
Image source: Intel.
In 2017, this segment deliveredrecord revenue results, although profitability remained elusive as the company's investments in future technologies and the ramp-up of NAND flash production in its Fab 68 facility in Dalian, China, offset the good sales performance.
Let's go over how this business performed in the first quarter of 2018 and put that into the context of Intel's long-term prospects.
NSG enjoyed revenue of $1.04 billion in the first quarter of 2018, up 20% from the same quarter a year ago. The business still lost money -- $81 million, to be exact -- but that loss was narrower than the $129 million loss that the business suffered in the first quarter of 2017.
The company attributes the year-over-year revenue growth to higher unit shipment sales to data center customers, though that growth, Intel says, was partially offset by lower average selling prices "due to mix of products" (this means that Intel sold, on average, cheaper products).
As far as the operating loss reduction goes, Intel says that this was due to the continued production ramps of its new triple-level cell (TLC) NAND flash and 64-layer 3D NAND flash-based products, which helped to reduce the company's product cost structure compared to the technologies it was shipping last year.
The lower unit cost, Intel says, "outpaced the decline in [average selling prices]," suggesting an improvement in gross profit margin.
Although the business lost money in the first quarter of 2018, Intel reiterated its expectation that NSG would be profitable for the full year.
Ultimately, Intel's entry into the non-volatile memory business is meant to allow the company to grow its revenue while also complementing its other businesses. For example, Intel is the leading vendor of processors and platforms for personal computers, and personal computers are increasingly shifting toward NAND flash-based storage drives, so Intel can try to offer major PC makers NAND flash-based drives alongside processors, wireless chips, and other components.
The same argument applies in the data center. In fact, Intel's position in data center storage drives is quite a bit stronger than its position in consumer/PC oriented products because Intel's portfolio of data center solid-state drives is much more competitive than its consumer solid-state drive portfolio.
On top of that, Intel's competitive advantages in drive performance tend to be more valuable to data center customers (who will pay more to boost performance and ultimately lower their operating expenses) than to consumers, who often just want as much storage as they can get for the lowest price.
Intel's investment in building out its memory business has beensubstantialin terms of both technology research and development expenses and capital expenditures, but considering that this business continues to deliver strong revenue growth and could soon be a source of robust profit growth, I'd say those investments have been and continue to be well worth it.
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Ashraf Eassaowns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || Can Shopify Stock Keep Going After Last Week's 9% Pop?: Shopify(NYSE: SHOP)keeps growing briskly as a platform for budding and established online merchants, and shareholders are going along for the ride. Shares of Shopify soared 9% last week, moving higher after anotherblowout financial performance. The stock initially moved lower on Tuesday following the report, only to roar back into investor fancy later in the week.
Over the past year and change, Shopify has been one of the market's biggest winners. The shares havemore than tripledsince the start of last year. This doesn't mean that last week's strong first quarter was the tonic to send Shopify to a new all-time high. Despite the rallying shares, Shopify remains 12% below its mid-March highs. It's still hard to complain given the stock's amazing run over the past two years.
Image source: Shopify.
The magnetism of Shopify's e-commerce platform continues to attract both sellers as buyers. Revenue soared 68% to hit $214.3 million in the first quarter, well ahead of the $198 million to $202 million that it was targeting three months earlier and the 59% growth that analysts were expecting. Shopify surprised the market with its third consecutive quarter of profitability on an adjusted basis. Wall Street pros were holding out for another loss.
It wasn't a perfect report. Baird analyst Colin Sebastian lowered his price target on the shares from $158 to $150, concerned that merchant solutions revenue was growing faster than higher-margin subscription solutions revenue. Guidance was alsoa mixed bag.
Shopify is modeling $230 million to $235 million in revenue for the current quarter, just ahead of analyst forecasts but also translating to top-line growth decelerating to between 52% and 55% for the current quarter. Shopify's revenue guidance of $1 billion to $1.01 billion is also slightly ahead of where Wall Street was parked, but it also suggests that growth will continue to slow into the second half of the year.
The silver lining here is that Shopify has been consistently putting out conservative guidance that it continues to bulldoze with ease. The smart money has to be on Shopify continuing to land ahead of its lowball prognostications until it starts doing otherwise.
Piper Jaffray analyst Sam Kemp put out a bullish note after the stock's initial dip, arguing that he would be a buyer at the pullback level. Even Baird's Sebastian argues that Tuesday's decline was a buying opportunity despite his lower price target. Valuation concerns will dog Shopify's elevated share price in the near term, but it's hard to argue with its growing momentum as a monster e-commerce platform.
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Rick Munarrizhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify. The Motley Fool has adisclosure policy. || Can Shopify Stock Keep Going After Last Week's 9% Pop?: Shopify (NYSE: SHOP) keeps growing briskly as a platform for budding and established online merchants, and shareholders are going along for the ride. Shares of Shopify soared 9% last week, moving higher after another blowout financial performance . The stock initially moved lower on Tuesday following the report, only to roar back into investor fancy later in the week. Over the past year and change, Shopify has been one of the market's biggest winners. The shares have more than tripled since the start of last year. This doesn't mean that last week's strong first quarter was the tonic to send Shopify to a new all-time high. Despite the rallying shares, Shopify remains 12% below its mid-March highs. It's still hard to complain given the stock's amazing run over the past two years. Shopify's store builder platform on Facebook. Image source: Shopify. Shopify until you drop-ify The magnetism of Shopify's e-commerce platform continues to attract both sellers as buyers. Revenue soared 68% to hit $214.3 million in the first quarter, well ahead of the $198 million to $202 million that it was targeting three months earlier and the 59% growth that analysts were expecting. Shopify surprised the market with its third consecutive quarter of profitability on an adjusted basis. Wall Street pros were holding out for another loss. It wasn't a perfect report. Baird analyst Colin Sebastian lowered his price target on the shares from $158 to $150, concerned that merchant solutions revenue was growing faster than higher-margin subscription solutions revenue. Guidance was also a mixed bag . Shopify is modeling $230 million to $235 million in revenue for the current quarter, just ahead of analyst forecasts but also translating to top-line growth decelerating to between 52% and 55% for the current quarter. Shopify's revenue guidance of $1 billion to $1.01 billion is also slightly ahead of where Wall Street was parked, but it also suggests that growth will continue to slow into the second half of the year. The silver lining here is that Shopify has been consistently putting out conservative guidance that it continues to bulldoze with ease. The smart money has to be on Shopify continuing to land ahead of its lowball prognostications until it starts doing otherwise. Piper Jaffray analyst Sam Kemp put out a bullish note after the stock's initial dip, arguing that he would be a buyer at the pullback level. Even Baird's Sebastian argues that Tuesday's decline was a buying opportunity despite his lower price target. Valuation concerns will dog Shopify's elevated share price in the near term, but it's hard to argue with its growing momentum as a monster e-commerce platform. Story continues More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rick Munarriz has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify. The Motley Fool has a disclosure policy . View comments || Bitcoin Pulls Back From 1-Month Highs, Holding Above $9,500: Investing.com - Digital currency bitcoin turned lower on Sunday, pulling back from the previous day’s one month highs, but remained supported above the $9,500 level.
Bitcoin was trading at $9,592.00 by 09:26 AM ET (13:26 GMT) on the Bitfinex exchange, down around 3.84% for the day.
The cryptocurrency reached $9,990.00 on Saturday, the highest level since March 7.
While it remains down significantly from its mid-December highs of almost $20,000 the coin continues to rebound from lows of around $6,000 reached in February.
Easing concerns over a clampdown on trading which roiled markets at the start of the year have helped prices recover.
Plans by Goldman Sachs to open the first bitcoin trading operation of any Wall Street bank have also helped to drive prices higher. It is a move that is likely to lend legitimacy to virtual currencies.
Other major cryptocurrencies also traded lower, with Ethereum, the world’s second largest cryptocurrency by market cap, down around 6% to $779.40 on the Bitfinex exchange.
The third largest cryptocurrency Ripple fell around 4.4% to trade at $0.86.
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Indonesian Government Considering Blockchain Technology for Better Data Management || Bitcoin Pulls Back From 1-Month Highs, Holding Above $9,500: Bitcoin pulls back from 1-month highs, holding above $9,500 Investing.com - Digital currency bitcoin turned lower on Sunday, pulling back from the previous days one month highs, but remained supported above the $9,500 level. Bitcoin was trading at $9,592.00 by 09:26 AM ET (13:26 GMT) on the Bitfinex exchange, down around 3.84% for the day. The cryptocurrency reached $9,990.00 on Saturday, the highest level since March 7. While it remains down significantly from its mid-December highs of almost $20,000 the coin continues to rebound from lows of around $6,000 reached in February. Easing concerns over a clampdown on trading which roiled markets at the start of the year have helped prices recover. Plans by Goldman Sachs to open the first bitcoin trading operation of any Wall Street bank have also helped to drive prices higher. It is a move that is likely to lend legitimacy to virtual currencies. Other major cryptocurrencies also traded lower, with Ethereum, the worlds second largest cryptocurrency by market cap, down around 6% to $779.40 on the Bitfinex exchange. The third largest cryptocurrency Ripple fell around 4.4% to trade at $0.86. Related Articles Japan's Financial Watchdog Sets Out New Requirements For Crypto Exchanges A Glimpse Into The Future - What Happens When There Are No More Bitcoin To Mine? Indonesian Government Considering Blockchain Technology for Better Data Management
[Social Media Buzz]
United Bitcoin (UBTC) Market Cap Hits $0.00 #marijuanacard https://cmun.it/upmp6z8e || Cotización del Bitcoin Cash: 1,399 20.€ | -1.35% | Kraken | 07/05/18 04:00 #BitcoinCash #Kraken #BCHEUR || #TipusCanvi de #divises a les 12:00 del dia 07-05-2018
1 euro = 0,9318 roures
1 dòlar = 0,9017 roures
1 lliure = 1,2167 roures
1 yen = 0,0083 roures
1 franc suís = 0,8983 roures
1 bitcoin = 8.360,21 roures
#Criptomoneda a #SantEsteveDeLesRoures || [00:55] #Bern #Follow us for more #free #Bitcoin #inf...
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9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87, 3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95, 3521.06, 3464.01, 3459.15, 3466.36, 3413.77, 3399.47, 3666.78, 3671.20, 3690.19, 3648.43, 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84.
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[Bitcoin Technical Analysis for 2019-02-17]
Volume: 7039512503, RSI (14-day): 56.17, 50-day EMA: 3706.48, 200-day EMA: 5018.98
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued: This interview has been edited and condensed. The author of the "The Bitcoin Big Bang — How Alternative Currencies Are About to Change the World," Brian Kelly calls himself an optimist when it comes to the future of the cryptocurrencies. CNBC’s prominent commentator, who is also the founder and CEO of digital currency investment firm BKCM LLC , analyzes markets on an everyday basis and tends to be 50 percent right “trading-wise.” We met with Brian Kelly at the Crypto Finance Conference in Switzerland and talked about Bitcoin ETFs, the next financial crisis, and the best and worst jobs at the same time. Catherine Ross: The most obvious question to you is, what is 2019 going to look like for the crypto industry? Brian Kelly: That's a great question! The trillion dollar question. I think it's going to be better than 2018, which is a pretty low bar. CR: In terms of what? BK: As an investor, my number one concern is price. I look at the price and I say that we've seen three or four of these kind of boom-and-bust cycles in Bitcoin . If you look at the most recent two or so, we're following roughly the same path as we’ve had, which means we're somewhere closer to the end. We might have another dip lower — it wouldn't surprise me at all. CR: Lower that $3,000? BK: Sure. It wouldn't surprise me if it [Bitcoin’s price] went to $1,500. CR: And you feel it's going to be short term? BK: I think very short term. And I think we're coming to an end. Here's the thing, the sellers that we've seen recently are almost forced sellers. Some CEOs had to raise cash because they say they “can't hold it in crypto all the time.” These are signs of the end. I don't know if it [the end of the cycle] is here or it's a little bit lower, but those are the signs of the end. In 2019, if I'm looking at it, the focus will be on the currency — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world. Story continues CR: And you feel it is contributing to the price? BK: Yes. We're starting to see some global macro players use Bitcoin as an alternative to their gold position or as a way to hedge against fiat currency fluctuations and volatility. CR: Using Bitcoin instead of gold? BK: Yeah. CR: But is it stable enough? BK: No (laughs). But they're not looking for stability, right? They're looking for a safe haven that's uncorrelated to every other asset. So, for an investor and a speculator, the stability is actually not what you want. You want that volatility because you're trying to get good returns. You're trying to get something that's uncorrelated to everything else. And that persists through 2019, and it starts to get to be more of a quote-unquote mainstream asset within the investment community. BKCM One of the most anticipated events in the crypto industry is the approval of a Bitcoin ETF, which hasn’t happened yet, despite the numerous attempts. Last year alone, companies and institutions like the NYSE , VanEck , SolidX , Proshares and internet entrepreneurs the Winklevoss brothers (whose first attempt in 2017 failed ) all filed with the United States Securities and Exchange Commision ( SEC ), but were rejected or are awaiting a decision. The most recent development on the matter is the SEC’s review of a NYSE Arca’ s Bitcoin ETF rule change proposal on Feb. 11. The proposal suggests “to list and trade shares of the Bitwise Bitcoin ETF Trust under NYSE Arca Rule 8.201-E.” This might end up being positive for the market, given the latest statement from SEC Commissioner Robert J. Jackson Jr. Speaking to Washington D.C.-based publication Roll Call on Feb. 6, he said, “Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.” CR: One more very important question for you — will there be an ETF in 2019? BK: No shot. CR: I’m going to put that in the headline ! “No shot for an ETF in 2019,” says Brian Kelly. BK: That’s fine! I would bet against it. I don't think it’s going to happen this year. There's too much unresolved that is going to take longer than a year to resolve and before the SEC gets comfortable with what's going on. CR: What kind of time frame are we talking about? BK: I think 2020 is a very good shot. CR: Sounds promising! But major companies, like ShapeShift and Consensys had to lay off a lot of employees recently. What does this indicate? BK: This is a part of the maturation process. We all got caught up in the big bubble. That being said, this is just a very natural part of the process. There are, unfortunately, some very good people that had to be laid off just because of market circumstances. It doesn't feel great right now, but it will make the industry stronger. CR: From the trading point of view, what are the major signs or indicators of bullish and bearish markets? BK: You look at the bottoms and the tops. I can remember in November and December — and even frankly in January, a year ago — I was getting phone calls daily like “How can I get into your fund?” “I need to get into that.” And we [at BKCM LLC] do a monthly entry and it's not something that you get into every day. That was happening at the peak. At the bottom, the phone does not ring. It's the exact opposite. The euphoria that we saw last year is a mirror image of the pessimism we're seeing now. And so, what you want to look for at bottoms are extreme pessimism. CR: Are you’re talking about technical analysis? BK: Sentiment, really. CR: And what about fundamental analysis? How does it look for the crypto industry? BK: It's interesting! We have a proprietary model that gives the fair value for people. Right now Bitcoin is about 50 percent undervalued. So, you could have a significant upside. That being said, we've seen that a couple of times in the last year. We saw that in April of 2018 — a huge run in Bitcoin. And that's what I'm talking about sentiment. So, the sentiment in the market has pushed the price of Bitcoin well below what you would consider a fair value — or at least, what I would consider fair. And that's another sign that we're near a bottom. CR: How does analyzing crypto markets differ from analyzing traditional financial markets? BK: Sentiment wise, no difference. Human beings are human beings. Fear and greed, booms and busts. In terms of how people trade markets, how people react to price movements — also no difference. But on the fundamental side, there is a very big difference. It's probably closer to foreign currency analysis, where you analyze supply and demand, and what's going to affect the supply and demand factors. In the traditional currency world, supply and demand might be impacted by central banks. In the crypto world, the supply-demand being impacted by the miner-supply versus the investor-demand at this point in time. So, it's a little different. There's a big learning curve to getting into analyzing cryptocurrencies. It's not like if you were analyzing airlines or the auto industry and you could immediately jump over and apply the same tools — these are very different tools. CR: And how did you start in the financial world? BK: I started as one of those annoying cold callers back in the 1990s. And I'd describe it as the best job on the worst job I've ever had in my life. CR: Can you elaborate? BK: It was the worst job because every day I would come into the office. I worked at Lehman Brothers [ Eds: Lehman Brothers was the fourth-largest investment bank and global financial services firm in the United States. In September 2008, it filed for bankruptcy, which, many believed, started a global economic crisis ]. They would hand me a stack of 700 phone numbers — I was supposed to dial two phones at once. My only job was — I wasn't allowed to pick stocks or anything like that — to connect the person on the other end with the broker. INNER I did that all day long as a summer internship, and then I did it a little bit after I graduated. But despite it being mind-numbingly boring, it taught me a lot about sales and human interaction. It didn't teach me too much about the stock market. But it did give me a really good foundation in how people think about the stock market and investing. That's where I started. Then, I was an equity sales trader. Then, I started a company called MKM Partners, which is an institutional broker dealer. After that, I started a global macro fund, trading foreign currency — and that got me into the Bitcoin world. CR: How many times were you right in your analysis or predictions? BK: Generally speaking, if I'm right slightly more than 50 percent of the time, I consider that good. On a longer-term basis, trading-wise, I'm generally right about 60 percent of the time — there's some good periods and some bad periods. But it's important for people to understand that... It doesn't matter how many times you're right and how many times you're wrong; it matters how much you make when you're right and how much you lose when you're wrong. You have to have that ratio right. You could be right only 30 percent of the time and still make a lot of money as long as you make three times more on your right predictions as you do on your losses. CR: You’ve mentioned that you started at Lehman Brothers. Can I ask you how many years ago it was? BK: In 1991 — 28 years ago. Long time! CR: So, 17 years before the 2008 financial crisis , right? Did you see any signs of it coming? BK: I wish I could say I saw that. I knew something was wrong, but I can’t say that I predicted that. CR: Have you seen any indicators of the real estate bubble [ Eds: the housing and credit bubble most analysts call the reason for the 2008 financial crisis ] back then? BK: Without question — the real estate looked like a bubble! Not too dissimilar from what we saw with the crypto ICOs bubble. So yes, you could see the signs of trouble. The problem with seeing them is that it’s very hard to predict when they're going to end. CR: And the real consequences, probably. BK: Yeah, the real cost. For me, in 2007, when Bear Stearns [ Eds: the now defunct New York-based investment bank, securities trading and brokerage firm ] got bailed out by the Federal Reserve , that was the first signal for me that something was very, very wrong. CR: Is it at all possible to predict the next financial crisis? There are a lot of headlines about the looming recession and upcoming financial crisis . Should we prepare ourselves for the worst? BK: I can almost guarantee you we'll head to another recession. There's never been a period of time where we don't have a recession — it's just the business cycle. You know the Federal Reserve sometimes thinks that they can short-circuit the business cycle. But eventually, you will have another recession. CR: It's just the way the market works, right? BK: Yes, but this one is going be a little different than the other ones we've had. CR: How so? Because what we've done lately is taken all the risk off of the private balance sheets and put them onto the government balance sheets. And so that's a very different scenario. And that's very positive for crypto. If you think about what backs a fiat currency — [it’s the] full faith and credit of the government. If the government debts are to a point where they can't pay it, then the credit of the government is in question. You may want to look for an alternative type of currency. And so I don't know when we're going to have that [recession] — in 2016, I thought that was going to be the beginning of it. CR: Do you see the signs of the start of the recession right now? BK: There are some signs. CR: Not major, I assume? BK: There are some signs — but no, not major. My hesitation is that I still think the Federal Reserve has some leverage to pull, before we go into a full-blown recession. So, I think there’s still time — and I don't know if it's going to be a year or three years — where the Federal Reserve will be trying a bunch of things to make sure we don't go into recession, and that could prolong this period. CR: And it really does look positive for the crypto industry! BK: Absolutely! I mean, you know, call me an optimist, but this looks very positive. Even though there are signs of the bottom — when everybody says it's going away — that's what I love to hear. If everybody agrees that crypto is going away — that's the time I want to buy. I don't think crypto is going away. In fact, I see it becoming much more of a mainstream asset. I think the next two years could see Bitcoin — and I what I would call the other currencies, probably five or six of kind of “pure currencies” — I think you could see those play a major role in investors portfolio over the next two years. Cointelegraph editorial team thanks Brian Kelly and the Crypto Finance Conference for the interview. Related Articles: CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization CFTC Official Argues Against SEC’s Grounds for Disapproving Bitcoin ETFs Finance Expert Ric Edelman: ‘Eventually We Will See a Bitcoin ETF’ New Proposed ETF Would Encompass Bitcoin Futures Alongside Sovereign Debt Instruments || Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued: This interview has been edited and condensed.
The author of the "The Bitcoin Big Bang — How Alternative Currencies Are About to Change the World," Brian Kelly calls himself an optimist when it comes to the future of the cryptocurrencies. CNBC’s prominent commentator, who is also the founder and CEO of digital currency investment firmBKCM LLC, analyzes markets on an everyday basis and tends to be 50 percent right “trading-wise.”
We met with Brian Kelly at the Crypto Finance Conference in Switzerland and talked about Bitcoin ETFs, the next financial crisis, and the best and worst jobs at the same time.
Catherine Ross: The most obvious question to you is, what is 2019 going to look like for the crypto industry?
Brian Kelly:That's a great question! The trillion dollar question. I think it's going to be better than 2018, which is a pretty low bar.
CR: In terms of what?
BK:As an investor, my number one concern is price. I look at the price and I say that we've seen three or four of these kind ofboom-and-bust cycles in Bitcoin. If you look at the most recent two or so, we're following roughly the same path as we’ve had, which means we're somewhere closer to the end. We might have another dip lower — it wouldn't surprise me at all.
CR: Lower that $3,000?
BK:Sure.
It wouldn't surprise me if it [Bitcoin’s price] went to $1,500.
CR: And you feel it's going to be short term?
BK:I think very short term. And I think we're coming to an end. Here's the thing, the sellers that we've seen recently are almost forced sellers. Some CEOs had to raise cash because they say they “can't hold it in crypto all the time.” These are signs of the end. I don't know if it [the end of the cycle] is here or it's a little bit lower, but those are the signs of the end.
In 2019, if I'm looking at it, the focus will be on the currency — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world.
CR: And you feel it is contributing to the price?
BK:Yes. We're starting to see some global macro players use Bitcoin as an alternative to their gold position or as a way to hedge against fiat currency fluctuations and volatility.
CR: Using Bitcoin instead of gold?
BK:Yeah.
CR: But is it stable enough?
BK:No (laughs).
But they're not looking for stability, right? They're looking for a safe haven that's uncorrelated to every other asset. So, for an investor and a speculator, the stability is actually not what you want.
You want that volatility because you're trying to get good returns. You're trying to get something that's uncorrelated to everything else. And that persists through 2019, and it starts to get to be more of a quote-unquote mainstream asset within the investment community.
One of the most anticipated events in the crypto industry is the approval of a Bitcoin ETF, which hasn’t happened yet, despite the numerous attempts. Last year alone, companies and institutions like theNYSE,VanEck,SolidX,Prosharesand internet entrepreneurs the Winklevoss brothers (whose first attempt in 2017failed) all filed with the United States Securities and Exchange Commision (SEC), but were rejected or are awaiting a decision.
The most recent development on the matter is the SEC’sreviewof aNYSE Arca’s Bitcoin ETF rule change proposal on Feb. 11. The proposal suggests “to list and trade shares of the Bitwise Bitcoin ETF Trust under NYSE Arca Rule 8.201-E.” This might end up being positive for the market, given the latest statement from SEC Commissioner Robert J. Jackson Jr. Speaking to Washington D.C.-based publication Roll Call on Feb. 6, he said, “Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
CR: One more very important question for you — will there be an ETF in 2019?
BK:No shot.
CR: I’m going toput that in the headline! “No shot for an ETF in 2019,” says Brian Kelly.
BK:That’s fine! I would bet against it. I don't think it’s going to happen this year. There's too much unresolved that is going to take longer than a year to resolve and before the SEC gets comfortable with what's going on.
CR: What kind of time frame are we talking about?
BK:I think 2020 is a very good shot.
CR: Sounds promising! But major companies, likeShapeShiftandConsensyshad to lay off a lot of employees recently. What does this indicate?
BK:This is a part of the maturation process. We all got caught up in the big bubble. That being said, this is just a very natural part of the process. There are, unfortunately, some very good people that had to be laid off just because of market circumstances.
It doesn't feel great right now, but it will make the industry stronger.
CR: From the trading point of view, what are the major signs or indicators of bullish and bearish markets?
BK:You look at the bottoms and the tops.
I can remember in November and December — and even frankly in January, a year ago — I was getting phone calls daily like “How can I get into your fund?” “I need to get into that.” And we [at BKCM LLC] do a monthly entry and it's not something that you get into every day.
That was happening at the peak. At the bottom, the phone does not ring. It's the exact opposite. The euphoria that we saw last year is a mirror image of the pessimism we're seeing now. And so, what you want to look for at bottoms are extreme pessimism.
CR: Are you’re talking about technical analysis?
BK:Sentiment, really.
CR: And what about fundamental analysis? How does it look for the crypto industry?
BK:It's interesting! We have a proprietary model that gives the fair value for people.
Right now Bitcoin is about 50 percent undervalued.
So, you could have a significant upside. That being said, we've seen that a couple of times in the last year. We saw that in April of 2018 — a huge run in Bitcoin.
And that's what I'm talking about sentiment. So, the sentiment in the market has pushed the price of Bitcoin well below what you would consider a fair value — or at least, what I would consider fair. And that's another sign that we're near a bottom.
CR: How does analyzing crypto markets differ from analyzing traditional financial markets?
BK:Sentiment wise, no difference. Human beings are human beings. Fear and greed, booms and busts. In terms of how people trade markets, how people react to price movements — also no difference.
But on the fundamental side, there is a very big difference. It's probably closer to foreign currency analysis, where you analyze supply and demand, and what's going to affect the supply and demand factors.
In the traditional currency world, supply and demand might be impacted by central banks. In the crypto world, the supply-demand being impacted by the miner-supply versus the investor-demand at this point in time. So, it's a little different.
There's a big learning curve to getting into analyzing cryptocurrencies. It's not like if you were analyzing airlines or the auto industry and you could immediately jump over and apply the same tools — these are very different tools.
CR: And how did you start in the financial world?
BK:I started as one of those annoying cold callers back in the 1990s. And I'd describe it as the best job on the worst job I've ever had in my life.
CR: Can you elaborate?
BK:It was the worst job because every day I would come into the office. I worked at Lehman Brothers [Eds: Lehman Brothers was the fourth-largestinvestment bankand globalfinancial servicesfirm in the United States. In September 2008, it filed for bankruptcy, which, many believed, started a global economic crisis]. They would hand me a stack of 700 phone numbers — I was supposed to dial two phones at once. My only job was — I wasn't allowed to pick stocks or anything like that — to connect the person on the other end with the broker.
I did that all day long as a summer internship, and then I did it a little bit after I graduated. But despite it being mind-numbingly boring, it taught me a lot about sales and human interaction. It didn't teach me too much about the stock market. But it did give me a really good foundation in how people think about the stock market and investing. That's where I started.
Then, I was an equity sales trader. Then, I started a company called MKM Partners, which is an institutional broker dealer. After that, I started a global macro fund, trading foreign currency — and that got me into the Bitcoin world.
CR: How many times were you right in your analysis or predictions?
BK:Generally speaking, if I'm right slightly more than 50 percent of the time, I consider that good. On a longer-term basis, trading-wise, I'm generally right about 60 percent of the time — there's some good periods and some bad periods. But it's important for people to understand that...
It doesn't matter how many times you're right and how many times you're wrong; it matters how much you make when you're right and how much you lose when you're wrong.
You have to have that ratio right. You could be right only 30 percent of the time and still make a lot of money as long as you make three times more on your right predictions as you do on your losses.
CR: You’ve mentioned that you started at Lehman Brothers. Can I ask you how many years ago it was?
BK:In 1991 — 28 years ago. Long time!
CR: So, 17 years before the2008 financial crisis, right? Did you see any signs of it coming?
BK:I wish I could say I saw that. I knew something was wrong, but I can’t say that I predicted that.
CR: Have you seen any indicators of the real estate bubble [Eds: the housing and credit bubble most analysts call the reason for the 2008 financial crisis] back then?
BK:Without question — the real estate looked like a bubble! Not too dissimilar from what we saw with the crypto ICOs bubble. So yes, youcouldsee the signs of trouble. The problem with seeing them is that it’s very hard to predict when they're going to end.
CR: And the real consequences, probably.
BK:Yeah, the real cost. For me, in 2007, when Bear Stearns [Eds: the now defunct New York-based investment bank, securities trading and brokerage firm]got bailed out by the Federal Reserve, that was the first signal for me that something was very, very wrong.
CR: Is it at all possible to predict the next financial crisis? There are a lot of headlines about thelooming recessionandupcoming financial crisis. Should we prepare ourselves for the worst?
BK:I can almost guarantee you we'll head to another recession. There's never been a period of time where we don't have a recession — it's just the business cycle. You know the Federal Reserve sometimes thinks that they can short-circuit the business cycle. But eventually, you will have another recession.
CR: It's just the way the market works, right?
BK:Yes, but this one is going be a little different than the other ones we've had.
CR: How so?
Because what we've done lately is taken all the risk off of the private balance sheets and put them onto the government balance sheets. And so that's a very different scenario. And that's very positive for crypto. If you think about what backs a fiat currency — [it’s the] full faith and credit of the government.
If the government debts are to a point where they can't pay it, then the credit of the government is in question. You may want to look for an alternative type of currency.
And so I don't know when we're going to have that [recession] — in 2016, I thought that was going to be the beginning of it.
CR: Do you see the signs of the start of the recession right now?
BK:There are some signs.
CR: Not major, I assume?
BK:There are some signs — but no, not major. My hesitation is that I still think the Federal Reserve has some leverage to pull, before we go into a full-blown recession. So, I think there’s still time — and I don't know if it's going to be a year or three years — where the Federal Reserve will be trying a bunch of things to make sure we don't go into recession, and that could prolong this period.
CR: And it really does look positive for the crypto industry!
BK:Absolutely! I mean, you know, call me an optimist, but this looks very positive.
Even though there aresignsof the bottom — when everybody says it's going away — that's what I love to hear.
If everybody agrees that crypto is going away — that's the time I want to buy.
I don't think crypto is going away. In fact, I see it becoming much more of a mainstream asset. I think the next two years could see Bitcoin — and I what I would call the other currencies, probably five or six of kind of “pure currencies” — I think you could see those play a major role in investors portfolio over the next two years.
Cointelegraph editorial team thanks Brian Kelly and theCrypto Finance Conferencefor the interview.
• CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization
• CFTC Official Argues Against SEC’s Grounds for Disapproving Bitcoin ETFs
• Finance Expert Ric Edelman: ‘Eventually We Will See a Bitcoin ETF’
• New Proposed ETF Would Encompass Bitcoin Futures Alongside Sovereign Debt Instruments || Interview With Crypto ‘Optimist’ Brian Kelly: Bitcoin Is Still 50 Percent Undervalued: This interview has been edited and condensed.
The author of the "The Bitcoin Big Bang — How Alternative Currencies Are About to Change the World," Brian Kelly calls himself an optimist when it comes to the future of the cryptocurrencies. CNBC’s prominent commentator, who is also the founder and CEO of digital currency investment firmBKCM LLC, analyzes markets on an everyday basis and tends to be 50 percent right “trading-wise.”
We met with Brian Kelly at the Crypto Finance Conference in Switzerland and talked about Bitcoin ETFs, the next financial crisis, and the best and worst jobs at the same time.
Catherine Ross: The most obvious question to you is, what is 2019 going to look like for the crypto industry?
Brian Kelly:That's a great question! The trillion dollar question. I think it's going to be better than 2018, which is a pretty low bar.
CR: In terms of what?
BK:As an investor, my number one concern is price. I look at the price and I say that we've seen three or four of these kind ofboom-and-bust cycles in Bitcoin. If you look at the most recent two or so, we're following roughly the same path as we’ve had, which means we're somewhere closer to the end. We might have another dip lower — it wouldn't surprise me at all.
CR: Lower that $3,000?
BK:Sure.
It wouldn't surprise me if it [Bitcoin’s price] went to $1,500.
CR: And you feel it's going to be short term?
BK:I think very short term. And I think we're coming to an end. Here's the thing, the sellers that we've seen recently are almost forced sellers. Some CEOs had to raise cash because they say they “can't hold it in crypto all the time.” These are signs of the end. I don't know if it [the end of the cycle] is here or it's a little bit lower, but those are the signs of the end.
In 2019, if I'm looking at it, the focus will be on the currency — Bitcoin, Litecoin, some of those — because we have quite a bit of geopolitical tension in the world.
CR: And you feel it is contributing to the price?
BK:Yes. We're starting to see some global macro players use Bitcoin as an alternative to their gold position or as a way to hedge against fiat currency fluctuations and volatility.
CR: Using Bitcoin instead of gold?
BK:Yeah.
CR: But is it stable enough?
BK:No (laughs).
But they're not looking for stability, right? They're looking for a safe haven that's uncorrelated to every other asset. So, for an investor and a speculator, the stability is actually not what you want.
You want that volatility because you're trying to get good returns. You're trying to get something that's uncorrelated to everything else. And that persists through 2019, and it starts to get to be more of a quote-unquote mainstream asset within the investment community.
One of the most anticipated events in the crypto industry is the approval of a Bitcoin ETF, which hasn’t happened yet, despite the numerous attempts. Last year alone, companies and institutions like theNYSE,VanEck,SolidX,Prosharesand internet entrepreneurs the Winklevoss brothers (whose first attempt in 2017failed) all filed with the United States Securities and Exchange Commision (SEC), but were rejected or are awaiting a decision.
The most recent development on the matter is the SEC’sreviewof aNYSE Arca’s Bitcoin ETF rule change proposal on Feb. 11. The proposal suggests “to list and trade shares of the Bitwise Bitcoin ETF Trust under NYSE Arca Rule 8.201-E.” This might end up being positive for the market, given the latest statement from SEC Commissioner Robert J. Jackson Jr. Speaking to Washington D.C.-based publication Roll Call on Feb. 6, he said, “Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
CR: One more very important question for you — will there be an ETF in 2019?
BK:No shot.
CR: I’m going toput that in the headline! “No shot for an ETF in 2019,” says Brian Kelly.
BK:That’s fine! I would bet against it. I don't think it’s going to happen this year. There's too much unresolved that is going to take longer than a year to resolve and before the SEC gets comfortable with what's going on.
CR: What kind of time frame are we talking about?
BK:I think 2020 is a very good shot.
CR: Sounds promising! But major companies, likeShapeShiftandConsensyshad to lay off a lot of employees recently. What does this indicate?
BK:This is a part of the maturation process. We all got caught up in the big bubble. That being said, this is just a very natural part of the process. There are, unfortunately, some very good people that had to be laid off just because of market circumstances.
It doesn't feel great right now, but it will make the industry stronger.
CR: From the trading point of view, what are the major signs or indicators of bullish and bearish markets?
BK:You look at the bottoms and the tops.
I can remember in November and December — and even frankly in January, a year ago — I was getting phone calls daily like “How can I get into your fund?” “I need to get into that.” And we [at BKCM LLC] do a monthly entry and it's not something that you get into every day.
That was happening at the peak. At the bottom, the phone does not ring. It's the exact opposite. The euphoria that we saw last year is a mirror image of the pessimism we're seeing now. And so, what you want to look for at bottoms are extreme pessimism.
CR: Are you’re talking about technical analysis?
BK:Sentiment, really.
CR: And what about fundamental analysis? How does it look for the crypto industry?
BK:It's interesting! We have a proprietary model that gives the fair value for people.
Right now Bitcoin is about 50 percent undervalued.
So, you could have a significant upside. That being said, we've seen that a couple of times in the last year. We saw that in April of 2018 — a huge run in Bitcoin.
And that's what I'm talking about sentiment. So, the sentiment in the market has pushed the price of Bitcoin well below what you would consider a fair value — or at least, what I would consider fair. And that's another sign that we're near a bottom.
CR: How does analyzing crypto markets differ from analyzing traditional financial markets?
BK:Sentiment wise, no difference. Human beings are human beings. Fear and greed, booms and busts. In terms of how people trade markets, how people react to price movements — also no difference.
But on the fundamental side, there is a very big difference. It's probably closer to foreign currency analysis, where you analyze supply and demand, and what's going to affect the supply and demand factors.
In the traditional currency world, supply and demand might be impacted by central banks. In the crypto world, the supply-demand being impacted by the miner-supply versus the investor-demand at this point in time. So, it's a little different.
There's a big learning curve to getting into analyzing cryptocurrencies. It's not like if you were analyzing airlines or the auto industry and you could immediately jump over and apply the same tools — these are very different tools.
CR: And how did you start in the financial world?
BK:I started as one of those annoying cold callers back in the 1990s. And I'd describe it as the best job on the worst job I've ever had in my life.
CR: Can you elaborate?
BK:It was the worst job because every day I would come into the office. I worked at Lehman Brothers [Eds: Lehman Brothers was the fourth-largestinvestment bankand globalfinancial servicesfirm in the United States. In September 2008, it filed for bankruptcy, which, many believed, started a global economic crisis]. They would hand me a stack of 700 phone numbers — I was supposed to dial two phones at once. My only job was — I wasn't allowed to pick stocks or anything like that — to connect the person on the other end with the broker.
I did that all day long as a summer internship, and then I did it a little bit after I graduated. But despite it being mind-numbingly boring, it taught me a lot about sales and human interaction. It didn't teach me too much about the stock market. But it did give me a really good foundation in how people think about the stock market and investing. That's where I started.
Then, I was an equity sales trader. Then, I started a company called MKM Partners, which is an institutional broker dealer. After that, I started a global macro fund, trading foreign currency — and that got me into the Bitcoin world.
CR: How many times were you right in your analysis or predictions?
BK:Generally speaking, if I'm right slightly more than 50 percent of the time, I consider that good. On a longer-term basis, trading-wise, I'm generally right about 60 percent of the time — there's some good periods and some bad periods. But it's important for people to understand that...
It doesn't matter how many times you're right and how many times you're wrong; it matters how much you make when you're right and how much you lose when you're wrong.
You have to have that ratio right. You could be right only 30 percent of the time and still make a lot of money as long as you make three times more on your right predictions as you do on your losses.
CR: You’ve mentioned that you started at Lehman Brothers. Can I ask you how many years ago it was?
BK:In 1991 — 28 years ago. Long time!
CR: So, 17 years before the2008 financial crisis, right? Did you see any signs of it coming?
BK:I wish I could say I saw that. I knew something was wrong, but I can’t say that I predicted that.
CR: Have you seen any indicators of the real estate bubble [Eds: the housing and credit bubble most analysts call the reason for the 2008 financial crisis] back then?
BK:Without question — the real estate looked like a bubble! Not too dissimilar from what we saw with the crypto ICOs bubble. So yes, youcouldsee the signs of trouble. The problem with seeing them is that it’s very hard to predict when they're going to end.
CR: And the real consequences, probably.
BK:Yeah, the real cost. For me, in 2007, when Bear Stearns [Eds: the now defunct New York-based investment bank, securities trading and brokerage firm]got bailed out by the Federal Reserve, that was the first signal for me that something was very, very wrong.
CR: Is it at all possible to predict the next financial crisis? There are a lot of headlines about thelooming recessionandupcoming financial crisis. Should we prepare ourselves for the worst?
BK:I can almost guarantee you we'll head to another recession. There's never been a period of time where we don't have a recession — it's just the business cycle. You know the Federal Reserve sometimes thinks that they can short-circuit the business cycle. But eventually, you will have another recession.
CR: It's just the way the market works, right?
BK:Yes, but this one is going be a little different than the other ones we've had.
CR: How so?
Because what we've done lately is taken all the risk off of the private balance sheets and put them onto the government balance sheets. And so that's a very different scenario. And that's very positive for crypto. If you think about what backs a fiat currency — [it’s the] full faith and credit of the government.
If the government debts are to a point where they can't pay it, then the credit of the government is in question. You may want to look for an alternative type of currency.
And so I don't know when we're going to have that [recession] — in 2016, I thought that was going to be the beginning of it.
CR: Do you see the signs of the start of the recession right now?
BK:There are some signs.
CR: Not major, I assume?
BK:There are some signs — but no, not major. My hesitation is that I still think the Federal Reserve has some leverage to pull, before we go into a full-blown recession. So, I think there’s still time — and I don't know if it's going to be a year or three years — where the Federal Reserve will be trying a bunch of things to make sure we don't go into recession, and that could prolong this period.
CR: And it really does look positive for the crypto industry!
BK:Absolutely! I mean, you know, call me an optimist, but this looks very positive.
Even though there aresignsof the bottom — when everybody says it's going away — that's what I love to hear.
If everybody agrees that crypto is going away — that's the time I want to buy.
I don't think crypto is going away. In fact, I see it becoming much more of a mainstream asset. I think the next two years could see Bitcoin — and I what I would call the other currencies, probably five or six of kind of “pure currencies” — I think you could see those play a major role in investors portfolio over the next two years.
Cointelegraph editorial team thanks Brian Kelly and theCrypto Finance Conferencefor the interview.
• CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization
• CFTC Official Argues Against SEC’s Grounds for Disapproving Bitcoin ETFs
• Finance Expert Ric Edelman: ‘Eventually We Will See a Bitcoin ETF’
• New Proposed ETF Would Encompass Bitcoin Futures Alongside Sovereign Debt Instruments || Someone Please Let Jamie Dimon Know That His New Cryptocurrency is a Fraud: jamie dimon cryptocurrency bitcoin jp morgan JP Morgan Chase and Co. announced Thursday it would be the first major institutional bank to release its own cryptocurrency. Its new JPM Coin is an almost shockingly impotent reaction to Bitcoin and other cryptocurrencies by the United States largest bank. Jamie Dimon Gets a New Toy Newsflash: Bitcoin Basher Jamie Dimon & JP Morgan Just Launched Their Own Cryptocurrency https://t.co/VciDixDldH CCN.com (@CryptoCoinsNews) February 14, 2019 JP Morgan says you can now give them a dollar, and theyll give you a JPM Coin, which you can redeem for your dollar with them any time. So theyre using JPM Coin to keep track of how much money youve deposited and withdrawn. So they are offering basic banking as a new crypto. Read the full story on CCN.com . || Someone Please Let Jamie Dimon Know That His New Cryptocurrency is a Fraud: JP Morgan Chase and Co. announced Thursday it would be the first major institutional bank to release its own cryptocurrency. Its new JPM Coin is an almostshockingly impotent reactionto Bitcoin and other cryptocurrencies by the United States’ largest bank.
JP Morgan says you can now give them a dollar, and they’ll give you a JPM Coin, which you can redeem for your dollar with them any time.
So they’re using JPM Coin to keep track of how much money you’ve deposited and withdrawn. So they are offering basic banking as a new crypto.
Read the full story onCCN.com. || Jeffrey Gundlach extended conversation with Yahoo Finance [Transcript]: Following a live hit on Yahoo Finance’s The Final Round (transcript and videohere), our conversation with bond king Jeffrey Gundlach continued. He spoke about theoutlook for the market,cannabis,Facebook,art,recruiting talent,how he finds market-beating trades, and the2020 presidential electionamong other things.
Below is the transcript of our extended conversation.
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JEFFREY GUNDLACH: I think what's happening is, at long last, the millennials are starting to hate the baby boomers. I mean, that's starting to pull pretty strongly, and it's about time.
I mean, the policies of the United States have been so bad for so long. I think it was seven or eight years ago, I read an article, it was with Esquire, that we're really railing against how much money we spend on old people in the United States government system, as opposed to how much we spend on young people. And in that article the ratio was 7 to 1, how much of the budget goes to paying for things for people over 65 compared to paying for things for people under 21-- I can't remember if it's 21 or 25, whatever-- but young people.
And if you're investing in dying people and not investing in the future, you don't have a very bright future. And so millennials are starting to understand that the baby boomers have all the wealth, and millennials don't, really. I mean, they can't afford a house. They've got student loan debt. They've start to believe, I think, finally, that they kind of got screwed by the system.
JULIA LA ROCHE: When you see a number like $22 trillion for the nation's debt, are we past the point of no return? What does the day of reckoning look like?
JEFFREY GUNDLACH: I think we are really at that tipping point. And so since we're not going to do anything about it in the next couple of years, almost certainly, I think once we get to 2020, 2021, I think you will be past the point of no return. And so you're just going to have to deal with it.
And the problem is that we have $22 trillion in debt, and it's growing very rapidly, but we also have $123 trillion in unfunded liabilities. The state and local pension systems in the United States, on average, are 50% underfunded. So if you take a look at Illinois, there's no chance that Illinois can honor its pension obligations to its public unions. It cannot do it.
So what's the solution? The solution is, you have to cut benefits. When you have $123 trillion of unfunded liabilities, you have to de-commit. You can't fund them. To fund them-- it would be amazing. I mean, if we funded $123 trillion of future liabilities, that's six times GDP. If we did that over a 60-year period, we would have to take 10% of our GDP every year and put them aside into funding these liabilities. So we'd go from an economy which is 6% in deficit-- we'd have to go to one that's 10% in surplus. So it would be 16% swing from where we are today. So we cannot fund these liabilities.
So what has to happen is, we have to raise the age of entitlement eligibility. And we're going to have to cut people out, even though we told them that they were paying into the system as an insurance program for Social Security. And that will happen, and it'll happen remarkably easily.
JULIA LA ROCHE: Do you think the politicians will do that, though? Because they've made all these promises?
JEFFREY GUNDLACH: Because the awareness of the trajectory will become too obvious. And so people will say, you know what? I know I was supposed to get Social Security when I was 65, but you know what? I guess it's OK if I get it when I'm 72. And certainly the millennials are going to have eligibility that's probably 75. And some people, like me, won't get anything. So that's just what has to happen.
JULIA LA ROCHE: Well, I probably won't get anything either. Do you think that a third-party candidate, someone like Howard Schultz-- I don't know if others will enter, but he is specifically talking about the nation's dire financial picture. Do you think someone like that might actually stand a chance?
JEFFREY GUNDLACH: No. You're not going to win in 2020 talking about debt, unless we have a recession first, and we're running a $3 trillion budget deficit, and then maybe you'd get that. It's possible. It's certainly plausible we have a recession before November of 2020.
But I don't really expect that a Howard Schultz out of nowhere, a private sector guy, would show up as a centrist candidate. I thought that there would be-- and I still think it's quite-- possible that Howard Schultz kind of just disappears. I'm not sure he's going to have the stomach for this. He did this nice, genteel book signing thing when right after he said he was thinking about running for office, and I think it was 23 seconds into the official interview with some fellow at CNBC, where he started getting heckled.
JULIA LA ROCHE: I was in the room.
JEFFREY GUNDLACH: It just seems to me, I don't think he expected to be insulted, profanely insulted, by somebody 23 seconds into his coming-out party. So he's disappeared into his shell a little bit since. Then he's made some pronouncements that he doesn't like the Green New Deal concept.
But I really think it would be more like Trump, but maybe runs if there's no recession, and maybe a Mitt Romney decides he's got to come in as the old-line, more sensible Republican type of centrist. And then you'll get a socialist, for sure, running. I mean, there's plenty of them already. They don't all call themselves socialists. But somebody that's more old-line like Joe Biden might decide, well, I'm going to rescue the Democratic Party from this socialist cliff. So maybe you'll get a Biden and a Romney and a Trump and, as a placeholder, Bernie Sanders type of thing.
And I think all four of those would get funding. Clearly, there's funding for socialists. Clearly Trump-- he's already raised tons of money. He's way ahead of where Obama was for his second-term run. So they'll be funded. I'm sure Romney could get funding, and I'm sure Joe Biden could get funding. So I think you could have four candidates that have financial backing.
And I'm not sure that Joe Biden has any message whatsoever. I'm not sure Mitt Romney really has a message, other that he doesn't like Trump very much. So it's not clear at all those would get votes. But I think there's still enough of a residual of what used to be the Democratic Party-- like Bush is-- and what used to be the Democratic Party, which is Clinton. Of course, those two are exactly the same. It's not a coincidence that it was Bush, Clinton, Bush, then Obama, which is really Clinton. So it went out for a long time. And I think there's enough residual of those centers of influence that there could be some support there.
JULIA LA ROCHE: Well, let's move beyond politics, because I actually want you talk about you and DoubleLine. This is your 10th anniversary, I believe. 10 years running DoubleLine.
JEFFREY GUNDLACH: Thank you.
JULIA LA ROCHE: You've been in the business for over 35 years. You are the bond king now. That's what people say.
JEFFREY GUNDLACH: I never invited that, but that became prominent in the media.
JULIA LA ROCHE: You're a prominent bond investor. Most of DoubleLine's strategies are in fixed income. But I've noticed that you have been diversifying a lot lately. So I'm curious-- where are you finding opportunities, and what's exciting to you?
JEFFREY GUNDLACH: Well we've been diversifying, first of all, because we could. We were approached by Barclays Bank to run a smart beta equity fund using someone that they were working with, Dr. Shiller, the Nobel Prize winner, on the relative CAPE ratio. And it turned out that that strategy had tremendous success. I think it's the best-performing large-cap strategy in the country since we launched it. And that was good, because it was successful, and it's over $10 billion.
We started a liquid real estate fund, which I think is really interesting, with Colony Capital, which we've just started launching, that actually invests in all manner of REITs, that are brick and mortar REITs, but also includes digital assets. It's not just malls, like malls and nursing homes. That's part of it. It's much bigger than that.
JULIA LA ROCHE: Almost like newer economy.
JEFFREY GUNDLACH: Yeah. A lot of it's new economy, like satellite towers and stuff. And that uses a smart beta approach, too. It just got started. We'll see if it works. We launched it at a great time. I mean, it was like end part of last year, which is a great time to launch anything, because markets have exploded to the upside.
But right now, in the fixed-income market, the strange thing is, I think the most exciting thing is the two-year treasury. Not that it's great, but it yields about the same as the 10 year. It's a 2 and 1/2, which is OK. I just think that interest rates have a bias to rise on the long end.
And I think it's late enough in the cycle with enough leverage in the corporate economy that if we continue to roll on with attractive gains and risk assets, I'm pretty sure it's at the end of the game. And you're going to be better off waiting and foregoing those gains, because your opportunity set will be vastly better when the next recession comes.
And as we said earlier, can't really see a recession, say by middle of this year-- well, we could always get surprised, but our indicators don't show it. But they are starting to show signs of cracking. Not convincingly that you have to act today, but when the next recession comes, there's going to be an outrageous opportunity in corporate credit, and I think you want to own none right now. None. And instead, you just say, I might lose a few percent versus playing in that game. But when it goes down-- well, we saw what happened from October 3 until Christmas Eve. I mean, there was a pretty big drop. And I think that that's just kind of a taste of things to come.
JULIA LA ROCHE: It reminds me when you called the housing meltdown, and you were one of the first to put capital to work. Is that what you're seeing when it comes to corporate?
JEFFREY GUNDLACH: Yeah, I called it, but I wasn't one of the first to put capital to work I actually raised a distress fund starting in February of 2007 and it was an interesting period, because the institutions that I was suggesting this idea to-- they were debating whether I was right more than anything. They were saying, well, no one else says this. You say the housing price is going to drop 35%, which I said in Barron's in December of 2006, when they were down by 1/2 of 1% so far. It's a long story I won't get into it for time.
But I knew what was going to happen in the housing market. It took a little longer than I thought, maybe by about six or eight months. But then what I became known for, as I spoke at a very prominent conference in June of 2007, and I went on stage, not fully sure of what I was going to say. I didn't make notes or anything. I had some slides. And all of a sudden, it seemed like it was the right moment, and I made the declaration-- I'm going to get to the credit markets later on in this talk. But I'll just give you a hint. Subprime is a total unmitigated disaster, and it's going to get worse.
That phrase was captured in the media on five continents. And at that time, the subprime sector, the AAAs, the AAs-- they we're still trading at 100 cents on the dollar. They hadn't dropped at all. Zero. And they really started dropping in earnest in the first part of 2008, later part of 2007.
I didn't really start putting money to work until March of '08 after the Bear Stearns collapse, because by then, the prices were low enough where you were pretty sure to get more than your money, what you invested, your cost. You were likely to get that back. But I knew it was going to go lower. I announced to my investors in March.
At that moment, March of '08, I said, I just want you to know, I value transparency. I'm going to start buying credit. I warned this is going to happen. I said the prices are going to collapse. I think they're low enough, then, to start buying them. But I want to buy so much of this stuff that it's probably going to take us a year. And we didn't really get fully invested until March of '09, which as good luck would have it, turned out to be the bottom.
So yeah, I think something along those lines is going to happen, but it's not going to be in the securitized markets. It's going to be in the market that's mis-rated today. When you're looking for distressed opportunities in fixed income, the best ones come from things that are mis-rate going into the problem, because the people that buy investment-grade corporate bonds are looking for safety. They think they have safety. When you buy a AAA-rated subprime floater, you're a AAA person. You didn't sign up for a lot of risk. You signed up for a little bit of reward, hoping that the risk was de minimis.
But then it ends up being a big risk. And so it's not surprising that the people that sign up for safety sell when the market goes down, because their eyes have been opened, and they now realize that they were fooled. They thought it was safe, but they were wrong. And so they were lied to. And so they decide, I never signed up for this. I'm getting out before it gets worse. And that creates another layer of selling.
So for example, there was a lot of buying of stocks in the latter part of December. And by all appearances, it seems to have carried into--
JULIA LA ROCHE: Right. They might be feeling good.
JEFFREY GUNDLACH: --2019. I think the people that bought at the best levels of late December-- I think that they will sell at a lower level than what they bought in it, for that same type of a thing. They bought in. They thought it was a buy at the dip. They feel emboldened by it. They've gotten an economic and psychic reward so far. But once that buy goes underwater, it will accelerate the selling, because those people will turn into sellers, I think. And that'll happen in the corporate bond market, too.
JULIA LA ROCHE: Do you think there's another down coming? Do you think this is a bear market that we're in?
JEFFREY GUNDLACH: Yeah. It's a bear market. I mean, a bear market has nothing to do with this 20% arbitrary thing. It has to do with something crazy happening first, and then the crazy thing gives it up. And yet more traditional things continue to march on, but one by one, they give it up.
So what was the crazy thing? Bitcoin. Bitcoin was the crazy thing. Bitcoin going from zero to $20,000 in a straight line-- it was crazy. And you knew it was crazy because other things started to happen that were truly insane. There was this thing called CryptoKitties. It wasn't a cryptocurrency. It was a collectible, but it had the name "Crypto" in it. And they were each unique, but there were cartoon drawings of cats. And there was actually a moment where one sold for over $100,000. Of course, they're worth $0 today.
But that is a sign. That's like Pets.com back in the late '90s. That's like pick-a-pay, negative amortization, 120 LTV loans in 2006. Bitcoin was insane, and it crashed starting in December of 2018. Then the global stock market peaked a month later. Then the transports peaked, the utilities peaked. Then the Dow Jones industrials peaked. Then the S&P peaked. Then finally, the NASDAQ peaked. And then it was down to five stocks. And then it was down to four stocks. Then it was down to two, Amazon and Apple. And then, on October 3, it was over.
And so that's how a bear market develops. And I think that it's been saved by the Fed's pivot, and it's been saved by the bond rally taking some pressure off the stock market. But if the long end of rates starts to rise, as I expect, and if we break through 350 on the 30-year, I think it's over, because the competition from the bond market, particularly against a climate of limiting one of the engines of stock price appreciation, which is buybacks, is thought to be potentially in jeopardy.
I mean, it is interesting that a Republican is proposing legislation to curb buybacks. That shows you that Marco Rubio wants to get in front of this issue before somebody on the other party claims it as their own. So the support for limiting buybacks seems pretty high.
JULIA LA ROCHE: So you mentioned bitcoin, which was the mania. Do you think there's another mania-- I'm thinking, maybe cannabis? That's the one that people are talking about now. If you have an opinion.
JEFFREY GUNDLACH: Yeah. I've got young guys working for me that are big believers in the cannabis thing, and they claim that it's all about getting shelf space and branding and getting bought out by another big company. That's the game. I mean, it sounds plausible to me, but I don't know. I'm pretty simplistic. I don't know why there isn't a corn mania. How come there isn't a corn mania?
JULIA LA ROCHE: Yeah, why not?
JEFFREY GUNDLACH: Grow corn, too. I don't understand why, just because it used to be illegal, that somehow it's got this special magic to it. But it's interesting. The cannabis thing does seem kind of like a mania. I mean, people probably make a lot of money in some parts of it. But that's just not for me. I've no interest in mania stuff. I just watch amusedly from the sidelines.
What I do find that's a little bit scary is, I saw a statistic this week that the increase in smoking among high school students, year over year, 38%--
JULIA LA ROCHE: Because of the Juul? Vaping.
JEFFREY GUNDLACH: It's because of vaping.
There is an explosion in smoking, which I suppose is probably a gateway for the cannabis industry. So maybe there's something there. But I find that to be an incredibly horrifying statistic. In one year, 38% increase, and now over 50% of high school kids are either smoking-- they're probably mostly vaping, I think, which is probably far worse, far worse than traditional cigarettes. I don't know. I've never been a cigarette smoker, but I wouldn't go anywhere near any of this chemical concentration stuff.
JULIA LA ROCHE: One thing that's always been interesting to me, Jeffrey, is, you're out here on the West Coast, and people do look to you for your various calls and views. And I'm just wondering, how do you sift through the noise? How do you get your information? What do you look at?
JEFFREY GUNDLACH: I look at news wires more than anything else. And I try very hard to pay no attention to what other people think. Sometimes people do things. They say, name somebody that you admire or something. And I was thinking about it, and a person I really admire is someone that most people don't know the person's name. His name is Donald Judd.
And Donald Judd was one of the great-- call him a sculptor if you want to-- of the 20th century. He broke rules and made people angry, because he actually didn't make the sculptures himself. He designed them and then sent them off to machine shops. And this was back in the '60s when he started. And that was considered to be-- that can't be art, because it doesn't have the artist's hand in it.
But Donald Judd was an art critic in New York City, and then he tried his hand at painting. And he as an art critic, he was very involved with the art scene, which was very vibrant in the late '50s and early '60s. New York was the artistic capital of the world, having moved there from Paris. And Donald Judd became very involved as a critic and then a painter.
And then he decided that being in the New York art scene was detrimental to his own artistic vision, because he was too influenced by Willem de Kooning and Andy Warhol and Eva Hesse and all these other luminaries of the time, and that it made him distracted, that other people's ideas were confusing him and taking his vision of his own art and making it more diluted.
So he did something very radical. He got up, and thanks to the generosity of the Dia Foundation, who bought an old Korean army base that he had served at in Marfa, Texas-- which is the definition of the middle of nowhere-- he set up his art studio there in the old barracks and the old artillery sheds. And he wanted to get away from all of the noise. And by far, his best work is in Marfa, Texas. It's the greatest art installation I've ever seen. It's hard to get to. It's 300 miles away from any commercial airport. So you have to fly in and drive, or you've got to fly out to jet strip there.
And that really spoke a lot to me, because I realized that doing things like-- there's some events that I get invited to all the time, groupthink events. They call them Titans' Dinners and stuff like this. And all these hotshots are there, all these names of people that we all know in this business. And they'll be there, and you can sit there, and people share ideas.
And I did a couple of those years ago, and I would sit there, and here's Mr. Great number one, and he's massively bullish on Apple. And then they turn to Mr. Great number two, and he's massively bearish on Apple. And both of their arguments sound really good to me. So I've suddenly like, I don't know what I think now about Apple. I might have walked in the room thinking something positive or negative, but now I'm just confused.
And so I think what's important is to look at the news flow and watch for those times when the news doesn't change, but the interpretation does, or the news does change, and the interpretation doesn't. Those are moments where there's this gap of opportunity. And I think my primary skill has always been living in that gap in a way that's quicker-- maybe it's just because of the way I operate, I don't know-- than other people. And so that's the real key, is to look for harbingers and instances of the cusp of change. When you actually get a moment, you can act on it.
Strange things happen. I remember that Ben Bernanke, when things were looking pretty grim back there in 2011 or so-- he said, we're going to keep short-term interest rates at zero for at least three years. He pre-announced three years of zero interest rates. And shockingly, many instruments in the bond market that were sure to profit tremendously from zero interest rates for three more years-- they didn't go up in price for half a day. And I bought them all.
And I was like, why aren't people buying them? I said, I don't know, but they should be like 20 points higher. And they were 20 points higher about two weeks later. But they were actually there to be had. Because people want to see the idea that they have get ratified or corroborated by a crawler on some financial program. And then, oh, I see, now it's safe to do this, because everybody else is saying that this is the conclusion you're supposed to draw. But by then, it's priced in. So by the time it's safe and you have a confirmation that your idea might be broadly embraced-- by then, it's too late. So that's really the key.
Also, just trying to find relationships. I have a whole team, that what we do is, we just look for correlations. That might be common sense, but then you verify them, some things that just correlate well. For example, things like the Fed's underlying inflation gauge, which doesn't get nearly enough attention. It correlates incredibly well to CPI, core CPI, on about an 18-month lead basis. It's got about an 80% correlation. Nobody knows about this. Well, we do. Unfortunately, I speak to people like you, and I give my ideas away.
But it's OK, because relationships don't hold up forever. The world changes. The variables change. The coefficients change that drive things. And so it's really important that you just stay on top. That's why I do what I do. I mean I could have retired a long time ago. I find it very interesting as a way of processing human behavior, society, and just understanding what makes the world go round.
JULIA LA ROCHE: Well, I want to follow up on a couple of things here. You mentioned that your team here-- and I've met a few folks from DoubleLine in the past couple of years. How do you think about talent? What do you look for when you're hiring someone?
JEFFREY GUNDLACH: I generally like to hire people who either I know or who know nothing. I don't like bringing in people from other firms who have eight years' experience because they've learned some other way. And not that the other way is wrong, but it's not the way we do things. And it's not that we do everything perfectly-- there's only our way. But I like people who are right out of school, because that way, they don't have to be untrained from what they thought they learned somewhere else.
And then I like people that I know the way they think. So we like people that are very analytic.
We like people who believe in shared success. I tell people when they start working here, at many firms, you succeed by killing the person next to you. If you even go in that direction, you're gone. I want people to want the person next to them to do well, because the person next you're doing well means the firm does well. And so we have a shared success philosophy. And it comes from the top because, I never yell at anybody. My philosophy is, everything that goes right, the team did it, and everything that goes wrong, it's my fault. And I think that people appreciate that.
JULIA LA ROCHE: You mentioned that you could have retired. I'm sure people ask you, well, you're successful, you can retire anytime. What is it that keeps you going? What is it that drives you?
JEFFREY GUNDLACH: It's not really working, is the thing. I just process the world through human interaction, which in this particular instance reveals itself through financial markets' movements. And so I just sort of like it. Also, I'm committed to a couple of terrible enterprises that basically need a lot of money. So that's a good reason to work, so that it can be funneled not just to the Internal Revenue Service in the United States Treasury-- which I am a very significant contributor to-- but also something I think matters, rather than just some rathole of administrative waste.
And so I don't really resent the fact that I pay so many taxes. It's sort of a privilege in a certain sense. But I also want to be able to see results for the money that I'm giving away--
JULIA LA ROCHE: And have impact.
JEFFREY GUNDLACH: And it's a very big impact when it doesn't go through a bureaucratic machine.
JULIA LA ROCHE: How about when folks are saying, they should have a 70% marginal tax rate on the wealthiest--
JEFFREY GUNDLACH: Well, my marginal tax rate is presently combined, California and US, 52.6%. I am deeply offended when people tell me, no, it's not. I actually have heard people say that to me. No, it's not. Rich people like you only pay 15%. I'm telling you, it's 52.6%. All right? So that's because California's 13.3%, and then there's federal, and there's other things.
So if they raise it to 70%, that would be a 33% increase. I would go to 85.6%. I really think I would stop working.
JULIA LA ROCHE: Yeah. Who would even work at that point?
JEFFREY GUNDLACH: I really think I would stop working at 85.6%. So the tax policy is pretty strange, because a lot of people that are in my financial position really do pay low taxes. I remember Mitt Romney-- I think he had a 14% tax rate on some tax return that he revealed as part of his run for president. I mean, 14%. That's just amazingly low. I agree, that's ridiculous. But instead of raising me from 52.6% to 85.6%, I think the 14%-ers should come up to 52.6%. That's what should be happening. But I guess I'm just in a very, very small minority, and so the others protect the 14% potential. So tax policy is really weird. It's really weird to me that people making exactly the same amount of money pay very, very different tax rates.
JULIA LA ROCHE: Well, I know one of the areas that you're really focused on when it comes to philanthropy is art, and that you are a passionate art collector. How do you think art influences your career, your investment career?
JEFFREY GUNDLACH: I don't really think it does. I think it's just very different. I mean art is very subjective. So I think it's a balance, more than a tie-in to what I do. What I do, running money, other people's money, is amazingly, at the end of the day, not objective as to whether you've done a good job or not. It's actually painfully objective, because it's a number to two decimal points or more. That's your number versus that market number versus some other investor's number. And there's no getting away from that. It's incredibly easy to judge. Whereas art is incredibly subjective, and you can't put any kind of definitive number on it. And so I think it's a yin and yang thing.
JULIA LA ROCHE: One thing I do like is when you get off the elevator, you see DoubleLine. You see that the painting that you actually did. Tell us the story. What does the name DoubleLine mean?
JEFFREY GUNDLACH: Well, it's interesting. I for some unknown reason, in about 2005, woke up in the middle of the night-- which I almost never do. I'm not one of these can't sleep at night people. I often get asked, what keeps you up at night, and I say nothing. I mean, there's nothing. It keeps you up at night.
JULIA LA ROCHE: Sleep well.
JEFFREY GUNDLACH: Yeah. So I woke up in the middle of the night, and for some reason, I was obsessed with this idea, which I never thought about before. If I started my imagined firm, what would I call it? And it was just kind of a fun thought experiment. And so many names are meaningless. They're named after an intersection in a city or a Greek god or some sort of gibberish like First Financial. If there is one, I'm not trying to insult them, but names don't really mean anything. Or rivers or something like this. Lakes. Geographic places.
I was like, I'd want a name that meant something. And so what would be a good name? And I had just bought my first Mondrian. And it's his last great classical painting, where two devices are used. One was an early device called a progression, which is basically rectangles that progressed. Another was a device he came up with in 1931, which is called the double line. And the double line is a further ambiguity between line and plane, because there are two lines that are close enough together that they look like two lines, but they could also be interpreted as defining the negative space of a rectangle by bordering them.
So I had this picture and just got the double lines. And I was thinking, a double line. That would be a really good logo. And then I realized that it had a meaning, that the meaning was, in everyone's life that they experience, more frequently. People go, double line? I don't-- what? There's a double line in the middle of a highway. And by law, you're not supposed to cross it but it's really there for your protection. At least, you like to think it's there for a reason. And the reason, of course, is it's not safe.
And so I realized, hey, that's pretty neat, because I'm really risk-averse. I think more about what you shouldn't do than what you should do. And what you shouldn't do is take fatal risks. That's what kills, particularly, fixed-income investors. If you buy a lot of junky bonds, and they default, your money is gone forever. If you buy a bunch of mortgages and they refinance at the wrong time, you lost money forever. So it's what you don't do. And I thought, that's perfect, because it defines things that we won't take, certain fatal risks.
I was giving a speech years ago now. It was way back in our second year of business or something I was giving two speeches in one day. One was in Bakersfield, and one was in San Luis Obispo. And Bakersfield is really interesting. It's a very wealthy community. You wouldn't think so, but it is. There's a lot of farmers, and there's a lot of oil there. And I went to give the speech, and a lot of guys showed up in overalls. They were farmers. There was a guy who was like the number-two potash guy in the world or something. These billionaires, and they're showing up in overalls.
And then I said, hey, I'm looking at my map. I've got to go to San Luis Obispo. There's two roads, and I can't really tell which is the more efficient route. And the guy says, whatever you do, don't take this one. I go, well, why not? He said, it's called Blood Alley. I said, really? He goes, yep. There's more fatal head-ons on that road than any other one in the state. And the reason is that it's tractor country, and it's very winding, and it's one lane each way, and tractors go slow, and people are impatient. And they just decide they're going to go for it, and a truck's coming the other way, and they get wiped out. And that's why it's called Blood Alley.
And I said, that's fantastic. That's exactly-- and I started talking about the name of the firm and everything. It was pretty interesting. So we took the other road, obviously. It was pretty cool. We went over the San Andreas Fault, where the road has a massive whoop-ti-doo in it. It was really surprising. And someone went was like, what was that? And someone said, that was the San Andreas Fault. That's right halfway between those two. So anyway, the double line really came to life with that guy in the overalls.
JULIA LA ROCHE: Well, before I let you go, we've seen you on Twitter, and the last thing I want to know-- when did you join?
JEFFREY GUNDLACH: It was at Ira Sohn in 2017.
JULIA LA ROCHE: Ira Sohn, that's right. That's right. So what's your take on social media now that you have somewhat of a presence?
JEFFREY GUNDLACH: I have no presence. I follow nobody.
JULIA LA ROCHE: But you tweet a lot, and you get a lot of retweets.
JEFFREY GUNDLACH: Well, I don't tweet that much. But I do sometimes. I'm just trying to give people an insight into what I'm really thinking. There's a lot of misreporting that goes on in financial media. There's a lot of people that report on-- but somebody reported on, something reported on, like that old telephone game that you do in first grade, where you go through the class, and it ends up starting to be, the sun is shining, and the last person says, the cow was in the hotel, and you can't figure out how the message got so altered. But that happens with re-reporting.
And I like to tell people what I really think. So I like interviews that are live, or ones that I do a written statement, because I find-- when I do webcasts, for example, the stuff that gets reported-- more than half of it's wrong. I mean, I didn't say that. They'll leave out the word "not" and then invert the meaning. So I like to have the Twitter account where, if something like that goes off, I can say, this is truly where I'm coming from.
JULIA LA ROCHE: Then we'll never see Jeffrey Gundlach on Facebook?
JEFFREY GUNDLACH: Never. Never. Never on Facebook. I don't know what Instagram is. I've never downloaded an app in my life.
JULIA LA ROCHE: Do you still have an opinion on Facebook? I do remember you spoke about it. It was a pair trade, so maybe last year.
JEFFREY GUNDLACH: And it fell a lot. It's rebounded back up. I just think that Facebook-- their big problem is obviously their business model. And I talked about things that are safe ended up being unsafe. I think that's Facebook I mean, they sold themselves as comfortable and safe, but they're really just a diabolical data collection monster. And they're unrepentant.
And I just saw yesterday they were talking about more regulation in Europe in the UK. And when the regulators show up, usually, the stock prices go down. Health care had a meteoric rise until the regulators showed up a few years ago, and then a big decline. So I don't really trust Facebook. So the fact that I don't trust them makes me not like them, and the fact they don't like them makes me want their stock to go down.
JULIA LA ROCHE: Well, Jeffrey Gundlach, CEO of DoubleLine Capital, it's been a pleasure. Thank you so much for your time.
JEFFREY GUNDLACH: Thanks again for coming.
—
Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter.
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Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit. || Jeffrey Gundlach interview after Yahoo Finance's 'The Final Round' [Transcript]: Following a live hit on Yahoo Finances The Final Round (transcript and video here ), our conversation with bond king Jeffrey Gundlach continued. He spoke about the outlook for the market , cannabis , Facebook , art , recruiting talent , how he finds market-beating trades , and the 2020 presidential election among other things. Below is the transcript of our extended conversation. Millennials finally believe they got screwed by the system JEFFREY GUNDLACH: I think what's happening is, at long last, the millennials are starting to hate the baby boomers. I mean, that's starting to pull pretty strongly, and it's about time. I mean, the policies of the United States have been so bad for so long. I think it was seven or eight years ago, I read an article, it was with Esquire, that we're really railing against how much money we spend on old people in the United States government system, as opposed to how much we spend on young people. And in that article the ratio was 7 to 1, how much of the budget goes to paying for things for people over 65 compared to paying for things for people under 21-- I can't remember if it's 21 or 25, whatever-- but young people. And if you're investing in dying people and not investing in the future, you don't have a very bright future. And so millennials are starting to understand that the baby boomers have all the wealth, and millennials don't, really. I mean, they can't afford a house. They've got student loan debt. They've start to believe, I think, finally, that they kind of got screwed by the system. National debt nears tipping point heres what has to happen JULIA LA ROCHE: When you see a number like $22 trillion for the nation's debt, are we past the point of no return? What does the day of reckoning look like? JEFFREY GUNDLACH: I think we are really at that tipping point. And so since we're not going to do anything about it in the next couple of years, almost certainly, I think once we get to 2020, 2021, I think you will be past the point of no return. And so you're just going to have to deal with it. Story continues And the problem is that we have $22 trillion in debt, and it's growing very rapidly, but we also have $123 trillion in unfunded liabilities. The state and local pension systems in the United States, on average, are 50% underfunded. So if you take a look at Illinois, there's no chance that Illinois can honor its pension obligations to its public unions. It cannot do it. The National Debt Clock is seen in New York on Wednesday, February 13, 2019. Despite the clock being out of sync, the U.S. Treasury Dept. reported that the U.S. National Debt has surpassed $22 trillion. (Photo by Richard B. Levine) So what's the solution? The solution is, you have to cut benefits. When you have $123 trillion of unfunded liabilities, you have to de-commit. You can't fund them. To fund them-- it would be amazing. I mean, if we funded $123 trillion of future liabilities, that's six times GDP. If we did that over a 60-year period, we would have to take 10% of our GDP every year and put them aside into funding these liabilities. So we'd go from an economy which is 6% in deficit-- we'd have to go to one that's 10% in surplus. So it would be 16% swing from where we are today. So we cannot fund these liabilities. So what has to happen is, we have to raise the age of entitlement eligibility. And we're going to have to cut people out, even though we told them that they were paying into the system as an insurance program for Social Security. And that will happen, and it'll happen remarkably easily. JULIA LA ROCHE: Do you think the politicians will do that, though? Because they've made all these promises? JEFFREY GUNDLACH: Because the awareness of the trajectory will become too obvious. And so people will say, you know what? I know I was supposed to get Social Security when I was 65, but you know what? I guess it's OK if I get it when I'm 72. And certainly the millennials are going to have eligibility that's probably 75. And some people, like me, won't get anything. So that's just what has to happen. 2020: Four candidates could get financial backing JULIA LA ROCHE: Well, I probably won't get anything either. Do you think that a third-party candidate, someone like Howard Schultz-- I don't know if others will enter, but he is specifically talking about the nation's dire financial picture. Do you think someone like that might actually stand a chance? JEFFREY GUNDLACH: No. You're not going to win in 2020 talking about debt, unless we have a recession first, and we're running a $3 trillion budget deficit, and then maybe you'd get that. It's possible. It's certainly plausible we have a recession before November of 2020. But I don't really expect that a Howard Schultz out of nowhere, a private sector guy, would show up as a centrist candidate. I thought that there would be-- and I still think it's quite-- possible that Howard Schultz kind of just disappears. I'm not sure he's going to have the stomach for this. He did this nice, genteel book signing thing when right after he said he was thinking about running for office, and I think it was 23 seconds into the official interview with some fellow at CNBC, where he started getting heckled. JULIA LA ROCHE: I was in the room. JEFFREY GUNDLACH: It just seems to me, I don't think he expected to be insulted, profanely insulted, by somebody 23 seconds into his coming-out party. So he's disappeared into his shell a little bit since. Then he's made some pronouncements that he doesn't like the Green New Deal concept. A man walks past a truck showing protest images outside Sixth & I where former Starbucks CEO Howard Schultz was expected to speak February 14, 2019 in Washington, DC. (BRENDAN SMIALOWSKI/AFP/Getty Images) But I really think it would be more like Trump, but maybe runs if there's no recession, and maybe a Mitt Romney decides he's got to come in as the old-line, more sensible Republican type of centrist. And then you'll get a socialist, for sure, running. I mean, there's plenty of them already. They don't all call themselves socialists. But somebody that's more old-line like Joe Biden might decide, well, I'm going to rescue the Democratic Party from this socialist cliff. So maybe you'll get a Biden and a Romney and a Trump and, as a placeholder, Bernie Sanders type of thing. And I think all four of those would get funding. Clearly, there's funding for socialists. Clearly Trump-- he's already raised tons of money. He's way ahead of where Obama was for his second-term run. So they'll be funded. I'm sure Romney could get funding, and I'm sure Joe Biden could get funding. So I think you could have four candidates that have financial backing. And I'm not sure that Joe Biden has any message whatsoever. I'm not sure Mitt Romney really has a message, other that he doesn't like Trump very much. So it's not clear at all those would get votes. But I think there's still enough of a residual of what used to be the Democratic Party-- like Bush is-- and what used to be the Democratic Party, which is Clinton. Of course, those two are exactly the same. It's not a coincidence that it was Bush, Clinton, Bush, then Obama, which is really Clinton. So it went out for a long time. And I think there's enough residual of those centers of influence that there could be some support there. DoubleLine today and the investment opportunities it sees JULIA LA ROCHE: Well, let's move beyond politics, because I actually want you talk about you and DoubleLine. This is your 10th anniversary, I believe. 10 years running DoubleLine. JEFFREY GUNDLACH: Thank you. JULIA LA ROCHE: You've been in the business for over 35 years. You are the bond king now. That's what people say. JEFFREY GUNDLACH: I never invited that, but that became prominent in the media. JULIA LA ROCHE: You're a prominent bond investor. Most of DoubleLine's strategies are in fixed income. But I've noticed that you have been diversifying a lot lately. So I'm curious-- where are you finding opportunities, and what's exciting to you? JEFFREY GUNDLACH: Well we've been diversifying, first of all, because we could. We were approached by Barclays Bank to run a smart beta equity fund using someone that they were working with, Dr. Shiller, the Nobel Prize winner, on the relative CAPE ratio. And it turned out that that strategy had tremendous success. I think it's the best-performing large-cap strategy in the country since we launched it. And that was good, because it was successful, and it's over $10 billion. We started a liquid real estate fund, which I think is really interesting, with Colony Capital, which we've just started launching, that actually invests in all manner of REITs, that are brick and mortar REITs, but also includes digital assets. It's not just malls, like malls and nursing homes. That's part of it. It's much bigger than that. JULIA LA ROCHE: Almost like newer economy. JEFFREY GUNDLACH: Yeah. A lot of it's new economy, like satellite towers and stuff. And that uses a smart beta approach, too. It just got started. We'll see if it works. We launched it at a great time. I mean, it was like end part of last year, which is a great time to launch anything, because markets have exploded to the upside. But right now, in the fixed-income market, the strange thing is, I think the most exciting thing is the two-year treasury. Not that it's great, but it yields about the same as the 10 year. It's a 2 and 1/2, which is OK. I just think that interest rates have a bias to rise on the long end. And I think it's late enough in the cycle with enough leverage in the corporate economy that if we continue to roll on with attractive gains and risk assets, I'm pretty sure it's at the end of the game. And you're going to be better off waiting and foregoing those gains, because your opportunity set will be vastly better when the next recession comes. And as we said earlier, can't really see a recession, say by middle of this year-- well, we could always get surprised, but our indicators don't show it. But they are starting to show signs of cracking. Not convincingly that you have to act today, but when the next recession comes, there's going to be an outrageous opportunity in corporate credit, and I think you want to own none right now. None. And instead, you just say, I might lose a few percent versus playing in that game. But when it goes down-- well, we saw what happened from October 3 until Christmas Eve. I mean, there was a pretty big drop. And I think that that's just kind of a taste of things to come. What Gundlach said in June of 2007 JULIA LA ROCHE: It reminds me when you called the housing meltdown, and you were one of the first to put capital to work. Is that what you're seeing when it comes to corporate? JEFFREY GUNDLACH: Yeah, I called it, but I wasn't one of the first to put capital to work I actually raised a distress fund starting in February of 2007 and it was an interesting period, because the institutions that I was suggesting this idea to-- they were debating whether I was right more than anything. They were saying, well, no one else says this. You say the housing price is going to drop 35%, which I said in Barron's in December of 2006, when they were down by 1/2 of 1% so far. It's a long story I won't get into it for time. But I knew what was going to happen in the housing market. It took a little longer than I thought, maybe by about six or eight months. But then what I became known for, as I spoke at a very prominent conference in June of 2007, and I went on stage, not fully sure of what I was going to say. I didn't make notes or anything. I had some slides. And all of a sudden, it seemed like it was the right moment, and I made the declaration-- I'm going to get to the credit markets later on in this talk. But I'll just give you a hint. Subprime is a total unmitigated disaster, and it's going to get worse. That phrase was captured in the media on five continents. And at that time, the subprime sector, the AAAs, the AAs-- they we're still trading at 100 cents on the dollar. They hadn't dropped at all. Zero. And they really started dropping in earnest in the first part of 2008, later part of 2007. I didn't really start putting money to work until March of '08 after the Bear Stearns collapse, because by then, the prices were low enough where you were pretty sure to get more than your money, what you invested, your cost. You were likely to get that back. But I knew it was going to go lower. I announced to my investors in March. In this Monday, March 17, 2008, file photo, an employee enters Bear Stearns in New York. (AP Photo/Mark Lennihan) At that moment, March of '08, I said, I just want you to know, I value transparency. I'm going to start buying credit. I warned this is going to happen. I said the prices are going to collapse. I think they're low enough, then, to start buying them. But I want to buy so much of this stuff that it's probably going to take us a year. And we didn't really get fully invested until March of '09, which as good luck would have it, turned out to be the bottom. So yeah, I think something along those lines is going to happen, but it's not going to be in the securitized markets. It's going to be in the market that's mis-rated today. When you're looking for distressed opportunities in fixed income, the best ones come from things that are mis-rate going into the problem, because the people that buy investment-grade corporate bonds are looking for safety. They think they have safety. When you buy a AAA-rated subprime floater, you're a AAA person. You didn't sign up for a lot of risk. You signed up for a little bit of reward, hoping that the risk was de minimis. But then it ends up being a big risk. And so it's not surprising that the people that sign up for safety sell when the market goes down, because their eyes have been opened, and they now realize that they were fooled. They thought it was safe, but they were wrong. And so they were lied to. And so they decide, I never signed up for this. I'm getting out before it gets worse. And that creates another layer of selling. So for example, there was a lot of buying of stocks in the latter part of December. And by all appearances, it seems to have carried into-- JULIA LA ROCHE: Right. They might be feeling good. JEFFREY GUNDLACH: --2019. I think the people that bought at the best levels of late December-- I think that they will sell at a lower level than what they bought in it, for that same type of a thing. They bought in. They thought it was a buy at the dip. They feel emboldened by it. They've gotten an economic and psychic reward so far. But once that buy goes underwater, it will accelerate the selling, because those people will turn into sellers, I think. And that'll happen in the corporate bond market, too. Bear market: Last years selloff just a taste of things to come JULIA LA ROCHE: Do you think there's another down coming? Do you think this is a bear market that we're in? JEFFREY GUNDLACH: Yeah. It's a bear market. I mean, a bear market has nothing to do with this 20% arbitrary thing. It has to do with something crazy happening first, and then the crazy thing gives it up. And yet more traditional things continue to march on, but one by one, they give it up. So what was the crazy thing? Bitcoin. Bitcoin was the crazy thing. Bitcoin going from zero to $20,000 in a straight line-- it was crazy. And you knew it was crazy because other things started to happen that were truly insane. There was this thing called CryptoKitties. It wasn't a cryptocurrency. It was a collectible, but it had the name "Crypto" in it. And they were each unique, but there were cartoon drawings of cats. And there was actually a moment where one sold for over $100,000. Of course, they're worth $0 today. But that is a sign. That's like Pets.com back in the late '90s. That's like pick-a-pay, negative amortization, 120 LTV loans in 2006. Bitcoin was insane, and it crashed starting in December of 2018. Then the global stock market peaked a month later. Then the transports peaked, the utilities peaked. Then the Dow Jones industrials peaked. Then the S&P peaked. Then finally, the NASDAQ peaked. And then it was down to five stocks. And then it was down to four stocks. Then it was down to two, Amazon and Apple. And then, on October 3, it was over. And so that's how a bear market develops. And I think that it's been saved by the Fed's pivot, and it's been saved by the bond rally taking some pressure off the stock market. But if the long end of rates starts to rise, as I expect, and if we break through 350 on the 30-year, I think it's over, because the competition from the bond market, particularly against a climate of limiting one of the engines of stock price appreciation, which is buybacks, is thought to be potentially in jeopardy. I mean, it is interesting that a Republican is proposing legislation to curb buybacks. That shows you that Marco Rubio wants to get in front of this issue before somebody on the other party claims it as their own. So the support for limiting buybacks seems pretty high. Cannabis seems like mania; smoking stats are horrifying JULIA LA ROCHE: So you mentioned bitcoin, which was the mania. Do you think there's another mania-- I'm thinking, maybe cannabis? That's the one that people are talking about now. If you have an opinion. JEFFREY GUNDLACH: Yeah. I've got young guys working for me that are big believers in the cannabis thing, and they claim that it's all about getting shelf space and branding and getting bought out by another big company. That's the game. I mean, it sounds plausible to me, but I don't know. I'm pretty simplistic. I don't know why there isn't a corn mania. How come there isn't a corn mania? JULIA LA ROCHE: Yeah, why not? JEFFREY GUNDLACH: Grow corn, too. I don't understand why, just because it used to be illegal, that somehow it's got this special magic to it. But it's interesting. The cannabis thing does seem kind of like a mania. I mean, people probably make a lot of money in some parts of it. But that's just not for me. I've no interest in mania stuff. I just watch amusedly from the sidelines. What I do find that's a little bit scary is, I saw a statistic this week that the increase in smoking among high school students, year over year, 38%-- JULIA LA ROCHE: Because of the Juul? Vaping. JEFFREY GUNDLACH: It's because of vaping. A person smokes a Juul Labs Inc. e-cigarette in this arranged photograph taken in the Brooklyn Borough of New York, U.S., on Thursday, Dec. 20, 2018. (Gabby Jones/Bloomberg via Getty Images) There is an explosion in smoking, which I suppose is probably a gateway for the cannabis industry. So maybe there's something there. But I find that to be an incredibly horrifying statistic. In one year, 38% increase, and now over 50% of high school kids are either smoking-- they're probably mostly vaping, I think, which is probably far worse, far worse than traditional cigarettes. I don't know. I've never been a cigarette smoker, but I wouldn't go anywhere near any of this chemical concentration stuff. Dealing with the noise and avoiding groupthink JULIA LA ROCHE: One thing that's always been interesting to me, Jeffrey, is, you're out here on the West Coast, and people do look to you for your various calls and views. And I'm just wondering, how do you sift through the noise? How do you get your information? What do you look at? JEFFREY GUNDLACH: I look at news wires more than anything else. And I try very hard to pay no attention to what other people think. Sometimes people do things. They say, name somebody that you admire or something. And I was thinking about it, and a person I really admire is someone that most people don't know the person's name. His name is Donald Judd. And Donald Judd was one of the great-- call him a sculptor if you want to-- of the 20th century. He broke rules and made people angry, because he actually didn't make the sculptures himself. He designed them and then sent them off to machine shops. And this was back in the '60s when he started. And that was considered to be-- that can't be art, because it doesn't have the artist's hand in it. But Donald Judd was an art critic in New York City, and then he tried his hand at painting. And he as an art critic, he was very involved with the art scene, which was very vibrant in the late '50s and early '60s. New York was the artistic capital of the world, having moved there from Paris. And Donald Judd became very involved as a critic and then a painter. And then he decided that being in the New York art scene was detrimental to his own artistic vision, because he was too influenced by Willem de Kooning and Andy Warhol and Eva Hesse and all these other luminaries of the time, and that it made him distracted, that other people's ideas were confusing him and taking his vision of his own art and making it more diluted. Untitled box-like art, sometimes called Judd cubes, by Minimalist artist Donald Judd, though he detested the minimalist description, on the grounds of the Chinati Foundation, or La Fundacion Chinati, a contemporary art museum in Marfa, a surprisingly sophisticated town in the Texas high desert (Photo by Carol M. Highsmith/Buyenlarge/Getty Images) So he did something very radical. He got up, and thanks to the generosity of the Dia Foundation, who bought an old Korean army base that he had served at in Marfa, Texas-- which is the definition of the middle of nowhere-- he set up his art studio there in the old barracks and the old artillery sheds. And he wanted to get away from all of the noise. And by far, his best work is in Marfa, Texas. It's the greatest art installation I've ever seen. It's hard to get to. It's 300 miles away from any commercial airport. So you have to fly in and drive, or you've got to fly out to jet strip there. And that really spoke a lot to me, because I realized that doing things like-- there's some events that I get invited to all the time, groupthink events. They call them Titans' Dinners and stuff like this. And all these hotshots are there, all these names of people that we all know in this business. And they'll be there, and you can sit there, and people share ideas. And I did a couple of those years ago, and I would sit there, and here's Mr. Great number one, and he's massively bullish on Apple. And then they turn to Mr. Great number two, and he's massively bearish on Apple. And both of their arguments sound really good to me. So I've suddenly like, I don't know what I think now about Apple. I might have walked in the room thinking something positive or negative, but now I'm just confused. Correlations: I have a whole team looking for them And so I think what's important is to look at the news flow and watch for those times when the news doesn't change, but the interpretation does, or the news does change, and the interpretation doesn't. Those are moments where there's this gap of opportunity. And I think my primary skill has always been living in that gap in a way that's quicker-- maybe it's just because of the way I operate, I don't know-- than other people. And so that's the real key, is to look for harbingers and instances of the cusp of change. When you actually get a moment, you can act on it. Strange things happen. I remember that Ben Bernanke, when things were looking pretty grim back there in 2011 or so-- he said, we're going to keep short-term interest rates at zero for at least three years. He pre-announced three years of zero interest rates. And shockingly, many instruments in the bond market that were sure to profit tremendously from zero interest rates for three more years-- they didn't go up in price for half a day. And I bought them all. And I was like, why aren't people buying them? I said, I don't know, but they should be like 20 points higher. And they were 20 points higher about two weeks later. But they were actually there to be had. Because people want to see the idea that they have get ratified or corroborated by a crawler on some financial program. And then, oh, I see, now it's safe to do this, because everybody else is saying that this is the conclusion you're supposed to draw. But by then, it's priced in. So by the time it's safe and you have a confirmation that your idea might be broadly embraced-- by then, it's too late. So that's really the key. Also, just trying to find relationships. I have a whole team, that what we do is, we just look for correlations. That might be common sense, but then you verify them, some things that just correlate well. For example, things like the Fed's underlying inflation gauge, which doesn't get nearly enough attention. It correlates incredibly well to CPI, core CPI, on about an 18-month lead basis. It's got about an 80% correlation. Nobody knows about this. Well, we do. Unfortunately, I speak to people like you, and I give my ideas away. But it's OK, because relationships don't hold up forever. The world changes. The variables change. The coefficients change that drive things. And so it's really important that you just stay on top. That's why I do what I do. I mean I could have retired a long time ago. I find it very interesting as a way of processing human behavior, society, and just understanding what makes the world go round. Recruiting: I generally like to hire people who either I know or who know nothing. JULIA LA ROCHE: Well, I want to follow up on a couple of things here. You mentioned that your team here-- and I've met a few folks from DoubleLine in the past couple of years. How do you think about talent? What do you look for when you're hiring someone? JEFFREY GUNDLACH: I generally like to hire people who either I know or who know nothing. I don't like bringing in people from other firms who have eight years' experience because they've learned some other way. And not that the other way is wrong, but it's not the way we do things. And it's not that we do everything perfectly-- there's only our way. But I like people who are right out of school, because that way, they don't have to be untrained from what they thought they learned somewhere else. And then I like people that I know the way they think. So we like people that are very analytic. We like people who believe in shared success. I tell people when they start working here, at many firms, you succeed by killing the person next to you. If you even go in that direction, you're gone. I want people to want the person next to them to do well, because the person next you're doing well means the firm does well. And so we have a shared success philosophy. And it comes from the top because, I never yell at anybody. My philosophy is, everything that goes right, the team did it, and everything that goes wrong, it's my fault. And I think that people appreciate that. Tax policy is pretty strange JULIA LA ROCHE: You mentioned that you could have retired. I'm sure people ask you, well, you're successful, you can retire anytime. What is it that keeps you going? What is it that drives you? JEFFREY GUNDLACH: It's not really working, is the thing. I just process the world through human interaction, which in this particular instance reveals itself through financial markets' movements. And so I just sort of like it. Also, I'm committed to a couple of terrible enterprises that basically need a lot of money. So that's a good reason to work, so that it can be funneled not just to the Internal Revenue Service in the United States Treasury-- which I am a very significant contributor to-- but also something I think matters, rather than just some rathole of administrative waste. And so I don't really resent the fact that I pay so many taxes. It's sort of a privilege in a certain sense. But I also want to be able to see results for the money that I'm giving away-- JULIA LA ROCHE: And have impact. JEFFREY GUNDLACH: And it's a very big impact when it doesn't go through a bureaucratic machine. JULIA LA ROCHE: How about when folks are saying, they should have a 70% marginal tax rate on the wealthiest-- JEFFREY GUNDLACH: Well, my marginal tax rate is presently combined, California and US, 52.6%. I am deeply offended when people tell me, no, it's not. I actually have heard people say that to me. No, it's not. Rich people like you only pay 15%. I'm telling you, it's 52.6%. All right? So that's because California's 13.3%, and then there's federal, and there's other things. So if they raise it to 70%, that would be a 33% increase. I would go to 85.6%. I really think I would stop working. JULIA LA ROCHE: Yeah. Who would even work at that point? JEFFREY GUNDLACH: I really think I would stop working at 85.6%. So the tax policy is pretty strange, because a lot of people that are in my financial position really do pay low taxes. I remember Mitt Romney-- I think he had a 14% tax rate on some tax return that he revealed as part of his run for president. I mean, 14%. That's just amazingly low. I agree, that's ridiculous. But instead of raising me from 52.6% to 85.6%, I think the 14%-ers should come up to 52.6%. That's what should be happening. But I guess I'm just in a very, very small minority, and so the others protect the 14% potential. So tax policy is really weird. It's really weird to me that people making exactly the same amount of money pay very, very different tax rates. Art and how DoubleLine got its name JULIA LA ROCHE: Well, I know one of the areas that you're really focused on when it comes to philanthropy is art, and that you are a passionate art collector. How do you think art influences your career, your investment career? JEFFREY GUNDLACH: I don't really think it does. I think it's just very different. I mean art is very subjective. So I think it's a balance, more than a tie-in to what I do. What I do, running money, other people's money, is amazingly, at the end of the day, not objective as to whether you've done a good job or not. It's actually painfully objective, because it's a number to two decimal points or more. That's your number versus that market number versus some other investor's number. And there's no getting away from that. It's incredibly easy to judge. Whereas art is incredibly subjective, and you can't put any kind of definitive number on it. And so I think it's a yin and yang thing. JULIA LA ROCHE: One thing I do like is when you get off the elevator, you see DoubleLine. You see that the painting that you actually did. Tell us the story. What does the name DoubleLine mean? JEFFREY GUNDLACH: Well, it's interesting. I for some unknown reason, in about 2005, woke up in the middle of the night-- which I almost never do. I'm not one of these can't sleep at night people. I often get asked, what keeps you up at night, and I say nothing. I mean, there's nothing. It keeps you up at night. JULIA LA ROCHE: Sleep well. JEFFREY GUNDLACH: Yeah. So I woke up in the middle of the night, and for some reason, I was obsessed with this idea, which I never thought about before. If I started my imagined firm, what would I call it? And it was just kind of a fun thought experiment. And so many names are meaningless. They're named after an intersection in a city or a Greek god or some sort of gibberish like First Financial. If there is one, I'm not trying to insult them, but names don't really mean anything. Or rivers or something like this. Lakes. Geographic places. I was like, I'd want a name that meant something. And so what would be a good name? And I had just bought my first Mondrian. And it's his last great classical painting, where two devices are used. One was an early device called a progression, which is basically rectangles that progressed. Another was a device he came up with in 1931, which is called the double line. And the double line is a further ambiguity between line and plane, because there are two lines that are close enough together that they look like two lines, but they could also be interpreted as defining the negative space of a rectangle by bordering them. 'Composition B with Red' a work by Dutch abstract painter Piet Mondrian (1872-1944), at the Tate Gallery. (Photo by Matthew Fearn - PA Images via Getty Images) So I had this picture and just got the double lines. And I was thinking, a double line. That would be a really good logo. And then I realized that it had a meaning, that the meaning was, in everyone's life that they experience, more frequently. People go, double line? I don't-- what? There's a double line in the middle of a highway. And by law, you're not supposed to cross it but it's really there for your protection. At least, you like to think it's there for a reason. And the reason, of course, is it's not safe. And so I realized, hey, that's pretty neat, because I'm really risk-averse. I think more about what you shouldn't do than what you should do. And what you shouldn't do is take fatal risks. That's what kills, particularly, fixed-income investors. If you buy a lot of junky bonds, and they default, your money is gone forever. If you buy a bunch of mortgages and they refinance at the wrong time, you lost money forever. So it's what you don't do. And I thought, that's perfect, because it defines things that we won't take, certain fatal risks. I was giving a speech years ago now. It was way back in our second year of business or something I was giving two speeches in one day. One was in Bakersfield, and one was in San Luis Obispo. And Bakersfield is really interesting. It's a very wealthy community. You wouldn't think so, but it is. There's a lot of farmers, and there's a lot of oil there. And I went to give the speech, and a lot of guys showed up in overalls. They were farmers. There was a guy who was like the number-two potash guy in the world or something. These billionaires, and they're showing up in overalls. And then I said, hey, I'm looking at my map. I've got to go to San Luis Obispo. There's two roads, and I can't really tell which is the more efficient route. And the guy says, whatever you do, don't take this one. I go, well, why not? He said, it's called Blood Alley. I said, really? He goes, yep. There's more fatal head-ons on that road than any other one in the state. And the reason is that it's tractor country, and it's very winding, and it's one lane each way, and tractors go slow, and people are impatient. And they just decide they're going to go for it, and a truck's coming the other way, and they get wiped out. And that's why it's called Blood Alley. And I said, that's fantastic. That's exactly-- and I started talking about the name of the firm and everything. It was pretty interesting. So we took the other road, obviously. It was pretty cool. We went over the San Andreas Fault, where the road has a massive whoop-ti-doo in it. It was really surprising. And someone went was like, what was that? And someone said, that was the San Andreas Fault. That's right halfway between those two. So anyway, the double line really came to life with that guy in the overalls. Facebooks big problem is obviously their business model JULIA LA ROCHE: Well, before I let you go, we've seen you on Twitter, and the last thing I want to know-- when did you join? JEFFREY GUNDLACH: It was at Ira Sohn in 2017. JULIA LA ROCHE: Ira Sohn, that's right. That's right. So what's your take on social media now that you have somewhat of a presence? JEFFREY GUNDLACH: I have no presence. I follow nobody. JULIA LA ROCHE: But you tweet a lot, and you get a lot of retweets. JEFFREY GUNDLACH: Well, I don't tweet that much. But I do sometimes. I'm just trying to give people an insight into what I'm really thinking. There's a lot of misreporting that goes on in financial media. There's a lot of people that report on-- but somebody reported on, something reported on, like that old telephone game that you do in first grade, where you go through the class, and it ends up starting to be, the sun is shining, and the last person says, the cow was in the hotel, and you can't figure out how the message got so altered. But that happens with re-reporting. And I like to tell people what I really think. So I like interviews that are live, or ones that I do a written statement, because I find-- when I do webcasts, for example, the stuff that gets reported-- more than half of it's wrong. I mean, I didn't say that. They'll leave out the word "not" and then invert the meaning. So I like to have the Twitter account where, if something like that goes off, I can say, this is truly where I'm coming from. JULIA LA ROCHE: Then we'll never see Jeffrey Gundlach on Facebook? JEFFREY GUNDLACH: Never. Never. Never on Facebook. I don't know what Instagram is. I've never downloaded an app in my life. JULIA LA ROCHE: Do you still have an opinion on Facebook? I do remember you spoke about it. It was a pair trade, so maybe last year. JEFFREY GUNDLACH: And it fell a lot. It's rebounded back up. I just think that Facebook-- their big problem is obviously their business model. And I talked about things that are safe ended up being unsafe. I think that's Facebook I mean, they sold themselves as comfortable and safe, but they're really just a diabolical data collection monster. And they're unrepentant. And I just saw yesterday they were talking about more regulation in Europe in the UK. And when the regulators show up, usually, the stock prices go down. Health care had a meteoric rise until the regulators showed up a few years ago, and then a big decline. So I don't really trust Facebook. So the fact that I don't trust them makes me not like them, and the fact they don't like them makes me want their stock to go down. JULIA LA ROCHE: Well, Jeffrey Gundlach, CEO of DoubleLine Capital, it's been a pleasure. Thank you so much for your time. JEFFREY GUNDLACH: Thanks again for coming. Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter . Gundlach: The U.S. economy seems to be on a suicide mission Gundlach: Debt-financed stock buybacks have turned the market into a CDO residual Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit . || Most Cryptos See Gentle Green Amid Exceedingly Calm Market Picture: Saturday, Feb. 16: Cryptocurrencies are seeing mild price action, with virtually all of the top 20 coins by market cap seeing fluctuations of within 2 percent in both directions on the day, as data fromCoin360shows.
Market visualization byCoin360
Top cryptocurrency Bitcoin (BTC) has seen fractional 0.37 percent growth on the day and is trading at $3,631 to press time, according toCoinMarketCapdata. On its 7-day chart, the coin has jaggedly traded downward from an intraweek peak of almost $6,700 on Feb. 11 to a low of $3,610 on Feb. 14 — subsequently recuperating some of its losses. On the month, the coin has seen virtually no movement, trading down by a mild 0.8 percent in value.
Bitcoin 7-day price chart. Source:CoinMarketCap
Ethereum (ETH) — holding on to its newly-regainedposition as largestaltcoinby market cap — is up around 1 percent on the day to trade at roughly $123 to press time. The altcoin has seen moderate and consistent growth over the past seven days, bringing its weekly gains to just over 4 percent.
On the month, Ethereum is similarly stable, trading at virtually the same price point (0.4 percent down) as in mid-January.
Ethereum 1-month price chart. Source:CoinMarketCap
In the latest Ethereum core dev call, ETH co-founderVitalik Buterinand others havedismissedallegations that a newsmart contractcreation feature set to be released in theforthcomingConstantinople hard fork will have negative security implications.
Also this week, Chicago-basedcrypto exchangeErisXsubmittedits comments to theUnited StatesCommodity Futures Trading Commission, arguing in favor of regulated ETH futures contracts.
Ripple (XRP) — like its larger market cap counterparts — is seeing virtually no price change on the day, and is trading around $0.301 at press time. Up a fractional 0.5 percent over the past 24 hours, the asset is down a mild 2 percent on the week. Monthly losses are starker, at close to 9 percent.
Ripple 7-day price chart. Source:CoinMarketCap
Industry commentators have this week discussed whetherUnited StatesbankinggiantJPMorgan Chase’snewly-announcedsettlementstablecoincould pose a direct threat to XRP’s future. Ripple CEOBrad Garlinghousehasrefutedthese concerns, arguing that the so-dubbed JMP Coin “misses the point” ofcryptocurrency.
A major exception among the remaining top 20 coins is Litecoin (LTC), which has has seen close to 4 percent in growth on the day to trade at $43.83. The altcoin has thusagaindislodgedEOSand Bitcoin Cash (BCH) as fourth-largest cryptocurrency by market cap, which it holds with a market cap of around $990 million.
EOS, now ranked fifth, is today seeing solid growth, up a solid 2.4 percent on the day to trade at $2.85. Privacy-focused crypto Monero (XMR), ranked 13th, is the only other major altcoin to see discernible growth — gaining about 2 percent on the day to trade at $48.16.
The heaviest top twenty loser meanwhile is Maker (MKR), ranked 17th, which is down 1.6 percent to trade at $509.65.
The totalmarket capitalizationof all cryptocurrencies is around $121 billion as of press time, up a fractional 0.25 percent on the week.
7-day chart of the total market capitalization of all cryptocurrencies fromCoinMarketCap
In other cryptocurrency news, major crypto brokerage Coinmama — which allows users to purchase Bitcoin and Ethereum using a credit card — has revealed it suffered amajor data breachaffecting 450,000 of its users.
And in adoption news, Liberstad — a private, anarcho-capitalist city inNorway— hasadopteda cryptocurrency native to itsblockchain-powered smart city platform. The new crypto will be the city’s official medium of exchange, with national fiat currencies to be prohibited.
• Crypto Markets See Bullish Growth, Asian Stock Markets Rally Ahead of US-China Trade Talk
• EOS Sees Second Day of Growth as Crypto Markets, Stocks See Scant Price Action
• Crypto Markets Continue to See Mixed Signals, Dow Jones Up Over 360 Points
• Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 13 || Most Cryptos See Gentle Green Amid Exceedingly Calm Market Picture: Saturday, Feb. 16: Cryptocurrencies are seeing mild price action, with virtually all of the top 20 coins by market cap seeing fluctuations of within 2 percent in both directions on the day, as data from Coin360 shows. Market visualization by Coin360 Market visualization by Coin360 Top cryptocurrency Bitcoin ( BTC ) has seen fractional 0.37 percent growth on the day and is trading at $3,631 to press time, according to CoinMarketCap data. On its 7-day chart, the coin has jaggedly traded downward from an intraweek peak of almost $6,700 on Feb. 11 to a low of $3,610 on Feb. 14 — subsequently recuperating some of its losses. On the month, the coin has seen virtually no movement, trading down by a mild 0.8 percent in value. Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin 7-day price chart. Source: CoinMarketCap Ethereum ( ETH ) — holding on to its newly- regained position as largest altcoin by market cap — is up around 1 percent on the day to trade at roughly $123 to press time. The altcoin has seen moderate and consistent growth over the past seven days, bringing its weekly gains to just over 4 percent. On the month, Ethereum is similarly stable, trading at virtually the same price point (0.4 percent down) as in mid-January. Ethereum 1-month price chart. Source: CoinMarketCap Ethereum 1-month price chart. Source: CoinMarketCap In the latest Ethereum core dev call, ETH co-founder Vitalik Buterin and others have dismissed allegations that a new smart contract creation feature set to be released in the forthcoming Constantinople hard fork will have negative security implications. Also this week, Chicago-based crypto exchange ErisX submitted its comments to the United States Commodity Futures Trading Commission , arguing in favor of regulated ETH futures contracts. Ripple ( XRP ) — like its larger market cap counterparts — is seeing virtually no price change on the day, and is trading around $0.301 at press time. Up a fractional 0.5 percent over the past 24 hours, the asset is down a mild 2 percent on the week. Monthly losses are starker, at close to 9 percent. Story continues Ripple 7-day price chart. Source: CoinMarketCap Ripple 7-day price chart. Source: CoinMarketCap Industry commentators have this week discussed whether United States banking giant JPMorgan Chase ’s newly-announced settlement stablecoin could pose a direct threat to XRP’s future. Ripple CEO Brad Garlinghouse has refuted these concerns, arguing that the so-dubbed JMP Coin “misses the point” of cryptocurrency . A major exception among the remaining top 20 coins is Litecoin ( LTC ), which has has seen close to 4 percent in growth on the day to trade at $43.83. The altcoin has thus again dislodged EOS and Bitcoin Cash ( BCH ) as fourth-largest cryptocurrency by market cap, which it holds with a market cap of around $990 million. EOS , now ranked fifth, is today seeing solid growth, up a solid 2.4 percent on the day to trade at $2.85. Privacy-focused crypto Monero ( XMR ), ranked 13th, is the only other major altcoin to see discernible growth — gaining about 2 percent on the day to trade at $48.16. The heaviest top twenty loser meanwhile is Maker ( MKR ), ranked 17th, which is down 1.6 percent to trade at $509.65. The total market capitalization of all cryptocurrencies is around $121 billion as of press time, up a fractional 0.25 percent on the week. 7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap 7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap In other cryptocurrency news, major crypto brokerage Coinmama — which allows users to purchase Bitcoin and Ethereum using a credit card — has revealed it suffered a major data breach affecting 450,000 of its users. And in adoption news, Liberstad — a private, anarcho-capitalist city in Norway — has adopted a cryptocurrency native to its blockchain -powered smart city platform. The new crypto will be the city’s official medium of exchange, with national fiat currencies to be prohibited. Related Articles: Crypto Markets See Bullish Growth, Asian Stock Markets Rally Ahead of US-China Trade Talk EOS Sees Second Day of Growth as Crypto Markets, Stocks See Scant Price Action Crypto Markets Continue to See Mixed Signals, Dow Jones Up Over 360 Points Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Tron, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 13 || ErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market: Chicago-based crypto exchange ErisX has filed a comment letter with the United States Commodity Futures Trading Commission ( CFTC ) in response to the agency’s request for feedback on Ethereum ( ETH )’s mechanics and market. The letter, submitted on Feb. 15, sets forth the exchange’s belief that “the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market.” As reported , ErisX is a reboot of traditional futures market Eris Exchange, and is expected to begin support for spot trading in Bitcoin ( BTC ), Ethereum and Litecoin ( LTC ), as well as futures contracts , in the second half of 2019, pending regulatory’ approval. The letter argues that “listing and trading Ether futures compliantly on CFTC regulated markets is consistent” with the CFTC’s efforts to foster “open, transparent, competitive, and financially sound derivative trading markets [and] to prohibit fraud, manipulation, and abusive practices in connection with derivatives and other products subject to the [Commodity Exchange Act] CEA.” The CFTC has long determined that Bitcoin is a commodity, given that it aspires to replace sovereign currencies — rather than a security, which would bring it under the Securities and Exchange Commission ( SEC )’s charge. After significant debate , Ether too was cleared of a securities classification in June 2018. In its letter, ErisX outlines the conceptual distinction between Ethereum and its predecessor, noting that “Ethereum built upon some of the architectural principles of Bitcoin to extend [its] functionality of [a] distributed, (crypto-economically) secured, (blockchain-based) record-keeping system to include new computational capabilities for the execution of arbitrary code.” In its diagnosis of the current state of the Ethereum market, the exchange affirms its view that a lack of regulatory clarity has prevented regulated enterprises from entering the sector, resulting in a preponderance of “unregulated or lightly regulated ‘exchanges’ [and] ‘brokers’ [emerging] to fill the gap, many of them off-shore.” The associated risks — including price volatility and liquidity fluctuations — are therefore: “Not unique to Ether, but [may be exacerbated by] the current fragmented global market structure of trading platforms and ‘exchanges’ with significantly varying degrees of regulatory oversight and operational transparency and integrity.” Story continues ErisX thus contends that standardized, CFTC-regulated ETH products would draw broader participation from institutional actors and commercial users, resulting in “more robust, liquid, and resilient markets,” better risk management and more efficient, accurate price discovery. As reported , ErisX has this month appointed three veterans from Barclays, YouYube and the Chicago Board Options Exchange to fill executive roles, having announced the appointment of ConsenSys ’ Joseph Lubin to its board of directors in January. Related Articles: United States Crypto Platform Huobi.com Launches Fiat-Crypto Trading Indonesia’s Commodity Futures Regulator Releases Regulation for Crypto Futures Market CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization Japan Economic Alliance Asks Financial Regulator FSA to Reduce Tax on Crypto View comments || ErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market: Chicago-basedcrypto exchangeErisX has filed a comment letter with theUnited StatesCommodity Futures Trading Commission (CFTC) in response to the agency’s request for feedback on Ethereum (ETH)’s mechanics and market.
The letter,submittedon Feb. 15, sets forth the exchange’s belief that “the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market.”
Asreported, ErisX is a reboot of traditional futures market Eris Exchange, and is expected to begin support for spot trading in Bitcoin (BTC), Ethereum and Litecoin (LTC), as well asfutures contracts, in the second half of 2019, pending regulatory’ approval.
The letter argues that “listing and trading Ether futures compliantly on CFTC regulated markets is consistent” with the CFTC’s efforts to foster “open, transparent, competitive, and financially sound derivative trading markets [and] to prohibit fraud, manipulation, and abusive practices in connection with derivatives and other products subject to the [Commodity Exchange Act] CEA.”
The CFTC has long determined that Bitcoin is a commodity, given that it aspires to replace sovereign currencies — rather than a security, which would bring it under the Securities and Exchange Commission (SEC)’s charge. Aftersignificant debate, Ether too wasclearedof a securities classification in June 2018.
In its letter, ErisX outlines the conceptual distinction between Ethereum and its predecessor, noting that “Ethereum built upon some of the architectural principles of Bitcoin to extend [its] functionality of [a] distributed, (crypto-economically) secured, (blockchain-based) record-keeping system to include new computational capabilities for the execution of arbitrary code.”
In its diagnosis of the current state of the Ethereum market, the exchange affirms its view that a lack of regulatory clarity has prevented regulated enterprises from entering the sector, resulting in a preponderance of “unregulated or lightly regulated ‘exchanges’ [and] ‘brokers’ [emerging] to fill the gap, many of them off-shore.” The associated risks — including price volatility and liquidity fluctuations — are therefore:
“Not unique to Ether, but [may be exacerbated by] the current fragmented global market structure of trading platforms and ‘exchanges’ with significantly varying degrees of regulatory oversight and operational transparency and integrity.”
ErisX thus contends that standardized, CFTC-regulated ETH products would draw broader participation from institutional actors and commercial users, resulting in “more robust, liquid, and resilient markets,” better risk management and more efficient, accurate price discovery.
Asreported, ErisX has this month appointed three veterans from Barclays, YouYube and the Chicago Board Options Exchange to fill executive roles, havingannouncedthe appointment ofConsenSys’ Joseph Lubin to its board of directors in January.
• United States Crypto Platform Huobi.com Launches Fiat-Crypto Trading
• Indonesia’s Commodity Futures Regulator Releases Regulation for Crypto Futures Market
• CFTC Commissioner Brian Quintenz Suggests Creation of Crypto Self-Regulatory Organization
• Japan Economic Alliance Asks Financial Regulator FSA to Reduce Tax on Crypto || Bear Market? Grayscale Bitcoin Trust Averaged $2 Million Invested Per Week in Q4 2018: Grayscale, the creator of GBTC, had an average of $2 million invested every week during the 4thquarter of 2018. About 66% of all investments came from institutions, while 88% of all Grayscale digital investments were in Bitcoin. Just 12% of investments were directed at other digital assets, leading Grayscale to declare the “return of the Bitcoin Maximalist”in their quarterly report.
Investments across the board were down in 2018 as the bear market took over. Yet, Grayscale had its best year so far, with over $359 million in investments. The Bitcoin Investment Trust’s GBTC product has been running fora few years now. With over $359 million in investments, Grayscale had its best year in 2018
Interestingly, the growth was almost 300% over 2017, the year of the largest Bitcoin bull run in history.
The GBTC product is clearly the most attractive to investors. However, the company believes that other digital assets are going to thrive in the future.
Read the full story onCCN.com. || Bear Market? Grayscale Bitcoin Trust Averaged $2 Million Invested Per Week in Q4 2018: Grayscale, the creator of GBTC, had an average of $2 million invested every week during the 4thquarter of 2018. About 66% of all investments came from institutions, while 88% of all Grayscale digital investments were in Bitcoin. Just 12% of investments were directed at other digital assets, leading Grayscale to declare the “return of the Bitcoin Maximalist”in their quarterly report.
Investments across the board were down in 2018 as the bear market took over. Yet, Grayscale had its best year so far, with over $359 million in investments. The Bitcoin Investment Trust’s GBTC product has been running fora few years now. With over $359 million in investments, Grayscale had its best year in 2018
Interestingly, the growth was almost 300% over 2017, the year of the largest Bitcoin bull run in history.
The GBTC product is clearly the most attractive to investors. However, the company believes that other digital assets are going to thrive in the future.
Read the full story onCCN.com. || Bear Market? Grayscale Bitcoin Trust Averaged $2 Million Invested Per Week in Q4 2018: bitcoin price Grayscale, the creator of GBTC, had an average of $2 million invested every week during the 4 th quarter of 2018. About 66% of all investments came from institutions, while 88% of all Grayscale digital investments were in Bitcoin. Just 12% of investments were directed at other digital assets, leading Grayscale to declare the “return of the Bitcoin Maximalist” in their quarterly report . Investments across the board were down in 2018 as the bear market took over. Yet, Grayscale had its best year so far, with over $359 million in investments. The Bitcoin Investment Trust’s GBTC product has been running for a few years now . With over $359 million in investments, Grayscale had its best year in 2018 Interestingly, the growth was almost 300% over 2017, the year of the largest Bitcoin bull run in history. The GBTC product is clearly the most attractive to investors. However, the company believes that other digital assets are going to thrive in the future. Read the full story on CCN.com . || Even Bitcoin-Bashing ‘Dr. Doom’ Roubini isn’t Buying JP Morgan’s Ridiculous Cryptocurrency: “S**t f**k, I agree with Nouriel,” said one cryptocurrency enthusiast in reference to NYU economist and vocal bitcoin bear Nouriel Roubini.
Agreeing with Nouriel Roubini for a cryptocurrency lover was an unbelievable thing. The global economist calledbitcoin “a mother of all scams and bubbles”before the US senators. He wrote elaborativeanti-cryptocurrency reviewsfor mainstream media. Hecelebratedwhen the prices of leading top coins fell drastically. In short, no cryptocurrency supporter should have agreed with the “Dr. Doom.”
Not unless JP Morgan came into the picture.
The American multinational bank on Thursday announced that it had created “JPM Coin,” an XRP-like digital token that would instantly settle transactions between its clients. Since the coin utilized blockchain, the digital ledger technology that powers major cryptocurrency projects, media started referring JPM Coin as ‘crypto.’
Read the full story onCCN.com. || Even Bitcoin-Bashing ‘Dr. Doom’ Roubini isn’t Buying JP Morgan’s Ridiculous Cryptocurrency: “S**t f**k, I agree with Nouriel,” said one cryptocurrency enthusiast in reference to NYU economist and vocal bitcoin bear Nouriel Roubini.
Agreeing with Nouriel Roubini for a cryptocurrency lover was an unbelievable thing. The global economist calledbitcoin “a mother of all scams and bubbles”before the US senators. He wrote elaborativeanti-cryptocurrency reviewsfor mainstream media. Hecelebratedwhen the prices of leading top coins fell drastically. In short, no cryptocurrency supporter should have agreed with the “Dr. Doom.”
Not unless JP Morgan came into the picture.
The American multinational bank on Thursday announced that it had created “JPM Coin,” an XRP-like digital token that would instantly settle transactions between its clients. Since the coin utilized blockchain, the digital ledger technology that powers major cryptocurrency projects, media started referring JPM Coin as ‘crypto.’
Read the full story onCCN.com. || Even Bitcoin-Bashing ‘Dr. Doom’ Roubini isn’t Buying JP Morgan’s Ridiculous Cryptocurrency: Nouriel Roubini bitcoin cryptocurrency “S**t f**k, I agree with Nouriel,” said one cryptocurrency enthusiast in reference to NYU economist and vocal bitcoin bear Nouriel Roubini. Agreeing with Nouriel Roubini for a cryptocurrency lover was an unbelievable thing. The global economist called bitcoin “a mother of all scams and bubbles” before the US senators. He wrote elaborative anti-cryptocurrency reviews for mainstream media. He celebrated when the prices of leading top coins fell drastically. In short, no cryptocurrency supporter should have agreed with the “ Dr. Doom .” Not unless JP Morgan came into the picture. The American multinational bank on Thursday announced that it had created “JPM Coin,” an XRP-like digital token that would instantly settle transactions between its clients. Since the coin utilized blockchain, the digital ledger technology that powers major cryptocurrency projects, media started referring JPM Coin as ‘crypto.’ Read the full story on CCN.com . || Gundlach: Last year's market selloff was just a 'taste of things to come': Late last year, the S&P 500 ( ^GSPC ) tumbled 20% from its Oct. 3 intraday high to its Dec. 24 intraday. And despite the markets sharp 17% rally from those lows, Bond king Jeffrey Gundlach says were in a bear market and that we could see new lows. "A bear market has nothing to do with this 20% arbitrary thing," Gundlach, the CEO of $121 billion DoubleLine Capital, told Yahoo Finance in an exclusive interview. "It has to do with something crazy happening first, and then the crazy thing gives it up. And yet more traditional things continue to march on. But one by one they give it up." That crazy thing: bitcoin. Bitcoin going from zero to 20,000 in a straight line, Gundlach said. It was crazy. You knew it was crazy, because other things started to happen that we're truly insane, he added. There was a thing called Crypto Kitties. It wasn't a crypto currency. It was a collectible, but it had the word crypto in it. They were each unique, but there were cartoon drawings of cats. There was actually a moment where one sold for over $100,000. Of course, they're worth zero today. That is a sign. Hedge fund manager Mike Novogratz bought a crypto kitty for $140,000. (Image: Vice News) Soon after, the global stock market peaked and turned, Gundlach noted. That was followed by stock market sectors peaking and turning like dominos. The last of those dominos included Amazon ( AMZN ) and Apple ( AAPL ). Then, on October 3rd, it was over, he said pointing to the S&Ps peak. Decembers dip buyers will sell at lower levels The market has since been saved by the Fed's pivot to be patient on monetary policy and the subsequent rally in the bond market, all of which has kept interest rates low. For now. "If the long end of rates starts to rise, as I expect, and if we break through 3.50% on the 30-year, I think it's over, Gundlach added. Because the competition from the bond market, particularly against a climate of limiting one of the engines of stock price appreciation, which is buybacks , is thought to be potentially in jeopardy." Story continues Gundlach believes that investors who bought during December's dip will likely end up selling at a lower point. "They bought in, they thought it was a buy-the-dip. They feel emboldened buy it. They've gotten an economic and psychic reward so far. Once that buy goes underwater, it will accelerate the selling, because those people will turn into sellers. I think that'll happen in the corporate bond market too. " Gundlach has warned of the risks in the corporate bond market, but eventually, there will be an opportunity to put capital to work. "[When] the next recession comes, there's going to be an outrageous opportunity in corporate credit," he said. "I think you want to own none right now. None. Instead, you just say, 'I might lose a few percent, versus playing in that game.' When it goes down, what we saw what happened from October 3rd until Christmas Eve, I mean, there was a pretty big drop. I think that that's just a taste of things to come," he said. [ Full transcript of Jeffrey Gundlachs extended conversation with Yahoo Finance ] Sam Ro contributed to this article. Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter . Gundlach: The U.S. economy seems to be on a suicide mission Gundlach: Debt-financed stock buybacks have turned the market into a CDO residual Jeffrey Gundlach discusses the biggest risk he sees in the market Gundlach: We dont see a recession on the horizon. But theres bad news... || Gundlach: Last year's market selloff was just a 'taste of things to come': Late last year, the S&P 500 (^GSPC) tumbled 20% from its Oct. 3 intraday high to its Dec. 24 intraday. And despite the market’s sharp 17% rally from those lows, Bond king Jeffrey Gundlach says we’re in a bear market and that we could see new lows.
"A bear market has nothing to do with this 20% arbitrary thing," Gundlach, the CEO of $121 billion DoubleLine Capital, told Yahoo Finance in an exclusive interview. "It has to do with something crazy happening first, and then the crazy thing gives it up. And yet more traditional things continue to march on. But one by one they give it up."
“Bitcoin going from zero to 20,000 in a straight line,” Gundlach said. “It was crazy.”
“You knew it was crazy, because other things started to happen that we're truly insane,” he added. “There was a thing called Crypto Kitties. It wasn't a crypto currency. It was a collectible, but it had the word ‘crypto’ in it. They were each unique, but there were cartoon drawings of cats. There was actually a moment where one sold for over $100,000. Of course, they're worth zero today.”
“That is a sign.”
Soon after, the global stock market peaked and turned, Gundlach noted. That was followed by stock market sectors peaking and turning like dominos.
The last of those dominos included Amazon (AMZN) and Apple (AAPL).
“Then, on October 3rd, it was over,” he said pointing to the S&P’s peak.
The market has since been saved by the Fed's pivot to be “patient” on monetary policy and the subsequent rally in the bond market, all of which has kept interest rates low. For now.
"If the long end of rates starts to rise, as I expect, and if we break through 3.50% on the 30-year, I think it's over,” Gundlach added. “Because the competition from the bond market, particularly against a climate of limiting one of the engines of stock price appreciation,which is buybacks, is thought to be potentially in jeopardy."
Gundlach believes that investors who bought during December's dip will likely end up selling at a lower point.
"They bought in, they thought it was a buy-the-dip. They feel emboldened buy it. They've gotten an economic and psychic reward so far. Once that buy goes underwater, it will accelerate the selling, because those people will turn into sellers.I think that'll happen in the corporate bond market too."
Gundlach has warned of the risks in the corporate bond market, but eventually, there will be an opportunity to put capital to work.
"[When] thenext recessioncomes, there's going to be an outrageous opportunity in corporate credit," he said. "I think you want to own none right now. None. Instead, you just say, 'I might lose a few percent, versus playing in that game.' When it goes down, what we saw what happened from October 3rd until Christmas Eve, I mean, there was a pretty big drop.”
“I think that that's just a taste of things to come," he said.
[Full transcript of Jeffrey Gundlach’s extended conversation with Yahoo Finance]
Sam Ro contributed to this article.
—
Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter.
• Gundlach: The U.S. economy seems to be on a ‘suicide mission’
• Gundlach: Debt-financed stock buybacks have turned the market into a ‘CDO residual’
• Jeffrey Gundlach discusses ‘the biggest risk’ he sees in the market
• Gundlach: We don’t see a recession on the horizon. But there’s bad news... || Ordinary Stablecoin or XRP Killer? What We Know About JPMorgan Chase’s New Cryptocurrency: On Feb. 14,United StatesbankingbehemothJPMorgan Chaseannounced its owncryptocurrency. Significantly, it is the first time a major U.S. bank has tapped into digital assets for direct use in business operations.
It is fair to say that move comes unexpectedly for JPMorgan Chase, whose CEO,Jamie Dimon, is famous within the crypto community for his anti-Bitcoin (BTC) remarks. Here are the main outtakes from reports and comments about the new virtual currency, dubbed “JPM Coin.”
There are three early applications for the JPM Coin, as Umar Farooq, head of the lender's blockchain projects,toldCNBC.
The first one iscross-border paymentsfor large corporate clients, which currently rely on wire transfers provided by networks likeSWIFT, meaning that they might take up to several working days to settle. According to Farooq, payments using JPM Coin will be instantly performed at any time of day.
As a result, SWIFT, which currentlyhandles more than half of all high-value, cross-border payments, might be additionally challenged to update its remittance system. The 46-year-oldBelgium-based interbank messaging service has already been confronted by Ripple (XRP), whose CEO, Brad Garlinghouse, had recentlydeclaredthat “what we are doing on a day-to-day basis is in fact taking over SWIFT.” Ripple has reported various advancements on the field of international payments, allegedlysaving transaction costs by 40-70 percentwith its xRapid platform andaddingseveral major banking institutions to its RippleNet network.
SWIFT, in turn,has already started researching blockchainas one of the options to achieve quicker payments. Additionally, it has been boosting its Global Payments Innovation (GPI) payments platform — just recently, the banking networklauncheda proof-of-concept (PoC) of a gateway that would allow blockchain software firmR3to connect to the GPI.
Secondly, JPM Coin will reportedly be used forsecurities transactions. In April, the banktestedits Quorum Blockchain platform, along with with the National Bank of Canada and other lending sector participants. The intent was to streamline origination, settlement and interest rate payments, among other financial processes.
Specifically, as Reuterswrote, the trial “mirrored the Canadian bank’s $150 million offering on the same day of a one-year floating-rate Yankee certificate of deposit.” Thus, institutional investors can use the JPM Coin for instant settlements, as opposed to waiting for a wire transfer to come through.
JPMorgan ChasecreatedQuorum in 2016 as part of the Ethereum Enterprise Alliance (EEA), of which it is one of the founding partners. The platforms runs on the Ethereum (ETH) blockchain and is modeled after the Ethereum Go client. It is currently used by pharmaceutical companies Pfizer and Genentech as well asMicrosoftAzure, among others. In March, JPMorgan Chasedeclaredthat they were considering making Quorum an independent entity as way to attract more partners that could be scared off if they are competitors of the bank.
Finally, the new cryptocurrency might be employed by large corporations including Honeywell International andFacebook, which will reportedly use JPMorgan Chase'streasury services businessto replace the funds they hold in various subsidiaries across the world. According to CNBC, that businesses brought the lender $9 billion in revenue in 2018. Farooq explained in a comment:
"Money sloshes back and forth all over the world in a large enterprise. Is there a way to ensure that a subsidiary can represent cash on the balance sheet without having to actually wire it to the unit? That way, they can consolidate their money and probably get better rates for it."
The trials for the token are set to start “in a few months.” However, only a small amount of the total funds involved in the three aforementioned areas would involve JPM Coin at first. In total, JPMorgan Chase moves more than $6 trillion across the world on a daily basis, according to CNBC. It isthe largest bank in the country. As Farooq told:
“Pretty much every big corporation is our client, and most of the major banks in the world are too. Even if this was limited to JPM clients at the institutional level, it shouldn't hold us back.”
He also added that, in the future, the lender’s token could be used for payments on internet-connected devices if they are migrates to blockchain. Overall, the JPM representative seemed enthusiastic about the technology’s perspectives at the bank.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction.The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”
According to the CNBC report, JPM Coins are pegged to U.S. dollars so that its value stays stable — technically, that makes the new token astablecoin, at least in its initial form.
Clients will reportedly be issued the coins after depositing dollars at JPMorgan Chase. After the tokens are used for a payment or security purchase on the blockchain, the lender will allegedly destroy them and give clients an equivalent amount of fiat in return.
Overall, stablecoins had a great year in 2018, becoming a growing trend among the market’s most compliance-oriented players. For instance,Goldman Sachs-backed startupCirclelaunchedits USD Coin (USDC) in collaboration with major U.S. crypto exchangeCoinbase, and theWinklevoss twinspresentedtheir own stablecoin dubbed theGeminidollar after receiving the regulatory green light from the New York Department of Financial Services (NYDFS).
According to an FAQreleasedby JPM on the same day CNBC broke the news, its token will initially be powered by the aforementioned Quorum blockchain (which is permissioned, or, in other words, private), but will also become applicable to “all standard blockchain networks” in the future.
“The JPM Coin will be issued on Quorum Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks,” the guide says.
Based on that, Jerry Brito, executive director at Coin Center, a nonprofit research and advocacy center focused on cryptocurrencies and blockchain,toldMarketWatch that JPM merely launched an in-house payments system rather than an actual cryptocurrency:
“There’s a lot of confusion. [...] I see folks referring to it as a cryptocurrency. It’s not a cryptocurrency. A cryptocurrency is one that is open and permissionless. If you want to download it, you don’t need permission, you just need some software.”
Further, JPM Coin will eventually expand its role beyond being a stablecoin, as per the FAQ:
“Over time, JPM Coin will be extended to other major currencies. The product and technology capabilities are currency agnostic.”
As for now, the token is designed to be used by JPM’s institutional clients only.
JPMorgan Chase became notorious among cryptocurrency participants in 2017, when its CEO, Jamie Dimon, openlycalledBitcoin a “fraud.” In 2018, Dimonreteriertedhis position by saying that he doesn’t “really give a s---” about Bitcoin.
However,at the 2019 World Economic Forum in Davos, when the JPMorgan Chase CEO was asked if he took any satisfaction when the cryptocurrency plunged last year, hereplied negativelyand followed with positive comments about the technology that backs it.
Specifically, Dimon noted that he is pro-blockchain, despite the excessive hype around the technology. In his view, blockchain is a better replacement for certain online databases:
“Blockchain is a real technology — it’s just a database we can all access that’s kept up-to-date.”
Indeed, the banking gianthas been researching blockchain since 2016, when Quorum’s white paper was first published.
Changpeng Zhao, the CEO ofBinance, greeted the first U.S. banking cryptocurrency, referencing Mahatma Ghandi’s "first they ignore you, then they laugh at you, then they fight you, then you win” alleged quote:
Cointelegraph has reached out to Ripple for an additional comment on the matter. In response, the Ripple team sent the link to the tweet of their CEO Brad Garlinghouse, who, in turn,criticizedthe concept of bank-issued digital coins (which he calls “bank coins”) and JPM Coin specifically, citing its centralized structure:
Notably, two years ago, Garlinghousewrote an articlein which he argued that such projects — where bank remittances are performed using unique digital tokens — are misguided and would inevitably result in “an even more fragmented currency landscape than what we have today”:
“If banks of different digital asset groups want to settle trades with one another, they’ll have to make markets between their unique digital assets or trade between their digital assets and a common fiat currency. What a mess!”
However, some community members seem more confident about JPM Coin, suggesting that the new token is capable of achieving widespread use, and hence might overtake Ripple in the future. Multicoin Capital partner Tushar Jainwrote:
Bloomberg business editor Joe Weisenthalexpresseda somewhat similar viewpoint:
While it might be too early to tell whether JPM Coin will be transferred to public blockchains and gain wider recognition among crypto market participants, some seem perplexed by its current capabilities. Thus, Nathaniel Popper, author of the book “Digital Gold, a History of Bitcoin,”tweeted:
• CME Group CEO Terry Duffy: Government Involvement Key to Crypto’s Success
• Ripple CEO Brad Garlinghouse Says JPMorgan Coin ‘Misses the Point’ of Crypto
• Crypto Markets See Bullish Growth, Asian Stock Markets Rally Ahead of US-China Trade Talk
• Hodler’s Digest, Feb. 11–17: Top Stories, Price Movements, Quotes and FUD of the Week
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3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58.
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[Bitcoin Technical Analysis for 2015-08-06]
Volume: 18792100, RSI (14-day): 47.97, 50-day EMA: 272.57, 200-day EMA: 261.92
[Wider Market Context]
Gold Price: 1090.20, Gold RSI: 32.35
Oil Price: 44.66, Oil RSI: 24.64
[Recent News (last 7 days)]
Neste's Interim Report for January-June 2015: Neste CorporationInterim Report5 August 2015 at 9 am. (EET)
Neste`s Interim Report for January-June 2015
Continuing strong refining market enabled good result despite the scheduled major turnaround at the Porvoo refinery
Second quarter in brief:
• Comparable operating profit totaled EUR 78 million (Q2/2014: EUR 86 million)
• Negative impact of the Porvoo refinery turnaround on comparable operating profit was EUR 130 million
• Total refining margin was USD 10.83/bbl (Q2/2014: USD 8.33/bbl)
• Renewable Products` comparable sales margin was USD 210/ton (Q2/2014: USD 200/ton)
• Net cash from operations totaled EUR 227 million (Q2/2014: EUR 219 million)
January-June in brief:
• Comparable operating profit totaled EUR 293 million (1-6/2014: EUR 136 million)
• Return on average capital employed (ROACE) was 12.5% over the last 12 months (2014: 10.1%)
• Leverage ratio was 40.3% as of the end of June (31.12.2014: 37.9%)
• Comparable earnings per share: EUR 0.80 (1-6/2014: EUR 0.30)
President & CEO Matti Lievonen:
"The second quarter was characterized by a strong refining margin environment, and the major turnaround at our Porvoo refinery. Neste recorded a comparable operating profit of EUR 78 million during the second quarter, compared to the EUR 86 million during the corresponding period last year. As announced on 16 June, the turnaround had a negative impact of approximately EUR 130 million on comparable operating profit.
Oil Products generated a comparable operating profit of EUR 14 million (EUR 33 million) during the second quarter. Neste`s reference margin averaged USD 8.7/bbl, which was more than double that in the same period last year. Gasoline margins continued particularly high, supported by global demand growth and the summer driving season. The maintenance turnaround implemented during the second quarter was the largest in the history of the Porvoo refinery. It has now been successfully completed and will help ensure the refinery`s performance and safety for the next five years.
Renewable Products recorded a comparable operating profit of EUR 54 million (EUR 32 million) during the second quarter. Renewable Products` additional margin and a stronger US dollar had a positive effect on the result compared to the same period last year. Feedstock optimization continued, and the share of waste and residue feedstocks reached 67% of total inputs. The Porvoo turnaround reduced renewable diesel production by more than 10% of total production capacity during the second quarter.
Oil Retail`s markets continued competitive, but we were able to increase profits by higher sales volumes particularly in the Baltic markets, and improving margins. The segment generated a comparable operating profit of EUR 22 million, higher than the EUR 20 million booked in the second quarter of 2014.
Global oil demand growth estimates for 2015 have been generally upgraded to 1.3-1.5 million bbl/day, and the forward refining margin outlook for the coming quarters is stronger than that seen in April. Current crude oil price level promotes oil product demand, and there seems to be limited upside potential in oil price.
Our result guidance remains unchanged: Neste estimates the Group`s full-year 2015 comparable operating profit to remain robust and to be higher than that reached in 2014."
The Group`s second-quarter 2015 results
Neste`s revenue in the second quarter totaled EUR 2,605 million (EUR 4,104 million). The decrease mainly resulted from lower sales volumes due to the Porvoo refinery turnaround, which had an impact of EUR 1.1 billion, and lower sales prices caused by the oil price decline, which had a negative impact of EUR 0.7 billion. The change in USD/EUR exchange rate had a positive impact of EUR 0.3 billion on the revenue year-on-year. The Group`s comparable operating profit came in at EUR 78 million (EUR 86 million). Oil Products` result was negatively impacted by the planned major turnaround at the Porvoo refinery, but positively impacted by reference refining margins, which were higher than in the second quarter of 2014. Renewable Products` result improved mainly due to higher additional margin and a favorable USD/EUR exchange rate. Oil Retail`s result was positively impacted by higher sales volumes and margins year-on-year. The Others segment recorded a lower comparable operating profit compared to the second quarter of 2014.
Oil Products` second-quarter comparable operating profit was EUR 14 million (33 million), Renewable Products` EUR 54 million (32 million), and Oil Retail`s EUR 22 million (20 million). The comparable operating profit of the Others segment totaled EUR -14 million (2 million).
The Group`s IFRS operating profit was EUR 63 million (70 million), which was impacted by inventory gains totaling EUR 78 million (2 million), changes in the fair value of open oil derivatives totaling EUR -91 million (-18 million), mainly related to hedging of inventories, and non-recurring items totaling EUR -3 million (0 million). Pre-tax profit was EUR 52 million (48 million), profit for the period EUR 42 million (39 million), and earnings per share EUR 0.17 (0.15). The Group`s effective tax rate was 20% (18%).
The Group`s January-June 2015 results
Neste`s revenue during the first six months totaled EUR 5,348 million (EUR 7,613 million). The decrease mainly resulted from lower overall sales prices caused by the oil price decline, which had an impact of EUR 1.9 billion, and lower sales volumes due to the Porvoo refinery maintenance during the second quarter, which had a negative impact of EUR 1.1 billion. The change in USD/EUR exchange rate had a positive impact of EUR 0.7 billion on the revenue year-on-year. The Group`s comparable operating profit came in at EUR 293 million (EUR 136 million). Oil Products` result was positively impacted by reference refining margins, which were clearly higher than during the first half of 2014. However, the scheduled major turnaround at the Porvoo refinery negatively impacted the segment`s result during the second quarter. Renewable Products improved as a result of successful margin management, feedstock optimization and a favorable USD/EUR exchange rate. Oil Retail`s result was positively impacted by increased sales volumes and margins. The Others segment recorded a lower comparable operating profit compared to the first half of 2014.
Oil Products` six-month comparable operating profit was EUR 170 million (65 million), Renewable Products` EUR 96 million (44 million), and Oil Retail`s EUR 39 million (34 million). The comparable operating profit of the Others segment totaled EUR -11 million (-9 million).
The Group`s IFRS operating profit was EUR 296 million (120 million), which was impacted by inventory gains totaling EUR 2 million (losses of 1 million), changes in the fair value of open oil derivatives totaling EUR -73 million (-13 million), mainly related to hedging of inventories, and non-recurring items totaling EUR 74 million (-2 million), mainly related to the capital gain from the disposal of the Porvoo electricity grid. Pre-tax profit was EUR 257 million (81 million), profit for the period EUR 223 million (66 million), and earnings per share EUR 0.87 (0.25). The Group`s effective tax rate was 13% (20%) mainly due to the tax-exempt items, such as the sale proceeds of the shares of Kilpilahden Sähkönsiirto Oy, electricity grid company.
Outlook
Developments in the global economy have been reflected in the oil, renewable fuel, and renewable feedstock markets; and volatility in these markets is expected to continue.
Global oil demand growth estimates for 2015 have been increased and are generally at 1.3-1.5 million bbl/d, as especially gasoline demand growth has been healthy. The forward reference refining margin outlook for the coming quarters is stronger than that seen in April. While the refining capacity growth in Asia and the Middle East and ending of the refinery maintenance season are expected to increase product supply, the transatlantic supply demand balance is also dependent on demand growth and possible refinery shutdowns. Lifting of the economic sanctions against Iran could increase the supply of medium heavy crude oil in the European market in the future.
Vegetable oil price differentials are expected to vary, depending on crop outlooks, weather phenomena, and variations in demand for different feedstocks, but no fundamental changes in the drivers influencing long-term average feedstock price differentials are expected. Feedstock prices have been on a downward trend, but vegetable oil price differentials have remained narrower than the historical average. Market volatility in feedstock and oil prices is expected to continue, which will have an impact on the Renewable Products segment`s profitability.
Crude oil price changes, supply and demand balances, together with uncertainties related to political decision-making on biofuel mandates, the US Blender`s Tax Credit (BTC) and other incentives will be reflected in the oil and renewable fuel markets. Reintroduction of the BTC would have a positive impact on Neste`s comparable operating profit, and it is not included in the company`s current result guidance.
Neste`s guidance remains unchanged: Neste estimates the Group`s full-year 2015 comparable operating profit to remain robust and to be higher than that reached in 2014.
Further information:
Matti Lievonen, President & CEO, tel. +358 10 458 11Jyrki Mäki-Kala, CFO, tel. +358 10 458 4098Investor Relations, tel. +358 10 458 5292
News conference and conference call
A press conference in Finnish on second-quarter 2015 results will be held today, 5 August 2015, at 11:30 a.m. EET at the company`s headquarters at Keilaranta 21, Espoo.www.neste.comwill feature English versions of the presentation materials. A conference call in English for investors and analysts will be held on 5 August 2015 at 3 p.m. Finland / 1 p.m. London / 8 a.m. New York. The call-in numbers are as follows: Finland: +358 (0)9 6937 9543, rest of Europe: +44 (0)20 3427 1906, US: +1646 254 3362, using access code 6785568. The conference call can be followed at the company`sweb site. An instant replay of the call will be available until 12 August 2015 at +358(0)9 2310 1650 for Finland, +44(0)20 3427 0598 for Europe and +1 347 366 9565 for the US, using access code 6785568.
Neste in brief
Neste is a pioneer in oil refining and renewable solutions. We provide our customers with premium-quality products for cleaner traffic and industrial products based on world-class research. Our sustainable operations have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world`s most sustainable companies, among others. Our net sales for 2014 amounted to approximately EUR 15 billion, and our shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by about 5,000 professionals. More information:neste.com/en
Neste interim report Q2 2015
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: Neste Oyj via GlobeNewswireHUG#1943713 || Obama's Clean Power Plan: Winners & Losers: On Monday, the Obama administration together with the Environmental Protection Agency unveiled a new set of guidelines aimed at reducing emissions in the United States. The Clean Power Plan will reduce carbon emissions by 32 percent from their 2005 levels by 2030. Obama plans to allow states to create their own individual plans to meet their designated targets, which they will need to submit in the coming years. Controversial Plan The Clean Power Plan has been heralded by environmentalists as a necessary step forward in the battle against climate change. Obama called the proposal "the biggest, most important step" the nation has ever taken. However, not everyone agrees. Critics of the plan say Obama has waged a war on coal and that the new rules will stifle job growth and raise the cost of energy in the US. See Also: Why Are Solar Stocks Down After Obama's Carbon Announcement? Losers Should the plan make it through a barrage of criticism in Washington, it is expected to have an uneven impact across the US. Much of whether or not a specific state will benefit depends on that particular state's reliance on coal and how its industry is regulated. Despite that, the coal industry as a whole is expected to suffer under the new regulations. Companies like Alpha Natural Resources, Inc. (OTC: ANRZ ) and Xinergy Ltd. which are already struggling to stay afloat, are likely to face a bumpy road ahead. Winners Nuclear power is expected to see a boost from the Clean Power Plan as it is an effective way to generate power without major greenhouse gas emissions. Renewables like solar and wind power are also expected to gain momentum as more and more states turn to alternative energy sources to meet their new targets. See more from Benzinga Fed Stuck In The Middle Of Marijuana Debate Australian Government Takes Steps Toward Becoming A Bitcoin-Friendly Nation Tech Firms Gear Up For 2016 Presidential Race © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Obama's Clean Power Plan: Winners & Losers: On Monday, the Obama administration together with the Environmental Protection Agencyunveileda new set of guidelines aimed at reducing emissions in the United States. The Clean Power Plan will reduce carbon emissions by 32 percent from their 2005 levels by 2030. Obama plans to allow states to create their own individual plans to meet their designated targets, which they will need to submit in the coming years.
Controversial Plan
The Clean Power Plan has been heralded by environmentalists as a necessary step forward in the battle against climate change. Obama called the proposal "the biggest, most important step" the nation has ever taken.
However, not everyone agrees.
Critics of the plan say Obama has waged a war on coal and that the new rules will stifle job growth and raise the cost of energy in the US.
See Also:Why Are Solar Stocks Down After Obama's Carbon Announcement?
Losers
Should the plan make it through a barrage of criticism in Washington, it is expected to have an uneven impact across the US. Much of whether or not a specific state will benefit depends on that particular state's reliance on coal and how its industry is regulated. Despite that, the coal industry as a whole is expected to suffer under the new regulations. Companies likeAlpha Natural Resources, Inc.(OTC:ANRZ) and Xinergy Ltd. which are already struggling to stay afloat, are likely to face a bumpy road ahead.
Winners
Nuclear power is expected to see a boost from the Clean Power Plan as it is an effective way to generate power without major greenhouse gas emissions. Renewables like solar and wind power are also expected to gain momentum as more and more states turn to alternative energy sources to meet their new targets.
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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fed Stuck In The Middle Of Marijuana Debate: One of the major issues plaguing the United States' newly developing marijuana industry has been banking. Although President Barack Obama has granted states the right to determine their own marijuana laws, the substance is still classed as illegal in the federal government's eyes. For that reason, banks bound by federal law have been unable to engage with marijuana firms even in states where the drug is legal.
Fed Lawsuit
Last week, Colorado's Fourth Corner Credit Unionsuedthe Kansas City Fed after its application for federal insurance was rejected. The credit union was denied a routing number in order to set up its master account, meaning that Fourth Corner would be unable to operate. The firm said the Fed's decision to reject Fourth Corner is an unreasonable restraint of trade and commerce and that the credit union's receipt of a state charter should have given it access to federal insurance.
Fed Pushes Back
The Fed has argued that it has the right to use its own discretion when it comes to opening new master accounts. The bank claims it was unable to accurately asses the risks associated with Fourth Corner's business and therefore is allowed to reject the application.
Conflicting Laws
The legal battle underscored the pitfalls of conflicting laws at the federal and state level. While legalization efforts have been successful in many states across the US, the banking issue will likely continue to plague the industry as long as federal law continues to class marijuana as illegal.
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• Tech Firms Gear Up For 2016 Presidential Race
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© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fed Stuck In The Middle Of Marijuana Debate: One of the major issues plaguing the United States' newly developing marijuana industry has been banking. Although President Barack Obama has granted states the right to determine their own marijuana laws, the substance is still classed as illegal in the federal government's eyes. For that reason, banks bound by federal law have been unable to engage with marijuana firms even in states where the drug is legal. Fed Lawsuit Last week, Colorado's Fourth Corner Credit Union sued the Kansas City Fed after its application for federal insurance was rejected. The credit union was denied a routing number in order to set up its master account, meaning that Fourth Corner would be unable to operate. The firm said the Fed's decision to reject Fourth Corner is an unreasonable restraint of trade and commerce and that the credit union's receipt of a state charter should have given it access to federal insurance. Fed Pushes Back The Fed has argued that it has the right to use its own discretion when it comes to opening new master accounts. The bank claims it was unable to accurately asses the risks associated with Fourth Corner's business and therefore is allowed to reject the application. Conflicting Laws The legal battle underscored the pitfalls of conflicting laws at the federal and state level. While legalization efforts have been successful in many states across the US, the banking issue will likely continue to plague the industry as long as federal law continues to class marijuana as illegal. See more from Benzinga Australian Government Takes Steps Toward Becoming A Bitcoin-Friendly Nation Tech Firms Gear Up For 2016 Presidential Race Are Tethered Drones The Answer To Safety Concerns? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 10 things you need to know today: (REUTERS/Eduardo Munoz)An image of Cecil the lion was projected onto the Empire State Building as part of a projection to raise awareness for endangered animals, in New York on Saturday.
Happy Monday! Here's what you need to know.
The Greek stock market is crashing.The Greek stock market reopened for the first time in five weeks, and it's ugly. The benchmarkASE index plummeted 22.8%before recovering some of its losses. Piraeus Bank and National Bank of Greece crashed the maximum 30% before being halted.
The Greek economy is crashing. Greece's economy screeched as political turmoil took over. The Markit manufacturing purchasing managers' index (PMI) reflected a record contraction,crashing to 30.2 in Julyfrom 46.9 in June. Any reading below 50 signals contraction. "Manufacturing output collapsed in July as the debt crisis came to a head," Markit's Phil Smith said. "Factories faced a record drop in new orders and were often unable to acquire the inputs they needed, particularly from abroad, as bank closures and capital restrictions badly hampered normal business activity. Demand was hit amid the heightened uncertainty surrounding Greece's future, leading both total new business and exports to contract sharply, and it remains to be seen how long it takes these to recover."
The rest of Europe is doing much better. Thecomposite eurozone manufacturing PMI signaled growth, registering at 52.4 in July, which was higher than the earlier estimate of 52.2. Germany, Spain, and Italy all grew. "The eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July," Markit's Chris Williamson noted. "The PMI held close to its June level, which had been the highest for over a year, coming in ahead of the earlier flash estimate largely on the back of stronger than previously recorded growth in Germany."
China is definitely slowing.China's official manufacturing PMI fell to 50.0 in Julyfrom 50.2 in June.China's Caixin manufacturing PMI fell to 47.8 in Julyfrom 49.4 in June; this was the weakest reading since July 2013. The numbers werejust as ugly in Taiwan, Indonesia, and South Korea.
Markets are mixed.Europe is mostly up, with Germany's DAX up 0.4%, France's CAC 40 up 0.3%, and Spain's IBEX up 0.3%. In Asia, Japan's Nikkei closed down 0.2%, Hong Kong's Hang Seng closed down 0.9%, and China's Shanghai composite tumbled 1.1%. US futures are down modestly, with Dow futures down 11 points, S&P futures down 2.2 points, and Nasdaq futures down 4.7 points.
Get ready for a ton of data. On Monday, we'll get reports on US personal income and spending (8:30 a.m. ET), manufacturing (9:45 a.m. and 10 a.m.), construction spending (10 a.m.), and auto sales (all day). This, as we kick off jobs week in America. Read our complete preview inBusiness Insider's Monday Scouting Report.
HSBC beats. "HSBC Holdings beat expectations with a 10% rise in first-half profitthanks to a strong performance in Hong Kong and said it had agreed a $5.2 billion sale of its business in Brazil," Reuters reported. "Europe's biggest bank by market value is to sell the unprofitable Brazilian arm to Banco Bradesco SA, Brazil's second-biggest private-sector bank, for a higher than expected 17.6 billion reais ($5.2 billion)."
Puerto Rico will default. "Puerto Rico will miss a payment on debt due Aug. 1, the governor's chief of staff said on Friday, an event that will be considered a default by investors as the commonwealth lurches towards what could be one of the largest US municipal debt restructurings in history," Reuters reported. "The missed payment will mark the first default by the commonwealth and shows the depth of the island's economic and cashflow problems. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring."
Private-equity pioneer Jerome Kohlberg has died. "Jerome Kohlberg Jr., a founder of the investment firm Kohlberg Kravis Roberts & Co.and a pioneer of the leveraged buyout, died on Thursday at his home in Martha's Vineyard, Massachusetts, aged 90," Reuters reported. "Kohlberg's death was confirmed by his former partners at KKR on Saturday. His son, James, said the cause of death was cancer."
Bitcoin-exchange CEO arrested. "Mark Karpeles, the head of the collapsed MtGox Bitcoin exchange who was arrested in Tokyo, is facing fresh allegations that he misused $8.9 million in customers' deposits, Japanese media reported Sunday," AFP said. "French-born Karpeles, 30, was arrested on Saturday after a series of fraud allegations led to the Tokyo-based exchange's spectacular collapse last year and hammered the digital currency's reputation."
NOW WATCH:Ridley Scott is about to show us a world where the Allies lost World War II
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• 10 things you need to know today || 10 things you need to know today: Cecil the lion Empire State Building (REUTERS/Eduardo Munoz) An image of Cecil the lion was projected onto the Empire State Building as part of a projection to raise awareness for endangered animals, in New York on Saturday. Happy Monday! Here's what you need to know. The Greek stock market is crashing. The Greek stock market reopened for the first time in five weeks, and it's ugly. The benchmark ASE index plummeted 22.8% before recovering some of its losses. Piraeus Bank and National Bank of Greece crashed the maximum 30% before being halted. The Greek economy is crashing . Greece's economy screeched as political turmoil took over. The Markit manufacturing purchasing managers' index (PMI) reflected a record contraction, crashing to 30.2 in July from 46.9 in June. Any reading below 50 signals contraction. "Manufacturing output collapsed in July as the debt crisis came to a head," Markit's Phil Smith said. "Factories faced a record drop in new orders and were often unable to acquire the inputs they needed, particularly from abroad, as bank closures and capital restrictions badly hampered normal business activity. Demand was hit amid the heightened uncertainty surrounding Greece's future, leading both total new business and exports to contract sharply, and it remains to be seen how long it takes these to recover." The rest of Europe is doing much better . The composite eurozone manufacturing PMI signaled growth, registering at 52.4 in July , which was higher than the earlier estimate of 52.2. Germany, Spain, and Italy all grew. "The eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July," Markit's Chris Williamson noted. "The PMI held close to its June level, which had been the highest for over a year, coming in ahead of the earlier flash estimate largely on the back of stronger than previously recorded growth in Germany." China is definitely slowing . China's official manufacturing PMI fell to 50.0 in July from 50.2 in June. China's Caixin manufacturing PMI fell to 47.8 in July from 49.4 in June; this was the weakest reading since July 2013. The numbers were just as ugly in Taiwan, Indonesia, and South Korea . Story continues Markets are mixed . Europe is mostly up, with Germany's DAX up 0.4%, France's CAC 40 up 0.3%, and Spain's IBEX up 0.3%. In Asia, Japan's Nikkei closed down 0.2%, Hong Kong's Hang Seng closed down 0.9%, and China's Shanghai composite tumbled 1.1%. US futures are down modestly, with Dow futures down 11 points, S&P futures down 2.2 points, and Nasdaq futures down 4.7 points. Get ready for a ton of data . On Monday, we'll get reports on US personal income and spending (8:30 a.m. ET), manufacturing (9:45 a.m. and 10 a.m.), construction spending (10 a.m.), and auto sales (all day). This, as we kick off jobs week in America. Read our complete preview in Business Insider's Monday Scouting Report . HSBC beats . " HSBC Holdings beat expectations with a 10% rise in first-half profit thanks to a strong performance in Hong Kong and said it had agreed a $5.2 billion sale of its business in Brazil," Reuters reported. "Europe's biggest bank by market value is to sell the unprofitable Brazilian arm to Banco Bradesco SA, Brazil's second-biggest private-sector bank, for a higher than expected 17.6 billion reais ($5.2 billion)." Puerto Rico will default . " Puerto Rico will miss a payment on debt due Aug. 1 , the governor's chief of staff said on Friday, an event that will be considered a default by investors as the commonwealth lurches towards what could be one of the largest US municipal debt restructurings in history," Reuters reported. "The missed payment will mark the first default by the commonwealth and shows the depth of the island's economic and cashflow problems. Puerto Rico Governor Alejandro Garcia Padilla shocked investors in June when he said the island's debt, totaling $72 billion, was unpayable and required restructuring." Private-equity pioneer Jerome Kohlberg has died . " Jerome Kohlberg Jr., a founder of the investment firm Kohlberg Kravis Roberts & Co. and a pioneer of the leveraged buyout, died on Thursday at his home in Martha's Vineyard, Massachusetts, aged 90," Reuters reported. "Kohlberg's death was confirmed by his former partners at KKR on Saturday. His son, James, said the cause of death was cancer." Bitcoin-exchange CEO arrested . " Mark Karpeles, the head of the collapsed MtGox Bitcoin exchange who was arrested in Tokyo , is facing fresh allegations that he misused $8.9 million in customers' deposits, Japanese media reported Sunday," AFP said. "French-born Karpeles, 30, was arrested on Saturday after a series of fraud allegations led to the Tokyo-based exchange's spectacular collapse last year and hammered the digital currency's reputation." NOW WATCH: Ridley Scott is about to show us a world where the Allies lost World War II More From Business Insider 10 things you need to know today 10 things you need to know before the opening bell 10 things you need to know today || Global Equity International Inc. Signed a Revised Agreement With AuthentaTrade, a Global Digital Currency Exchange Seeking Regulation in Europe and Asia: DUBAI, UNITED ARAB EMIRATES--(Marketwired - Jul 30, 2015) -Global Equity International Inc.(OTCQB:GEQU) and its fully owned subsidiary,Global Equity Partners Plc(GEP), a business consulting services firm and M&A specialist to SMEs worldwide, today announced that it has signed a revised consultancy agreement withAuthentaTrade, an innovative FINTECH company firm based in Seychelles and Cyprus (Website:http://www.authenta.trade/).
Global Equity International Inc., through its fully owned subsidiary Global Equity Partners Plc., will assist AuthentaTrade with pre-IPO funding amounting to, but not limited to, US$32 million as well as a public listing of its shares on a recognized international stock exchange post pre-IPO funding. As part of the consultancy agreement, GEP will hold a meaningful equity position in AuthentaTrade (post IPO).
Peter Smith, CEO of Global Equity International Inc., said:"We are extremely excited about signing this revised agreement with AuthentaTrade as we believe that there is a lot of potential for the Company's proprietary solutions. We have met with the Authenta Team in Dubai on two occasions now and have already introduced them to various financial institutions in Dubai, some of which are interested in looking at the possibility of investing in the Company. This great addition to our portfolio of clients will undoubtedly bring good value to our Company in the long run."
Gwyn Jones, CEO of AuthentaTrade,stated:"We're working hard to fulfill the promise of Digital Currencies, especially Bitcoin, and believe there is a substantial opportunity to create 'banking-like' financial products, but with much lower transactional costs than in traditional banking. We look forward to working with GEP, and raising the funding we need to take AuthentaTrade, and our Bitcoin Exchange, to the next level."
About AuthentaTradeDevelopment began on the AuthentaTrade platform in early 2015. AuthentaTrade has assembled a team spearheaded by Gwyn Jones, a co-founder and former Vice President of Product Development, of "Vistaprint," a billion dollar ecommerce leader. AuthentaTrade's management is fascinated by Digital Currencies and their potential to bridge financial markets across the globe. There is a huge opportunity in Digital Currencies as a global transactional medium using a decentralized digital store of value.
AuthentaTrade will offer a suite of services for its clients including FOREX (both "Fiat" and "Digital" currencies) trading, banking and international payment solutions, along with proprietary regulated trading products designed by institutional traders that will help create an efficient market for participants.
AuthentaTrade has chosen to target European and Asian markets as management feels the clientele there will stand to gain the most from the regulated products soon to be introduced. The Asian market in particular has an appetite for speculative trading on volatility; their desire to transact plays into the new and explosive market of Digital Currencies such as Bitcoin.
About Global Equity International Inc.Global Equity International Inc., through its wholly-owned subsidiary Global Equity Partners Plc, advises worldwide business leaders with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of a global presence. With offices in Dubai and London, Global Equity Partners has developed significant relationships in the US, UK, Central Europe, the Middle East and South-east Asia to assist clients in realizing their full value and potential by bringing them to external capital and resources that place an emphasis on collaborative thinking. Furthermore, because Global Equity Partners has offices in key financial centers of the world, they are able to introduce their clients to a unique opportunity of listing their shares on one of the many stock exchanges worldwide.
Safe Harbor StatementThis press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantee of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Suchstatements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements. || Global Equity International Inc. Signed a Revised Agreement With AuthentaTrade, a Global Digital Currency Exchange Seeking Regulation in Europe and Asia: DUBAI, UNITED ARAB EMIRATES--(Marketwired - Jul 30, 2015) - Global Equity International Inc. ( OTCQB : GEQU ) and its fully owned subsidiary, Global Equity Partners Plc (GEP), a business consulting services firm and M&A specialist to SMEs worldwide, today announced that it has signed a revised consultancy agreement with AuthentaTrade , an innovative FINTECH company firm based in Seychelles and Cyprus (Website: http://www.authenta.trade/ ). Global Equity International Inc., through its fully owned subsidiary Global Equity Partners Plc., will assist AuthentaTrade with pre-IPO funding amounting to, but not limited to, US$32 million as well as a public listing of its shares on a recognized international stock exchange post pre-IPO funding. As part of the consultancy agreement, GEP will hold a meaningful equity position in AuthentaTrade (post IPO). Peter Smith, CEO of Global Equity International Inc. , said: "We are extremely excited about signing this revised agreement with AuthentaTrade as we believe that there is a lot of potential for the Company's proprietary solutions. We have met with the Authenta Team in Dubai on two occasions now and have already introduced them to various financial institutions in Dubai, some of which are interested in looking at the possibility of investing in the Company. This great addition to our portfolio of clients will undoubtedly bring good value to our Company in the long run." Gwyn Jones, CEO of AuthentaTrade, stated: "We're working hard to fulfill the promise of Digital Currencies, especially Bitcoin, and believe there is a substantial opportunity to create 'banking-like' financial products, but with much lower transactional costs than in traditional banking. We look forward to working with GEP, and raising the funding we need to take AuthentaTrade, and our Bitcoin Exchange, to the next level." About AuthentaTrade Development began on the AuthentaTrade platform in early 2015. AuthentaTrade has assembled a team spearheaded by Gwyn Jones, a co-founder and former Vice President of Product Development, of "Vistaprint," a billion dollar ecommerce leader. AuthentaTrade's management is fascinated by Digital Currencies and their potential to bridge financial markets across the globe. There is a huge opportunity in Digital Currencies as a global transactional medium using a decentralized digital store of value. Story continues AuthentaTrade will offer a suite of services for its clients including FOREX (both "Fiat" and "Digital" currencies) trading, banking and international payment solutions, along with proprietary regulated trading products designed by institutional traders that will help create an efficient market for participants. AuthentaTrade has chosen to target European and Asian markets as management feels the clientele there will stand to gain the most from the regulated products soon to be introduced. The Asian market in particular has an appetite for speculative trading on volatility; their desire to transact plays into the new and explosive market of Digital Currencies such as Bitcoin. About Global Equity International Inc. Global Equity International Inc., through its wholly-owned subsidiary Global Equity Partners Plc, advises worldwide business leaders with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of a global presence. With offices in Dubai and London, Global Equity Partners has developed significant relationships in the US, UK, Central Europe, the Middle East and South-east Asia to assist clients in realizing their full value and potential by bringing them to external capital and resources that place an emphasis on collaborative thinking. Furthermore, because Global Equity Partners has offices in key financial centers of the world, they are able to introduce their clients to a unique opportunity of listing their shares on one of the many stock exchanges worldwide. Safe Harbor Statement This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantee of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements. || BTCS Doubles Capacity at Its North Carolina Facility: ARLINGTON, VA--(Marketwired - Jul 30, 2015) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, doubled its operating capacity at its North Carolina facility from 1.5 megawatts ("mw") to 3 mw. "Using only 0.65mw of our capacity, and approximately 891 Th/s, we were able to earn 552 Bitcoins in the second quarter," stated Charles Allen, Chief Executive Officer of BTCS. "By increasing our operating capacity to 3mw, we've set the stage for significant growth in the quarters ahead, which we believe we can leverage even further through our pending merger with Spondoolies-Tech. The addition of Spondoolies' third-generation Application Specific Integrated Circuit ("ASIC") servers upon closing of the pending merger is expected to provide a 3x-5x efficiency improvement to our operations. We believe this should translate to a significant boost in our hashing power." BTCS estimates that it currently costs the Company approximately $100-$120 to earn each Bitcoin. Assuming the implementation of third-generation ASIC servers from Spondoolies at the Company's facility in North Carolina, the increased capacity of 3mw is expected to power a hash rate of between 13,000 and 29,000 Th/s. Allen continued, "Our refined focus on securing the blockchain minimizes risk and positions us to capitalize on the massive market potential of the blockchain across all industries. We believe we selected an ideal timing for market entry that allowed us to pass over the high-risk period of extreme volatility that knocked many smaller players out of the space. With this latest increase in capacity, we believe we are well positioned to become a dominant player for the long-term." About BTCS: The blockchain is a decentralized public ledger that has the ability to fundamentally impact, on a global basis, all industries that require trust and rely on or utilize record keeping. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Doubles Capacity at Its North Carolina Facility: ARLINGTON, VA--(Marketwired - Jul 30, 2015) -BTCS Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, doubled its operating capacity at its North Carolina facility from 1.5 megawatts ("mw") to 3 mw.
"Using only 0.65mw of our capacity, and approximately 891 Th/s, we were able to earn 552 Bitcoins in the second quarter," stated Charles Allen, Chief Executive Officer of BTCS. "By increasing our operating capacity to 3mw, we've set the stage for significant growth in the quarters ahead, which we believe we can leverage even further through our pending merger with Spondoolies-Tech. The addition of Spondoolies' third-generation Application Specific Integrated Circuit ("ASIC") servers upon closing of the pending merger is expected to provide a 3x-5x efficiency improvement to our operations. We believe this should translate to a significant boost in our hashing power."
BTCS estimates that it currently costs the Company approximately $100-$120 to earn each Bitcoin. Assuming the implementation of third-generation ASIC servers from Spondoolies at the Company's facility in North Carolina, the increased capacity of 3mw is expected to power a hash rate of between 13,000 and 29,000 Th/s.
Allen continued, "Our refined focus on securing the blockchain minimizes risk and positions us to capitalize on the massive market potential of the blockchain across all industries. We believe we selected an ideal timing for market entry that allowed us to pass over the high-risk period of extreme volatility that knocked many smaller players out of the space. With this latest increase in capacity, we believe we are well positioned to become a dominant player for the long-term."
About BTCS:The blockchain is a decentralized public ledger that has the ability to fundamentally impact, on a global basis, all industries that require trust and rely on or utilize record keeping. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit:www.btcs.com
Forward-Looking Statements:Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Costas Inc. Announces New Agreement Regarding Platforms for Digital Currency Transactions: CYPRESS, TX--(Marketwired - Jul 30, 2015) - Costas Inc. (OTC PINK:CSSI) today announces the mutual termination and replacement of a previously announced Original Share Exchange Agreement with AuthentaTrade Inc., an Alberta, Canada corporation.
The initial agreement, in which Costas would acquire 48% of the shares AuthentaTrade in exchange for 250,000 shares of Costas, has not been completed and has been replaced by an agreement with AuthentaTrade Ltd. (a Republic of Seychelles corporation, "AuthentaTrade Seychelles"). AuthentaTrade Seychelles is currently in negotiations with an Asian based company that brings significant value to their business. Based on the value added in AuthentaTrade Seychelles, Costas has negotiated an increase in shares used as consideration in this new share swap agreement. Details on the letter of intent between AuthenaTrade Seychelles and the Asian based group will be released shortly.
Pursuant to the new agreement, Costas will own 48% of the AuthentaTrade Seychelles in exchange for 4,000,000 shares of Costas. The physical share exchange is expected to occur within the next 30 days. In addition, AuthentaTrade Seychelles shall remain liable to pay to Costas USD $200,000 as a debt owning.
AuthentaTrade Seychelles is in the business of developing a high security digital currency exchange. Costas believes that the management of digital currencies is a burgeoning market ripe with opportunity. To this accord, AuthentaTrade Seychelles is developing technology to simplify transactions in digital currencies, such as Bitcoin, while specifically addressing security concerns of the broader digital currency market.
AuthentaTrade Seychelles' operations in the Province of Alberta will cease, and will now be managed outside of Alberta. Costas advises that it is subject to a cease trade order issued by the Alberta Securities Commission for its jurisdiction of Alberta.
Safe Harbor Act Notice:
Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. || Costas Inc. Announces New Agreement Regarding Platforms for Digital Currency Transactions: CYPRESS, TX--(Marketwired - Jul 30, 2015) - Costas Inc. ( OTC PINK : CSSI ) today announces the mutual termination and replacement of a previously announced Original Share Exchange Agreement with AuthentaTrade Inc., an Alberta, Canada corporation. The initial agreement, in which Costas would acquire 48% of the shares AuthentaTrade in exchange for 250,000 shares of Costas, has not been completed and has been replaced by an agreement with AuthentaTrade Ltd. (a Republic of Seychelles corporation, "AuthentaTrade Seychelles"). AuthentaTrade Seychelles is currently in negotiations with an Asian based company that brings significant value to their business. Based on the value added in AuthentaTrade Seychelles, Costas has negotiated an increase in shares used as consideration in this new share swap agreement. Details on the letter of intent between AuthenaTrade Seychelles and the Asian based group will be released shortly. Pursuant to the new agreement, Costas will own 48% of the AuthentaTrade Seychelles in exchange for 4,000,000 shares of Costas. The physical share exchange is expected to occur within the next 30 days. In addition, AuthentaTrade Seychelles shall remain liable to pay to Costas USD $200,000 as a debt owning. AuthentaTrade Seychelles is in the business of developing a high security digital currency exchange. Costas believes that the management of digital currencies is a burgeoning market ripe with opportunity. To this accord, AuthentaTrade Seychelles is developing technology to simplify transactions in digital currencies, such as Bitcoin, while specifically addressing security concerns of the broader digital currency market. AuthentaTrade Seychelles' operations in the Province of Alberta will cease, and will now be managed outside of Alberta. Costas advises that it is subject to a cease trade order issued by the Alberta Securities Commission for its jurisdiction of Alberta. Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls. However, Republican candidate Rick Perry remarked in a New York Observer interview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor. Progressive On Fintech In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators. Related Link: Could Mike Tyson Become The New Face For Bitcoin? What Does It Mean? The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House. While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place. Bitcoin In The White House Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate. See more from Benzinga NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed Privacy Emerges As Main Concern For EU Digital Market Overhaul Could Mike Tyson Become The New Face For Bitcoin? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls.
However, Republican candidate Rick Perry remarked in aNew York Observerinterview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor.
Progressive On Fintech
In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators.
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
What Does It Mean?
The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House.
While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place.
Bitcoin In The White House
Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate.
See more from Benzinga
• NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed
• Privacy Emerges As Main Concern For EU Digital Market Overhaul
• Could Mike Tyson Become The New Face For Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls.
However, Republican candidate Rick Perry remarked in aNew York Observerinterview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor.
Progressive On Fintech
In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators.
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
What Does It Mean?
The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House.
While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place.
Bitcoin In The White House
Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate.
See more from Benzinga
• NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed
• Privacy Emerges As Main Concern For EU Digital Market Overhaul
• Could Mike Tyson Become The New Face For Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
buysellbitco.in #bitcoin price in INR, Buy : 18022.00 INR Sell : 17462.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || 1 #bitcoin 806.96 TL, 277.9 $, 257.4 €, GBP, 17640.00 RUR, 35200 ¥, CNH, 371.09 CAD #btc || BTC-E LAST 275.00$ AVERAGE 276.73$ at 16:56 UTC #Bitcoin #BTCUSD || buysellbitco.in #bitcoin price in INR, Buy : 18005.00 INR Sell : 17433.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.0000000...
|
279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57.
|
[Bitcoin Technical Analysis for 2016-03-05]
Volume: 135384992, RSI (14-day): 40.88, 50-day EMA: 410.34, 200-day EMA: 361.59
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou
TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday.
Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview.
Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses.
"Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn."
In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system.
Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange.
Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations.
Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX.
Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform.
(Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou
TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday.
Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview.
Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses.
"Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn."
In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system.
Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange.
Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations.
Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX.
Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform.
(Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || Canada's TSX hires Bitcoin guru, studies currency's technology: By Ethan Lou TORONTO (Reuters) - The Toronto Stock Exchange has hired a Bitcoin entrepreneur as its first chief digital officer as it explores the capabilities of blockchain, the technology behind the virtual currency, a senior executive at TSX parent TMX Group said on Thursday. Anthony Di Iorio, who has founded several companies based on the technology, filled the role at Canada's largest stock exchange in January, Jean Desgagne, chief executive of TMX's Global Enterprise Services, said in an interview. Stock exchanges are embracing blockchain, which allows Bitcoin users to conduct secure transactions without middlemen, as they seek to diversify and boost profit margins. When used to issue securities, the technology could potentially remove the need for clearing houses. "Blockchain is a disruptive technology," Desgagne said, noting that major changes could result from its potential adoption. "We're focused on it, we're going to learn." In January the Australian stock exchange said it had enlisted a blockchain startup to develop a new trade settlement system. Nasdaq in the United States used the technology last year to issue securities to an unidentified private investor. Last month, Nasdaq said it was developing a blockchain-based shareholder voting system for its Estonian stock exchange. Blockchain could make operations "better, faster, cheaper," Desgagne said, but noted that, if adopted, the technology would be only one element in TMX's digital operations. Di Iorio and Desgagne declined to discuss details about potential blockchain projects at TSX. Di Iorio is the founder of the Bitcoin Alliance of Canada and a co-founder of Ethereum, a blockchain-based computing platform. (Reporting by Ethan Lou; Editing by Euan Rocha and Richard Chang) View comments || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumers still don’t care about this supposedly revolutionary form of money. But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business. This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined. How We Got Here Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between. The early bitcoin buzz soon exploded, and the currency’s value briefly soared to $1,200 . The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin. The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves. So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes, dark web drug lords , and Ponzi schemers . Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam or in jail . Story continues This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem. In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind. Get Data Sheet , Fortune 's technology newsletter. The Current Crisis and the Rise of Blockchain “Bitcoin’s nightmare scenario has come to pass,” read a headline this week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood. The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting. This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter. That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology. As Fortune reported in December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed. Why is this such a big deal? It has to do with record keeping. The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them. “The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy called Bloq that advises banks and others how to deploy blockchain technology. Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain. And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years. The Future: Blockchain Without Bitcoin Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place. For more about bitcoin, watch our video : In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain? The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing. “The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “ A private chain replaces the entire trust-less aspect with a more private closed network of participants.” In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a process already underway . For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions. So what happens to bitcoin in this scenario? As The Economist noted in a recent feature , it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase and Xapo could see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations. For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has held fairly steady around $400 for months. It may find niche roles as a currency, such as for foreign remittances. Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo. “Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.” Other defenders include my former colleague at Fortune , Dan Roberts, who said the bull case outstrips the bear case for bitcoin in 2016. Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology. See original article on Fortune.com More from Fortune.com This Could Kill the World's Most Popular Cryptocurrency Securing the City of the Future with Bitcoin Global Regulators Now Eyeing Fintech Through Machine Learning, IBM Braintrust Sees Better Days Ahead Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumersstilldon’t care about this supposedly revolutionary form of money.
But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business.
This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined.
How We Got Here
Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between.
The early bitcoin buzz soon exploded, and the currency’s value briefly soared to$1,200. The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin.
The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves.
So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes,dark web drug lords, andPonzi schemers. Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam orin jail.
This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem.
In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind.
Get Data Sheet,Fortune's technology newsletter.
The Current Crisis and the Rise of Blockchain
“Bitcoin’s nightmare scenario has come to pass,” reada headlinethis week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood.
The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting.
This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter.
That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology.
AsFortunereportedin December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed.
Why is this such a big deal? It has to do with record keeping.
The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them.
“The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy calledBloqthat advises banks and others how to deploy blockchain technology.
Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain.
And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years.
The Future: Blockchain Without Bitcoin
Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place.
For more about bitcoin, watch our video:
In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain?
The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing.
“The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “A private chain replaces the entire trust-less aspect with a more private closed network of participants.”
In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a processalready underway. For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions.
So what happens to bitcoin in this scenario? AsTheEconomistnoted in a recentfeature, it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase andXapocould see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations.
For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has heldfairly steadyaround $400 for months. It may find niche roles as a currency, such as for foreign remittances.
Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo.
“Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.”
Other defenders include my former colleague atFortune, Dan Roberts, who said thebull caseoutstrips the bear case for bitcoin in 2016.
Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology.
See original article on Fortune.com
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• Securing the City of the Future with Bitcoin
• Global Regulators Now Eyeing Fintech
• Through Machine Learning, IBM Braintrust Sees Better Days Ahead
• Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || The Crisis in Bitcoin and the Rise of Blockchain: Remember the hype over bitcoin? The crypto-currency that so tantalized techies and excited investors is today in a sorry state: Its core supporters are at war with each other and ordinary consumersstilldon’t care about this supposedly revolutionary form of money.
But that’s only half of the story. The other half is about the remarkable rise of blockchain, the core technology underlying bitcoin that is enjoying unprecedented adoption by banks and big business.
This development--the fall of bitcoin and the rise of blockchain--has accelerated in recent months, and it has big implications for those who have sunk hundreds of millions of dollars into these technologies. Here’s the latest on the story of bitcoin, which has turned out far differently than many imagined.
How We Got Here
Flash back five years, the bitcoin scene was an exciting place to be. A motley mix of coders, libertarians, and get-rich-quick hucksters latched onto the promise of bitcoin founder Satoshi Nakamoto’s new distributed, tamper-proof money system and ledger run from millions of computers. The ledger provided an indelible record of near-anonymous financial transactions in offering a global payment platform to ordinary merchants, drug dealers, and everyone in between.
The early bitcoin buzz soon exploded, and the currency’s value briefly soared to$1,200. The mainstream news media caught onto the story while venture capitalists lined up to fund any business with “bit” in its name. Meanwhile, businesses from Virgin Galactic to the NBA’s Sacramento Kings realized they could get a heap of free press just by announcing they would accept bitcoin.
The currency never caught on, however. Despite all the startups offering wallets and other tools to popularize the payment technology, average consumers never took to bitcoin--even as they did adopt another person-to-person mobile payment platform, known as Venmo , in droves.
So what happened? One problem is that bitcoin never shook its sordid side. While there is nothing intrinsically evil about bitcoin, its most famous adopters have always been a rogue’s gallery of fraudsters, prostitutes,dark web drug lords, andPonzi schemers. Even some members of bitcoin’s governing foundation, who sought to make the currency respectable, are on the lam orin jail.
This rogue reputation certainly didn’t help bitcoin. But it wasn’t the crypto-currency’s biggest problem. Instead, the main reason bitcoin didn’t catch on is because it’s just not practical. Even if you can find merchants who accept it, the process involves exotic apps, currency transactions, and a verification process that takes minutes to get the okay. Compare that to swiping a credit card, and you see the problem.
In recent months, bitcoin’s adoption problem has suddenly worsened. Meanwhile, big banks are finding they can use bitcoin’s best feature and leave the currency itself behind.
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The Current Crisis and the Rise of Blockchain
“Bitcoin’s nightmare scenario has come to pass,” reada headlinethis week from tech site, The Verge. That’s a pretty fair way to describe a recent schism within the bitcoin developer community--the collection of gnomes who decide on the protocols and computer code under the hood.
The Verge report offers a good run-down of the technical specifics but, for present purposes, they can be summed up like this: the bitcoin community failed to agree on a system upgrade, which means the ledger’s infrastructure faces a growing backlog, and it now takes over 40 minutes to confirm a transaction. As a result, bitcoin is less practical than ever and merchants (the few who accepted it in the first place) are bolting.
This schism deals a further blow to bitcoin’s hopes of ever becoming a mainstream currency. This is a setback for the bitcoin community, but here’s the kicker: it doesn’t really matter.
That’s because the true value of bitcoin is not the currency itself. Instead, it’s the blockchain technology underneath it. Banks and other big businesses have already reaped the benefit of this technology.
AsFortunereportedin December, IBM , Intel , JP Morgan , and several other big banks are betting on the blockchain’s ledger system. As with bitcoin, the system requires a set of diffuse computers to prove that a transaction has occurred. Once a confirmation occurs, it’s recorded in a common ledger and cannot be reversed.
Why is this such a big deal? It has to do with record keeping.
The idea of a tamper-proof ledger created by computers is so significant because it could let a number of industries--especially banking, brokerages, and law firms--overhaul the way they do business. Instead of relying on slow and cumbersome settlement systems to notarize and record documents, they can let a blockchain do it for them.
“The clearing and settlement will be done in a matter of seconds. An efficiency comes with this that is a pretty significant force multiplier,” explains Jeff Garzick, a former bitcoin developer who recently launched a consultancy calledBloqthat advises banks and others how to deploy blockchain technology.
Garzick and his partner Matt Rosack expect the financial industry will begin using the blockchain for stock and loan settlements as soon as the end of this year. Likewise, they think banks’ transactions at the discount window of the Federal Reserve will soon be recorded on a blockchain.
And that’s just the beginning. Garzick and Rosack say the Big Four auditing firms will soon have a blockchain-based transaction feed that will be visible to regulators, who have been studying the potential of blockchain technology for years.
The Future: Blockchain Without Bitcoin
Even for those familiar with crypto-currency, it can be hard to get one’s head around just how the blockchain can operate without bitcoin. The reason is that bitcoin supplies the financial incentive for people around the world, known as miners, to operate the ledger in the first place.
For more about bitcoin, watch our video:
In return for devoting their computers to running the blockchain (which publishes the ledger), they receive a reward in the form of a bitcoin that can be spent online or exchanged for traditional currency. In the absence of such an incentive, how do the banks plan to develop the blockchain?
The answer is they are building their own version of blockchain and running it themselves. As Garzick explains, this process involves taking the core protocol underlying bitcoin and then stripping off all the “mining” and compensation functions. He says the miners are an interesting way to creating a ledger, but they are not essential in the case of a “private chain,” like the one the banks are developing.
“The mining is a really elegant software solution that equally distributes who is going to validate the next set of bitcoin transactions,” Garzick says. “A private chain replaces the entire trust-less aspect with a more private closed network of participants.”
In practice, this will involve the banks rejecting a global federation of miners in favor of a handful of trusted verification partners within their own network--a processalready underway. For instance, a group of 15 banks might agree that the ledger becomes official once computers from seven group members agree to record a set of transactions.
So what happens to bitcoin in this scenario? AsTheEconomistnoted in a recentfeature, it may become no more than a novelty or a historical curiosity. If this is the case, the venture capitalists who made big bets on consumer bitcoin startups like Coinbase andXapocould see a pool of wealth vanish. Ditto the U.S. government, which has seized a large pile of bitcoins in high-profile drug investigations.
For now, that worst case scenario for bitcoin hasn’t come to pass yet. Despite the recent convulsions in the developer community, its price has heldfairly steadyaround $400 for months. It may find niche roles as a currency, such as for foreign remittances.
Meanwhile, bitcoin still has defenders such as Jeremy Allaire, a successful entrepreneur who raised over $60 million for his startup, Circle, a money transfer service for consumers using bitcoin behind the scenes. Allaire says there is still time for bitcoin to break through in place of services like Venmo.
“Venmo is another AOL--I don't want another walled garden. I want the Google of money,” Allaire said in a recent interview. “We've gone from a world where everyone is in denial about the tech and its usefulness. Now traditional financial institutes say, ‘We love the technology but we want to control it with our own private technology.’ That's not practical.”
Other defenders include my former colleague atFortune, Dan Roberts, who said thebull caseoutstrips the bear case for bitcoin in 2016.
Still, based on recent developments, a bitcoin resurgence looks like a long shot. When the final history of bitcoin is written, the currency itself is likely to be just a colorful footnote in the tale of the emergence of a powerful new blockchain technology.
See original article on Fortune.com
More from Fortune.com
• This Could Kill the World's Most Popular Cryptocurrency
• Securing the City of the Future with Bitcoin
• Global Regulators Now Eyeing Fintech
• Through Machine Learning, IBM Braintrust Sees Better Days Ahead
• Here's Why Europe Is About to Crack Down on Bitcoin Anonymity || 7 Signs Americas Super-Rich Are Finally Losing Power: With billionaire Donald Trump the Republican frontrunner, it may seem like the impact of the ultra-rich on our public life is reaching new heights. A self-proclaimed billionaire (Trump still hasnt released his tax records ), Trumps anti-establishment, anti-Wall Street, anti-free-trade rhetoric has him running as a traitor to his class, though. A loose affiliation of the super rich has been scheming to halt his rise most recently, Mitt Romney but so far, without any success. In fact, there are plenty of signs that plutocrats are losing their grip on the levers of power and influence. Yes, income inequality continues to rage . But plenty of people with ten-figure net worths simply arent getting the satisfaction to which they have become accustomed. We may have reached Peak Plutocrat. The phenomenon can best be seen in politics, where the kings of private enterprise are having a tough time playing kingmaker this time around. Bloomberg for President Remember that? If you blinked, you missed it. In late January, the former Mayor of New York Michael Bloomberg, proprietor of the eponymous company, whose fortune is estimated at $36 billion to $48 billion , briefly considered jumping into the race. Never mind that third-party candidacies dont do well in the U.S., or that Bloomberg's constituency (coastal rich people who are socially liberal) are generally in the Hillary Clinton camp already. The candidacy of Mike Bloomberg, the billionaire candidate beloved by billionaires (hedge fund giant Bill Ackman wrote a passionate pro-Mike op-ed in the Financial Times), failed to launch. And then there was Jeb! Former Florida Governor Jeb Bush blew through $100 million of the establishments money before bowing out. Stanley Druckenmiller, the retired hedge fund billionaire, is backing. . . . John Kasich. The dealmakers from 2012 In 2012, Sheldon Adelson, the Las Vegas casino magnate, played an immensely influential role in the Republican primary and general election. In 2016? Not so much. The Las Vegas Review Journal, the newspaper (!) Adelson recently purchased, has endorsed Marco Rubio , a victor in precisely one caucus. And Adelson has yet to put his card on the table. Story continues The Koch brothers feel disenfranchised For their part, the Koch brothers, who have used their billions to build a highly effective political operation that runs in parallel to the Republican party, are feeling disenfranchised. Far from adopting the Koch Brothers line on free trade, or immigration, the Republican field is running in the opposite direction. "You'd think we could have more influence," Charles Koch groused to the Financial Times . On March 3, Reuters reported the Koch brothers had decided not to use any of their war chest to fight Trumps candidacy. As Reuters notes, the brothers made the decision because they were concerned that spending millions of dollars attacking Trump would be money wasted , since they had not yet seen any attack on Trump stick. No longer minting money, either Billionaires are not doing so hot in the stock market, either. Bill Ackman, the proprietor of Pershing Square, shot the lights out in 2013 and 2014; Ackmans brand of dramatic activism and willingness to go all-in on high-profile stocks gave his fund a impressive returns. But last year , his main fund was off 20.5 percent, net of returns; its off more than 15 percent so far in 2016. Whoops! John Paulson, the hedge fund manger who shot to prominence on the backs of bearish bets on the housing market and was thus elevated into the market sage, is literally half the asset manager he used to be . As air comes out of the markets that Plutocrats rely on and love the stock market, yes, but also junk bonds, tech start-ups, natural resources their spending power and public influence are starting to deflate. (The egos, not so much.) Real estate values wane High-end real estate in London, which has functioned as a sort of safety deposit box for the globes ultra wealthy, is starting to fall . In Manhattan last year, the number of contracts signed on condos worth more than $10 million fell 16 percent, from 270 to 227. So if you're in the business of selling trophy properties to ultra-rich people, you may be struggling. Christie's reported that its sales of fine art were down 11 percent in 2015 and Sotheby's said that so far this quarter, sales are off 33 percent . TV, the lagging indicator Don't get me wrong. While signs are everywhere that their influence on our culture and economy are declining, the Plutocrats like the poor will always be with us. And they will often be unavoidable. One of the better new shows to debut this TV season is Showtime's Billions , featuring Damian Lewis as Bobby Axelrod, a Steve Cohen-esque hedge fund manager. Billions has been picked up for a second season. But even a show that humanizes and dramatizes plutocrats is a sign of their peak. When it comes to business trends, television shows are always an extremely lagging indicator. In the fall of 2000, the debut of a show about the bull market, The$treet, presaged the impending market crash. In October 2005, ABC aired Hot Properties, a sitcom starring Sofia Vergara about a group of realtors in California. The housing market began to crash the following year. See original article on Fortune.com More from Fortune.com The Crisis in Bitcoin and the Rise of Blockchain 3 Ways to Win Over Your Boss Here's Why China Laying Off 1.8 Million Workers Is Actually Good News Your Great Idea Will Fail Without This These Are the Super-Rich People Shaping China || 7 Signs America’s Super-Rich Are Finally Losing Power: With billionaire Donald Trump the Republican frontrunner, it may seem like the impact of the ultra-rich on our public life is reaching new heights.A self-proclaimed billionaire (Trump still hasn’treleased his tax records), Trump’s anti-establishment, anti-Wall Street, anti-free-trade rhetoric has him running as a traitor to his class, though. Aloose affiliation of the super richhas been scheming to halt his rise — most recently,Mitt Romney–but so far, without any success.
In fact, there are plenty of signs that plutocrats are losing their grip on the levers of power and influence. Yes,income inequality continues to rage. But plenty of people with ten-figure net worths simply aren’t getting the satisfaction to which they have become accustomed.
We may have reached Peak Plutocrat.
The phenomenon can best be seen in politics, where the kings of private enterprise are having a tough time playing kingmaker this time around.
Bloomberg for President
Remember that? If you blinked, you missed it. In late January, the former Mayor of New York Michael Bloomberg, proprietor of the eponymous company, whose fortune is estimated at$36 billion to $48 billion, briefly considered jumping into the race. Never mind that third-party candidacies don’t do well in the U.S., or that Bloomberg's constituency (coastal rich people who are socially liberal) are generally in the Hillary Clinton camp already.
The candidacy of Mike Bloomberg, the billionaire candidate beloved by billionaires (hedge fund giant Bill Ackman wrote apassionate pro-Mike op-edin theFinancial Times),failed to launch.
And then there was Jeb!
Former Florida Governor Jeb Bush blew through$100 million of the establishment’s moneybefore bowing out.
Stanley Druckenmiller, the retired hedge fund billionaire, is backing. . . . John Kasich.
The dealmakers from 2012
In 2012, Sheldon Adelson, the Las Vegas casino magnate, played an immensely influential role in the Republican primary and general election. In 2016? Not so much. TheLas Vegas Review Journal,the newspaper (!) Adelson recently purchased,has endorsed Marco Rubio, a victor in precisely one caucus. And Adelson has yet to put his card on the table.
The Koch brothers feel ‘disenfranchised’
For their part, the Koch brothers, who have used their billions to build a highly effective political operation that runs in parallel to the Republican party, are feeling disenfranchised. Far from adopting the Koch Brothers’ line on free trade, or immigration, the Republican field is running in the opposite direction. "You'd think we could have more influence," Charles Kochgroused to theFinancial Times.
On March 3, Reuters reported the Koch brothers had decided not to use any of their war chest to fight Trump’s candidacy. As Reuters notes, “the brothers made the decision because they were concerned that spending millions of dollars attacking Trump wouldbe money wasted, since they had not yet seen any attack on Trump stick.”
No longer minting money, either
Billionaires are not doing so hot in the stock market, either. Bill Ackman, the proprietor of Pershing Square, shot the lights out in 2013 and 2014; Ackman’s brand of dramatic activism and willingness to go all-in on high-profile stocks gave his fund a impressive returns. Butlast year, his main fund was off 20.5 percent, net of returns; it’s off more than 15 percent so far in 2016.Whoops!John Paulson, the hedge fund manger who shot to prominence on the backs of bearish bets on the housing market and was thus elevated into the market sage, isliterally half the asset manager he used to be.
As air comes out of the markets that Plutocrats rely on and love — the stock market, yes, but also junk bonds, tech start-ups, natural resources — their spending power and public influence are starting to deflate. (The egos, not so much.)
Real estate values wane
High-end real estate in London, which has functioned as a sort of safety deposit box for the globe’s ultra wealthy,is starting to fall. In Manhattan last year, thenumber of contractssigned on condos worth more than $10 million fell 16 percent, from 270 to 227.
So if you're in the business of selling trophy properties to ultra-rich people, you may be struggling. Christie'sreportedthat its sales of fine art were down 11 percent in 2015 and Sotheby's said that so far this quarter,sales are off 33 percent.
TV, the lagging indicator
Don't get me wrong. While signs are everywhere that their influence on our culture and economy are declining, the Plutocrats — like the poor — will always be with us. And they will often be unavoidable. One of the better new shows to debut this TV season isShowtime'sBillions,featuring Damian Lewis as Bobby Axelrod, a Steve Cohen-esque hedge fund manager.Billionshas been picked up for a second season.
But even a show that humanizes and dramatizes plutocrats is a sign of their peak. When it comes to business trends, television shows are always an extremely lagging indicator. In the fall of 2000, the debut of a show about the bull market, The$treet, presaged the impending market crash. In October 2005, ABC airedHot Properties,a sitcom starring Sofia Vergara about a group of realtors in California. The housing market began to crash the following year.
See original article on Fortune.com
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• The Crisis in Bitcoin and the Rise of Blockchain
• 3 Ways to Win Over Your Boss
• Here's Why China Laying Off 1.8 Million Workers Is Actually Good News
• Your Great Idea Will Fail Without This
• These Are the Super-Rich People Shaping China || Iceland's Genesis launches first bitcoin mining fund: NEW YORK (Reuters) - Genesis Mining, which provides computer equipment to create bitcoins in the cloud, on Thursday launched the world's first fund that invests in hardware used to create the digital currency. Bitcoins are created through a "mining" process involving computer algorithms on equipment owned or rented out by companies such as Iceland-based Genesis. Bitcoins, which are worth more than $400 each, can be purchased from trading exchanges such as BitStamp and Kraken. The Logos Fund was registered with the U.S. Securities and Exchange Commission last week, Genesis said in a statement. The fund will issue "pooled investment fund interests" to investors in an offering expected to last more than a year. Genesis will initially seed the fund with $1 million of its own capital, co-founder and Chief Executive Marco Streng said, adding that investors have expressed an interest in putting in $100 million. The mininum investment for the fund is $25,000. "The fund would be clearly focused on bitcoin mining, but we can also purchase bitcoins directly from the exchanges," said Streng said in an interview. Streng cited strong investor interest despite challenges facing the sector, whose profits have been pressured by growing competition. More than $1 billion has been invested in bitcoin-related startups since 2013. Bitcoin on Thursday traded at $416.01 on the BitStamp platform, down 1.8 percent. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Iceland's Genesis launches first bitcoin mining fund: NEW YORK (Reuters) - Genesis Mining, which provides computer equipment to create bitcoins in the cloud, on Thursday launched the world's first fund that invests in hardware used to create the digital currency.
Bitcoins are created through a "mining" process involving computer algorithms on equipment owned or rented out by companies such as Iceland-based Genesis. Bitcoins, which are worth more than $400 each, can be purchased from trading exchanges such as BitStamp and Kraken.
The Logos Fund was registered with the U.S. Securities and Exchange Commission last week, Genesis said in a statement. The fund will issue "pooled investment fund interests" to investors in an offering expected to last more than a year.
Genesis will initially seed the fund with $1 million of its own capital, co-founder and Chief Executive Marco Streng said, adding that investors have expressed an interest in putting in $100 million.
The mininum investment for the fund is $25,000.
"The fund would be clearly focused on bitcoin mining, but we can also purchase bitcoins directly from the exchanges," said Streng said in an interview.
Streng cited strong investor interest despite challenges facing the sector, whose profits have been pressured by growing competition.
More than $1 billion has been invested in bitcoin-related startups since 2013.
Bitcoin on Thursday traded at $416.01 on the BitStamp platform, down 1.8 percent.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Richard Chang) || Forty big banks test blockchain-based bond trading system: By Jemima Kelly LONDON, March 3 (Reuters) - Forty of the world's biggest banks, including HSBC and Citi, have tested a system for trading fixed income using the technology that underpins bitcoin, fintech company R3 CEV said on Thursday. The banks are part of a consortium of 42 major lenders, brought together last year by New York-based R3 CEV to work on ways blockchain technology could be used in financial markets - the first time so many have collaborated on using such systems. A blockchain is a huge, decentralised ledger of transactions that can be used to secure and validate any exchange of data, including real assets, such as commodities or currencies. Bitcoin's blockchain was the first, but others have since been built that offer additional features and can be programmed. That means the technology can enable so-called smart contracts: agreements that are automatically executed when pre-determined conditions are met. For this experiment, the banks tried five different blockchain-technology providers to test trading fixed income: Ethereum, often considered the most advanced and ambitious, Chain, Eris Industries, IBM and Intel. "We have raised the bar significantly with the sheer number of global financial institutions, distributed ledger technologies and cloud providers working together ... to demonstrate how this nascent technology can be applied to ... an actively traded asset class," said the head of R3's Collaborative Lab, Tim Grant. Banks reckon the technology could save them money by cutting out middlemen and making their operations more transparent. But analysts say it is early days - bitcoin was invented just six years ago and developers are still working on the technology. Indeed, the G20's Financial Stability Board said on Saturday assessing the systemic implications of fintech innovations would form part of the task force's core policy work this year and global regulators could propose rules to prevent them from destabilising the broader financial system. Chain's CEO Adam Ludwin said: "R3 is further accelerating the adoption of blockchain technology by demonstrating, instead of simply asserting, the commercial advantages of this emerging approach to financial services." (Reporting by Jemima Kelly; Editing by Alison Williams) || Forty big banks test blockchain-based bond trading system: By Jemima Kelly
LONDON, March 3 (Reuters) - Forty of the world's biggest banks, including HSBC and Citi, have tested a system for trading fixed income using the technology that underpins bitcoin, fintech company R3 CEV said on Thursday.
The banks are part of a consortium of 42 major lenders, brought together last year by New York-based R3 CEV to work on ways blockchain technology could be used in financial markets - the first time so many have collaborated on using such systems.
A blockchain is a huge, decentralised ledger of transactions that can be used to secure and validate any exchange of data, including real assets, such as commodities or currencies.
Bitcoin's blockchain was the first, but others have since been built that offer additional features and can be programmed. That means the technology can enable so-called smart contracts: agreements that are automatically executed when pre-determined conditions are met.
For this experiment, the banks tried five different blockchain-technology providers to test trading fixed income: Ethereum, often considered the most advanced and ambitious, Chain, Eris Industries, IBM and Intel.
"We have raised the bar significantly with the sheer number of global financial institutions, distributed ledger technologies and cloud providers working together ... to demonstrate how this nascent technology can be applied to ... an actively traded asset class," said the head of R3's Collaborative Lab, Tim Grant.
Banks reckon the technology could save them money by cutting out middlemen and making their operations more transparent. But analysts say it is early days - bitcoin was invented just six years ago and developers are still working on the technology.
Indeed, the G20's Financial Stability Board said on Saturday assessing the systemic implications of fintech innovations would form part of the task force's core policy work this year and global regulators could propose rules to prevent them from destabilising the broader financial system.
Chain's CEO Adam Ludwin said: "R3 is further accelerating the adoption of blockchain technology by demonstrating, instead of simply asserting, the commercial advantages of this emerging approach to financial services."
(Reporting by Jemima Kelly; Editing by Alison Williams) || Here's how you can invest in the blockchain: As big banks and other financial institutions continue to feel the love for blockchain technology, many of our readers have wondered how they can get in. Can a private, non-institutional investor somehow invest in the blockchain? Answering the question requires a distinction between the b itcoin blockchain and the broader, non-bitcoin idea of blockchain technology. Think of the bitcoin blockchain as a public ledger in the cloud, not unlike a library book slip (see the above video for more). It shows every transaction made with the digital currency bitcoin; the transactions are added in bundles called "blocks," by "miners" who receive a small fee in bitcoin as incentive to add the data. (You can view that happening in-real time.) The bitcoin blockchain is public, open-source and permissionless. What banks want to build is a private, closed blockchain, sans bitcoin, sans miners, to process their own transactions. The appeal is that it would make their systems faster and more efficient (most big banks are using old, outdated software for their record-keeping), as well as reduce friction and transfer delays. The bitcoin community is skeptical about the effort. " Having a closed, permissioned ledger run by banks might allow for better auditing, but there’s no innovation there," says Jerry Brito, executive director of the nonprofit Coin Center, which has raised funding from the biggest names in bitcoin. "You still have to go through a consortium to use the ledger." Indeed, 45 banks, including heavy-hitters like Citi, Credit Suisse, and JPMorgan, have jumped on board with a consortium, called R3 , to test out blockchain technology. JPMorgan, eager to come out to an early lead in the blockchain race, announced last month it has been testing its own blockchain with 2,200 customers. In addition to banks trying to build their own blockchains, fintech startups like itBit are offering their own non-bitcoin blockchains to financial customers. The blockchain product itBit offers is called Bankchain. "Bitcoin is a public, anonymous use case of blockchain technology," says itBit COO Andrew Chang. "Many financial institutions don't want to use the bitcoin blockchain because it’s an anonymous network and they're not okay with that." Story continues Whether the strategy will even bear fruit is unclear, but as Alex Kwiatkowski of financial software firm Misys says, " No one wants to be the one financial company that didn’t invest in blockchain. It feels like California in the Gold Rush -- those making an early claim think they’ll get the most gold. But it’s just an efficiency improvement. There’s going to be some value there, they just need to unlock what it is without promising too much." As banks and other big corporations continue to claim interest in blockchain, the idealogical divide between that side and the bitcoin side will only widen. Dan Conner, who is building a distributed ledger called DisLedger, aptly explains why: " If you’re a bitcoin fanboy and you’re a crypto-anarchist, that’s fine. But those people don’t tend to run in the same circles as banks." Conner predicts that even the term "blockchain" will go out of fashion for Wall Street the way "bitcoin" has, because there are inherent weaknesses in a blockchain. For now, clearly, the big banks are big believers in blockchain—or at least, they say they are. If you, a regular investor (and Yahoo Finance reader), are also a believer, is there a way to invest in blockchain technology? The short answer is: not directly. But there are three roundabout ways you could invest in the bitcoin blockchain or the broader, Wall Street concept of blockchain. If you believe in the strength of the bitcoin blockchain, the best way to invest is to buy bitcoin. Whether you want to do that for price-speculation purposes or simply out of curiosity to own a nascent asset class, there are myriad ways to obtain some easily, from exchanges like Coinbase, Circle, Bitstamp or Kraken, which has expanded in the U.S. recently through acquisitions . A second would be to buy stock in the banks that have joined up with R3, such as BBVA ( BBVA ), BNP Paribas ( BNP.PA ), Citi ( C ), Credit Suisse ( CS ), ING Group ( ING ), JPMorgan ( JPM ), Royal Bank of Scotland ( RBS ), UBS ( UBS ), and Wells Fargo ( WFC ). Of course, for bitcoin true believers, buying bank stocks would defeat the purpose of a cryptocurrency designed to avoid traditional banks. Or you could buy shares in the Bitcoin Investment Trust ( GBTC ), which passively holds bitcoin to track the price (it's similar to the GLD gold trust) and began trading publicly over the counter last year. The trust was launched by Barry Silbert of the Digital Currency Group, which has invested in 75 bitcoin and non-bitcoin blockchain startups, and recently bought the news site CoinDesk . "We started the Trust," Silbert says, "as an easy way for casual investors to get exposure to the price of bitcoin without having to figure out where do you buy it, what price do you pay, and how do you store it. This is one easy way to play in the bitcoin/blockchain industry." The trust is up 20% since it began trading last May. And bitcoin itself is up 81% in the same time period. This is the second in a three-part Yahoo Finance series about blockchain technology. The first part was about why big banks are expressing interest in the blockchain; the third part is about the biggest names in the industry. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin advocacy group scores funding from biggest names in industry Bitcoin industry consolidates: Why Kraken bought Coinsetter Bitcoin's biggest investor bought its biggest news site Here's a sign that PayPal is embracing Bitcoin || Here's how you can invest in the blockchain: As big banks and other financial institutions continue tofeel the lovefor blockchain technology, many of our readers have wondered how they can get in. Can a private, non-institutional investor somehow invest in the blockchain?
Answering the question requires a distinction between thebitcoinblockchain and the broader, non-bitcoin idea of blockchain technology. Think of the bitcoin blockchain as a public ledger in the cloud, not unlike a library book slip (see the above video for more). It shows every transaction made with the digital currency bitcoin; the transactions are added in bundles called "blocks," by "miners" who receive a small fee in bitcoin as incentive to add the data. (You canview that happeningin-real time.) The bitcoin blockchain is public, open-source and permissionless.
What banks want to build is a private, closed blockchain,sansbitcoin,sansminers, to process their own transactions. The appeal is that it would make their systems faster and more efficient (most big banks are using old, outdated software for their record-keeping), as well as reduce friction and transfer delays. The bitcoin community is skeptical about the effort. "Having a closed, permissioned ledger run by banks might allow for better auditing, but there’s no innovation there," says Jerry Brito, executive director of the nonprofit Coin Center, whichhas raised fundingfrom the biggest names in bitcoin. "You still have to go through a consortium to use the ledger."
Indeed, 45 banks, including heavy-hitters like Citi, Credit Suisse, and JPMorgan, have jumped on board with a consortium,called R3, to test out blockchain technology. JPMorgan, eager to come out to an early lead in the blockchain race,announced last monthit has been testing its own blockchain with 2,200 customers.
In addition to banks trying to build their own blockchains, fintech startups likeitBitare offering their own non-bitcoin blockchains to financial customers.The blockchain product itBit offers is called Bankchain. "Bitcoin is a public, anonymous use case of blockchain technology," says itBit COO Andrew Chang. "Many financial institutions don't want to use the bitcoin blockchain because it’s an anonymous network and they're not okay with that."
Whether the strategy will even bear fruit is unclear, but asAlex Kwiatkowski of financial software firm Misys says, "No one wants to be the one financial company that didn’t invest in blockchain.It feels like California in the Gold Rush -- those making an early claim think they’ll get the most gold. But it’s just an efficiency improvement.There’s going to be some value there, they just need to unlock what it is without promising too much."
As banks and other big corporations continue to claim interest in blockchain, the idealogical divide between that side and the bitcoin side will only widen. Dan Conner, who is building a distributed ledger called DisLedger, aptly explains why: "If you’re a bitcoin fanboy and you’re a crypto-anarchist, that’s fine. But those people don’t tend to run in the same circles as banks." Conner predicts that even the term "blockchain" will go out of fashion for Wall Street the way "bitcoin" has, because there are inherent weaknesses in a blockchain. For now, clearly, the big banks are big believers in blockchain—or at least, they say they are.
If you, a regular investor (and Yahoo Finance reader), are also a believer, is there a way to invest in blockchain technology?
The short answer is: not directly. But there are three roundabout ways you could invest in the bitcoin blockchain or the broader, Wall Street concept of blockchain.
If you believe in the strength of the bitcoin blockchain, the best way to invest is to buy bitcoin. Whether you want to do that for price-speculation purposes or simply out of curiosity to own a nascent asset class, there are myriad ways to obtain some easily, from exchanges like Coinbase, Circle, Bitstamp or Kraken, which hasexpanded in the U.S. recently through acquisitions.
A second would be to buy stock in the banks that have joined up with R3, such asBBVA (BBVA), BNP Paribas (BNP.PA), Citi (C), Credit Suisse (CS), ING Group (ING), JPMorgan (JPM), Royal Bank of Scotland (RBS), UBS (UBS), and Wells Fargo (WFC). Of course, for bitcoin true believers, buying bank stocks would defeat the purpose of a cryptocurrency designed to avoid traditional banks.
Or you could buy shares in the Bitcoin Investment Trust (GBTC), which passively holds bitcoin to track the price (it's similar to the GLD gold trust) and began trading publicly over the counter last year. The trust was launched by Barry Silbert of the Digital Currency Group, which has invested in 75 bitcoin and non-bitcoin blockchain startups, andrecently bought the news site CoinDesk. "We started the Trust," Silbert says, "as aneasy way for casual investors to get exposure to the price of bitcoin without having to figure out where do you buy it, what price do you pay, and how do you store it. This is one easy way to play in the bitcoin/blockchain industry."
The trust is up 20% since it began trading last May. And bitcoin itself is up 81% in the same time period.
This is the second in a three-part Yahoo Finance series about blockchain technology. Thefirst partwas about why big banks are expressing interest in the blockchain; thethird partis about the biggest names in the industry.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin advocacy group scores funding from biggest names in industry
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Bitcoin's biggest investor bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || This Country Has Gone Nearly 25 Years Without a Recession: They called it Super Tuesday in America, but it was the Australian economy that won the day. The Australian Bureau of Statistics announced that its economy grew at an annualized rate of 3.0% in the fourth quarter of 2015, above the estimates of economists who predicted that the Aussie economy would be more negatively affected by the economic slowdown in China. It also marked the 98th straight quarter that the Australian economy has avoided a recession. That’s right, Australia has gone almost 25 years without having two consecutive quarters of negative growth, the standard definition of a recession. As Business Insider Australia points out , this brings the Aussie’s close to the developed-world record held by the Netherlands, whose own streak of 103 straight quarters without a recession came to a halt during the global financial crisis. Australia has been able to avoid a recession because of its close ties to the Chinese economy. It’s wealth of natural resources and proximity to China made it the go-to supplier of China’s manufacturing boom. Although it’s been able to avoid being brought down by the Chinese slowdown thus far, many economists remain pessimistic. "We should be cautious given the poor quality of the growth, which was driven by a rise in government spending and household expenditure that relied on a run down in savings," said Andrew Ticehurst, rate strategist at Nomura, told the Financial Times. See original article on Fortune.com More from Fortune.com Australian Avocado Prices Soar as Supply Goes Pear-Shaped An Australian Family Rents an Airbnb That Turns Out to Be a Drug Den Ad Agency Defends Mocked 'Stoner Sloth' Anti-Marijuana Campaign Australian Police Have Raided the Home of Bitcoin's Supposed Creator Taylor Swift Takes Her 125-Person Crew on Vacation || This Country Has Gone Nearly 25 Years Without a Recession: They called it Super Tuesday in America, but it was the Australian economy that won the day.
The Australian Bureau of Statisticsannouncedthat its economy grew at an annualized rate of 3.0% in the fourth quarter of 2015, above the estimates of economists who predicted that the Aussie economy would be more negatively affected by the economic slowdown in China.
It also marked the 98th straight quarter that the Australian economy has avoided a recession. That’s right, Australia has gone almost 25 years without having two consecutive quarters of negative growth, the standard definition of a recession.
AsBusiness Insider Australiapoints out, this brings the Aussie’s close to the developed-world record held by the Netherlands, whose own streak of 103 straight quarters without a recession came to a halt during the global financial crisis.
Australia has been able to avoid a recession because of its close ties to the Chinese economy. It’s wealth of natural resources and proximity to China made it the go-to supplier of China’s manufacturing boom. Although it’s been able to avoid being brought down by the Chinese slowdown thus far, many economists remain pessimistic. "We should be cautious given the poor quality of the growth, which was driven by a rise in government spending and household expenditure that relied on a run down in savings," said Andrew Ticehurst, rate strategist at Nomura,told theFinancial Times.
See original article on Fortune.com
More from Fortune.com
• Australian Avocado Prices Soar as Supply Goes Pear-Shaped
• An Australian Family Rents an Airbnb That Turns Out to Be a Drug Den
• Ad Agency Defends Mocked 'Stoner Sloth' Anti-Marijuana Campaign
• Australian Police Have Raided the Home of Bitcoin's Supposed Creator
• Taylor Swift Takes Her 125-Person Crew on Vacation || Your first trade for Tuesday: The "Fast Money" traders delivered their final trades of the day.
Tim Seymour was a seller of the iShares MSCI Brazil Capped ETF(NYSE Arca: EWZ).
Brian Kelly was a buyer of the iShares Silver Trust(NYSE Arca: SLV).
Karen Finerman was a buyer of Golar LNG(GMLP).
Guy Adami was a buyer of Marathon Oil(MRO).
Trader disclosure: On February 29, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, BAC, BBRY, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, KO, MCD, PEP, PF, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM. Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar, Yen; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY calls, URI, she is short SPY. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, URI, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
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[Social Media Buzz]
#AudioCoin #ADC $ 0.000161 (-2.39 %) 0.00000040 BTC (0.00 %) || #BTA Price: Bittrex 0.00002002 BTC YoBit 0.00001773 BTC Bleutrade 0.00002000 BTC #BTA 2016-03-05 15:00 pic.twitter.com/n00WkXlbrA || BitcoinMuseum: RT ProjectCoin: LIVE: Profit = $105.89 (5.70 %). BUY B4.81 @ $400.00 (#VirCurex). SELL @ $405.01 (#HitBTC) #bitcoin #btc - … || LIVE: Profit = $194.57 (1.75 %). BUY B27.47 @ $404.00 (#Kraken). SELL @ $406.27 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || In the last 10 mins, th...
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407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80.
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[Bitcoin Technical Analysis for 2016-08-09]
Volume: 92228096, RSI (14-day): 39.28, 50-day EMA: 622.59, 200-day EMA: 526.61
[Wider Market Context]
Gold Price: 1339.00, Gold RSI: 53.14
Oil Price: 42.77, Oil RSI: 46.13
[Recent News (last 7 days)]
Who’s Buying What ETF?: If there’s one question that ETF wonks like me get asked all the time, it’s “Who owns ETFs?” More specifically, “Who owns this particular ETF?” There are lots of reasons why a good answer to this question could be useful. If you’re an ETF issuer, you’d certainly like to know who’s been buying your products. If you’re a hedge fund, you might be looking for signals in the patterns of other investors' trades. If you’re an institutional investor, you might be trying to see if your allocations were representative or contrarian. As an individual investor or advisor, you might take comfort in seeing big endowments in a fund you’re interested in. Because ETFs are exchange-traded (it’s in the name, after all) and settle just like a stock, it can be very difficult to know with absolute certainty who has beneficial ownership of every share. Even the Depository Trust Company, which has the ownership records for all ETFs and stocks in the U.S., doesn’t actually know which funds an individual owns. Instead, it just knows that a certain number of shares are sitting at Charles Schwab or Etrade, and from there, it’s that custodian’s responsibility to maintain the individual ownership records. Digging Into Filings But there are ways of ferreting out some of this. Large institutional investors are generally required to make quarterly filings of what they own on SEC form 13F. Mutual funds must disclose their holdings at least once a quarter, and so on. It turns out that all those reports rolled together can explain more than half of the $2.2 trillion in the U.S.-listed ETFs. It shouldn’t be a surprise to see “Investment Advisor” and “Wealth Management” as the top categories here. Advisors—whether captive to a wirehouse like Morgan Stanley or independent—have been a huge growth engine for ETFs nearly since their introduction. What might be surprising to some investors is how small the allocations from hedge funds, endowments and pension funds are. While $67 billion across those groups is real money, it suggests that penetration into those markets still has room to grow. Story continues Digging under the hood, I think it’s interesting to see the kinds of funds these different groups use. For instance, the most-used funds by advisors and wealth managers probably aren’t a big surprise. These top 10 lists show some of the largest ETFs in the market, as you would expect—industry giants like the SPDR S&P 500 ETF Trust (SPY) and the iShares Core US Aggregate Bond ETF (AGG) . But there are some quirks here. Notice the big positions in both growth and value—the iShares Russell 1000 Value ETF (IWD) and the iShares Russell 1000 Growth ETF (IWF) —and the surprising popularity of the Vanguard REIT Index Fund (VNQ) fund with private banking clients. Style rotation is clearly alive and well in America’s biggest private banks. The other thing to notice is just how large these positions are relative to the size of the funds. Between private wealth and the advisory market, well over half of a fund like the iShares MSCI EAFE ETF (EFA) is accounted for. The advisor market is clearly of huge importance to ETF issuers, and the switch from one product to another can be punishing. Just notice what’s not on here: large positions in the iShares Emerging Markets ETF (EEM) . EEM lost the crown for most popular emerging market ETF with advisors to Vanguard over the past decade, which is why you see the Vanguard Emerging Markets ETF (VWO) here instead. Looking at brokers, it’s unsurprising to see both some of the most liquid—and most speculative—ETFs on the market. ETFs serve a slightly different purpose here, allowing for short-term positions in narrow sectors of the market. What about the “smart” money—hedge funds? With the caveat that not every hedge fund has to disclose its holdings, there are still a few interesting tidbits. Hedge funds are looking further afield than the average wealth manager, with big positions in gold, gold miners, high-yield bond funds and even China, all absent from the top 10 list of advisors. That’s not to say that advisors don’t own, say, the SPDR GLD Trust (GLD) —they just own it further down in their portfolios than the average hedge fund. It’s also the case that since we’re just looking at ETFs, we’re not capturing how ETFs compare to the other exposures inside hedge funds. Hedge funds are far more likely to be getting market exposure from individual stocks or derivatives, so what we’re seeing is a concentration on areas where it’s difficult for most firms to get exposure directly without an ETF: emerging markets, junk bonds and physical gold. The Point (And I Do Have One) While it’s fun to take a peek under the covers of different investor groups and compare them to how our own money is invested, I think the broader lesson here is simple: All ETFs are not created equal. Different kinds of investors have very different needs. Where a trader needs liquidity, a long-term asset allocator will focus on total costs and tax efficiency. The beauty of the ETF wrapper is that there’s something for everyone. As of this writing, the author held no positions in the securities mentioned. Dave Nadig is director of exchange-traded funds at FactSet. You can reach him at [email protected] , or on Twitter @DaveNadig. Recommended Stories Behind The Wait For The Winklevoss Bitcoin ETF The ETF As A Political Weapon Aug. 24, 2015 Flash Crash Part Of Wall St. History What The New Real Estate Sector Means For ETFs ETF Asset Growth In 2016 Par For The Course Permalink | © Copyright 2016 ETF.com. All rights reserved || Who’s Buying What ETF?: If there’s one question that ETF wonks like me get asked all the time, it’s “Who owns ETFs?” More specifically, “Who owns this particular ETF?”
There are lots of reasons why a good answer to this question could be useful. If you’re an ETF issuer, you’d certainly like to know who’s been buying your products. If you’re a hedge fund, you might be looking for signals in the patterns of other investors' trades. If you’re an institutional investor, you might be trying to see if your allocations were representative or contrarian. As an individual investor or advisor, you might take comfort in seeing big endowments in a fund you’re interested in.
Because ETFs are exchange-traded (it’s in the name, after all) and settle just like a stock, it can be very difficult to know with absolute certainty who has beneficial ownership of every share. Even the Depository Trust Company, which has the ownership records for all ETFs and stocks in the U.S., doesn’t actually know which funds an individual owns. Instead, it just knows that a certain number of shares are sitting at Charles Schwab or Etrade, and from there, it’s that custodian’s responsibility to maintain the individual ownership records.
Digging Into Filings
But there are ways of ferreting out some of this. Large institutional investors are generally required to make quarterly filings of what they own on SEC form 13F. Mutual funds must disclose their holdings at least once a quarter, and so on. It turns out that all those reports rolled together can explain more than half of the $2.2 trillion in the U.S.-listed ETFs.
It shouldn’t be a surprise to see “Investment Advisor” and “Wealth Management” as the top categories here. Advisors—whether captive to a wirehouse like Morgan Stanley or independent—have been a huge growth engine for ETFs nearly since their introduction. What might be surprising to some investors is how small the allocations from hedge funds, endowments and pension funds are. While $67 billion across those groups is real money, it suggests that penetration into those markets still has room to grow.
Digging under the hood, I think it’s interesting to see thekindsof funds these different groups use. For instance, the most-used funds by advisors and wealth managers probably aren’t a big surprise.
These top 10 lists show some of the largest ETFs in the market, as you would expect—industry giants like theSPDR S&P 500 ETF Trust (SPY)and theiShares Core US Aggregate Bond ETF (AGG). But there are some quirks here. Notice the big positions in both growth and value—theiShares Russell 1000 Value ETF (IWD)and theiShares Russell 1000 Growth ETF (IWF)—and the surprising popularity of theVanguard REIT Index Fund (VNQ)fund with private banking clients. Style rotation is clearly alive and well in America’s biggest private banks.
The other thing to notice is just how large these positions are relative to the size of the funds. Between private wealth and the advisory market, well over half of a fund like theiShares MSCI EAFE ETF (EFA)is accounted for. The advisor market is clearly of huge importance to ETF issuers, and the switch from one product to another can be punishing.
Just notice what’s not on here: large positions in theiShares Emerging Markets ETF (EEM). EEM lost the crown for most popularemerging market ETFwith advisors to Vanguard over the past decade, which is why you see theVanguard Emerging Markets ETF (VWO)here instead.
Looking at brokers, it’s unsurprising to see both some of the most liquid—and most speculative—ETFs on the market. ETFs serve a slightly different purpose here, allowing for short-term positions in narrow sectors of the market.
What about the “smart” money—hedge funds? With the caveat that not every hedge fund has to disclose its holdings, there are still a few interesting tidbits.
Hedge funds are looking further afield than the average wealth manager, with big positions in gold, gold miners, high-yield bond funds and even China, all absent from the top 10 list of advisors. That’s not to say that advisors don’t own, say, theSPDR GLD Trust (GLD)—they just own it further down in their portfolios than the average hedge fund.
It’s also the case that since we’re just looking at ETFs, we’re not capturing how ETFs compare to the other exposures inside hedge funds. Hedge funds are far more likely to be getting market exposure from individual stocks or derivatives, so what we’re seeing is a concentration on areas where it’s difficult for most firms to get exposure directly without an ETF: emerging markets, junk bonds and physical gold.
The Point (And I Do Have One)
While it’s fun to take a peek under the covers of different investor groups and compare them to how our own money is invested, I think the broader lesson here is simple: All ETFs are not created equal. Different kinds of investors have very different needs. Where a trader needs liquidity, a long-term asset allocator will focus on total costs and tax efficiency.
The beauty of the ETF wrapper is that there’s something for everyone.
As of this writing, the author held no positions in the securities mentioned. Dave Nadig is director of exchange-traded funds at FactSet. You can reach him [email protected], or on Twitter @DaveNadig.
Recommended Stories
• Behind The Wait For The Winklevoss Bitcoin ETF
• The ETF As A Political Weapon
• Aug. 24, 2015 Flash Crash Part Of Wall St. History
• What The New Real Estate Sector Means For ETFs
• ETF Asset Growth In 2016 Par For The Course
Permalink| © Copyright 2016ETF.com.All rights reserved || High Prices and Expensive Gifts Offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY--(Marketwired - Aug 8, 2016) - With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm. PowerBTC LLC ( http://www.PowerBTC.com ), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business. While having listed all of them below, customers can be assisted and given additional information at any time. POWERBTC CURRENT PROMOTIONAL OFFERS: 10+ BTC (24-karat gold coin); 20+ BTC (24-karat gold coin +3 %); 30+ BTC (24-karat gold coin +5 %); 50+ BTC (24-karat gold coin +8 %) 24-karat gold coin worth of 450 USD based on the gold market price. Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top." A visit to http://www.PowerBTC.com reveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer. While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business. Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled. PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit, http://www.PowerBTC.com . || High Prices and Expensive Gifts Offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY--(Marketwired - Aug 8, 2016) - With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm.
PowerBTC LLC (http://www.PowerBTC.com), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business.
While having listed all of them below, customers can be assisted and given additional information at any time.
POWERBTC CURRENT PROMOTIONAL OFFERS:
10+ BTC (24-karat gold coin);20+ BTC (24-karat gold coin +3 %);30+ BTC (24-karat gold coin +5 %);50+ BTC (24-karat gold coin +8 %)
24-karat gold coin worth of 450 USD based on the gold market price.
Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit tohttp://www.PowerBTC.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,http://www.PowerBTC.com. || High Prices and Expensive Gifts Offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY--(Marketwired - Aug 8, 2016) - With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm.
PowerBTC LLC (http://www.PowerBTC.com), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business.
While having listed all of them below, customers can be assisted and given additional information at any time.
POWERBTC CURRENT PROMOTIONAL OFFERS:
10+ BTC (24-karat gold coin);20+ BTC (24-karat gold coin +3 %);30+ BTC (24-karat gold coin +5 %);50+ BTC (24-karat gold coin +8 %)
24-karat gold coin worth of 450 USD based on the gold market price.
Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit tohttp://www.PowerBTC.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,http://www.PowerBTC.com. || Bitfinex users set to lose 36% of their holding in bitcoin hack: The digital currency exchange platform Bitfinex has taken more than a third off all accounts following last week's cybertheft of nearly 120,000 bitcoins . On Saturday, Bitfinex confirmed it had spread losses among all users of the platform , rather than just users who had lost bitcoins. These losses amount to 36.067 percent of each account, although Bitfinex has not yet explained how it calculated this figure. Bitfinex justified the decision by arguing that if the company was forced into liquidation, losses would have to be spread among all users. "After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets," the company said in a statement on its website. "This is the closest approximation to what would happen in a liquidation context." Bitfinex allows users to trade in several different digital currencies, including bitcoin, and deposit U.S. dollars in their account. A total of 119,756 bitcoins, worth $70.5 million at today's price (: BTC=) , were stolen as a result of a cybersecurity breach. Bitfinex's decision is likely to disappoint many of the site's users who held assets other than bitcoins, warned Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare. "What's disappointing is that the losses seem to be arbitrarily decided with larger operators being offered sweetners to keep them trading - and there is little clarity on BitFinex's company losses," Hayter told CNBC via email. To compensate users, BitFinex is crediting each account with a digital token that will record how much the customer has lost as a result of the hack. These tokens will either be redeemed in full by the company in the future or they can be exchanged for shares in BitFinex's parent company, iFinex Inc. The statement did not specify any timeframe for the redemption. "The convertible debt token is a way of kicking the can down the road and finding breathing space for the exchange - it opens up interesting trading possibilities with its junk status as well as a fair few legal ramifications," explained Hayter. Story continues Hayter criticised BitFinex's latest attempt to deal with the situation. "It's all been desperately scrambled together to give some form of closure - although a lot of their plan has not been fully fleshed out with details thin on the ground," he said. Follow CNBC International on Twitter and Facebook . More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitfinex users set to lose 36% of their holding in bitcoin hack: The digital currency exchange platform Bitfinex has taken more than a third off all accounts following last week's cybertheft of nearly 120,000bitcoins.
On Saturday, Bitfinexconfirmed it had spread losses among all users of the platform, rather than just users who had lost bitcoins. These losses amount to 36.067 percent of each account, although Bitfinex has not yet explained how it calculated this figure.
Bitfinex justified the decision by arguing that if the company was forced into liquidation, losses would have to be spread among all users.
"After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets," the company said in a statement on its website. "This is the closest approximation to what would happen in a liquidation context."
Bitfinex allows users to trade in several different digital currencies, including bitcoin, and deposit U.S. dollars in their account.
A total of 119,756 bitcoins, worth $70.5 million at today's price(: BTC=), were stolen as a result of a cybersecurity breach.
Bitfinex's decision is likely to disappoint many of the site's users who held assets other than bitcoins, warned Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare.
"What's disappointing is that the losses seem to be arbitrarily decided with larger operators being offered sweetners to keep them trading - and there is little clarity on BitFinex's company losses," Hayter told CNBC via email.
To compensate users, BitFinex is crediting each account with a digital token that will record how much the customer has lost as a result of the hack. These tokens will either be redeemed in full by the company in the future or they can be exchanged for shares in BitFinex's parent company, iFinex Inc. The statement did not specify any timeframe for the redemption.
"The convertible debt token is a way of kicking the can down the road and finding breathing space for the exchange - it opens up interesting trading possibilities with its junk status as well as a fair few legal ramifications," explained Hayter.
Hayter criticised BitFinex's latest attempt to deal with the situation.
"It's all been desperately scrambled together to give some form of closure - although a lot of their plan has not been fully fleshed out with details thin on the ground," he said.
Follow CNBC International onTwitterandFacebook.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || High Prices And Expensive Gifts offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY / ACCESSWIRE / August 7, 2016 /With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm.
PowerBTC LLC (http://www.PowerBTC.com), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business.
While having listed all of them below, customers can be assisted and given additional information at any time.
POWERBTC CURRENT PROMOTIONAL OFFERS:
10+ BTC (24-karat gold coin);20+ BTC (24-karat gold coin +3 %);30+ BTC (24-karat gold coin +5 %);50+ BTC (24-karat gold coin +8 %)
24-karat gold coin worth of 450 USD based on the gold market price.
Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit tohttp://www.PowerBTC.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,http://www.PowerBTC.com.SOURCE:PowerBTC LLC || High Prices And Expensive Gifts offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY / ACCESSWIRE / August 7, 2016 / With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm. PowerBTC LLC ( http://www.PowerBTC.com ), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business. While having listed all of them below, customers can be assisted and given additional information at any time. POWERBTC CURRENT PROMOTIONAL OFFERS: 10+ BTC (24-karat gold coin); 20+ BTC (24-karat gold coin +3 %); 30+ BTC (24-karat gold coin +5 %); 50+ BTC (24-karat gold coin +8 %) 24-karat gold coin worth of 450 USD based on the gold market price. Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top." A visit to http://www.PowerBTC.com reveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer. While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business. Story continues Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled. PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit, http://www.PowerBTC.com . SOURCE: PowerBTC LLC || High Prices And Expensive Gifts offered by PowerBTC to Bitcoin Sellers: NEW YORK, NY / ACCESSWIRE / August 7, 2016 /With the rise in popularity of Bitcoin commerce, many online firms are finding creative new ways to take advantage of this valuable virtual resource. However, none are more market-savvy than PowerBTC, an up-and-coming financial world star that is taking e-commerce by storm.
PowerBTC LLC (http://www.PowerBTC.com), an already well known cryptocurrency trader on the virtual market, has its on-going offer of higher-than-the-market-price premiums on Bitcoin purchase. Their offer is time-limited but comes along with a bunch of benefits for 10+ or larger transactions. While their standard approach of Bitcoin sellers remains a bonus of 10% more than the market's official rate, the company has added few more additional premiums and gifts for volume business.
While having listed all of them below, customers can be assisted and given additional information at any time.
POWERBTC CURRENT PROMOTIONAL OFFERS:
10+ BTC (24-karat gold coin);20+ BTC (24-karat gold coin +3 %);30+ BTC (24-karat gold coin +5 %);50+ BTC (24-karat gold coin +8 %)
24-karat gold coin worth of 450 USD based on the gold market price.
Tom Clark, the CEO of PowerBTC, commented: "We are happy that with this promotional offer we will be able to help the Bitcoin community. By riding on this next wave of digital technology, we hope to become a major leader of the Bitcoin community, and offer exceptional deals for all Bitcoin purchases. It's about staying in-step with the times, and we know that Bitcoin is a wise investment and are confident that it can take us to the top."
A visit tohttp://www.PowerBTC.comreveals a cleanly-designed website that is easy to use, making Bitcoin transactions quick and easy. Users only need to enter their email address, and bank or PayPal information and they will be ready to take advantage of this new promotional offer.
While the offer may appear to be a bit chaotic for the regular seller, the mechanism behind it is based not only on the company's appetite for Bitcoin purchase, but also on the outcome of the Bitcoin PowerBTC is reinvesting, together with a sophisticated calculus and certain principles common within any financial services business.
Rates are updated constantly, following current market trends, for the most accurate information. Combined with knowledgeable staff and a regularly updated news page, this gives PowerBTC the edge over competitors in the field by offering a depth of market knowledge that is unrivaled.
PowerBTC is currently purchasing Bitcoins so any interested sellers should visit their website as soon as possible for the best deals. For more information, visit,http://www.PowerBTC.com.SOURCE:PowerBTC LLC || Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation.
The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time.
Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time.
Related Link:What Is Blockchain, And Why Should You Care?
"We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged.
The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, asspeculated by Cnet.
The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
See more from Benzinga
• Jim Cramer Doesn't Think FireEye Will Be Taken Over
• Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors
• Priceline Remains One Of The Best Internet Large Caps
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation. The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time. Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time. Related Link: What Is Blockchain, And Why Should You Care? "We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged. The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, as speculated by Cnet. The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday. Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card! See more from Benzinga Jim Cramer Doesn't Think FireEye Will Be Taken Over Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors Priceline Remains One Of The Best Internet Large Caps © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation.
The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time.
Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time.
Related Link:What Is Blockchain, And Why Should You Care?
"We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged.
The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, asspeculated by Cnet.
The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
See more from Benzinga
• Jim Cramer Doesn't Think FireEye Will Be Taken Over
• Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors
• Priceline Remains One Of The Best Internet Large Caps
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cable & Wireless Reports Preliminary Q1 2016/17 Results: MIAMI, FL--(Marketwired - Aug 5, 2016) - Cable & Wireless Communications Limited ("CWC") is a leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.7 million mobile, 0.4 million television, 0.6 million internet and 0.8 million telephony subscribers. In addition, CWC delivers B2B services across the region and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets. Operating and financial highlights*: Delivered 14,000 subscriber additions in Q1 2016/17, as compared to 4,000 adds in prior-year period 2,000 video additions driven by our DTH business in Panama 5,000 broadband internet and 6,000 telephony subscriber adds, supported by network investment Mobile data penetration up seven percentage points YoY to 53% Further strengthened our customer proposition through launch of Flow Sports Premier in July Providing HD sporting content exclusively to Flow customers with unrivaled Premier League coverage; only Flow customers can watch all 380 games a season, beginning in August Investing to drive future performance, including: Completed roll-out of unified Flow brand across region Activated LTE-Advanced network in Cayman providing peak throughput > 75Mbps Launched fixed bundles in Trinidad & Tobago Strengthened B2B portfolio with launch of cloud-based call center solution Deploying new advanced video platforms in Panama and the Bahamas Subscriber Statistics CWC delivered a solid Q1 2016/17 performance as the organic changes for all of our fixed and mobile product categories improved year-over-year. In our mobile business, which represents roughly 40% of our total revenue, the total base increased by 148,000 subscribers or 4% year-over-year to 3.7 million. This performance was led by a 21% increase in subscribers who purchased a data plan. Mobile data penetration now stands at 53% of our total mobile subscriber base, up 2 percentage points from 51% at March 31, 2016. Story continues Turning to our fixed-line business, we added 14,000 subscribers during the quarter, with year-over-year improvements across all three products. We reported 5,000 broadband net additions in Q1 2016/17, as we increased penetration over our improved networks. On the video front, we added 2,000 subscribers in the quarter, driven by growth in Panama DTH, where we have seen strong demand for our prepaid TV product and our DTH subscriber base rose from 16,000 to 39,000 year-over-year. Offsetting this increase, video subscribers in the Caribbean declined as a result of increased competition and challenging economic environments, however we are working to mitigate these factors by re-vamping our product offering in these markets, including the July launch of our Flow Sports Premier channel. This premium channel will feature HD content and offer the very best in sporting content, exclusively to Flow's customers across the region. The highlight of Flow Sports Premier will be unrivaled coverage of the Premier League beginning in August 2016 -- the world's most popular football league -- ensuring that only Flow's customers can watch all 380 games a season. Rounding out our fixed-line products, we added 6,000 telephony subscribers in the quarter, as we increased penetration of our VoIP-based services through bundling across our footprint. Triple-play penetration increased 170 basis points over the year to cover 8.6% of our subscribers at June 30, 2016, still leaving ample room for growth. Finally, during the last twelve months, we have expanded our network by roughly 35,000 homes and upgraded over 100,000 homes to two-way capability. From a regional standpoint, the following highlights the trends in our largest markets: Panama mobile subscribers declined 1% in the quarter as continued competition through aggressive promotional activity adversely impacted our prepaid customer base. However, this was partly offset by higher-ARPU postpaid subscribers, which were up 2%, representing the eighth consecutive quarter of growth. Our prepaid DTH product, up 22% in the quarter, continued to drive video subscriber growth in Panama. Fixed video and broadband subscribers grew by 3%, and should be further supported by the upcoming launch of re-vamped video and broadband products in the Panama market. In the Bahamas, we experienced relatively flat broadband and fixed voice performance but plan to launch a video product in Q2 2016/17 that we expect will strengthen our competitive position. Turning to Jamaica, one of the largest telecommunications markets in the region, broadband subscribers were up 2%, and mobile subscriber numbers continued to grow, with 18,000 additions in the quarter, as we continued to win back market share following the successful rebranding to Flow. Increased competition and challenging macroeconomic environments in Barbados and Trinidad & Tobago led to reduced video subscribers, however we are seeing encouraging early results from recently launched fixed bundles in Trinidad & Tobago. About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Cable & Wireless Reports Preliminary Q1 2016/17 Results: MIAMI, FL--(Marketwired - Aug 5, 2016) -Cable & Wireless CommunicationsLimited ("CWC") is a leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.7 million mobile, 0.4 million television, 0.6 million internet and 0.8 million telephony subscribers. In addition, CWC delivers B2B services across the region and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets.
Operating and financial highlights*:
• Delivered 14,000 subscriber additions in Q1 2016/17, as compared to 4,000 adds in prior-year period2,000 video additions driven by our DTH business in Panama5,000 broadband internet and 6,000 telephony subscriber adds, supported by network investment
• Mobile data penetration up seven percentage points YoY to 53%
• Further strengthened our customer proposition through launch of Flow Sports Premier in JulyProviding HD sporting content exclusively to Flow customers with unrivaled Premier League coverage; only Flow customers can watch all 380 games a season, beginning in August
• Investing to drive future performance, including:Completed roll-out of unified Flow brand across regionActivated LTE-Advanced network in Cayman providing peak throughput > 75MbpsLaunched fixed bundles in Trinidad & TobagoStrengthened B2B portfolio with launch of cloud-based call center solutionDeploying new advanced video platforms in Panama and the Bahamas
Subscriber Statistics
CWC delivered a solid Q1 2016/17 performance as the organic changes for all of our fixed and mobile product categories improved year-over-year. In our mobile business, which represents roughly 40% of our total revenue, the total base increased by 148,000 subscribers or 4% year-over-year to 3.7 million. This performance was led by a 21% increase in subscribers who purchased a data plan. Mobile data penetration now stands at 53% of our total mobile subscriber base, up 2 percentage points from 51% at March 31, 2016.
Turning to our fixed-line business, we added 14,000 subscribers during the quarter, with year-over-year improvements across all three products. We reported 5,000 broadband net additions in Q1 2016/17, as we increased penetration over our improved networks. On the video front, we added 2,000 subscribers in the quarter, driven by growth in Panama DTH, where we have seen strong demand for our prepaid TV product and our DTH subscriber base rose from 16,000 to 39,000 year-over-year. Offsetting this increase, video subscribers in the Caribbean declined as a result of increased competition and challenging economic environments, however we are working to mitigate these factors by re-vamping our product offering in these markets, including the July launch of our Flow Sports Premier channel. This premium channel will feature HD content and offer the very best in sporting content, exclusively to Flow's customers across the region. The highlight of Flow Sports Premier will be unrivaled coverage of the Premier League beginning in August 2016 -- the world's most popular football league -- ensuring that only Flow's customers can watch all 380 games a season.
Rounding out our fixed-line products, we added 6,000 telephony subscribers in the quarter, as we increased penetration of our VoIP-based services through bundling across our footprint. Triple-play penetration increased 170 basis points over the year to cover 8.6% of our subscribers at June 30, 2016, still leaving ample room for growth. Finally, during the last twelve months, we have expanded our network by roughly 35,000 homes and upgraded over 100,000 homes to two-way capability.
From a regional standpoint, the following highlights the trends in our largest markets:
• Panama mobile subscribers declined 1% in the quarter as continued competition through aggressive promotional activity adversely impacted our prepaid customer base. However, this was partly offset by higher-ARPU postpaid subscribers, which were up 2%, representing the eighth consecutive quarter of growth. Our prepaid DTH product, up 22% in the quarter, continued to drive video subscriber growth in Panama. Fixed video and broadband subscribers grew by 3%, and should be further supported by the upcoming launch of re-vamped video and broadband products in the Panama market.
• In the Bahamas, we experienced relatively flat broadband and fixed voice performance but plan to launch a video product in Q2 2016/17 that we expect will strengthen our competitive position.
• Turning to Jamaica, one of the largest telecommunications markets in the region, broadband subscribers were up 2%, and mobile subscriber numbers continued to grow, with 18,000 additions in the quarter, as we continued to win back market share following the successful rebranding to Flow.
• Increased competition and challenging macroeconomic environments in Barbados and Trinidad & Tobago led to reduced video subscribers, however we are seeing encouraging early results from recently launched fixed bundles in Trinidad & Tobago.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Kim Dotcom says he has the answer to bitcoins civil war and will soon give it to the world: Kim Dotcom launches his new website "Mega" in Auckland One-time online pirate king Kim Dotcom is poised to launch a new version of his file-sharing service Megaupload. Its not only going to revolutionize encryption and security when sharing your files in the cloud, he promises, but its going to solve a problem that has vexed the smartest minds in cryptocurrency as a bonus. This is the order countries will march in during the Olympic opening ceremonies @CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-) Kim Dotcom (@KimDotcom) August 5, 2016 NBC is airing the Rio Olympics opening ceremony on a tape delay, but theres still a way for Americans to watch it live The blockchain limitation Dotcom speaks of is the bitcoin networks ability to process a larger quantity of transactions than its currently capable of. Its a question that has turned the bitcoin worlds top developers against one another, leading to paralysis over how best to scale up the bitcoin networks capacity, and even public apostasy by one of the digital currencys earliest contributors. The battle over the open-source protocol has been described as a civil war. Dotcom is vague about how he will solve the scaling problem. But hes already decided on a name for the solutionBitcache. He says all will be revealed at the launch of his new platform, Megaupload 2.0, on Jan. 20, 2017. In the meantime, he promises Bitcache will do something else: boost the price of bitcoin fourfold to over $2,000. The new platform will link every file transfer to a bitcoin micro-transaction. Megaupload had 150 million users at its peak and was responsible for $500 million in pirated material , according to an indictment from the US Department of Justice. Dotcom is currently in New Zealand appealing extradition to the US . If the relaunched Megaupload gets even a fraction of that popularity, it could result in millions more new transactions flowing over the bitcoin network. With that in mind, this is his investment advice: Story continues Buy Bitcoin while cheap. Like right now. Trust me. Kim Dotcom (@KimDotcom) August 5, 2016 While Dotcoms promises may simply be the bluster of an internet raconteur, he has been tinkering with radical payment ideas for years. In 2012, he brainstormed ideas for payments systems on Twitter, attracting prominent bitcoin advocates to the discussion. Last month, he seems to have cracked the puzzle, announcing this on his social network: I can tell you that Megaupload and Bitcoin had sex. There is a pregnancy and I have a feeling that the baby will be such a joy. Kim Dotcom (@KimDotcom) July 10, 2016 Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: The Rio Olympics finally represents the whole world, including millions with no country Investors have placed a one-way bet on Uberwhich made us want to find a way to short it || Kim Dotcom says he has the answer to bitcoins civil war and will soon give it to the world: Kim Dotcom launches his new website "Mega" in Auckland One-time online pirate king Kim Dotcom is poised to launch a new version of his file-sharing service Megaupload. Its not only going to revolutionize encryption and security when sharing your files in the cloud, he promises, but its going to solve a problem that has vexed the smartest minds in cryptocurrency as a bonus. This is the order countries will march in during the Olympic opening ceremonies @CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-) Kim Dotcom (@KimDotcom) August 5, 2016 NBC is airing the Rio Olympics opening ceremony on a tape delay, but theres still a way for Americans to watch it live The blockchain limitation Dotcom speaks of is the bitcoin networks ability to process a larger quantity of transactions than its currently capable of. Its a question that has turned the bitcoin worlds top developers against one another, leading to paralysis over how best to scale up the bitcoin networks capacity, and even public apostasy by one of the digital currencys earliest contributors. The battle over the open-source protocol has been described as a civil war. Dotcom is vague about how he will solve the scaling problem. But hes already decided on a name for the solutionBitcache. He says all will be revealed at the launch of his new platform, Megaupload 2.0, on Jan. 20, 2017. In the meantime, he promises Bitcache will do something else: boost the price of bitcoin fourfold to over $2,000. The new platform will link every file transfer to a bitcoin micro-transaction. Megaupload had 150 million users at its peak and was responsible for $500 million in pirated material , according to an indictment from the US Department of Justice. Dotcom is currently in New Zealand appealing extradition to the US . If the relaunched Megaupload gets even a fraction of that popularity, it could result in millions more new transactions flowing over the bitcoin network. With that in mind, this is his investment advice: Story continues Buy Bitcoin while cheap. Like right now. Trust me. Kim Dotcom (@KimDotcom) August 5, 2016 While Dotcoms promises may simply be the bluster of an internet raconteur, he has been tinkering with radical payment ideas for years. In 2012, he brainstormed ideas for payments systems on Twitter, attracting prominent bitcoin advocates to the discussion. Last month, he seems to have cracked the puzzle, announcing this on his social network: I can tell you that Megaupload and Bitcoin had sex. There is a pregnancy and I have a feeling that the baby will be such a joy. Kim Dotcom (@KimDotcom) July 10, 2016 Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: The Rio Olympics finally represents the whole world, including millions with no country Investors have placed a one-way bet on Uberwhich made us want to find a way to short it || MarilynJean Interactive (MJMI.QB) in Negotiations for Private Placement Financing: HENDERSON, NV / ACCESSWIRE / August 5, 2016 /MarilynJean Interactive (MJMI.QB) today announced it has entered into negotiations for a private placement financing. The success of this financing would allow the company to target a much wider range of potential acquisition targets. By allowing the company to offer both cash and stock as part of its acquisition strategy, the company would have a much wider range of targets to acquire while it builds its digital currency exchange system.
With a market capitalization of over $9 Billion, Bitcoin continues to draw investment capital and talent to the industry. CNN reports that over $1 Billion has been invested in Bitcoin start-ups.
Peter Janosi, MJMI's president said: "The liquidity of our publicly traded shares as a currency for acquisitions will be significantly enhanced by the ability to offer cash as a part of a purchase package. In addition, we hope to raise sufficient funds to expand our existing operations."
About MJMI
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.com
Press Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) in Negotiations for Private Placement Financing: HENDERSON, NV / ACCESSWIRE / August 5, 2016 / MarilynJean Interactive (MJMI.QB) today announced it has entered into negotiations for a private placement financing. The success of this financing would allow the company to target a much wider range of potential acquisition targets. By allowing the company to offer both cash and stock as part of its acquisition strategy, the company would have a much wider range of targets to acquire while it builds its digital currency exchange system. With a market capitalization of over $9 Billion, Bitcoin continues to draw investment capital and talent to the industry. CNN reports that over $1 Billion has been invested in Bitcoin start-ups. Peter Janosi, MJMI's president said: "The liquidity of our publicly traded shares as a currency for acquisitions will be significantly enhanced by the ability to offer cash as a part of a purchase package. In addition, we hope to raise sufficient funds to expand our existing operations." About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Story continues Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive View comments || Bitfinex says expects 'socialized loss' for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman)
[Social Media Buzz]
#SativaCoin #STV $ 0.004004 (0.44 %) 0.00000676 BTC (0.00 %) || #UFOCoin #UFO $ 0.000012 (-0.66 %) 0.00000002 BTC (-0.00 %) || One Bitcoin now worth $585.94@bitstamp. High $594.00. Low $580.05. Market Cap $9.260 Billion #bitcoin || 1 KOBO = 0.00000799 BTC
= 0.0047 USD
= 1.4875 NGN
= 0.0636 ZAR
= 0.4766 KES
#Kobocoin 2016-08-09 12:00 pic.twitter.com/p15pEIGzLq || One Bitcoin now worth $582.00@bitstamp. High $594.00. Low $580.05. Market Cap $9.198 Billion #bitcoin || Current price of Bit...
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592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96.
|
[Bitcoin Technical Analysis for 2019-08-24]
Volume: 15451030650, RSI (14-day): 44.39, 50-day EMA: 10477.99, 200-day EMA: 8310.94
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Circle CEO: Chinas Digital Currency Could Bypass Western Banks: Circle CEO Jeremy Allaire says the U.S. lagging behind Chinas development of a national digital currency could alter the way Western companies transfer payments. Speaking on the Global Coin Research podcast this week, Allaire said China is setting the pace in the development of a digital currency equivalent of its fiat currency, the renminbi, and could soon bypass Western rules through direct settlements. Allaire also said Circle continues to be interested in the development of stablecoins, such as its USD Coin. [Circle] also believes that the major reserve currencies of the world, the major trade currencies of the world, would become digital currencies, Allaire said. Related: Bitcoin Miners Halt Operations as Rainstorm Triggers Mudslides in China A digital currency version of renminbi that runs on software platforms that can be run over the internet, it really creates an opportunity for China and Chinese companies . . . and bypass the western banking system. Earlier this month, the Peoples Bank of China announced it was wrapping up a year-long digital currency project. Allaire said Circle, which launched a U.S. dollar stablecoin in 2018, is keeping its eye on Chinas development. A digital renminbi, Allaire said, makes sense in view of the larger global financial picture: I think the broader concept of the internationalization of the yuan and the belt and road initiative and the desire to expand China role as a trade counterparty . . . digital currency is a natural path for that to grow. Related: Central Banks, Stablecoins and the Looming War of Currencies Circle CEO Jeremy Allaire via CoinDesk archives Related Stories Chinas Central Bank Close to Launching Official Digital Currency Trumps Currency War With China Could Be Bitcoins Do-or-Die Moment || Circle CEO: Chinas Digital Currency Could Bypass Western Banks: Circle CEO Jeremy Allaire says the U.S. lagging behind Chinas development of a national digital currency could alter the way Western companies transfer payments. Speaking on the Global Coin Research podcast this week, Allaire said China is setting the pace in the development of a digital currency equivalent of its fiat currency, the renminbi, and could soon bypass Western rules through direct settlements. Allaire also said Circle continues to be interested in the development of stablecoins, such as its USD Coin. [Circle] also believes that the major reserve currencies of the world, the major trade currencies of the world, would become digital currencies, Allaire said. Related: Bitcoin Miners Halt Operations as Rainstorm Triggers Mudslides in China A digital currency version of renminbi that runs on software platforms that can be run over the internet, it really creates an opportunity for China and Chinese companies . . . and bypass the western banking system. Earlier this month, the Peoples Bank of China announced it was wrapping up a year-long digital currency project. Allaire said Circle, which launched a U.S. dollar stablecoin in 2018, is keeping its eye on Chinas development. A digital renminbi, Allaire said, makes sense in view of the larger global financial picture: I think the broader concept of the internationalization of the yuan and the belt and road initiative and the desire to expand China role as a trade counterparty . . . digital currency is a natural path for that to grow. Related: Central Banks, Stablecoins and the Looming War of Currencies Circle CEO Jeremy Allaire via CoinDesk archives Related Stories Chinas Central Bank Close to Launching Official Digital Currency Trumps Currency War With China Could Be Bitcoins Do-or-Die Moment || Blockchain Will Integrate BitPay’s System For Wallet Payments: Bitcoin wallet and blockchain explorer provider Blockchain announced a partnership with the largest bitcoin processor,BitPay.
According to ablog postpublished today,Blockchainwill integrateBitPay’s payment architecture into its wallet service. This partnership will allow Blockchain wallet users to pay merchants online or on mobile.
BitPay processes approximately $1 billion in bitcoin alone every year for businesses and individual clients and over $2.8 billion in other cryptos for institutional clients since 2011. The firm has built an ecosystem of merchants that accept their payments – including Amazon, Delta, and Hotels.com – because, as a payment processor, it offers the option to settle in fiat currencies and provides invoices.
Related:$100K Crypto Donation to Amazon Rainforest Charity Blocked By BitPay
Likewise, Blockchain is often regarded as one of the world’s largest wallet providers with approximately 38 million users, of which more than half are located outside the United States. Further, the firm’s wallet users account forroughly a quarterof all on-chain bitcoin transactions.
“We’re excited to see this new addition connect our Wallet users to the world of merchants that accept Bitcoin (and soon other cryptos) as a payment method — one of the key ways to interact with and grow the digital asset ecosystem,” Blockchain writes in a statement.
Blockchain’s wallet service is non-custodial and offers an optional know-your-customer (KYC) verification for users who want in-wallet trading capabilities. Whereas, BitPay requires its users to undergo KYC requirements.
In July, Blockchain unveiled itscrypto exchangeplatform the PIT, with optionality to connect the firms wallets for nearly instant transfers.
Related:BitPay Says Crypto Spending on Real Estate to Double in 2019
Blockchain CEO Peter Smith via CoinDesk archives
• Bitcoin’s Largest Wallet Blockchain Just Launched Its First Crypto Exchange
• Tech Retailer Newegg Expands Bitcoin Payments to Another 73 Nations || Blockchain Will Integrate BitPay’s System For Wallet Payments: Bitcoin wallet and blockchain explorer provider Blockchain announced a partnership with the largest bitcoin processor, BitPay . According to a blog post published today, Blockchain will integrate BitPay ’s payment architecture into its wallet service. This partnership will allow Blockchain wallet users to pay merchants online or on mobile. BitPay processes approximately $1 billion in bitcoin alone every year for businesses and individual clients and over $2.8 billion in other cryptos for institutional clients since 2011. The firm has built an ecosystem of merchants that accept their payments – including Amazon, Delta, and Hotels.com – because, as a payment processor, it offers the option to settle in fiat currencies and provides invoices. Related: $100K Crypto Donation to Amazon Rainforest Charity Blocked By BitPay Likewise, Blockchain is often regarded as one of the world’s largest wallet providers with approximately 38 million users, of which more than half are located outside the United States. Further, the firm’s wallet users account for roughly a quarter of all on-chain bitcoin transactions. “We’re excited to see this new addition connect our Wallet users to the world of merchants that accept Bitcoin (and soon other cryptos) as a payment method — one of the key ways to interact with and grow the digital asset ecosystem,” Blockchain writes in a statement. Blockchain’s wallet service is non-custodial and offers an optional know-your-customer (KYC) verification for users who want in-wallet trading capabilities. Whereas, BitPay requires its users to undergo KYC requirements. In July, Blockchain unveiled its crypto exchange platform the PIT, with optionality to connect the firms wallets for nearly instant transfers. Related: BitPay Says Crypto Spending on Real Estate to Double in 2019 Blockchain CEO Peter Smith via CoinDesk archives Related Stories Bitcoin’s Largest Wallet Blockchain Just Launched Its First Crypto Exchange Tech Retailer Newegg Expands Bitcoin Payments to Another 73 Nations View comments || UK Central Bank Chief Sees Digital Currency Displacing US Dollar as Global Reserve: A central bank-supported digital currency could replace the dollar as the global hedge currency, said Bank of England governor Mark Carney. Speaking at the Economic Policy Symposium in Jackson Hole, Wyoming, on Friday Carney discussed the need for a new international monetary and financial system (IMFS), noting that while the U.S. dollar has played a dominant role in the world order over much the past century, recent developments such as increased globalization and trade disputes may have stronger impacts on national economies at the present moment than they would have in the past. Carney highlighted the dollar’s use in international securities issuance, its use as the primary settlement currency for international trades and the fact that companies use dollars as examples of its dominance. However, “developments in the U.S. economy, by affecting the dollar exchange rate, can have large spillover effects to the rest of the world.” Related: China’s Digital Fiat Wants to Compete With Bitcoin – But It’s Not a Crypto “While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,” Carney continued. Carney suggested a number of possible replacements to the dollar, including the Chinese renminbi, and most notably, a digital currency supported by an international coalition of central banks. He said: “It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.” “An SHC could dampen the domineering influence of the U.S. dollar on global trade,” Carney said. Related: Bank of England Governor Says Facebook’s Libra Crypto Will Be Scrutinized Technology can disrupt the current network effects that protect the dollar, he explained, noting that an increasing number of transactions occur online and use electronic payments rather than cash. While he did not explicitly reference cryptocurrencies, he did note that “the relatively high costs of domestic and cross border electronic payments are encouraging innovation, with new entrants applying new technologies to offer lower cost, more convenient retail payment services.” Story continues Libra example One example is Facebook’s proposed Libra crypto project, he noted. The social media giant has proposed Libra as a payments infrastructure and stablecoin backed by a basket of national currencies. To succeed, Libra needs to address regulatory issues, Carney said. “The Bank of England and other regulators have been clear that unlike in social media, for which standards and regulations are only now being developed after the technologies have been adopted by billions of users, the terms of engagement for any new systemic private payments system must be in force well in advance of any launch.” While a digital currency might not yet be ready to replace the dollar as a global currency, “the concept is intriguing,” Carney said. “It is worth considering how an SHC in the IMFS could support better global outcomes, given the scale of the challenges of the current IMFS and the risks in transition to a new hegemonic reserve currency like the Renminbi,” he said. If this new SHC were to take on a greater share of global trade, “shocks in the U.S. would have less potent spillovers,” he suggested, adding: “By the same token, global trade would become more sensitive to changes in conditions in the countries of the other currencies in the basket backing the SHC.” Image credit: Twocoms / Shutterstock.com Related Stories Thai Central Bank Builds Blockchain Solution for Digital Currency Project Korean Central Bank Study: Issuing Digital Currency Poses Financial Risk || UK Central Bank Chief Sees Digital Currency Displacing US Dollar as Global Reserve: A central bank-supported digital currency could replace the dollar as the global hedge currency, said Bank of England governor Mark Carney.
Speakingat the Economic Policy Symposiumin Jackson Hole, Wyoming, on Friday Carney discussed the need for a new international monetary and financial system (IMFS), noting that while the U.S. dollar has played a dominant role in the world order over much the past century, recent developments such as increased globalization and trade disputes may have stronger impacts on national economies at the present moment than they would have in the past.
Carney highlighted the dollar’s use in international securities issuance, its use as the primary settlement currency for international trades and the fact that companies use dollars as examples of its dominance. However, “developments in the U.S. economy, by affecting the dollar exchange rate, can have large spillover effects to the rest of the world.”
Related:China’s Digital Fiat Wants to Compete With Bitcoin – But It’s Not a Crypto
“While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,” Carney continued.
Carney suggested a number of possible replacements to the dollar, including the Chinese renminbi, and most notably, a digital currency supported by an international coalition of central banks. He said:
“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.”
“An SHC could dampen the domineering influence of the U.S. dollar on global trade,” Carney said.
Related:Bank of England Governor Says Facebook’s Libra Crypto Will Be Scrutinized
Technology can disrupt the current network effects that protect the dollar, he explained, noting that an increasing number of transactions occur online and use electronic payments rather than cash.
While he did not explicitly reference cryptocurrencies, he did note that “the relatively high costs of domestic and cross border electronic payments are encouraging innovation, with new entrants applying new technologies to offer lower cost, more convenient retail payment services.”
One example is Facebook’s proposed Libra crypto project, he noted. The social media giant has proposed Libra as a payments infrastructure and stablecoin backed by a basket of national currencies.
To succeed, Libra needs to address regulatory issues, Carney said.
“The Bank of England and other regulators have been clear that unlike in social media, for which standards and regulations are only now being developed after the technologies have been adopted by billions of users, the terms of engagement for any new systemic private payments system must be in force well in advance of any launch.”
While a digital currency might not yet be ready to replace the dollar as a global currency, “the concept is intriguing,” Carney said.
“It is worth considering how an SHC in the IMFS could support better global outcomes, given the scale of the challenges of the current IMFS and the risks in transition to a new hegemonic reserve currency like the Renminbi,” he said.
If this new SHC were to take on a greater share of global trade, “shocks in the U.S. would have less potent spillovers,” he suggested, adding:
“By the same token, global trade would become more sensitive to changes in conditions in the countries of the other currencies in the basket backing the SHC.”
Image credit: Twocoms / Shutterstock.com
• Thai Central Bank Builds Blockchain Solution for Digital Currency Project
• Korean Central Bank Study: Issuing Digital Currency Poses Financial Risk || Global stocks slump as US-China trade tensions escalate: as it happened: Trump and Xi - AP China announces $75bn in tariffs to arrive in two batches over coming months Announcement sends shockwave through markets, knocking down stock prices and rattling commodities Fed chairman Jerome Powell’s uses Jackson Hole speech to strike balanced stance Donald Trump vows to respond today Central bankers try to avert a new slump at Wyoming pow-wow 8:24PM Well, that was quite a day... London From Powell to China tariffs to Trump to Carney... it's been quite a day! Join us again next week - Louis will be with you all bright and early. Have a good bank holiday weekend (in the sun can you believe!) - LaToya 8:19PM More on Carney... Mr Carney said in his speech that interest rates could still rise if the Monetary Policy Committee needed to rein in inflation. Although monetary policy would likely be loosened in a no-deal Brexit to support the economy, the Governor said that there are “limits” to the Bank’s tolerance of high inflation. 8:11PM Powell isn't the only one hinting at further rate cuts Mark Carney and Jerome Powell Mark Carney's speech is taking place now at Jackson Hole. Mr Carney echoed the Fed chief’s warning of rising threats, calling weaker global growth and Brexit “two large, volatile forces” that could hit the UK economy. The Governor of the Bank of England said the “coming months could be decisive” for Brexit and reiterated that interest rates are likely to be reduced in a no-deal scenario. 8:03PM Trump is tweeting again! The Dow is down 573 points perhaps on the news that Representative Seth Moulton, whoever that may be, has dropped out of the 2020 Presidential Race! — Donald J. Trump (@realDonaldTrump) August 23, 2019 7:43PM Gold and Bitcoin get in on the action... Gold and Bitcoin jump after another escalation in US-China trade dispute. pic.twitter.com/nt8q8tzS4A — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 7:26PM Story continues Market update All 11 major sectors in the S&P 500 are in negative territory, with tech, energy, consumer discretionary, industrials and communications services all down 2pc or more. Shares of Apple Inc, which has significant exposure to the Chinese market, sank as much as 4.5pc during the day. US Index Update: #DOW 25752.31 -1.90% #SPX 2862.32 -2.07% #NASDAQ 7491.92 -2.80% #RUSSELL 1467.74 -2.54% #FANG 2468.48 -3.33% #VIX 20.69 +24.04% — IGSquawk (@IGSquawk) August 23, 2019 7:17PM Mark Carney in Jackson Hole We've got just over 40 minutes to go until the Governor of the Bank of England gives his speech in Wyoming... 6:49PM Hot to trot: Entertainment One analysis Looking back at stocks in Europe today, the FTSE 250 was a rare bright spot across all of Europe’s stock markets, closing up 30.81 points at 19,236.13. The middleweight group was pulled up sharply by Peppa Pig-owner Entertainment One, which rose 141.6p to 585p after a takeover offer from US toy giant Hasbro. That rise made up most of the lift, but a handful of companies seen as vulnerable to Brexit also managed to hold gains, in a relief rally following Boris Johnson’s visit to Europe for meetings with German chancellor Angela Merkel and French president Emmanuel Macron. My colleague Michael O'Dwyer 's analysis on Entertainment one can be read here . 6:35PM Oil dragged lower Oil Oil has not taken the news well either. Brent Crude fell nearly 4pc earlier in the day to a two-week low but has recovered slightly and is now 2.37pc down at $58.58 a barrel. US West Texas Intermediate (WTI) crude futures slumped as much as 3.7pc to $53.32 a barrel, the lowest since August 9. 6:11PM The sell-off continues... Wall Street is still firmly in the red with the Dow dipping as low as 2pc at one point on latest Trump threats against China. Just to recap... - China announced $75bn in tariffs to arrive in two batches over coming months - Donald Trump then lashed out at Beijing, vowing a quick response to China's plans for new tariffs - He also ordered US companies to “immediately start looking for an alternative to China”. Trump took to Twitter and said: "We don't need China and, frankly, would be far... better off without them. I will be responding to China's Tariffs this afternoon. This is a GREAT opportunity for the United States." 5:54PM Golden visa applications from Hong Kong double Hong Kong The number of applicants for a UK “golden visa” from Hong Kong citizens has surged amid protests over the extradition bill that have brought the territory to a standstill. Hong Kong made up the second-highest proportion of applicants for a Tier 1 investor visa in the second quarter of this year - a tenth of all applications. The figure has almost doubled since the first three months of the year, going from 7 to 13 applicants, and is the highest level in five years. Read the full article here 5:35PM BA pilots to strike for three days in September British Airways British Airways pilots that confirmed that they will strike for three days in September in a dispute over pay. The strikes on September 9, 10 and 27 were announced by the British Airline Pilots Association (Balpa), which said there had been a 93pc vote in favour of industrial action. The move will affected thousands of travellers. "We will be offering refunds and re-bookings for passengers booked on cancelled flights," BA said. 5:26PM US stocks fall further Wall Street is deep in the red after Donald Trump's comment spooked investors. Trade war concerns are back with a vengeance. The Dow Jones is 1.72pc lower, trading at 25,800.63 points, while the S&P 500 has falledn 1.87pc to 2,868.17. The tech-heavy Nasdaq is now 2.2pc down at 7,815.90. 5:15PM Jackson Hole economic symposium agenda... Remember, if you would like to keep up-to-date with the Jackson Hole agenda you can find out more here . Meanwhile... Mark Carney appears to be wearing Nike AirMax 270s, (ht Yahoo Finance sneaker guru @ReggieWade ) https://t.co/Hiehm9ggxn — Sam Ro �� (@SamRo) August 23, 2019 5:02PM EU mulls €100bn fund to take on Silicon Valley and China's tech titans New European Commission president Ursula von der Leyen The EU is mulling a €100bn sovereign wealth fund in a bid to create “European champions” that can take on Silicon Valley and China’s tech giants. Plans put forward by EU officials warned of the “unprecedented financial means” available to companies outside Europe such as Apple, Amazon, Facebook, Alibaba and Tencent. A “European Future Fund” is part of a list of proposals by officials in Brussels that could become policies under Ursula von der Leyen, the next European Commission president. Read Tom Rees' full report here 4:55PM Good afternoon Afternoon all! I'll be taking you into the evening as we await Donald Trump's announcement this afternoon and Mark Carney's speech from Jackson Hole. Ian Shepherdson of Pantheon Macroeconomics said that the Federal Reserve will use its room for maneuver to "ease again next month, but the data don't justify aggressive rate cuts". He adds: "Fed Chair Powell is rather more diplomatic in his language than the president - a low bar, admittedly - but it is clear from his speech that the single biggest factor driving both market volatility, the actual global slowdown, and fears of a U.S. slowdown, is trade policy, both its current stance and uncertainty about the future. "In other words, the Fed has room to move, but it cannot treat every ratcheting up of the trade war as reason to keep cutting rates without regard to the medium-term inflation picture." 4:35PM Snap wrap: Markets shaken as Trump vows response to Chinese counter-tariffs Donald Trump (left) and Chinese Premier Xi Jinping Credit: Susan Walsh/ AP Stock markets were roiled across the US and Europe on Friday afternoon after Donald Trump vowed a response against Chinese plans to slap tariffs on $75bn in US goods. The President made the promise during a lengthy Twitter tirade, in which he accused Chinese firms of stealing intellectual property, and called on US companies to “immediately start looking for an alternative to China”. Beijing rattled markets earlier today by announcing the tariff escalation, which the editor of the state-owned Global Times paper said meant “The US side will feel the pain”. It revealed plans to introduce tariffs in two waves, with the first at the start of September, and the second in mid December. The escalation came in response to plans from Washington to put tariffs on an extra $300bn of Chinese goods over the coming months. Market nerves were placated briefly by Federal Reserve chair Jerome Powell’s speech at the Jackson Hole economic summit, but nerves turned into an all-out retreat after Mr Trump’s tweets, sending investors rushing to safe havens. Handover It looks like things are going to bubble on into the evening, with all eyes on what Donald Trump has planned next. I’m handing over to my colleague LaToya Harding , who will take things from here. I’ll be back on Monday. Thanks for reading — Louis 4:16PM US stock markets plunge on Trump warning Mr Trump’s comments appear to have spooked investors, with Wall Street dropping sharply. The benchmark S&P 500 and Dow are off more than 1pc, while the tech-heavy Nasdaq has lost a pretty painful 1.7pc. 4:04PM Trump: Response coming ‘this afternoon’ The Commander-in-Chief is throwing a bit of a tantrum in reaction to Mr Powell and the Federal Reserve, but it looks like we might get something a bit more solid later this afternoon. A reminder that last time Mr Trump felt let down by the Fed, he introduced those planned tariffs on $300bn of Chinese goods... ....your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE,.... — Donald J. Trump (@realDonaldTrump) August 23, 2019 ....all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way! — Donald J. Trump (@realDonaldTrump) August 23, 2019 3:57PM So what has Trump got planned? Amid the spectacle of the US President suggesting the Federal Reserve chair is the enemy of the American people, it’s worth noting that Donald Trump promised something is coming that “will be announced shortly”. It’s enough to rattle the dollar... Euro jumps >$1.11 as Trump foreshadows something "which will be announced shortly" in angry tweet on Powell. pic.twitter.com/hH0J6NWqY5 — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 3:53PM Trump: Fed does ‘nothing’ Donald Trump has criticised Jerome Powell, as might have been expected given the Fed chair’s continued refusal to endorse the deep and extended easing the President is after... ....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi? — Donald J. Trump (@realDonaldTrump) August 23, 2019 NB: Trump deleted then re-posted these two tweets , so I have refreshed the embed code. 3:31PM Stock markets calm as Powell strikes a balance It looks like Mr Powell has done enough to sooth equity markets. Here’s how things stand... Credit: Bloomberg TV Credit: Bloomberg TV 3:25PM Some reaction from Twitter... Bit of damp squib from Powell as he seems to be trying to placate both sides in the wake of the China tariffs. Muted market reaction with yields falling to daily lows and some weakness in USD. Stocks and precious metals little changed — David Cheetham (@DavidCheetham3) August 23, 2019 Powell's Jackson Hole speech offers something for hawks & doves. Says inflation seems to be moving closer to 2%. Says econ in favorable place but refers to risks. Says Fed will act to sustain expansion. Doesn't use phrase mid-cycle adjustment. Dollar unch. https://t.co/XDIl9SUw5n pic.twitter.com/0ka2mcwg7x — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 a wonderful example of talking without saying anything. https://t.co/KZ5b8U6G2X — David Madden (@dmadden_CMC) August 23, 2019 3:18PM Powell acknowledges impact of past three weeks It could have been a calmer summer since we last heard from Jerome Powell. The Fed chair said in his speech: Turning to the current context, we are carefully watching developments as we assess their implications for the US outlook and the path of monetary policy. The three weeks since our July FOMC meeting have been eventful, beginning with the announcement of new tariffs on imports from China. We have seen further evidence of a global slowdown, notably in Germany and China. Geopolitical events have been much in the news, including the growing possibility of a hard Brexit, rising tensions in Hong Kong, and the dissolution of the Italian government. Financial markets have reacted strongly to this complex, turbulent picture. Equity markets have been volatile. Long-term bond rates around the world have moved down sharply to near post-crisis lows. You can read the full text here . 3:13PM Powell: There are ‘no recent precedents to guide any policy response to the current situation’ Jerome Powell at Jackson Hole yesterday Credit: David Paul Morris/Bloomberg Mr Powell has addressed the complex situation being faced by the Federal Reserve, saying the US central bank needs to “look through” turbulence in the short term, including trade war escalation, tension in Hing Kong, the dangers of a no-deal Brexit and Germany’s economic slowdown. He said there are “no recent precedents to guide any policy response to the current situation”. Reuters adds: But the overall tone of his statement may disappoint investors expecting the Fed the cut rates at its September meeting and possibly several more times this year. The central bank reduced rates in July in what Powell referred to as a mid-cycle adjustment. It is also likely to disappoint Trump, both in focusing on the impact that trade uncertainty is having on the global economy, and in not giving a clear signal that more cuts are coming. 3:04PM Powell: Federal Reserve will ‘act as appropriate’ Here’s a report on Mr Powell’s speech by Reuters, which saw a copy in advance: The U.S. economy is in a "favorable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track, Fed chair Jerome Powell said on Friday in remarks that gave few clues about whether the central bank will cut interest rates at its next meeting or not. The chair, under pressure from President Donald Trump to cut rates soon and deeply, listed a series of economic and geopolitical risks that the Fed is monitoring -- many of them, Powell noted, linked to the administration's trade war with China and other countries. But "the U.S. economy has continued to perform well overall," Powell said in keynote remarks at an annual Fed economic symposium at this mountain retreat. "Business investment and manufacturing have weakened, but solid job growth and rising wages have been driving robust consumption and supporting moderate overall growth." 3:01PM NEW: Powell: Economy is in ‘favourable place’ It looks like Jerome Powell has stuck to his guns, defending the current state of affairs and saying the Federal Reserve will act as and when it is needed. More follows... 2:59PM Losses on non-China stocks limited European stocks have levelled out somewhat, the FTSE 100 finding positive territory again — under 0.25pc currently. In the US, stocks indices are suffering more, with the tech-heavy Nasdaq down 0.8pc. Overall, it looks like investors are waiting to take a cue from Jerome Powell. Mr Powell’s speech is confirmed as closed, so there will be no questions afterwards, and we should get the full text on the hour. 2:49PM About ten minutes until Jerome Powell speech The Federal Reserve chair will begin his speech at Jackson Hole in just over ten minutes. I’ll start bringing you details as soon as we get them — there’s a likelihood the speech will be released in full when he starts talking, but he might well react to today’s trade was escalation. 2:40PM Analyst: China tariffs are ‘mild, proportionate response’ Agathe Demarais from the Economist Intelligence Unit has weighed in on China’s tariff announcement. She notes: — China’s plans to impose additional tariffs against $75bn of American imports does not come as a surprise. These tariffs come in retaliation to the recent US decision to gradually impose tariffs on $300bn of US imports from China starting in September. — China’s new tariffs represent a mild, proportionate response to the latest US tariffs. Their schedule exactly mirrors the most recently announced American tariffs: they will also be imposed in two batches, effective on September 1st and December 15th. China will also resume its 25pc tariff on US car imports. — China has presented its decision as a “forced move to deal with US unilateralism and protectionism”, making it clear that this development only represents a proportionate reaction to perceived US aggression. The recent rise in nationalist, patriotic behaviour in China means that it would have been impossible for the Chinese government not to react to the latest US tariffs. 2:35PM Wall Street falls as open Stocks in New York opened down, with the S7P 500 losing 0.44pc, the Dow Jones Industrial Average 0.5pc and the Nasdaq 0.55pc. 2:31PM Triple-whammy for Woodford as fund supervisor confirms fund will stay closed Neil Woodford has faced a spree of issues in recent months Credit: Woodford Investment Management/PA As if the one-two punch of Eddie Stobart suspending trading and having a holding valuation marked down wasn’t enough, the supervisor administering Neil Woodford’s top equity income fund has announced it will stay frozen. My colleague Harriet Russell reports: It’s a hat trick of issues for embattled fund manager Neil Woodford today. First, one of his main investments, Eddie Stobart Logistics suspended trading in its shares after admitting it needs to delve into a possible accounting issue. Then, his Woodford Patient Capital investment trust marked down the valuation of a controversial stake in cold fusion developer Industrial Heat, which was previously listed on the Guernsey stock exchange. The mark down was made on the instruction of Link, Mr Woodford’s fund supervisor. Link then also announced that trading in his flagship equity income fund will remain closed until the end of the year, confirming last month’s announcement. The shuttered income fund remains subject to a rolling 28-day review. Mr Woodford slammed the door on investors on June 3 after an increasing number of people tried to pull their money. For the remainder of the fund’s suspension, investors will no longer be able to see what the top ten holdings in the fund are, while Mr Woodford battles to offload assets in a bid to improve the fund's liquidity. 2:25PM Billionaire David Koch dies aged 79 David Koch and his brother Charles rose to notoriety for their role in lobbying politicians Credit: JUSTIN LANE/EPA-EFE/REX US billionaire David Koch, a philanthropist and divisive promoter of libertarian politics, has died aged 79. Mr Koch, who is survived by his brother and business partner Charles, was one of the world’s richest people. The brothers made their money via a wide portfolio of business interests held through their Wichita, Kansas based company Koch Industries. The Kochs are divisive figures, known for their extensive influence on US politics by funding conservative and libertarian causes. His family said in a statement: “While we mourn the loss of our hero, we remember his iconic laughter, insatiable curiosity, and gentle heart.” 2:16PM G7: Johnson expected to push for George Osborne to take IMF role during summit of leaders Boris Johnson (left) and George Osborne, back when they were Mayor of London and Chancellor of the Exchequer respectively Credit: Stefan Rousseau/ PA China has certainly put the cat among the pigeons. The latest trade war escalation — which has made a mega splash across the previously-calm global markets — will disrupt proceedings over at Jackson Hole and at the G7 summit in Biarritz, France this weekend. Speaking of the G7, here’s an interesting story: Boris Johnson is preparing to use the summit to push for George Osborne to take the top job at the International Monetary Fund. My colleague Chris Johnston reports: The prime minister will lobby leaders of the world's richest countries including President Trump in a bid to get the former Chancellor back in the frame for the job, an insider told Bloomberg. It was revealed early last month that Mr Osborne had given “serious thought” to putting his name forward for the role. The full piece is here: Boris Johnson goes in to bat for George Osborne's IMF dream at G7 summit 2:04PM Trump tweets... Now the Fed can show their stuff! — Donald J. Trump (@realDonaldTrump) August 23, 2019 The President has long been calling for an interest rate cut, and now seems to be calling for Jerome Powell — who is set to speak in under an hour — to turn dove and endorse monetary easing. That would make borrowing more affordable, which in turn (should) stimulate the economy. 1:59PM How tariffs currently stand Chad Bown, from the Peterson Institute, an economics think tank, has tweeted this graphic showing how Chinese tariffs on US goods currently stand: BREAKING: China announces retaliatory tariffs on $75 bn of US exports Note: Products NOT currently hit by China's retaliatory tariffs - ie, GREY bar minus RED bar ($, billions): Autos and parts = 14.3 Aircraft = 14.1 Elec machinery = 10.2 ... Source���� https://t.co/tTZi444JH9 pic.twitter.com/dMdkGiHRK3 — Chad P. Bown (@ChadBown) August 23, 2019 1:47PM FTSE flips negative, oil erases weekly gains The FTSE 100, which had been the last European blue-chip holding gains after they went into reversal on China’s announcement, is now in the red, despite the pound weakening. As the aftershocks ripple through global markets, the price of oil — which is exposed to reduced demand if there is a global slowdown — shed 3pc almost immediately, wiping off the gains it had made earlier this week. 1:44PM How the tariffs will be split China’s $75bn of newly-announced tariffs will range from 5 to 10pc. They will be coming in two waves, the relative sizes of which have not yet been disclosed: 1st September: First wave of tariffs, all in 5–10pc range. 15th December: Second wave of tariffs in 5–10pc range, plus 25pc tariff on automotives and 5pc tariff on auto parts. 1:40PM US stock futures dive Wall Street is preparing for a drop at open after China’s tariff announcement. Look at that reversal: Credit: Bloomberg TV “China’s imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States,” said the state-run Global Times . Tit for tat: #China hits US w/tariffs on $75bn worth of goods, reinstates auto levies. Levies will range from 5-10% & be put in place in 2 rounds, on Sept1 & Dec15, same dates on which Trump’s latest tariffs on $300bn in China goods slated to take effect. https://t.co/mvBJ4xUdoh pic.twitter.com/EpF1AKaLcp — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 1:22PM Trump aide: Tariffs ‘not material’ to growth White House economic adviser Peter Navarro has been speaking to Fox Business. He said the traiffs that were just announced will “absolutely not” slow growth, adding: The amount of money being tariffed is not material in terms of macro growth Here’s some reaction from analysts and economists on twitter: #China announced retaliatory trade action on $75 billion of US products. Stock futures immediately fell. It amazes me that market consensus hasn’t yet grasped that (i) the most likely short-term outcome is an escalation of #trade tensions, and (ii) the upside is a temp ceasefire. https://t.co/Ce7pYX8rw9 — Mohamed A. El-Erian (@elerianm) August 23, 2019 Stocks collapsing faster than an English batting line up on news that China will level 5-10% retaliatory tariffs of $75B of US goods #SPX #Dax #FTSE — David Cheetham (@DavidCheetham3) August 23, 2019 Powell, on seeing the China news, realizing he now has to rewrite his entire speech pic.twitter.com/MtqxYAn25A — zerohedge (@zerohedge) August 23, 2019 1:18PM Snap take: China lashes back at US with new tariffs Donald Trump stepped up the trade war earlier this month by announcing new tariffs Credit: SHAWN THEW/EPA-EFE/REX Jerome Powell may need to re-draft that speech. China has announced it will introduce a 25pc levy on automotives and retaliatory tariffs on $75bn of US goods, in the latest escalation of the trade war between the world’s two biggest economies. Levies will be introduced in two batches. The first will kick in at the start of September, coinciding with an escalation in US charges announced by President Donald Trump earlier this month. In mid-December, when all the US’s planned tariffs will be in place, China will begin tariffing US autos at 25pc. The announcement, made by China’s Ministry of Finance, sent a shockwave through markets — pushing down equities and trade-linked commodity prices, and knocking emerging market currencies. European markets shed their gains immediately as investors fled from risk. 1:08PM Oil and copper prices tumble as China prepares new tariffs Commodity prices exposed to a trade war are starting to feel the pain. The Chinese government has announced it will introduce 5pc–10pc tariffs on some US goods from the start of next month, and bring in a 25pc tariffs on US automotives from mid-December. Breaking: Reversal in U.S. stock futures on China tariff news https://t.co/aHdsGh3hCn pic.twitter.com/8pXM6kFWiD — Bloomberg Markets (@markets) August 23, 2019 1:03PM Breaking: China set to ramp up tariffs It looks like that threat may be quickly coming to fruition: Bloomberg reports that China is set to levy retaliatory tariffs on an extra $75bn of US goods. Let’s see where this goes... 1:03PM The pressures on Powell Donald Trump is awake and tweeting, and it looks like economics is once again on his mind. Today, he’s accusing the media and his political opponents of conspiring to convince people a recession is coming. ..willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people! The greatest political movement in the history of our Country will have another big win in 2020! — Donald J. Trump (@realDonaldTrump) August 23, 2019 There is at least some level of irony here, because if this were true (it’s not), it would probably improve Mr Trump’s chances of getting the 1pc interest rate cut that he wants. Instead, Mr Powell finds himself pummeled however he moves — resist, and face further excoriation from the White House; begin cutting, and be seen as a pushover. Meanwhile, it looks like the trade war is about to escalate again. Here’s the editor of the Chinese-state-owned Global Times with some tough talk: Based on what I know, China will take further countermeasures in response to US tariffs on $300 billion Chinese goods. Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products. China has ammunition to fight back. The US side will feel the pain. — Hu Xijin 胡锡进 (@HuXijin_GT) August 23, 2019 12:31PM Jackson Hole: Four things you need to know The Grand Teton National Park mountain range is seen from the Jackson Lake Lodge in Moran, Wyoming Credit: David Paul Morris/Bloomberg Jackson Hole, location of the Federal Reserve Bank of Kansas City’s annual retreat, might not be the most obvious spot for a major economic symposium. Chosen by former Fed chair Paul Volcker for its high-quality fly-fishing, the Wyoming valley has became an increasingly crucial part of the calendar for central bankers. After an opening reception last night, Fed chair Jerome Powell will kick off proceedings with a keynote speech today. This year, Mr Powell is in the spotlight: his speech, due at 3pm London time, is expected to offer a defence of the Fed’s decision to make a 0.25pc cut to US interest rates at the end of last month . That decision — controversial even within the Fed itself — and the way it was positioned as a “mid-cycle adjustment” made Mr Powell few friends . What he says could today could end up majorly dictating how nervous US markets move. What’s on? The conference, which is on the theme of ‘Challenges to Monetary Policy’, will host speeches by major figures from the worlds of academia and central banking, under a series of broad themes. Today, after Mr Powell speaks, attendees will hold a discussion over three papers: Monetary policy divergence Monetary policy spillovers to advanced and emerging market economies What does it mean to be a data-dependent central banker? Bank of England governor Mark Carney will then round things off with his Luncheon Address. Tomorrow, the conference will pick up again with several more general discussions, including ones on the state of the markets, and tackling commodity price shocks. The main event is likely to be an afternoon panel, featuring Philip Lowe, governor of the Reserve Bank of Australia, and Amir Yaron, governor of the Bank of Israel, and Gita Gopinath, chief economist of the International Monetary Fund. Who will be there? Though the slew of international governors are the biggest hitters in attendance, there will also be a mass of US and foreign central bankers in attendance. That includes all four other Fed governors alongside Mr Powell, and all but one of the US’s reserve bank presidents. They’ll be joined by policymakers, economists and several government officials. And academics — lots of them. Who won’t be there? Notable absences from the meeting include European Central Bank chair Mario Draghi, and Bank of Japan governor Haruhiko Kuroda. Also not attending is anyone from the Trump administration — for the second year in a row. What will happen? Right now, that is anyone’s guess. There’s been an increasing sense of unease from central banks lately, with Federal Reserve moving timidly around a hectoring Donald Trump, and the ECB worried investors are losing confidence in its ability to prop up the eurozone economy. The most solid carrot Mr Powell could dangle is that a second rate cut is coming this year: that would likely send equities shooting up, unless investors are already too nervous. Deutsche Bank analysts say: If Powell sticks to the old language, as is most likely, it would affirm that he is still confident that the strength of consumption, in combination with modest Fed easing, will be sufficient to keep the recovery broadly on track. 11:54AM Powell speech will ‘set the tone for weeks’ on currency markets Jerome Powell’s speech will begin at 3pm London time Credit: Xinhua / Barcroft Media Building up to Jerome Powell’s highly-anticipated speech at the gathering of central bankers in Jackson Hole that is underway, SaxoBank’s John Hardy says the Federal Reserve chair’s speech will like set the tone for trading in the weeks to come, writing: We suspect that Powell won’t indicate an inclination to ease more than the market has already priced in, risking further USD upside. But how risk appetite behaves in the wake of whatever he has to say may be the most important for other currencies. He adds that the pound could well rally further if positive signals emerge from the G7 summit in Biarritz, which has got underway today. Boris Johnson got in early by meeting European leaders in recent days: the weekend is likely to be dominated by topics such a trade tensions and Hong Kong. Deputy economics editor Tim Wallace has looked at what Jackson Hole means for the global economy: Scarred by the financial crisis, economists, policymakers and businesses have been on high alert for the past decade. Central banks have built up big new departments focusing on financial risks, scouring the world for hazards and potential bubbles that could cause trouble. Government departments, banks and big businesses are the same. As a result, warnings of the dangers of years of ultra-low interest rates have been almost constant. Economists have watched shares, bonds and property rocket in value, fuelled by cheap debt, and warned that a crash back to Earth is inevitable when interest rates rise. Here’s his full piece: When you’re in a (Jackson) Hole… central bankers try to avert a new slump at Wyoming pow-wow 11:35AM Hong Kong protesters plan return to international airport this weekend Protesters filled Hong Kong international airport earlier this month, causing flight cancellations Credit: Vincent Thian/AP Hong Kong International Airport faces fresh disruption this weekend, as demonstrators prepare to return to the site as they rally against a proposed extradition law. Tensions in the city , with have been boiling for months, reached their highest level so far during a sit-in at the start of last week, which took the finance hub’s biggest airport out of action for two days. Reuters reports: The Airport Authority published a half-page notice in newspapers urging young people to “love Hong Kong” and said it opposed acts that blocked the airport, adding that it would keep working to maintain smooth operations. Hong Kong’s high court extended an order restricting protests at the airport. Some activists had apologised for last week’s airport turmoil. After clashes between protesters and police turned violent, the city’s pro-democracy movement staged a large, peaceful protest as a show of strength. Since then, marches and demonstrations have been taking place every day. Read more: YouTube shuts down accounts targeting Hong Kong protests 11:20AM Meanwhile, in Westminster... After this morning’s slight flurry, it’s back to business as usual for the UK — which mean markets are likely to stay fairly subdued until Jerome Powell takes to the stage at Jackson Hole in about four hours’ time. Following meetings with German Chancellor Angela Merkel and French President Emmanuel Macron, Boris Johnson has given his ministers the task of finding alternatives to the Irish backstop. With 69 days until the UK is due to leave, they certainly don’t have long. You can follow the latest political updates here: Brexit latest news: MP behind backstop solution says German figures are willing to listen to alternatives 10:46AM Hammerson seizes ground amid Brexit relief The Selfridges building, part of the Hammerson-owned Bullring in Birmingham Credit: Bill Allsopp/LOOP IMAGES/Getty Images Bullring-owner Hammerson, one of the UK’s biggest retail landlords, is up 5pc today amid a broader relief rally for Brexit-exposed stocks. The company, which has seen its share price wane steadily as it feels the impact of pressures on the high street, has been a fairly popular target for short sellers, who are circling large firms that mainly operate in the UK. It has lost a chunk of value since it rejected a takeover bid by rival Klepierre last year. On Wednesday, the company announced former AIG executive James Lenton would become its new chief financial officer. 10:27AM PPI: Here’s how to make a claim before the deadline next week Loan customers who were mis-sold payment protection insurance have six days left to claim for compensation . Up the the end of June, £36bn has been paid out to customers who were victims of the UK’s largest mis-selling scandal, with Lloyds shelling out the most of any lender. The insurance was supposed to pay out in the event that the policyholder lost their job, became ill or died. However, few checks were ever made against customers’ other policies, leading to many people being sold cover they already had elsewhere. This morning, the Competition and Markets Authority has criticised RBS and Santander over how they handled informing customers who may have been victims. Could you have been a victim? If so, there isn’t long left to make a claim. Telegraph Money’s Sam Meadows and Sam Barker have explained what you should do: ‘I reclaimed £32,732 in PPI’: here’s how to make a claim before the deadline 10:06AM Greggs plans vegan versions of top products after sausage roll success The Greggs vegan sausage roll has proven a hit with customers Credit: Christopher Furlong/Getty Images Europe Greggs is investigating creating vegan version of all its best-selling products as it tries to recreate the massive success of its meat-free sausage roll. The bakery chain pinned a rise in revenues earlier this year on the product’s popularity , though many investors are still nervous that “peak Greggs” has been reached. Its boss Roger Whiteside told LBC radio this morning the company is now looking at how it can get more vegan products into its stores. He said they are working on a product which remains under-wraps, but added: ...we are plugging away at seeing if we can come up with a vegan version of all our top-selling lines. Obviously people want a vegan option. If we can succeed in doing that and produce something that tastes just as good as the meat version, then that will sell very successfully. That's what's been shown with the vegan sausage roll. Here’s our interview with Mr Whiteside earlier this year: How I sold Greggs to the middle classes 9:44AM Computacenter climbs after raising sights for end of year From the archive: Then-Microsoft President Steve Ballmer in a Computacenter-branded taxi in 1998 Credit: KEVIN LAMARQUE/Reuters FTSE 250-listed IT company Computacenter is up more than 3.4pc today, after saying it expected its full-year profit growth to hit record levels. The company, which supplies equipment to private- and public-sector organisations in Europe and the US, saw its revenue for the first six months rise to £2.43bn, from £2.01bn the year before — a 20.8pc increase. Chief executive Mike Norris said: Whilst the performance of the first half of 2018 presented a very difficult challenge to beat, the opposite is true of the second half. The Board expects that the full year 2019 profit growth, in monetary value, will be the best in the company's history. This performance will be predominantly achieved without the aid of acquisitions, however we expect to see a more significant contribution from our acquired business in the USA during the second half. Some analysts are more sceptical. Berenberg analyst Benjamin May called the results “mediocre”, while UBS’s Michael Briest suggested strong growth was based on public sector spending, which may have weakened since. 9:17AM Woodford shares drop further as holding is revalued Neil Woodford’s star has fallen dramatically in recent months Credit: HANDOUT/REUTERS Neil Woodford has developed an uncanny ability to be in the wrong place at the wrong time in recent months, with ongoing problems at his Woodford Equity Income fund compounded by issues in several parts of his portfolio. The struggling former star trader’s FTSE 250-listed vehicle Woodford Patient Capital Trust is the biggest faller among mid-caps today, down 6.15pc having fallen as far as 13pc down — to record lows — earlier on. The latest pressure on the company is two-fold: as well as new doubts over the future of its stake in haulage firm Eddie Stobart, shares in which have been suspended , Woodford said this morning that its stake in IH Holdings would be reduced. IH is the parent of Industrial Heat, a high-tech energy firm based in North Carolina. Woodford said: The Board has been notified by Link that it intends to reduce the valuation of the Company's holding in IH Holdings International Limited. This is expected to impact the Company's net asset value by approximately 3.4 pence per share Here’s how Woodford’s shares are doing (use the range selector to see the drop over a longer period of time): 8:53AM Pigs can fly: Peppa owner soars after takeover announcement Peppa Pig (left) Credit: Television Stills Peppa Pig-owner Entertainment One is leading risers on the FTSE 250 today, up 29.45pc after the film and television company was bought from £3.3bn by Hasbro, the American toy giant. Christopher Williams reports: The all-cash deal represents a premium of 31pc of Entertainment One’s share price over the last month, and more than three times an aborted takeover attempt by ITV three years ago . It unites Peppa Pig, which has become of Britain’s biggest media exports in recent years, with one of the world’s biggest owners of toy brands. Hasbro, valued on Wall Street at $14.4bn (£11.8bn), makes the board game Monopoly, the action figure GI Joe and Play-doh, among other children’s favourites. You can read his full report here: Hasbro acquires Peppa Pig owner Entertainment One for £3.3bn 8:49AM Pounds ‘remains deeply troubled’ Despite some happy-looking gains yesterday, the pound has dipped again today, languishing in the red against other major currencies. Sterling jumped after Prime Minister Boris Johnson held talks with German Chancellor Angela Merkel in Berlin, and French President Emmanuel Macron in Paris. The PM is trying to push forward his policy of getting a Brexit deal that does not include the Irish backstop . SpreadEx’s Connor Campbell says the pound’s drop shows the currency cooling off after its fierce run on Thursday: Perhaps concerned that yesterday’s surge was a tad overdone — after all, all Macron and Merkel did was make positive noise about a deal; nothing more substantial than that was announced — sterling slipped 0.4pc against the dollar and 0.3pc against the euro. And while, yes, it still means the currency has had a decent couple of weeks, in the wider context of the last few months it remains deeply troubled. Oanda’s Craig Erlam adds: Ultimately, it’s all talk right now and we'll see over the coming weeks if there's any substance but for now, sterling has been given a lift. Of course, that lift is always helped by the fact that it has been beaten black and blue since March and Thursday’s gains are tiny in comparison. 8:37AM Eddie Stobart shares suspended The haulage and logistics company, known for its distinctive trucks, said it was suspending its listing on London’s junior Aim market Credit: Eddie Stobart/PA Shares in haulage company Eddie Stobart have been suspended amid an accounting fiasco, as its chief executive Alex Laffey steps down with immediate effect. My colleague Michael O’Dwyer reports: The haulage and logistics company, known for its distinctive trucks, said it was applying to suspend its listing on London’s junior Aim market from 7.30am on Friday “pending clarification” of the impact of a number of accounting issues. The company said it would take a “more prudent approach to revenue recognition” and indicated that it would re-assess whether it was likely to be paid some of the amounts owed to it following a review of its interim results, carried out in conjunction with its auditors PwC. The decision is yet another blow to beleaguered trader Neil Woodford, whose funds own almost a quarter of the company. You can read a full report here: Fresh blow for Neil Woodford as Eddie Stobart’s listing is suspended 8:31AM RBS and Santander rapped over PPI failures The Financial Conduct Authority has used an animatronic Arnold Schwarzenegger head in adverts to remind people they have just one month left to complain about PPI Credit: FCA/PA The UK’s competition watchdog has taken action against Santander and Royal Bank of Scotland after mistakes in their handling of payment protection insurance reminders. The Competition & Markets Authority has told the lenders they should appoint auditors to assess their PPI processes after notices were sent out late, or with inaccurate information. RBS failed to inform 11,000 customers who may have been mis-sold PPI that they has potentially been affected. The lender has since written to the customers, and has paid out over £1.5m in refunds. Santander provided incorrect information to customers between 2012 and 2017. It is the second time the banks have received a warning, after similar action in 2016. The CMA’s Adam Land said: It is unacceptable that some banks aren’t providing PPI reminders — or are sending inaccurate ones — 8 years after our Order came into force. The legally binding directions we’ve issued today will make sure that both RBS and Santander now play by the rules. These are serious issues that, in the future, may result in fines if the Government gives us the powers we’ve asked for. For now, we expect RBS to repay all affected customers quickly, and for both RBS and Santander to make sure that similar breaches do not happen again. 8:20AM FTSE posts gains at open European stocks have opened upbeat, shaking of some of yesterday’s losses. The FTSE 100 is being helped by weakness in the pound, which has shaken off some of yesterday’s strengthening. Credit: Bloomberg TV 8:13AM Jackson Hole: What’s on the agenda? Federal Reserve Chair Jerome Powell and New York Federal Reserve President John Williams Credit: Ann Saphir/REUTERS Federal Reserve chair has a unenviable job today: forced to outline the central bank’s thinking, knowing that hewing to conventional wisdom will earn him one of his not-infrequent public dressing-down from US President Donald Trump. Mr Powell is the keynote speaker at the Jackson Hole economic summit in Wyoming, His speech is first thing in the morning over there, which will translate to 3pm British Summer Time — early enough that we will likely see the impact on European markets if he says anything particularly surprising. There’s plenty for Mr Powell to react to: since the Fed issued the US’s first rate cut in a decade earlier this month, tensions in Hong Kong have escalated , the trade war between the US and China re-ignited , and the US two-year/10-year yield curve has repeatedly inverted . Mr Powell labelled the 0.25pc cut as a “mid-cycle adjustment” — but the cycle may not be were the Fed thought it was. Also making an appearance at the event is Bank of England governor Mark Carney, who is giving the ‘Luncheon Address’ at 8pm London time. You can read the full event schedule here . 7:28AM Pound’s gains under pressure Its been a good week for the pound after apparent progress in Brexit talks. Can it end the week on a flourish? Sterling is down a touch against the euro, 0.11pc, at €1.1043, while it's down 0.25pc against the dollar at $1.2220. The FTSE 100 is called to open up 0.7pc at 7,157. 6:55AM All eyes on Jackson Hole Fed Chair Jerome Powell will begin his speech at 3pm London time Credit: JIM LO SCALZO/EPA-EFE/REX Good morning. Wall Street stocks were mixed on closing yesterday ahead of a key Federal Reserve address. Fed chair Jerome Powell will be giving a speech at Jackson Hole later today. In the past, central bankers have used the Wyoming summit to announce major policy shifts and many are expecting Powell to walk back through some of his commentary from last month’s post-rate decision press conference where he said the rate reduction was merely a “mid-cycle adjustment”. 5 things to start your day 1) Hasbro has acquired Peppa Pig owner Entertainment One for £3.3bn . The all-cash deal represents a premium of 31pc of Entertainment One’s share price over the last month, and more than three times an aborted takeover attempt by ITV three years ago. 2) Germany is examining plans to prohibit banks from imposing negative interest rates on savers , threatening to leave lenders in an impossible position and greatly complicating the job of the European Central Bank as it prepares fresh stimulus. 3) The boss of computer giant HP is to step down after four years due to family health reasons. Dion Weisler will be succeeded by company veteran Enrique Lores from November 1. Mr Lores, who has worked at the printer maker for 30 years, currently heads HP’s imaging printing and solutions unit. 4) Scotland’s huge deficit means that numbers for independence don’t add up . Momentum is gathering behind First Minister Nicola Sturgeon and the SNP’s renewed push for independence, but the huge budget black hole raises serious questions. 5) Profits at Bauer Consumer Media, Britain's biggest magazine publisher with titles including Take a Break , TV Choice , Heat and Grazia , tumbled last year as sales continued to slide. Pre-tax profits for the privately owned German company fell £7m to £3.7m on an £8.4m drop in turnover to £120.3m. What happened overnight Asian markets headed into the weekend on a cautious note on Friday ahead of the key speech by Mr Powell, while the pound held the previous day’s rally through the evening — fuelled by rekindled hopes for a soft Brexit. The pound has dipped slightly, but is still sitting around three-week highs after French President Emmanuel Macron echoed German Chancellor Angela Merkel in allowing Britain to find a solution to the Irish border that has dogged negotiations since 2017. Still, Asia's main indexes were in positive territory in the morning. Tokyo went into the break 0.2pc higher, while Hong Kong added 0.2pc, Shanghai gained 0.1pc and Sydney rose 0.3pc. However, Singapore, Seoul, Taipei and Wellington were all in the red, with Manila more than 1pc lower. On currency markets, high-yielding, riskier units were broadly lower as traders move into the relative safety of the dollar. Coming up today An appearance by Federal Reserve chairman Jerome Powell at the Kansas City Fed’s annual Jackson Hole economic symposium will be a key opportunity for further insight. “Historically, this has been used to signal shifts in the Fed’s thinking,” said Investec’s Victoria Clarke. “But this year may well take on additional importance given that it is likely to be Jerome Powell’s first public comments since the latest round of tariffs were announced.” Interim results: Computacenter, Henry Boot Economics: New home sales (US) || Global stocks slump as US-China trade tensions escalate: as it happened: The US and China have stepped up tariff plans against each other China announces $75bn in tariffs to arrive in two batches over coming months Announcement sends shockwave through markets, knocking down stock prices and rattling commodities Fed chairman Jerome Powell’s uses Jackson Hole speech to strike balanced stance Donald Trump vows to respond today Central bankers try to avert a new slump at Wyoming pow-wow 8:24PM Well, that was quite a day... London From Powell to China tariffs to Trump to Carney... it's been quite a day! Join us again next week - Louis will be with you all bright and early. Have a good bank holiday weekend (in the sun can you believe!) - LaToya 8:19PM More on Carney... Mr Carney said in his speech that interest rates could still rise if the Monetary Policy Committee needed to rein in inflation. Although monetary policy would likely be loosened in a no-deal Brexit to support the economy, the Governor said that there are “limits” to the Bank’s tolerance of high inflation. 8:13PM Powell’s speech echoes the July FOMC statement Economists note that Mr Powell is using language that previously indicated stimulus from the Fed. Capital Economics economist Paul Ashworth says Mr Powell has bowed to the bond market, adding that his speech opens the door to a cut in interest rates in September. “Powell’s speech echoes the July FOMC statement in pledging to “act as appropriate to sustain the expansion”, he added. 8:11PM Powell isn't the only one hinting at further rate cuts Mark Carney and Jerome Powell Mark Carney's speech is taking place now at Jackson Hole. Mr Carney echoed the Fed chief’s warning of rising threats, calling weaker global growth and Brexit “two large, volatile forces” that could hit the UK economy. The Governor of the Bank of England said the “coming months could be decisive” for Brexit and reiterated that interest rates are likely to be reduced in a no-deal scenario. 8:03PM Trump is tweeting again! The Dow is down 573 points perhaps on the news that Representative Seth Moulton, whoever that may be, has dropped out of the 2020 Presidential Race! — Donald J. Trump (@realDonaldTrump) August 23, 2019 7:43PM Story continues Gold and Bitcoin get in on the action... Gold and Bitcoin jump after another escalation in US-China trade dispute. pic.twitter.com/nt8q8tzS4A — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 7:26PM Market update All 11 major sectors in the S&P 500 are in negative territory, with tech, energy, consumer discretionary, industrials and communications services all down 2pc or more. Shares of Apple Inc, which has significant exposure to the Chinese market, sank as much as 4.5pc during the day. US Index Update: #DOW 25752.31 -1.90% #SPX 2862.32 -2.07% #NASDAQ 7491.92 -2.80% #RUSSELL 1467.74 -2.54% #FANG 2468.48 -3.33% #VIX 20.69 +24.04% — IGSquawk (@IGSquawk) August 23, 2019 7:17PM Mark Carney in Jackson Hole We've got just over 40 minutes to go until the Governor of the Bank of England gives his speech in Wyoming... 6:49PM Hot to trot: Entertainment One analysis Looking back at stocks in Europe today, the FTSE 250 was a rare bright spot across all of Europe’s stock markets, closing up 30.81 points at 19,236.13. The middleweight group was pulled up sharply by Peppa Pig-owner Entertainment One, which rose 141.6p to 585p after a takeover offer from US toy giant Hasbro. That rise made up most of the lift, but a handful of companies seen as vulnerable to Brexit also managed to hold gains, in a relief rally following Boris Johnson’s visit to Europe for meetings with German chancellor Angela Merkel and French president Emmanuel Macron. My colleague Michael O'Dwyer 's analysis on Entertainment one can be read here . 6:35PM Oil dragged lower Oil Oil has not taken the news well either. Brent Crude fell nearly 4pc earlier in the day to a two-week low but has recovered slightly and is now 2.37pc down at $58.58 a barrel. US West Texas Intermediate (WTI) crude futures slumped as much as 3.7pc to $53.32 a barrel, the lowest since August 9. 6:11PM The sell-off continues... Wall Street is still firmly in the red with the Dow dipping as low as 2pc at one point on latest Trump threats against China. Just to recap... - China announced $75bn in tariffs to arrive in two batches over coming months - Donald Trump then lashed out at Beijing, vowing a quick response to China's plans for new tariffs - He also ordered US companies to “immediately start looking for an alternative to China”. Trump took to Twitter and said: "We don't need China and, frankly, would be far... better off without them. I will be responding to China's Tariffs this afternoon. This is a GREAT opportunity for the United States." 5:54PM Golden visa applications from Hong Kong double Hong Kong The number of applicants for a UK “golden visa” from Hong Kong citizens has surged amid protests over the extradition bill that have brought the territory to a standstill. Hong Kong made up the second-highest proportion of applicants for a Tier 1 investor visa in the second quarter of this year - a tenth of all applications. The figure has almost doubled since the first three months of the year, going from 7 to 13 applicants, and is the highest level in five years. Read the full article here 5:35PM BA pilots to strike for three days in September British Airways British Airways pilots that confirmed that they will strike for three days in September in a dispute over pay. The strikes on September 9, 10 and 27 were announced by the British Airline Pilots Association (Balpa), which said there had been a 93pc vote in favour of industrial action. The move will affected thousands of travellers. "We will be offering refunds and re-bookings for passengers booked on cancelled flights," BA said. 5:26PM US stocks fall further Wall Street is deep in the red after Donald Trump's comment spooked investors. Trade war concerns are back with a vengeance. The Dow Jones is 1.72pc lower, trading at 25,800.63 points, while the S&P 500 has falledn 1.87pc to 2,868.17. The tech-heavy Nasdaq is now 2.2pc down at 7,815.90. 5:15PM Jackson Hole economic symposium agenda... Remember, if you would like to keep up-to-date with the Jackson Hole agenda you can find out more here . Meanwhile... Mark Carney appears to be wearing Nike AirMax 270s, (ht Yahoo Finance sneaker guru @ReggieWade ) https://t.co/Hiehm9ggxn — Sam Ro �� (@SamRo) August 23, 2019 5:02PM EU mulls €100bn fund to take on Silicon Valley and China's tech titans New European Commission president Ursula von der Leyen The EU is mulling a €100bn sovereign wealth fund in a bid to create “European champions” that can take on Silicon Valley and China’s tech giants. Plans put forward by EU officials warned of the “unprecedented financial means” available to companies outside Europe such as Apple, Amazon, Facebook, Alibaba and Tencent. A “European Future Fund” is part of a list of proposals by officials in Brussels that could become policies under Ursula von der Leyen, the next European Commission president. Read Tom Rees' full report here 4:55PM Good afternoon Afternoon all! I'll be taking you into the evening as we await Donald Trump's announcement this afternoon and Mark Carney's speech from Jackson Hole. Ian Shepherdson of Pantheon Macroeconomics said that the Federal Reserve will use its room for maneuver to "ease again next month, but the data don't justify aggressive rate cuts". He adds: "Fed Chair Powell is rather more diplomatic in his language than the president - a low bar, admittedly - but it is clear from his speech that the single biggest factor driving both market volatility, the actual global slowdown, and fears of a U.S. slowdown, is trade policy, both its current stance and uncertainty about the future. "In other words, the Fed has room to move, but it cannot treat every ratcheting up of the trade war as reason to keep cutting rates without regard to the medium-term inflation picture." 4:35PM Snap wrap: Markets shaken as Trump vows response to Chinese counter-tariffs Donald Trump (left) and Chinese Premier Xi Jinping Credit: Susan Walsh/ AP Stock markets were roiled across the US and Europe on Friday afternoon after Donald Trump vowed a response against Chinese plans to slap tariffs on $75bn in US goods. The President made the promise during a lengthy Twitter tirade, in which he accused Chinese firms of stealing intellectual property, and called on US companies to “immediately start looking for an alternative to China”. Beijing rattled markets earlier today by announcing the tariff escalation, which the editor of the state-owned Global Times paper said meant “The US side will feel the pain”. It revealed plans to introduce tariffs in two waves, with the first at the start of September, and the second in mid December. The escalation came in response to plans from Washington to put tariffs on an extra $300bn of Chinese goods over the coming months. Market nerves were placated briefly by Federal Reserve chair Jerome Powell’s speech at the Jackson Hole economic summit, but nerves turned into an all-out retreat after Mr Trump’s tweets, sending investors rushing to safe havens. Handover It looks like things are going to bubble on into the evening, with all eyes on what Donald Trump has planned next. I’m handing over to my colleague LaToya Harding , who will take things from here. I’ll be back on Monday. Thanks for reading — Louis 4:16PM US stock markets plunge on Trump warning Mr Trump’s comments appear to have spooked investors, with Wall Street dropping sharply. The benchmark S&P 500 and Dow are off more than 1pc, while the tech-heavy Nasdaq has lost a pretty painful 1.7pc. 4:04PM Trump: Response coming ‘this afternoon’ The Commander-in-Chief is throwing a bit of a tantrum in reaction to Mr Powell and the Federal Reserve, but it looks like we might get something a bit more solid later this afternoon. A reminder that last time Mr Trump felt let down by the Fed, he introduced those planned tariffs on $300bn of Chinese goods... ....your companies HOME and making your products in the USA. I will be responding to China’s Tariffs this afternoon. This is a GREAT opportunity for the United States. Also, I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE,.... — Donald J. Trump (@realDonaldTrump) August 23, 2019 ....all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way! — Donald J. Trump (@realDonaldTrump) August 23, 2019 3:57PM So what has Trump got planned? Amid the spectacle of the US President suggesting the Federal Reserve chair is the enemy of the American people, it’s worth noting that Donald Trump promised something is coming that “will be announced shortly”. It’s enough to rattle the dollar... Euro jumps >$1.11 as Trump foreshadows something "which will be announced shortly" in angry tweet on Powell. pic.twitter.com/hH0J6NWqY5 — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 3:53PM Trump: Fed does ‘nothing’ Donald Trump has criticised Jerome Powell, as might have been expected given the Fed chair’s continued refusal to endorse the deep and extended easing the President is after... ....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi? — Donald J. Trump (@realDonaldTrump) August 23, 2019 NB: Trump deleted then re-posted these two tweets , so I have refreshed the embed code. 3:31PM Stock markets calm as Powell strikes a balance It looks like Mr Powell has done enough to sooth equity markets. Here’s how things stand... Credit: Bloomberg TV Credit: Bloomberg TV 3:25PM Some reaction from Twitter... Bit of damp squib from Powell as he seems to be trying to placate both sides in the wake of the China tariffs. Muted market reaction with yields falling to daily lows and some weakness in USD. Stocks and precious metals little changed — David Cheetham (@DavidCheetham3) August 23, 2019 Powell's Jackson Hole speech offers something for hawks & doves. Says inflation seems to be moving closer to 2%. Says econ in favorable place but refers to risks. Says Fed will act to sustain expansion. Doesn't use phrase mid-cycle adjustment. Dollar unch. https://t.co/XDIl9SUw5n pic.twitter.com/0ka2mcwg7x — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 a wonderful example of talking without saying anything. https://t.co/KZ5b8U6G2X — David Madden (@dmadden_CMC) August 23, 2019 3:18PM Powell acknowledges impact of past three weeks It could have been a calmer summer since we last heard from Jerome Powell. The Fed chair said in his speech: Turning to the current context, we are carefully watching developments as we assess their implications for the US outlook and the path of monetary policy. The three weeks since our July FOMC meeting have been eventful, beginning with the announcement of new tariffs on imports from China. We have seen further evidence of a global slowdown, notably in Germany and China. Geopolitical events have been much in the news, including the growing possibility of a hard Brexit, rising tensions in Hong Kong, and the dissolution of the Italian government. Financial markets have reacted strongly to this complex, turbulent picture. Equity markets have been volatile. Long-term bond rates around the world have moved down sharply to near post-crisis lows. You can read the full text here . 3:13PM Powell: There are ‘no recent precedents to guide any policy response to the current situation’ Jerome Powell at Jackson Hole yesterday Credit: David Paul Morris/Bloomberg Mr Powell has addressed the complex situation being faced by the Federal Reserve, saying the US central bank needs to “look through” turbulence in the short term, including trade war escalation, tension in Hing Kong, the dangers of a no-deal Brexit and Germany’s economic slowdown. He said there are “no recent precedents to guide any policy response to the current situation”. Reuters adds: But the overall tone of his statement may disappoint investors expecting the Fed the cut rates at its September meeting and possibly several more times this year. The central bank reduced rates in July in what Powell referred to as a mid-cycle adjustment. It is also likely to disappoint Trump, both in focusing on the impact that trade uncertainty is having on the global economy, and in not giving a clear signal that more cuts are coming. 3:04PM Powell: Federal Reserve will ‘act as appropriate’ Here’s a report on Mr Powell’s speech by Reuters, which saw a copy in advance: The U.S. economy is in a "favorable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track, Fed chair Jerome Powell said on Friday in remarks that gave few clues about whether the central bank will cut interest rates at its next meeting or not. The chair, under pressure from President Donald Trump to cut rates soon and deeply, listed a series of economic and geopolitical risks that the Fed is monitoring -- many of them, Powell noted, linked to the administration's trade war with China and other countries. But "the U.S. economy has continued to perform well overall," Powell said in keynote remarks at an annual Fed economic symposium at this mountain retreat. "Business investment and manufacturing have weakened, but solid job growth and rising wages have been driving robust consumption and supporting moderate overall growth." 3:01PM NEW: Powell: Economy is in ‘favourable place’ It looks like Jerome Powell has stuck to his guns, defending the current state of affairs and saying the Federal Reserve will act as and when it is needed. More follows... 2:59PM Losses on non-China stocks limited European stocks have levelled out somewhat, the FTSE 100 finding positive territory again — under 0.25pc currently. In the US, stocks indices are suffering more, with the tech-heavy Nasdaq down 0.8pc. Overall, it looks like investors are waiting to take a cue from Jerome Powell. Mr Powell’s speech is confirmed as closed, so there will be no questions afterwards, and we should get the full text on the hour. 2:49PM About ten minutes until Jerome Powell speech The Federal Reserve chair will begin his speech at Jackson Hole in just over ten minutes. I’ll start bringing you details as soon as we get them — there’s a likelihood the speech will be released in full when he starts talking, but he might well react to today’s trade was escalation. 2:40PM Analyst: China tariffs are ‘mild, proportionate response’ Agathe Demarais from the Economist Intelligence Unit has weighed in on China’s tariff announcement. She notes: — China’s plans to impose additional tariffs against $75bn of American imports does not come as a surprise. These tariffs come in retaliation to the recent US decision to gradually impose tariffs on $300bn of US imports from China starting in September. — China’s new tariffs represent a mild, proportionate response to the latest US tariffs. Their schedule exactly mirrors the most recently announced American tariffs: they will also be imposed in two batches, effective on September 1st and December 15th. China will also resume its 25pc tariff on US car imports. — China has presented its decision as a “forced move to deal with US unilateralism and protectionism”, making it clear that this development only represents a proportionate reaction to perceived US aggression. The recent rise in nationalist, patriotic behaviour in China means that it would have been impossible for the Chinese government not to react to the latest US tariffs. 2:35PM Wall Street falls as open Stocks in New York opened down, with the S7P 500 losing 0.44pc, the Dow Jones Industrial Average 0.5pc and the Nasdaq 0.55pc. 2:31PM Triple-whammy for Woodford as fund supervisor confirms fund will stay closed Neil Woodford has faced a spree of issues in recent months Credit: Woodford Investment Management/PA As if the one-two punch of Eddie Stobart suspending trading and having a holding valuation marked down wasn’t enough, the supervisor administering Neil Woodford’s top equity income fund has announced it will stay frozen. My colleague Harriet Russell reports: It’s a hat trick of issues for embattled fund manager Neil Woodford today. First, one of his main investments, Eddie Stobart Logistics suspended trading in its shares after admitting it needs to delve into a possible accounting issue. Then, his Woodford Patient Capital investment trust marked down the valuation of a controversial stake in cold fusion developer Industrial Heat, which was previously listed on the Guernsey stock exchange. The mark down was made on the instruction of Link, Mr Woodford’s fund supervisor. Link then also announced that trading in his flagship equity income fund will remain closed until the end of the year, confirming last month’s announcement. The shuttered income fund remains subject to a rolling 28-day review. Mr Woodford slammed the door on investors on June 3 after an increasing number of people tried to pull their money. For the remainder of the fund’s suspension, investors will no longer be able to see what the top ten holdings in the fund are, while Mr Woodford battles to offload assets in a bid to improve the fund's liquidity. 2:25PM Billionaire David Koch dies aged 79 David Koch and his brother Charles rose to notoriety for their role in lobbying politicians Credit: JUSTIN LANE/EPA-EFE/REX US billionaire David Koch, a philanthropist and divisive promoter of libertarian politics, has died aged 79. Mr Koch, who is survived by his brother and business partner Charles, was one of the world’s richest people. The brothers made their money via a wide portfolio of business interests held through their Wichita, Kansas based company Koch Industries. The Kochs are divisive figures, known for their extensive influence on US politics by funding conservative and libertarian causes. His family said in a statement: “While we mourn the loss of our hero, we remember his iconic laughter, insatiable curiosity, and gentle heart.” 2:16PM G7: Johnson expected to push for George Osborne to take IMF role during summit of leaders Boris Johnson (left) and George Osborne, back when they were Mayor of London and Chancellor of the Exchequer respectively Credit: Stefan Rousseau/ PA China has certainly put the cat among the pigeons. The latest trade war escalation — which has made a mega splash across the previously-calm global markets — will disrupt proceedings over at Jackson Hole and at the G7 summit in Biarritz, France this weekend. Speaking of the G7, here’s an interesting story: Boris Johnson is preparing to use the summit to push for George Osborne to take the top job at the International Monetary Fund. My colleague Chris Johnston reports: The prime minister will lobby leaders of the world's richest countries including President Trump in a bid to get the former Chancellor back in the frame for the job, an insider told Bloomberg. It was revealed early last month that Mr Osborne had given “serious thought” to putting his name forward for the role. The full piece is here: Boris Johnson goes in to bat for George Osborne's IMF dream at G7 summit 2:04PM Trump tweets... Now the Fed can show their stuff! — Donald J. Trump (@realDonaldTrump) August 23, 2019 The President has long been calling for an interest rate cut, and now seems to be calling for Jerome Powell — who is set to speak in under an hour — to turn dove and endorse monetary easing. That would make borrowing more affordable, which in turn (should) stimulate the economy. 1:59PM How tariffs currently stand Chad Bown, from the Peterson Institute, an economics think tank, has tweeted this graphic showing how Chinese tariffs on US goods currently stand: BREAKING: China announces retaliatory tariffs on $75 bn of US exports Note: Products NOT currently hit by China's retaliatory tariffs - ie, GREY bar minus RED bar ($, billions): Autos and parts = 14.3 Aircraft = 14.1 Elec machinery = 10.2 ... Source���� https://t.co/tTZi444JH9 pic.twitter.com/dMdkGiHRK3 — Chad P. Bown (@ChadBown) August 23, 2019 1:47PM FTSE flips negative, oil erases weekly gains The FTSE 100, which had been the last European blue-chip holding gains after they went into reversal on China’s announcement, is now in the red, despite the pound weakening. As the aftershocks ripple through global markets, the price of oil — which is exposed to reduced demand if there is a global slowdown — shed 3pc almost immediately, wiping off the gains it had made earlier this week. 1:44PM How the tariffs will be split China’s $75bn of newly-announced tariffs will range from 5 to 10pc. They will be coming in two waves, the relative sizes of which have not yet been disclosed: 1st September: First wave of tariffs, all in 5–10pc range. 15th December: Second wave of tariffs in 5–10pc range, plus 25pc tariff on automotives and 5pc tariff on auto parts. 1:40PM US stock futures dive Wall Street is preparing for a drop at open after China’s tariff announcement. Look at that reversal: Credit: Bloomberg TV “China’s imposition of tariffs is a forced response to the unilateralism and trade protectionism of the United States,” said the state-run Global Times . Tit for tat: #China hits US w/tariffs on $75bn worth of goods, reinstates auto levies. Levies will range from 5-10% & be put in place in 2 rounds, on Sept1 & Dec15, same dates on which Trump’s latest tariffs on $300bn in China goods slated to take effect. https://t.co/mvBJ4xUdoh pic.twitter.com/EpF1AKaLcp — Holger Zschaepitz (@Schuldensuehner) August 23, 2019 1:22PM Trump aide: Tariffs ‘not material’ to growth White House economic adviser Peter Navarro has been speaking to Fox Business. He said the traiffs that were just announced will “absolutely not” slow growth, adding: The amount of money being tariffed is not material in terms of macro growth Here’s some reaction from analysts and economists on twitter: #China announced retaliatory trade action on $75 billion of US products. Stock futures immediately fell. It amazes me that market consensus hasn’t yet grasped that (i) the most likely short-term outcome is an escalation of #trade tensions, and (ii) the upside is a temp ceasefire. https://t.co/Ce7pYX8rw9 — Mohamed A. El-Erian (@elerianm) August 23, 2019 Stocks collapsing faster than an English batting line up on news that China will level 5-10% retaliatory tariffs of $75B of US goods #SPX #Dax #FTSE — David Cheetham (@DavidCheetham3) August 23, 2019 Powell, on seeing the China news, realizing he now has to rewrite his entire speech pic.twitter.com/MtqxYAn25A — zerohedge (@zerohedge) August 23, 2019 1:18PM Snap take: China lashes back at US with new tariffs Donald Trump stepped up the trade war earlier this month by announcing new tariffs Credit: SHAWN THEW/EPA-EFE/REX Jerome Powell may need to re-draft that speech. China has announced it will introduce a 25pc levy on automotives and retaliatory tariffs on $75bn of US goods, in the latest escalation of the trade war between the world’s two biggest economies. Levies will be introduced in two batches. The first will kick in at the start of September, coinciding with an escalation in US charges announced by President Donald Trump earlier this month. In mid-December, when all the US’s planned tariffs will be in place, China will begin tariffing US autos at 25pc. The announcement, made by China’s Ministry of Finance, sent a shockwave through markets — pushing down equities and trade-linked commodity prices, and knocking emerging market currencies. European markets shed their gains immediately as investors fled from risk. 1:08PM Oil and copper prices tumble as China prepares new tariffs Commodity prices exposed to a trade war are starting to feel the pain. The Chinese government has announced it will introduce 5pc–10pc tariffs on some US goods from the start of next month, and bring in a 25pc tariffs on US automotives from mid-December. Breaking: Reversal in U.S. stock futures on China tariff news https://t.co/aHdsGh3hCn pic.twitter.com/8pXM6kFWiD — Bloomberg Markets (@markets) August 23, 2019 1:03PM Breaking: China set to ramp up tariffs It looks like that threat may be quickly coming to fruition: Bloomberg reports that China is set to levy retaliatory tariffs on an extra $75bn of US goods. Let’s see where this goes... 1:03PM The pressures on Powell Donald Trump is awake and tweeting, and it looks like economics is once again on his mind. Today, he’s accusing the media and his political opponents of conspiring to convince people a recession is coming. ..willing to lose their wealth, or a big part of it, just for the possibility of winning the Election. But it won’t work because I always find a way to win, especially for the people! The greatest political movement in the history of our Country will have another big win in 2020! — Donald J. Trump (@realDonaldTrump) August 23, 2019 There is at least some level of irony here, because if this were true (it’s not), it would probably improve Mr Trump’s chances of getting the 1pc interest rate cut that he wants. Instead, Mr Powell finds himself pummeled however he moves — resist, and face further excoriation from the White House; begin cutting, and be seen as a pushover. Meanwhile, it looks like the trade war is about to escalate again. Here’s the editor of the Chinese-state-owned Global Times with some tough talk: Based on what I know, China will take further countermeasures in response to US tariffs on $300 billion Chinese goods. Beijing will soon unveil a plan of imposing retaliatory tariffs on certain US products. China has ammunition to fight back. The US side will feel the pain. — Hu Xijin 胡锡进 (@HuXijin_GT) August 23, 2019 12:31PM Jackson Hole: Four things you need to know The Grand Teton National Park mountain range is seen from the Jackson Lake Lodge in Moran, Wyoming Credit: David Paul Morris/Bloomberg Jackson Hole, location of the Federal Reserve Bank of Kansas City’s annual retreat, might not be the most obvious spot for a major economic symposium. Chosen by former Fed chair Paul Volcker for its high-quality fly-fishing, the Wyoming valley has became an increasingly crucial part of the calendar for central bankers. After an opening reception last night, Fed chair Jerome Powell will kick off proceedings with a keynote speech today. This year, Mr Powell is in the spotlight: his speech, due at 3pm London time, is expected to offer a defence of the Fed’s decision to make a 0.25pc cut to US interest rates at the end of last month . That decision — controversial even within the Fed itself — and the way it was positioned as a “mid-cycle adjustment” made Mr Powell few friends . What he says could today could end up majorly dictating how nervous US markets move. What’s on? The conference, which is on the theme of ‘Challenges to Monetary Policy’, will host speeches by major figures from the worlds of academia and central banking, under a series of broad themes. Today, after Mr Powell speaks, attendees will hold a discussion over three papers: Monetary policy divergence Monetary policy spillovers to advanced and emerging market economies What does it mean to be a data-dependent central banker? Bank of England governor Mark Carney will then round things off with his Luncheon Address. Tomorrow, the conference will pick up again with several more general discussions, including ones on the state of the markets, and tackling commodity price shocks. The main event is likely to be an afternoon panel, featuring Philip Lowe, governor of the Reserve Bank of Australia, and Amir Yaron, governor of the Bank of Israel, and Gita Gopinath, chief economist of the International Monetary Fund. Who will be there? Though the slew of international governors are the biggest hitters in attendance, there will also be a mass of US and foreign central bankers in attendance. That includes all four other Fed governors alongside Mr Powell, and all but one of the US’s reserve bank presidents. They’ll be joined by policymakers, economists and several government officials. And academics — lots of them. Who won’t be there? Notable absences from the meeting include European Central Bank chair Mario Draghi, and Bank of Japan governor Haruhiko Kuroda. Also not attending is anyone from the Trump administration — for the second year in a row. What will happen? Right now, that is anyone’s guess. There’s been an increasing sense of unease from central banks lately, with Federal Reserve moving timidly around a hectoring Donald Trump, and the ECB worried investors are losing confidence in its ability to prop up the eurozone economy. The most solid carrot Mr Powell could dangle is that a second rate cut is coming this year: that would likely send equities shooting up, unless investors are already too nervous. Deutsche Bank analysts say: If Powell sticks to the old language, as is most likely, it would affirm that he is still confident that the strength of consumption, in combination with modest Fed easing, will be sufficient to keep the recovery broadly on track. 11:54AM Powell speech will ‘set the tone for weeks’ on currency markets Jerome Powell’s speech will begin at 3pm London time Credit: Xinhua / Barcroft Media Building up to Jerome Powell’s highly-anticipated speech at the gathering of central bankers in Jackson Hole that is underway, SaxoBank’s John Hardy says the Federal Reserve chair’s speech will like set the tone for trading in the weeks to come, writing: We suspect that Powell won’t indicate an inclination to ease more than the market has already priced in, risking further USD upside. But how risk appetite behaves in the wake of whatever he has to say may be the most important for other currencies. He adds that the pound could well rally further if positive signals emerge from the G7 summit in Biarritz, which has got underway today. Boris Johnson got in early by meeting European leaders in recent days: the weekend is likely to be dominated by topics such a trade tensions and Hong Kong. Deputy economics editor Tim Wallace has looked at what Jackson Hole means for the global economy: Scarred by the financial crisis, economists, policymakers and businesses have been on high alert for the past decade. Central banks have built up big new departments focusing on financial risks, scouring the world for hazards and potential bubbles that could cause trouble. Government departments, banks and big businesses are the same. As a result, warnings of the dangers of years of ultra-low interest rates have been almost constant. Economists have watched shares, bonds and property rocket in value, fuelled by cheap debt, and warned that a crash back to Earth is inevitable when interest rates rise. Here’s his full piece: When you’re in a (Jackson) Hole… central bankers try to avert a new slump at Wyoming pow-wow 11:35AM Hong Kong protesters plan return to international airport this weekend Protesters filled Hong Kong international airport earlier this month, causing flight cancellations Credit: Vincent Thian/AP Hong Kong International Airport faces fresh disruption this weekend, as demonstrators prepare to return to the site as they rally against a proposed extradition law. Tensions in the city , with have been boiling for months, reached their highest level so far during a sit-in at the start of last week, which took the finance hub’s biggest airport out of action for two days. Reuters reports: The Airport Authority published a half-page notice in newspapers urging young people to “love Hong Kong” and said it opposed acts that blocked the airport, adding that it would keep working to maintain smooth operations. Hong Kong’s high court extended an order restricting protests at the airport. Some activists had apologised for last week’s airport turmoil. After clashes between protesters and police turned violent, the city’s pro-democracy movement staged a large, peaceful protest as a show of strength. Since then, marches and demonstrations have been taking place every day. Read more: YouTube shuts down accounts targeting Hong Kong protests 11:20AM Meanwhile, in Westminster... After this morning’s slight flurry, it’s back to business as usual for the UK — which mean markets are likely to stay fairly subdued until Jerome Powell takes to the stage at Jackson Hole in about four hours’ time. Following meetings with German Chancellor Angela Merkel and French President Emmanuel Macron, Boris Johnson has given his ministers the task of finding alternatives to the Irish backstop. With 69 days until the UK is due to leave, they certainly don’t have long. You can follow the latest political updates here: Brexit latest news: MP behind backstop solution says German figures are willing to listen to alternatives 10:46AM Hammerson seizes ground amid Brexit relief The Selfridges building, part of the Hammerson-owned Bullring in Birmingham Credit: Bill Allsopp/LOOP IMAGES/Getty Images Bullring-owner Hammerson, one of the UK’s biggest retail landlords, is up 5pc today amid a broader relief rally for Brexit-exposed stocks. The company, which has seen its share price wane steadily as it feels the impact of pressures on the high street, has been a fairly popular target for short sellers, who are circling large firms that mainly operate in the UK. It has lost a chunk of value since it rejected a takeover bid by rival Klepierre last year. On Wednesday, the company announced former AIG executive James Lenton would become its new chief financial officer. 10:27AM PPI: Here’s how to make a claim before the deadline next week Loan customers who were mis-sold payment protection insurance have six days left to claim for compensation . Up the the end of June, £36bn has been paid out to customers who were victims of the UK’s largest mis-selling scandal, with Lloyds shelling out the most of any lender. The insurance was supposed to pay out in the event that the policyholder lost their job, became ill or died. However, few checks were ever made against customers’ other policies, leading to many people being sold cover they already had elsewhere. This morning, the Competition and Markets Authority has criticised RBS and Santander over how they handled informing customers who may have been victims. Could you have been a victim? If so, there isn’t long left to make a claim. Telegraph Money’s Sam Meadows and Sam Barker have explained what you should do: ‘I reclaimed £32,732 in PPI’: here’s how to make a claim before the deadline 10:06AM Greggs plans vegan versions of top products after sausage roll success The Greggs vegan sausage roll has proven a hit with customers Credit: Christopher Furlong/Getty Images Europe Greggs is investigating creating vegan version of all its best-selling products as it tries to recreate the massive success of its meat-free sausage roll. The bakery chain pinned a rise in revenues earlier this year on the product’s popularity , though many investors are still nervous that “peak Greggs” has been reached. Its boss Roger Whiteside told LBC radio this morning the company is now looking at how it can get more vegan products into its stores. He said they are working on a product which remains under-wraps, but added: ...we are plugging away at seeing if we can come up with a vegan version of all our top-selling lines. Obviously people want a vegan option. If we can succeed in doing that and produce something that tastes just as good as the meat version, then that will sell very successfully. That's what's been shown with the vegan sausage roll. Here’s our interview with Mr Whiteside earlier this year: How I sold Greggs to the middle classes 9:44AM Computacenter climbs after raising sights for end of year From the archive: Then-Microsoft President Steve Ballmer in a Computacenter-branded taxi in 1998 Credit: KEVIN LAMARQUE/Reuters FTSE 250-listed IT company Computacenter is up more than 3.4pc today, after saying it expected its full-year profit growth to hit record levels. The company, which supplies equipment to private- and public-sector organisations in Europe and the US, saw its revenue for the first six months rise to £2.43bn, from £2.01bn the year before — a 20.8pc increase. Chief executive Mike Norris said: Whilst the performance of the first half of 2018 presented a very difficult challenge to beat, the opposite is true of the second half. The Board expects that the full year 2019 profit growth, in monetary value, will be the best in the company's history. This performance will be predominantly achieved without the aid of acquisitions, however we expect to see a more significant contribution from our acquired business in the USA during the second half. Some analysts are more sceptical. Berenberg analyst Benjamin May called the results “mediocre”, while UBS’s Michael Briest suggested strong growth was based on public sector spending, which may have weakened since. 9:17AM Woodford shares drop further as holding is revalued Neil Woodford’s star has fallen dramatically in recent months Credit: HANDOUT/REUTERS Neil Woodford has developed an uncanny ability to be in the wrong place at the wrong time in recent months, with ongoing problems at his Woodford Equity Income fund compounded by issues in several parts of his portfolio. The struggling former star trader’s FTSE 250-listed vehicle Woodford Patient Capital Trust is the biggest faller among mid-caps today, down 6.15pc having fallen as far as 13pc down — to record lows — earlier on. The latest pressure on the company is two-fold: as well as new doubts over the future of its stake in haulage firm Eddie Stobart, shares in which have been suspended , Woodford said this morning that its stake in IH Holdings would be reduced. IH is the parent of Industrial Heat, a high-tech energy firm based in North Carolina. Woodford said: The Board has been notified by Link that it intends to reduce the valuation of the Company's holding in IH Holdings International Limited. This is expected to impact the Company's net asset value by approximately 3.4 pence per share Here’s how Woodford’s shares are doing (use the range selector to see the drop over a longer period of time): 8:53AM Pigs can fly: Peppa owner soars after takeover announcement Peppa Pig (left) Credit: Television Stills Peppa Pig-owner Entertainment One is leading risers on the FTSE 250 today, up 29.45pc after the film and television company was bought from £3.3bn by Hasbro, the American toy giant. Christopher Williams reports: The all-cash deal represents a premium of 31pc of Entertainment One’s share price over the last month, and more than three times an aborted takeover attempt by ITV three years ago . It unites Peppa Pig, which has become of Britain’s biggest media exports in recent years, with one of the world’s biggest owners of toy brands. Hasbro, valued on Wall Street at $14.4bn (£11.8bn), makes the board game Monopoly, the action figure GI Joe and Play-doh, among other children’s favourites. You can read his full report here: Hasbro acquires Peppa Pig owner Entertainment One for £3.3bn 8:49AM Pounds ‘remains deeply troubled’ Despite some happy-looking gains yesterday, the pound has dipped again today, languishing in the red against other major currencies. Sterling jumped after Prime Minister Boris Johnson held talks with German Chancellor Angela Merkel in Berlin, and French President Emmanuel Macron in Paris. The PM is trying to push forward his policy of getting a Brexit deal that does not include the Irish backstop . SpreadEx’s Connor Campbell says the pound’s drop shows the currency cooling off after its fierce run on Thursday: Perhaps concerned that yesterday’s surge was a tad overdone — after all, all Macron and Merkel did was make positive noise about a deal; nothing more substantial than that was announced — sterling slipped 0.4pc against the dollar and 0.3pc against the euro. And while, yes, it still means the currency has had a decent couple of weeks, in the wider context of the last few months it remains deeply troubled. Oanda’s Craig Erlam adds: Ultimately, it’s all talk right now and we'll see over the coming weeks if there's any substance but for now, sterling has been given a lift. Of course, that lift is always helped by the fact that it has been beaten black and blue since March and Thursday’s gains are tiny in comparison. 8:37AM Eddie Stobart shares suspended The haulage and logistics company, known for its distinctive trucks, said it was suspending its listing on London’s junior Aim market Credit: Eddie Stobart/PA Shares in haulage company Eddie Stobart have been suspended amid an accounting fiasco, as its chief executive Alex Laffey steps down with immediate effect. My colleague Michael O’Dwyer reports: The haulage and logistics company, known for its distinctive trucks, said it was applying to suspend its listing on London’s junior Aim market from 7.30am on Friday “pending clarification” of the impact of a number of accounting issues. The company said it would take a “more prudent approach to revenue recognition” and indicated that it would re-assess whether it was likely to be paid some of the amounts owed to it following a review of its interim results, carried out in conjunction with its auditors PwC. The decision is yet another blow to beleaguered trader Neil Woodford, whose funds own almost a quarter of the company. You can read a full report here: Fresh blow for Neil Woodford as Eddie Stobart’s listing is suspended 8:31AM RBS and Santander rapped over PPI failures The Financial Conduct Authority has used an animatronic Arnold Schwarzenegger head in adverts to remind people they have just one month left to complain about PPI Credit: FCA/PA The UK’s competition watchdog has taken action against Santander and Royal Bank of Scotland after mistakes in their handling of payment protection insurance reminders. The Competition & Markets Authority has told the lenders they should appoint auditors to assess their PPI processes after notices were sent out late, or with inaccurate information. RBS failed to inform 11,000 customers who may have been mis-sold PPI that they has potentially been affected. The lender has since written to the customers, and has paid out over £1.5m in refunds. Santander provided incorrect information to customers between 2012 and 2017. It is the second time the banks have received a warning, after similar action in 2016. The CMA’s Adam Land said: It is unacceptable that some banks aren’t providing PPI reminders — or are sending inaccurate ones — 8 years after our Order came into force. The legally binding directions we’ve issued today will make sure that both RBS and Santander now play by the rules. These are serious issues that, in the future, may result in fines if the Government gives us the powers we’ve asked for. For now, we expect RBS to repay all affected customers quickly, and for both RBS and Santander to make sure that similar breaches do not happen again. 8:20AM FTSE posts gains at open European stocks have opened upbeat, shaking of some of yesterday’s losses. The FTSE 100 is being helped by weakness in the pound, which has shaken off some of yesterday’s strengthening. Credit: Bloomberg TV 8:13AM Jackson Hole: What’s on the agenda? Federal Reserve Chair Jerome Powell and New York Federal Reserve President John Williams Credit: Ann Saphir/REUTERS Federal Reserve chair has a unenviable job today: forced to outline the central bank’s thinking, knowing that hewing to conventional wisdom will earn him one of his not-infrequent public dressing-down from US President Donald Trump. Mr Powell is the keynote speaker at the Jackson Hole economic summit in Wyoming, His speech is first thing in the morning over there, which will translate to 3pm British Summer Time — early enough that we will likely see the impact on European markets if he says anything particularly surprising. There’s plenty for Mr Powell to react to: since the Fed issued the US’s first rate cut in a decade earlier this month, tensions in Hong Kong have escalated , the trade war between the US and China re-ignited , and the US two-year/10-year yield curve has repeatedly inverted . Mr Powell labelled the 0.25pc cut as a “mid-cycle adjustment” — but the cycle may not be were the Fed thought it was. Also making an appearance at the event is Bank of England governor Mark Carney, who is giving the ‘Luncheon Address’ at 8pm London time. You can read the full event schedule here . 7:28AM Pound’s gains under pressure Its been a good week for the pound after apparent progress in Brexit talks. Can it end the week on a flourish? Sterling is down a touch against the euro, 0.11pc, at €1.1043, while it's down 0.25pc against the dollar at $1.2220. The FTSE 100 is called to open up 0.7pc at 7,157. 6:55AM All eyes on Jackson Hole Fed Chair Jerome Powell will begin his speech at 3pm London time Credit: JIM LO SCALZO/EPA-EFE/REX Good morning. Wall Street stocks were mixed on closing yesterday ahead of a key Federal Reserve address. Fed chair Jerome Powell will be giving a speech at Jackson Hole later today. In the past, central bankers have used the Wyoming summit to announce major policy shifts and many are expecting Powell to walk back through some of his commentary from last month’s post-rate decision press conference where he said the rate reduction was merely a “mid-cycle adjustment”. 5 things to start your day 1) Hasbro has acquired Peppa Pig owner Entertainment One for £3.3bn . The all-cash deal represents a premium of 31pc of Entertainment One’s share price over the last month, and more than three times an aborted takeover attempt by ITV three years ago. 2) Germany is examining plans to prohibit banks from imposing negative interest rates on savers , threatening to leave lenders in an impossible position and greatly complicating the job of the European Central Bank as it prepares fresh stimulus. 3) The boss of computer giant HP is to step down after four years due to family health reasons. Dion Weisler will be succeeded by company veteran Enrique Lores from November 1. Mr Lores, who has worked at the printer maker for 30 years, currently heads HP’s imaging printing and solutions unit. 4) Scotland’s huge deficit means that numbers for independence don’t add up . Momentum is gathering behind First Minister Nicola Sturgeon and the SNP’s renewed push for independence, but the huge budget black hole raises serious questions. 5) Profits at Bauer Consumer Media, Britain's biggest magazine publisher with titles including Take a Break , TV Choice , Heat and Grazia , tumbled last year as sales continued to slide. Pre-tax profits for the privately owned German company fell £7m to £3.7m on an £8.4m drop in turnover to £120.3m. What happened overnight Asian markets headed into the weekend on a cautious note on Friday ahead of the key speech by Mr Powell, while the pound held the previous day’s rally through the evening — fuelled by rekindled hopes for a soft Brexit. The pound has dipped slightly, but is still sitting around three-week highs after French President Emmanuel Macron echoed German Chancellor Angela Merkel in allowing Britain to find a solution to the Irish border that has dogged negotiations since 2017. Still, Asia's main indexes were in positive territory in the morning. Tokyo went into the break 0.2pc higher, while Hong Kong added 0.2pc, Shanghai gained 0.1pc and Sydney rose 0.3pc. However, Singapore, Seoul, Taipei and Wellington were all in the red, with Manila more than 1pc lower. On currency markets, high-yielding, riskier units were broadly lower as traders move into the relative safety of the dollar. Coming up today An appearance by Federal Reserve chairman Jerome Powell at the Kansas City Fed’s annual Jackson Hole economic symposium will be a key opportunity for further insight. “Historically, this has been used to signal shifts in the Fed’s thinking,” said Investec’s Victoria Clarke. “But this year may well take on additional importance given that it is likely to be Jerome Powell’s first public comments since the latest round of tariffs were announced.” Interim results: Computacenter, Henry Boot Economics: New home sales (US) || Bitcoin Twitter account goes rogue, unfollows Justin Sun and Winklevii: Whoever who owns the official @Bitcoin Twitter handle remains a mystery. But what's not so secret is that the account has suddenly dropped its support for Bitcoin Cash and is now seemingly a Bitcoin maximalist. Assuming it's not mostly bots, the account seems to be popular, with some 970,000 followers (somewhat less than John McAfee's 1.1 million). While Bitcoin is a decentralized protocol with no one person in charge, some people who are new to the space might treat it as though its tweets were gospel. Which means its change of allegiance is a big deal, causing waves in the CryptoTwittersphere. And to top it all off, it's now purging its account of persons of interest. For instance, earlier today, the account tweeted a video showing it unfollow Tron CEO Justin Sun. This may sadden the publicity hungry entrepreneur, who practically lives on Twitter. And then, in an even more shocking move, it unfollowed the Winklevii (described as Mr. Bitcoin1 and Mr Bitcoin2) who have been staunch Bitcoin supporters since the early days of BitInstant and Bitcoin's time on the Silk Road. The Winklevoss twins have always been strongly in favor of integrating Bitcoin within the existing financial system and all its rulessomething that led them to disagree with libertarians Roger Ver and Erik Voorhees back in the day, when they all were involved with BitInstant. This suggests that the new account might be run by some kind of libertarian or anarchist. Yesterday, the account purged many tweets: any mentioning Bitcoin Cash, critical of Bitcoin or that mentioned Twitter CEO Jack Dorsey. This is another unusual move, since Dorsey has been a strong supporter of Bitcoin and its scaling solution, the Lightning Network . The account has also removed its link to the Bitcoin.com website, which supports Bitcoin Cash and is owned by Ver, and replaced it with a link to the original Bitcoin whitepaper on bitcoin.org. So who owns the @Bitcoin Twitter handle? The Bitcoin community has posited a number of frontrunners, including Craig Wright, the Australian computer scientist who claims to have invented Bitcoin. But the tweets both before and after the delistings show a radically different style of writing from the self-proclaimed Satoshi, so it's seems unlikely that Wright is behind it. Story continues Some pundits believe that Ver was the owner, though the recent actions taken by the account show that if he washe is no longer. Ver also denied owning the account back in April 2018, while at the same time claiming he knew who the actual owner was/is, tweeting : "He supports [Bitcoin Cash], is well known in the Bitcoin ecosystem, but doesn't want to deal with incessant trolling so he has chosen not to make his identity public." Litecoin founder Charlie Lee had his own, wry theory : I have no proof of this, but I think the owner of @bitcoin must have had a romantic relationship with Roger Ver and recently broke up with Roger." We reached out to Ver and will update if we hear a response. || Bitcoin Twitter account goes rogue, unfollows Justin Sun and Winklevii: Whoever who owns the official @Bitcoin Twitter handle remains a mystery. But what's not so secret is that the account has suddenly dropped its support for Bitcoin Cash and is now seemingly a Bitcoin maximalist.
Assuming it's not mostly bots, the account seems to be popular, with some 970,000 followers (somewhat less thanJohn McAfee's1.1 million). While Bitcoin is a decentralized protocol with no one person in charge, some people who are new to the space might treat it as though its tweets were gospel. Which means its change of allegiance is a big deal, causing waves in the CryptoTwittersphere.
And to top it all off, it's now purging its account of persons of interest.
For instance, earlier today, the account tweeted avideoshowing it unfollow Tron CEO Justin Sun. This may sadden the publicity hungry entrepreneur, who practically lives on Twitter. And then, in an even more shocking move, it unfollowed the Winklevii (described as Mr. Bitcoin1 and Mr Bitcoin2) who have been staunch Bitcoin supporters since the early days of BitInstant and Bitcoin's time on the Silk Road.
The Winklevoss twins have always been strongly in favor of integrating Bitcoin within the existing financial system and all its rules—something that led them to disagree with libertarians Roger Ver and Erik Voorhees back in the day, when they all were involved with BitInstant. This suggests that the new account might be run by some kind of libertarian or anarchist.
Yesterday, the account purged many tweets: any mentioning Bitcoin Cash, critical of Bitcoin or that mentioned Twitter CEO Jack Dorsey. This is another unusual move, since Dorsey has been a strong supporter of Bitcoin and its scaling solution, theLightning Network.
The account has also removed its link to the Bitcoin.com website, which supports Bitcoin Cash and is owned by Ver, and replaced it with a link to the original Bitcoin whitepaper on bitcoin.org.
So who owns the @Bitcoin Twitter handle? The Bitcoin community has posited a number of frontrunners, including Craig Wright, the Australian computer scientist who claims to have invented Bitcoin. But the tweets both before and after the delistings show a radically different style of writing from the self-proclaimed Satoshi, so it's seems unlikely that Wright is behind it.
Some pundits believe that Ver was the owner, though the recent actions taken by the account show that if he was—he is no longer.
Ver also denied owning the account back in April 2018, while at the same time claiming he knew who the actual owner was/is,tweeting:
"He supports [Bitcoin Cash], is well known in the Bitcoin ecosystem, but doesn't want to deal with incessant trolling so he has chosen not to make his identity public."
Litecoin founder Charlie Lee had his own, wrytheory: I have no proof of this, but I think the owner of @bitcoin must have had a romantic relationship with Roger Ver and recently broke up with Roger."
We reached out to Ver and will update if we hear a response. || Bitcoin Twitter account goes rogue, unfollows Justin Sun and Winklevii: Whoever who owns the official @Bitcoin Twitter handle remains a mystery. But what's not so secret is that the account has suddenly dropped its support for Bitcoin Cash and is now seemingly a Bitcoin maximalist.
Assuming it's not mostly bots, the account seems to be popular, with some 970,000 followers (somewhat less thanJohn McAfee's1.1 million). While Bitcoin is a decentralized protocol with no one person in charge, some people who are new to the space might treat it as though its tweets were gospel. Which means its change of allegiance is a big deal, causing waves in the CryptoTwittersphere.
And to top it all off, it's now purging its account of persons of interest.
For instance, earlier today, the account tweeted avideoshowing it unfollow Tron CEO Justin Sun. This may sadden the publicity hungry entrepreneur, who practically lives on Twitter. And then, in an even more shocking move, it unfollowed the Winklevii (described as Mr. Bitcoin1 and Mr Bitcoin2) who have been staunch Bitcoin supporters since the early days of BitInstant and Bitcoin's time on the Silk Road.
The Winklevoss twins have always been strongly in favor of integrating Bitcoin within the existing financial system and all its rules—something that led them to disagree with libertarians Roger Ver and Erik Voorhees back in the day, when they all were involved with BitInstant. This suggests that the new account might be run by some kind of libertarian or anarchist.
Yesterday, the account purged many tweets: any mentioning Bitcoin Cash, critical of Bitcoin or that mentioned Twitter CEO Jack Dorsey. This is another unusual move, since Dorsey has been a strong supporter of Bitcoin and its scaling solution, theLightning Network.
The account has also removed its link to the Bitcoin.com website, which supports Bitcoin Cash and is owned by Ver, and replaced it with a link to the original Bitcoin whitepaper on bitcoin.org.
So who owns the @Bitcoin Twitter handle? The Bitcoin community has posited a number of frontrunners, including Craig Wright, the Australian computer scientist who claims to have invented Bitcoin. But the tweets both before and after the delistings show a radically different style of writing from the self-proclaimed Satoshi, so it's seems unlikely that Wright is behind it.
Some pundits believe that Ver was the owner, though the recent actions taken by the account show that if he was—he is no longer.
Ver also denied owning the account back in April 2018, while at the same time claiming he knew who the actual owner was/is,tweeting:
"He supports [Bitcoin Cash], is well known in the Bitcoin ecosystem, but doesn't want to deal with incessant trolling so he has chosen not to make his identity public."
Litecoin founder Charlie Lee had his own, wrytheory: I have no proof of this, but I think the owner of @bitcoin must have had a romantic relationship with Roger Ver and recently broke up with Roger."
We reached out to Ver and will update if we hear a response. || Bitcoin core developer Matt Corallo joins Square Crypto: Square Crypto is on the board with a big-time hire from within the cryptoverse.
Matt Corallo, former engineer at Chaincode Labs and cofounder of Blockstream, has joined Twitter CEO Jack Dorsey'sSquare Crypto to help advance the company'sBitcoindevelopment efforts.
"Matt will play a vital role at [Square Crypto], much as he did at [Chaincode Labs], providing valuable experience of Bitcoin engineering within the team and broader ecosystem of new devs," the companyannounced todayon Twitter.
Corallo's work "spans projects from Core to Bitcoinj, FIBRE, BetterHash, Rust-Lightning, plus other open-source initiatives like Signal,”according toSquare Crypto. “His background is the best imaginable foundation for our goal of accelerating bitcoin adoption on a massive scale."
Dorsey, cofounder of Twitter and Square, launched Square Crypto in an effort to accelerate the adoption of Bitcoin by promoting more effective user experiences.
Dorseypreviously announcedin March 2019that Square would be hiring "3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem."
Corallo appears to be the ideal choice. Earlier this year,Corallo made headlines forhelping to fixa potentially disastrous “inflation bug” in Bitcoin's code first discovered in September 2018. More recently, Corallo made waves forcriticizing the behaviorof certain members of the "Bitcoin community."
But in terms of welcoming new users to the world of Bitcoin, a lack of consideration for design and user experience has long been cited as one of the biggest impediments. Part of getting people to use blockchain and cryptocurrency involves making it as easy to use as existing financial services.
Square Crypto is designed to do just that,describing itself"a unique opportunity for a designer to help shape the future of how Bitcoin will be brought into the mainstream." || Bitcoin core developer Matt Corallo joins Square Crypto: Square Crypto is on the board with a big-time hire from within the cryptoverse.
Matt Corallo, former engineer at Chaincode Labs and cofounder of Blockstream, has joined Twitter CEO Jack Dorsey'sSquare Crypto to help advance the company'sBitcoindevelopment efforts.
"Matt will play a vital role at [Square Crypto], much as he did at [Chaincode Labs], providing valuable experience of Bitcoin engineering within the team and broader ecosystem of new devs," the companyannounced todayon Twitter.
Corallo's work "spans projects from Core to Bitcoinj, FIBRE, BetterHash, Rust-Lightning, plus other open-source initiatives like Signal,”according toSquare Crypto. “His background is the best imaginable foundation for our goal of accelerating bitcoin adoption on a massive scale."
Dorsey, cofounder of Twitter and Square, launched Square Crypto in an effort to accelerate the adoption of Bitcoin by promoting more effective user experiences.
Dorseypreviously announcedin March 2019that Square would be hiring "3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem."
Corallo appears to be the ideal choice. Earlier this year,Corallo made headlines forhelping to fixa potentially disastrous “inflation bug” in Bitcoin's code first discovered in September 2018. More recently, Corallo made waves forcriticizing the behaviorof certain members of the "Bitcoin community."
But in terms of welcoming new users to the world of Bitcoin, a lack of consideration for design and user experience has long been cited as one of the biggest impediments. Part of getting people to use blockchain and cryptocurrency involves making it as easy to use as existing financial services.
Square Crypto is designed to do just that,describing itself"a unique opportunity for a designer to help shape the future of how Bitcoin will be brought into the mainstream." || Bitcoin core developer Matt Corallo joins Square Crypto: Square Crypto is on the board with a big-time hire from within the cryptoverse. Matt Corallo, former engineer at Chaincode Labs and cofounder of Blockstream, has joined Twitter CEO Jack Dorsey's Square Crypto to help advance the company's Bitcoin development efforts. "Matt will play a vital role at [Square Crypto], much as he did at [Chaincode Labs], providing valuable experience of Bitcoin engineering within the team and broader ecosystem of new devs," the company announced today on Twitter. So excited to be joining the @sqcrypto team over the coming weeks. Experimenting with different models to accelerate Bitcoin OSS is awesome! Gonna miss the @ChaincodeLabs folks, but given they host anyone who works on Bitcoin OSS, I'll probably be there every other day anyway. https://t.co/L00gqV1LLD Matt Corallo (@TheBlueMatt) August 20, 2019 Corallo's work "spans projects from Core to Bitcoinj, FIBRE, BetterHash, Rust-Lightning, plus other open-source initiatives like Signal, according to Square Crypto. His background is the best imaginable foundation for our goal of accelerating bitcoin adoption on a massive scale." Designing the future of Bitcoin Dorsey, cofounder of Twitter and Square, launched Square Crypto in an effort to accelerate the adoption of Bitcoin by promoting more effective user experiences. Dorsey previously announced in March 2019 that Square would be hiring "3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem." Story continues Corallo appears to be the ideal choice. Earlier this year, Corallo made headlines for helping to fix a potentially disastrous inflation bug in Bitcoin's code first discovered in September 2018. More recently, Corallo made waves for criticizing the behavior of certain members of the "Bitcoin community." But in terms of welcoming new users to the world of Bitcoin, a lack of consideration for design and user experience has long been cited as one of the biggest impediments. Part of getting people to use blockchain and cryptocurrency involves making it as easy to use as existing financial services. Square Crypto is designed to do just that, describing itself "a unique opportunity for a designer to help shape the future of how Bitcoin will be brought into the mainstream." || Coinbase’s WalletLink to add functionality with decentralised exchange IDEX: San Francisco-based cryptocurrency exchange Coinbase has added WalletLink functionality to allow customers to use dApps within the firm’s wallet app. One of the most intriguing dApps that will undoubtedly entice users is IDEX, which is currently the world’s largest decentralised exchange (DEX). IDEX currently facilities around $1 million of daily trade volume with a focus on new projects that have only recently moved past the ICO stage. WalletLink will be available to desktop browser users as well as mobile users. Aside from IDEX, customers will also be able to access Compound – an on-chain borrowing and lending platform – as well as margin trading platform dYdX and the Maker stablecoin. We’re thrilled to announce WalletLink! Now you can use dapps on any desktop browser while keeping your funds safe in your mobile wallet. https://t.co/hKkV8DBEb9 — Coinbase Wallet (@CoinbaseWallet) August 22, 2019 While it certainly seems like a positive step for Coinbase and its user base, it will be interesting to see how the company combats the strict regulatory frameworks in terms of decentralised and margin exchanges. The Securities and Exchange Commission (SEC) famously clamped down on EtherDelta, which at the time was a market-leading DEX, while margin exchange BitMEX has found a safe haven for itself in the Seychelles – far away from the watchful eyes of US regulators. Coinbase’s recent gung-ho approach is a far cry from 2017, when the exchange listed just Bitcoin, Ethereum, and Litecoin for users to purchase before adding Bitcoin Cash after the hard fork. The exchange has also listed a variety of altcoins over the past year, suggesting that regulatory scrutiny of the industry is not as prevalent as it once was. For more news, guides, and cryptocurrency analysis, click here . The post Coinbase’s WalletLink to add functionality with decentralised exchange IDEX appeared first on Coin Rivet . || Coinbase’s WalletLink to add functionality with decentralised exchange IDEX: San Francisco-based cryptocurrency exchange Coinbase has added WalletLink functionality to allow customers to use dApps within the firm’s wallet app. One of the most intriguing dApps that will undoubtedly entice users is IDEX, which is currently the world’s largest decentralised exchange (DEX). IDEX currently facilities around $1 million of daily trade volume with a focus on new projects that have only recently moved past the ICO stage. WalletLink will be available to desktop browser users as well as mobile users. Aside from IDEX, customers will also be able to access Compound – an on-chain borrowing and lending platform – as well as margin trading platform dYdX and the Maker stablecoin. We’re thrilled to announce WalletLink! Now you can use dapps on any desktop browser while keeping your funds safe in your mobile wallet. https://t.co/hKkV8DBEb9 — Coinbase Wallet (@CoinbaseWallet) August 22, 2019 While it certainly seems like a positive step for Coinbase and its user base, it will be interesting to see how the company combats the strict regulatory frameworks in terms of decentralised and margin exchanges. The Securities and Exchange Commission (SEC) famously clamped down on EtherDelta, which at the time was a market-leading DEX, while margin exchange BitMEX has found a safe haven for itself in the Seychelles – far away from the watchful eyes of US regulators. Coinbase’s recent gung-ho approach is a far cry from 2017, when the exchange listed just Bitcoin, Ethereum, and Litecoin for users to purchase before adding Bitcoin Cash after the hard fork. The exchange has also listed a variety of altcoins over the past year, suggesting that regulatory scrutiny of the industry is not as prevalent as it once was. For more news, guides, and cryptocurrency analysis, click here . The post Coinbase’s WalletLink to add functionality with decentralised exchange IDEX appeared first on Coin Rivet . || Paxful founder makes wild proposal to destroy Satoshi Nakamoto's Bitcoin: There is a fistful of Satoshis floating around the web these days:Craig Wright,Estonian scientists,marketing specialistsand more.
But whomever Nakamoto actually is, one thing is for sure: they’re rich as hell. Nakamoto is estimated to have up to one million bitcoins, worth a little over $10 billion sat in wallets, untouched. But the number of people proclaiming they are the one, true Satoshi is causing confusion and uncertainty across the industry. If Nakamoto does appear and decides to cash in the Satoshi stash—or threatens to—the bitcoin market would almost certainly collapse.
This has led Ray Youssef, founder of peer to peer bitcoin marketplace Paxful, to come up with an unorthodoxsolution: “Let’s burn all of Satoshi’s 980,000 [bitcoins]”.
“[One] million less coins and we lay Satoshi to rest in Peace,” headded.
By burning all of Nakamoto’s coins, the anxiety provoked by Nakamoto’s unknown identity disappears. No more Nakamoto, and one less reason for the price to crash.
Fake Satoshi Nakamoto appears to promote dodgy crypto project
Youssef appealed to his followers, tagging bitcoin investor Roger Ver, Binance CEO Changpeng Zhao (CZ), and CoinBase CEO Brian Armstrong, among others. “Whomever is with me, reply ‘burn.’ ” he said. The luminaries Youssef tagged are yet to reply.
Burning Nakamoto’s coinsispossible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune. But Youssef would require consensus across the whole network or it would split the bitcoin network into two, where Nakamoto holds the coins on one but not on the other. But the discussion, unsurprisingly, has turned ugly.
“So, the bitcoin creator doesn't deserve this money? Whomever he may be or has been? What a totalitarian and egoistic idea,”replieda Bitcoin enthusiast called Argy Xafis.
“It's an idea as stupid as CZ's idea to roll back the chain after the Binance hack,”tweetedMihai Teodosiu, founder of Yakkie Apps, referring to Zhao’s realization that he couldn't rewrite the Bitcoin blockchain to reverse the hack Binance suffered in May.
Arguments aside, it wouldn’t be the first time a major cryptocurrency that went through such a large-scale shift. When the DAO was hacked in 2016, the Ethereum blockchain was rewritten to steal the funds back from the hacker. This created what is now the Ethereum blockchain, while staunch opponents kept the old chain alive in the form of Ethereum Classic. And Ethereum is still going to this day, the second-biggest cryptocurrency by market cap.
Perhaps Youssef isn’t as crazy as you might think. || Paxful founder makes wild proposal to destroy Satoshi Nakamoto's Bitcoin: There is a fistful of Satoshis floating around the web these days:Craig Wright,Estonian scientists,marketing specialistsand more.
But whomever Nakamoto actually is, one thing is for sure: they’re rich as hell. Nakamoto is estimated to have up to one million bitcoins, worth a little over $10 billion sat in wallets, untouched. But the number of people proclaiming they are the one, true Satoshi is causing confusion and uncertainty across the industry. If Nakamoto does appear and decides to cash in the Satoshi stash—or threatens to—the bitcoin market would almost certainly collapse.
This has led Ray Youssef, founder of peer to peer bitcoin marketplace Paxful, to come up with an unorthodoxsolution: “Let’s burn all of Satoshi’s 980,000 [bitcoins]”.
“[One] million less coins and we lay Satoshi to rest in Peace,” headded.
By burning all of Nakamoto’s coins, the anxiety provoked by Nakamoto’s unknown identity disappears. No more Nakamoto, and one less reason for the price to crash.
Fake Satoshi Nakamoto appears to promote dodgy crypto project
Youssef appealed to his followers, tagging bitcoin investor Roger Ver, Binance CEO Changpeng Zhao (CZ), and CoinBase CEO Brian Armstrong, among others. “Whomever is with me, reply ‘burn.’ ” he said. The luminaries Youssef tagged are yet to reply.
Burning Nakamoto’s coinsispossible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune. But Youssef would require consensus across the whole network or it would split the bitcoin network into two, where Nakamoto holds the coins on one but not on the other. But the discussion, unsurprisingly, has turned ugly.
“So, the bitcoin creator doesn't deserve this money? Whomever he may be or has been? What a totalitarian and egoistic idea,”replieda Bitcoin enthusiast called Argy Xafis.
“It's an idea as stupid as CZ's idea to roll back the chain after the Binance hack,”tweetedMihai Teodosiu, founder of Yakkie Apps, referring to Zhao’s realization that he couldn't rewrite the Bitcoin blockchain to reverse the hack Binance suffered in May.
Arguments aside, it wouldn’t be the first time a major cryptocurrency that went through such a large-scale shift. When the DAO was hacked in 2016, the Ethereum blockchain was rewritten to steal the funds back from the hacker. This created what is now the Ethereum blockchain, while staunch opponents kept the old chain alive in the form of Ethereum Classic. And Ethereum is still going to this day, the second-biggest cryptocurrency by market cap.
Perhaps Youssef isn’t as crazy as you might think. || Paxful founder makes wild proposal to destroy Satoshi Nakamoto's Bitcoin: There is a fistful of Satoshis floating around the web these days: Craig Wright , Estonian scientists , marketing specialists and more. But whomever Nakamoto actually is, one thing is for sure: they’re rich as hell. Nakamoto is estimated to have up to one million bitcoins, worth a little over $10 billion sat in wallets, untouched. But the number of people proclaiming they are the one, true Satoshi is causing confusion and uncertainty across the industry. If Nakamoto does appear and decides to cash in the Satoshi stash—or threatens to—the bitcoin market would almost certainly collapse. This has led Ray Youssef, founder of peer to peer bitcoin marketplace Paxful, to come up with an unorthodox solution : “Let’s burn all of Satoshi’s 980,000 [bitcoins]”. “[One] million less coins and we lay Satoshi to rest in Peace,” he added . By burning all of Nakamoto’s coins, the anxiety provoked by Nakamoto’s unknown identity disappears. No more Nakamoto, and one less reason for the price to crash. Fake Satoshi Nakamoto appears to promote dodgy crypto project Youssef appealed to his followers, tagging bitcoin investor Roger Ver, Binance CEO Changpeng Zhao (CZ), and CoinBase CEO Brian Armstrong, among others. “Whomever is with me, reply ‘burn.’ ” he said. The luminaries Youssef tagged are yet to reply. Burning Nakamoto’s coins is possible, if incredibly unlikely. If the whole network came together and agreed to move the coins into a different, inaccessible, account, then Nakamoto would be unable to access his/her/their fortune. But Youssef would require consensus across the whole network or it would split the bitcoin network into two, where Nakamoto holds the coins on one but not on the other. But the discussion, unsurprisingly, has turned ugly. “So, the bitcoin creator doesn't deserve this money? Whomever he may be or has been? What a totalitarian and egoistic idea,” replied a Bitcoin enthusiast called Argy Xafis. “It's an idea as stupid as CZ's idea to roll back the chain after the Binance hack,” tweeted Mihai Teodosiu, founder of Yakkie Apps, referring to Zhao’s realization that he couldn't rewrite the Bitcoin blockchain to reverse the hack Binance suffered in May. Arguments aside, it wouldn’t be the first time a major cryptocurrency that went through such a large-scale shift. When the DAO was hacked in 2016, the Ethereum blockchain was rewritten to steal the funds back from the hacker. This created what is now the Ethereum blockchain, while staunch opponents kept the old chain alive in the form of Ethereum Classic. And Ethereum is still going to this day, the second-biggest cryptocurrency by market cap. Perhaps Youssef isn’t as crazy as you might think. || Bitcoin was the 6th best performing cryptocurrency this year: According to CoinMarketCap, there are nearly 2,500 cryptocurrencies in circulation, but few are as familiar or as dominant asBitcoin. While most coins don't even come close to Bitcoin's overall wealth, there are some that have performed better as an asset than the crypto stalwart. Those holy five are: Chainlink, Binance Coin, Ren, Huobi Token and Tierion.
Chainlink was the best performer of the last eight months, having gained close to 800 percent this year. It was the only token that had more than a 400 percent return. Bitcoin, on the other hand, is up close to 185 percent since the start of the year, having climbed from just $3,746 up to its current value of $10,674.
The two tokens that rose the most this year (Chainlink and Binance Coin) have clear reasons behind their growth. Many projects have decided toimplementChainlink's set of decentralized oracles over the past year, many formingcrucial partnershipswith the team behind the coin. It'smainnetlaunchedearlier this year and it has already beenlistedon Coinbase—setting its valuerocketingfrom $1 to $4.40 in June.
The end of the initial exchange offering is nigh
Crypto exchange Binance has largely been behind the rise in the value of its native coin Binance Coin—using 20 percent of its monthly profits to burn a proportional amount of it. By reducing the supply, it helped to push the price up. It has also built an ecosystem around the coin, with its blockchain platform Binance Chain supporting a range of new projects. Binance Coin rose from $6.50 in January to its current price of $28. This pushed it up the rankings to become the sixth-largest coin by market cap.
According to market researchreleased by LongHash, just 18 digital assets provided investors with at least 100 percent returns in 2019. While this might sound impressive, 2017's bull run produced dozens of tokens that provided in excess of100 percentreturns. There were also several examples of tokens generating more than 10,000 percent returns, including Verge, Stellar andXRP. That was largely helped along by the ICO craze, which saw a small revival this year in the form of IEOs. But,apparently, the new exchange-backed offerings are already running out of steam.
[Social Media Buzz]
Stock Market ‘Fear Gauge’ Spikes 20% as Trump Tweets Trigger
https://t.co/ND1FEcCfNx
#Bitcoin #Bitcoinnews #BTC #Crypto #Cryptocurrency #Cryptonews #digitalcurrency #Ethereum #hodl #Litecoin || #KOI #KOITOKEN #Crypto #Blockchain #ethereum #bitcoin #ether #cryptocurrency #tokensale https://t.co/KSdwSpSzpC || 借金をチャラに
↓詳細はこちら↓
https://t.co/tWwi8a84ac
#副業 #不動産 #案件 #稼ぐ #借金 #ビットコイン #HYPE
#副業 #バイト #借入 #消費者金融 #アコム #レイク #プロミス #bitcoin #ビットリージョン #d9 #借金 #投資 #ビットコイン #旅行 || Interesting relation...
|
10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20.
|
[Bitcoin Technical Analysis for 2017-09-18]
Volume: 1943209984, RSI (14-day): 50.91, 50-day EMA: 3848.88, 200-day EMA: 2684.21
[Wider Market Context]
Gold Price: 1306.30, Gold RSI: 49.23
Oil Price: 49.91, Oil RSI: 60.32
[Recent News (last 7 days)]
Crypto Asset Visualizer turns your bitcoin into an AR pile of cash: Built in fewer than 24 hours at TC Disrupt SF 2017's hackathon, CAV, or Crypto Asset Visualizer , does exactly what it sounds like - it makes it easier to visualize your cryptocurrency holdings. Using augmented reality, CAV calculates the USD value of your crypto holdings, then displays a virtual pile of cash on the ground in front of you. Right now it's a demo - and doesn't show real-time exchange rates or balances, but it's a pretty cool proof of concept. It does show five different cryptocurrencies - BTC, LTC, XRP, XVG and IXT. Users see a cash pile that equals their entire portfolio, or can tap on a section of the pie chart to just see one cryptocurrency converted to USD. There's also a slider that adjusts your holdings over time - letting you literally watch your cash pile grow (or shrink, if you're a bad trader). The tool was built by Hiroyuki Ishiwata using Android's ARCore and Unity. ARCore maps the pile of cash to the ground, so you can see it from all angles and even up close. Ishiwata said he created CAV because the plethora of different cryptocurrencies today makes it hard for people to visualize their holdings in dollars. While this is just a demo, Ishiwata may potentially add real-time exchange rates and balances and publish it to the App Store. Check out the video below to see CAV in action. || Crypto Asset Visualizer turns your bitcoin into an AR pile of cash: Built in fewer than 24 hours at TC Disrupt SF 2017's hackathon, CAV, orCrypto Asset Visualizer, does exactly what it sounds like - it makes it easier to visualize your cryptocurrency holdings.
Using augmented reality, CAV calculates the USD value of your crypto holdings, then displays a virtual pile of cash on the ground in front of you. Right now it's a demo - and doesn't show real-time exchange rates or balances, but it's a pretty cool proof of concept.
It does show five different cryptocurrencies - BTC, LTC, XRP, XVG and IXT. Users see a cash pile that equals their entire portfolio, or can tap on a section of the pie chart to just see one cryptocurrency converted to USD. There's also a slider that adjusts your holdings over time - letting you literally watch your cash pile grow (or shrink, if you're a bad trader).
The tool was built byHiroyuki Ishiwatausing Android's ARCore and Unity. ARCore maps the pile of cash to the ground, so you can see it from all angles and even up close. Ishiwata said he created CAV because the plethora of different cryptocurrencies today makes it hard for people to visualize their holdings in dollars. While this is just a demo, Ishiwata may potentially add real-time exchange rates and balances and publish it to the App Store.
Check out the video below to see CAV in action. || Wificoin lets you buy hotspot access with cryptocurrency: It's infuriating to see a public wifi connection you're not allowed to use, such as the ones from mobile carriers like T-Mobile and ISPs like Comcast. If you're not a subscriber, there's often no way to pay for one-time access. But TechCrunch Disrupt SF 2017 Hackathon project Wificoin wants to help you buy or earn access to hotspots nearby.
Here's how it works. Wificoin first installs its open source operating system onto a Wifi router. When new users try to connect to it, they get 100 Wificoin, which they can spend for 1 megabyte each of wifi access. If they need more, they can either buy Wificoin with Bitcoin or Ethereum, or they can install the software on a router they own which earns them Wificoin each time someone uses it.
This strategy lets Wificoin simultaneously grow its presence on routers around the world, and earn money.
The Wificoin team presents their project at the TechCrunch Disrupt SF 2017 Hackathon
The big problem here is security. "It's very hackable at the moment", developer Alex Atallah admits. Using wifi provided by a stranger's router can allow them to snoop on your data. That could be especially worrisome if you're logging into your cryptocurrency accounts. If someone steals your passwords by snooping on your wifi data, they could potentially empty your crypto wallet. Wificoin's developers would need to patch these vulnerabilities before it'd be safe to launch the project into the wild.
Eventually, Wificoin wants to let people buy access with traditional credit cards. It also plans to allow people monitor their bandwidth, and switch which device you're using to access the Wifi by authenticating both through Facebook.
One of the biggest opportunities for cryptocurrency is the ability to transact micropayments without a high processing fee like with credit cards. Even if you only wanted to buy a few megabytes of bandwidth for a few cents, that would be feasible with cryptocurrency transfer when the fees would normally wipeout the profit for the seller. Whether for compensating artists for their content, buying services like Wificoin, or tipping anyone who helps you out, cryptocurrency could make micropayments a natural part of everyday life. || Wificoin lets you buy hotspot access with cryptocurrency: It's infuriating to see a public wifi connection you're not allowed to use, such as the ones from mobile carriers like T-Mobile and ISPs like Comcast. If you're not a subscriber, there's often no way to pay for one-time access. But TechCrunch Disrupt SF 2017 Hackathon project Wificoin wants to help you buy or earn access to hotspots nearby. Here's how it works . Wificoin first installs its open source operating system onto a Wifi router. When new users try to connect to it, they get 100 Wificoin, which they can spend for 1 megabyte each of wifi access. If they need more, they can either buy Wificoin with Bitcoin or Ethereum, or they can install the software on a router they own which earns them Wificoin each time someone uses it. This strategy lets Wificoin simultaneously grow its presence on routers around the world, and earn money. The Wificoin team presents their project at the TechCrunch Disrupt SF 2017 Hackathon The big problem here is security. "It's very hackable at the moment", developer Alex Atallah admits. Using wifi provided by a stranger's router can allow them to snoop on your data. That could be especially worrisome if you're logging into your cryptocurrency accounts. If someone steals your passwords by snooping on your wifi data, they could potentially empty your crypto wallet. Wificoin's developers would need to patch these vulnerabilities before it'd be safe to launch the project into the wild. Eventually, Wificoin wants to let people buy access with traditional credit cards. It also plans to allow people monitor their bandwidth, and switch which device you're using to access the Wifi by authenticating both through Facebook. One of the biggest opportunities for cryptocurrency is the ability to transact micropayments without a high processing fee like with credit cards. Even if you only wanted to buy a few megabytes of bandwidth for a few cents, that would be feasible with cryptocurrency transfer when the fees would normally wipeout the profit for the seller. Whether for compensating artists for their content, buying services like Wificoin, or tipping anyone who helps you out, cryptocurrency could make micropayments a natural part of everyday life. || Bitcoin Has Been Ahead Of Itself Price-Wise For A While: Jeff Goldman, author of “Failed Traders: The 20 Common Mistakes Committed By Over 1,000 Losing Traders,” joined Benzinga’sPreMarket Prepshow to discuss the recent volatility in bitcoin and why he has reduced his bitcoin holdings by about 50 percent in recent weeks.
According to Goldman, a long-time holder of the cryptocurrency, bitcoin prices have been extended for years now, buttradershave simply been riding the positive momentum.
“I think it’s just way, way ahead of itself price-wise, and I probably could have said that at $2,000, $3,000, $4,000 or $5,000,” he said.
Running Out Of Steam
“It’s starting to roll over. There’s started to be some negativity from some big people. I think these Jamie Dimon comments along with all this China news that has been coming out is really the straw that broke the camel’s back.”
Dimon, the CEO ofJPMorgan Chase(NYSE:JPM), didn’tmince wordswhen describing bitcoin as a “fraud.”
“It’s worse than tulip bulbs,” Dimon said Tuesday. “It won’t end well. It will blow up.”
To make matters worse, China began shutting down bitcoin exchanges last week, including BTC China. Those moves sent bitcoin tumbling more than 30 percent from its all-time high earlier this month.
Related Link:Bitcoin Has A China Problem
Where Bitcoin Is Headed Next
Goldman hasn’t dumped his entire bitcoin holdings, but has taken profits on his stake as the cryptocurrency tumbles. Looking ahead, he said it’s very difficult to predict where bitcoin is headed next. In fact, he said bitcoin could end up valued anywhere between $50,000 and $0.
“[Bitcoin goes to]$50,000 if the hype keeps getting up there and more and more institutions get in. It’s obviously demand-driven,” he said. “Then you have people like Dimon come out and say it’s a fraud, then it could really go back to $200 for all I know.”
Bitcoin has a long way to go to get to $200, but it’s certainly been headed that direction of late. Since the end of August, theBitcoin Investment Trust(OTC:GBTC) is down 37.3 percent.
Related Link: Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself
Listen to the full PreMarket Prep episode below:
PreMarket Prep is a daily morning show about short term trading ideas and technical setups. It airs live from 8–9 a.m. ET here, and the podcast is here
See more from Benzinga
• Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself
• Juniper Research Thinks There Will Be Trillion In Crypto Transaction Value By Year's End
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Has Been Ahead Of Itself Price-Wise For A While: Jeff Goldman, author of “Failed Traders: The 20 Common Mistakes Committed By Over 1,000 Losing Traders,” joined Benzinga’sPreMarket Prepshow to discuss the recent volatility in bitcoin and why he has reduced his bitcoin holdings by about 50 percent in recent weeks.
According to Goldman, a long-time holder of the cryptocurrency, bitcoin prices have been extended for years now, buttradershave simply been riding the positive momentum.
“I think it’s just way, way ahead of itself price-wise, and I probably could have said that at $2,000, $3,000, $4,000 or $5,000,” he said.
Running Out Of Steam
“It’s starting to roll over. There’s started to be some negativity from some big people. I think these Jamie Dimon comments along with all this China news that has been coming out is really the straw that broke the camel’s back.”
Dimon, the CEO ofJPMorgan Chase(NYSE:JPM), didn’tmince wordswhen describing bitcoin as a “fraud.”
“It’s worse than tulip bulbs,” Dimon said Tuesday. “It won’t end well. It will blow up.”
To make matters worse, China began shutting down bitcoin exchanges last week, including BTC China. Those moves sent bitcoin tumbling more than 30 percent from its all-time high earlier this month.
Related Link:Bitcoin Has A China Problem
Where Bitcoin Is Headed Next
Goldman hasn’t dumped his entire bitcoin holdings, but has taken profits on his stake as the cryptocurrency tumbles. Looking ahead, he said it’s very difficult to predict where bitcoin is headed next. In fact, he said bitcoin could end up valued anywhere between $50,000 and $0.
“[Bitcoin goes to]$50,000 if the hype keeps getting up there and more and more institutions get in. It’s obviously demand-driven,” he said. “Then you have people like Dimon come out and say it’s a fraud, then it could really go back to $200 for all I know.”
Bitcoin has a long way to go to get to $200, but it’s certainly been headed that direction of late. Since the end of August, theBitcoin Investment Trust(OTC:GBTC) is down 37.3 percent.
Related Link: Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself
Listen to the full PreMarket Prep episode below:
PreMarket Prep is a daily morning show about short term trading ideas and technical setups. It airs live from 8–9 a.m. ET here, and the podcast is here
See more from Benzinga
• Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself
• Juniper Research Thinks There Will Be Trillion In Crypto Transaction Value By Year's End
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Has Been Ahead Of Itself Price-Wise For A While: Jeff Goldman, author of Failed Traders: The 20 Common Mistakes Committed By Over 1,000 Losing Traders, joined Benzingas PreMarket Prep show to discuss the recent volatility in bitcoin and why he has reduced his bitcoin holdings by about 50 percent in recent weeks. According to Goldman, a long-time holder of the cryptocurrency, bitcoin prices have been extended for years now, but traders have simply been riding the positive momentum. I think its just way, way ahead of itself price-wise, and I probably could have said that at $2,000, $3,000, $4,000 or $5,000, he said. Running Out Of Steam Its starting to roll over. Theres started to be some negativity from some big people. I think these Jamie Dimon comments along with all this China news that has been coming out is really the straw that broke the camels back. Dimon, the CEO of JPMorgan Chase (NYSE: JPM ), didnt mince words when describing bitcoin as a fraud. Its worse than tulip bulbs, Dimon said Tuesday. It wont end well. It will blow up. To make matters worse, China began shutting down bitcoin exchanges last week, including BTC China. Those moves sent bitcoin tumbling more than 30 percent from its all-time high earlier this month. Related Link: Bitcoin Has A China Problem Where Bitcoin Is Headed Next Goldman hasnt dumped his entire bitcoin holdings, but has taken profits on his stake as the cryptocurrency tumbles. Looking ahead, he said its very difficult to predict where bitcoin is headed next. In fact, he said bitcoin could end up valued anywhere between $50,000 and $0. [Bitcoin goes to]$50,000 if the hype keeps getting up there and more and more institutions get in. Its obviously demand-driven, he said. Then you have people like Dimon come out and say its a fraud, then it could really go back to $200 for all I know. Bitcoin has a long way to go to get to $200, but its certainly been headed that direction of late. Since the end of August, the Bitcoin Investment Trust (OTC: GBTC ) is down 37.3 percent. Story continues Related Link: Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself Listen to the full PreMarket Prep episode below: PreMarket Prep is a daily morning show about short term trading ideas and technical setups. It airs live from 89 a.m. ET here, and the podcast is here See more from Benzinga Ex- SEC Commissioner Suggests Owning Shares Of Companies That Use Bitcoin But Not The Currency Itself Juniper Research Thinks There Will Be Trillion In Crypto Transaction Value By Year's End © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || An investing legend who's nailed the bull market at every turn says betting on the VIX is a 'quick way to lose money': Screen Shot 2017 09 15 at 2.53.11 PM (Investing legend Laszlo Birinyi says betting on the VIX is a "quick way to lose money."CNBC) Betting against stock market volatility is one of the hottest trades in the market . It's also one of the most controversial, with many pundits viewing it as increasingly vulnerable to a market blowup. Legendary investor Laszlo Birinyi — who has nailed the eight-year bull market at every turn — is staying out of the fray completely. Having experienced considerable success simply trading on the benchmark S&P 500 index and evaluating stocks on an individual basis, the president of Birinyi Associates views the whole exercise as pointless. In an interview with Business Insider, Birinyi discussed his view on CBOE Volatility Index — or VIX — while also covering such hot-button market topics as equity valuations, exchange-traded funds , the effect of politics on the market, and what important factor he thinks investors are missing. Here's what Birinyi had to say when asked about low volatility (emphasis added): " Like so many things, that is a characteristic of a market. When people say to me that the market hasn't had a 1% run in a certain number of days, that tells me just that. It doesn't tell me anything about tomorrow or what's going to happen. The VIX isn't the fear index — it's a measure of potential volatility in either direction. Yet for some reason, people have glommed onto the idea that if the VIX spikes, the market's going to go down. No, when the VIX spikes, it means the market could go either up or down a lot. If you go back to the bottom in 2009, the VIX was telling you that there were going to be another two years of a bear market. It tells you about volatility, not direction. To me, it's just another vehicle. It's totally meaningless with regard to the future of the market. In an uninteresting market, people have found that this is something you can play. It seems like VIX ETFs and [exchange-traded notes] are a quick way to lose money. " Story continues NOW WATCH: Bitcoin's bubble swells with a new record high More From Business Insider The stock market's safety net is disappearing — and it has its own success to blame An investing legend who's nailed the bull market at every turn sees no end in sight for the 269% rally An Amazon-based retail trade has quadrupled the stock market's return this year || An investing legend who's nailed the bull market at every turn says betting on the VIX is a 'quick way to lose money': (Investing legend Laszlo Birinyi says betting on the VIX is a "quick way to lose money."CNBC)
Betting against stock market volatility isone of the hottest trades in the market.
It's also one of the most controversial, with many pundits viewing it asincreasingly vulnerableto a market blowup.
Legendary investor Laszlo Birinyi — who has nailed the eight-year bull market at every turn — is staying out of the fray completely. Having experienced considerable success simply trading on the benchmark S&P 500 index and evaluating stocks on an individual basis, the president of Birinyi Associates views the whole exercise as pointless.
In an interview with Business Insider, Birinyi discussed his view on CBOE Volatility Index — or VIX — while also covering such hot-button market topics as equity valuations,exchange-traded funds, the effect of politics on the market, and what important factor he thinks investors are missing.
Here's what Birinyi had to say when asked about low volatility (emphasis added):
"Like so many things, that is a characteristic of a market.When people say to me that the market hasn't had a 1% run in a certain number of days, that tells me just that.It doesn't tell me anything about tomorrow or what's going to happen.
The VIX isn't the fear index — it's a measure of potential volatility in either direction. Yetfor some reason, people have glommed onto the idea that if the VIX spikes, the market's going to go down.No, when the VIX spikes, it means the market could go either up or down a lot. If you go back to the bottom in 2009, the VIX was telling you that there were going to be another two years of a bear market.It tells you about volatility, not direction.To me, it's just another vehicle.It's totally meaningless with regard to the future of the market.In an uninteresting market, people have found that this is something you can play. It seems likeVIX ETFs and [exchange-traded notes] are a quick way to lose money."
NOW WATCH:Bitcoin's bubble swells with a new record high
More From Business Insider
• The stock market's safety net is disappearing — and it has its own success to blame
• An investing legend who's nailed the bull market at every turn sees no end in sight for the 269% rally
• An Amazon-based retail trade has quadrupled the stock market's return this year || Cryptocurrencies Recover Slightly after Friday’s Free Fall: The BTCC and the two biggest Chinese cryptocurrency exchanges announced a trading halt which sent cryptocurrencies into free fall on Friday. Within 24 hours the cryptocurrency market lost more than $40 billion, down to $120 billion from the initial $160 billion. Chinese exchanges, however, have not yet received “banning” notices from regulators. It is likely that the exchanges want to show their willingness to comply with the requests of the authorities. However, the muted reaction on behalf of the regulator might be a careful way to avoid a potential negative future impact on the economy. China remains the world’s mining leader, with the biggest processing capacity, and will most likely wish to keep its status in relation to the cryptocurrency market. We should note that China only wants to ban exchange transactions, while the exchange of Bitcoin and other cryptocurrencies into yuan and dollars will only be complicated for the Chinese. Liquidity will likely flow into other countries where authorities have softer regulation and the local economies do not show great levels of volatility. Get Into Bitcoin Trading Today Still, it looks like the Chinese government wants to demonstrate its capabilities in avoiding negative effects on the financial markets. According to Charlie Lee, the creator of Litecoin , the representatives of the biggest exchanges are meeting with the regulator today and the market participants would wish for the most favorable outcome following yesterday’s crash. Meanwhile, Bitcoin is currently trading around $3561.93 (-3.37%), Ethereum at $244.16 (-3.81%), Litecoin at $49.34 (-5.16%), Monero at $91.32 (-9.77%), Zcash at $166.12 (-7.53%), Ethereum Classic at $9.69 (-9.1%), and Bitcoin Cash at $411.07 (-3.73%). The cryptocurrency market received much criticism from officials, central banks, and security services in the past few weeks , while in the last two weeks its summary capitalization fell by 30%. Bitcoin, the ‘benchmark’ currency, appears to be in a trade aisle between $3,000-$3,5000, unless positive news or different speculations are to emerge in the near future. Story continues This article is written by FxPro The Best and Safest Way to Buy and Sell Bitcoins For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution. Click here for more details . This article was originally posted on FX Empire More From FXEMPIRE: Commodities Technical Analysis, September 18th – September 22nd, 2017 Bitcoin Now Stable After a Huge Plunge Below $3,000, Chinese Regulation and Big Banks Cited as Cause of Crash Natural Gas Price Fundamental Weekly Forecast – Turns Bullish Over $3.198 Price of Gold Fundamental Weekly Forecast – Fed Could Be Source of Volatility This Week Oil Price Fundamental Weekly Forecast – Rally Needs OPEC to Extend Production Cuts Comex High Grade Copper Price Futures (HG) Technical Analysis – Headed to $2.8405 to $2.7605 Value Zone || Cryptocurrencies Recover Slightly after Friday’s Free Fall: The BTCC and the two biggest Chinese cryptocurrency exchanges announced a trading halt which sent cryptocurrencies into free fall on Friday.Within 24 hoursthe cryptocurrency market lost more than $40 billion, down to $120 billion from the initial $160 billion. Chinese exchanges, however, have not yet received “banning” notices from regulators.
It is likely that the exchanges want to show their willingness to comply with the requests of the authorities. However, the muted reaction on behalf of the regulator might be a careful way to avoid a potential negative future impact on the economy. China remains the world’s mining leader, with the biggest processing capacity, and will most likely wish to keep its status in relation to the cryptocurrency market.
We should note that China only wants to ban exchange transactions, while the exchange of Bitcoin and other cryptocurrencies into yuan and dollars will only be complicated for the Chinese. Liquidity will likely flow into other countries where authorities have softer regulation and the local economies do not show great levels of volatility.
Get Into Bitcoin Trading Today
Still, it looks like the Chinese government wants to demonstrate its capabilities in avoiding negative effects on the financial markets. According to Charlie Lee, the creator ofLitecoin, the representatives of the biggest exchanges are meeting with the regulator today and the market participants would wish for the most favorable outcome following yesterday’s crash.
Meanwhile, Bitcoin is currently trading around $3561.93 (-3.37%), Ethereum at $244.16 (-3.81%), Litecoin at $49.34 (-5.16%), Monero at $91.32 (-9.77%), Zcash at $166.12 (-7.53%), Ethereum Classic at $9.69 (-9.1%), and Bitcoin Cash at $411.07 (-3.73%).
Thecryptocurrency market received much criticism from officials, central banks, and security services in the past few weeks, while in the last two weeks its summary capitalization fell by 30%. Bitcoin, the ‘benchmark’ currency, appears to be in a trade aisle between $3,000-$3,5000, unless positive news or different speculations are to emerge in the near future.
This article is written byFxPro
The Best and Safest Way to Buy and Sell Bitcoins
For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations,Some brokersprovide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.Click here for more details.
Thisarticlewas originally posted on FX Empire
• Commodities Technical Analysis, September 18th – September 22nd, 2017
• Bitcoin Now Stable After a Huge Plunge Below $3,000, Chinese Regulation and Big Banks Cited as Cause of Crash
• Natural Gas Price Fundamental Weekly Forecast – Turns Bullish Over $3.198
• Price of Gold Fundamental Weekly Forecast – Fed Could Be Source of Volatility This Week
• Oil Price Fundamental Weekly Forecast – Rally Needs OPEC to Extend Production Cuts
• Comex High Grade Copper Price Futures (HG) Technical Analysis – Headed to $2.8405 to $2.7605 Value Zone || Bitcoin Traders: Embrace the Volatility or Perish: Bitcoin fell like a rock last week as many speculators in the cryptocurrency decided to book profits and head to the sidelines after JPMorgan Chase CEO Jamie Dimon warned about the dangers of Bitcoin, saying “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” He even said the cryptocurrency “is a fraud.”
The virtual currency was also pressured by the decision by Chinese authorities to crackdown on the digital currency. Last week’s plunge came after Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of customers piling into the market could lead to a string of wider financial problems.
“All trading exchanges must by midnight of 15 September publish notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations,” the government notice said, according to Chinese state newspaper Securities Times.
BTChina, one of the biggest Chinese exchanges, was the first to announce it was shutting its doors to all trading by September 30. OkCoin and Huobi followed this news with an announcement saying they would close on Friday.
The news from China is likely to have a big impact on Bitcoin prices because the nation accounts for almost a quarter of bitcoin trades and is also home to many of the world’s biggest bitcoin miners.
It’s important to note that Jamie Dimon’s comments were his opinion so you have the choice to believe what he said or not believe. For every negative comment from a banking heavy-weight like Dimon, we can find a similar number of positive comments about Bitcoin.
Making investment or trading decisions based on the opinions of others is nothing new to the financial community. That’s what makes a market. For example, some soybean traders may believe one weather service when they say the crop will get ample rain. Others, will believe the other weatherman who says there will be a drought.
Perhaps the most successful investor of all-time, Warren Buffett has often said he doesn’t invest in anything he doesn’t understand. Once again, that’s his opinion and if he says he doesn’t like Bitcoin, he may be telling us, he doesn’t understand the cryptocurrency market. As a professional, he isn’t afraid to say he’s missed opportunities in the past. One of his biggest regrets may be passing on Apple or Amazon when shares were cheap. However, he doesn’t dwell on it.
I think what’s making Bitcoin investors uncomfortable with the events last week is that Bitcoin is no longer flying under the radar and that it has become a trading market. And trading is 90% mental and 10% mechanical.
I suspect that many Bitcoin “investors” were happiest when they could buy the digital currency, put it in their electronic wallet and forget about it because they believed it was going to go to $10,000, $50,000 or even $100,000. If that’s their strategy then no one should argue with them.
However, if you decide to become a Bitcoin “trader” then you are going to have to put up with the volatile swings that are part of all markets. You’ll have to deal with choosing the right digital currency to trade. Just like stocks, some will win, some will lose.
You see investing and trading are two different animals. When no one was watching Bitcoin, profits may have come easy, but now you’re going to have to work for it. I embrace cryptotechnology and all the good that will come about because of it. I also embrace volatility but I know my limits. If you’re going to trade Bitcoin and all the opinions, issues and excessive price swings that go along with it then you’re going to have to learn to embrace volatility because it’s not going to go away anytime soon. I say embrace volatility or perish.
The other thing, make sure you know if you are a Bitcoin investor or a Bitcoin trader. There’s an old adage amongst traders and it goes something like this: All it takes is a small loss to turn a short-term trader into a long-term investor. In other words, if you decide to trade Bitcoin during these turbulent times, make sure you are willing to take small losses if you are wrong. Otherwise, you may end up holding on to something that may in the long-run be nothing but an illusion.
Thisarticlewas originally posted on FX Empire
• DAX Index Fundamental Analysis – week of September 18, 2017
• DAX forecast for the week of September 18, 2017, Technical Analysis
• DAX Price Forecast September 18, 2017, Technical Analysis
• DAX Index Price Forecast September 15, 2017, Technical Analysis
• Equities Turn Cautious on China and U.S. Data, BoE Hints at Rate Hike in ‘Coming Months’
• DAX Index Daily Fundamental Forecast – September 14, 2017 || Bitcoin Traders: Embrace the Volatility or Perish: Bitcoin fell like a rock last week as many speculators in the cryptocurrency decided to book profits and head to the sidelines after JPMorgan Chase CEO Jamie Dimon warned about the dangers of Bitcoin, saying “It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” He even said the cryptocurrency “is a fraud.”
The virtual currency was also pressured by the decision by Chinese authorities to crackdown on the digital currency. Last week’s plunge came after Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of customers piling into the market could lead to a string of wider financial problems.
“All trading exchanges must by midnight of 15 September publish notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations,” the government notice said, according to Chinese state newspaper Securities Times.
BTChina, one of the biggest Chinese exchanges, was the first to announce it was shutting its doors to all trading by September 30. OkCoin and Huobi followed this news with an announcement saying they would close on Friday.
The news from China is likely to have a big impact on Bitcoin prices because the nation accounts for almost a quarter of bitcoin trades and is also home to many of the world’s biggest bitcoin miners.
It’s important to note that Jamie Dimon’s comments were his opinion so you have the choice to believe what he said or not believe. For every negative comment from a banking heavy-weight like Dimon, we can find a similar number of positive comments about Bitcoin.
Making investment or trading decisions based on the opinions of others is nothing new to the financial community. That’s what makes a market. For example, some soybean traders may believe one weather service when they say the crop will get ample rain. Others, will believe the other weatherman who says there will be a drought.
Perhaps the most successful investor of all-time, Warren Buffett has often said he doesn’t invest in anything he doesn’t understand. Once again, that’s his opinion and if he says he doesn’t like Bitcoin, he may be telling us, he doesn’t understand the cryptocurrency market. As a professional, he isn’t afraid to say he’s missed opportunities in the past. One of his biggest regrets may be passing on Apple or Amazon when shares were cheap. However, he doesn’t dwell on it.
I think what’s making Bitcoin investors uncomfortable with the events last week is that Bitcoin is no longer flying under the radar and that it has become a trading market. And trading is 90% mental and 10% mechanical.
I suspect that many Bitcoin “investors” were happiest when they could buy the digital currency, put it in their electronic wallet and forget about it because they believed it was going to go to $10,000, $50,000 or even $100,000. If that’s their strategy then no one should argue with them.
However, if you decide to become a Bitcoin “trader” then you are going to have to put up with the volatile swings that are part of all markets. You’ll have to deal with choosing the right digital currency to trade. Just like stocks, some will win, some will lose.
You see investing and trading are two different animals. When no one was watching Bitcoin, profits may have come easy, but now you’re going to have to work for it. I embrace cryptotechnology and all the good that will come about because of it. I also embrace volatility but I know my limits. If you’re going to trade Bitcoin and all the opinions, issues and excessive price swings that go along with it then you’re going to have to learn to embrace volatility because it’s not going to go away anytime soon. I say embrace volatility or perish.
The other thing, make sure you know if you are a Bitcoin investor or a Bitcoin trader. There’s an old adage amongst traders and it goes something like this: All it takes is a small loss to turn a short-term trader into a long-term investor. In other words, if you decide to trade Bitcoin during these turbulent times, make sure you are willing to take small losses if you are wrong. Otherwise, you may end up holding on to something that may in the long-run be nothing but an illusion.
Thisarticlewas originally posted on FX Empire
• DAX Index Fundamental Analysis – week of September 18, 2017
• DAX forecast for the week of September 18, 2017, Technical Analysis
• DAX Price Forecast September 18, 2017, Technical Analysis
• DAX Index Price Forecast September 15, 2017, Technical Analysis
• Equities Turn Cautious on China and U.S. Data, BoE Hints at Rate Hike in ‘Coming Months’
• DAX Index Daily Fundamental Forecast – September 14, 2017 || Bitcoin Traders: Embrace the Volatility or Perish: Bitcoin fell like a rock last week as many speculators in the cryptocurrency decided to book profits and head to the sidelines after JPMorgan Chase CEO Jamie Dimon warned about the dangers of Bitcoin, saying Its worse than tulip bulbs. It wont end well. Someone is going to get killed. He even said the cryptocurrency is a fraud. The virtual currency was also pressured by the decision by Chinese authorities to crackdown on the digital currency. Last weeks plunge came after Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of customers piling into the market could lead to a string of wider financial problems. All trading exchanges must by midnight of 15 September publish notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations, the government notice said, according to Chinese state newspaper Securities Times. BTChina, one of the biggest Chinese exchanges, was the first to announce it was shutting its doors to all trading by September 30. OkCoin and Huobi followed this news with an announcement saying they would close on Friday. The news from China is likely to have a big impact on Bitcoin prices because the nation accounts for almost a quarter of bitcoin trades and is also home to many of the worlds biggest bitcoin miners. Its One Mans Opinion, Why All the Anger? Its important to note that Jamie Dimons comments were his opinion so you have the choice to believe what he said or not believe. For every negative comment from a banking heavy-weight like Dimon, we can find a similar number of positive comments about Bitcoin. Making investment or trading decisions based on the opinions of others is nothing new to the financial community. Thats what makes a market. For example, some soybean traders may believe one weather service when they say the crop will get ample rain. Others, will believe the other weatherman who says there will be a drought. Story continues Perhaps the most successful investor of all-time, Warren Buffett has often said he doesnt invest in anything he doesnt understand. Once again, thats his opinion and if he says he doesnt like Bitcoin, he may be telling us, he doesnt understand the cryptocurrency market. As a professional, he isnt afraid to say hes missed opportunities in the past. One of his biggest regrets may be passing on Apple or Amazon when shares were cheap. However, he doesnt dwell on it. Bitcoin Has Become a Trading Market I think whats making Bitcoin investors uncomfortable with the events last week is that Bitcoin is no longer flying under the radar and that it has become a trading market. And trading is 90% mental and 10% mechanical. I suspect that many Bitcoin investors were happiest when they could buy the digital currency, put it in their electronic wallet and forget about it because they believed it was going to go to $10,000, $50,000 or even $100,000. If thats their strategy then no one should argue with them. However, if you decide to become a Bitcoin trader then you are going to have to put up with the volatile swings that are part of all markets. Youll have to deal with choosing the right digital currency to trade. Just like stocks, some will win, some will lose. You see investing and trading are two different animals. When no one was watching Bitcoin, profits may have come easy, but now youre going to have to work for it. I embrace cryptotechnology and all the good that will come about because of it. I also embrace volatility but I know my limits. If youre going to trade Bitcoin and all the opinions, issues and excessive price swings that go along with it then youre going to have to learn to embrace volatility because its not going to go away anytime soon. I say embrace volatility or perish. The other thing, make sure you know if you are a Bitcoin investor or a Bitcoin trader. Theres an old adage amongst traders and it goes something like this: All it takes is a small loss to turn a short-term trader into a long-term investor. In other words, if you decide to trade Bitcoin during these turbulent times, make sure you are willing to take small losses if you are wrong. Otherwise, you may end up holding on to something that may in the long-run be nothing but an illusion. This article was originally posted on FX Empire More From FXEMPIRE: DAX Index Fundamental Analysis week of September 18, 2017 DAX forecast for the week of September 18, 2017, Technical Analysis DAX Price Forecast September 18, 2017, Technical Analysis DAX Index Price Forecast September 15, 2017, Technical Analysis Equities Turn Cautious on China and U.S. Data, BoE Hints at Rate Hike in Coming Months DAX Index Daily Fundamental Forecast September 14, 2017 || China's three largest bitcoin exchanges will all stop offering local trading: Well, that didn't take long. Yesterday, China's longest running bitcoin exchange, BTC China, announced it will suspend its local trading service at the end of this month , and today the country's two other major exchanges -- Huobi and OKCoin -- followed suit to say they will cease at the end of October. The writing was on the wall when The Wall Street Journal reported on Monday that the Chinese government intended to shut down bitcoin exchanges after banning ICOs the previous week . Government officials then began meeting with exchanges this week to bring about the trading suspensions, a source with knowledge of discussions told TechCrunch. While the exchanges will no longer be allowed to facilitate the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to operate international-facing exchanges and other associated services. Smaller exchanges, however, will be closing for good. Those include Yunbi, which announced in Chinese it will shut up shop on September 20. The impact of the crackdown sent bitcoin prices falling -- with the crypto currency dropping below $3,000 on some exchanges for the first time in a month -- but it quickly rebounded and, at the time of writing, it had nearly made up the losses. As with all things bitcoin, it is difficult to be sure exactly why, but there are plenty of reasons. Most importantly, China is no longer the dominant in bitcoin trader it once was. A series of government bans -- most recently a four-month trading freeze due to security concerns -- have seen its share of global trading drop from more than 90 percent in previous years to just over 10 percent today. Markets like Japan, Korea and the U.S. have emerged to account for the lion's share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem. || China's three largest bitcoin exchanges will all stop offering local trading: Well, that didn't take long. Yesterday, China's longest running bitcoin exchange, BTC China, announcedit will suspend its local trading service at the end of this month, and today the country's two other major exchanges -- Huobi and OKCoin -- followed suit to say they will cease at the end of October.
The writing was on the wall whenThe Wall Street Journal reported on Mondaythat the Chinese government intended to shut down bitcoin exchanges afterbanning ICOs the previous week. Government officials then began meeting with exchanges this week to bring about the trading suspensions, a source with knowledge of discussions told TechCrunch.
While the exchanges will no longer be allowed to facilitate the buying of crypto coins using Chinese Yuan and the trading of coins, they will continue to operate international-facing exchanges and other associated services. Smaller exchanges, however, will be closing for good. Those include Yunbi, whichannounced in Chineseit will shut up shop on September 20.
The impact of the crackdown sent bitcoin prices falling -- with the crypto currency dropping below $3,000 on some exchangesfor the first time in a month-- but it quickly rebounded and, at the time of writing, it had nearly made up the losses.
As with all things bitcoin, it is difficult to be sure exactly why, but there are plenty of reasons.
Most importantly, China is no longer the dominant in bitcoin trader it once was. A series of government bans -- most recentlya four-month trading freezedue to security concerns -- have seen its share of global trading drop from more than 90 percent in previous years to just over 10 percent today. Markets like Japan, Korea and the U.S. have emerged to account for the lion's share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem. || Top 5 things that moved markets this past week: What will next week bring? Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week. Bitcoin bulls made a late stand Chinese authorities reportedly ordered all local cryptocurrency exchanges to cease trading, forcing two of the largest China-based cryptocurrency exchanges announced plans to exit the market. That didn’t deter Bitcoin bulls as they piled into the beleaguered cryptocurrency inducing a more than 10% rebound. The damage had already been done, however, after Bitcoin shed more than $10 billion off its market cap as reports of China’s plan to shutter local exchanges intensified. Earlier during the week, J.P. Morgan Chase & Co. boss Jamie Dimon sparked a sell-off, warning that bitcoin “is a fraud” and “will eventually blow up”. Bitcoin rose more than 10% to $3649.8 but was track to post a sharp weekly decline on Friday. The Bank of England sparked a Sterling rally GBP/USD hit its highest level since the Brexit vote last year June, piling pressure on the greenback after Bank of England committee member Gertjan Vlieghe said Friday, the “moment is approaching” for a rate increase. Mr Vlieghe’s hawkish comments came a day after the Bank of England kept rates unchanged but warned that interest rates were likely to rise for the first time in more than a decade in the “coming months” to curb the fast pace of inflation. Crude oil had best performance in 7 weeks Crude oil prices settled higher on Friday, rounding off its best week since July amid rising expectations that higher oil demand will reduce excess crude supplies to Opec’s five-year average target. Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. That was followed by the International Energy Agency report forecasting a surge in demand growth in 2017 by 100,000 barrels a day (bpd) to 1.6m bpd, or 1.7%. The bullish outlook on oil demand, lifted expectations that the demand and the supply imbalance in oil markets would continue to narrow in the coming months. Story continues U.S. stocks hit record highs The Dow had its best week since December as investors piled into equities amid renewed hopes of tax-reform after President Donald Trump urged lawmakers to “move fast” on tax reform earlier the week. That followed comments from Treasury Secretary Steven Mnuchin who said the Trump administration is considering backdating tax reform to the start of the year to boost the American economy. Backdating "is still something we are considering and it would be a big boon for the economy," he said at the Delivering Alpha conference on Tuesday. Gold snapped a three-week winning streak Gold snapped a three-week winning on streak on Friday, pressured by renewed rate hike expectations after data showed U.S. inflation hit a seven-month while a spike in geopolitical uncertainty failed to garner demand for the precious metal. North Korea launched a missile that flew over Japan and landed in the Pacific Ocean, raising geopolitical uncertainty while increasing safe haven demand. The uptick in safe haven demand was short lived, however, as investors downplayed the potential fallout from North Korea’s latest act of aggression. The bullish inflation data came ahead of the Federal Reserve Open Market Committee (FOMC) two-day meeting slated for Sept 19-20, at which members are expected to stand pat on interest rate policy. Related Articles Peru stocks higher at close of trade; S&P Lima General up 0.50% Exclusive: Canada sought to resolve Boeing military, trade disputes at meeting - sources Top 5 things that moved markets this past week || Top 5 things that moved markets this past week: What will next week bring? Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week. Bitcoin bulls made a late stand Chinese authorities reportedly ordered all local cryptocurrency exchanges to cease trading, forcing two of the largest China-based cryptocurrency exchanges announced plans to exit the market. That didn’t deter Bitcoin bulls as they piled into the beleaguered cryptocurrency inducing a more than 10% rebound. The damage had already been done, however, after Bitcoin shed more than $10 billion off its market cap as reports of China’s plan to shutter local exchanges intensified. Earlier during the week, J.P. Morgan Chase & Co. boss Jamie Dimon sparked a sell-off, warning that bitcoin “is a fraud” and “will eventually blow up”. Bitcoin rose more than 10% to $3649.8 but was track to post a sharp weekly decline on Friday. The Bank of England sparked a Sterling rally GBP/USD hit its highest level since the Brexit vote last year June, piling pressure on the greenback after Bank of England committee member Gertjan Vlieghe said Friday, the “moment is approaching” for a rate increase. Mr Vlieghe’s hawkish comments came a day after the Bank of England kept rates unchanged but warned that interest rates were likely to rise for the first time in more than a decade in the “coming months” to curb the fast pace of inflation. Crude oil had best performance in 7 weeks Crude oil prices settled higher on Friday, rounding off its best week since July amid rising expectations that higher oil demand will reduce excess crude supplies to Opec’s five-year average target. Opec said production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria. That was followed by the International Energy Agency report forecasting a surge in demand growth in 2017 by 100,000 barrels a day (bpd) to 1.6m bpd, or 1.7%. The bullish outlook on oil demand, lifted expectations that the demand and the supply imbalance in oil markets would continue to narrow in the coming months. Story continues U.S. stocks hit record highs The Dow had its best week since December as investors piled into equities amid renewed hopes of tax-reform after President Donald Trump urged lawmakers to “move fast” on tax reform earlier the week. That followed comments from Treasury Secretary Steven Mnuchin who said the Trump administration is considering backdating tax reform to the start of the year to boost the American economy. Backdating "is still something we are considering and it would be a big boon for the economy," he said at the Delivering Alpha conference on Tuesday. Gold snapped a three-week winning streak Gold snapped a three-week winning on streak on Friday, pressured by renewed rate hike expectations after data showed U.S. inflation hit a seven-month while a spike in geopolitical uncertainty failed to garner demand for the precious metal. North Korea launched a missile that flew over Japan and landed in the Pacific Ocean, raising geopolitical uncertainty while increasing safe haven demand. The uptick in safe haven demand was short lived, however, as investors downplayed the potential fallout from North Korea’s latest act of aggression. The bullish inflation data came ahead of the Federal Reserve Open Market Committee (FOMC) two-day meeting slated for Sept 19-20, at which members are expected to stand pat on interest rate policy. Related Articles Peru stocks higher at close of trade; S&P Lima General up 0.50% Exclusive: Canada sought to resolve Boeing military, trade disputes at meeting - sources Top 5 things that moved markets this past week || Brash Investor Tries to Blow Up the IPO as His Partners Quit: Chamath Palihapitiya, an early Facebook executive and outspoken presence in Silicon Valley, is unapologetic about his frustrations with the venture-capital industry. Theres too much money chasing deals, making it harder to generate strong returns. Too many VCs conflate luck with talent. And everyone who benefits from the current system is resistant to change. Technically, Palihapitiya is a venture capitalist himself. But he aspires to be a master of the universe, as his firm, Social Capital , expands with separate funds for late-stage investing, debt, and public equities. Founded in 2011 to back early-stage startups, Social Capital now manages $1.8 billion worth of assets. It looks less like a traditional venture-capital firm and more like a tech-focused private-equity conglomerate. Palihapitiya takes inspiration from Warren Buffetts model of investing in and acquiring companies for the long term. I want to fucking dominate this industry, he says, punctuating each word with a table pound. As it expands, Social Capital is losing core members of its initial team. Co-founder Mamoon Hamid abruptly left last month to join Kleiner Perkins Caufield & Byers. Now, the third co-founder, Ted Maidenberg, also plans to leave the firm, according to people familiar with the matter. Chamath Palihapitiya,Tom Farley Chamath Palihapitiya, left, is applauded by NYSE president Tom Farley as he rings a ceremonial bell to commemorate the beginning of his company's stock trading on September 14, 2017. Richard Drew/AP Maidenberg has no timeline for his departure but will not participate in Social Capitals fourth early-stage venture capital fund, expected next year. The firm has deployed around two-thirds of its $600 million, third early-stage fund, raised in 2015, according to a person familiar with the situation. Maidenberg plans to keep all of his board seats and continue to work with existing portfolio companies. Maidenberg and Hamid are early-stage investors who saw the firm moving away from its original mission, according to people familiar with the situation. Most firms prioritize the portfolio companies first, then the limited partners, and then growing the firm, one person familiar with the situation said. Story continues Maidenbergs departure will leave Palihapitiya as the sole founder of an increasingly diverse operation. According to Palihapitiya, Social Capitals model of investing in startups across every stage and asset class, resets how this industry should work in a more rational way. Regarding the venture industry, he says, If were really going to be part of the future, we need to mature and grow up. Recommended Kitchen apron icon illustration design Money Money With Blue Aprons IPO, Wall Street Reins in Silicon Valley It's a sign of the times. Analysis Wall Street's Scrambling to Catch Up With Silicon Valley Startups are selling themselves as much-needed improvements on the hidebound world of old-school banks and brokerages. And Wall Street is starting to worry. Finance The Initial Coin Offering, the Bitcoin-y Stock That's Not StockBut Definitely a Big Deal Next month, Blockchain Capital will build a new venture capital fund using a bitcoin-like digital token instead of dollars Beyond its expansion, Social Capital hopes to change how some companies go public with a novel solution: a special purpose acquisition vehicle, or SPAC. On Thursday, the firm raised $600 million in an IPO for its first such SPAC, dubbed Social Capital Hedosophia. This publicly traded shell company will use money it raised to acquire all or part of a privately held tech company, thereby taking the target company public. Most likely, the SPAC will acquire a minority stake in a company worth more than $600 million; it could buy 10% of a company worth $6 billion, for example. Palihapitiya and crew are hoping SPACs can save Silicon Valleys unicorns from IPO purgatory---where they are valued more highly as private companies than they likely will attain as public ones---and irritate bankers like Goldman Sachs and Morgan Stanley along the way. Nobody wants to fucking deal with Morgan and Goldman, Palihapitiya says. You take the entire process out of the hands of bankers and you put it into the hands of technologists who understand the company. Social Capital is not doing this for free, though. The firm will charge 20% of the value of the deal, to be paid in stock with a one-year lock-up. The firm is calling this model IPO 2.0. Palihapitiya is not the first to attempt a new way of going public. Googles Dutch auction in 2004 was regarded as a success but few companies chose to repeat it. More recently, Spotify is reportedly planning to cut out investment banks entirely by listing its shares directly on NYSE. Tech executives often cite the IPO process as a reason to put off going public. They say it is a time-consuming distraction that forces them to glad-hand investors who set the price of the IPO but may sell the stock on the first day of trading. They hate mandated lock-ups that prevent employees from selling their stock for a period after an IPO, and they resent paying fees to investment banks for the whole miserable experience. To pull off a reverse merger, Palihapitiya has recruited Tony Bates, former president of GoPro, and Adam Bain, the former COO of Twitter. Bain, who left Twitter last November, says the SPAC will not be a full-time gig for him. Having gone through Twitters IPO, he sees an opportunity to fix the acute pain points in the traditional process, particularly the way an IPO distracts a companys management from running the business. If IPO 2.0 can help solve that problem, [it] could be a good answer to getting higher quality companies out, he says. A SPAC deal would take just 90 days to complete. With a shorter time frame and a streamlined process, venture investors could see a faster return on their investments, startup employees could cash in on their stock sooner, and public-market investors could get access to high-growth tech startups while theyre still actually growing. There are challenges: Palihapitiya and executives of the target company will have to agree on a price that both companies investors will accept. He will need to ensure that any company the SPAC acquires is ready for the scrutiny of being public, with quarterly earnings reports and analyst coverage. If he cant strike a deal within two years, he must return the money to the SPACs investors. Using a SPAC to buy a high-growth tech startup is unusual, but Palihapitiya might be onto something. By mid-afternoon Thursday, 15 highly valued tech startups had called expressing interest in a possible deal, he says, noting that SEC rules prevent the firm initiating deal talks until October 1. Somebody has to fix this stuff, he says. I may as well go fix the fucking system. || Brash Investor Tries to Blow Up the IPO as His Partners Quit: Chamath Palihapitiya, an early Facebook executive and outspoken presence in Silicon Valley, is unapologetic about his frustrations with the venture-capital industry. Theres too much money chasing deals, making it harder to generate strong returns. Too many VCs conflate luck with talent. And everyone who benefits from the current system is resistant to change. Technically, Palihapitiya is a venture capitalist himself. But he aspires to be a master of the universe, as his firm, Social Capital , expands with separate funds for late-stage investing, debt, and public equities. Founded in 2011 to back early-stage startups, Social Capital now manages $1.8 billion worth of assets. It looks less like a traditional venture-capital firm and more like a tech-focused private-equity conglomerate. Palihapitiya takes inspiration from Warren Buffetts model of investing in and acquiring companies for the long term. I want to fucking dominate this industry, he says, punctuating each word with a table pound. As it expands, Social Capital is losing core members of its initial team. Co-founder Mamoon Hamid abruptly left last month to join Kleiner Perkins Caufield & Byers. Now, the third co-founder, Ted Maidenberg, also plans to leave the firm, according to people familiar with the matter. Chamath Palihapitiya,Tom Farley Chamath Palihapitiya, left, is applauded by NYSE president Tom Farley as he rings a ceremonial bell to commemorate the beginning of his company's stock trading on September 14, 2017. Richard Drew/AP Maidenberg has no timeline for his departure but will not participate in Social Capitals fourth early-stage venture capital fund, expected next year. The firm has deployed around two-thirds of its $600 million, third early-stage fund, raised in 2015, according to a person familiar with the situation. Maidenberg plans to keep all of his board seats and continue to work with existing portfolio companies. Maidenberg and Hamid are early-stage investors who saw the firm moving away from its original mission, according to people familiar with the situation. Most firms prioritize the portfolio companies first, then the limited partners, and then growing the firm, one person familiar with the situation said. Story continues Maidenbergs departure will leave Palihapitiya as the sole founder of an increasingly diverse operation. According to Palihapitiya, Social Capitals model of investing in startups across every stage and asset class, resets how this industry should work in a more rational way. Regarding the venture industry, he says, If were really going to be part of the future, we need to mature and grow up. Recommended Kitchen apron icon illustration design Money Money With Blue Aprons IPO, Wall Street Reins in Silicon Valley It's a sign of the times. Analysis Wall Street's Scrambling to Catch Up With Silicon Valley Startups are selling themselves as much-needed improvements on the hidebound world of old-school banks and brokerages. And Wall Street is starting to worry. Finance The Initial Coin Offering, the Bitcoin-y Stock That's Not StockBut Definitely a Big Deal Next month, Blockchain Capital will build a new venture capital fund using a bitcoin-like digital token instead of dollars Beyond its expansion, Social Capital hopes to change how some companies go public with a novel solution: a special purpose acquisition vehicle, or SPAC. On Thursday, the firm raised $600 million in an IPO for its first such SPAC, dubbed Social Capital Hedosophia. This publicly traded shell company will use money it raised to acquire all or part of a privately held tech company, thereby taking the target company public. Most likely, the SPAC will acquire a minority stake in a company worth more than $600 million; it could buy 10% of a company worth $6 billion, for example. Palihapitiya and crew are hoping SPACs can save Silicon Valleys unicorns from IPO purgatory---where they are valued more highly as private companies than they likely will attain as public ones---and irritate bankers like Goldman Sachs and Morgan Stanley along the way. Nobody wants to fucking deal with Morgan and Goldman, Palihapitiya says. You take the entire process out of the hands of bankers and you put it into the hands of technologists who understand the company. Social Capital is not doing this for free, though. The firm will charge 20% of the value of the deal, to be paid in stock with a one-year lock-up. The firm is calling this model IPO 2.0. Palihapitiya is not the first to attempt a new way of going public. Googles Dutch auction in 2004 was regarded as a success but few companies chose to repeat it. More recently, Spotify is reportedly planning to cut out investment banks entirely by listing its shares directly on NYSE. Tech executives often cite the IPO process as a reason to put off going public. They say it is a time-consuming distraction that forces them to glad-hand investors who set the price of the IPO but may sell the stock on the first day of trading. They hate mandated lock-ups that prevent employees from selling their stock for a period after an IPO, and they resent paying fees to investment banks for the whole miserable experience. To pull off a reverse merger, Palihapitiya has recruited Tony Bates, former president of GoPro, and Adam Bain, the former COO of Twitter. Bain, who left Twitter last November, says the SPAC will not be a full-time gig for him. Having gone through Twitters IPO, he sees an opportunity to fix the acute pain points in the traditional process, particularly the way an IPO distracts a companys management from running the business. If IPO 2.0 can help solve that problem, [it] could be a good answer to getting higher quality companies out, he says. A SPAC deal would take just 90 days to complete. With a shorter time frame and a streamlined process, venture investors could see a faster return on their investments, startup employees could cash in on their stock sooner, and public-market investors could get access to high-growth tech startups while theyre still actually growing. There are challenges: Palihapitiya and executives of the target company will have to agree on a price that both companies investors will accept. He will need to ensure that any company the SPAC acquires is ready for the scrutiny of being public, with quarterly earnings reports and analyst coverage. If he cant strike a deal within two years, he must return the money to the SPACs investors. Using a SPAC to buy a high-growth tech startup is unusual, but Palihapitiya might be onto something. By mid-afternoon Thursday, 15 highly valued tech startups had called expressing interest in a possible deal, he says, noting that SEC rules prevent the firm initiating deal talks until October 1. Somebody has to fix this stuff, he says. I may as well go fix the fucking system.
[Social Media Buzz]
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$bch $BCHBTC #bitcoincash $BCHUSD || Bitcoin trading at 4059.00.
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|
3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96.
|
[Bitcoin Technical Analysis for 2020-02-04]
Volume: 29893183716, RSI (14-day): 60.93, 50-day EMA: 8444.71, 200-day EMA: 8329.15
[Wider Market Context]
Gold Price: 1550.40, Gold RSI: 50.33
Oil Price: 49.61, Oil RSI: 17.86
[Recent News (last 7 days)]
NXP Semiconductors Reports Mixed Q4 Earnings: NXP Semiconductors (NASDAQ: NXPI ) reported fourth-quarter earnings of 40 cents per share on Monday, which does not compare to the analyst consensus estimate of $2.02. This is an 81.22% decrease over earnings of $2.13 per share from the same period last year. The company reported quarterly sales of $2.3 billion, which beat the analyst consensus estimate of $2.28 billion by 0.88%. This is a 4.29% decrease over sales of $2.403 billion the same period last year. View more earnings on NXPI "NXP delivered full-year revenue of $8.88 billion, a decline of 6% year-on-year, against a very challenging semiconductor industry backdrop, said Richard Clemmer, NXP CEO. During 2019, we returned $1.76 billion to our shareholders. Over the course of the year, we significantly enhanced our product portfolio. We successfully acquired the Marvell wireless connectivity assets, and introduced new, innovative products and solutions." NXP Semiconductors shares were trading down 1.8% in Monday's after-hours session. The stock has a 52-week high of $137.92 and a 52-week low of $85.38. 0 See more from Benzinga Alphabet Reports Mixed Q4 Earnings What To Know About Elon Musk, Bitcoin And Twitter Scammers Saudi Arabia Reportedly Considering Oil Production Cuts Due To Coronavirus Risk © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || NXP Semiconductors Reports Mixed Q4 Earnings: NXP Semiconductors(NASDAQ:NXPI) reported fourth-quarter earnings of 40 cents per share on Monday, which does not compare to the analyst consensus estimate of $2.02. This is an 81.22% decrease over earnings of $2.13 per share from the same period last year.
The company reported quarterly sales of $2.3 billion, which beat the analyst consensus estimate of $2.28 billion by 0.88%. This is a 4.29% decrease over sales of $2.403 billion the same period last year.
View more earnings on NXPI
"NXP delivered full-year revenue of $8.88 billion, a decline of 6% year-on-year, against a very challenging semiconductor industry backdrop,” said Richard Clemmer, NXP CEO. “During 2019, we returned $1.76 billion to our shareholders. Over the course of the year, we significantly enhanced our product portfolio. We successfully acquired the Marvell wireless connectivity assets, and introduced new, innovative products and solutions."
NXP Semiconductors shares were trading down 1.8% in Monday's after-hours session. The stock has a 52-week high of $137.92 and a 52-week low of $85.38.
0
See more from Benzinga
• Alphabet Reports Mixed Q4 Earnings
• What To Know About Elon Musk, Bitcoin And Twitter Scammers
• Saudi Arabia Reportedly Considering Oil Production Cuts Due To Coronavirus Risk
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Climbs Above 9,323.4 Level, Up 0.12%: Investing.com - Bitcoin rose above the $9,323.4 threshold on Tuesday. Bitcoin was trading at 9,323.4 by 19:47 (00:47 GMT) on the Investing.com Index, up 0.12% on the day. It was the largest one-day percentage gain since February 3.
The move upwards pushed Bitcoin's market cap up to $169.7B, or 63.93% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $9,294.4 to $9,347.5 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.78%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.7B or 27.28% of the total volume of all cryptocurrencies. It has traded in a range of $9,183.1426 to $9,582.7783 in the past 7 days.
At its current price, Bitcoin is still down 53.08% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $190.79 on the Investing.com Index, down 0.51% on the day.
XRP was trading at $0.25594 on the Investing.com Index, a gain of 1.94%.
Ethereum's market cap was last at $20.9B or 7.87% of the total cryptocurrency market cap, while XRP's market cap totaled $11.2B or 4.20% of the total cryptocurrency market value.
Related Articles
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Hackers Stole and Encrypted Data of 5 U.S. Law Firms, Demand 2 Crypto Ransoms
US Marshals to Auction $37M in Confiscated Bitcoin in February || Bitcoin Climbs Above 9,323.4 Level, Up 0.12%: Bitcoin Climbs Above 9,323.4 Level, Up 0.12% Investing.com - Bitcoin rose above the $9,323.4 threshold on Tuesday. Bitcoin was trading at 9,323.4 by 19:47 (00:47 GMT) on the Investing.com Index, up 0.12% on the day. It was the largest one-day percentage gain since February 3. The move upwards pushed Bitcoin's market cap up to $169.7B, or 63.93% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $9,294.4 to $9,347.5 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.78%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.7B or 27.28% of the total volume of all cryptocurrencies. It has traded in a range of $9,183.1426 to $9,582.7783 in the past 7 days. At its current price, Bitcoin is still down 53.08% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $190.79 on the Investing.com Index, down 0.51% on the day. XRP was trading at $0.25594 on the Investing.com Index, a gain of 1.94%. Ethereum's market cap was last at $20.9B or 7.87% of the total cryptocurrency market cap, while XRP's market cap totaled $11.2B or 4.20% of the total cryptocurrency market value. Related Articles Tech Like Blockchain Will Transform Chinese Economy, Bank Chair Says Hackers Stole and Encrypted Data of 5 U.S. Law Firms, Demand 2 Crypto Ransoms US Marshals to Auction $37M in Confiscated Bitcoin in February || Bitcoin Climbs Above 9,323.4 Level, Up 0.12%: Investing.com - Bitcoin rose above the $9,323.4 threshold on Tuesday. Bitcoin was trading at 9,323.4 by 19:47 (00:47 GMT) on the Investing.com Index, up 0.12% on the day. It was the largest one-day percentage gain since February 3.
The move upwards pushed Bitcoin's market cap up to $169.7B, or 63.93% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $9,294.4 to $9,347.5 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.78%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $30.7B or 27.28% of the total volume of all cryptocurrencies. It has traded in a range of $9,183.1426 to $9,582.7783 in the past 7 days.
At its current price, Bitcoin is still down 53.08% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $190.79 on the Investing.com Index, down 0.51% on the day.
XRP was trading at $0.25594 on the Investing.com Index, a gain of 1.94%.
Ethereum's market cap was last at $20.9B or 7.87% of the total cryptocurrency market cap, while XRP's market cap totaled $11.2B or 4.20% of the total cryptocurrency market value.
Related Articles
Tech Like Blockchain Will Transform Chinese Economy, Bank Chair Says
Hackers Stole and Encrypted Data of 5 U.S. Law Firms, Demand 2 Crypto Ransoms
US Marshals to Auction $37M in Confiscated Bitcoin in February || U.S. government to auction off more than 4,000 BTC on Feb. 18: More than 4,000 bitcoins – an amount worth approximately $37 million as of press time – will be auctioned off by U.S. law enforcement officials on February 18.
The U.S. Marshals Servicesaid on Mondaythat it will put up 4,040.54069820 BTC on the auction block on February 18. A $200,000 deposit is required for those wishing to participant, and would-be bidders must register by February 12.
The Marshals Service held its first bitcoin auction in the summer of 2014 – which, as reported at the time, saw investor Tim Draperwinnearly 30,000 BTC across 10 auction blocks. A number of other auctions, including more coins seized during the U.S. government's investigation into the now-defunct dark marketplace Silk Road, have been held in the years since. The most recent took place in late 2018.
This month's auction will see four blocks – 2,500 BTC, 1,000 BTC, 500 BTC and 40.54069820 BTC, respectively – during the event.
"The USMS will notify all bidders about their eligibility to participate in the auction by email no later than 5:00 PM EST on Thursday, February 13, 2020," the USMS said in its statement. || U.S. government to auction off more than 4,000 BTC on Feb. 18: More than 4,000 bitcoins an amount worth approximately $37 million as of press time will be auctioned off by U.S. law enforcement officials on February 18. The U.S. Marshals Service said on Monday that it will put up 4,040.54069820 BTC on the auction block on February 18. A $200,000 deposit is required for those wishing to participant, and would-be bidders must register by February 12. The Marshals Service held its first bitcoin auction in the summer of 2014 which, as reported at the time, saw investor Tim Draper win nearly 30,000 BTC across 10 auction blocks. A number of other auctions, including more coins seized during the U.S. government's investigation into the now-defunct dark marketplace Silk Road, have been held in the years since. The most recent took place in late 2018. This month's auction will see four blocks 2,500 BTC, 1,000 BTC, 500 BTC and 40.54069820 BTC, respectively during the event. "The USMS will notify all bidders about their eligibility to participate in the auction by email no later than 5:00 PM EST on Thursday, February 13, 2020," the USMS said in its statement. || U.S. government to auction off more than 4,000 BTC on Feb. 18: More than 4,000 bitcoins – an amount worth approximately $37 million as of press time – will be auctioned off by U.S. law enforcement officials on February 18.
The U.S. Marshals Servicesaid on Mondaythat it will put up 4,040.54069820 BTC on the auction block on February 18. A $200,000 deposit is required for those wishing to participant, and would-be bidders must register by February 12.
The Marshals Service held its first bitcoin auction in the summer of 2014 – which, as reported at the time, saw investor Tim Draperwinnearly 30,000 BTC across 10 auction blocks. A number of other auctions, including more coins seized during the U.S. government's investigation into the now-defunct dark marketplace Silk Road, have been held in the years since. The most recent took place in late 2018.
This month's auction will see four blocks – 2,500 BTC, 1,000 BTC, 500 BTC and 40.54069820 BTC, respectively – during the event.
"The USMS will notify all bidders about their eligibility to participate in the auction by email no later than 5:00 PM EST on Thursday, February 13, 2020," the USMS said in its statement. || US Marshals Will Auction $40M in Bitcoin This Month: The U.S. Marshals Service is auctioning nearly $40 million in bitcoin, the first such auction since the end of 2018.
TheMarshalswill auction “approximately” 4,040 bitcoin, worth $37.7 million at press time, according to CoinDesk’s Bitcoin Price Index, to registered bidders on Feb. 18, the press release said. Potential biddersmust registerby Feb. 12.
“The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” the release said.
Related:Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches
Bidders will also be required to make a $200,000 deposit before being able to bid. Participants who do not win their bids will receive these back.
The bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 bitcoin each. The first three lots are further split into blocks, each with their own set number of bitcoin.
The bitcoin for this month’s auction come from more than 50 administrative forfeitures and legal cases, according to the Marshals’ website.
The agency has auctioned bitcoinsince at least 2014. It most recently auctioned660 bitcoin in November 2018, and raised well over $50 million in auctions during that year alone.
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• Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think || US Marshals Will Auction $40M in Bitcoin This Month: The U.S. Marshals Service is auctioning nearly $40 million in bitcoin, the first such auction since the end of 2018.
TheMarshalswill auction “approximately” 4,040 bitcoin, worth $37.7 million at press time, according to CoinDesk’s Bitcoin Price Index, to registered bidders on Feb. 18, the press release said. Potential biddersmust registerby Feb. 12.
“The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” the release said.
Related:Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches
Bidders will also be required to make a $200,000 deposit before being able to bid. Participants who do not win their bids will receive these back.
The bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 bitcoin each. The first three lots are further split into blocks, each with their own set number of bitcoin.
The bitcoin for this month’s auction come from more than 50 administrative forfeitures and legal cases, according to the Marshals’ website.
The agency has auctioned bitcoinsince at least 2014. It most recently auctioned660 bitcoin in November 2018, and raised well over $50 million in auctions during that year alone.
• Jack Dorsey Enables Bitcoin Emoji on Twitter Posts
• Stacking Fasts: Inside the Crypto Community’s New Diet Craze
• Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think || US Marshals Will Auction $40M in Bitcoin This Month: The U.S. Marshals Service is auctioning nearly $40 million in bitcoin, the first such auction since the end of 2018. The Marshals will auction “approximately” 4,040 bitcoin, worth $37.7 million at press time, according to CoinDesk’s Bitcoin Price Index, to registered bidders on Feb. 18, the press release said. Potential bidders must register by Feb. 12. “The auction will take place during a six-hour period Feb. 18. Bids will be accepted by email from pre-registered bidders only,” the release said. Related: Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches Bidders will also be required to make a $200,000 deposit before being able to bid. Participants who do not win their bids will receive these back. The bitcoin will be sold in four lots, with 2,500, 1,000, 500 and 40.54069820 bitcoin each. The first three lots are further split into blocks, each with their own set number of bitcoin. The bitcoin for this month’s auction come from more than 50 administrative forfeitures and legal cases, according to the Marshals’ website. The agency has auctioned bitcoin since at least 2014 . It most recently auctioned 660 bitcoin in November 2018 , and raised well over $50 million in auctions during that year alone. Related Stories Jack Dorsey Enables Bitcoin Emoji on Twitter Posts Stacking Fasts: Inside the Crypto Community’s New Diet Craze Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think || Minecraft Players Can Win Bitcoin on New Treasure Hunt Server: A new Minecraft server allows players in the blocky universe to compete against one another to find hidden treasure and receive a bitcoin reward. Known as SatoshiQuest , the challenge is to find the hidden loot within “vast Minecraft landscapes.” Users pay $1 in bitcoin for an in-game life. Entry fees are collected and most will go towards a specific treasure wallet address, which is awarded to the player who finds the loot first. In order to participate, users set up their own in-game wallet they can use to pay for lives and receive their winnings. Should they wish, they can also connect an external wallet to the Minecraft game server. Related: Compared to Gaming and Gambling Dapps, DeFi Is Still Behind More than 180 million copies of Minecraft have been sold since late 2019, making it the single best-selling video game in history. It allows users to create their own worlds on their own servers. The game has already featured bitcoin, with the BitQuest and PlayMC servers, from 2014 and 2015 respectively, which both integrated the original cryptocurrency to test and educate users about digital currencies. The first round of SatoshiQuest began on Jan. 26 and the game resets once treasure has been found. The server checks the bitcoin spot price every 15 minutes, automatically updating the participation fee to keep it at $1. The project is open source, with the code available on GitHub . Ninety percent of total game fees go towards the treasury address, with the remaining 10 percent going towards developer costs. After finding the treasure, winners receive 85 percent of the balance, while the remaining 5 percent is kept the wallet until the next round. The reward is only paid out if the treasury wallet balance exceeds the transaction fee. Related: 2020 Vision: 7 Trends Bringing Blockchain Into Focus in the Year Ahead The Minecraft contest comes after another more real-world bitcoin treasure hunt was launched last April . Called Satoshi’s Treasure, the game’s developers hid the keys to $1 million-worth of bitcoin across the globe. Story continues The keys to the bitcoin wallet containing the prize were divided into 1,000 fragments, requiring a minimum of 400 key fragments to access and transfer the funds. Players are able to collect and unravel clues any way they want, and can even sell leads. Related Stories ChromaWay Doubles Down on Gaming With Antler Interactive Acquistion Game Maker Electronic Arts Trolls Crypto Twitter || Minecraft Players Can Win Bitcoin on New Treasure Hunt Server: A new Minecraft server allows players in the blocky universe to compete against one another to find hidden treasure and receive a bitcoin reward.
Known asSatoshiQuest, the challenge is to find the hidden loot within “vast Minecraft landscapes.” Users pay $1 in bitcoin for an in-game life. Entry fees are collected and most will go towards a specific treasure wallet address, which is awarded to the player who finds the loot first.
In order to participate, users set up their own in-game wallet they can use to pay for lives and receive their winnings. Should they wish, they can also connect an external wallet to the Minecraft game server.
Related:Compared to Gaming and Gambling Dapps, DeFi Is Still Behind
More than 180 million copies of Minecraft have been sold since late 2019, making it the single best-selling video game in history. It allows users to create their own worlds on their own servers. The game has already featured bitcoin, with theBitQuestandPlayMCservers, from 2014 and 2015 respectively, which both integrated the original cryptocurrency to test and educate users about digital currencies.
The first round of SatoshiQuest began on Jan. 26 and the game resets once treasure has been found. The server checks the bitcoin spot price every 15 minutes, automatically updating the participation fee to keep it at $1.
The project is open source, with the code available onGitHub.
Ninety percent of total game fees go towards the treasury address, with the remaining 10 percent going towards developer costs. After finding the treasure, winners receive 85 percent of the balance, while the remaining 5 percent is kept the wallet until the next round. The reward is only paid out if the treasury wallet balance exceeds the transaction fee.
Related:2020 Vision: 7 Trends Bringing Blockchain Into Focus in the Year Ahead
The Minecraft contest comes after another more real-world bitcoin treasure huntwas launched last April. Called Satoshi’s Treasure, the game’s developers hid the keys to $1 million-worth of bitcoin across the globe.
The keys to the bitcoin wallet containing the prize were divided into 1,000 fragments, requiring a minimum of 400 key fragments to access and transfer the funds. Players are able to collect and unravel clues any way they want, and can even sell leads.
• ChromaWay Doubles Down on Gaming With Antler Interactive Acquistion
• Game Maker Electronic Arts Trolls Crypto Twitter || Minecraft Players Can Win Bitcoin on New Treasure Hunt Server: A new Minecraft server allows players in the blocky universe to compete against one another to find hidden treasure and receive a bitcoin reward.
Known asSatoshiQuest, the challenge is to find the hidden loot within “vast Minecraft landscapes.” Users pay $1 in bitcoin for an in-game life. Entry fees are collected and most will go towards a specific treasure wallet address, which is awarded to the player who finds the loot first.
In order to participate, users set up their own in-game wallet they can use to pay for lives and receive their winnings. Should they wish, they can also connect an external wallet to the Minecraft game server.
Related:Compared to Gaming and Gambling Dapps, DeFi Is Still Behind
More than 180 million copies of Minecraft have been sold since late 2019, making it the single best-selling video game in history. It allows users to create their own worlds on their own servers. The game has already featured bitcoin, with theBitQuestandPlayMCservers, from 2014 and 2015 respectively, which both integrated the original cryptocurrency to test and educate users about digital currencies.
The first round of SatoshiQuest began on Jan. 26 and the game resets once treasure has been found. The server checks the bitcoin spot price every 15 minutes, automatically updating the participation fee to keep it at $1.
The project is open source, with the code available onGitHub.
Ninety percent of total game fees go towards the treasury address, with the remaining 10 percent going towards developer costs. After finding the treasure, winners receive 85 percent of the balance, while the remaining 5 percent is kept the wallet until the next round. The reward is only paid out if the treasury wallet balance exceeds the transaction fee.
Related:2020 Vision: 7 Trends Bringing Blockchain Into Focus in the Year Ahead
The Minecraft contest comes after another more real-world bitcoin treasure huntwas launched last April. Called Satoshi’s Treasure, the game’s developers hid the keys to $1 million-worth of bitcoin across the globe.
The keys to the bitcoin wallet containing the prize were divided into 1,000 fragments, requiring a minimum of 400 key fragments to access and transfer the funds. Players are able to collect and unravel clues any way they want, and can even sell leads.
• ChromaWay Doubles Down on Gaming With Antler Interactive Acquistion
• Game Maker Electronic Arts Trolls Crypto Twitter || MIT Develops ‘Spider’ Tech to Enable More Efficient Off-Chain Crypto Transactions: Researchers at the Massachusetts Institute of Technology (MIT) have co-developed technology they say can help avoid congestion on off-chain cryptocurrency payments networks.
The “Spider” crypto routing scheme, according to its developers – including Vibhaalakshmi Sivaraman, a graduate student at MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) – offers a more efficient type of payment channel network, or PCN.
Used on “layer 2” scaling solutions like bitcoin’slightning network, PCNs allow users to charge accounts with a chosen amount of cryptocurrency. Payments are made across a network of such accounts and only the setting up and closing of the accounts is registered on the blockchain.
Related:Bitcoin Usage Among Merchants Is Up, According to Data From Coinbase and BitPay
This can result in payments that are far faster and more scalable than those made directly on the blockchain, and is touted as a way to make crypto payments more feasible in bricks-and-mortar stores. Bitcoin transactions, for example, currently take on averageroughly 11 minutesto be confirmed on the network, though the figure has sometimes peaked at over 15 minutes. Lightningis said to takefrom milliseconds to seconds, by contrast.
According to a CSAILreporton Spider, PCNs can be slowed by inefficient routing schemes, and often quickly run down users’ accounts, meaning they are forced to top up their funds frequently.
Spider is claimed to be a more efficient way of routing payments, in which participants can invest just a fraction of funds in their account. It’s also said to be able to process around four times the number of transactions, compared with other PCNs, before registering the events on the blockchain.
Spider works by splitting transactions into smaller amounts or “packets” that propagate over different channels at varying rates, CSAIL writes. By dividing the amounts into bite-sized chunks, large payments can be routed through accounts that may have low funding levels. Unlike with other systems that will send the full payment and possibly be rejected by accounts with insufficient funds – thus causing delays as the transaction is rerouted – Spider can produce payments that are less likely to clog up the network or fail, its team say.
Related:Zap’s New Product Lets Merchants Take Dollars Over Lightning Network
“Routing money in a way that the funds of both users in each joint account are balanced allows us to reuse the same initial funds to support as many transactions as possible,” Sivaraman said.
The routing system was inspired bypacket switching, a method of efficiently transmitting data over the web.
Another feature of the tech is it allows payments to be queued at congested accounts rather than being rejected, while the team also built an algorithm they say can help spot congested accounts.
In tests looking at how it handles one-directional payments where an account becomes depleted and needs to be topped up on the blockchain, the team says Spider can also outperform other PCN systems.
The researchers aim to present a paper on Spider at the USENIX Symposium on Networked Systems Design and Implementation later this month.
“It’s important to have balanced, high-throughput routing in PCNs to ensure the money that users put into joint accounts is used efficiently,” said lead author Sivaraman. “This should be efficient and a lucrative business. That means routing as many transactions as possible, with as little funds as possible, to give PCNs the best bang for their buck.”
The research team included other members of CSAIL, as well as Radhika Mittal of the University of Illinois at Urbana-Champaign and Kathleen Ruan and Giulia Fanti of Carnegie Mellon University.
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• Why Lightning Payments Aren’t Clicking for Porn Companies (Just Yet) || MIT Develops ‘Spider’ Tech to Enable More Efficient Off-Chain Crypto Transactions: Researchers at the Massachusetts Institute of Technology (MIT) have co-developed technology they say can help avoid congestion on off-chain cryptocurrency payments networks. The “Spider” crypto routing scheme, according to its developers – including Vibhaalakshmi Sivaraman, a graduate student at MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) – offers a more efficient type of payment channel network, or PCN. Used on “layer 2” scaling solutions like bitcoin’s lightning network , PCNs allow users to charge accounts with a chosen amount of cryptocurrency. Payments are made across a network of such accounts and only the setting up and closing of the accounts is registered on the blockchain. Related: Bitcoin Usage Among Merchants Is Up, According to Data From Coinbase and BitPay This can result in payments that are far faster and more scalable than those made directly on the blockchain, and is touted as a way to make crypto payments more feasible in bricks-and-mortar stores. Bitcoin transactions, for example, currently take on average roughly 11 minutes to be confirmed on the network, though the figure has sometimes peaked at over 15 minutes. Lightning is said to take from milliseconds to seconds, by contrast. According to a CSAIL report on Spider, PCNs can be slowed by inefficient routing schemes, and often quickly run down users’ accounts, meaning they are forced to top up their funds frequently. Spider is claimed to be a more efficient way of routing payments, in which participants can invest just a fraction of funds in their account. It’s also said to be able to process around four times the number of transactions, compared with other PCNs, before registering the events on the blockchain. Spider works by splitting transactions into smaller amounts or “packets” that propagate over different channels at varying rates, CSAIL writes. By dividing the amounts into bite-sized chunks, large payments can be routed through accounts that may have low funding levels. Unlike with other systems that will send the full payment and possibly be rejected by accounts with insufficient funds – thus causing delays as the transaction is rerouted – Spider can produce payments that are less likely to clog up the network or fail, its team say. Story continues Related: Zap’s New Product Lets Merchants Take Dollars Over Lightning Network “Routing money in a way that the funds of both users in each joint account are balanced allows us to reuse the same initial funds to support as many transactions as possible,” Sivaraman said. The routing system was inspired by packet switching , a method of efficiently transmitting data over the web. Another feature of the tech is it allows payments to be queued at congested accounts rather than being rejected, while the team also built an algorithm they say can help spot congested accounts. In tests looking at how it handles one-directional payments where an account becomes depleted and needs to be topped up on the blockchain, the team says Spider can also outperform other PCN systems. The researchers aim to present a paper on Spider at the USENIX Symposium on Networked Systems Design and Implementation later this month. “It’s important to have balanced, high-throughput routing in PCNs to ensure the money that users put into joint accounts is used efficiently,” said lead author Sivaraman. “This should be efficient and a lucrative business. That means routing as many transactions as possible, with as little funds as possible, to give PCNs the best bang for their buck.” The research team included other members of CSAIL, as well as Radhika Mittal of the University of Illinois at Urbana-Champaign and Kathleen Ruan and Giulia Fanti of Carnegie Mellon University. Related Stories UK Financial Service Provider to Coinbase, Bitstamp Awarded FCA Payments License Why Lightning Payments Aren’t Clicking for Porn Companies (Just Yet) || Bitcoin Holds its Ground: The main point in recent dynamic weekend is its ability to stay above $9,000 and come close to the critical resistance level at $9,500. The Greed and Fear Index is now at the Greed level, showing approximately the same values during the week and quite accurately reflecting what is happening in the market. The RSI on the daily chart stabilised after drop from overbought levels. This dynamic once again confirms the positive market fundamentals, because even after the decline, we did not see a massive drawdown of the cryptocurrency quotes. Whale alert Telegram channel shows a transfer of almost $500 million between unknown wallets. Such a transfer also indicates the existence of deepwater currents that can form the basis for future dynamics. Bitcoin showed minimal fluctuations during the weekend, while altcoins moved up confidently. The dominance index dropped to 65.3%, fall short of a few percents to December 2017 levels: the time when the altcoin season began, marking the start of the decline in the BTC Dominance index to 33%. So now were witnessing signs of the altcoin season coming back, no matter how ridiculous this statement was just in the recent past. Speculative interest may indeed create an upward impulse for the altcoins, but only the emergence of fundamental reasons for growth can provide this sector with a strong rebound. We dont want to sound overly optimistic, but the Glassnodes research shows another important bullish signal for the crypto sector as a whole in the form of growth of the bitcoin user base. Its a tremendous job to systematise such large-scale data arrays with significant adjustments in the calculation. The companys analysis also takes into account those balances that are now zero, although they used to have funds previously. It was no surprise to see that in the historical perspective, the growth of bitcoin associated with the growth of the user base. Story continues In particular, the historic 2017 rally coincided with an influx of new users. The same was true for the 2019 rally. At the moment, the companys analysts also record an increase in the number of active users, which, together with all other indicators, maybe a sign of a positive outlook. However, especially in moments of widespread enthusiasm, we should be cautious about the market prospects at a time when the whole crypto community will start to predict a new historic rally. There is always a chance that it will happen. But you have to understand that it may stop and reverse at the most unpredictable moment. The market is now ruled by institutional investors who did not buy Bitcoin for $20K, like most new retail investors. Therefore, one should focus on the moment of general euphoria and the return of unshakable faith in the markets prospects as an impulse for sale. This article was written by FxPro This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast Euro Pulls Back From Fair Value S&P 500 Price Forecast Stock Markets Looking Likely To Pull Back U.S. Crude Falls Below $51 as Chinese Markets Slide USD/JPY Price Forecast US Dollar Testing Trendline Against Yen Oil Forecast Relentless Selling Keeps Oil Bulls at Bay Equities Rebound, Coronavirus Spreads Further, Earnings Season In High Gear || Bitcoin Holds its Ground: The main point in recent dynamic weekend is its ability to stay above $9,000 and come close to the critical resistance level at $9,500.
The Greed and Fear Index is now at the “Greed” level, showing approximately the same values during the week and quite accurately reflecting what is happening in the market.
The RSI on the daily chart stabilised after drop from overbought levels. This dynamic once again confirms the positive market fundamentals, because even after the decline, we did not see a massive drawdown of the cryptocurrency quotes.
Whale alert Telegram channel shows a transfer of almost $500 million between unknown wallets. Such a transfer also indicates the existence of deepwater currents that can form the basis for future dynamics.
Bitcoinshowed minimal fluctuations during the weekend, while altcoins moved up confidently. The dominance index dropped to 65.3%, fall short of a few percents to December 2017 levels: the time when the altcoin season began, marking the start of the decline in the BTC Dominance index to 33%.
So now we’re witnessing signs of the altcoin season coming back, no matter how ridiculous this statement was just in the recent past. Speculative interest may indeed create an upward impulse for the altcoins, but only the emergence of fundamental reasons for growth can provide this sector with a strong rebound.
We don’t want to sound overly optimistic, but the Glassnodes research shows another important bullish signal for the crypto sector as a whole in the form of growth of the bitcoin user base. It’s a tremendous job to systematise such large-scale data arrays with significant adjustments in the calculation.
The company’s analysis also takes into account those balances that are now zero, although they used to have funds previously. It was no surprise to see that in the historical perspective, the growth of bitcoin associated with the growth of the user base.
In particular, the historic 2017 rally coincided with an influx of new users. The same was true for the 2019 rally. At the moment, the company’s analysts also record an increase in the number of active users, which, together with all other indicators, maybe a sign of a positive outlook.
However, especially in moments of widespread enthusiasm, we should be cautious about the market prospects at a time when the whole crypto community will start to predict a new historic rally. There is always a chance that it will happen. But you have to understand that it may stop and reverse at the most unpredictable moment.
The market is now ruled by institutional investors who did not buy Bitcoin for $20K, like most new retail investors. Therefore, one should focus on the moment of general euphoria and the return of unshakable faith in the market’s prospects as an impulse for sale.
This article was written byFxPro
Thisarticlewas originally posted on FX Empire
• EUR/USD Price Forecast – Euro Pulls Back From Fair Value
• S&P 500 Price Forecast – Stock Markets Looking Likely To Pull Back
• U.S. Crude Falls Below $51 as Chinese Markets Slide
• USD/JPY Price Forecast – US Dollar Testing Trendline Against Yen
• Oil Forecast – Relentless Selling Keeps Oil Bulls at Bay
• Equities Rebound, Coronavirus Spreads Further, Earnings Season In High Gear || Bitcoin Holds its Ground: The main point in recent dynamic weekend is its ability to stay above $9,000 and come close to the critical resistance level at $9,500.
The Greed and Fear Index is now at the “Greed” level, showing approximately the same values during the week and quite accurately reflecting what is happening in the market.
The RSI on the daily chart stabilised after drop from overbought levels. This dynamic once again confirms the positive market fundamentals, because even after the decline, we did not see a massive drawdown of the cryptocurrency quotes.
Whale alert Telegram channel shows a transfer of almost $500 million between unknown wallets. Such a transfer also indicates the existence of deepwater currents that can form the basis for future dynamics.
Bitcoinshowed minimal fluctuations during the weekend, while altcoins moved up confidently. The dominance index dropped to 65.3%, fall short of a few percents to December 2017 levels: the time when the altcoin season began, marking the start of the decline in the BTC Dominance index to 33%.
So now we’re witnessing signs of the altcoin season coming back, no matter how ridiculous this statement was just in the recent past. Speculative interest may indeed create an upward impulse for the altcoins, but only the emergence of fundamental reasons for growth can provide this sector with a strong rebound.
We don’t want to sound overly optimistic, but the Glassnodes research shows another important bullish signal for the crypto sector as a whole in the form of growth of the bitcoin user base. It’s a tremendous job to systematise such large-scale data arrays with significant adjustments in the calculation.
The company’s analysis also takes into account those balances that are now zero, although they used to have funds previously. It was no surprise to see that in the historical perspective, the growth of bitcoin associated with the growth of the user base.
In particular, the historic 2017 rally coincided with an influx of new users. The same was true for the 2019 rally. At the moment, the company’s analysts also record an increase in the number of active users, which, together with all other indicators, maybe a sign of a positive outlook.
However, especially in moments of widespread enthusiasm, we should be cautious about the market prospects at a time when the whole crypto community will start to predict a new historic rally. There is always a chance that it will happen. But you have to understand that it may stop and reverse at the most unpredictable moment.
The market is now ruled by institutional investors who did not buy Bitcoin for $20K, like most new retail investors. Therefore, one should focus on the moment of general euphoria and the return of unshakable faith in the market’s prospects as an impulse for sale.
This article was written byFxPro
Thisarticlewas originally posted on FX Empire
• EUR/USD Price Forecast – Euro Pulls Back From Fair Value
• S&P 500 Price Forecast – Stock Markets Looking Likely To Pull Back
• U.S. Crude Falls Below $51 as Chinese Markets Slide
• USD/JPY Price Forecast – US Dollar Testing Trendline Against Yen
• Oil Forecast – Relentless Selling Keeps Oil Bulls at Bay
• Equities Rebound, Coronavirus Spreads Further, Earnings Season In High Gear || Bitcoin Price Spikes to 3-Month High as Bull Cross Approaches: • Bitcoin’s ongoing upward trend still looks strong with the 50- and 100-day averages eyeing their first bullish crossover since March 2019.
• The cryptocurrency looks set to test $10,000 over the next few weeks.
• A minor pullback to levels below $9,000 may be seen before a stronger rally as the short-duration charts are suggesting bull fatigue.
Bitcoin printed a three-month high on major exchanges early Monday with key indicator eyeing its first bullish turn in 11 months.
Prices rose to $9,615 onLuxembourg-based Bitstamp exchange during the Asian trading hours. That was thehighest level since Oct. 28. The top cryptocurrency also hit a three-month highof $9,628 and $9,615 on Bitfinex and Coinbase, respectively.
Meanwhile, bitcoin’s global average price, as calculated by CoinDesk’sBitcoin Price Index(BPI), fell $30 short of Friday’s high of $9,633 – the highest level since the end of October.
Related:US Marshals Will Auction $40M in Bitcoin This Month
Notably, the move higher happened as China’s stock marketfell8 percent in early trading – likely due to the coronavirus outbreak and its potential impact on the nation’s economy. The Chinese equity markets were closed last week for the extended New Year holiday.
Futures on the S&P 500, however, remained bid and rose 0.65 percent despite the risk-off mood in the Chinese markets. Traditional safe havens like gold are also facing selling pressure at press time – a sign the broader markets may be done pricing the negative impact of coronavirus on the global economy.
Interestingly, bitcoin’s break above $9,600 was quickly undone with a drop back to $9,250. The cryptocurrency was last seen trading around $9,330, representing a marginal loss on a 24-hour basis.
Despite the pullback from three-month highs, the overall trend remains bullish with thelistof technical indicators calling an upside move growing with each passing week.
Related:Jack Dorsey Enables Bitcoin Emoji on Twitter Posts
Soon to join that bandwagon is a bull cross of the 50- and 100-day moving averages (MAs), as seen below.
The 50-day MA is trending north and looks set to cross above the 100-day MA in the next day or two. The resulting bullish crossover would be the first since March 2019.
MA crossovers are lagging indicators and often trap buyers on the wrong side of the market.
For instance, the 50- and 100-day bull cross observed in June and August 2018 has failed to inspire buyers. However, back then the broader market conditions were bearish – bitcoin topped out at $20,000 in December 2017 and had been charting lower highs ever since.
Such crossovers, however, are widely followed and tend to attract stronger buying pressure when the broader market conditions are looking bullish.
The latest bull cross isaccompanied bya bullish higher lows and higher highs setup. Further, key indicators like the weekly MACD histogram and the relative strength index arereportingbullish conditions.
Hence,BTC may see increased chart-driven buying on the back of the bull cross.
As for the next 24 hours, the odds appear stacked in favor of a drop to $9,000.
The four-hour chart shows bitcoin has been largely restricted to a narrow range of $9,200-$9,600 since Jan. 29.
Aconvincing move above $9,600 would imply a continuation of the rally from theJan. 24 low of $8,213 and open the doors to $10,000.
Adownside break would expose the psychological support of $9,000. If that levelis breached, sellers will likely attack the 200-day MA located at $8,874.
The RSI on the four-hour chart is trending south, indicating scope for a range breakdown. Supporting the bear case is the long upper shadow attached to today’s daily candle.
Dips to the 200-day MA, if any, will likely be short-lived, as longer-term indicators are biased bullish.
Disclosure: The author does not currently hold any digital assets.
• Stacking Fasts: Inside the Crypto Community’s New Diet Craze
• Options Growth Will Ignite Innovation in the Bitcoin Market – But Not in the Way You Think
[Social Media Buzz]
None available.
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9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15.
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[Bitcoin Technical Analysis for 2015-11-19]
Volume: 45011100, RSI (14-day): 49.26, 50-day EMA: 308.88, 200-day EMA: 272.18
[Wider Market Context]
Gold Price: 1078.00, Gold RSI: 31.46
Oil Price: 40.54, Oil RSI: 35.09
[Recent News (last 7 days)]
Your first trade for Tuesday: The "Fast Money" traders delivered their final trades of the day.
Pete Najarian was a buyer of Pfizer(PFE).
Brian Kelly was a buyer of Garmin(GRMN).
Karen Finerman was a buyer of Dorian LPG(LPG).
Guy Adami was a buyer of Nuance(NUAN).
Trader disclosure: On November 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AAPL, ABX, BAC, BEE, DAL, DOW, EMR, FB, FIT, JOY, LUK, MRK, MSFT, PBR, PFE, POT, SLV, TJX, UA, UAL, VZ, WYNN, XLF, ZIOP He is long puts EWW, FCX, MRO. Brian Kelly is long BBRY, GLD, Bitcoin, Hong Kong Dollar, US Dollar; he is short Yuan, British Pound, Candaian Dollar, Euro, Yen, EEM, EWC, EWH, EWU, EWG, SPY. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, DIS puts, FL, GOOG, GOOGL, GPS, JPM, KORS, KORS call spreads, MA, URI, URI long puts, WFM, her firm is short IWM, SPY, MDY, USO, XRT, Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Tuesday: The " Fast Money " traders delivered their final trades of the day. Pete Najarian was a buyer of Pfizer ( PFE ) . Brian Kelly was a buyer of Garmin ( GRMN ) . Karen Finerman was a buyer of Dorian LPG ( LPG ) . Guy Adami was a buyer of Nuance ( NUAN ) . Trader disclosure: On November 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is l ong AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS, FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AAPL, ABX, BAC, BEE, DAL, DOW, EMR, FB, FIT, JOY, LUK, MRK, MSFT, PBR, PFE, POT, SLV, TJX, UA, UAL, VZ, WYNN, XLF, ZIOP He is long puts EWW, FCX, MRO. Brian Kelly is long BBRY, GLD, Bitcoin, Hong Kong Dollar, US Dollar; he is short Yuan, British Pound, Candaian Dollar, Euro, Yen, EEM, EWC, EWH, EWU, EWG, SPY. Karen Finerman is long BAC, C, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, SEDG, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, DIS puts, FL, GOOG, GOOGL, GPS, JPM, KORS, KORS call spreads, MA, URI, URI long puts, WFM, her firm is short IWM, SPY, MDY, USO, XRT, Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Overstock.com is hoarding more than $10 million in gold and silver just in case the banking system collapses: Overstock Headquarters (Peter Komensky) Overstock headquarters Overstock.com is prepared for the worst, with a stockpile of precious metals in a secure location in Utah. The company has enough food, cash, and digital currencies stored up to survive a disaster scenario that would doom the average online retailer, CEO Patrick Byrne told Buzzfeed News . “I want a system that can survive a three month freeze,” says Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.” That means hiding away $6 million worth of gold and $4.3 million of silver in denominations small enough for payroll an undisclosed “safe space” in Utah, plus a 30 day supply of food. Byrne said he thinks of the stockpile as a sort of insurance policy for the company, with a 5% chance of paying off. He pointed to the 1930s banking freeze and the 2008 financial crisis as evidence of the necessity of preparation. Buzzfeed reports that the hoarding is rooted in Byrne’s distrust for most major institutions, including banks. Patrick Byrne, Overstock (AP Photo/George Frey) This distrust has helped prompt Overstock.com to accept Bitcoin last year, making it the first major online retailer to do so. In 2013, Byrne told Business Insider that he believed fiat currency, such as the US dollar, to be fundamentally flawed as it is prone to inflation and manipulation. Meanwhile, Bitcoin, like the stockpiled gold and silver, is a fixed supply and therefore immune. Byrne has made headlines in the past for some confounding behavior, including calling billionaire Steven Cohen a “Sith Lord” in a full-page Wall Street Journal ad (Cohen reportedly manipulated Overstock stock as founder of hedge fund SAC Capital Advisors) and attempting to board a plane with a loaded Glock (he denied knowing the gun was in his bag). NOW WATCH: US governors want to stop the relocation of Syrian refugees to the US More From Business Insider A sweatsuit from a once-popular glam brand is so out of style it's going in a museum 7 of the most outrageous outfits from the Victoria's Secret fashion show The top 100 brands for millennials || Overstock.com is hoarding more than $10 million in gold and silver just in case the banking system collapses: Overstock Headquarters (Peter Komensky) Overstock headquarters Overstock.com is prepared for the worst, with a stockpile of precious metals in a secure location in Utah. The company has enough food, cash, and digital currencies stored up to survive a disaster scenario that would doom the average online retailer, CEO Patrick Byrne told Buzzfeed News . “I want a system that can survive a three month freeze,” says Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.” That means hiding away $6 million worth of gold and $4.3 million of silver in denominations small enough for payroll an undisclosed “safe space” in Utah, plus a 30 day supply of food. Byrne said he thinks of the stockpile as a sort of insurance policy for the company, with a 5% chance of paying off. He pointed to the 1930s banking freeze and the 2008 financial crisis as evidence of the necessity of preparation. Buzzfeed reports that the hoarding is rooted in Byrne’s distrust for most major institutions, including banks. Patrick Byrne, Overstock (AP Photo/George Frey) This distrust has helped prompt Overstock.com to accept Bitcoin last year, making it the first major online retailer to do so. In 2013, Byrne told Business Insider that he believed fiat currency, such as the US dollar, to be fundamentally flawed as it is prone to inflation and manipulation. Meanwhile, Bitcoin, like the stockpiled gold and silver, is a fixed supply and therefore immune. Byrne has made headlines in the past for some confounding behavior, including calling billionaire Steven Cohen a “Sith Lord” in a full-page Wall Street Journal ad (Cohen reportedly manipulated Overstock stock as founder of hedge fund SAC Capital Advisors) and attempting to board a plane with a loaded Glock (he denied knowing the gun was in his bag). NOW WATCH: US governors want to stop the relocation of Syrian refugees to the US More From Business Insider A sweatsuit from a once-popular glam brand is so out of style it's going in a museum 7 of the most outrageous outfits from the Victoria's Secret fashion show The top 100 brands for millennials || Faster Growth and Enhanced Customer Benefits Expected From Proposed Liberty Global Acquisition of CWC: LONDON, UNITED KINGDOM--(Marketwired - Nov 16, 2015) - The Board of Cable & Wireless Communications Plc ("CWC") today announces that it has reached agreement on the terms of a recommended acquisition for the entire issued and to be issued share capital of CWC by Liberty Global ("the Transaction").
Highlights
• The Recommended Offer delivers 86.821pence per share to free float shareholders comprising shares in Liberty Global and a 3 pence per share Special Dividend2
• Represents a premium of approximately 50 per cent. to the undisturbed price of CWC on 21 October 2015
• The non-free float shareholders3have irrevocably undertaken to accept the alternative offers resulting in an overall blended offer price for CWC of 81.911pence per share
• Highly attractive LTM EV/EBITDA multiple of 12.3 times4
• Including the Special Dividend2, transaction values CWC at approximately $8.2 billion1, including debt(5)
• Transaction expected to complete by calendar Q2 2016
The Board of Cable & Wireless Communications, having been approached directly by Liberty Global, has concluded that it is in the long-term best interests of the company, its shareholders, employees and customers, alike, to sell the business for an overall price of approximately $8.2 billion1. This equates to 86.821pence per share in cash and Liberty Global shares for our free float shareholders and represents a premium of approximately 50 per cent. to our undisturbed share price, i.e. the price the day before Liberty Global's interest in acquiring CWC became public, and a premium of approximately 18% to where CWC shares were trading last Friday, 13 November 2015.
Liberty Global is the world's largest international cable television company, with nearly 27 million subscribers receiving over 57 million distinct services and generating approximately $18 billion of annual revenues, with operations mainly in Europe, but growing ambitions in Latin America and the Caribbean.
By joining forces at this time, we combine our high growth assets in Latin America and the Caribbean, with the scale and complementary skills of a truly world class global player, materially improving our ability to offer leading products and services to customers in the region we serve. And by adding their strength and 1.5 million customers in Puerto Rico and Chile, backed by our strengths in adjoining markets and in leading submarine and terrestrial fibre networks, together we expect to grow our Consumer and B2B offers even faster.
Sir Richard Lapthorne, Chairman of CWC, commented"While we remain confident that CWC's unique and highly attractive business has a substantial long-term growth opportunity ahead of it, we believe the Recommended Offer represents an attractive premium for shareholders and secures earlier delivery of our long-term value potential, hence the Board's recommendation today.
"Taken alongside the irrevocable commitments made by John Risley, John Malone and Brendan Paddick, this offer will deliver a price per share of 87 pence to CWC's free float investors and a 50% takeover premium to the undisturbed price on 21 October 2015."
Phil Bentley, Chief Executive of CWC, said"Since we launched our new strategy two years ago, CWC has transformed itself into a leading regional quad play operator. The disposal of Monaco, the creation of our regional hub in Miami and the recent acquisition of Columbus accelerated our competitive positioning whilst at the same time generating significant value for shareholders and enhanced service levels for our customers.
"Liberty Global offers scale and world class capabilities and will be an outstanding custodian of our business, both for our people and our customers. The years ahead should bring new opportunities for further success, faster growth and enhanced customer benefits, built on the strong foundation we have created.
"I would like to take this opportunity to thank all the employees of CWC for their hard work to position our company for success, culminating in the substantial shareholder value creation announced today."
Shareholder returnsCWC has created significant value for shareholders over recent years. The market capitalisation of CWC has grown from c.£1.1bn on 21 October 2013 to c.£2.5bn on 21 October 2015, the day before Liberty Global's interest in CWC became public. The total shareholder return over the last two years leading up to this date was c.46% in comparison with c.16% for the FTSE 250 over the same period. Incorporating the headline recommended offer price, CWC's share price has grown to 86.82 pence, implying a total shareholder return of c.119% since 21 October 2013.
Further information
• Free float shareholders will also have the option to elect for new LiLAC shares in accordance with the LiLAC Alternative or, if they so choose, either of the non-recommended Offers but are advised to consult their financial advisers before so doing
• CHLLC, a company controlled by John Malone, has irrevocably undertaken to accept the First Dual Alternative Offer and the Clearwater entities (Clearwater Holding Ltd and CVBI Holding Inc.), being companies controlled by John Risley, and Brendan Paddick have irrevocably undertaken to accept the Second Dual Alternative Offer. The CWC Board is not recommending these two Alternative Offers
• Irrevocable commitments to accept the Offers have been received from 36 per cent. of CWC shareholders, including Brendan Paddick, the investment vehicles of John Risley and John Malone
• Evercore Partners International LLP ("Evercore") is acting as Lead Financial and Rule 3 Advisor, J.P. Morgan Cazenove ("J.P. Morgan Cazenove") is acting as Financial Advisor and Corporate Broker, and Deutsche Bank AG, London Branch ("Deutsche") is acting as Corporate Broker to CWC
• The CWC Directors, who have been so advised by Evercore, consider the financial terms of the Recommended Offer to be fair and reasonable. In providing its advice to the CWC Directors, Evercore has taken into account the commercial assessments of the CWC Directors. Accordingly, the CWC Directors intend unanimously to vote in favour of the Scheme at the Court Meeting and the resolution(s) relating to the Transaction to be proposed at the CWC General Meeting and to elect to receive the Recommended Offer
• The transaction will be implemented by way of a two-step, integrated process comprising a Scheme of Arrangement under Part 26 of the Companies Act, followed by a merger by formation of a new company under the Cross Border Regulations and Part 3A of Title 7 of Book 2 of the Dutch Civil Code
• It is currently anticipated that shareholder meetings will take place at the end of calendar Q1 or at the beginning of calendar Q2 2016 and completion is expected to take place shortly thereafter
• For further details and definitions (capitalised terms have the same meaning as those given to them in the Rule 2.7 announcement), please read the Rule 2.7 announcement released separately today
About Cable & Wireless CommunicationsCable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m ; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information visit:www.cwc.com.
1Based on the 10 day volume weighted average prices of the relevant Liberty Global shares on 13 November 2015 and a £ / $ exchange rate of 1.5206
2The Special Dividend will be payable to CWC shareholders on the register at 6pm (London time) on the business day immediately prior to the date on which the Scheme becomes effective
3John Risley, John Malone and Brendan Paddick
4Based on proportionate LTM EBITDA of $668 million
5Proportionate net debt of $2.7 billion as at 30 September 2015 || Faster Growth and Enhanced Customer Benefits Expected From Proposed Liberty Global Acquisition of CWC: LONDON, UNITED KINGDOM--(Marketwired - Nov 16, 2015) - The Board of Cable & Wireless Communications Plc ("CWC") today announces that it has reached agreement on the terms of a recommended acquisition for the entire issued and to be issued share capital of CWC by Liberty Global ("the Transaction"). Highlights The Recommended Offer delivers 86.82 1 pence per share to free float shareholders comprising shares in Liberty Global and a 3 pence per share Special Dividend 2 Represents a premium of approximately 50 per cent. to the undisturbed price of CWC on 21 October 2015 The non-free float shareholders 3 have irrevocably undertaken to accept the alternative offers resulting in an overall blended offer price for CWC of 81.91 1 pence per share Highly attractive LTM EV/EBITDA multiple of 12.3 times 4 Including the Special Dividend 2 , transaction values CWC at approximately $8.2 billion 1 , including debt(5) Transaction expected to complete by calendar Q2 2016 The Board of Cable & Wireless Communications, having been approached directly by Liberty Global, has concluded that it is in the long-term best interests of the company, its shareholders, employees and customers, alike, to sell the business for an overall price of approximately $8.2 billion 1 . This equates to 86.82 1 pence per share in cash and Liberty Global shares for our free float shareholders and represents a premium of approximately 50 per cent. to our undisturbed share price, i.e. the price the day before Liberty Global's interest in acquiring CWC became public, and a premium of approximately 18% to where CWC shares were trading last Friday, 13 November 2015. Liberty Global is the world's largest international cable television company, with nearly 27 million subscribers receiving over 57 million distinct services and generating approximately $18 billion of annual revenues, with operations mainly in Europe, but growing ambitions in Latin America and the Caribbean. By joining forces at this time, we combine our high growth assets in Latin America and the Caribbean, with the scale and complementary skills of a truly world class global player, materially improving our ability to offer leading products and services to customers in the region we serve. And by adding their strength and 1.5 million customers in Puerto Rico and Chile, backed by our strengths in adjoining markets and in leading submarine and terrestrial fibre networks, together we expect to grow our Consumer and B2B offers even faster. Story continues Sir Richard Lapthorne, Chairman of CWC, commented "While we remain confident that CWC's unique and highly attractive business has a substantial long-term growth opportunity ahead of it, we believe the Recommended Offer represents an attractive premium for shareholders and secures earlier delivery of our long-term value potential, hence the Board's recommendation today. "Taken alongside the irrevocable commitments made by John Risley, John Malone and Brendan Paddick, this offer will deliver a price per share of 87 pence to CWC's free float investors and a 50% takeover premium to the undisturbed price on 21 October 2015." Phil Bentley, Chief Executive of CWC, said "Since we launched our new strategy two years ago, CWC has transformed itself into a leading regional quad play operator. The disposal of Monaco, the creation of our regional hub in Miami and the recent acquisition of Columbus accelerated our competitive positioning whilst at the same time generating significant value for shareholders and enhanced service levels for our customers. "Liberty Global offers scale and world class capabilities and will be an outstanding custodian of our business, both for our people and our customers. The years ahead should bring new opportunities for further success, faster growth and enhanced customer benefits, built on the strong foundation we have created. "I would like to take this opportunity to thank all the employees of CWC for their hard work to position our company for success, culminating in the substantial shareholder value creation announced today." Shareholder returns CWC has created significant value for shareholders over recent years. The market capitalisation of CWC has grown from c.£1.1bn on 21 October 2013 to c.£2.5bn on 21 October 2015, the day before Liberty Global's interest in CWC became public. The total shareholder return over the last two years leading up to this date was c.46% in comparison with c.16% for the FTSE 250 over the same period. Incorporating the headline recommended offer price, CWC's share price has grown to 86.82 pence, implying a total shareholder return of c.119% since 21 October 2013. Further information Free float shareholders will also have the option to elect for new LiLAC shares in accordance with the LiLAC Alternative or, if they so choose, either of the non-recommended Offers but are advised to consult their financial advisers before so doing CHLLC, a company controlled by John Malone, has irrevocably undertaken to accept the First Dual Alternative Offer and the Clearwater entities (Clearwater Holding Ltd and CVBI Holding Inc.), being companies controlled by John Risley, and Brendan Paddick have irrevocably undertaken to accept the Second Dual Alternative Offer. The CWC Board is not recommending these two Alternative Offers Irrevocable commitments to accept the Offers have been received from 36 per cent. of CWC shareholders, including Brendan Paddick, the investment vehicles of John Risley and John Malone Evercore Partners International LLP ("Evercore") is acting as Lead Financial and Rule 3 Advisor, J.P. Morgan Cazenove ("J.P. Morgan Cazenove") is acting as Financial Advisor and Corporate Broker, and Deutsche Bank AG, London Branch ("Deutsche") is acting as Corporate Broker to CWC The CWC Directors, who have been so advised by Evercore, consider the financial terms of the Recommended Offer to be fair and reasonable. In providing its advice to the CWC Directors, Evercore has taken into account the commercial assessments of the CWC Directors. Accordingly, the CWC Directors intend unanimously to vote in favour of the Scheme at the Court Meeting and the resolution(s) relating to the Transaction to be proposed at the CWC General Meeting and to elect to receive the Recommended Offer The transaction will be implemented by way of a two-step, integrated process comprising a Scheme of Arrangement under Part 26 of the Companies Act, followed by a merger by formation of a new company under the Cross Border Regulations and Part 3A of Title 7 of Book 2 of the Dutch Civil Code It is currently anticipated that shareholder meetings will take place at the end of calendar Q1 or at the beginning of calendar Q2 2016 and completion is expected to take place shortly thereafter For further details and definitions (capitalised terms have the same meaning as those given to them in the Rule 2.7 announcement), please read the Rule 2.7 announcement released separately today About Cable & Wireless Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m ; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . 1 Based on the 10 day volume weighted average prices of the relevant Liberty Global shares on 13 November 2015 and a £ / $ exchange rate of 1.5206 2 The Special Dividend will be payable to CWC shareholders on the register at 6pm (London time) on the business day immediately prior to the date on which the Scheme becomes effective 3 John Risley, John Malone and Brendan Paddick 4 Based on proportionate LTM EBITDA of $668 million 5 Proportionate net debt of $2.7 billion as at 30 September 2015 || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O).
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear.
Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military.http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf"It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co <JPM.N> and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade <ETFC.O>.
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's <EMC.N> RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp <AMTD.N> and News Corp's <NWSA.O> Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire. The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate. Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs. "They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location. RENTED TIME This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O). Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities. Story continues Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services. The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums. “You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare. In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated. Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims. They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July. Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment. In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said. They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said. In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases. "To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said. Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment. His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia." Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs. Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies. Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it." (Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money."
(Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) View comments || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez)
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 10 exchange pair(s), yielding profits ranging between $0.00 and $69.65 #bitcoin #btc || In the last 10 mins, there were arb opps spanning 9 exchange pair(s), yielding profits ranging between $0.00 and $174.05 #bitcoin #btc || #RDD / #BTC on the exchanges: Cryptsy: Error Bittrex: 0.00000004 Average $1.3E-5 per #reddcoin 08:30:00 via #priceo…pic.twitter.com/zW9Ub2tDvR || $328.64 #bitfinex;
$328.48 #bitstamp;
$328.00 #coinbase;
$324.04 #btce;
#...
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322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54.
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[Bitcoin Technical Analysis for 2016-06-06]
Volume: 72138896, RSI (14-day): 87.70, 50-day EMA: 480.21, 200-day EMA: 418.50
[Wider Market Context]
Gold Price: 1244.60, Gold RSI: 50.74
Oil Price: 49.69, Oil RSI: 67.63
[Recent News (last 7 days)]
Your first trade for Thursday, June 2: The "Fast Money" traders shared which plays they'd make on Thursday.
Pete Najarian was a buyer of Pandora(NYSE: P).
Karen Finerman was a buyer of Michael Kors(NYSE: KORS).
Brian Kelly was a seller of Freeport-McMoRan(NYSE: FCX).
Guy Adami was a buyer of Lululemon(NASDAQ: LULU).
Trader disclosure: On June 1, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Pete Najarian is long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, SCTY, VLO.
Wolfe Research Sr. Oil & Gas Analyst Paul Sankey: No disclosures.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Thursday, June 2: The " Fast Money " traders shared which plays they'd make on Thursday. Pete Najarian was a buyer of Pandora (NYSE: P) . Karen Finerman was a buyer of Michael Kors (NYSE: KORS) . Brian Kelly was a seller of Freeport-McMoRan (NYSE: FCX) . Guy Adami was a buyer of Lululemon (NASDAQ: LULU) . Trader disclosure: On June 1, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Pete Najarian is long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, SCTY, VLO. Wolfe Research Sr. Oil & Gas Analyst Paul Sankey: No disclosures. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: moshe hogeg mirage (Mirage) Moshe Hogeg and team. People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of the once high-flying startup Mobli. Mobli raised $86 million in venture funds in six years, including from some big names. But the company made cuts this week in layoffs first reported by the Israeli business newspaper Calcalist and confirmed by Business Insider. Mobli's CEO, Moshe Hogeg, told us that the company had cut 15 employees this week and was closing its Israeli research-and-development center. Sources are telling us that this represents all of Mobli's remaining Israeli employees, though Hogeg insists that the company is not being closed down entirely. He says he is retaining an R&D team in Europe. Mobli employed about 50 people at its height, but sources tell us only a handful remain. In Israel, the shock isn't so much that Mobli is struggling — it's that people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next. How is this company still alive? Mobli sprang to life in 2010 as a photo-sharing social-media site backed by high-profile angel investors including Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised. Lance Armstrong, yellow jerseys (Mobli.com) Lance Armstrong. Perhaps the highest-profile photo shared using Mobli was Armstrong's notorious photo of himself with his Tour de France jerseys after he was barred for life by the International Cycling Union for doping . But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network. The company pivoted to other apps. In 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites. It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos. Story continues "We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless," Hogeg confirmed to us. See ya later, Slant? Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing, and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, as reported by Politico . Mobli Galaxia (www.galaxia.co) Mobli's Galaxia. A former employee told us that much of this traffic was generated through paid-ad campaigns by services like Outbrain . Slant later told Politico that it was not closed for good but would be back once the company figured out a new business model. Gutterman has moved on to a new job at The Dose, however, and the site is not functioning. Mobli now has a new project, a social-network app called Galaxia that launched in March, in which people are encouraged to take on different "personas." Mobli says Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, but Hogeg tells us that the true price was really "just a few million." The people we talked to have marveled that Mobli says it is still in business and can't understand how. Hogeg says Mobli has been clear where its money has come from: venture investors. "We've always been very transparent about our funding," he says. "Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far." Mobli was also known for being one of the first startups to use Nasdaq's private market , allowing early employees to cash out their shares in the company by selling them to other private investors. (Sirin Labs) Sirin Labs' $14,000 phone. A $14,000 phone In the meantime, Moshe Hogeg is focused on a new company, Sirin Labs , where he is president, investor, and cofounder but not CEO. The CEO is Tal Cohen. Right after employees were let go at Mobli, Sirin launched its product on Tuesday in London: a smartphone for about $14,000, or 9,500 pounds. The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data. Sirin says it raised $72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel. NOW WATCH: This smartphone works by bending it More From Business Insider This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store How a 16-year-old kid built his dream video game company with no money Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: (Mirage)Moshe Hogeg and team.
People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of the once high-flying startup Mobli.
Mobli raised $86 million in venture funds in six years, including from some big names.
But the company made cuts this week in layoffs first reported by theIsraeli business newspaper Calcalistand confirmed by Business Insider.
Mobli's CEO, Moshe Hogeg, told us that the company had cut 15 employees this week and was closing its Israeli research-and-development center.
Sources are telling us that this represents all of Mobli's remaining Israeli employees, though Hogeg insists that the company is not being closed down entirely. He says he is retaining an R&D team in Europe.
Mobli employed about 50 people at its height, but sources tell us only a handful remain.
In Israel, the shock isn't so much that Mobli is struggling — it's that people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next.
Mobli sprang to life in 2010 as a photo-sharing social-media site backed by high-profile angel investors including Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised.
(Mobli.com)Lance Armstrong.
Perhaps the highest-profile photo shared using Mobli was Armstrong's notorious photo of himself with hisTour de France jerseys after he was barred for life by the International Cycling Unionfor doping.
But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network.
The company pivoted to other apps. In 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites.
It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos.
"We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless,"Hogeg confirmed to us.
Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing, and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, asreported by Politico.
(www.galaxia.co)Mobli's Galaxia.
A former employee told us that much of this traffic was generated through paid-ad campaigns by services likeOutbrain.
Slant later told Politico that it was not closed for good but would be back once the company figured out a new business model.Guttermanhas moved on to a new job at The Dose, however, and the site is not functioning.
Mobli now has a new project,a social-network app called Galaxiathat launched in March, in which people are encouraged to take on different "personas."
Mobli says Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, butHogeg tells us that the true price was really "just a few million."
The people we talked to have marveled that Mobli says it is still in business and can't understand how.
Hogeg says Mobli has been clear where its money has come from: venture investors.
"We've always been very transparent about our funding," he says. "Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far."
Mobli was also known for beingone of the first startups to use Nasdaq's private market, allowing early employees to cash out their shares in the company by selling them to other private investors.
In the meantime,Moshe Hogeg is focused on a new company,Sirin Labs, where he is president, investor, and cofounder but not CEO. The CEO is Tal Cohen.
Right after employees were let go at Mobli, Sirin launched its product on Tuesday in London: a smartphone forabout $14,000, or9,500 pounds.
The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data.
Sirin says it raised$72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel.
NOW WATCH:This smartphone works by bending it
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• Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || Vietnam Is Ready for the and Wave of Privatization: - By Long Tran Thang
The first thing that comes to people's minds about Vietnam is usually a 20 years' war that divided the country and somehow the world until 1975. Vietnam has more to offer than just a war memory or an emerging travel destination.
So permit me to briefly summarize Vietnam and its economy. Located in the southeast of the continent of Asia, Vietnam covers 310,070 square kilometers of land and 21,140 square kilometers of water, making it the 66th-largest nation in the world with a total area of 331,210 square kilometers. Vietnam shares land borders with China, Laos and Cambodia and sea border with China, Taiwan, The Philippines, Malaysia, Indonesia, Thailand and Cambodia. Vietnam's GDP reached U.S. $204 billion last year with a 10-year growth average of 5.7%.
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The dynamic behind one of the fastest-growing economies is the golden structure of a young and large population (94 million people and 60% under 30 years old). After "Doimoi" 1986 (30 years ago), Vietnam transformed from a centralized economy to a market-oriented economy and joined the lower middle income countries group.
Vietnam currency, real GDP growth, stock return, P/B vs.Aemerging countries(2015)
(click to enlarge)
Source: BIDV Securities Company BSC
Enough about the big picture, let's take a look at Vietnam's stock market which is classified as a frontier market by MSCI. The main Index a Vnindex (Hochiminh Stock Exchange) started from 100 points in 2000 and now stays around 600 points after 16 years. Among the youngest stock markets, the "mid-teen" stock market of Vietnam has gone through many ups and downs. On May 23, President Barack Obama visited Vietnam. The last two times an American president visited Vietnam, the Vnindex soared in the two months before and after the event by 31% in 2000 and 49.9% in 2006.
The first wave of privatizationinVietnam's stock market
What I call the first wave of Vietnam's stock market (2002-2006) was the golden time when foreign investors visited and stayed for a few weeks just to open an account to invest in listed stocks and IPOs in Vietnam.
Vnindex at the Hochiminh Stock Exchange increased by 144% in 2006 while HNX-Index in the Hanoi Stock Exchange rose by 152.4%. The total market capitalization was $13.8 billion in late 2006 (22.7% of GDP), in which foreign investors held approximately U.S. $4 billion, accounting for 16.4% of the capitalization of the entire market.
In 2007, the Vietnam market boomed with a new securities law. The Vietnam stock market witnessed strong growth in terms of size and volume. By the end of 2007, total stock market capitalization reached nearly VND500,000 billion, about 43.7% of GDP.
Up to 2007, the stock market helped Vietnam privatize around 3,274 state-owned companies. The first wave of privatization created a number of popular companies for public and great stocks for investors. Some of those companies were considered the gems of the country, and one even gained as much as 2,200%. Vietnam today could be so underdeveloped without the strong privatization wave of 2006.
Standout Vietnam stocks that transformed from SOE
Source: HSX, HNX
Researchers show that after being privatized, most Vietnam SOEs had significant improvement in both business aspects (in terms of growth in sales, profit and ROA, ROE, ROS) and social aspects (job creation, labor welfare).
How SOEs improve after privatization
Source: Dr. Doan Ngoc Phuc's Doctoral Thesis 2012
Vietnam's stock market hasn't recovered from the global financial crisis of 2007. Compared to the peak in 2007 (post-crisis), Vnindex now is about 50% discounted while the size of the economy has been tripled from U.S. $75 billion to $204 billion. The fact that Vnindex still is lagging far behind all Asian markets makes Vietnam such an attractive investment opportunity.
Vnindex and Asia main indices (2007-2016)
(click to enlarge)
Source: Bloomberg
Ready for the second wave of privatization
It seems that all the years ending with a six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. This year 2016, Vietnam will have a new political term cabinet which is expected to make Vietnam more open to the Western world, attracting both direct and indirect foreign investment. For foreign investors, it is about time to catch the second wave of IPO and divestment of Vietnamese SOEs.
I do not mean that Vietnam will have a super bull this year, but investors should keep their eyes on Vietnam's stock market. There are three main investment points:
Obama has "Buncha" for dinner at a traditional shop in Hanoi
(click to enlarge)
Source: Tuoitre online
First, the privatization of the rest of SOEs (the private sector and SOE reforms are the main story of Vietnam).
The real story at present in Vietnam is the rapidly improving performance of the private sector, including FDIs, domestic private firms and especially soon privatized SOEs. The Vietnamese government now realizes that it should reduce the number of SOEs to improve efficiency and promote a market-oriented economy. In the past, the first wave of IPO has created great companies and equities for investors. This time is the last chance to catch the new IPO and divestment in Vietnam. Some popular names that investors have been waiting for:
• Telecommunication: Mobifone (the second biggest telecom company in Vietnam).
• Consumer products: Vinamilk, SJC (the biggest gold bar producer in Vietnam).
• Insurance: BaoMinh, VinaRe (the biggest reinsurance in Vietnam).
• Transportation: VietjetAir, Vinalines, Danang Port, Nhatrang port.
• Oil and gas: Binhson, Pvoil, PV Power.
• Construction and materials: Binh Minh, Tien Phong.
• Real estate: Handico, Udic, Rescovn, Benthanh.
Number of IPOs in Vietnam
Source: HSX, HNX
Vietnam is so ready to push the privatization of the SOEs (which local authorities called "equalization"). The Vietnam government targeted to reduce the number of SOEs by 50% to 200 companies from 2016 to 2020. That is the reason why investors should be in a hurry. Vietnam's government has new policies to push the process that will be in favor of foreign investors' participation:
Lifting the foreign ownership limitation. The government issued Decree 60, which will increase the cap for foreign stake holding in a local company. Previously, foreign ownership ratio in listed companies was the same for all companies (49% for nonbanks and 30% for banks). Decree 60 now provides different foreign ownership ratios for each sector and subsector. For some sectors, foreign investors are allowed to own up to 100% of the stocks.
State-owned enterprises IPO meaning listed stocks. Previously, IPO companies in Vietnam don't need to be listed in the stock market like in other countries. The Ministry of Finance's Circular 01/2015/TT-BTC issued on Jan. 5 has laid down regulations for unlisted securities operating in the local stock market. State-owned enterprises (SOEs) must trade in the unlisted public-company market (UPCoM) within 90 days of an initial public offering before official listing (in Hochiminh Stock exchange or Hanoi Stock Exchange). This policy is expected to raise the market capitalization of Vietnam which is now only U.S. $60 billion, equivalent to 34% of GDP, by 17.3% year over year.
Second, Vietnam completed negotiations for two majorA free trade agreements.
The free trade agreement Vietnam - EU (EVFTA) and the Trans-Pacific Partnership (TPP) are making the year of 2016 somehow look a lot like 2006 when Vietnam was about to join WTO. The only difference is that this time the economy is much more ready for a global integration than it was 10 years ago.
Up to now, Vietnam has signed 17 free trade agreements, which exposes Vietnam to 62% of the world's population and 80% of the world's GDP. In the near future, these 17 FTAs will be promoting Vietnam's exportation. They have made significant impacts on medium and long-term growth in both politics and the economy of Vietnam.
• 62.2% of the world's population is 4.5 billion of 7.3 billion people.
• 79.6% of the world's GDP $61.3 trillion of $77 trillion.
Countries have FTA with Vietnam
(click to enlarge)
Source:BIDV Securities(BSI)
Third, valuation compared with other regional stock markets.
Most Asian stock markets excluding Vietnam have reached the previous high of 2007. That lagging makes Vietnam's stock market worth a superior site for investment in Asia (both listed stock and IPO).
• Compared to Southeast Asia (emerging stock markets), Vietnam's stock market has always been valued at a discount in terms of P/B and P/E. With the EPS annual growth rate around 10%, the low P/E ratio makes Vietnam's market quite attractive.
• The economic growth was strong in the last five years. In 2015, Vietnam has become a bright spot when the gross domestic product (GDP) grew by 6.68% year over year, and it is the only place in Asia where exports grew significantly.
P/E ratio of Vnindex and Asian indices (2007-2016)
(click to enlarge)
Source: Bloomberg
How to invest in Vietnam's stock market
Here is how to get a ticket to catch the opportunities in Vietnam's stock market. I will briefly explain how investors can invest in Vietnam's stock market, including (1) listed stocks and (2) IPOs.
How to invest in listed stocks
There are three ways for foreigners to invest in Vietnam's listed stock market: (1) ETFs, (2) Vietnam focus funds and (3) open a trading account at a local broker.
ETFs:There are only a few ETFs that have exposure to Vietnam. Two of the biggest areMarket Vectors Vietnam ETF(VNM) listed in the U.S. and the FTSE Vietnam listed in EU and Asia.
• Vaneck VNM - NAV: U.S. $338 million invest in 31 stocks.
• FTSE Vietnam (FTSE) - NAV: U.S. $353 million invest in 21 stocks.
Vietnam focus funds:There are few listed and unlisted funds that have large exposure to Vietnam stock markets. The good news is some of the close-end funds are trading with huge discounts. Here are some of the names:
• Vietnam Holdings Ltd.(VNMHF): NAV U.S. $109.5 million.
• Vietnam Enterprise Investment(STC:FID): NAV U.S. $850 million.
• VinaCapital Vietnam Opportunity Fund Ltd.(VOF.L) NAV U.S. $743 million.
• PYN - Elite (Gray market ELITE:FH): NAV U.S. $215 million.
• Vietnam Emerging Equity Fund Limited (Grey market PXP) NAV U.S. $100 million.
Open a trading account:If you want to directly invest by yourself, there are three main steps to open an account for foreigners (to directly invest in listed stock market):
• Register for an indirect investment capital account (IICA) at State Bank of Vietnam (SBV). Your custodian bank can do that for you in one or two weeks.
• Apply for a trading code at Vietnam Securities Depository (VSD). Your custodian bank or a local broker house can do that for you in one or two weeks.
• Open a trading account at a local broker house. When the IICA and TCA are completed, you can instantly open trading account at local broker.
How to bid IPO in Vietnam
It is quite a process to bid in Vietnam's IPO; hence you will need your local broker's assistance. If you already have a trading account to invest in Vietnam, the process will be much simpler than starting a new one. Anyway, as people always say, a hidden gem is worth the digging. A list of the ongoing IPOs and more information can be found on the website of Hochiminh Stock Exchange, Hanoi Stock Exchange or local stock broker's website. There are some steps to take:
Bidding registration requires documents as below (in order):
• Bidding register form (with the confirmation of the bank where investor opened the account).
• Indirect investment account (at the State Bank of Vietnam) : Original copy plus a copy.
• Business license (or equivalent documents): Notarized copy.
• Authorization form for authorized executing individual: Original copy.
• ID or passport of authorized individual: A copy.
• Deposit paper: A copy (investor has to deposit 10% of value of amount registered to buy, calculated at starting price before the deadline).
• Account opening confirmation of the bank in Vietnam where the investor opened indirect investment account and will pay through: Original copy.
Bidding participation form submission:
• After submitting all the required documents, investor will receive the receipt to get bidding participation form. Complete and put the bidding participation form directly to the ballot box in the auction agency.
• Or send the bidding participation form in the envelope that is sealed with the signature on the edge. Time for receiving is the time when the auction agency receives and signs with the post or the investor.
Conclusion
It seems that all the years ending with six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. In 2016 Vietnam will have its new term cabinet which is expected to make Vietnam more open to the Western world, attracting foreign investment both direct and indirect.
On May 23 President Barack Obama visited Vietnam, putting the country under the spotlight of businessmen and investors. In the last two times a USA President visited Vietnam, Vnindex soared during 2 months before and after the event by respectively 31% in 2000 and 49.9% in 2006.
Vietnam stock market has been in a lagging cycle since the 2008 financial crisis which makes it attractive for investors. This year, we expect that it will be the last chance to catch the second wave of IPO, divestment and privatization of big SOE in Vietnam. There will be more and more interesting SOEs going IPO and get listed soon. The stock market and investors will benefit from (1) Privatization (state divestment and IPOs), (2) Lifting up the Foreign ownership limitation and (3) low valuation ratio compared to Asian countries.
Disclosure:I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure:A Long Tran Thang is proud to work for BIDV Securities Company Vietnam (BSC) as head of research and before that as deputy head of investment and analyst since 2007. BIDV Securities is one of the first securities firms in Vietnam. Being a subsidiary of BIDV a the largest commercial Banks in Vietnam A aA BSC inherits both the 55 years of experience in investment, banking and finance and the nationwide network of enterprises. Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Long Tran Thang graduated with a B.A. in economics from the ANU Australian National University (ANU) and a B.A. in finance from The National Economics University (NEU).
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• Peter Lynch Chart of BSI || Vietnam Is Ready for the and Wave of Privatization: - By Long Tran Thang The first thing that comes to people's minds about Vietnam is usually a 20 years' war that divided the country and somehow the world until 1975. Vietnam has more to offer than just a war memory or an emerging travel destination. So permit me to briefly summarize Vietnam and its economy. Located in the southeast of the continent of Asia, Vietnam covers 310,070 square kilometers of land and 21,140 square kilometers of water, making it the 66th-largest nation in the world with a total area of 331,210 square kilometers. Vietnam shares land borders with China, Laos and Cambodia and sea border with China, Taiwan, The Philippines, Malaysia, Indonesia, Thailand and Cambodia. Vietnam's GDP reached U.S. $204 billion last year with a 10-year growth average of 5.7%. Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out. BSI 15-Year Financial Data The intrinsic value of BSI Peter Lynch Chart of BSI The dynamic behind one of the fastest-growing economies is the golden structure of a young and large population (94 million people and 60% under 30 years old). After "Doimoi" 1986 (30 years ago), Vietnam transformed from a centralized economy to a market-oriented economy and joined the lower middle income countries group. Vietnam currency, real GDP growth, stock return, P/B vs. A emerging countries (2015) (click to enlarge) 13489352-14637287960296042.jpg Source: BIDV Securities Company BSC Enough about the big picture, let's take a look at Vietnam's stock market which is classified as a frontier market by MSCI. The main Index a Vnindex (Hochiminh Stock Exchange) started from 100 points in 2000 and now stays around 600 points after 16 years. Among the youngest stock markets, the "mid-teen" stock market of Vietnam has gone through many ups and downs. On May 23, President Barack Obama visited Vietnam. The last two times an American president visited Vietnam, the Vnindex soared in the two months before and after the event by 31% in 2000 and 49.9% in 2006. Story continues The first wave of privatization in Vietnam's stock market What I call the first wave of Vietnam's stock market (2002-2006) was the golden time when foreign investors visited and stayed for a few weeks just to open an account to invest in listed stocks and IPOs in Vietnam. Vnindex at the Hochiminh Stock Exchange increased by 144% in 2006 while HNX-Index in the Hanoi Stock Exchange rose by 152.4%. The total market capitalization was $13.8 billion in late 2006 (22.7% of GDP), in which foreign investors held approximately U.S. $4 billion, accounting for 16.4% of the capitalization of the entire market. In 2007, the Vietnam market boomed with a new securities law. The Vietnam stock market witnessed strong growth in terms of size and volume. By the end of 2007, total stock market capitalization reached nearly VND500,000 billion, about 43.7% of GDP. Up to 2007, the stock market helped Vietnam privatize around 3,274 state-owned companies. The first wave of privatization created a number of popular companies for public and great stocks for investors. Some of those companies were considered the gems of the country, and one even gained as much as 2,200%. Vietnam today could be so underdeveloped without the strong privatization wave of 2006. Standout Vietnam stocks that transformed from SOE 13489352-14637282332553732.jpg Source: HSX, HNX Researchers show that after being privatized, most Vietnam SOEs had significant improvement in both business aspects (in terms of growth in sales, profit and ROA, ROE, ROS) and social aspects (job creation, labor welfare). How SOEs improve after privatization 13489352-14637283442068582.jpg Source: Dr. Doan Ngoc Phuc's Doctoral Thesis 2012 Vietnam's stock market hasn't recovered from the global financial crisis of 2007. Compared to the peak in 2007 (post-crisis), Vnindex now is about 50% discounted while the size of the economy has been tripled from U.S. $75 billion to $204 billion. The fact that Vnindex still is lagging far behind all Asian markets makes Vietnam such an attractive investment opportunity. Vnindex and Asia main indices (2007-2016) (click to enlarge) 13489352-1463728265122281.jpg Source: Bloomberg Ready for the second wave of privatization It seems that all the years ending with a six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. This year 2016, Vietnam will have a new political term cabinet which is expected to make Vietnam more open to the Western world, attracting both direct and indirect foreign investment. For foreign investors, it is about time to catch the second wave of IPO and divestment of Vietnamese SOEs. I do not mean that Vietnam will have a super bull this year, but investors should keep their eyes on Vietnam's stock market. There are three main investment points: Obama has "Buncha" for dinner at a traditional shop in Hanoi (click to enlarge) 13489352-14644278232013443.jpg Source: Tuoitre online First, the privatization of the rest of SOEs (the private sector and SOE reforms are the main story of Vietnam) . The real story at present in Vietnam is the rapidly improving performance of the private sector, including FDIs, domestic private firms and especially soon privatized SOEs. The Vietnamese government now realizes that it should reduce the number of SOEs to improve efficiency and promote a market-oriented economy. In the past, the first wave of IPO has created great companies and equities for investors. This time is the last chance to catch the new IPO and divestment in Vietnam. Some popular names that investors have been waiting for: Telecommunication: Mobifone (the second biggest telecom company in Vietnam). Consumer products: Vinamilk, SJC (the biggest gold bar producer in Vietnam). Insurance: BaoMinh, VinaRe (the biggest reinsurance in Vietnam). Transportation: VietjetAir, Vinalines, Danang Port, Nhatrang port. Oil and gas: Binhson, Pvoil, PV Power. Construction and materials: Binh Minh, Tien Phong. Real estate: Handico, Udic, Rescovn, Benthanh. Number of IPOs in Vietnam 13489352-1463974310581857.jpg Source: HSX, HNX Vietnam is so ready to push the privatization of the SOEs (which local authorities called "equalization"). The Vietnam government targeted to reduce the number of SOEs by 50% to 200 companies from 2016 to 2020. That is the reason why investors should be in a hurry. Vietnam's government has new policies to push the process that will be in favor of foreign investors' participation: Lifting the foreign ownership limitation. The government issued Decree 60, which will increase the cap for foreign stake holding in a local company. Previously, foreign ownership ratio in listed companies was the same for all companies (49% for nonbanks and 30% for banks). Decree 60 now provides different foreign ownership ratios for each sector and subsector. For some sectors, foreign investors are allowed to own up to 100% of the stocks. State-owned enterprises IPO meaning listed stocks. Previously, IPO companies in Vietnam don't need to be listed in the stock market like in other countries. The Ministry of Finance's Circular 01/2015/TT-BTC issued on Jan. 5 has laid down regulations for unlisted securities operating in the local stock market. State-owned enterprises (SOEs) must trade in the unlisted public-company market (UPCoM) within 90 days of an initial public offering before official listing (in Hochiminh Stock exchange or Hanoi Stock Exchange). This policy is expected to raise the market capitalization of Vietnam which is now only U.S. $60 billion, equivalent to 34% of GDP, by 17.3% year over year. Second, Vietnam completed negotiations for two majorA free trade agreements. The free trade agreement Vietnam - EU (EVFTA) and the Trans-Pacific Partnership (TPP) are making the year of 2016 somehow look a lot like 2006 when Vietnam was about to join WTO. The only difference is that this time the economy is much more ready for a global integration than it was 10 years ago. Up to now, Vietnam has signed 17 free trade agreements, which exposes Vietnam to 62% of the world's population and 80% of the world's GDP. In the near future, these 17 FTAs will be promoting Vietnam's exportation. They have made significant impacts on medium and long-term growth in both politics and the economy of Vietnam. 62.2% of the world's population is 4.5 billion of 7.3 billion people. 79.6% of the world's GDP $61.3 trillion of $77 trillion. Countries have FTA with Vietnam (click to enlarge) 13489352-14637283622804396.jpg Source: BIDV Securities (BSI) Third, valuation compared with other regional stock markets. Most Asian stock markets excluding Vietnam have reached the previous high of 2007. That lagging makes Vietnam's stock market worth a superior site for investment in Asia (both listed stock and IPO). Compared to Southeast Asia (emerging stock markets), Vietnam's stock market has always been valued at a discount in terms of P/B and P/E. With the EPS annual growth rate around 10%, the low P/E ratio makes Vietnam's market quite attractive. The economic growth was strong in the last five years. In 2015, Vietnam has become a bright spot when the gross domestic product (GDP) grew by 6.68% year over year, and it is the only place in Asia where exports grew significantly. P/E ratio of Vnindex and Asian indices (2007-2016) (click to enlarge) 13489352-14637283936777837.jpg Source: Bloomberg How to invest in Vietnam's stock market Here is how to get a ticket to catch the opportunities in Vietnam's stock market. I will briefly explain how investors can invest in Vietnam's stock market, including (1) listed stocks and (2) IPOs. How to invest in listed stocks There are three ways for foreigners to invest in Vietnam's listed stock market: (1) ETFs, (2) Vietnam focus funds and (3) open a trading account at a local broker. ETFs: There are only a few ETFs that have exposure to Vietnam. Two of the biggest are Market Vectors Vietnam ETF (VNM) listed in the U.S. and the FTSE Vietnam listed in EU and Asia. Vaneck VNM - NAV: U.S. $338 million invest in 31 stocks. FTSE Vietnam (FTSE) - NAV: U.S. $353 million invest in 21 stocks. Vietnam focus funds: There are few listed and unlisted funds that have large exposure to Vietnam stock markets. The good news is some of the close-end funds are trading with huge discounts. Here are some of the names: Vietnam Holdings Ltd. ( VNMHF ): NAV U.S. $109.5 million. Vietnam Enterprise Investment (STC:FID): NAV U.S. $850 million. VinaCapital Vietnam Opportunity Fund Ltd. ( VOF.L ) NAV U.S. $743 million. PYN - Elite (Gray market ELITE:FH): NAV U.S. $215 million. Vietnam Emerging Equity Fund Limited (Grey market PXP) NAV U.S. $100 million. Open a trading account: If you want to directly invest by yourself, there are three main steps to open an account for foreigners (to directly invest in listed stock market): Register for an indirect investment capital account (IICA) at State Bank of Vietnam ( SBV ). Your custodian bank can do that for you in one or two weeks. Apply for a trading code at Vietnam Securities Depository (VSD). Your custodian bank or a local broker house can do that for you in one or two weeks. Open a trading account at a local broker house. When the IICA and TCA are completed, you can instantly open trading account at local broker. How to bid IPO in Vietnam It is quite a process to bid in Vietnam's IPO; hence you will need your local broker's assistance. If you already have a trading account to invest in Vietnam, the process will be much simpler than starting a new one. Anyway, as people always say, a hidden gem is worth the digging. A list of the ongoing IPOs and more information can be found on the website of Hochiminh Stock Exchange, Hanoi Stock Exchange or local stock broker's website. There are some steps to take: Bidding registration requires documents as below (in order): Bidding register form (with the confirmation of the bank where investor opened the account). Indirect investment account (at the State Bank of Vietnam) : Original copy plus a copy. Business license (or equivalent documents): Notarized copy. Authorization form for authorized executing individual: Original copy. ID or passport of authorized individual: A copy. Deposit paper: A copy (investor has to deposit 10% of value of amount registered to buy, calculated at starting price before the deadline). Account opening confirmation of the bank in Vietnam where the investor opened indirect investment account and will pay through: Original copy. Bidding participation form submission: After submitting all the required documents, investor will receive the receipt to get bidding participation form. Complete and put the bidding participation form directly to the ballot box in the auction agency. Or send the bidding participation form in the envelope that is sealed with the signature on the edge. Time for receiving is the time when the auction agency receives and signs with the post or the investor. Conclusion It seems that all the years ending with six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. In 2016 Vietnam will have its new term cabinet which is expected to make Vietnam more open to the Western world, attracting foreign investment both direct and indirect. On May 23 President Barack Obama visited Vietnam, putting the country under the spotlight of businessmen and investors. In the last two times a USA President visited Vietnam, Vnindex soared during 2 months before and after the event by respectively 31% in 2000 and 49.9% in 2006. Vietnam stock market has been in a lagging cycle since the 2008 financial crisis which makes it attractive for investors. This year, we expect that it will be the last chance to catch the second wave of IPO, divestment and privatization of big SOE in Vietnam. There will be more and more interesting SOEs going IPO and get listed soon. The stock market and investors will benefit from (1) Privatization (state divestment and IPOs), (2) Lifting up the Foreign ownership limitation and (3) low valuation ratio compared to Asian countries. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Additional disclosure: A Long Tran Thang is proud to work for BIDV Securities Company Vietnam (BSC) as head of research and before that as deputy head of investment and analyst since 2007. BIDV Securities is one of the first securities firms in Vietnam. Being a subsidiary of BIDV a the largest commercial Banks in Vietnam A aA BSC inherits both the 55 years of experience in investment, banking and finance and the nationwide network of enterprises. Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Long Tran Thang graduated with a B.A. in economics from the ANU Australian National University (ANU) and a B.A. in finance from The National Economics University (NEU). Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out. BSI 15-Year Financial Data The intrinsic value of BSI Peter Lynch Chart of BSI || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: (Mirage)Moshe Hogeg and team.
People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of once high-flying startup Mobli.
Mobli raised $86 million in venture funds in six years, some from some big names.
Mobli's layoffs were first reported byIsraeli business Calcalistand confirmed by Business Insider.
Mobli's CEO, Moshe Hogeg, told us that the company has cut 15 employees this week and is closing its Israeli R&D center.
Sources are telling us that this represents all of Mobli's remaining Israeli employees, although Hogeg insists that the company is not being closed down entirely. He says that he's retaining an R&D team in Europe.
At its height, Mobli employed about 50 people, but now only a handful remain, sources tell us.
In Israel, the shock isn't so much that Mobli is struggling — people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next.
Mobli sprang to life in 2010 as a photo-sharing social-media site backed by star angel investors like Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised.
(Mobli.com)Lance Armstrong.
For instance, Armstrong used Mobli to share that famous photo of himself with hisTour de France jerseys after he was banned for life by the International Cycling Unionfor doping.
But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network.
The company pivoted to other apps. For instance, in 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites.
It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos.
"We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless,"Hogeg confirmed to us.
Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, asreported by Politico.
(www.galaxia.co)Mobli's Galaxia.
A former employee told us that much of this traffic was generated through paid-ad campaigns by services likeOutbrain.
Slant later told Politico that it was not closed for good but will be back once the company figures out a new business model. Meanwhile,Guttermanhas moved on to a new job at The Dose and the site is not functioning.
Mobli now has a new thing,a new social-network app called Galaxiathat launched in March, where people are encouraged to take on different "personas."
Mobli says that Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, butHogeg tells us that the true price was really "just a few million."
The people we talked to have marveled that Mobli says that it is still in business and can't understand how.
Hogeg says that Mobli has been clear where its money has come from: venture investors.
"We've always been very transparent about our funding. Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far," he says.
Mobli was also famous for beingone of the first startups to use NASDAQ's private market, allowing early employees to cash out their shares in the company by selling them to other private investors.
In the meantime,Moshe Hogeg is focused on a new company,Sirin Labs, where he is president, investor, and cofounder, but not CEO. The CEO is Tal Cohen.
Right after letting staff go at Mobli, Sirin launched its product on Tuesday in London: a smartphone forabout $14,000, or9,500 pounds.
The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data.
Sirin says that it raised$72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel.
NOW WATCH:This smartphone works by bending it
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• Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: moshe hogeg mirage (Mirage) Moshe Hogeg and team. People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of once high-flying startup Mobli. Mobli raised $86 million in venture funds in six years, some from some big names. Mobli's layoffs were first reported by Israeli business Calcalist and confirmed by Business Insider. Mobli's CEO, Moshe Hogeg, told us that the company has cut 15 employees this week and is closing its Israeli R&D center. Sources are telling us that this represents all of Mobli's remaining Israeli employees, although Hogeg insists that the company is not being closed down entirely. He says that he's retaining an R&D team in Europe. At its height, Mobli employed about 50 people, but now only a handful remain, sources tell us. In Israel, the shock isn't so much that Mobli is struggling — people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next. How is this company still alive? Mobli sprang to life in 2010 as a photo-sharing social-media site backed by star angel investors like Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised. Lance Armstrong, yellow jerseys (Mobli.com) Lance Armstrong. For instance, Armstrong used Mobli to share that famous photo of himself with his Tour de France jerseys after he was banned for life by the International Cycling Union for doping . But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network. The company pivoted to other apps. For instance, in 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites. It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos. "We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless," Hogeg confirmed to us. Story continues See ya later, Slant? Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, as reported by Politico. Mobli Galaxia (www.galaxia.co) Mobli's Galaxia. A former employee told us that much of this traffic was generated through paid-ad campaigns by services like Outbrain . Slant later told Politico that it was not closed for good but will be back once the company figures out a new business model. Meanwhile, Gutterman has moved on to a new job at The Dose and the site is not functioning. Mobli now has a new thing, a new social-network app called Galaxia that launched in March, where people are encouraged to take on different "personas." Mobli says that Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, but Hogeg tells us that the true price was really "just a few million." The people we talked to have marveled that Mobli says that it is still in business and can't understand how. Hogeg says that Mobli has been clear where its money has come from: venture investors. "We've always been very transparent about our funding. Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far," he says. Mobli was also famous for being one of the first startups to use NASDAQ's private market , allowing early employees to cash out their shares in the company by selling them to other private investors. (Sirin Labs) Sirin Labs' $14,000 phone. A $14,000 phone In the meantime, Moshe Hogeg is focused on a new company, Sirin Labs , where he is president, investor, and cofounder, but not CEO. The CEO is Tal Cohen. Right after letting staff go at Mobli, Sirin launched its product on Tuesday in London: a smartphone for about $14,000, or 9,500 pounds. The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data. Sirin says that it raised $72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel. NOW WATCH: This smartphone works by bending it More From Business Insider This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store How a 16-year-old kid built his dream video game company with no money Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || 8 Investments Riskier Than Vegas: In the world of a Las Vegas gaming hall, there are no clocks to tell time and no one to tell you when to stop blowing your dough. Gambling is risky business at best -- or maybe reckless is more like it. The bright lights of the strip blind many casino patrons to a simple, irrefutable fact: The decks and dice are always stacked against the player. So it goes with certain investments where playing the market is anything but fun and games. Watching a roulette wheel whirl might offer fleeting excitement, but there's nothing thrilling about seeing your investment dollars spin down the drain. Penny stocks wind up worth less than Monopoly money, and repeated stabs at market timing land somewhere between futile and foolish. [See: 8 Easy Ways to Make Money .] Still, that doesn't stop the adrenaline junkies from stepping up to the table with a fistful of dollars and a head full of fantasies about the Big Score. It almost always ends up badly -- and you can likewise tank if you try the eight investment categories below with anything less than wisdom, patience and experience. Foreign exchange markets. It looks so simple -- then again, so does blackjack. Too many novices see it this way: Buy loads of a slumping currency in dollars, wait for it to go back up, and buy back lots more dollars. But experts say it's like DIY plumbing: Spring a big leak and you could soon flood your financial foundation. "For do-it-yourself investors, forecasting in and attempting to profit from movements in currencies can be difficult and dangerous," says Joe Jennings, senior vice president and investment director at PNC Wealth Management in Baltimore. Bitcoin. Maybe someday, you'll be able to feed Bitcoins into slot machines. That might produce a steadier payoff than Bitcoin itself, the mysterious virtual currency without a central bank. On Dec. 14, 2013, speculators jacked the price up to a dizzying $1,150. Eighteen days later, it fell by more than half. Today Bitcoin goes for $453. Story continues Startups. Silicon Valley daydreams can divert attention from a real-life investor's nightmare. Report after report drives home this fact: 90 percent of startups fail. The May 16 green flag for equity crowdfunding investment promises to drum up new startup excitement, but it's not going to change the batting average anytime soon. In fact, it could attract an even higher percentage of losers. "I don't foresee most top-tier startups adopting Title III equity crowdfunding as a fundraising outlet," says Chance Barnett, CEO of Crowdfunder. [See: 13 Money Hacks to Turbocharge Your Investments .] 'Story' stocks. Some companies have a fantastic story to tell, such as Tesla Motors ( TSLA ), a pioneer in the luxury electric car market. Charismatic CEO Elon Musk predicts Tesla sales will increase tenfold by 2020. Enter the Big Bad Wolf: Tesla hasn't reported a profit in any quarter since going public. The progenitors of story stocks "are companies with big ideas but very few fundamentals to back up investors' hopes," says Jim Hardison, branch manager and managing director in the private client group at Stephen in Little Rock, Arkansas. Market timing. You know how to time a roulette wheel, right? Of course not -- so why try to time a stock? Still that doesn't deter the Smartest Gamblers in the Room. "Market timing is a scam," says Robert Novy-Marx, a professor of finance at the University of Rochester's Simon Business School. "You might get it right -- and someone always does, and they're happy to tell you what a genius they are. But you are just as likely to sell too early, or get back in too late, or too soon." Media stocks. Anxiety over the mass exodus of cable customers -- known anecdotally as "cutting the cord" -- has media companies reeling. A and B classes of Viacom (VIA, VIAB), the home of MTV, Comedy Central, BET and Nickelodeon, are down more than a third since May 2015. On the newspaper side, Chicago-based Tribune Publishing Co. (TPUB) is off 54 percent since splitting from Tribune Co. in 2014. Many investors hope Gannett Co. (GCI) will double down its $15-a-share takeover bid. TPUB currently trades at $11. But so far, no dice. Options. Options can hedge risk when you own its underlying asset, says Yale Bock, a portfolio manager on Covestor and president of YH&C, a registered investment advisor in Las Vegas. "But if you don't, you're essentially betting on the direction of your trade; if wrong, it can force you into coughing up hard-earned dough." And in many cases, "the cash you get from selling the option is minimal relative to what you can potentially make on the asset. Conversely, the cost of protecting the downside is often large." [Read: Decoding Wall Street's Wall of Jargon .] Penny stocks. The name conjures images of breaking open a piggy bank on the way to breaking the bank and walking away with enough coin to fill up an armored car. In reality, penny stocks are very high-risk investments, especially for those who sink a great deal of money into them. For starters, penny stocks get almost no scrutiny because the companies aren't required to file with the Securities and Exchange Commission. Assuming you can find out anything about the stock, it's likely not credible -- though the hype might be incredible. More From US News & World Report 11 Stocks That Donald Trump Loves 10 Out-of-the-Box Ways to Save Money 7 Great Ways to Invest in Cuba || 8 Investments Riskier Than Vegas: In the world of a Las Vegas gaming hall, there are no clocks to tell time and no one to tell you when to stop blowing your dough. Gambling is risky business at best -- or maybe reckless is more like it. The bright lights of the strip blind many casino patrons to a simple, irrefutable fact: The decks and dice are always stacked against the player. So it goes with certain investments where playing the market is anything but fun and games. Watching a roulette wheel whirl might offer fleeting excitement, but there's nothing thrilling about seeing your investment dollars spin down the drain. Penny stocks wind up worth less than Monopoly money, and repeated stabs at market timing land somewhere between futile and foolish. [See: 8 Easy Ways to Make Money .] Still, that doesn't stop the adrenaline junkies from stepping up to the table with a fistful of dollars and a head full of fantasies about the Big Score. It almost always ends up badly -- and you can likewise tank if you try the eight investment categories below with anything less than wisdom, patience and experience. Foreign exchange markets. It looks so simple -- then again, so does blackjack. Too many novices see it this way: Buy loads of a slumping currency in dollars, wait for it to go back up, and buy back lots more dollars. But experts say it's like DIY plumbing: Spring a big leak and you could soon flood your financial foundation. "For do-it-yourself investors, forecasting in and attempting to profit from movements in currencies can be difficult and dangerous," says Joe Jennings, senior vice president and investment director at PNC Wealth Management in Baltimore. Bitcoin. Maybe someday, you'll be able to feed Bitcoins into slot machines. That might produce a steadier payoff than Bitcoin itself, the mysterious virtual currency without a central bank. On Dec. 14, 2013, speculators jacked the price up to a dizzying $1,150. Eighteen days later, it fell by more than half. Today Bitcoin goes for $453. Story continues Startups. Silicon Valley daydreams can divert attention from a real-life investor's nightmare. Report after report drives home this fact: 90 percent of startups fail. The May 16 green flag for equity crowdfunding investment promises to drum up new startup excitement, but it's not going to change the batting average anytime soon. In fact, it could attract an even higher percentage of losers. "I don't foresee most top-tier startups adopting Title III equity crowdfunding as a fundraising outlet," says Chance Barnett, CEO of Crowdfunder. [See: 13 Money Hacks to Turbocharge Your Investments .] 'Story' stocks. Some companies have a fantastic story to tell, such as Tesla Motors ( TSLA ), a pioneer in the luxury electric car market. Charismatic CEO Elon Musk predicts Tesla sales will increase tenfold by 2020. Enter the Big Bad Wolf: Tesla hasn't reported a profit in any quarter since going public. The progenitors of story stocks "are companies with big ideas but very few fundamentals to back up investors' hopes," says Jim Hardison, branch manager and managing director in the private client group at Stephen in Little Rock, Arkansas. Market timing. You know how to time a roulette wheel, right? Of course not -- so why try to time a stock? Still that doesn't deter the Smartest Gamblers in the Room. "Market timing is a scam," says Robert Novy-Marx, a professor of finance at the University of Rochester's Simon Business School. "You might get it right -- and someone always does, and they're happy to tell you what a genius they are. But you are just as likely to sell too early, or get back in too late, or too soon." Media stocks. Anxiety over the mass exodus of cable customers -- known anecdotally as "cutting the cord" -- has media companies reeling. A and B classes of Viacom (VIA, VIAB), the home of MTV, Comedy Central, BET and Nickelodeon, are down more than a third since May 2015. On the newspaper side, Chicago-based Tribune Publishing Co. (TPUB) is off 54 percent since splitting from Tribune Co. in 2014. Many investors hope Gannett Co. (GCI) will double down its $15-a-share takeover bid. TPUB currently trades at $11. But so far, no dice. Options. Options can hedge risk when you own its underlying asset, says Yale Bock, a portfolio manager on Covestor and president of YH&C, a registered investment advisor in Las Vegas. "But if you don't, you're essentially betting on the direction of your trade; if wrong, it can force you into coughing up hard-earned dough." And in many cases, "the cash you get from selling the option is minimal relative to what you can potentially make on the asset. Conversely, the cost of protecting the downside is often large." [Read: Decoding Wall Street's Wall of Jargon .] Penny stocks. The name conjures images of breaking open a piggy bank on the way to breaking the bank and walking away with enough coin to fill up an armored car. In reality, penny stocks are very high-risk investments, especially for those who sink a great deal of money into them. For starters, penny stocks get almost no scrutiny because the companies aren't required to file with the Securities and Exchange Commission. Assuming you can find out anything about the stock, it's likely not credible -- though the hype might be incredible. More From US News & World Report 11 Stocks That Donald Trump Loves 10 Out-of-the-Box Ways to Save Money 7 Great Ways to Invest in Cuba || Three reasons why bitcoins price is surging higher: Bitcoin is trading at its highest price in almost two years, driven by several factors including market conditions in Asia, according to experts in the cryptocurrency. The online currency ended Monday at around $542.77 and hit a high of $548.5 on Tuesday. The price has surged in the last week, climbing 22 percent since last Monday; year-to-date the price for bitcoin has increased by 25 percent. As a result, this is the highest price bitcoin has reached since August 2014. CNBC examines three reasons to explain the rising price. Demand in Asian markets Most experts have pointed towards fears in China and Asia that the yuan could depreciate as reasons for increased investment in bitcoin. "Signs indicate Bitcoin's price has become linked to a number of macroeconomic factors in China," said Vijay Michalik, research analyst for digital transformation at consultancy Frost & Sullivan, to CNBC in an email. "It highlights growing concerns about yuan currency deflation, as bitcoin's appeal has grown as an alternative asset class for a population deprived of many investment choices." James Lynn, U.K. managing director at investment company Billon Group, corroborated this view. "The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand," he told CNBC in an email. Tightening supply A key feature of bitcoin is that new coins have to be discovered or "mined" in order to be added to circulation, unlike fiat currencies where governments can print fresh bills. When new bitcoins are mined, a record of it is added to the blockchain, which is effectively a giant ledger recording all bitcoin transactions. Bitcoin miners are rewarded with a set of bitcoins for each block they successfully mine. Miners used to receive a bounty of 50 bitcoins, but this was halved in 2012 to prevent bitcoin inflation and it is expected to halve again in the coming months, potentially leading to supply-side currency constraints. Story continues "Speculators have been pointing to impending rises for some months, citing the impending halving of rewards for miners," explained James Lynn. "I think, however, that's been priced into the market on an on-going basis." Bitcoin's becoming more robust Several recent developments have been intended to improve bitcoin's performance and make transactions more reliable. "Bitcoin's seen some of the developer turmoil subside over the past few months," said Vijay Michalik. According to Michalik, new technology shows how much progress has been made in making bitcoin easier to use. For instance, the company Blockchain released an alpha version of the Thunder Network earlier this month, which allows payments to be made using bitcoin more quickly, cheaply and at a larger scale. It is possible that by making bitcoin more robust, these changes will have made the cryptocurrency more attractive to new investors. Follow CNBC International on Twitter and Facebook . More From CNBC Top News and Analysis Latest News Video Personal Finance
[Social Media Buzz]
#Bitcoin last trade
@bitstamp $581.00
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Set #crypto #price #alerts at http://AlertCo.in || 15 hours 59 minutes left in Bid period - Price $BCR Bittrex 0.00000333 BTC #fintech #Bitcredit 2016-06-06 04:00 pic.twitter.com/rWHOAE2QWx || $578.98 at 05:00 UTC [24h Range: $566.00 - $580.00 Volume: 4829 BTC] || Order your secure and smart Bitcoin hardware wallet - Only 34.80 EUR https://www.ledgerwallet.com/r/4518?path=/products/1-ledger-nano … #bitcoin #btc 00:17 pic.twitter.com/1x3r...
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576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69.
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[Bitcoin Technical Analysis for 2017-11-16]
Volume: 5123809792, RSI (14-day): 67.04, 50-day EMA: 5982.19, 200-day EMA: 4030.45
[Wider Market Context]
Gold Price: 1277.40, Gold RSI: 48.80
Oil Price: 55.14, Oil RSI: 56.64
[Recent News (last 7 days)]
Bitcoin pops after Square says it's letting some app users buy and sell the cryptocurrency: MI
• Bitcoinwas on a tear Wednesday after mobile payments company Square confirmed it was letting some people buy and sell bitcoin on its Cash app.
• Bitcoin was trading at $7,284, up more than 10%, at 5:18 p.m. ET. Square, on the other hand, ended the trading day up 2.3%.
Square, the mobile payments firm, is running a trial that allows some users of its Cash platform to buy and sell bitcoin.
The news, which was reported byTechCrunch, sent Square's stock to an all-time high of $41.80 per share soon after the markets first opened. It gave up some of those gains during the rest of the trading day and closed at $40.66 per share, up 2.3%.
Bitcoin is also in the green today. The cryptocurrency, known for its wild price swings, was trading up more than 10% at $7,284 per coin at 5:18 p.m. ET, according to data from Markets Insider.
Square added the feature to Cash, a rival to Venmo,because users asked for it, the company said in a statement. The company is still trying to figure out how to make it "faster and easier" and is only offering it to a "small number" of Cash users, it said.
The new feature will allow Square to compete with cryptocurrency exchanges such as Coinbase and Gemini.
A research note penned by Credit Suisse analysts Paul Condra and Mrinalini Bhutoria said the move could be a tailwind for the company, despite some hurdles. Here's the bank (emphasis ours):
"Given SQ’s tendency to move judiciously into new technologies, we expect it will do the same with bitcoin purchases. We believe the largest risk is regulation, which could limit its ability to provide the service or outright ban it. SQ is also exposed to liquidity and counterparty risk as it must source bitcoin for users either by pre-buying or using an exchange.Despite these risks, the upside could be significant if crypto currencies become more mainstream."
As for bitcoin, the Square news is the latest example of a mainstream financial services firm showing interest in the profit opportunities in the booming cryptocurrency space.
Simon Yu, CEO of StormX, a blockchain technology company, said the news is a "fantastic development" for the cryptocurrency ecosystem.
He said it will "undoubtedly be a call to action to invite other forward-thinking firms in embracing the new token economy.”
MI
NOW WATCH:$6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble
See Also:
• Money is pouring into bitcoin cash after bitcoin crashed more than $1,000 in 48 hours
• Bitcoin dives below $7,000
• Analyst says 94% of bitcoin's price movement over the past 4 years can be explained by one equation || Bitcoin pops after Square says it's letting some app users buy and sell the cryptocurrency: MI
• Bitcoinwas on a tear Wednesday after mobile payments company Square confirmed it was letting some people buy and sell bitcoin on its Cash app.
• Bitcoin was trading at $7,284, up more than 10%, at 5:18 p.m. ET. Square, on the other hand, ended the trading day up 2.3%.
Square, the mobile payments firm, is running a trial that allows some users of its Cash platform to buy and sell bitcoin.
The news, which was reported byTechCrunch, sent Square's stock to an all-time high of $41.80 per share soon after the markets first opened. It gave up some of those gains during the rest of the trading day and closed at $40.66 per share, up 2.3%.
Bitcoin is also in the green today. The cryptocurrency, known for its wild price swings, was trading up more than 10% at $7,284 per coin at 5:18 p.m. ET, according to data from Markets Insider.
Square added the feature to Cash, a rival to Venmo,because users asked for it, the company said in a statement. The company is still trying to figure out how to make it "faster and easier" and is only offering it to a "small number" of Cash users, it said.
The new feature will allow Square to compete with cryptocurrency exchanges such as Coinbase and Gemini.
A research note penned by Credit Suisse analysts Paul Condra and Mrinalini Bhutoria said the move could be a tailwind for the company, despite some hurdles. Here's the bank (emphasis ours):
"Given SQ’s tendency to move judiciously into new technologies, we expect it will do the same with bitcoin purchases. We believe the largest risk is regulation, which could limit its ability to provide the service or outright ban it. SQ is also exposed to liquidity and counterparty risk as it must source bitcoin for users either by pre-buying or using an exchange.Despite these risks, the upside could be significant if crypto currencies become more mainstream."
As for bitcoin, the Square news is the latest example of a mainstream financial services firm showing interest in the profit opportunities in the booming cryptocurrency space.
Simon Yu, CEO of StormX, a blockchain technology company, said the news is a "fantastic development" for the cryptocurrency ecosystem.
He said it will "undoubtedly be a call to action to invite other forward-thinking firms in embracing the new token economy.”
MI
NOW WATCH:$6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble
See Also:
• Money is pouring into bitcoin cash after bitcoin crashed more than $1,000 in 48 hours
• Bitcoin dives below $7,000
• Analyst says 94% of bitcoin's price movement over the past 4 years can be explained by one equation || Bitcoin pops after Square says it's letting some app users buy and sell the cryptocurrency: Screen Shot 2017 11 15 at 5.18.36 PM MI Bitcoin was on a tear Wednesday after mobile payments company Square confirmed it was letting some people buy and sell bitcoin on its Cash app. Bitcoin was trading at $7,284, up more than 10%, at 5:18 p.m. ET. Square, on the other hand, ended the trading day up 2.3%. Square, the mobile payments firm, is running a trial that allows some users of its Cash platform to buy and sell bitcoin. The news, which was reported by TechCrunch , sent Square's stock to an all-time high of $41.80 per share soon after the markets first opened. It gave up some of those gains during the rest of the trading day and closed at $40.66 per share, up 2.3%. Bitcoin is also in the green today. The cryptocurrency, known for its wild price swings, was trading up more than 10% at $7,284 per coin at 5:18 p.m. ET, according to data from Markets Insider. Square added the feature to Cash, a rival to Venmo , because users asked for it, the company said in a statement. The company is still trying to figure out how to make it "faster and easier" and is only offering it to a "small number" of Cash users, it said. The new feature will allow Square to compete with cryptocurrency exchanges such as Coinbase and Gemini. A research note penned by Credit Suisse analysts Paul Condra and Mrinalini Bhutoria said the move could be a tailwind for the company, despite some hurdles. Here's the bank (emphasis ours): "Given SQs tendency to move judiciously into new technologies, we expect it will do the same with bitcoin purchases. We believe the largest risk is regulation, which could limit its ability to provide the service or outright ban it. SQ is also exposed to liquidity and counterparty risk as it must source bitcoin for users either by pre-buying or using an exchange. Despite these risks, the upside could be significant if crypto currencies become more mainstream." As for bitcoin, the Square news is the latest example of a mainstream financial services firm showing interest in the profit opportunities in the booming cryptocurrency space. Story continues Simon Yu, CEO of StormX, a blockchain technology company, said the news is a "fantastic development" for the cryptocurrency ecosystem. He said it will "undoubtedly be a call to action to invite other forward-thinking firms in embracing the new token economy. Screen Shot 2017 11 15 at 5.12.59 PM MI NOW WATCH: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble See Also: Money is pouring into bitcoin cash after bitcoin crashed more than $1,000 in 48 hours Bitcoin dives below $7,000 Analyst says 94% of bitcoin's price movement over the past 4 years can be explained by one equation || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth 35 quadrillion Zimbabwean dollars , the relative security of cryptocurrency already came at a premium. The recent military takeover of the capital - which generals insist is not a coup - has made made the problem even worse. Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange. That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex. The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 after hyperinflation made its own note nearly worthless . But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin -- a move that in turn intensifies the country’s lack of hard cash circulating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation. Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data. The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. On LocalBitcoins, a peer-to-peer bitcoin platform , some sellers are offering Bitcoin at close to the global average of $7,400. Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion. Story continues See original article on Fortune.com More from Fortune.com Square Cash Is Testing Letting Some Users Buy and Sell Bitcoin The Growing Threat of Cryptocurrency Mining Malware Data Sheet--This Bitcoin Mining Technique Is Being Used in Malware Bitcoin Cash Crashes After Wild Weekend Surge Bitcoin Is in Wild Upheaval After The Cancellation of the Segwit2x Fork || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth35 quadrillion Zimbabwean dollars, the relative security of cryptocurrency already came at a premium.
The recentmilitary takeover of the capital– which generals insist is not a coup – has made made the problem even worse.
Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange.
That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex.
The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 afterhyperinflation made its own note nearly worthless.
But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin — a move that in turnintensifies the country’s lack of hard cashcirculating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation.
Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data.
The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. OnLocalBitcoins, a peer-to-peer bitcoin platform, some sellers are offering Bitcoin at close to the global average of $7,400.
Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion. || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth35 quadrillion Zimbabwean dollars, the relative security of cryptocurrency already came at a premium.
The recentmilitary takeover of the capital- which generals insist is not a coup - has made made the problem even worse.
Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange.
That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex.
The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 afterhyperinflation made its own note nearly worthless.
But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin -- a move that in turnintensifies the country’s lack of hard cashcirculating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation.
Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data.
The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. OnLocalBitcoins, a peer-to-peer bitcoin platform, some sellers are offering Bitcoin at close to the global average of $7,400.
Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion.
See original article on Fortune.com
More from Fortune.com
• Square Cash Is Testing Letting Some Users Buy and Sell Bitcoin
• The Growing Threat of Cryptocurrency Mining Malware
• Data Sheet--This Bitcoin Mining Technique Is Being Used in Malware
• Bitcoin Cash Crashes After Wild Weekend Surge
• Bitcoin Is in Wild Upheaval After The Cancellation of the Segwit2x Fork || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth35 quadrillion Zimbabwean dollars, the relative security of cryptocurrency already came at a premium.
The recentmilitary takeover of the capital– which generals insist is not a coup – has made made the problem even worse.
Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange.
That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex.
The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 afterhyperinflation made its own note nearly worthless.
But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin — a move that in turnintensifies the country’s lack of hard cashcirculating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation.
Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data.
The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. OnLocalBitcoins, a peer-to-peer bitcoin platform, some sellers are offering Bitcoin at close to the global average of $7,400.
Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion. || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth 35 quadrillion Zimbabwean dollars , the relative security of cryptocurrency already came at a premium. The recent military takeover of the capital – which generals insist is not a coup – has made made the problem even worse. Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange. That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex. The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 after hyperinflation made its own note nearly worthless . But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin — a move that in turn intensifies the country’s lack of hard cash circulating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation. Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data. The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. On LocalBitcoins, a peer-to-peer bitcoin platform , some sellers are offering Bitcoin at close to the global average of $7,400. Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion. || Why Bitcoin Costs Nearly Twice as Much in Zimbabwe as the Rest of the World Right Now: In Zimbabwe, a country where hyperinflation led to $1 being worth35 quadrillion Zimbabwean dollars, the relative security of cryptocurrency already came at a premium.
The recentmilitary takeover of the capital- which generals insist is not a coup - has made made the problem even worse.
Bitcoin prices have risen 10% to $13,499 on Golix, the troubled nation’s only cryptocurrency exchange.
That figure is nearly twice the $7,000 Bitcoin price on U.S.-based exchanges such as Bitfinex.
The surge has been fueled by Zimbabwean investors seeking a safe haven from domestic banks amid the country’s ongoing political, financial and monetary woes. While Zimbabwe once had its own currency, it began using a mix of currencies from stable economies including the U.S. dollar in 2009 afterhyperinflation made its own note nearly worthless.
But, as the country’s political situation has worsened, Zimbabweans have continued to hoard money and park it in assets such as Bitcoin -- a move that in turnintensifies the country’s lack of hard cashcirculating in the economy. Meanwhile, citizens are also worried that the country’s recently introduced “bond note” currency could spur another round of hyperinflation.
Notably, it’s not exactly a deluge of investors flooding into Bitcoin in Zimbabwe. In the last 30 days, Golix has recorded about 146 Bitcoin trades. That’s nearly the same volume traded on the U.S.’s largest exchange Bitfinex every 15 minutes, according to Web Begole at Exante Data.
The low liquidity is also likely causing wide swings in the Bitcoin prices on the exchange. OnLocalBitcoins, a peer-to-peer bitcoin platform, some sellers are offering Bitcoin at close to the global average of $7,400.
Curiously enough, despite Zimbabwe’s weak economy, investors have also looked to equities to protect against potential future inflation. In the past year, the Zimbabwe Industrial Index has risen 322%, giving it a market capitalization of about $14.5 billion.
See original article on Fortune.com
More from Fortune.com
• Square Cash Is Testing Letting Some Users Buy and Sell Bitcoin
• The Growing Threat of Cryptocurrency Mining Malware
• Data Sheet--This Bitcoin Mining Technique Is Being Used in Malware
• Bitcoin Cash Crashes After Wild Weekend Surge
• Bitcoin Is in Wild Upheaval After The Cancellation of the Segwit2x Fork || Stock market outlook, November 16: America’s biggest retailer will be the market’s biggest story on Thursday. Earnings from Walmart ( WMT ), due out before the market open, will be the day’s big highlight with investors looking for same-store sales growth of 1.7% in the third quarter, matching the pace of growth seen in the second quarter. Walmart shares were trading just below a record high on Wednesday ahead of results and the stock has gained 30% year-to-date. Other notable earnings set for release on Thursday are expected to include, Best Buy ( BBY ), Viacom ( VIAB ), JM Smucker ( SJM ), and The Gap ( GPS ). Walmart earnings will be a major event for investors on Thursday. On the economics side, the calendar is a bit busy with the weekly report on initial jobless claims due out, as well as October readings on import prices, industrial production, and the November reading on homebuilder sentiment. Investors will also be keeping an eye on the stock market more broadly, as this week has seen some notable weakness in equities amid concerns that recent declines in junk bonds yields could signal trouble for the broader economy. In an email on Wednesday, Torsten Sløk, chief international economist at Deutsche Bank, said “I’m getting client questions whether the current sell-off in US high yield will cause a US recession and the answer is no.” Adding, “To be sure, earnings have for structural reasons deteriorated somewhat in a few sectors (telecom, healthcare, and retail) but we are not seeing any evidence of a recession or a slowdown in the macro data for GDP, consumer spending, capex spending, ISM or consumer sentiment.” ‘As good as it gets’ Late last month, Goldman Sachs equity strategist David Kostin was writing about “peak growth” in the economy and the potential for poorer stock returns down the lines. On Wednesday, Kostin’s colleague in Goldman’s economics department, Jan Hatzius, wrote about the global economy and how the growth we’re seeing right now is “as good as it gets.” “For the first time since 2010, the world economy is outperforming most predictions, and we expect this strength to continue,” Hatzius writes. Story continues Estimates for global growth in the coming years have been trending up recently, a reversal from what we saw for years after the financial crisis. (Source: Goldman Sachs) Hatzius adds that, “On the supply side, we have also seen tentative signs of a rebound in productivity growth from its dismal post-crisis trend. “Nevertheless, spare capacity is diminishing rapidly—and already exhausted in a number of advanced economies, including the US. There, the question is no longer whether output will overshoot potential, but by how much.” The output gap, or the difference between what economists estimate potential GDP is versus what actual GDP growth is, has been negative since the crisis and an argument from some economists that central banks and governments need to do more to ensure economic recoveries continue. And in Hatzius’ outline, we are soon going to be looking at a global economy that is exceeding its potential. Which seems like a good thing, but will likely lead to higher inflation as capacity is taken up in labor markets and supply chains. Higher inflation, in turn, is likely to lead to higher interest rates. And higher interest rates can choke off economic cycles before they overheat. It is this cycle that leads the current economic assessment to become “as good as it gets.” Things are good and still improving, but growth and inflation are not running at levels that warrant active management from monetary or fiscal authorities. That day, however, will come. Which is why now is the time to appreciate the economic moment. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Foreign investors might be the key to forecasting a U.S. recession It’s been 17 years since U.S. consumers felt this good about the economy TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin Warren Buffett likes the stock market because of the bond market America’s shortage of workers is about to get ‘much worse’ || Walmart — What you need to know in markets on Thursday: America’s biggest retailer will be the market’s biggest story on Thursday.
Earnings from Walmart (WMT), due out before the market open, will be the day’s big highlight with investors looking for same-store sales growth of 1.7% in the third quarter, matching the pace of growth seen in the second quarter. Walmart shares were trading just below a record high on Wednesday ahead of results and the stock has gained 30% year-to-date.
Other notable earnings set for release on Thursday are expected to include, Best Buy (BBY), Viacom (VIAB), JM Smucker (SJM), and The Gap (GPS).
On the economics side, the calendar is a bit busy with the weekly report on initial jobless claims due out, as well as October readings on import prices, industrial production, and the November reading on homebuilder sentiment.
Investors will also be keeping an eye on the stock market more broadly, as this week has seen some notable weakness in equities amid concerns that recent declines in junk bonds yields could signal trouble for the broader economy.
In an email on Wednesday, Torsten Sløk, chief international economist at Deutsche Bank, said “I’m getting client questions whether the current sell-off in US high yield will cause a US recession and the answer is no.”
Adding, “To be sure, earnings have for structural reasons deteriorated somewhat in a few sectors (telecom, healthcare, and retail) but we are not seeing any evidence of a recession or a slowdown in the macro data for GDP, consumer spending, capex spending, ISM or consumer sentiment.”
Late last month, Goldman Sachsequity strategist David Kostin was writingabout “peak growth” in the economy and the potential for poorer stock returns down the lines.
On Wednesday, Kostin’s colleague in Goldman’s economics department, Jan Hatzius, wrote about the global economy and how the growth we’re seeing right now is “as good as it gets.”
“For the first time since 2010, the world economy is outperforming most predictions, and we expect this strength to continue,” Hatzius writes.
Hatzius adds that, “On the supply side, we have also seen tentative signs of a rebound in productivity growth from its dismal post-crisis trend.
“Nevertheless, spare capacity is diminishing rapidly—and already exhausted in a number of advanced economies, including the US. There, the question is no longer whether output will overshoot potential, but by how much.”
The output gap, or the difference between what economists estimate potential GDP is versus what actual GDP growth is, has been negative since the crisis and an argument from some economists that central banks and governments need to do more to ensure economic recoveries continue.
And in Hatzius’ outline, we are soon going to be looking at a global economy that is exceeding its potential. Which seems like a good thing, but will likely lead to higher inflation as capacity is taken up in labor markets and supply chains. Higher inflation, in turn, is likely to lead to higher interest rates. And higher interest rates can choke off economic cycles before they overheat.
It is this cycle that leads the current economic assessment to become “as good as it gets.” Things are good and still improving, but growth and inflation are not running at levels that warrant active management from monetary or fiscal authorities. That day, however, will come. Which is whynowis the time to appreciate the economic moment.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Foreign investors might be the key to forecasting a U.S. recession
• It’s been 17 years since U.S. consumers felt this good about the economy
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || Bitcoin briefly jumps more than 11% after news Square is testing the digital currency: Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future.In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock."Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said.Bitcoin performance over the last six monthsSource: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed.Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa."The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved.One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing.An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap.Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware. Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future. In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock." Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said. Bitcoin performance over the last six months Source: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed. Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa." The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved. One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing. An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap. Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware. More From CNBC Stocks vulnerable as credit market sends up flares The selling finally stops in GE as shares rebound after 12% two-day dive Amid signs of trouble, Ed Yardeni sees bullish signs in the market || Bitcoin briefly jumps more than 11% after news Square is testing the digital currency: Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future.In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock."Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said.Bitcoin performance over the last six monthsSource: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed.Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa."The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved.One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing.An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap.Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware. Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future. In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock." Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said. Bitcoin performance over the last six months Source: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed. Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa." The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved. One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing. An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap. Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware.More From CNBC
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• Amid signs of trouble, Ed Yardeni sees bullish signs in the market || Bitcoin briefly jumps more than 11% after news Square is testing the digital currency: Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future.In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock."Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said.Bitcoin performance over the last six monthsSource: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed.Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa."The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved.One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing.An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap.Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware. Bitcoin (Exchange: BTC=) has again recovered quickly from a sharp drop. The digital currency briefly surged more than 11 percent Wednesday to a high of $7,336.80 , according to CoinDesk. That's within 10 percent of its record high of $7,879.06 hit last Wednesday. Bitcoin had fallen 30 percent below that record over the weekend amid controversy over the digital currency's future. In the established stock market, a decline of at least 10 percent from a recent high sends a stock into "correction" territory, and a drop of at least 20 percent marks "bear market" territory. Wednesday's gains in bitcoin came after news that Jack Dorsey's company Square (NYSE: SQ) is testing support for bitcoin through its payments app Cash. Early on Wednesday, Credit Suisse analysts published a report on the Square news describing how the "bitcoin buying option could help stock." Square shares spiked more than 5 percent in the open before closing about 2 percent higher. The company's test of bitcoin is still small and focused on letting customers buy and sell the digital currency within the app. The test does not allow individuals or businesses to send or accept bitcoin, Square said. Bitcoin performance over the last six months Source: CoinDesk Digital currency trading firm Genesis Global Trading found bitcoin tends to recover dramatically from large drops. The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, and an average 61.5 percent in the four weeks following, the analysis showed. Trading in Japanese yen accounted for about nearly 56 percent of bitcoin trading volume Wednesday, according to CryptoCompare. U.S. dollar-bitcoin trading volume accounted for about 25 percent. Another digital currency, ethereum (Exchange: ETH=) , traded about 1.5 percent lower near $331, according to CoinDesk. "A lot of the recent volatility has been caused by the recent narrative and events surrounding bitcoin and bitcoin cash and the record setting exchange trading volume between the two amongst large investors, miners, and retail investors in Asia," Alex Sunnarborg, founding partner, Tetras Capital, said in an email. "The price of BTC and BCH have moved inversely between each either, driving the price of bitcoin down as it flows to bitcoin cash and vice versa." The controversy over the best way to improve bitcoin's transaction speeds and costs remains unresolved. One upgrade proposal called SegWit2x was called off last Wednesday, causing bitcoin to surge temporarily to its record high before crashing. An upgrade which took effect in August split bitcoin into bitcoin and bitcoin cash. The offshoot bitcoin cash traded slightly lower Wednesday near $1,222, about 50 percent below its record high of $2,477.65 hit Sunday, according to CoinMarketCap. Another version of bitcoin that launched Sunday, bitcoin gold, has tumbled more than 20 percent in the last 24 hours to around $162, according to CoinMarketCap. Bitcoin gold is an attempt to make "mining," or creating, the digital currency less dependent on specialized hardware.More From CNBC
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• Amid signs of trouble, Ed Yardeni sees bullish signs in the market || Brokerage Chief: Bitcoin Futures Must Be Quarantined: A well-known electronic brokerage firm is issuing dire warnings against the CME Group's plan to launch a bitcoin futures contract next month.
But Interactive Brokers, in a comment letter dated Nov. 14, suggested a way to mitigate the risk it sees from such activity: The Commodity Futures Trading Commission (CFTC), under the auspices of J. Christopher Giancarlo, should sequester systems that handle cryptocurrency derivatives.
"This letter is to request that the Commission require that any clearing organization that wishes to clear any cryptocurrency or derivative of a cryptocurrency do so in a separate clearing system isolated from other products," wrote Thomas Peterffy, chairman of Interactive Brokers.
The open letter, published on the firm'swebsite(and reportedly included in afull-page adin today'sWall Street Journal), comes on the heels of CME's announcement that it would look to offer cryptocurrency-tied derivatives products. Earlier this week, CME CEO and chairman Terry Duffy indicated that the first productcould go liveas early as the second week of December.
Yet that outcome would pose a significant danger, Peterffy argued, suggesting that a hypothetical plunge in the price of a particular cryptocurrency could send CME reeling financially.
He went on to write:
"If the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool."
Doubling down on the argument, Peterffy went on to write that "a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy."
"The only way to protect clearing organizations and their members (and the financial system as a whole) from the unique risks inherent in clearing cryptocurrencies is to require that they be cleared in a separate clearing system, isolated from other products," he concluded.
Disclosure:CME Group is an investor in Digital Currency Group, CoinDesk's parent company.
Medical scientist wearing protective clothingimage via Shutterstock
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But Interactive Brokers, in a comment letter dated Nov. 14, suggested a way to mitigate the risk it sees from such activity: The Commodity Futures Trading Commission (CFTC), under the auspices of J. Christopher Giancarlo, should sequester systems that handle cryptocurrency derivatives.
"This letter is to request that the Commission require that any clearing organization that wishes to clear any cryptocurrency or derivative of a cryptocurrency do so in a separate clearing system isolated from other products," wrote Thomas Peterffy, chairman of Interactive Brokers.
The open letter, published on the firm'swebsite(and reportedly included in afull-page adin today'sWall Street Journal), comes on the heels of CME's announcement that it would look to offer cryptocurrency-tied derivatives products. Earlier this week, CME CEO and chairman Terry Duffy indicated that the first productcould go liveas early as the second week of December.
Yet that outcome would pose a significant danger, Peterffy argued, suggesting that a hypothetical plunge in the price of a particular cryptocurrency could send CME reeling financially.
He went on to write:
"If the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool."
Doubling down on the argument, Peterffy went on to write that "a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy."
"The only way to protect clearing organizations and their members (and the financial system as a whole) from the unique risks inherent in clearing cryptocurrencies is to require that they be cleared in a separate clearing system, isolated from other products," he concluded.
Disclosure:CME Group is an investor in Digital Currency Group, CoinDesk's parent company.
Medical scientist wearing protective clothingimage via Shutterstock
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• Swiss Firms to Let Traders Short Bitcoin With New Futures Products || Brokerage Chief: Bitcoin Futures Must Be Quarantined: A well-known electronic brokerage firm is issuing dire warnings against the CME Group's plan to launch a bitcoin futures contract next month. But Interactive Brokers, in a comment letter dated Nov. 14, suggested a way to mitigate the risk it sees from such activity: The Commodity Futures Trading Commission (CFTC), under the auspices of J. Christopher Giancarlo, should sequester systems that handle cryptocurrency derivatives. "This letter is to request that the Commission require that any clearing organization that wishes to clear any cryptocurrency or derivative of a cryptocurrency do so in a separate clearing system isolated from other products," wrote Thomas Peterffy, chairman of Interactive Brokers. The open letter, published on the firm's website (and reportedly included in a full-page ad in today's Wall Street Journal ), comes on the heels of CME's announcement that it would look to offer cryptocurrency-tied derivatives products. Earlier this week, CME CEO and chairman Terry Duffy indicated that the first product could go live as early as the second week of December. Yet that outcome would pose a significant danger, Peterffy argued, suggesting that a hypothetical plunge in the price of a particular cryptocurrency could send CME reeling financially. He went on to write: "If the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool." Doubling down on the argument, Peterffy went on to write that "a catastrophe in the cryptocurrency market that destabilizes a clearing organization will destabilize the real economy." "The only way to protect clearing organizations and their members (and the financial system as a whole) from the unique risks inherent in clearing cryptocurrencies is to require that they be cleared in a separate clearing system, isolated from other products," he concluded. Disclosure: CME Group is an investor in Digital Currency Group, CoinDesk's parent company. Medical scientist wearing protective clothing image via Shutterstock Related Stories CME's Bitcoin Futures Likely to Start Trading December 11 FUD From All Sides: In Defense of CME's Bitcoin Futures Plan First Long-Term LedgerX Bitcoin Option Pegs Price at $10,000 Swiss Firms to Let Traders Short Bitcoin With New Futures Products View comments || Why Home Depot Inc Stock Will Keep Grinding Higher: Another quarter, another beat forHome Depot Inc(NYSE:HD) and another rally for HD stock.
Once again, Home Depot smashed analyst estimates in its third quarter earnings report. Comparable sales rose 7.9%, well above analyst estimates which stood at up 5.4%. As was widely expected, the big beat was driven by a flurry of hurricane-related buying.
Source:Mike Mozart via Flickr (Modified)
The big comp number led to a robust earnings beat. Earnings rose 15% in the quarter and are now expected to rise 14% this year.
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HD stock was up 1.6% at Tuesday’s close.
HD stock is now up approximately 25% so far this year, 70% over the past 3 years, and 165% over the past 5 years.
This secular bull run in HD stock will continue. The company continues to exercise its dominance in the secular demand building materials space. Comparable sales growth is showing no signs of slowing. Margins continue to expand. The valuation remains reasonable.
Based on all this, I think HD stock will head towards $190 over the next 12 months. Here’s how I get there.
Market observers love to hype up the secular growth prospects of the FANG stocks, but Home Depot actually has much more stable and secure secular growth prospects.
Think about this:Amazon.com, Inc.(NASDAQ:AMZN) was founded in 1994.Facebook Inc(NASDAQ:FB) was founded in 2004.Alphabet Inc(NASDAQ:GOOG,NASDAQ:GOOGL) was founded in 1998.Netflix, Inc.(NASDAQ:NFLX) was founded in 1997.
Those companies are about about 20 years old and started flourishing as tech giants over the past 5-10 years.
Home Depot was founded in 1978 (almost 40 years ago) and has been flourishing as the go-to home improvement retailer right from the start.
From this standpoint, Home Depot has a much longer track record of weathering storms, surviving threats, and continuing to deliver out-sized shareholder returns. This long track record deserves a premium valuation.
Right now, Home Depot is on fire thanks to a confluence of tailwinds.
Operations are getting a big long-term boost from smart home tech adoption. Smart home tech is introducing a whole bunch of new products in the home improvement sector and that is causing a ramp in consumer demand.
Operations are also getting a big, short-term boost from multiple hurricanes (where there is destruction, there is rebuilding). As communities across America look to rebuild, Home Depot stores in those locations will be packed.
Bigger picture, appliance market share is booming thanks to the sudden demise ofSears Holdings Corp(NASDAQ:SHLD). Flooring market share is also booming thanks to the Pro Services business. Moreover, HD stock has not only proven itself to be immune to the Amazon disease plaguing the rest of retail, but it has also shown a great ability to steadily grow its own e-commerce business (digital sales continue to rise around 20%).
While the nature of these tailwinds will change over time, Home Depot will continue to benefit from a plethora of tailwinds into the foreseeable thanks to its leadership position in the secular growth home-building and home-improvement markets.
Consequently, the earnings growth outlook for HD stock is pretty promising. Earnings have grown in the mid- to high-teens range over the past several years, driven by ~5% comps and healthy margin expansion.
Margins are still expanding, albeit at a slower rate. But comparable sales growth is actually accelerating. Overall, it looks fairly likely that 5%-and-above comps plus continued margin expansion will keep earnings growth on par with where it has been over the past several years.
The trailing 5-year average price-to-earnings multiple is 23. HD easily deserves that multiple today. Throw that average 23 multiple on next year’s earnings estimate of $8.33 per share, and you get to a 1-year forward price target of just over $190.
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HD stock will keep grinding higher thanks to its unparalleled leadership position in a secular growth market. The long-term trajectory will continue to be up, up and away.
As of this writing, Luke Lango was long HD.
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The postWhy Home Depot Inc Stock Will Keep Grinding Higherappeared first onInvestorPlace. || Why Home Depot Inc Stock Will Keep Grinding Higher: Another quarter, another beat for Home Depot Inc (NYSE: HD ) and another rally for HD stock. Once again, Home Depot smashed analyst estimates in its third quarter earnings report. Comparable sales rose 7.9%, well above analyst estimates which stood at up 5.4%. As was widely expected, the big beat was driven by a flurry of hurricane-related buying. Why Home Depot Inc (HD) Stock Will Keep Grinding Higher Source: Mike Mozart via Flickr (Modified) The big comp number led to a robust earnings beat. Earnings rose 15% in the quarter and are now expected to rise 14% this year. InvestorPlace - Stock Market News, Stock Advice & Trading Tips The 10 Best Mutual Funds to Buy for 2018 HD stock was up 1.6% at Tuesday’s close. HD stock is now up approximately 25% so far this year, 70% over the past 3 years, and 165% over the past 5 years. This secular bull run in HD stock will continue. The company continues to exercise its dominance in the secular demand building materials space. Comparable sales growth is showing no signs of slowing. Margins continue to expand. The valuation remains reasonable. Based on all this, I think HD stock will head towards $190 over the next 12 months. Here’s how I get there. Home Depot Is a Secular Growth Story Market observers love to hype up the secular growth prospects of the FANG stocks, but Home Depot actually has much more stable and secure secular growth prospects. Think about this: Amazon.com, Inc. (NASDAQ: AMZN ) was founded in 1994. Facebook Inc (NASDAQ: FB ) was founded in 2004. Alphabet Inc (NASDAQ: GOOG ,NASDAQ: GOOGL ) was founded in 1998. Netflix, Inc. (NASDAQ: NFLX ) was founded in 1997. Those companies are about about 20 years old and started flourishing as tech giants over the past 5-10 years. Home Depot was founded in 1978 (almost 40 years ago) and has been flourishing as the go-to home improvement retailer right from the start. From this standpoint, Home Depot has a much longer track record of weathering storms, surviving threats, and continuing to deliver out-sized shareholder returns. This long track record deserves a premium valuation. Story continues HD Stock Still Has More Room to Run Right now, Home Depot is on fire thanks to a confluence of tailwinds. Operations are getting a big long-term boost from smart home tech adoption. Smart home tech is introducing a whole bunch of new products in the home improvement sector and that is causing a ramp in consumer demand. Operations are also getting a big, short-term boost from multiple hurricanes (where there is destruction, there is rebuilding). As communities across America look to rebuild, Home Depot stores in those locations will be packed. Bigger picture, appliance market share is booming thanks to the sudden demise of Sears Holdings Corp (NASDAQ: SHLD ). Flooring market share is also booming thanks to the Pro Services business. Moreover, HD stock has not only proven itself to be immune to the Amazon disease plaguing the rest of retail, but it has also shown a great ability to steadily grow its own e-commerce business (digital sales continue to rise around 20%). While the nature of these tailwinds will change over time, Home Depot will continue to benefit from a plethora of tailwinds into the foreseeable thanks to its leadership position in the secular growth home-building and home-improvement markets. Consequently, the earnings growth outlook for HD stock is pretty promising. Earnings have grown in the mid- to high-teens range over the past several years, driven by ~5% comps and healthy margin expansion. Margins are still expanding, albeit at a slower rate. But comparable sales growth is actually accelerating. Overall, it looks fairly likely that 5%-and-above comps plus continued margin expansion will keep earnings growth on par with where it has been over the past several years. The trailing 5-year average price-to-earnings multiple is 23. HD easily deserves that multiple today. Throw that average 23 multiple on next year’s earnings estimate of $8.33 per share, and you get to a 1-year forward price target of just over $190. 7 Best Dividend Funds for Retirement Bottom Line on HD Stock HD stock will keep grinding higher thanks to its unparalleled leadership position in a secular growth market. The long-term trajectory will continue to be up, up and away. As of this writing, Luke Lango was long HD. More From InvestorPlace Despite Valeant Improvement, VRX Stock Price Is Still Too High Blue Apron Holdings Inc Is a Recipe for Disaster Investors Beware of the Bitcoin 10,000 Bubble Intel Corporation Stock Investors Beware -- a Correction Is Coming! The post Why Home Depot Inc Stock Will Keep Grinding Higher appeared first on InvestorPlace . || Payments company Square tests bitcoin buying and selling: By Aparajita Saxena (Reuters) - Payments company Square Inc (SQ.N) said it has started allowing select customers to buy and sell bitcoins on its Cash app, as it looks to tap into a craze that has sent the cryptocurrency up nearly sevenfold this year. For the most part though, institutional investors have stayed away from bitcoin (BTC=BTSP), the original and largest cryptocurrency in terms of market capitalization, despite outperforming all the world's traditional currencies. But Square, best known for its technology that allows merchants to process credit card transactions without a cash register or expensive system, says its customers have shown an appetite for the "alt-currency." "We're always listening to our customers and we've found that they are interested in using the Cash app to buy bitcoin," a company spokesperson said. "We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here," Square said. Traditional investors still view bitcoin as opaque and highly speculative with potential to collapse. The currency's legitimacy has often been called into question because of its association with Silk Road, an online black market for illegal drugs. China has already forced several bitcoin exchanges to close down, while Russia's central bank said it would ban cryptocurrency trading websites. JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon has called cryptocurrency a "fraud". None of that has deterred investors who continue to buy bitcoins, and that had attracted the attention of U.S. exchange operators. CME Group Inc (CME.O), the world's largest derivatives exchange operator, said last month it will launch a futures contract for bitcoin later this year. Rival Cboe Global Markets Inc (CBOE.O) is awaiting regulatory approval for a bitcoin exchange traded fund they announced earlier this year. Major financial firms will soon start to offer bitcoin or similar products as an investment option, with a turning-point product about six months away, Mike Novogratz, CEO of Galaxy Investment Partners, a firm that bets on cryptocurrencies said earlier this week. Story continues Square did not say when it started rolling out the feature to customers or when it plans to make it available to all its customers. Square's shares were up 1.8 percent at $40.44, easing after hitting a record high of $41.80. Bitcoin was up about 8 percent at $7,150. (Reporting By Aparajita Saxena in Bengaluru; Editing by Savio D'Souza)
[Social Media Buzz]
#BTC 24hr Summary:
Last: $7217.01
High: $7348.10
Low: $6840.00
Change: 5.43% | $371.62
Volume: $111,963,545.6
$BTC #Bitcoin #Pricebotspic.twitter.com/46iD3CmR7Q || Cotizaciones al 16/11/2017 05:00 AM
Bitcoin (BTC): 41.440.682
Ethereum (ETH): 1.832.687
Litecoin (LTC): 359.203
BTC Cash (BCH): 6.045.194 || LIVE: Profit = $13,923.54 (1.71 %). BUY B104.20 @ $7,790.00 (#Kraken). SELL @ $7,947.00 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || 朝の7:30から夜の22:00まで毎日働いて、家族との時間も取れず、そんな生活ホントに幸せですか...
|
7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06.
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[Bitcoin Technical Analysis for 2016-02-01]
Volume: 51656700, RSI (14-day): 40.12, 50-day EMA: 400.74, 200-day EMA: 342.96
[Wider Market Context]
Gold Price: 1127.90, Gold RSI: 64.17
Oil Price: 31.62, Oil RSI: 45.46
[Recent News (last 7 days)]
JPMorgan launches blockchain trial project: FT: (Reuters) - JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday. The agreement comes as another sign that blockchain, which is best known as the basis of the digital currency Bitcoin, has wide-ranging applications for some of Wall Street's biggest banks. One potential use for the technology is addressing liquidity mismatches in some of JPMorgan's loan funds, the Financial Times said. “To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks,” Daniel Pinto, head of JPMorgan’s investment bank, told the Financial Times. It “makes all the sense in the world" to explore blockchain's potential to improve that process. Digital Asset Holdings is run by Blythe Masters, JPMorgan's former head of commodities. (Reporting by Carl O'Donnell; Editing by Peter Cooney) View comments || JPMorgan launches blockchain trial project: FT: (Reuters) - JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday. The agreement comes as another sign that blockchain, which is best known as the basis of the digital currency Bitcoin, has wide-ranging applications for some of Wall Street's biggest banks. One potential use for the technology is addressing liquidity mismatches in some of JPMorgan's loan funds, the Financial Times said. “To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks,” Daniel Pinto, head of JPMorgan’s investment bank, told the Financial Times. It “makes all the sense in the world" to explore blockchain's potential to improve that process. Digital Asset Holdings is run by Blythe Masters, JPMorgan's former head of commodities. (Reporting by Carl O'Donnell; Editing by Peter Cooney) View comments || JPMorgan launches blockchain trial project -FT: Jan 31 (Reuters) - JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday. The agreement comes as another sign that blockchain, which is best known as the basis of the digital currency Bitcoin, has wide-ranging applications for some of Wall Street's biggest banks. One potential use for the technology is addressing liquidity mismatches in some of JPMorgan's loan funds, the Financial Times said. "To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks," Daniel Pinto, head of JPMorgan's investment bank, told the Financial Times. It "makes all the sense in the world" to explore blockchain's potential to improve that process. Digital Asset Holdings is run by Blythe Masters, JPMorgan's former head of commodities. (Reporting by Carl O'Donnell; Editing by Peter Cooney) || JPMorgan launches blockchain trial project -FT: Jan 31 (Reuters) - JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday.
The agreement comes as another sign that blockchain, which is best known as the basis of the digital currency Bitcoin, has wide-ranging applications for some of Wall Street's biggest banks.
One potential use for the technology is addressing liquidity mismatches in some of JPMorgan's loan funds, the Financial Times said.
"To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks," Daniel Pinto, head of JPMorgan's investment bank, told the Financial Times. It "makes all the sense in the world" to explore blockchain's potential to improve that process.
Digital Asset Holdings is run by Blythe Masters, JPMorgan's former head of commodities.
(Reporting by Carl O'Donnell; Editing by Peter Cooney) || 5 trades to watch after wild month: U.S. stocks rallied on Friday, capping a choppy, losing month for markets. With a cloudy outlook ahead, "Fast Money" traders outlined their best ideas moving forward. Major averages rose more than 2 percent each after the Bank of Japan adopted a negative interest rate policy. The promising day put an end to a rough month in which the S&P 500 (INDEX: .SPX) fell about 5 percent. Traders noted that the up-and-down sessions may continue. In the current environment, "you want to buy anything with a yield," said trader Brian Kelly. He believes the iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) has room to climb if investors seek safer bets. Demand for the U.S. 10-year Treasury note (U.S.: US10Y) has already sent its yield 15 percent lower this year, and it lingered near 1.9 percent on Friday. Trader Dan Nathan also stressed that yield is crucial currently. He previously had long trades in Verizon (NYSE: VZ) and the Utilities Select Sector SPDR Fund (NYSE Arca: XLU) , which he sold after the prices of both rose this year. The Market Vectors Gold Miners ETF (NYSE Arca: GDX) has also beaten markets this year, rising 3.6 percent. In that period, the price of gold futures has climbed more than 5 percent. "Something's going on with gold miners to the upside," trader Guy Adami said. Trader Tim Seymour would sell emerging market stocks on strength. The iShares MSCI Emerging Markets ETF (NYSE Arca: EEM) rose more than 3 percent Friday, but Seymour sees "major structural problems" in emerging economies and said he would sell out of the fund. Disclosures: Tim Seymour Tim Seymour is long AAPL, BAC, DO, FCX, INTC, IWM, NKE, T, XOM. Tim's firm is long BABA, BIDU, IWM, PEP, SAVE, SBUX, VALE, WMT. Dan Nathan Dan is long WMT Feb put spread, long PFE buy-write, long TWTR, long TLT Apr risk reversal, long XLP put spread. Brian Kelly Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, Hong Kong Dollar, UBS, SPY, Yuan. Story continues Guy Adami Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || 5 trades to watch after wild month: U.S. stocks rallied on Friday, capping a choppy, losing month for markets. With a cloudy outlook ahead, "Fast Money" traders outlined their best ideas moving forward.
Major averages rose more than 2 percent each after the Bank of Japan adopted a negative interest rate policy. The promising day put an end to a rough month in which the S&P 500(INDEX: .SPX)fell about 5 percent.
Traders noted that the up-and-down sessions may continue. In the current environment, "you want to buy anything with a yield," said trader Brian Kelly.
He believes the iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT)has room to climb if investors seek safer bets. Demand for the U.S. 10-year Treasury note(U.S.: US10Y)has already sent its yield 15 percent lower this year, and it lingered near 1.9 percent on Friday.
Trader Dan Nathan also stressed that yield is crucial currently. He previously had long trades in Verizon(NYSE: VZ)and the Utilities Select Sector SPDR Fund(NYSE Arca: XLU), which he sold after the prices of both rose this year.
The Market Vectors Gold Miners ETF(NYSE Arca: GDX)has also beaten markets this year, rising 3.6 percent. In that period, the price of gold futures has climbed more than 5 percent.
"Something's going on with gold miners to the upside," trader Guy Adami said.
Trader Tim Seymour would sell emerging market stocks on strength. The iShares MSCI Emerging Markets ETF(NYSE Arca: EEM)rose more than 3 percent Friday, but Seymour sees "major structural problems" in emerging economies and said he would sell out of the fund.
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, BAC, DO, FCX, INTC, IWM, NKE, T, XOM. Tim's firm is long BABA, BIDU, IWM, PEP, SAVE, SBUX, VALE, WMT.
Dan Nathan
Dan is long WMT Feb put spread, long PFE buy-write, long TWTR, long TLT Apr risk reversal, long XLP put spread.
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, Hong Kong Dollar, UBS, SPY, Yuan.
Guy Adami
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Surprising Gift Offered to Bitcoin Sellers at Coin Reverse Inc.: Coin Reverse Inc. Is Now Offering Engraved Bitcoin to Their Customers
NEW YORK, NY / ACCESSWIRE / January 29, 2016 /Coin Reverse Inc. (http://www.coinreverse.com) has hit the charts with their latest offer on Bitcoin purchase: they're not only offering 15% more than Blockchain's official rate for each Bitcoin they purchase, but they are also putting a surprise gift on transactions amounting 10+ BTC.
CoinReverse's marketing team has gone creative enough to attach a special gift to each and every transaction amounting more than 10 BTC: they are offering a 24-karat gold coin with the Bitcoin engraved on both sides. The mechanism is simple: each customer selling over 10 BTC within one transaction is asked to provide a mailing address and the company delivers the gift via a courier.
CoinReverse's Marketing Manager Jacob Gustavo is enthusiastic with their latest gift idea, while being positive that people involved in the cryptocurrency market are definitely welcoming a jewelry-like item engraved with the Bitcoin logo, being offered to them for doing business with CoinReverse.
"In this way, we are offering our customers a somehow materialized version of this virtual, non-material coin. We think it's pretty cool to put your hands on a coin carrying the Bitcoin's logo, especially if you're passionate about the cryptocurrencies," declares Jacob Gustavo, company's Marketing Manager.
Coin Reverse Inc. is a cryptocurrency trading company based in NewYork, USA, founded and developed by few bold investment professionals who have seen the business opportunity outside the traditional capital markets and have targeted cryptocurrency trade in terms of medium and long-term investments strategy.
Business is operated in an effective manner, with a user-friendly platform and easy contact means through the company's website and via e-mail, with 24/7 assistance through a Live Chat Section offered. Payments for the trade are free of any charges on the customer's side, while the company covers all the costs involved. The most common payment methods are available: PayPal and Bank Transfer.
All the details related to the company's offer and other information, together with the contact details of the Sales Team are available on their website:http://www.coinreverse.com.
No restrictions on customers' provenience and payment destination countries or currencies are in force within the company's policy.
For more information about us, please visithttp://coinreverse.com.
Contact Info:
Name: Tom JunoOrganization: Coin Reverse Inc.Address: 1370 Broadway, 5th FloorPhone: (315) 210-8349
SOURCE:Coin Reverse Inc. || Surprising Gift Offered to Bitcoin Sellers at Coin Reverse Inc.: Coin Reverse Inc. Is Now Offering Engraved Bitcoin to Their Customers NEW YORK, NY / ACCESSWIRE / January 29, 2016 / Coin Reverse Inc. ( http://www.coinreverse.com ) has hit the charts with their latest offer on Bitcoin purchase: they're not only offering 15% more than Blockchain's official rate for each Bitcoin they purchase, but they are also putting a surprise gift on transactions amounting 10+ BTC. CoinReverse's marketing team has gone creative enough to attach a special gift to each and every transaction amounting more than 10 BTC: they are offering a 24-karat gold coin with the Bitcoin engraved on both sides. The mechanism is simple: each customer selling over 10 BTC within one transaction is asked to provide a mailing address and the company delivers the gift via a courier. CoinReverse's Marketing Manager Jacob Gustavo is enthusiastic with their latest gift idea, while being positive that people involved in the cryptocurrency market are definitely welcoming a jewelry-like item engraved with the Bitcoin logo, being offered to them for doing business with CoinReverse. "In this way, we are offering our customers a somehow materialized version of this virtual, non-material coin. We think it's pretty cool to put your hands on a coin carrying the Bitcoin's logo, especially if you're passionate about the cryptocurrencies," declares Jacob Gustavo, company's Marketing Manager. Coin Reverse Inc. is a cryptocurrency trading company based in NewYork, USA, founded and developed by few bold investment professionals who have seen the business opportunity outside the traditional capital markets and have targeted cryptocurrency trade in terms of medium and long-term investments strategy. Business is operated in an effective manner, with a user-friendly platform and easy contact means through the company's website and via e-mail, with 24/7 assistance through a Live Chat Section offered. Payments for the trade are free of any charges on the customer's side, while the company covers all the costs involved. The most common payment methods are available: PayPal and Bank Transfer. Story continues All the details related to the company's offer and other information, together with the contact details of the Sales Team are available on their website: http://www.coinreverse.com . No restrictions on customers' provenience and payment destination countries or currencies are in force within the company's policy. For more information about us, please visit http://coinreverse.com . Contact Info: Name: Tom Juno Organization: Coin Reverse Inc. Address: 1370 Broadway, 5th Floor Phone: (315) 210-8349 SOURCE: Coin Reverse Inc. || Surprising Gift Offered to Bitcoin Sellers at Coin Reverse Inc.: Coin Reverse Inc. Is Now Offering Engraved Bitcoin to Their Customers
NEW YORK, NY / ACCESSWIRE / January 29, 2016 /Coin Reverse Inc. (http://www.coinreverse.com) has hit the charts with their latest offer on Bitcoin purchase: they're not only offering 15% more than Blockchain's official rate for each Bitcoin they purchase, but they are also putting a surprise gift on transactions amounting 10+ BTC.
CoinReverse's marketing team has gone creative enough to attach a special gift to each and every transaction amounting more than 10 BTC: they are offering a 24-karat gold coin with the Bitcoin engraved on both sides. The mechanism is simple: each customer selling over 10 BTC within one transaction is asked to provide a mailing address and the company delivers the gift via a courier.
CoinReverse's Marketing Manager Jacob Gustavo is enthusiastic with their latest gift idea, while being positive that people involved in the cryptocurrency market are definitely welcoming a jewelry-like item engraved with the Bitcoin logo, being offered to them for doing business with CoinReverse.
"In this way, we are offering our customers a somehow materialized version of this virtual, non-material coin. We think it's pretty cool to put your hands on a coin carrying the Bitcoin's logo, especially if you're passionate about the cryptocurrencies," declares Jacob Gustavo, company's Marketing Manager.
Coin Reverse Inc. is a cryptocurrency trading company based in NewYork, USA, founded and developed by few bold investment professionals who have seen the business opportunity outside the traditional capital markets and have targeted cryptocurrency trade in terms of medium and long-term investments strategy.
Business is operated in an effective manner, with a user-friendly platform and easy contact means through the company's website and via e-mail, with 24/7 assistance through a Live Chat Section offered. Payments for the trade are free of any charges on the customer's side, while the company covers all the costs involved. The most common payment methods are available: PayPal and Bank Transfer.
All the details related to the company's offer and other information, together with the contact details of the Sales Team are available on their website:http://www.coinreverse.com.
No restrictions on customers' provenience and payment destination countries or currencies are in force within the company's policy.
For more information about us, please visithttp://coinreverse.com.
Contact Info:
Name: Tom JunoOrganization: Coin Reverse Inc.Address: 1370 Broadway, 5th FloorPhone: (315) 210-8349
SOURCE:Coin Reverse Inc. || Sprott Out At Namesake Gold Fund As Price Collapse Takes Toll: With gold's decline, an entire precious metals industry is in peril. And Eric Sprott's just the canary in the gold mine. [This article first appeared on IndexUniverse.com and is republished here with permission.] For those of you who regularly read my stuff, you know I love to write about charts and numbers and all sorts of nerd-ery. In this blog, I'm only going to use a single chart. If you're a gold investor, you know which chart I'm talking about: Gold Prx since Fall 2011 Chart courtesy of StockCharts.com This is the nightmare chart for gold investors. The price of gold has collapsed from all-time highs of slightly more than $1,900 an ounce in fall of 2011 to near $1,235 today. Just this year, gold investors, a lot of them investing through ETFs like the SPDR Gold Trust ( GLD | A-100 ), are down almost 27 percent, while investors in the SPDR S&P 500 Trust ( SPY | A-98 ) are up 27 percent. You don't need to be a math whiz to recognize that this has been a terrible, terrible year for anyone who made a big rotation out of equities in the last few years and into the shiny stuff. And while it's easy to kick people when they are down, here's the thing: It's not just gold investors who got hammered. It's an entire industry that's been built on the back of the gold rally. Consider GLD all by itself for a moment. GLD's peak NAV in August last year was $184.59. On that day, there were 424 million shares outstanding, for net assets of more than $78 billion, with an implied annual fee due of $313 million a year. Today assets stand at just $33 billion—well under half their peak, with an implied fee base of $131 million a year. That's nearly $200 million that's leaving the GLD management ecosystem. I'm not expecting anyone to feel sorry for the poor ETF issuer here (State Street and the World Gold Council). Rather, I'm pointing out that decline in gold has made for some rather dramatic shifts in the investment economy. Consider Eric Sprott. I first came to know of Sprott when his Physical Gold Trust launched in 2010—right in the froth of the run-up—and it was being called an "ETF" by various media sources (it's not; it's a closed-end fund). At the time, I ripped it apart for tax issues, poor marketing and various other shortcomings. That's nothing to the savaging Sprott received at the hands of one of the smartest bloggers on the Web, Kid Dynamite. Kid Dynamite has made a kind of sport out of watching how Sprott's closed-end funds magically become un-closed and issue new shares when they trade to large premiums. Story continues Nothing wrong there, other than the fact that the big recipient of those nonpremium shares tended to be other Sprott funds, who could then sell them for the premium price . Nice work if you can get it. But while the various shenanigans may have worked on the way up, they've brutalized the company—and Eric Sprott—on the way down. Take their flagship closed-end gold fund, PHYS. It launched on Feb. 26, 2010. GLD investors are up 9.09 percent since then. PHYS investors are up 6.36 percent. I don't know how you leave 1 percent a year on the table when your only job is to buy gold and stick it in a vault, but there you have it. The good news (if you're actually in one of Sprott's many funds) is that Sprott himself has gotten the ax, as noted by the extraordinarily unkind headline at Business Insider this morning: " One Of The Most Famous Gold Bug Fund Managers Has Gotten Obliterated ." The Wall St. Journal article is a bit more professional—" Gold Drop Is Blow to Prominent Hedge-Fund Manager Sprott "—but makes hay out of the fact that his namesake hedge fund is down 50 percent in 2013. That takes work. In the end, Sprott's getting the boot, and being replaced by new management. There's a whole lot of that going on in gold circles: people getting the boot and making way for turnaround specialists to come in and clean up business. The gold miner industry is awash in panic: The bellwether ETF in the space, the Market Vectors Gold Miners fund ( GDX | A-54 ), is down 66.4 percent since gold's peak in 2011, and down 54.49 percent just in 2013. That collapse is driven by very real work being done in the gold miner space to deal with the collapsing gold prices. Anglo American, for instance, brought in a new CEO to help make huge cuts, effect write-downs and position the company for a longer-term business. In some sense, that's all healthier than bubble economics. But that's small solace to any investor who's actually ridden Anglo American, PHYS, GDX or GLD to the ground these past few years. Of course, the question any rational investor should ask is, What's next? And that's where it becomes very difficult to read the news. In most rational sectors of the global economy, analysts are analysts. You read the reports from agricultural experts or retail-stock experts, and they generally call things as they see them. In the precious metals space, nearly every article you get off any kind of Google search will always be telling you why "Now is the time!" It's important to remember that gold—and the entire gold investment economy—is unique. Gold, by itself, is useless and valueless. It has value only because it's scarce, and then only because enough people believe its scarcity can make it a useful medium of representing value and making transactions. Gold is, essentially, an idea that people assign value to. Lots of folks believe? It goes up. Crisis of faith? It tanks. Which makes it surprisingly similar to that other highly volatile source of questionable stored-value: Bitcoin. Maybe that's where Sprott's next adventure will take him. I'll be camped firmly on the sidelines with a bowl of popcorn. At the time this article was written, the author held no positions in the securities mentioned. Contact Dave Nadig at [email protected] . Recommended Stories Bearish Inventory Report Doesn’t Change Bullish Outlook For NatGas Record Silver Investing, Record Silver Mine Output In 2014 NatGas Tests Top End Of Price Range After Demand Soars Natural Gas Will Eventually Fall Below $3 Potential Takeover Targets In The Mining Sector Permalink | © Copyright 2016 ETF.com. All rights reserved View comments || Sprott Out At Namesake Gold Fund As Price Collapse Takes Toll: With gold's decline, an entire precious metals industry is in peril. And Eric Sprott's just the canary in the gold mine.
[This article first appeared onIndexUniverse.comand is republished here with permission.]
For those of you who regularly read my stuff, you know I love to write about charts and numbers and all sorts of nerd-ery. In this blog, I'm only going to use a single chart. If you're a gold investor, you know which chart I'm talking about:
Chart courtesy ofStockCharts.com
This is the nightmare chart for gold investors. The price of gold has collapsed from all-time highs of slightly more than $1,900 an ounce in fall of 2011 to near $1,235 today.
Just this year, gold investors, a lot of them investing through ETFs like the SPDR Gold Trust (GLD | A-100), are down almost 27 percent, while investors in the SPDR S&P 500 Trust (SPY | A-98) are up 27 percent. You don't need to be a math whiz to recognize that this has been a terrible, terrible year for anyone who made a big rotation out of equities in the last few years and into the shiny stuff.
And while it's easy to kick people when they are down, here's the thing: It's not just gold investors who got hammered. It's an entire industry that's been built on the back of the gold rally.
Consider GLD all by itself for a moment. GLD's peak NAV in August last year was $184.59. On that day, there were 424 million shares outstanding, for net assets of more than $78 billion, with an implied annual fee due of $313 million a year.
Today assets stand at just $33 billion—well under half their peak, with an implied fee base of $131 million a year. That's nearly $200 million that's leaving the GLD management ecosystem.
I'm not expecting anyone to feel sorry for the poor ETF issuer here (State Street and the World Gold Council). Rather, I'm pointing out that decline in gold has made for some rather dramatic shifts in the investment economy.
Consider Eric Sprott. I firstcame to knowof Sprott when his Physical Gold Trust launched in 2010—right in the froth of the run-up—and it was being called an "ETF" by various media sources (it's not; it's a closed-end fund). At the time, I ripped it apart for tax issues, poor marketing and various other shortcomings.
That's nothing to the savaging Sprott received at the hands of one of the smartest bloggers on the Web, Kid Dynamite. Kid Dynamite has made akind of sportout of watching how Sprott's closed-end funds magically become un-closed and issue new shares when they trade to large premiums.
Nothing wrong there, other than the fact that the big recipient of those nonpremium shares tended to be other Sprott funds,who could then sell them for the premium price. Nice work if you can get it.
But while the various shenanigans may have worked on the way up, they've brutalized the company—and Eric Sprott—on the way down. Take their flagship closed-end gold fund, PHYS. It launched on Feb. 26, 2010. GLD investors are up 9.09 percent since then. PHYS investors are up 6.36 percent. I don't knowhowyou leave 1 percent a year on the table when your only job is to buy gold and stick it in a vault, but there you have it.
The good news (if you're actually in one of Sprott's many funds) is that Sprott himself has gotten the ax, as noted by the extraordinarily unkind headline at Business Insider this morning: "One Of The Most Famous Gold Bug Fund Managers Has Gotten Obliterated." The Wall St. Journal article is a bit more professional—"Gold Drop Is Blow to Prominent Hedge-Fund Manager Sprott"—but makes hay out of the fact that his namesake hedge fund is down 50 percent in 2013. That takes work.
In the end, Sprott's getting the boot, and being replaced by new management.
There's a whole lot of that going on in gold circles: people getting the boot and making way for turnaround specialists to come in and clean up business. The gold miner industry is awash in panic: The bellwether ETF in the space, the Market Vectors Gold Miners fund (GDX | A-54), is down 66.4 percent since gold's peak in 2011, and down 54.49 percent just in 2013.
That collapse is driven by very real work being done in the gold miner space to deal with the collapsing gold prices. Anglo American, for instance, brought in a new CEO to help make huge cuts, effect write-downs and position the company for a longer-term business.
In some sense, that's all healthier than bubble economics. But that's small solace to any investor who's actually ridden Anglo American, PHYS, GDX or GLD to the ground these past few years.
Of course, the question any rational investor should ask is, What's next? And that's where it becomes very difficult to read the news. In most rational sectors of the global economy, analysts are analysts.
You read the reports from agricultural experts or retail-stock experts, and they generally call things as they see them. In the precious metals space, nearly every article you get off any kind of Google search will always be telling you why "Now is the time!"
It's important to remember that gold—and the entire gold investment economy—is unique. Gold, by itself, is useless and valueless. It has value only because it's scarce, and then only because enough people believe its scarcity can make it a useful medium of representing value and making transactions. Gold is, essentially, an idea that people assign value to. Lots of folks believe? It goes up. Crisis of faith? It tanks.
Which makes it surprisingly similar to that other highly volatile source of questionable stored-value: Bitcoin.
Maybe that's where Sprott's next adventure will take him. I'll be camped firmly on the sidelines with a bowl of popcorn.
At the time this article was written, the author held no positions in the securities mentioned. Contact Dave Nadig [email protected].
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Permalink| © Copyright 2016ETF.com.All rights reserved || First Bitcoin Capital Corp. Signs Evaluation Agreements with Emercoin International Development Group, To Develop and Market Solutions to Provide Distributed Blockchain Services For Business and Personal Use: VANCOUVER, BC / ACCESSWIRE / January, 28, 2016 /First BITCoin Capital Corp. (BITCF) announced today that it has signed an evaluation agreement with Emercoin International Development Group, a leader in solutions to provide distributed blockchain services for business and personal use. First BITCoin has signed certain evaluation agreements to promote Emercoin technology for wide spectrum of blockchain based technologies:
1. EMC/SSH- Secure shell management system needed by every site admin.
2. EMC/DNS- Uncensored domain name system, peering with OpenNIC.
3. EMC/LNX-- Decentralized pay-per-click advertising network.
4. EMC/SSL- System for password less authentication on the world wide web.
5. Info/Card- Storage for electronic business cards for use with EMCSSL.
6. EMC/TTS- Trusted storage for digital timestamps on the blockchain.
7. MAGNET - Distributed torrent tracker for internet file sharing.
8. EMC/DPO- Digital proof of ownership solution for physical or digital goods and services.
First BITCoin is also evaluating investing in Emercoin to support Emercoin's market expansion and acceptance worldwide.
Oleg Khovayko, Emercoin Lead Developer, said, "Key difference in Emercoin from other cryptocurrencies is that we are using blockchain not just for transfer credit values. We consider Emercoin as a technological platform for distributed, censorship–proof and scalable services. So we developed a suite of services running on top of the Emercoin blockchain that will be very useful for a lot of companies and even private persons."
In addition, our goal is provide stable, robust and easy to integrate services. Hence, our solutions are compatible with industry standards, proven their efficient and security.
"We are excited to have the opportunity to evaluate and possibly invest in EMERCOIN , especially due to their recent partnership with Microsoft Corporation (NASDAQ:MSFT) to deliver their blockchain services to the Azure cloud's Blockchain-as-a-Service marketplace, also known as BaaS Platform," the Company spokesperson said. "We are always looking for disrupting, new and promising technologies, and are ready to invest in those companies to help them to market their technology worldwide."
About EMERCOIN Group
EmerCoin (EMC) is a decentralized, open-source cryptocurrency created in late 2013 and based on technologies from Bitcoin, Namecoin and Peercoin. It utilizes both Proof-of-Work and Proof-of-Stake mining. Emercoin, a leading digital currency and blockchain platform has just partnered with Microsoft to become a member of the Azure marketplace. With demand growing for innovative, scalable blockchain services that are ready to implement, Emercoin is a natural fit for the Azure cloud platform. They have developed a robust suite of ready-to-use features that offer real world solutions for business and consumer use.
Emercoin will be delivering their suite of blockchain services into the Azure cloud later this year. This will give Azure cloud users the ability to install and make use of Emercoin's many services such as digital proof of ownership and identity, passwordless authentication on the internet, network security, the first distributed advertising network and many E-commerce solutions like the Emercoin secure micropayment service.
For more information please visitwww.Emercoin.com.
About First BITCoin Capital Corp.
First Bitcoin Capital Corp. is a development-stage Canadian-based mining company currently holding concessions of Gold in Venezuela and is developing technology for the crypto-currency industry. It is the first vertically-integrated consolidation company of the Bitcoin and crypto-currency marketplace.
The Company is developing the following digital assets
www.CoinQX.com- online cryptocurrency Exchange.
www.BITessentials.com- online shopping mall (in Beta testing) allowing multiple vendors to place their products ans sell for cryptocurrency. Company has partnered with GoCoin , A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to Blockchain currency payments including Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout.
www.iCOINews.com - Real time crypto currency news aggregator platform.
www.BITminer.cc- Mining and equipment sales for cryptocurrency miners.
The Company currently develops other innovative projects.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "plans," "anticipates," "intends," or "expects," or similar expressions or statements regarding intent, belief of current expectations used in the Company's press releases and in Disclosure Statements and Reports filed with the Over the Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof.
Contacts:
[email protected]
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp. Signs Evaluation Agreements with Emercoin International Development Group, To Develop and Market Solutions to Provide Distributed Blockchain Services For Business and Personal Use: VANCOUVER, BC / ACCESSWIRE / January, 28, 2016 /First BITCoin Capital Corp. (BITCF) announced today that it has signed an evaluation agreement with Emercoin International Development Group, a leader in solutions to provide distributed blockchain services for business and personal use. First BITCoin has signed certain evaluation agreements to promote Emercoin technology for wide spectrum of blockchain based technologies:
1. EMC/SSH- Secure shell management system needed by every site admin.
2. EMC/DNS- Uncensored domain name system, peering with OpenNIC.
3. EMC/LNX-- Decentralized pay-per-click advertising network.
4. EMC/SSL- System for password less authentication on the world wide web.
5. Info/Card- Storage for electronic business cards for use with EMCSSL.
6. EMC/TTS- Trusted storage for digital timestamps on the blockchain.
7. MAGNET - Distributed torrent tracker for internet file sharing.
8. EMC/DPO- Digital proof of ownership solution for physical or digital goods and services.
First BITCoin is also evaluating investing in Emercoin to support Emercoin's market expansion and acceptance worldwide.
Oleg Khovayko, Emercoin Lead Developer, said, "Key difference in Emercoin from other cryptocurrencies is that we are using blockchain not just for transfer credit values. We consider Emercoin as a technological platform for distributed, censorship–proof and scalable services. So we developed a suite of services running on top of the Emercoin blockchain that will be very useful for a lot of companies and even private persons."
In addition, our goal is provide stable, robust and easy to integrate services. Hence, our solutions are compatible with industry standards, proven their efficient and security.
"We are excited to have the opportunity to evaluate and possibly invest in EMERCOIN , especially due to their recent partnership with Microsoft Corporation (NASDAQ:MSFT) to deliver their blockchain services to the Azure cloud's Blockchain-as-a-Service marketplace, also known as BaaS Platform," the Company spokesperson said. "We are always looking for disrupting, new and promising technologies, and are ready to invest in those companies to help them to market their technology worldwide."
About EMERCOIN Group
EmerCoin (EMC) is a decentralized, open-source cryptocurrency created in late 2013 and based on technologies from Bitcoin, Namecoin and Peercoin. It utilizes both Proof-of-Work and Proof-of-Stake mining. Emercoin, a leading digital currency and blockchain platform has just partnered with Microsoft to become a member of the Azure marketplace. With demand growing for innovative, scalable blockchain services that are ready to implement, Emercoin is a natural fit for the Azure cloud platform. They have developed a robust suite of ready-to-use features that offer real world solutions for business and consumer use.
Emercoin will be delivering their suite of blockchain services into the Azure cloud later this year. This will give Azure cloud users the ability to install and make use of Emercoin's many services such as digital proof of ownership and identity, passwordless authentication on the internet, network security, the first distributed advertising network and many E-commerce solutions like the Emercoin secure micropayment service.
For more information please visitwww.Emercoin.com.
About First BITCoin Capital Corp.
First Bitcoin Capital Corp. is a development-stage Canadian-based mining company currently holding concessions of Gold in Venezuela and is developing technology for the crypto-currency industry. It is the first vertically-integrated consolidation company of the Bitcoin and crypto-currency marketplace.
The Company is developing the following digital assets
www.CoinQX.com- online cryptocurrency Exchange.
www.BITessentials.com- online shopping mall (in Beta testing) allowing multiple vendors to place their products ans sell for cryptocurrency. Company has partnered with GoCoin , A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to Blockchain currency payments including Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout.
www.iCOINews.com - Real time crypto currency news aggregator platform.
www.BITminer.cc- Mining and equipment sales for cryptocurrency miners.
The Company currently develops other innovative projects.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "plans," "anticipates," "intends," or "expects," or similar expressions or statements regarding intent, belief of current expectations used in the Company's press releases and in Disclosure Statements and Reports filed with the Over the Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof.
Contacts:
[email protected]
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp. Signs Evaluation Agreements with Emercoin International Development Group, To Develop and Market Solutions to Provide Distributed Blockchain Services For Business and Personal Use: VANCOUVER, BC / ACCESSWIRE / January, 28, 2016 / First BITCoin Capital Corp. ( BITCF ) announced today that it has signed an evaluation agreement with Emercoin International Development Group, a leader in solutions to provide distributed blockchain services for business and personal use. First BITCoin has signed certain evaluation agreements to promote Emercoin technology for wide spectrum of blockchain based technologies: 1. EMC/ SSH - Secure shell management system needed by every site admin. 2. EMC/ DNS - Uncensored domain name system, peering with OpenNIC. 3. EMC/ LNX- - Decentralized pay-per-click advertising network. 4. EMC/ SSL - System for password less authentication on the world wide web. 5. Info/ Card - Storage for electronic business cards for use with EMCSSL. 6. EMC /TTS - Trusted storage for digital timestamps on the blockchain. 7. MAGNET - Distributed torrent tracker for internet file sharing. 8. EMC/ DPO - Digital proof of ownership solution for physical or digital goods and services. First BITCoin is also evaluating investing in Emercoin to support Emercoin's market expansion and acceptance worldwide. Oleg Khovayko, Emercoin Lead Developer, said, "Key difference in Emercoin from other cryptocurrencies is that we are using blockchain not just for transfer credit values. We consider Emercoin as a technological platform for distributed, censorship–proof and scalable services. So we developed a suite of services running on top of the Emercoin blockchain that will be very useful for a lot of companies and even private persons." In addition, our goal is provide stable, robust and easy to integrate services. Hence, our solutions are compatible with industry standards, proven their efficient and security. "We are excited to have the opportunity to evaluate and possibly invest in EMERCOIN , especially due to their recent partnership with Microsoft Corporation (NASDAQ:MSFT) to deliver their blockchain services to the Azure cloud's Blockchain-as-a-Service marketplace, also known as BaaS Platform," the Company spokesperson said. "We are always looking for disrupting, new and promising technologies, and are ready to invest in those companies to help them to market their technology worldwide." Story continues About EMERCOIN Group EmerCoin (EMC) is a decentralized, open-source cryptocurrency created in late 2013 and based on technologies from Bitcoin, Namecoin and Peercoin. It utilizes both Proof-of-Work and Proof-of-Stake mining. Emercoin, a leading digital currency and blockchain platform has just partnered with Microsoft to become a member of the Azure marketplace. With demand growing for innovative, scalable blockchain services that are ready to implement, Emercoin is a natural fit for the Azure cloud platform. They have developed a robust suite of ready-to-use features that offer real world solutions for business and consumer use. Emercoin will be delivering their suite of blockchain services into the Azure cloud later this year. This will give Azure cloud users the ability to install and make use of Emercoin's many services such as digital proof of ownership and identity, passwordless authentication on the internet, network security, the first distributed advertising network and many E-commerce solutions like the Emercoin secure micropayment service. For more information please visit www.Emercoin.com . About First BITCoin Capital Corp. First Bitcoin Capital Corp. is a development-stage Canadian-based mining company currently holding concessions of Gold in Venezuela and is developing technology for the crypto-currency industry. It is the first vertically-integrated consolidation company of the Bitcoin and crypto-currency marketplace. The Company is developing the following digital assets www.CoinQX.com - online cryptocurrency Exchange. www.BITessentials.com - online shopping mall (in Beta testing) allowing multiple vendors to place their products ans sell for cryptocurrency. Company has partnered with GoCoin , A global leader in Blockchain payments and innovation, GoCoin was the first international platform for enabling merchants to Blockchain currency payments including Bitcoin and popular altcoins Litecoin, Dogecoin and Tether at checkout. www.iCOINews.com - Real time crypto currency news aggregator platform. www.BITminer.cc - Mining and equipment sales for cryptocurrency miners. The Company currently develops other innovative projects. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release includes various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "believes," "plans," "anticipates," "intends," or "expects," or similar expressions or statements regarding intent, belief of current expectations used in the Company's press releases and in Disclosure Statements and Reports filed with the Over the Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve risks and uncertainties. Although the Company believes its expectations are based upon reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurances that actual results will not differ materially from expected results. The Company cautions that these and similar statements included in this report are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. Contacts: [email protected] bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Blockchain Gets A Much-Needed Stamp Of Approval: Finance firmGoldman Sachs Group Inc(NYSE:GS) has become a pillar of the financial sector with traders looking to the bank's advice for everything from investing to saving. For that reason, Goldman Sachs Director Don Duet'spositive remarksregarding blockchain could be a catalyst for the technology's success.
Blockchain Potential
Bitcoin has had a rough ride over the past year, as many of the coin's users suffered losses due to volatile prices and exchange collapses.
However, the technology that bitcoin runs on – a ledger-like system called blockchain – has been gaining momentum. This is especially true in the financial sector, where banks say blockchain could improve their operations and make things like cross-border payments more streamlined.
Related Link:Blockchain Moves Forward In The Financial Industry
Using Blockchain
Earlier this month, Duet commented on blockchain, saying that he sees the technology as both exciting and groundbreaking. He said blockchain systems have the potential to revolutionize banking operations and the technology could help banks share information and conduct asset transfers more easily and securely.
A Single Truth
Duet said blockchain provides banks with a "single truth," meaning that it creates one constant system that all banks can use. One of the problems with the banking sector as it currently stands, he said, is that every bank is operating with different systems and protocols.
Because of this, banks have to spend a lot of time reconciling differences in order to conduct transactions. However, using blockchain could change all of that by providing banks with one single ledger updated with each transaction.
A Bright Future
While Duet's comments were general in nature, many saw his optimism regarding blockchain as a positive sign for the future. Banks like Goldman Sachs,Morgan Stanley(NYSE:MS) andCitigroup Inc(NYSE:C) have been exploring how blockchain might fit into their operations in recent months, and Duet's remarks suggest the outlook is promising.
See more from Benzinga
• Can Bank Stocks Recover?
• Banks' Earnings Tell A Tale Of Cost Cutting
• Is Bank Of America Ripe For A Turnaround?
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Gets A Much-Needed Stamp Of Approval: Finance firm Goldman Sachs Group Inc (NYSE: GS ) has become a pillar of the financial sector with traders looking to the bank's advice for everything from investing to saving. For that reason, Goldman Sachs Director Don Duet's positive remarks regarding blockchain could be a catalyst for the technology's success. Blockchain Potential Bitcoin has had a rough ride over the past year, as many of the coin's users suffered losses due to volatile prices and exchange collapses. However, the technology that bitcoin runs on – a ledger-like system called blockchain – has been gaining momentum. This is especially true in the financial sector, where banks say blockchain could improve their operations and make things like cross-border payments more streamlined. Related Link: Blockchain Moves Forward In The Financial Industry Using Blockchain Earlier this month, Duet commented on blockchain, saying that he sees the technology as both exciting and groundbreaking. He said blockchain systems have the potential to revolutionize banking operations and the technology could help banks share information and conduct asset transfers more easily and securely. A Single Truth Duet said blockchain provides banks with a "single truth," meaning that it creates one constant system that all banks can use. One of the problems with the banking sector as it currently stands, he said, is that every bank is operating with different systems and protocols. Because of this, banks have to spend a lot of time reconciling differences in order to conduct transactions. However, using blockchain could change all of that by providing banks with one single ledger updated with each transaction. A Bright Future While Duet's comments were general in nature, many saw his optimism regarding blockchain as a positive sign for the future. Banks like Goldman Sachs, Morgan Stanley (NYSE: MS ) and Citigroup Inc (NYSE: C ) have been exploring how blockchain might fit into their operations in recent months, and Duet's remarks suggest the outlook is promising. See more from Benzinga Can Bank Stocks Recover? Banks' Earnings Tell A Tale Of Cost Cutting Is Bank Of America Ripe For A Turnaround? © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bank of America is going big on blockchain: Bank of America(NYSE: BAC)is trying to steal a march on the latest developments in the technology behind digital currency bitcoin(: BTC=)by loading up on blockchain-related patents.
Blockchain works like a huge, decentralized ledger for the digital currency bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with.
Major financial institutions -- including theBank of England-- have released a number of notes over the last year on the potential of the technology and have created teams within their organizations to look into how to develop the cryptocurrency.
But Bank of America is going one step further by attempting to patent some of the use cases of the technology. The company has already filed for 15 blockchain-related patents and is currently in the process of drafting another 20 to be submitted to the U.S. Patents and Trademark Office (USPTO) later this month, a spokesperson told CNBC on Wednesday.
"Blockchain's very intriguing and for us it's a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application where the commercial application is still very unclear as a technologist, the technology is fascinating," Catherine Bessant, the chief operations and technology office at Bank of America, said during a CNBC event at Davos last week.
"And we have tried to stay on the forefront, I think we have somewhere around 15 patents, most people would be surprised at Bank of America with patents in the blockchain or cryptocurrency space. (It's) very important in the intellectual property world to reserve our spot even before we know what the commercial application might be."
In December, the United States Patent and Trademark Office (USPTO) published 10 of Bank of America's applications. The USPTO publishes patent applications 18 months after they're filed. But the latest information shows that the number of patents Bank of America has filed for and is looking to apply for is much higher.
Bank of America patents published by the USPTO showed proposals for a "cryptocurrency risk detection system" and "suspicious user alert system" among others. These patents have not yet been granted.
The technology might be some years off before becoming mainstream for banks, but institutions are taking a collaborative approach to the technology, working with start-ups and even rival lenders. A consortium of more than 25 banks, led by fintech (financial technology) company R3, is currentlydeveloping a frameworkfor applying blockchain technology to markets.
Last year, Goldman Sachs released a note that saidblockchain could "change everything"while banks from Barclays to UBS explained how the technology could be used in areas from remittances to drawing up contracts.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bank of America is going big on blockchain: Bank of America (NYSE: BAC) is trying to steal a march on the latest developments in the technology behind digital currency bitcoin (: BTC=) by loading up on blockchain-related patents. Blockchain works like a huge, decentralized ledger for the digital currency bitcoin which records every transaction and stores this information on a global network so it cannot be tampered with. Major financial institutions -- including the Bank of England -- have released a number of notes over the last year on the potential of the technology and have created teams within their organizations to look into how to develop the cryptocurrency. But Bank of America is going one step further by attempting to patent some of the use cases of the technology. The company has already filed for 15 blockchain-related patents and is currently in the process of drafting another 20 to be submitted to the U.S. Patents and Trademark Office (USPTO) later this month, a spokesperson told CNBC on Wednesday. "Blockchain's very intriguing and for us it's a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application where the commercial application is still very unclear as a technologist, the technology is fascinating," Catherine Bessant, the chief operations and technology office at Bank of America, said during a CNBC event at Davos last week. "And we have tried to stay on the forefront, I think we have somewhere around 15 patents, most people would be surprised at Bank of America with patents in the blockchain or cryptocurrency space. (It's) very important in the intellectual property world to reserve our spot even before we know what the commercial application might be." In December, the United States Patent and Trademark Office (USPTO) published 10 of Bank of America's applications. The USPTO publishes patent applications 18 months after they're filed. But the latest information shows that the number of patents Bank of America has filed for and is looking to apply for is much higher. Story continues Bank of America patents published by the USPTO showed proposals for a "cryptocurrency risk detection system" and "suspicious user alert system" among others. These patents have not yet been granted. The technology might be some years off before becoming mainstream for banks, but institutions are taking a collaborative approach to the technology, working with start-ups and even rival lenders. A consortium of more than 25 banks, led by fintech (financial technology) company R3, is currently developing a framework for applying blockchain technology to markets. Last year, Goldman Sachs released a note that said blockchain could "change everything" while banks from Barclays to UBS explained how the technology could be used in areas from remittances to drawing up contracts. More From CNBC Top News and Analysis Latest News Video Personal Finance || New Ways To Trade China, Crude Oil And The Fed: You’re reading the news about China and oil . The Fed will be talking about that news and much more and making news of its own. Some traders will find ways to profit. But will you trade the news you read? Or does the cost and risk keep you on the sidelines? George Soros got a shout-out Tuesday from no less than China’s People’s Daily, considered the official paper of China’s Communist Party. China sent a rare personal warning to the man who once “broke the Bank of England” by shorting the pound and making a billion in a day, not to try short-selling the yuan. The opinion piece by a commerce ministry researcher was quite specific: “Soros's war on the renminbi and the Hong Kong dollar cannot possibly succeed...” You may agree or disagree with what Soros said in Davos about a hard landing for the yuan and Chinese stocks. You may have an opinion about where Chinese stocks are headed next. But does that mean you can turn that opinion into a trade? You might speculate on how China’s problems might affect your Apple stock. You might even try a China-based ETF, but you’d still be dependent on the skill of the fund’s manager and other factors. How to directly trade the price of a Chinese stock index yourself? Oil is another fun topic to have opinions about. I’ve heard guys talk for 10 minutes about which gas station has the cheapest price that week. Even Bloomberg Businessweek did some of that, reporting that gas is now cheaper in Houston than in Dubai for the first time since 2008. Dennis Gartman, whose “Gartman Letter” many read and some even agree with, recently said oil would not go above $44 a barrel “in his lifetime.” Mr. Gartman is in great health, so this is a long-term forecast. Some of you almost certainly disagree. Last year I made a cocky prediction on oil when it was around $70 a barrel, that it would be under $45 by August. The cocky part was that I made it to a friend who worked for Koch Industries and knew petroleum up close and personal. When I was proven right, I gloated for a few minutes, but not much. Because I didn’t trade that prediction. I’ve traded for 18 years, but I took a pass on crude even when I was confident. Trading crude futures or even options was more risk than I wanted to take on just then. Story continues FOMC meeting week is usually a time for wide-ranging discussions. While the Fed is talking, so is everyone else, it seems. And when the Fed is done, they often move many markets and the US and other economies with their opinions. Stock markets will have short-term reactions and counter-reactions. Currencies may fluctuate and so can commodities, which are priced in dollars. Traders on all these markets stand to profit. Soros has an opinion, Gartman has an opinion, the FOMC has a dozen opinions. The rest of us have valid opinions of our own, but few ways to turn those opinions into opportunities to profit. Too much capital required or too much risk involved. The Nadex binary options exchange offers a secure, CFTC-regulated, affordable new way to trade not just crude oil, but even more exotic (to US traders) markets like the China A50 stock index of China’s 50 biggest companies. Exchange-traded binary options from Nadex offer guaranteed limited risk, low fees, and thousands of contracts traded daily with great liquidity thanks to the exploding growth in the popularity. Last year, a special report in Bloomberg Businessweek called Nadex binary options “The Future of Trading” because they address the problems of cost and risk. You can start with a minimum balance of just $100, the fees are 90 cents a side or less, and you always know your maximum possible loss before you enter the trade. No worrying about stop-losses or unlimited risk. That means you, too, can trade your opinions on China’s markets. You probably won’t get called out by the People’s Daily, either. And next time you’re talking gas prices, you could pull up the Nadex app on your phone and trade crude oil for less than $100 of risk. And of course, you can trade the most popular global stock indexes, commodities, and forex pairs—all from one screen and one account. Nadex even has binaries on Bitcoin (without having to own bitcoins). And if you have an opinion on whether the Fed will raise rates this week or not, Nadex has a binary option for that. Regulated by the CFTC, with your money held in US banks, Nadex offers an innovative new way for the rest of us to find profit opportunities in all parts of the world’s markets (well, except cannabis). This information has been prepared by Nadex, a trading name of North American Derivatives Exchange, Inc., prepared by independent third parties contracted by Nadex or reproduced form third party news agencies. In addition to the disclaimer below, the material on this page does not contain an offer of, or solicitation for, a transaction in any financial instrument. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. See more from Benzinga Here's How The Rate Hike Will Affect Oil And Inflation © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Ways To Trade China, Crude Oil And The Fed: You’re reading the newsabout China and oil. The Fed will be talking about that news and much more and making news of its own. Some traders will find ways to profit. But will you trade the news you read? Or does the cost and risk keep you on the sidelines?
George Soros got a shout-out Tuesday from no less than China’s People’s Daily, considered the official paper of China’s Communist Party. China sent a rare personal warning to the man who once “broke the Bank of England” by shorting the pound and making a billion in a day, not to try short-selling the yuan. The opinion piece by a commerce ministry researcher was quite specific: “Soros's war on the renminbi and the Hong Kong dollar cannot possibly succeed...”
You may agree or disagree with what Soros said in Davos about a hard landing for the yuan and Chinese stocks. You may have an opinion about where Chinese stocks are headed next. But does that mean you can turn that opinion into a trade? You might speculate on how China’s problems might affect your Apple stock. You might even try a China-based ETF, but you’d still be dependent on the skill of the fund’s manager and other factors. How to directly trade the price of a Chinese stock index yourself?
Oil is another fun topic to have opinions about. I’ve heard guys talk for 10 minutes about which gas station has the cheapest price that week. Even Bloomberg Businessweek did some of that, reporting that gas is now cheaper in Houston than in Dubai for the first time since 2008.
Dennis Gartman, whose “Gartman Letter” many read and some even agree with, recently said oil would not go above $44 a barrel “in his lifetime.” Mr. Gartman is in great health, so this is a long-term forecast. Some of you almost certainly disagree.
Last year I made a cocky prediction on oil when it was around $70 a barrel, that it would be under $45 by August. The cocky part was that I made it to a friend who worked for Koch Industries and knew petroleum up close and personal. When I was proven right, I gloated for a few minutes, but not much. Because I didn’t trade that prediction. I’ve traded for 18 years, but I took a pass on crude even when I was confident. Trading crude futures or even options was more risk than I wanted to take on just then.
FOMC meeting week is usually a time for wide-ranging discussions. While the Fed is talking, so is everyone else, it seems. And when the Fed is done, they often move many markets and the US and other economies with their opinions. Stock markets will have short-term reactions and counter-reactions. Currencies may fluctuate and so can commodities, which are priced in dollars. Traders on all these markets stand to profit.
Soros has an opinion, Gartman has an opinion, the FOMC has a dozen opinions. The rest of us have valid opinions of our own, but few ways to turn those opinions into opportunities to profit. Too much capital required or too much risk involved.
The Nadex binary options exchange offers a secure, CFTC-regulated, affordable new way to trade not just crude oil, but even more exotic (to US traders) markets like the China A50 stock index of China’s 50 biggest companies. Exchange-traded binary options from Nadex offer guaranteed limited risk, low fees, and thousands of contracts traded daily with great liquidity thanks to the exploding growth in the popularity.
Last year, a special report in Bloomberg Businessweek called Nadex binary options “The Future of Trading” because they address the problems of cost and risk. You can start with a minimum balance of just $100, the fees are 90 cents a side or less, and you always know your maximum possible loss before you enter the trade. No worrying about stop-losses or unlimited risk.
That means you, too, can trade your opinions on China’s markets. You probably won’t get called out by the People’s Daily, either. And next time you’re talking gas prices, you could pull up the Nadex app on your phone and trade crude oil for less than $100 of risk.
And of course, you can trade the most popular global stock indexes, commodities, and forex pairs—all from one screen and one account. Nadex even has binaries on Bitcoin (without having to own bitcoins).
And if you have an opinion on whether the Fed will raise rates this week or not, Nadex has a binary option for that. Regulated by the CFTC, with your money held in US banks, Nadex offers an innovative new way for the rest of us to find profit opportunities in all parts of the world’s markets (well, except cannabis).
This information has been prepared by Nadex, a trading name of North American Derivatives Exchange, Inc., prepared by independent third parties contracted by Nadex or reproduced form third party news agencies. In addition to the disclaimer below, the material on this page does not contain an offer of, or solicitation for, a transaction in any financial instrument. Nadex accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.
See more from Benzinga
• Here's How The Rate Hike Will Affect Oil And Inflation
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
$372.04 at 00:15 UTC [24h Range: $366.53 - $378.20 Volume: 7264 BTC] || 1 BTC Price: BTC-e 376.522 USD Bitstamp 370.73 USD Coinbase 370.00 USD #btc #bitcoin 2016-02-01 15:30 pic.twitter.com/9gcGPwVy2S || 1 #BTC (#Bitcoin) quotes:
$375.29/$375.35 #Bitstamp
$377.68/$378.36 #BTCe
⇢$2.33/$3.07
$375.95/$376.00 #Coinbase
⇢$0.60/$0.71 || #RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000005
Average $1.9E-5 per #reddcoin
00:00:01 || Trade BTCtoUSD: Current price: 373.4$ $BTCUSD $btc #bitcoin ...
|
374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40.
|
[Bitcoin Technical Analysis for 2016-04-17]
Volume: 52125900, RSI (14-day): 58.39, 50-day EMA: 419.06, 200-day EMA: 381.82
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Traders: These stocks will shock in earnings: Despite seeing their best weekly performance in a month, the financials kicked off earnings season on a tepid note. The " Fast Money " traders debated what this means for earnings season, which kicks into full swing next week. Two traders agreed that investors should take a closer look at the fertilizer names. Trader Brian Kelly is keeping an eye on Potash Corporation of Saskatchewan (Toronto Stock Exchange: POT-CA) . Kelly said the stock has been under pressure and could surprise when it reports on April 28. Trader Tim Seymour agreed and said he thinks Mosaic (NYSE: MOS) is another fertilizer company to keep an eye on when it reports on May 4. Seymour explained that the stocks in this sector have been "priced for dead." Trader Guy Adami is bullish on McDonald's (NYSE: MCD) which reports before the bell on April 22. "This stock is within a whisper of its all-time high ... I think there's a good chance this stock continues to go to the next level. It's not a broken stock, but I think people continue to underestimate it," Adami explained. Disclosures: Guy Adami Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CVX, NE, OXY, RIG kids own EFA, EFG, EWJ, IJR, SPY Brian Kelly Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar, UUP; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWA, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures Tim Seymour Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || Traders: These stocks will shock in earnings: Despite seeing their best weekly performance in a month, the financials kicked off earnings season on a tepid note. The "Fast Money" traders debated what this means for earnings season, which kicks into full swing next week.
Two traders agreed that investors should take a closer look at the fertilizer names. Trader Brian Kelly is keeping an eye on Potash Corporation of Saskatchewan(Toronto Stock Exchange: POT-CA). Kelly said the stock has been under pressure and could surprise when it reports on April 28.
Trader Tim Seymour agreed and said he thinks Mosaic(NYSE: MOS)is another fertilizer company to keep an eye on when it reports on May 4. Seymour explained that the stocks in this sector have been "priced for dead."
Trader Guy Adami is bullish on McDonald's(NYSE: MCD)which reports before the bell on April 22.
"This stock is within a whisper of its all-time high ... I think there's a good chance this stock continues to go to the next level. It's not a broken stock, but I think people continue to underestimate it," Adami explained.
Disclosures:
Guy Adami
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Steve Grasso
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CVX, NE, OXY, RIG kids own EFA, EFG, EWJ, IJR, SPY
Brian Kelly
Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar, UUP; he is short Aussie Dollar, BLK, British Pound, CS, DB, Euro, EWA, EWH, FRC, Hong Kong Dollar, UBS, SPY, Yuan, 5-Year Note Futures
Tim Seymour
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN
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• Personal Finance || Bitcoin community disputes the use of 'Internet of Money': Some people in the bitcoin world—the believers still waving the flag for the leading digital currency, which is currently trading at $427—will tell you that the phrase “The Internet of Money” is widely understood as a reference to bitcoin and its underlying technology, the blockchain. But Uphold, a “cloud bank” startup that launched in 2014, will tell you it is their corporate slogan. It applied to register the phrase as its trademark for financial services back in September 2015with the US Patent & Trademark Office, and is far along in the process.
Andreas Antonopoulos doesn’t like that. The cybersecurity expert and author of "Mastering Bitcoin" has waged a war with Uphold, encouraging his 47,000 Twitter followers to help him find the earliest uses of the words “Internet of money.” Uphold’s adoption of the slogan, he tells Yahoo Finance, “perverts the meaning of the phrase.”
The law is on Uphold’s side; there’s not much Antonopoulos can do to stop Uphold from getting its registration. But of all people, Antonopoulos is a loud enemy for a fintech company to have.
To understand the complexity of this feud, we must step back and examine the two sides and their reputations in the financial tech industry.
Uphold is a “cloud money vault” that lets you convert funds between 25 different currencies or four precious metals. When it first launched, in 2014, customers had to make deposits in bitcoin, and the company had a different name: Bitreserve. It has since rebranded, and in a way, ditched association with bitcoin. Uphold customers can still deposit bitcoin or exchange other currencies to bitcoin, but they don’t need to start with bitcoin. You could deposit U.S. dollars, for example, and convert them to pesos to send money to a friend in Mexico, never dealing with bitcoin in any way.
Uphold now boasts more than $100 million in funds held in Uphold wallets, and says more than $900 million in transaction volume has been exchanged on the site. It is also part of apilot program with the Antwerp World Diamond Centrethat encourages a large portion of the world’s diamond traders to use Uphold for conversion of funds.
Uphold CEO Anthony Watson, whose resume includes executive roles at Citi (C), Wells Fargo (WFC), Barclays (BCS) and Nike (NKE), has publicly expressed doubts about bitcoin, which has not ingratiated him to the vocal community of enthusiasts with high hopes for the currency. “I’ll be surprised if bitcoin is here in five years,” he toldFortunelast year. “It’s a means to an end. The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too.” Onforums like Reddit, bitcoin believers have disparaged Watson and Uphold.
Here's why the dispute between Uphold and Antonopoulos should matter to the larger financial market: Uphold is one of many fintech companies, along with Dwolla, TransferWise, Venmo, and Xoom, to name a few, that make a similar value claim: shorter transfer times and smaller transfer fees. That has been a popular selling point of bitcoin, too—but bitcoin risks collapsing due toproblems with its own infrastructure. Meanwhile, 45 major global banks havesigned on to a consortiumto test out a form of blockchain, the technology on which bitcoin runs—but a closed version of blockchain, without bitcoin.
Antonopoulos is highly respected in bitcoin circles, but not a known name in the broader, big-business world. In March, he tweeted at Watson, “You are aware that others (e.g. myself) used the phrase ‘The Internet of Money’ in business long before you did?” He asked his followers to find the earliest uses of the phrase related to digital currency, and received many responses. He says people have used it to refer to bitcoin since 2010.
There’s just one problem with that: It likely does not matter. “The idea that it is relevant to find the first usage of the term is misguided,” says trademark attorney Martin Schwimmer, a partner at the firm Leason Ellis. “Prior art,” he says, is a concept more often applied to patents. Earlier uses of the phrase (not as a trademark) have no bearing on Uphold’s ability to register it as a trademark. Antonopoulos understand this. “Legally, it is irrelevant,” he cedes. “Morally, taking a generic phrase you didn't invent from an open community and claiming exclusivity is a slimy move.”
To be clear, Antonopoulos isn’t looking to assert exclusive rights to the phrase. But he rejects Uphold’s right to do so. (One might wonder if he is partially motivated by animosity toward a company that abandoned bitcoin; Antonopoulos says that isn't the case, and says he has an Uphold account.) “I've used the phrase for years to refer to bitcoin, long before Uphold existed,” he says, “And my use of it excluded no one.” In keeping with the spirit of bitcoin, which operates on a public, decentralized, anonymized ledger (the bitcoin blockchain), Antonopoulos believes the slogan belongs to the public. He even launched an "Internet of Money Tour" to travel around and spread the word.
So, let’s say the public agrees with him, and doesn’t believe Uphold should get to use “The Internet of the Money” as its slogan. Can it stop the company from doing so? Likely no, says trademark attorney Ed Timberlake, in part because in this case “the public,” as defined by Antonopoulos (i.e., the relatively small pool of the bitcoin community) is likely only a fraction of the group that the USPTO would define as relevant consumers. (The much larger public is still largely uninformed, and arguably uninterested, in bitcoin.) “The Trademark Office doesn’t give a huge amount of weight to a factional community, they typically have a broader view of what the relevant public is,” says Timberlake, who spent two years working at the U.S. Trademark Office.
The key question the Trademark Office will answer is whether the phrase has been so widely used that it has become diluted. Or as Timberlake puts it: When the public thinks of the phrase in the context of the financial technology sector, do people associate the phrase with Uphold?
Antonopoulos would say no, and many in the bitcoin community might say no, and perhaps the answer is no. But Uphold will probably get the registration anyway. Timberlake says the Trademark Office doesn’t so rigidly interpret the question. It's not that the office approves everything, but it leans toward approving applications for registration when the company has demonstrated some use of the trademark. The office doesn’t want to make it impossible to get approval. “No one wants the headache of mounting a federal lawsuit every time they want to assert trademark rights,” Timberlake says. “It’s not a rubber stamp, but it’s somewhere between a rubber stamp and a full lawsuit in federal court, in that there are certain things the office is in the habit of recognizing as a pretty good indication [of trademark]. But they don’t go out and talk to people to test it.”
Uphold’s use of the phrase on its web site is already a “pretty good indication” that it merits the registration, Timberlake says. “If I’m the examiner and I look at Uphold’s web site, it looks to me like they’re getting good legal advice. The phrase is there, front and center, it shows up when you Google them. They look far along enough to get the registration.”
Nonetheless, Antonopoulos says he is, “consulting with legal experts to return the phrase to open use by invalidating the trademark.” Watson, for his part, tells Yahoo Finance he has no intention of suing anyone, and has been taken aback by Antonopoulos’s aggression. An article atCoinTelegraphlast month said that Watson had “revealed his intentions to sue” Antonopoulos; that is incorrect.
Back in November, Watsonshared and praisedablog post on Medium, written by “Captain Cloud Money,” an anonymous Uphold user, that argued, “Bitcoin fails as Internet money despite being an IP-based asset, because there is no central authority backing its value.” The post appeared to suggest an awareness that the phrase had previously been used to apply to bitcoin.
Even though the odds and the law favor Uphold, getting the registration is no foregone conclusion. Uphold already appends a “TM” to the phrase on its site, but anyone can do that. Once you get a registration, you get to use the “R,” which is the real indicator of protection. “For snooty lawyer types,” Timberlake explains, the TM symbol, “can seem like small potatoes. It doesn’t have any teeth.”
Uphold seeks teeth. But Andreas Antonopoulos is making it hard to chew. For the time being, Uphold can continue to use the phrase all it wants. And so can others.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.
Read more:
How big banks are paying lip service to the blockchain
Here’s how you can invest in the blockchain
Bitcoin's biggest investor just bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || Bitcoin community disputes the use of 'Internet of Money': Some people in the bitcoin worldthe believers still waving the flag for the leading digital currency, which is currently trading at $427will tell you that the phrase The Internet of Money is widely understood as a reference to bitcoin and its underlying technology, the blockchain. But Uphold, a cloud bank startup that launched in 2014, will tell you it is their corporate slogan. It applied to register the phrase as its trademark for financial services back in September 2015 with the US Patent & Trademark Office , and is far along in the process. Andreas Antonopoulos doesnt like that. The cybersecurity expert and author of "Mastering Bitcoin" has waged a war with Uphold, encouraging his 47,000 Twitter followers to help him find the earliest uses of the words Internet of money. Upholds adoption of the slogan, he tells Yahoo Finance, perverts the meaning of the phrase. The law is on Upholds side; theres not much Antonopoulos can do to stop Uphold from getting its registration. But of all people, Antonopoulos is a loud enemy for a fintech company to have. Bitreserve, now known as @UpholdInc is in my opinion a perfect example of a trademark bully with questionable ethics https://t.co/GAYlkIEkeR AndreasMAntonopoulos (@aantonop) March 16, 2016 To understand the complexity of this feud, we must step back and examine the two sides and their reputations in the financial tech industry. Uphold is a cloud money vault that lets you convert funds between 25 different currencies or four precious metals. When it first launched, in 2014, customers had to make deposits in bitcoin, and the company had a different name: Bitreserve. It has since rebranded, and in a way, ditched association with bitcoin. Uphold customers can still deposit bitcoin or exchange other currencies to bitcoin, but they dont need to start with bitcoin. You could deposit U.S. dollars, for example, and convert them to pesos to send money to a friend in Mexico, never dealing with bitcoin in any way. Story continues Uphold now boasts more than $100 million in funds held in Uphold wallets, and says more than $900 million in transaction volume has been exchanged on the site. It is also part of a pilot program with the Antwerp World Diamond Centre that encourages a large portion of the worlds diamond traders to use Uphold for conversion of funds. Uphold CEO Anthony Watson, whose resume includes executive roles at Citi ( C ), Wells Fargo ( WFC ), Barclays ( BCS ) and Nike ( NKE ), has publicly expressed doubts about bitcoin, which has not ingratiated him to the vocal community of enthusiasts with high hopes for the currency. Ill be surprised if bitcoin is here in five years, he told Fortune last year. Its a means to an end. The value of bitcoin isnt the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too. On forums like Reddit , bitcoin believers have disparaged Watson and Uphold. From Uphold's web site Here's why the dispute between Uphold and Antonopoulos should matter to the larger financial market: Uphold is one of many fintech companies, along with Dwolla, TransferWise, Venmo, and Xoom, to name a few, that make a similar value claim: shorter transfer times and smaller transfer fees. That has been a popular selling point of bitcoin, toobut bitcoin risks collapsing due to problems with its own infrastructure . Meanwhile, 45 major global banks have signed on to a consortium to test out a form of blockchain, the technology on which bitcoin runsbut a closed version of blockchain, without bitcoin. Anthony Watson -- AP Antonopoulos is highly respected in bitcoin circles, but not a known name in the broader, big-business world. In March, he tweeted at Watson, You are aware that others (e.g. myself) used the phrase The Internet of Money in business long before you did? He asked his followers to find the earliest uses of the phrase related to digital currency, and received many responses. He says people have used it to refer to bitcoin since 2010. Theres just one problem with that: It likely does not matter. The idea that it is relevant to find the first usage of the term is misguided, says trademark attorney Martin Schwimmer, a partner at the firm Leason Ellis. Prior art, he says, is a concept more often applied to patents. Earlier uses of the phrase (not as a trademark) have no bearing on Upholds ability to register it as a trademark. Antonopoulos understand this. Legally, it is irrelevant, he cedes. Morally, taking a generic phrase you didn't invent from an open community and claiming exclusivity is a slimy move. To be clear, Antonopoulos isnt looking to assert exclusive rights to the phrase. But he rejects Upholds right to do so. (One might wonder if he is partially motivated by animosity toward a company that abandoned bitcoin; Antonopoulos says that isn't the case, and says he has an Uphold account.) I've used the phrase for years to refer to bitcoin, long before Uphold existed, he says, And my use of it excluded no one. In keeping with the spirit of bitcoin, which operates on a public, decentralized, anonymized ledger ( the bitcoin blockchain ), Antonopoulos believes the slogan belongs to the public. He even launched an "Internet of Money Tour" to travel around and spread the word. So, lets say the public agrees with him, and doesnt believe Uphold should get to use The Internet of the Money as its slogan. Can it stop the company from doing so? Likely no, says trademark attorney Ed Timberlake, in part because in this case the public, as defined by Antonopoulos (i.e., the relatively small pool of the bitcoin community) is likely only a fraction of the group that the USPTO would define as relevant consumers. (The much larger public is still largely uninformed, and arguably uninterested, in bitcoin.) The Trademark Office doesnt give a huge amount of weight to a factional community, they typically have a broader view of what the relevant public is, says Timberlake, who spent two years working at the U.S. Trademark Office. The key question the Trademark Office will answer is whether the phrase has been so widely used that it has become diluted. Or as Timberlake puts it: When the public thinks of the phrase in the context of the financial technology sector, do people associate the phrase with Uphold? Andreas Antonopoulos (courtesy Antonopoulos.com) Antonopoulos would say no, and many in the bitcoin community might say no, and perhaps the answer is no. But Uphold will probably get the registration anyway. Timberlake says the Trademark Office doesnt so rigidly interpret the question. It's not that the office approves everything, but it leans toward approving applications for registration when the company has demonstrated some use of the trademark. The office doesnt want to make it impossible to get approval. No one wants the headache of mounting a federal lawsuit every time they want to assert trademark rights, Timberlake says. Its not a rubber stamp, but its somewhere between a rubber stamp and a full lawsuit in federal court, in that there are certain things the office is in the habit of recognizing as a pretty good indication [of trademark]. But they dont go out and talk to people to test it. Upholds use of the phrase on its web site is already a pretty good indication that it merits the registration, Timberlake says. If Im the examiner and I look at Upholds web site, it looks to me like theyre getting good legal advice. The phrase is there, front and center, it shows up when you Google them. They look far along enough to get the registration. Nonetheless, Antonopoulos says he is, consulting with legal experts to return the phrase to open use by invalidating the trademark. Watson, for his part, tells Yahoo Finance he has no intention of suing anyone, and has been taken aback by Antonopouloss aggression. An article at CoinTelegraph last month said that Watson had revealed his intentions to sue Antonopoulos; that is incorrect. . @AnthonyWatson Andreas is a vital fig. in t. #Bitcoin community, if U haven't heard of him b4 u prob. haven't heard of Bitcoin either. Emile Schultz (@SchultzEmile) March 15, 2016 Back in November, Watson shared and praised a blog post on Medium , written by Captain Cloud Money, an anonymous Uphold user, that argued, Bitcoin fails as Internet money despite being an IP-based asset, because there is no central authority backing its value. The post appeared to suggest an awareness that the phrase had previously been used to apply to bitcoin. Even though the odds and the law favor Uphold, getting the registration is no foregone conclusion. Uphold already appends a TM to the phrase on its site, but anyone can do that. Once you get a registration, you get to use the R, which is the real indicator of protection. For snooty lawyer types, Timberlake explains, the TM symbol, can seem like small potatoes. It doesnt have any teeth. Uphold seeks teeth. But Andreas Antonopoulos is making it hard to chew. For the time being, Uphold can continue to use the phrase all it wants. And so can others. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: How big banks are paying lip service to the blockchain Heres how you can invest in the blockchain Bitcoin's biggest investor just bought its biggest news site Here's a sign that PayPal is embracing Bitcoin || Bitcoin community disputes the use of 'Internet of Money': Some people in the bitcoin world—the believers still waving the flag for the leading digital currency, which is currently trading at $427—will tell you that the phrase “The Internet of Money” is widely understood as a reference to bitcoin and its underlying technology, the blockchain. But Uphold, a “cloud bank” startup that launched in 2014, will tell you it is their corporate slogan. It applied to register the phrase as its trademark for financial services back in September 2015with the US Patent & Trademark Office, and is far along in the process.
Andreas Antonopoulos doesn’t like that. The cybersecurity expert and author of "Mastering Bitcoin" has waged a war with Uphold, encouraging his 47,000 Twitter followers to help him find the earliest uses of the words “Internet of money.” Uphold’s adoption of the slogan, he tells Yahoo Finance, “perverts the meaning of the phrase.”
The law is on Uphold’s side; there’s not much Antonopoulos can do to stop Uphold from getting its registration. But of all people, Antonopoulos is a loud enemy for a fintech company to have.
To understand the complexity of this feud, we must step back and examine the two sides and their reputations in the financial tech industry.
Uphold is a “cloud money vault” that lets you convert funds between 25 different currencies or four precious metals. When it first launched, in 2014, customers had to make deposits in bitcoin, and the company had a different name: Bitreserve. It has since rebranded, and in a way, ditched association with bitcoin. Uphold customers can still deposit bitcoin or exchange other currencies to bitcoin, but they don’t need to start with bitcoin. You could deposit U.S. dollars, for example, and convert them to pesos to send money to a friend in Mexico, never dealing with bitcoin in any way.
Uphold now boasts more than $100 million in funds held in Uphold wallets, and says more than $900 million in transaction volume has been exchanged on the site. It is also part of apilot program with the Antwerp World Diamond Centrethat encourages a large portion of the world’s diamond traders to use Uphold for conversion of funds.
Uphold CEO Anthony Watson, whose resume includes executive roles at Citi (C), Wells Fargo (WFC), Barclays (BCS) and Nike (NKE), has publicly expressed doubts about bitcoin, which has not ingratiated him to the vocal community of enthusiasts with high hopes for the currency. “I’ll be surprised if bitcoin is here in five years,” he toldFortunelast year. “It’s a means to an end. The value of bitcoin isn’t the currency, but the technology. I think once the world becomes more accustomed and attuned to the platform of bitcoin, the noise will go away, and the currency will go away too.” Onforums like Reddit, bitcoin believers have disparaged Watson and Uphold.
Here's why the dispute between Uphold and Antonopoulos should matter to the larger financial market: Uphold is one of many fintech companies, along with Dwolla, TransferWise, Venmo, and Xoom, to name a few, that make a similar value claim: shorter transfer times and smaller transfer fees. That has been a popular selling point of bitcoin, too—but bitcoin risks collapsing due toproblems with its own infrastructure. Meanwhile, 45 major global banks havesigned on to a consortiumto test out a form of blockchain, the technology on which bitcoin runs—but a closed version of blockchain, without bitcoin.
Antonopoulos is highly respected in bitcoin circles, but not a known name in the broader, big-business world. In March, he tweeted at Watson, “You are aware that others (e.g. myself) used the phrase ‘The Internet of Money’ in business long before you did?” He asked his followers to find the earliest uses of the phrase related to digital currency, and received many responses. He says people have used it to refer to bitcoin since 2010.
There’s just one problem with that: It likely does not matter. “The idea that it is relevant to find the first usage of the term is misguided,” says trademark attorney Martin Schwimmer, a partner at the firm Leason Ellis. “Prior art,” he says, is a concept more often applied to patents. Earlier uses of the phrase (not as a trademark) have no bearing on Uphold’s ability to register it as a trademark. Antonopoulos understand this. “Legally, it is irrelevant,” he cedes. “Morally, taking a generic phrase you didn't invent from an open community and claiming exclusivity is a slimy move.”
To be clear, Antonopoulos isn’t looking to assert exclusive rights to the phrase. But he rejects Uphold’s right to do so. (One might wonder if he is partially motivated by animosity toward a company that abandoned bitcoin; Antonopoulos says that isn't the case, and says he has an Uphold account.) “I've used the phrase for years to refer to bitcoin, long before Uphold existed,” he says, “And my use of it excluded no one.” In keeping with the spirit of bitcoin, which operates on a public, decentralized, anonymized ledger (the bitcoin blockchain), Antonopoulos believes the slogan belongs to the public. He even launched an "Internet of Money Tour" to travel around and spread the word.
So, let’s say the public agrees with him, and doesn’t believe Uphold should get to use “The Internet of the Money” as its slogan. Can it stop the company from doing so? Likely no, says trademark attorney Ed Timberlake, in part because in this case “the public,” as defined by Antonopoulos (i.e., the relatively small pool of the bitcoin community) is likely only a fraction of the group that the USPTO would define as relevant consumers. (The much larger public is still largely uninformed, and arguably uninterested, in bitcoin.) “The Trademark Office doesn’t give a huge amount of weight to a factional community, they typically have a broader view of what the relevant public is,” says Timberlake, who spent two years working at the U.S. Trademark Office.
The key question the Trademark Office will answer is whether the phrase has been so widely used that it has become diluted. Or as Timberlake puts it: When the public thinks of the phrase in the context of the financial technology sector, do people associate the phrase with Uphold?
Antonopoulos would say no, and many in the bitcoin community might say no, and perhaps the answer is no. But Uphold will probably get the registration anyway. Timberlake says the Trademark Office doesn’t so rigidly interpret the question. It's not that the office approves everything, but it leans toward approving applications for registration when the company has demonstrated some use of the trademark. The office doesn’t want to make it impossible to get approval. “No one wants the headache of mounting a federal lawsuit every time they want to assert trademark rights,” Timberlake says. “It’s not a rubber stamp, but it’s somewhere between a rubber stamp and a full lawsuit in federal court, in that there are certain things the office is in the habit of recognizing as a pretty good indication [of trademark]. But they don’t go out and talk to people to test it.”
Uphold’s use of the phrase on its web site is already a “pretty good indication” that it merits the registration, Timberlake says. “If I’m the examiner and I look at Uphold’s web site, it looks to me like they’re getting good legal advice. The phrase is there, front and center, it shows up when you Google them. They look far along enough to get the registration.”
Nonetheless, Antonopoulos says he is, “consulting with legal experts to return the phrase to open use by invalidating the trademark.” Watson, for his part, tells Yahoo Finance he has no intention of suing anyone, and has been taken aback by Antonopoulos’s aggression. An article atCoinTelegraphlast month said that Watson had “revealed his intentions to sue” Antonopoulos; that is incorrect.
Back in November, Watsonshared and praisedablog post on Medium, written by “Captain Cloud Money,” an anonymous Uphold user, that argued, “Bitcoin fails as Internet money despite being an IP-based asset, because there is no central authority backing its value.” The post appeared to suggest an awareness that the phrase had previously been used to apply to bitcoin.
Even though the odds and the law favor Uphold, getting the registration is no foregone conclusion. Uphold already appends a “TM” to the phrase on its site, but anyone can do that. Once you get a registration, you get to use the “R,” which is the real indicator of protection. “For snooty lawyer types,” Timberlake explains, the TM symbol, “can seem like small potatoes. It doesn’t have any teeth.”
Uphold seeks teeth. But Andreas Antonopoulos is making it hard to chew. For the time being, Uphold can continue to use the phrase all it wants. And so can others.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.
Read more:
How big banks are paying lip service to the blockchain
Here’s how you can invest in the blockchain
Bitcoin's biggest investor just bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || IONOMY, New Gaming Platform Seeks to Entice Mobile Gamers and Developers Into Digital Currency, Launches Initial Coin Offering for New Currency "ION": SINGAPORE--(Marketwired - April 15, 2016) -ionomy (www.ionomy.com), a gaming and blockchain cryptocurrency startup, on April 4, 2016, announced its new gaming, investment, and digital currency platform, ionomy.com.
With its revolutionary digital currency, ION, at the center of the "ionomy," the company seeks to ease cryptocurrency adoption through mobile gaming and social activities. Revenues from the platform provide continuous support to the development of ionomy.com, ION, and expansion of its innovative "Static Proof of Stake" network.
After securing initial funding of $125,000 through an initial crowdsale offering in November of 2015, the ionomy team built the foundational ionomy.com platform and developed the new blockchain based digital currency.
ionomy has additionally announced an initial coin offering (ICO) for ION, and seeks to raise approximately $500,000 of additional funding for this round of development and deployment. Enhancements include new game releases for mobile platforms, deployment of the trading and earning system (Stakers), and deployment and support of the core blockchain cryptocurrency, ION.
ionomy launched the ICO campaign on April 4, 2016 and has already sold over half of the initial 5 million ION that have been offered at a starting price of $0.20/ION. The price of ion is on a rising scale and increases in increments of $0.01 weekly until the conclusion on May 16, 2016:
• An initial supply of 10.9 million ION has been established with 5 million dedicated to the ICO, the remaining divided between platform and development incentives, and bounties.
• ION is built upon the latest proof-of-stake 3.0 technology based on Blackcoin's core and innovates by adding masternodes (transaction facilitators) similar to Dash.
By leveraging company holdings and pooling user deposited ION into a product named "Stakers," the company can offer users higher than local wallet staking returns by effectively creating a large masternode and staking pool. A traditional cryptocurrency wallet or QT wallet will be offered on launch as well in order to allow users who prefer to manage their own wallets the option to do so.
"Many of our users can be intimidated by a QT wallet, and most prefer the simplicity of an online wallet," Richard Nelson, ionomy Support Director said, "so we made it easy for them to use the online wallet, but also get the benefits of the PoS system, including masternodes."
Stakers are products similar to Certificate of Deposits, time restricted to 3, 6, 9, and 12 months and pay a fixed rate of return for that period of time. Rates start at 10% and can, for brief periods of time, go beyond 100% through platform incentives. "Stakers are impacted by mobile gaming activity -- how much a user plays and wins, and rewards are directly tied to the rate of return on Stakers," Mark Gravina, ionomy Owner stated. "Players are able to charge their Stakers with game winnings for extra returns. It's just one of the many ways to use IONs on the platform."
"We feel the Proof of Work (PoW) model is broken," said Mark' "We're seeing now with the large Bitcoin farms in China, the arms race has gotten to the point where mining is a zero sum game."
ionomy's approach to the distributed consensus model turns traditional cryptocurrency standards upside down. "By starting semi-centralized with ionomy.com, mobile games, and social activities, then development tools and crowdfunding, we're giving the currency a real chance to establish a foothold before being adopted outward," explained Adam Matlack, COO of ionomy. He continued, "The coin is open source, but ionomy is funding development through bounties and incentives; a large portion of ICO funds are set aside just for development of ION itself."
The platform and coin will launch at the conclusion of the ICO on May 16. All coins sold in the ICO will be distributed and the blockchain will be live. Shortly after the platform and coin launch, the company's first game "Gravity" is scheduled to be released on mobile platforms.
About ionomyionomy is a digital entertainment and investment platform built around the ION coin, a digital currency. By integrating ION into mobile gaming and closely tying it to the platform, new users are introduced to cryptocurrency at their own pace.
The mobile gaming market is one of the largest growing sectors in the world. A sustainable draw to the ionomy, for both users and holders of ION, are the digital coin rewards usable for real world goods and services.
For more information please visit ionomy.com. || IONOMY, New Gaming Platform Seeks to Entice Mobile Gamers and Developers Into Digital Currency, Launches Initial Coin Offering for New Currency "ION": SINGAPORE --(Marketwired - April 15, 2016) - ionomy ( www.ionomy.com ), a gaming and blockchain cryptocurrency startup, on April 4, 2016, announced its new gaming, investment, and digital currency platform, ionomy.com. With its revolutionary digital currency, ION, at the center of the "ionomy," the company seeks to ease cryptocurrency adoption through mobile gaming and social activities. Revenues from the platform provide continuous support to the development of ionomy.com, ION, and expansion of its innovative "Static Proof of Stake" network. After securing initial funding of $125,000 through an initial crowdsale offering in November of 2015, the ionomy team built the foundational ionomy.com platform and developed the new blockchain based digital currency. ionomy has additionally announced an initial coin offering (ICO) for ION, and seeks to raise approximately $500,000 of additional funding for this round of development and deployment. Enhancements include new game releases for mobile platforms, deployment of the trading and earning system (Stakers), and deployment and support of the core blockchain cryptocurrency, ION. ionomy launched the ICO campaign on April 4, 2016 and has already sold over half of the initial 5 million ION that have been offered at a starting price of $0.20/ION. The price of ion is on a rising scale and increases in increments of $0.01 weekly until the conclusion on May 16, 2016: An initial supply of 10.9 million ION has been established with 5 million dedicated to the ICO, the remaining divided between platform and development incentives, and bounties. ION is built upon the latest proof-of-stake 3.0 technology based on Blackcoin's core and innovates by adding masternodes (transaction facilitators) similar to Dash. By leveraging company holdings and pooling user deposited ION into a product named "Stakers," the company can offer users higher than local wallet staking returns by effectively creating a large masternode and staking pool. A traditional cryptocurrency wallet or QT wallet will be offered on launch as well in order to allow users who prefer to manage their own wallets the option to do so. Story continues "Many of our users can be intimidated by a QT wallet, and most prefer the simplicity of an online wallet," Richard Nelson, ionomy Support Director said, "so we made it easy for them to use the online wallet, but also get the benefits of the PoS system, including masternodes." Stakers are products similar to Certificate of Deposits, time restricted to 3, 6, 9, and 12 months and pay a fixed rate of return for that period of time. Rates start at 10% and can, for brief periods of time, go beyond 100% through platform incentives. "Stakers are impacted by mobile gaming activity -- how much a user plays and wins, and rewards are directly tied to the rate of return on Stakers," Mark Gravina, ionomy Owner stated. "Players are able to charge their Stakers with game winnings for extra returns. It's just one of the many ways to use IONs on the platform." "We feel the Proof of Work (PoW) model is broken," said Mark' "We're seeing now with the large Bitcoin farms in China, the arms race has gotten to the point where mining is a zero sum game." ionomy's approach to the distributed consensus model turns traditional cryptocurrency standards upside down. "By starting semi-centralized with ionomy.com, mobile games, and social activities, then development tools and crowdfunding, we're giving the currency a real chance to establish a foothold before being adopted outward," explained Adam Matlack, COO of ionomy. He continued, "The coin is open source, but ionomy is funding development through bounties and incentives; a large portion of ICO funds are set aside just for development of ION itself." The platform and coin will launch at the conclusion of the ICO on May 16. All coins sold in the ICO will be distributed and the blockchain will be live. Shortly after the platform and coin launch, the company's first game "Gravity" is scheduled to be released on mobile platforms. About ionomy ionomy is a digital entertainment and investment platform built around the ION coin, a digital currency. By integrating ION into mobile gaming and closely tying it to the platform, new users are introduced to cryptocurrency at their own pace. The mobile gaming market is one of the largest growing sectors in the world. A sustainable draw to the ionomy, for both users and holders of ION, are the digital coin rewards usable for real world goods and services. For more information please visit ionomy.com. || Cash, Credit or Gold?: Is cash becoming obsolete? "Contactless" payment systems, likeApple PayandGoogle Wallet, digitize debit and credit cards in a virtual wallet, letting you pay for a variety of services and products from the convenience of your phone. Apps like PayPal’sVenmolet users send money instantly, splitting the cost of brunch or reimbursing friends for movie tickets with just a few taps. And, despiteongoing growing pains, Bitcoin, the open-source currency project, continues to live on.
Related:Why Billionaire Investor Reid Hoffman Is Betting Big on Bitcoin
The next payment frontier? Digital payments in gold. Already, the Canadian startupBitGoldis advancing the digital payment revolution with a simple mission: Help people securely acquire, store and spend gold. Customers are being offered a prepaid card for spending their gold or converting gold payments into currency at any ATM machine.
If this sounds a bit like a science fiction movie, you’re not alone in that thought. But, after years of serious credit-card hacking scandals, could customers finally be ready to say goodbye to credit cards and hello to digital payments, including BitGold? Here’s what your business needs to know about the choices of cash, credit or gold.
Each new day seems to find a new data security breach. In 2013, Target made headlines whenhackers stole credit card data from more than 40 million accounts. A federal judge later ruled thatTarget had to pay its hack victims up to $10 million.
And that's not all: Last year, an estimated 21.5 million Americans were affected by acolossal breach of government computer systems, where hackers made off with a “vast trove of personal information” that included fingerprints and Social Security numbers. The hack was believed to have originated in China, although government officials declined to pinpoint a specific perpetrator.
Related:Would You Work Out Harder If You Got Paid in Bitcoin?
With a new identity fraud victim every two seconds, 12.7 million U.S. consumers in 2014 suffered an estimated $16 billion in losses, according to the2015 Identity Fraud Studyfrom Javelin Strategy & Research. With identity theft and fraud complaints on the rise -- and the federal government seemingly unable to protect sensitive information from data breaches -- it’s natural to wonder if any payment source is safe.
Safer payments are the goal behind a contactless payment plan like Apple Pay. Apple has made a big deal out of its Apple Pay system, arguing that it’s more secure than other such systems because Apple Pay transactions are verified with a fingerprint. Apple claims that since it never reveals the card number or details to a merchant at payment, its system is more privacy-focused than others; additionally, payment is authorized using a one-time unique dynamic security code, instead of the code from the back of the card.
Card payment is tied to each device; information is never uploaded to iCloud or Apple ID accounts.
Despite these big promises, Apple Pay adoption has been slow. Consumers feel that swiping or dipping a credit card is still easier and faster, and credit card issuers have no incentive to promote Apple Pay over the standard card swipe. Breaking consumer habits can be hard, especially for financial services. Banks, for example, are still trying to sell older consumers on the security of digital check deposits via smartphone apps.
Given Apple's challenge of trying to convince consumers to pay with their iPhones, does something as extreme as digital gold payment even have a chance?
BitGold is a brand new platform offering customers the ability to pay digitally with gold. Despite the name, BitGold is much more like PayPal than bitcoin;BitGold is not a “bitcoin” backed by gold, nor is it an anonymous system. Instead, BitGold is a system that knows its customers, protects them from fraud and can reverse transactions, should fraud be detected.
BitGold is also an incredibly interesting idea. It’s founded on the belief that gold provides a neutral, natural unit of account in relation to other elements; and it’s an elemental unit of accounting for past, present and future transactions, making it a natural unit for online savings and trade in an age of global cooperation. BitGold’s chief marketing challenge is selling this belief, in tandem with its system for acquiring, storing and process gold-backed payments.
Related:It's Crucial to Keep Up With These 6 Digital Trends in 2016
While it’s still early in BitGold’s development, the possibility of paying for transactions with gold is certainly intriguing, especially in a world that’s increasingly dominated by credit card theft, rampant debt and data security breaches. The evolution of digital payments in gold is one financial trend to watch closely in months to come. And, you never know: Apple Pay may yet take off. || Cash, Credit or Gold?: Is cash becoming obsolete? "Contactless" payment systems, like Apple Pay and Google Wallet , digitize debit and credit cards in a virtual wallet, letting you pay for a variety of services and products from the convenience of your phone. Apps like PayPal’s Venmo let users send money instantly, splitting the cost of brunch or reimbursing friends for movie tickets with just a few taps. And, despite ongoing growing pains , Bitcoin, the open-source currency project, continues to live on. Related: Why Billionaire Investor Reid Hoffman Is Betting Big on Bitcoin The next payment frontier? Digital payments in gold. Already, the Canadian startup BitGold is advancing the digital payment revolution with a simple mission: Help people securely acquire, store and spend gold. Customers are being offered a prepaid card for spending their gold or converting gold payments into currency at any ATM machine. If this sounds a bit like a science fiction movie, you’re not alone in that thought. But, after years of serious credit-card hacking scandals, could customers finally be ready to say goodbye to credit cards and hello to digital payments, including BitGold? Here’s what your business needs to know about the choices of cash, credit or gold. Credit card theft and data breaches: Is any payment source safe? Each new day seems to find a new data security breach. In 2013, Target made headlines when hackers stole credit card data from more than 40 million accounts . A federal judge later ruled that Target had to pay its hack victims up to $10 million . And that's not all: Last year, an estimated 21.5 million Americans were affected by a colossal breach of government computer systems , where hackers made off with a “vast trove of personal information” that included fingerprints and Social Security numbers. The hack was believed to have originated in China, although government officials declined to pinpoint a specific perpetrator. Related: Would You Work Out Harder If You Got Paid in Bitcoin? With a new identity fraud victim every two seconds, 12.7 million U.S. consumers in 2014 suffered an estimated $16 billion in losses, according to the 2015 Identity Fraud Study from Javelin Strategy & Research. With identity theft and fraud complaints on the rise -- and the federal government seemingly unable to protect sensitive information from data breaches -- it’s natural to wonder if any payment source is safe. Story continues How one contactless system, Apple Pay, has answered the security threat. Safer payments are the goal behind a contactless payment plan like Apple Pay. Apple has made a big deal out of its Apple Pay system, arguing that it’s more secure than other such systems because Apple Pay transactions are verified with a fingerprint. Apple claims that since it never reveals the card number or details to a merchant at payment, its system is more privacy-focused than others; additionally, payment is authorized using a one-time unique dynamic security code, instead of the code from the back of the card. Card payment is tied to each device; information is never uploaded to iCloud or Apple ID accounts. Despite these big promises, Apple Pay adoption has been slow. Consumers feel that swiping or dipping a credit card is still easier and faster, and credit card issuers have no incentive to promote Apple Pay over the standard card swipe. Breaking consumer habits can be hard, especially for financial services. Banks, for example, are still trying to sell older consumers on the security of digital check deposits via smartphone apps. Given Apple's challenge of trying to convince consumers to pay with their iPhones, does something as extreme as digital gold payment even have a chance? Will 'digital payments in gold' take off? BitGold is a brand new platform offering customers the ability to pay digitally with gold. Despite the name, BitGold is much more like PayPal than bitcoin; BitGold is not a “bitcoin” backed by gold, nor is it an anonymous system . Instead, BitGold is a system that knows its customers, protects them from fraud and can reverse transactions, should fraud be detected. BitGold is also an incredibly interesting idea. It’s founded on the belief that gold provides a neutral, natural unit of account in relation to other elements; and it’s an elemental unit of accounting for past, present and future transactions, making it a natural unit for online savings and trade in an age of global cooperation. BitGold’s chief marketing challenge is selling this belief, in tandem with its system for acquiring, storing and process gold-backed payments. Related: It's Crucial to Keep Up With These 6 Digital Trends in 2016 Bottom line While it’s still early in BitGold’s development, the possibility of paying for transactions with gold is certainly intriguing, especially in a world that’s increasingly dominated by credit card theft, rampant debt and data security breaches. The evolution of digital payments in gold is one financial trend to watch closely in months to come. And, you never know: Apple Pay may yet take off. || IFAN Financial, Inc., Netclearance Systems Begin Commercial Deployment Of Smart Beacon Technology: SAN DIEGO, CA / ACCESSWIRE / April 14, 2016 /IFAN Financial, Inc. - (OTC PINK: IFAN), ("IFAN" or "the Company"), a designer, developer, and distributor of software to enable mobile payments, announced that it has begun commercial deployment of the mBeaconPay and mBeacon2 ("M2") payments technology in collaboration with its strategic partner Netclearance Systems ("Netclearance"). This deployment follows the successful completion of beta testing for these systems.
mBeaconPayis the first mobile OS agnostic cash-based payment terminal for retail, transit, gas and hospitality. The mBeaconPay supports all wireless proximity technologies such as BLE, NFC, QR and Wi-Fi in a single unit and integrates seamlessly with all point of sale system. mBeaconPay was recently nominated for Best Cash Innovation Award by PYMNTS.com, one of the leading publications in the payments and commerce industry.
ThemBeacon2is a dual transmitter beacon that engages Wi-Fi and Bluetooth LE devices in proximity. mBeacon2 is ideal for engagement applications and also can be deployed in presence applications. The mBeacon2 transmits a Wi-Fi and BLE signal simultaneously that can trigger events and engage mobile clients regardless of smartphone operating system
J. Christopher Mizer, President and CEO of IFAN Financial commented, "Our mBeaconPay and M2 represent one of the most versatile technologies in our industry. This technology is suitable for small to large scale retail operations, basically any business-to-consumer entity where the company take payments from the customer using any global currency, including Bitcoin and other virtual currencies. It integrates seamlessly with our PayX platform, offering flexible form factors, including white label and flexible power options, and is plug and play with point-of-sale terminals, while supporting multiple enterprise applications.
"mBeaconPay and M2 provide loud connectivity via Wi-Fi, Ethernet or Mesh, and have configurable power transmission and receive sensitivity. We have engineered extended battery-life into our battery powered models, lasting over 5 years without a charge, and all enjoy integrated enterprise security (AES, SHA, ECC)."
Mizer added, "The future is cashless, and we already see this in several of the smaller economies in Europe. There are over 35,000 beacon deployments in Denmark and Norway, with $28 billion in transactions processed. Combined the GDP of both nations is $847 billion, about half of which is consumer spending. This means that beacons are already handling about 5% of consumer spending there already. We look forward to demonstrating the versatility of our platform as we announce further commercial contracts that will utilize the mBeaconPay and M2 technology."
About IFAN Financial, Inc.
along with its wholly owned subsidiaries and joint ventures, design, develop, and distribute technology to enable and enhance mobile and traditional payments. The IFAN Platform consists of proximity based beacons, merchant processing, a mobile wallet, and prepaid card and debit card options. IFAN's consumer facing entity, PayX, includes a portfolio of payment solutions through the mobile optimized platform capable of facilitating on-demand payments, auto-payments, split-funded payments, proximity marketing, and spending of platform funds through a linked card. IFAN and PayX provide businesses with the world's first white label, mobile optimized platform that connects to any point of sale system and enables the next generation of marketing and payments with the capability to remit internationally. For more information, visitwww.ifanfinancial.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one of more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
IFAN Financial, Inc.Steve SchollChief Financial Officer3517 Camino del Rio SouthSuite 407San Diego, CA 92108Direct: 858-277-9868FAX: [email protected]
SOURCE:IFAN Financial, Inc. || IFAN Financial, Inc., Netclearance Systems Begin Commercial Deployment Of Smart Beacon Technology: SAN DIEGO, CA / ACCESSWIRE / April 14, 2016 / IFAN Financial, Inc. - (OTC PINK: IFAN), ("IFAN" or "the Company"), a designer, developer, and distributor of software to enable mobile payments, announced that it has begun commercial deployment of the mBeaconPay and mBeacon2 ("M2") payments technology in collaboration with its strategic partner Netclearance Systems ("Netclearance"). This deployment follows the successful completion of beta testing for these systems. mBeaconPay is the first mobile OS agnostic cash-based payment terminal for retail, transit, gas and hospitality. The mBeaconPay supports all wireless proximity technologies such as BLE, NFC, QR and Wi-Fi in a single unit and integrates seamlessly with all point of sale system. mBeaconPay was recently nominated for Best Cash Innovation Award by PYMNTS.com, one of the leading publications in the payments and commerce industry. The mBeacon2 is a dual transmitter beacon that engages Wi-Fi and Bluetooth LE devices in proximity. mBeacon2 is ideal for engagement applications and also can be deployed in presence applications. The mBeacon2 transmits a Wi-Fi and BLE signal simultaneously that can trigger events and engage mobile clients regardless of smartphone operating system J. Christopher Mizer, President and CEO of IFAN Financial commented, "Our mBeaconPay and M2 represent one of the most versatile technologies in our industry. This technology is suitable for small to large scale retail operations, basically any business-to-consumer entity where the company take payments from the customer using any global currency, including Bitcoin and other virtual currencies. It integrates seamlessly with our PayX platform, offering flexible form factors, including white label and flexible power options, and is plug and play with point-of-sale terminals, while supporting multiple enterprise applications. "mBeaconPay and M2 provide loud connectivity via Wi-Fi, Ethernet or Mesh, and have configurable power transmission and receive sensitivity. We have engineered extended battery-life into our battery powered models, lasting over 5 years without a charge, and all enjoy integrated enterprise security (AES, SHA, ECC)." Story continues Mizer added, "The future is cashless, and we already see this in several of the smaller economies in Europe. There are over 35,000 beacon deployments in Denmark and Norway, with $28 billion in transactions processed. Combined the GDP of both nations is $847 billion, about half of which is consumer spending. This means that beacons are already handling about 5% of consumer spending there already. We look forward to demonstrating the versatility of our platform as we announce further commercial contracts that will utilize the mBeaconPay and M2 technology." About IFAN Financial, Inc. along with its wholly owned subsidiaries and joint ventures, design, develop, and distribute technology to enable and enhance mobile and traditional payments. The IFAN Platform consists of proximity based beacons, merchant processing, a mobile wallet, and prepaid card and debit card options. IFAN's consumer facing entity, PayX, includes a portfolio of payment solutions through the mobile optimized platform capable of facilitating on-demand payments, auto-payments, split-funded payments, proximity marketing, and spending of platform funds through a linked card. IFAN and PayX provide businesses with the world's first white label, mobile optimized platform that connects to any point of sale system and enables the next generation of marketing and payments with the capability to remit internationally. For more information, visit www.ifanfinancial.com . Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements, including but not limited to our ability to maintain our website and associated computer systems, our ability to generate sufficient market acceptance for our products and services, our ability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission from time to time which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one of more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Contact: IFAN Financial, Inc. Steve Scholl Chief Financial Officer 3517 Camino del Rio South Suite 407 San Diego, CA 92108 Direct: 858-277-9868 FAX: 619-923-2907 [email protected] www.ifanfinancial.com SOURCE: IFAN Financial, Inc. || Former regulator turns Bitcoin tech advocate: By Mike Kentz
NEW YORK, April 13 (IFR) - Former New York state financial services chief Benjamin Lawsky may have taken a harsh view of virtual currency as a regulator, but he has begun to stump for the technology behind it.
The man accused of implementing tough regulations on Bitcoins and other online currency now heads a consultancy that is acting as an adviser and media liaison for one of the sector's major new players.
The Lawsky Group, which provides legal and strategic counsel for clients on financial regulation issues, was the press contact last week for Axoni, a blockchain technology firm.
Axoni was promoting its successful test of blockchain technology into the back office settlement process for derivatives transactions.
"We'll be doing a broad range of financial consultancy ... and some financial technology public relations," said Lawsky Group spokesman Matthew Anderson.
Anderson was spokesman for the Department of Financial Services, the state regulator where Lawsky was accused of slowing the development of virtual currencies.
Lawsky said last June he wanted to "put in place guard rails that protect consumers and root out illicit activity without stifling beneficial innovation".
Though some Bitcoin proponents welcomed the safeguards, Lawsky's about-face now that he is profiting from the technology in the private sector has miffed more than a few observers.
"I think the most interesting thing about Mr Lawsky's newest venture is that it highlights the cozy relationship between regulators and the regulated industry," Pamela Morgan, CEO of Third Key Solutions, told IFR.
Morgan, whose company consults for other companies that use digital currencies such as Bitcoin, called Lawsky's new role "crony capitalism at its finest".
Lawsky's spokesman did not respond to two requests for further detail about his work, though others saw no problem with it.
"I think it is fantastic that he has entered the private sector and continued to support the Bitcoin/blockchain space," said Adam Draper, CEO of Boost VC, a venture capital firm focused on blockchain and other virtual technologies.
Some suggest the addition of public relations brings out a strength that helped raise Lawsky's profile in the first place - his ability to interact with the media.
(Reporting by Mike Kentz; Editing by Jack Doran and Marc Carnegie) || Former regulator turns Bitcoin tech advocate: By Mike Kentz
NEW YORK, April 13 (IFR) - Former New York state financial services chief Benjamin Lawsky may have taken a harsh view of virtual currency as a regulator, but he has begun to stump for the technology behind it.
The man accused of implementing tough regulations on Bitcoins and other online currency now heads a consultancy that is acting as an adviser and media liaison for one of the sector's major new players.
The Lawsky Group, which provides legal and strategic counsel for clients on financial regulation issues, was the press contact last week for Axoni, a blockchain technology firm.
Axoni was promoting its successful test of blockchain technology into the back office settlement process for derivatives transactions.
"We'll be doing a broad range of financial consultancy ... and some financial technology public relations," said Lawsky Group spokesman Matthew Anderson.
Anderson was spokesman for the Department of Financial Services, the state regulator where Lawsky was accused of slowing the development of virtual currencies.
Lawsky said last June he wanted to "put in place guard rails that protect consumers and root out illicit activity without stifling beneficial innovation".
Though some Bitcoin proponents welcomed the safeguards, Lawsky's about-face now that he is profiting from the technology in the private sector has miffed more than a few observers.
"I think the most interesting thing about Mr Lawsky's newest venture is that it highlights the cozy relationship between regulators and the regulated industry," Pamela Morgan, CEO of Third Key Solutions, told IFR.
Morgan, whose company consults for other companies that use digital currencies such as Bitcoin, called Lawsky's new role "crony capitalism at its finest".
Lawsky's spokesman did not respond to two requests for further detail about his work, though others saw no problem with it.
"I think it is fantastic that he has entered the private sector and continued to support the Bitcoin/blockchain space," said Adam Draper, CEO of Boost VC, a venture capital firm focused on blockchain and other virtual technologies.
Some suggest the addition of public relations brings out a strength that helped raise Lawsky's profile in the first place - his ability to interact with the media.
(Reporting by Mike Kentz; Editing by Jack Doran and Marc Carnegie) || Former regulator turns Bitcoin tech advocate: By Mike Kentz NEW YORK, April 13 (IFR) - Former New York state financial services chief Benjamin Lawsky may have taken a harsh view of virtual currency as a regulator, but he has begun to stump for the technology behind it. The man accused of implementing tough regulations on Bitcoins and other online currency now heads a consultancy that is acting as an adviser and media liaison for one of the sector's major new players. The Lawsky Group, which provides legal and strategic counsel for clients on financial regulation issues, was the press contact last week for Axoni, a blockchain technology firm. Axoni was promoting its successful test of blockchain technology into the back office settlement process for derivatives transactions. "We'll be doing a broad range of financial consultancy ... and some financial technology public relations," said Lawsky Group spokesman Matthew Anderson. Anderson was spokesman for the Department of Financial Services, the state regulator where Lawsky was accused of slowing the development of virtual currencies. Lawsky said last June he wanted to "put in place guard rails that protect consumers and root out illicit activity without stifling beneficial innovation". Though some Bitcoin proponents welcomed the safeguards, Lawsky's about-face now that he is profiting from the technology in the private sector has miffed more than a few observers. "I think the most interesting thing about Mr Lawsky's newest venture is that it highlights the cozy relationship between regulators and the regulated industry," Pamela Morgan, CEO of Third Key Solutions, told IFR. Morgan, whose company consults for other companies that use digital currencies such as Bitcoin, called Lawsky's new role "crony capitalism at its finest". Lawsky's spokesman did not respond to two requests for further detail about his work, though others saw no problem with it. "I think it is fantastic that he has entered the private sector and continued to support the Bitcoin/blockchain space," said Adam Draper, CEO of Boost VC, a venture capital firm focused on blockchain and other virtual technologies. Some suggest the addition of public relations brings out a strength that helped raise Lawsky's profile in the first place - his ability to interact with the media. (Reporting by Mike Kentz; Editing by Jack Doran and Marc Carnegie) || BTC to Provide Prepaid Electricity: NASSAU, BAHAMAS--(Marketwired - Apr 13, 2016) - Metered and prepaid electricity will soon become a reality as the Bahamas Telecommunications Company (BTC) has started testing the service in Spanish Wells, Eleuthera. Prepaid metering allows customers to better manage their electricity use and bills via BTC's 4G LTE data network. BTC CEO Leon Williams said, "With this accomplishment, BTC will become the first Telecommunications Provider in the Caribbean region to leverage its network to provide smart-grid services to the utility industry. BTC's prepaid service eliminates monthly bills, disconnections, and visits to the utility office, while providing the tools necessary to save money on utilities. It's also a step ahead for utility companies who can reduce accounts receivable and transition the management of accounts to the customer." CEO at St. George's Cay Power Limited, Morris Pinder said, "We have been using the BTC prepaid metering solution for about a month now, and thus far everything is going well. In Spanish Wells we have several business owners that operate rental units and prepaid metering will be beneficial as renters will be responsible for their power usage. I'm certain that it will also be beneficial for persons that may have problems paying for electricity." Prepaid metering provides an added layer of flexibility for customers. This tech-savvy solution will use BTC's 4G LTE data network, and will allow customers to top up their accounts using their existing mobile wallet, wherever BTC top-up is available, online and via the BTC Call Center. Consumers will have the ability of monitoring their usage using their smart devices. The prepaid metering system provides notifications, letting customers know when their balances are low and prompting them to top up again. The system can also be customized to allow customers to also pay down on their existing bills. Over the next several months, BTC expects to complete its POC and extend the opportunity to local utility providers. Later this year, BTC will also work with a provider to spearhead a prepaid metering concept for water usage. Story continues About BTC BTC is the national leader in communications services in The Bahamas. The Company offers a full suite of landline, broadband and mobile solutions for residential and enterprise customers. BTC is the 2015 winner of the globally renowned sales and business development Stevie Awards. The Company captured the Silver Award for the National Sales Executive of the Year and the Bronze Award for Sales Team of the Year. BTC is also the 2015 winner of the Gold and Silver medals in the regional Association of Directory Publishers (ADP) Awards. BTC won two First Place Gold Medals for 'Excellence in Cover Design & Art - Product Branding' and 'Excellence in Cover Design & Art - Print'. The company captured the Second Place Silver Medal for 'Excellence in Print Directories'. The Company is also committed to community building and in 2015 alone has been title sponsor of several national initiatives including One Bahamas, The High School Nationals, CARIFTA Swim and Track & Field Teams, IAAF/BTC World Relays and the Bahamas Junkanoo Carnival. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992119 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992121 || BTC to Provide Prepaid Electricity: NASSAU, BAHAMAS--(Marketwired - Apr 13, 2016) - Metered and prepaid electricity will soon become a reality as the Bahamas Telecommunications Company (BTC) has started testing the service in Spanish Wells, Eleuthera. Prepaid metering allows customers to better manage their electricity use and bills via BTC's 4G LTE data network. BTC CEO Leon Williams said, "With this accomplishment, BTC will become the first Telecommunications Provider in the Caribbean region to leverage its network to provide smart-grid services to the utility industry. BTC's prepaid service eliminates monthly bills, disconnections, and visits to the utility office, while providing the tools necessary to save money on utilities. It's also a step ahead for utility companies who can reduce accounts receivable and transition the management of accounts to the customer." CEO at St. George's Cay Power Limited, Morris Pinder said, "We have been using the BTC prepaid metering solution for about a month now, and thus far everything is going well. In Spanish Wells we have several business owners that operate rental units and prepaid metering will be beneficial as renters will be responsible for their power usage. I'm certain that it will also be beneficial for persons that may have problems paying for electricity." Prepaid metering provides an added layer of flexibility for customers. This tech-savvy solution will use BTC's 4G LTE data network, and will allow customers to top up their accounts using their existing mobile wallet, wherever BTC top-up is available, online and via the BTC Call Center. Consumers will have the ability of monitoring their usage using their smart devices. The prepaid metering system provides notifications, letting customers know when their balances are low and prompting them to top up again. The system can also be customized to allow customers to also pay down on their existing bills. Over the next several months, BTC expects to complete its POC and extend the opportunity to local utility providers. Later this year, BTC will also work with a provider to spearhead a prepaid metering concept for water usage. Story continues About BTC BTC is the national leader in communications services in The Bahamas. The Company offers a full suite of landline, broadband and mobile solutions for residential and enterprise customers. BTC is the 2015 winner of the globally renowned sales and business development Stevie Awards. The Company captured the Silver Award for the National Sales Executive of the Year and the Bronze Award for Sales Team of the Year. BTC is also the 2015 winner of the Gold and Silver medals in the regional Association of Directory Publishers (ADP) Awards. BTC won two First Place Gold Medals for 'Excellence in Cover Design & Art - Product Branding' and 'Excellence in Cover Design & Art - Print'. The company captured the Second Place Silver Medal for 'Excellence in Print Directories'. The Company is also committed to community building and in 2015 alone has been title sponsor of several national initiatives including One Bahamas, The High School Nationals, CARIFTA Swim and Track & Field Teams, IAAF/BTC World Relays and the Bahamas Junkanoo Carnival. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992119 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992121 || BTC to Provide Prepaid Electricity: NASSAU, BAHAMAS--(Marketwired - Apr 13, 2016) - Metered and prepaid electricity will soon become a reality as the Bahamas Telecommunications Company (BTC) has started testing the service in Spanish Wells, Eleuthera. Prepaid metering allows customers to better manage their electricity use and bills via BTC's 4G LTE data network. BTC CEO Leon Williams said, "With this accomplishment, BTC will become the first Telecommunications Provider in the Caribbean region to leverage its network to provide smart-grid services to the utility industry. BTC's prepaid service eliminates monthly bills, disconnections, and visits to the utility office, while providing the tools necessary to save money on utilities. It's also a step ahead for utility companies who can reduce accounts receivable and transition the management of accounts to the customer." CEO at St. George's Cay Power Limited, Morris Pinder said, "We have been using the BTC prepaid metering solution for about a month now, and thus far everything is going well. In Spanish Wells we have several business owners that operate rental units and prepaid metering will be beneficial as renters will be responsible for their power usage. I'm certain that it will also be beneficial for persons that may have problems paying for electricity." Prepaid metering provides an added layer of flexibility for customers. This tech-savvy solution will use BTC's 4G LTE data network, and will allow customers to top up their accounts using their existing mobile wallet, wherever BTC top-up is available, online and via the BTC Call Center. Consumers will have the ability of monitoring their usage using their smart devices. The prepaid metering system provides notifications, letting customers know when their balances are low and prompting them to top up again. The system can also be customized to allow customers to also pay down on their existing bills. Over the next several months, BTC expects to complete its POC and extend the opportunity to local utility providers. Later this year, BTC will also work with a provider to spearhead a prepaid metering concept for water usage. Story continues About BTC BTC is the national leader in communications services in The Bahamas. The Company offers a full suite of landline, broadband and mobile solutions for residential and enterprise customers. BTC is the 2015 winner of the globally renowned sales and business development Stevie Awards. The Company captured the Silver Award for the National Sales Executive of the Year and the Bronze Award for Sales Team of the Year. BTC is also the 2015 winner of the Gold and Silver medals in the regional Association of Directory Publishers (ADP) Awards. BTC won two First Place Gold Medals for 'Excellence in Cover Design & Art - Product Branding' and 'Excellence in Cover Design & Art - Print'. The company captured the Second Place Silver Medal for 'Excellence in Print Directories'. The Company is also committed to community building and in 2015 alone has been title sponsor of several national initiatives including One Bahamas, The High School Nationals, CARIFTA Swim and Track & Field Teams, IAAF/BTC World Relays and the Bahamas Junkanoo Carnival. Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992119 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2992121 || After hospital ransomware attack, time for some blunt talk about cybersecurity: Your standard medical drama is supposed to end with a “how it happened” scene, in which doctors explain what really went wrong with the patient and how they solved it. But it doesn’t look like therecent ransomware episodeatMedStar Healthwill get that traditional resolution.
We know fromwell-sourced reportsthat the mid-Atlantic hospital chain got hit with a strain of ransomware that locked up some of its files. (In such attacks, miscreants encrypt a victim’s files and demand payment — often in the form of Bitcoin — for the decryption key.) We know that containing the problemknocked many of the hospital’s computer systems offlineandforced doctors and nurses to communicate via paper and fax.
But we don’t know how the attack happened or what MedStar did to fix it. And the Columbia, Md., company doesn’t plan to tell us.
“Based on the advice of IT, cybersecurity and law enforcement experts, MedStar will not be elaborating further on additional aspects of this malware event,” reads astatement posted on its site last week.“This is not only for the protection and security of MedStar Health, its patients and associates, but is also for the benefit of other healthcare organizations and companies.”
MedStar’s case is not unique, and neither is its subsequent silence.
In February, Hollywood Presbyterian Medical Center in Los Angelessuffered its own ransomware attack. The hospitalacknowledged that it was ransomwareand even specified the sum demanded (40 bitcoin, or about $17,000). But itprovided no hint as to how it got hackedor what it has done to thwart future attacks.
Cybersecurity experts know this secure-it-and-shut-up routine well.
“The industry status quo is not to reveal the cause of breaches,” emailedKatie Moussouris, a Washington-based security consultant. “Disclosure often only happens when action must be taken externally to apply the defense” — that is, somebody outside the organization has to change a password, patch a server, or take a system offline.
“I can’t think of any company that’s been transparent about it,” said Ars Technica’s veteran security reporterSean Gallagherin a Twitter direct message.
It’s not that corporate leaders don’t realize the importance of working with their peers: They do, but still would rather not reveal the ugly details of attacks. A recent survey of 700-plus C-suite executives by IBM Security found that while 55 percent favored more industry collaboration,68 percent were reluctant to share incident informationoutside their own firms.
Meanwhile, attackers have fewer hang-ups about talking about their tactics. “The bad guys are always better at sharing than the good guys,” emailedJeremy Epstein, a security scientist with SRI International.
Other industries aren’t as opaque in documenting their mishaps. For a particularly dramatic contrast, you could look to commercial aviation.
Any serious accident spurs an investigation by the National Transportation Safety Board, and even something as relatively minor asa flight attendant breaking a passenger’s foot with a beverage cartwarrants an NTSB writeup. The idea is to publicly identify what went wrong so nobody ever does it again — and it’s made flying an incredibly safe way to travel.
Epstein noted that this culture of safety owes something to government influence: “Airlines have more regulatory requirements to disclose.” In other business sectors, that influence is less pronounced.
But, he added, airlines themselves can still clam up about cybersecurity issues that don’t directly affect flight safety. He cited a run of flight cancellations last year that wereapparently the result of fake flight plans that pilots immediately flagged, but which airlines later vaguely labeled as “unanticipated technical problems.”
Companies and organizations are supposed to be able to share confidential information, including details of unpatched vulnerabilities, in private forums such as industry-specificInformation Sharing and Analysis Centers. For instance, airlines can team up at theAviation ISAC, while medical facilities can collaborate privately atHealthcare Ready.
So is MedStar at least documenting what went wrong in that health care forum? The hospital won’t even say that. Said spokeswoman Ann Nickels in a text message: “I have nothing further to add.”
The immediate benefit of disclosure — after you’ve patched your shop and helped peers with equally sensitive systems secure their own — is education for everybody else who might not be in the same line of work but who might be running software with the same vulnerability.
“The best way to educate the public on how to not make the same mistakes is to publicly disclose the cause of a breach,” Moussouris said. But organizations don’t have much motivation to take that first step.
And until more of them do, hopelessly vague cybersecurity storylines imply that hacks just happen — they don’t — and that we must blindly trust large corporations to fix these apparently inevitable problems. That leaves us not just unaware of security flaws that might be lurking on our own computers, but generally powerless in the entire cybersecurity debate.
Moussouris, who has helped organize such collaborative vulnerability-research initiatives asthe Defense Department’s “Hack the Pentagon” project, suggested it would take either regulation — “which can be more damaging than helpful in some cases” — or pressure from customers.
But if I or somebody in my family needs urgent care, and the closest hospital is a MedStar facility, am I going to complain about their infosec? Absolutely not. So this problem isn’t going away anytime soon.
[email protected]; follow him on Twitter at@robpegoraro. || After hospital ransomware attack, time for some blunt talk about cybersecurity: Your standard medical drama is supposed to end with a “how it happened” scene, in which doctors explain what really went wrong with the patient and how they solved it. But it doesn’t look like the recent ransomware episode at MedStar Health will get that traditional resolution. We know from well-sourced reports that the mid-Atlantic hospital chain got hit with a strain of ransomware that locked up some of its files. (In such attacks, miscreants encrypt a victim’s files and demand payment — often in the form of Bitcoin — for the decryption key.) We know that containing the problem knocked many of the hospital’s computer systems offline and forced doctors and nurses to communicate via paper and fax . But we don’t know how the attack happened or what MedStar did to fix it. And the Columbia, Md., company doesn’t plan to tell us. “Based on the advice of IT, cybersecurity and law enforcement experts, MedStar will not be elaborating further on additional aspects of this malware event,” reads a statement posted on its site last week. “This is not only for the protection and security of MedStar Health, its patients and associates, but is also for the benefit of other healthcare organizations and companies.” The sound of cybersecurity silence MedStar’s case is not unique, and neither is its subsequent silence. In February, Hollywood Presbyterian Medical Center in Los Angeles suffered its own ransomware attack . The hospital acknowledged that it was ransomware and even specified the sum demanded (40 bitcoin, or about $17,000). But it provided no hint as to how it got hacked or what it has done to thwart future attacks. Cybersecurity experts know this secure-it-and-shut-up routine well. “The industry status quo is not to reveal the cause of breaches,” emailed Katie Moussouris , a Washington-based security consultant. “Disclosure often only happens when action must be taken externally to apply the defense” — that is, somebody outside the organization has to change a password, patch a server, or take a system offline. Story continues “I can’t think of any company that’s been transparent about it,” said Ars Technica’s veteran security reporter Sean Gallagher in a Twitter direct message. It’s not that corporate leaders don’t realize the importance of working with their peers: They do, but still would rather not reveal the ugly details of attacks. A recent survey of 700-plus C-suite executives by IBM Security found that while 55 percent favored more industry collaboration, 68 percent were reluctant to share incident information outside their own firms. Meanwhile, attackers have fewer hang-ups about talking about their tactics. “The bad guys are always better at sharing than the good guys,” emailed Jeremy Epstein , a security scientist with SRI International. Different ways to disclose Other industries aren’t as opaque in documenting their mishaps. For a particularly dramatic contrast, you could look to commercial aviation. Any serious accident spurs an investigation by the National Transportation Safety Board, and even something as relatively minor as a flight attendant breaking a passenger’s foot with a beverage cart warrants an NTSB writeup. The idea is to publicly identify what went wrong so nobody ever does it again — and it’s made flying an incredibly safe way to travel. Epstein noted that this culture of safety owes something to government influence: “Airlines have more regulatory requirements to disclose.” In other business sectors, that influence is less pronounced. But, he added, airlines themselves can still clam up about cybersecurity issues that don’t directly affect flight safety. He cited a run of flight cancellations last year that were apparently the result of fake flight plans that pilots immediately flagged , but which airlines later vaguely labeled as “unanticipated technical problems.” Companies and organizations are supposed to be able to share confidential information, including details of unpatched vulnerabilities, in private forums such as industry-specific Information Sharing and Analysis Centers . For instance, airlines can team up at the Aviation ISAC , while medical facilities can collaborate privately at Healthcare Ready . So is MedStar at least documenting what went wrong in that health care forum? The hospital won’t even say that. Said spokeswoman Ann Nickels in a text message: “I have nothing further to add.” What silence really says The immediate benefit of disclosure — after you’ve patched your shop and helped peers with equally sensitive systems secure their own — is education for everybody else who might not be in the same line of work but who might be running software with the same vulnerability. “The best way to educate the public on how to not make the same mistakes is to publicly disclose the cause of a breach,” Moussouris said. But organizations don’t have much motivation to take that first step. And until more of them do, hopelessly vague cybersecurity storylines imply that hacks just happen — they don’t — and that we must blindly trust large corporations to fix these apparently inevitable problems. That leaves us not just unaware of security flaws that might be lurking on our own computers, but generally powerless in the entire cybersecurity debate. Moussouris, who has helped organize such collaborative vulnerability-research initiatives as the Defense Department’s “Hack the Pentagon” project , suggested it would take either regulation — “which can be more damaging than helpful in some cases” — or pressure from customers. But if I or somebody in my family needs urgent care, and the closest hospital is a MedStar facility, am I going to complain about their infosec? Absolutely not. So this problem isn’t going away anytime soon. Email Rob at [email protected] ; follow him on Twitter at @robpegoraro . || Microsoft Goes Deeper into Blockchain Technology with R3CV Deal: Blockchain and BMW: Microsoft Is Making Big Strides
(Continued from Prior Part)
Microsoft took its BaaS service a notch higher with R3CV partnership
Previously in this series, we discussed Microsoft (MSFT), which true to its partnership strategy in the past has partnered with R3CV to push itself ahead of its peers in the blockchain technology space.
Since late 2014, Microsoft has tested and accepted bitcoin and its foundation technology, blockchain. In late 2015, Microsoft partnered with ConsenSys and offered EBaaS (Ethereum blockchain-as-a-service) on MS Azure. This BaaS offering is designed to allow partners to interact with different technologies in a relatively low-risk environment such as smart contracts, social networking, and tax reporting services.
ConsenSys is a blockchain startup focused on Ethereum technology, which offers an alternative platform to Bitcoin. Unlike bitcoin, which was primarily designed as an exchange of digital currency, Ethereum provides a broader vision to businesses. Anything that can be digitized—including cryptocurrencies, derivatives trading, securities trading, and settlement—will be a service on Ethereum.
Primary factors driving the adoption of blockchain technology
According to McKinsey and Accenture (ACN) and as the above chart shows, the financial crisis and the increasing preference toward cryptocurrencies are the key factors that could be instrumental in the increased adoption of blockchain technology.
This explains Microsoft’s increased initiatives to cement its place in the blockchain technology space, which is bound to see increased adoption. Partnering with R3CV, as well as offering third-party blockchain offerings on Azure, could lead to Microsoft winning business from the world’s leading banks.
According to Gil Luria, an analyst at Wedbush Securities, “Microsoft continues to take a leadership position in integrating blockchain technology into its product roadmap.” Luria added, “The relationship with R3 provides Microsoft access to R3’s high-quality collection of the largest banks in the world, which is the most likely group to make early investments in implementing blockchain technology.”
Later in this series, we will discuss how blockchain technology has attracted Microsoft’s peers RedHat (RHT) and IBM (IBM).
Investors who wish to gain exposure to Microsoft could consider investing in the Technology Select Sector SPDR ETF (XLK). While XLK invests ~10.6% of its holdings in Microsoft, it also has an exposure of ~38% to application software.
Continue to Next Part
Browse this series on Market Realist:
• Part 1 - Microsoft Azure Wins a High-Profile Customer in BMW
• Part 2 - How Microsoft’s Azure Is Giving Stiff Competition to Amazon’s AWS
• Part 3 - Why Microsoft’s Partnership with R3CV Is Making News
[Social Media Buzz]
#UFOCoin #UFO $ 0.000022 (0.16 %) 0.00000005 BTC (1.00 %) || #BTA Price: Bittrex 0.00002936 BTC YoBit 0.00002402 BTC Bleutrade 0.00002392 BTC #BTA 2016-04-17 22:00 pic.twitter.com/EOTcTz5CDl || Current price of Bitcoin is $431.00. || Bittrex STV/BTC Vol.:$ 6(99.08 %) YoBit STV/BTC Vol.:$ 0(0.92 %) Cryptopia STV/BTC Vol.:$ 0(0.00 %) Cryptopia STV/DOGE Vol.:$ 0(0.00 %) || The Hardware Bitcoin Wallet. Get Trezor now for only $99 https://buytrezor.com?a=coinokbuytrezor.com/?a=coinok #btc #bitcoin 0...
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428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49.
|
[Bitcoin Technical Analysis for 2020-07-04]
Volume: 12290528515, RSI (14-day): 44.69, 50-day EMA: 9201.24, 200-day EMA: 8604.27
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Here’s How to Expand Who Contributes to Bitcoin Core: A Bitcoin Core dev and her exchange partner discuss Bitcoin and privacy and how to incentivize more developers to contribute to the protocol.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byBitstampandCrypto.com.
Related:Bitcoin News Roundup for July 6, 2020
OKCoin and BitMEX recently came together to provide a $150,000 grant to Bitcoin Core developer Amiti Uttarwar.
See also:Summer 2020 Is Funding Season for Open-Source Bitcoin Development
In this conversation, Amiti and OKCoin CEO Hong Fang discuss:
• Why OKCoin believes it is essential for companies in the space to support Bitcoin Core development
• How OKCoin and BitMEX came together around this grant
• Why Amiti is focused on the P2P layer
• Why Amiti believes bitcoin should be private by default
• Why Bitcoin Core will better serve more populations if more populations are represented in who is building it
Find our guests online:
Related:What Artists Love About Crypto
Hong FangWebsite:https://www.okcoin.comTwitter:@hfangca
Amiti UttarwarTwitter:@amizi
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• Here’s How to Expand Who Contributes to Bitcoin Core
• Here’s How to Expand Who Contributes to Bitcoin Core || Here’s How to Expand Who Contributes to Bitcoin Core: A Bitcoin Core dev and her exchange partner discuss Bitcoin and privacy and how to incentivize more developers to contribute to the protocol. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Crypto.com . Related: Bitcoin News Roundup for July 6, 2020 OKCoin and BitMEX recently came together to provide a $150,000 grant to Bitcoin Core developer Amiti Uttarwar. See also: Summer 2020 Is Funding Season for Open-Source Bitcoin Development In this conversation, Amiti and OKCoin CEO Hong Fang discuss: Why OKCoin believes it is essential for companies in the space to support Bitcoin Core development How OKCoin and BitMEX came together around this grant Why Amiti is focused on the P2P layer Why Amiti believes bitcoin should be private by default Why Bitcoin Core will better serve more populations if more populations are represented in who is building it Find our guests online: Related: What Artists Love About Crypto Hong Fang Website: https://www.okcoin.com Twitter: @hfangca Amiti Uttarwar Twitter: @amizi For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories Here’s How to Expand Who Contributes to Bitcoin Core Here’s How to Expand Who Contributes to Bitcoin Core || Here’s How to Expand Who Contributes to Bitcoin Core: A Bitcoin Core dev and her exchange partner discuss Bitcoin and privacy and how to incentivize more developers to contribute to the protocol.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byBitstampandCrypto.com.
Related:Bitcoin News Roundup for July 6, 2020
OKCoin and BitMEX recently came together to provide a $150,000 grant to Bitcoin Core developer Amiti Uttarwar.
See also:Summer 2020 Is Funding Season for Open-Source Bitcoin Development
In this conversation, Amiti and OKCoin CEO Hong Fang discuss:
• Why OKCoin believes it is essential for companies in the space to support Bitcoin Core development
• How OKCoin and BitMEX came together around this grant
• Why Amiti is focused on the P2P layer
• Why Amiti believes bitcoin should be private by default
• Why Bitcoin Core will better serve more populations if more populations are represented in who is building it
Find our guests online:
Related:What Artists Love About Crypto
Hong FangWebsite:https://www.okcoin.comTwitter:@hfangca
Amiti UttarwarTwitter:@amizi
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• Here’s How to Expand Who Contributes to Bitcoin Core
• Here’s How to Expand Who Contributes to Bitcoin Core || Search for Yield Drives Ether’s Put-Call Ratio to One-Year High: Investors’ search for yield has pushed a widely tracked ether options market metric to its highest level in 12 months. The put-call open interest ratio, which measures the number of put options open relative to call options, rose to 1.04 on Thursday, a level last seen in July 2019, according to data provider Skew , a crypto derivatives research firm. A put option gives the holder the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. Meanwhile, a call option represents a right to buy. Open interest refers to the number of contracts open at a specific time. Related: Bitcoin Rises in Line With Stocks After Dip Below $9K The metric has nearly tripled in value over the last 3.5 months and has witnessed a near 90-degree rise from 0.84 to 1.04 in the last two weeks. “Typically this implies the market is more bearish as investors are buying puts to protect their portfolios from a fall in the underlying,” said Luuk Strijers, COO at cryptocurrency exchange Deribit , the biggest crypto options exchange by trading volumes. Ether, the second-largest cryptocurrency by market value, is flashing signs of uptrend exhaustion. Prices have failed multiple times in the last few weeks to keep gains above $240. As such, some investors may have bought puts. However, in this case, the put-call open interest ratio has risen mainly due to increased selling in the put options. “In this case, market makers have long options positions while the clients are net sellers of puts,” said Strijers told CoinDesk, and added that, “clients, in this case, are generating additional yields using their ETH holdings.” Related: Traders sell (or write) put options when the market is expected to consolidate or rally. A seller receives a premium (option price) for selling insurance against the downside move. If the market remains comatose or rallies, the value of the put option sold drops, yielding a profit for the seller. Story continues It’s quite likely that investors holding long positions in the spot market are writing put options to generate extra yield, given the market sentiment is bullish. See also: Ethereum Logged Its Busiest Week on Record “There’s a lot of excitement around new DeFi tokens and most of the collateral locked up across those platforms is in Ethereum. As that outstanding ether supply comes down and demand from Defi platforms hits escape velocity, ether will rally hard,” tweeted John Todaro , head of research at TradeBlock. Validating Strijers’ argument are negative readings on three-month and six-month skews, a sign call options are costlier than puts. Skew measures the price of puts relative to that of calls. Three and six-month skews would have been positive had investors been buying put options. One-month skew, too, was hovering at -4% on Thursday. While it has bounced up to 4.7% on Friday, the metric still remains well below highs around 10% seen on June 28. Volatility metrics also suggest that the market in general is dominated by option writers. “There seem to be more sellers in the market which is also visible in especially the shorter-dated implied volatility dropping to lowest levels since more than 1 year,” said Strijers. Ether’s one-month implied volatility or investors’ expectations of how volatile or risky ether would be over the next four weeks is seen at 47% at press time, the lowest since Skew began tracking data in April 2019. Option implied volatilities are driven by the net buying pressure for options and historical volatility. Stronger the buying pressure, greater is the implied volatility. Disclosure: The author holds no cryptocurrency assets at the time of writing. Related Stories Search for Yield Drives Ether’s Put-Call Ratio to One-Year High Search for Yield Drives Ether’s Put-Call Ratio to One-Year High || Search for Yield Drives Ether’s Put-Call Ratio to One-Year High: Investors’ search for yield has pushed a widely trackedetheroptions market metric to its highest level in 12 months.
The put-call open interest ratio, which measures the number of put options open relative to call options, rose to 1.04 on Thursday, a level last seen in July 2019, according to data providerSkew, a crypto derivatives research firm.
A put option gives the holder the right but not the obligation to sell the underlying asset at a predetermined price on or before a specific date. Meanwhile, a call option represents a right to buy. Open interest refers to the number of contracts open at a specific time.
Related:Bitcoin Rises in Line With Stocks After Dip Below $9K
The metric has nearly tripled in value over the last 3.5 months and has witnessed a near 90-degree rise from 0.84 to 1.04 in the last two weeks.
“Typically this implies the market is more bearish as investors are buying puts to protect their portfolios from a fall in the underlying,” said Luuk Strijers, COO at cryptocurrency exchangeDeribit, the biggest crypto options exchange by trading volumes.
Ether, the second-largest cryptocurrency by market value, is flashing signs of uptrend exhaustion. Prices have failed multiple times in the last few weeks to keep gains above $240. As such, some investors may have bought puts.
However, in this case, the put-call open interest ratio has risen mainly due to increased selling in the put options. “In this case, market makers have long options positions while the clients are net sellers of puts,” said Strijers told CoinDesk, and added that, “clients, in this case, are generating additional yields using their ETH holdings.”
Related:
Traders sell (or write) put options when the market is expected to consolidate or rally. A seller receives a premium (option price) for selling insurance against the downside move. If the market remains comatose or rallies, the value of the put option sold drops, yielding a profit for the seller.
It’s quite likely that investors holding long positions in the spot market are writing put options to generate extra yield, given the market sentiment is bullish.
See also: Ethereum Logged Its Busiest Week on Record
“There’s a lot ofexcitement aroundnew DeFi tokens and most of the collateral locked up across those platforms is in Ethereum. As that outstanding ether supply comes down and demand from Defi platforms hits escape velocity, ether will rally hard,”tweeted John Todaro, head of research at TradeBlock.
Validating Strijers’ argument are negative readings on three-month and six-month skews, a sign call options are costlier than puts. Skew measures the price of puts relative to that of calls.
Three and six-month skews would have been positive had investors been buying put options.
One-month skew, too, was hovering at -4% on Thursday. While it has bounced up to 4.7% on Friday, the metric still remains well below highs around 10% seen on June 28.
Volatility metrics also suggest that the market in general is dominated by option writers. “There seem to be more sellers in the market which is also visible in especially the shorter-dated implied volatility dropping to lowest levels since more than 1 year,” said Strijers.
Ether’s one-month implied volatility or investors’ expectations of how volatile or risky ether would be over the next four weeks is seen at 47% at press time, the lowest since Skew began tracking data in April 2019.
Option implied volatilities are driven by the net buying pressure for options and historical volatility. Stronger the buying pressure, greater is the implied volatility.
Disclosure:The author holds no cryptocurrency assets at the time of writing.
• Search for Yield Drives Ether’s Put-Call Ratio to One-Year High
• Search for Yield Drives Ether’s Put-Call Ratio to One-Year High || Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act: Tensions between the Bitcoin and Ethereum tribes have been stirred by a trend that outsiders might see as a sign of harmony.
Throughout June, the amount of tokenized bitcoin on Ethereum, the bulk of it in WBTC, a special ERC-20 token known as “wrapped bitcoin,” soared from 5,200 BTC to 11,682 BTC – now worth around $108 million – according tobtconethereum.com.
As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better off-chain transaction experience than platforms built on Bitcoin, such asLightningor Blockstream’sLiquid. Bitcoiners, by contrast, took it as confirmation that people place greater value in the oldest, most valuable crypto asset, than in Ethereum’s ether token.
Related:Compound's 'Yield Farmers' Briefly Turned BAT Into DeFi's Largest Coin
You’re readingMoney Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’snewsletters here.
Beneath the rivalry on Crypto Twitter, the bitcoin-on-Ethereum trend says more about complementarity than competition.
The data simultaneously highlight that bitcoin is the crypto universe’s reserve asset and that Ethereum’s burgeoning“DeFi”ecosystem is crypto’s go-to platform for generating credit and facilitating fluid exchange.
Though it’s too early to know who the eventual winners will be, I believe this trend captures the early beginnings of a new, decentralized global financial system. So, to describe it, an analogy for the existing one is useful: bitcoin is the dollar, and Ethereum isSWIFT,the international network that coordinates cross-border payments among banks. (Since Ethereum is trying to do much more than payments, we could also cite a number of other organizations in this analogy, such as theInternational Swaps and Derivatives Association (ISDA)or theDepository Trust and Clearing Corporation (DTCC).)
Related:
So, let’s dismiss claims like those of Ethhub.io co-founder Anthony Sassano. Hearguedthat because bitcoin token transactions on Ethereum deny miners fees they would otherwise receive on the bitcoin chain, bitcoin is becoming a “second-class citizen” to ether. You’d hardly expect people in countries where dollars are preferred to the local currency to think of the former as second class. And just as the U.S. benefits from overseas demand for dollars – viaseignorageor interest-free loans – bitcoin holders benefit from its sought-after liquidity and collateral value in the Ethereum ecosystem, where it lets them extract premium interest.
Still, to declare bitcoin the winner based on its appeal as a reserve asset is to compare apples to oranges. Ether is increasingly viewed not as a payment or store-of-value currency but for what it was intended: as a commodity that fuels the decentralized computing network orchestrating its smart contracts.
That network now sustains its financial system, a decentralized microcosm of the massive traditional one. It takes tokenized versions of the underlying currencies that users most value (whether bitcoin or fiat) and provides disintermediated mechanisms for lending or borrowing them or for creating decentralized derivative or insurance contracts. What’s emerging, albeit in a form too volatile for traditional institutions, is a multifaceted, market for managing and trading in risk.
This system is being fueled by a global innovation and development pool bigger than Bitcoin’s. As of June last year, there were 1,243 full-time developers working on Ethereum compared with 319 working on Bitcoin Core, according toa reportby Electric Capital. While that work is spread across multiple projects, the size of its community gives Ethereum the advantage of network effects.
Whether DeFi can shed its Wild West feel and mature sufficiently for mainstream adoption, the code and ideas generated by these engineers are laying the foundation for whatever regulated or unregulated blockchain-based finance models emerge in the future.
There are legitimate concerns about security on Ethereum. With such a complex system, and so many different programs running on it, the attack surface is large. And given the challenges the community faces in migrating toEthereum 2.0, including a newproof-of-stakeconsensus mechanism and ashardingsolution for scaling transactions, it’s still not assured it will ever be ready for prime time.
Indeed, the relative lack of complexity is one reason why many feel more comfortable with Bitcoin Core’s security. Bitcoin is a one-trick pony, but it does that trick – keeping track of unspent transaction outputs, or UTXOs – very well and very securely. Its proven security is a key reason why bitcoin is crypto’s reserve asset.
Base-layer security is also why some developers are building “Layer 2” smart contract protocols on Bitcoin. It’s harder to build on than Ethereum, but solutions are evolving – one fromRootstock, for example, and more recently, fromRGB.
And while Ethereum fans crow about there being 12 times more wrapped bitcoin on their platform than the mere $9 million locked in the Lightning Network’s payment channels, the latteris making inroadsin developing nations as a payment network for small, low-cost bitcoin transactions. Unlike WBTC, which requires a professional custodian to hold the original locked bitcoin, Lightning users need not rely on a third party to open up a channel. It’s arguably more decentralized.
At the same time, the inclusion of bitcoin in Ethereum smart contracts is inherently strengthening the DeFi system.
Decentralized exchanges (DEXs), which allow peer-to-peer crypto trading without centralized exchange (CEX) taking custody of your assets, have integrated WBTC into their markets to boost the liquidity needed to make them viable. Sure enough,DEX trading volumes leapt 70% to record highs in June. (It helped, too, that June saw a surge in“yield farming”operations, a complicated new DeFi speculative activity that’seasier to do if you maintain control of your assets while trading.)
Meanwhile, the recent move by leading DeFi platform MakerDAO toinclude WBTC in its accepted collateralhas meant it has a bigger pool of value to generate loans against.
This expansion in DeFi’s user base and market offerings is in itself a boost to security. That’s not just because more developers means more code vulnerabilities are discovered and fixed. It’s because the combinations of investors’ short and long positions, and of insurance and derivative products, will ultimately get closer to Nassim Taleb’s ideal of an“antifragile” system.
That’s not to say there aren’t risks in DeFi. Many are worried that the frenzy around speculative activities such as “yield farming” and interconnected leverage could set off a systemic crisis. If that happens, maybe Bitcoin can offer an alternative, more stable architecture for it. Either way, ideas to improve DeFi are coming all the time – whether forbetter system-wide dataor for a moretrustworthy legal framework. Out of this hurly burly, something transformative will emerge. Whether it’s dominated by Ethereum or spread across different blockchains, the end result will show more cross-protocol synergy than the chains’ warring communities would suggest.
Bitcoin might be a reserve asset for the crypto community but its recent price trajectory, with gains and losses tracking equities, suggest the non-crypto “normies” don’t (yet) see it that way. Given the COVID-19 crisis’s extreme test of the global financial system and central banks’ massive “quantitative easing” response to it, that price performance poses a challenge to those of us who see bitcoin’s core use case as an internet era hedge against centralized monetary instability. Far from complying with that “digital gold” narrative, bitcoin has performed like any other “risk-off” asset. Meanwhile, actual gold has shaken off its own early-crisis stock market correlation to chart an upward course. While bitcoin has repeatedly failed to sustainably break through $10,000, bullion has rallied sharply to close in on $1,800, levels it hasn’t seen since September 2012. Some analysts are predicting it will breach its all-time intraday high of $1,917, hit in the aftermath of the last global financial crisis in 2011. To add insult to injury, one Forbes contributor even stole from the crypto lexicon to describe the state of play, telling his readers that gold prices are“soaring to the moon.”
Two charts below show the divergent fortunes of these two would-be safe havens. Throughout 2019, bitcoin seems far less correlated with the S&P 500 stock index than gold is. Come the collapse in March 2020, they seem to swap circumstances.
How to reconcile this? Time.
Gold has had at least three millennia to establish itself as a store of value people turn to when social systems are in stress. Bitcoin has only existed for 11 years and while plenty of investors are willing to speculate on the possibility that it might supplant or compete with gold, the idea is far from ingrained across society. When will it be more widely accepted? Perhaps when the international crisis of global leadership unleashed by COVID-19 undermines the capacity of institutions like the Federal Reserve to sustain economic and social confidence. Whatever new institutions and systems we create going forward will need to address how the internet has upended society’s centralized systems of governance. When that happens, we’ll need a decentralized, digital reserve asset as the base value layer. As I said, it will take time. Meanwhile, the developers will keep building.
TRUST ME, BOND MARKET, PLEASE.James Glynn at The Wall Street Journal had apiece this weekabout how the Federal Reserve is considering following Australia’s lead in using “yield caps” as a policy tool to keep long-dated interest rates down. The thinking is that if the central bank explicitly signals it will always institute bond-buying if the yield on a benchmark asset such as the 10-year Treasury note rises above some predefined ceiling, the market will be less inclined to prematurely believe the Fed is going to start tightening monetary policy. In other words, we won’t see a rerun of the 2013“Taper Tantrum,”when the U.S. bond market, worrying that the Fed would start tapering off its bond-buying, or quantitative easing, drove down bond prices, which pushed up yields. (For bond market newbies, yields, which measure the effective annual return bondholders will earn off a bond’s fixed interest rate when adjusted for its price, move inversely to price.)
The yield cap policy would be new for the Fed, but it’s really an extension of an ongoing effort to do one thing: get the market to believe its intentions. The way monetary policy works these days, it’s meaningless unless the market behaves according to what the Fed wants. It’s not about what the central bank does per se; it’s about what it says and whether those words are incorporated into investor behavior. But the more it doubles down on this, the more the Fed creates situations in which it risks having its words held against it. And that puts it at risk of losing its most important currency: the public’s trust. Commitments to price targets are always especially risky – ask Norman Lamont, the UK Chancellor of the Exchequer, who had to abandon the pound’s currency peg in 1993 because the market didn’t believe the U.K. would back its promises. The Fed has unlimited power to buy bonds, but whether it always has the will to do so will depend on politics and other factors. Once it’s locked into a commitment, the stakes go up. For now, the markets – most importantly, foreign exchange markets – still trust the Fed. But, as the saying goes, trust is hard to earn, easy to lose.
ZIMBABWE ACCIDENTALLY LEAVES DOOR OPEN FOR CRYPTO.Here’s a recipe for creating a fertile environment for alternative payment systems: outlaw the system that everyone is currently using. When the Zimbabwean government made the nutty step of banning digital payments – used for 85% of transactions by individuals, due to severe shortage of cash – it clearly wasn’t trying to promote bitcoin. In forcing people to go to a local bank to redeem funds locked in popular payments apps such as Ecocash, its goal was to protect the embattled Zimbabwean dollar.In a statement,the Reserve Bank of Zimbabwe, said the move was “necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpatriotic individuals and entities to create instability and inefficiencies in the economy.” The thinking is that Ecocash, which enables currency trading, is making it easier for people to dump the local currency. But here’s the thing: Ecocash, whichsaidit suspended cash-in-cash-out functions (presumably because its banking lines will be cut) is still keeping in-app payment facilities open. And it said nothing about stopping its fairly popular service allowing people to buy cryptocurrency. Not surprisingly, since the ban “demand for bitcoin has skyrocketed,” according to African crypto news site, bitcoinke, with “sources claiming bitcoin is now selling at at 18% premium above the market rate.”
OF MONEY AND MYTHS.I’m reading Stephanie Kelton’s book,“The Deficit Myth.” In a future edition of Money Reimagined, I’ll have more to say on the most influential modern monetary theory proponent’s explanation of its ideas. But for now I’ll just say that, while I’m not likely to be a convert to all its prescriptions, it seems clear that MMT is widely misunderstood by folks on both the left and the right – also, very much by the crypto industry. The latter is perhaps because people in crypto tend to skew more to themetallistschool of money, rather than tochartalism. Either way, a clearer grasp of what MMT is all about would, I believe, help improve the industry’s discussion around government, money, trust and how blockchain-based systems can integrate with the existing one.
How to Value Bitcoin: Bitcoin Days Destroyed
How to place a value on bitcoin? Its data are unfamiliar territory for many investors. Nearly half of investors in a recent survey said a lack of fundamentals keeps them from participating.
In a 30-minute webinar July 7, CoinDesk Research will explore one of the first and oldest unique data points to be developed by crypto asset analysts: Bitcoin Days Destroyed.
We’ll be joined by Lucas Nuzzi, a veteran analyst and a network data expert at Coin Metrics. Lucas and CoinDesk Research will walk you through the structure of this unique financial metric and demonstrate some of its many applications.Sign up for the July 7 webinar “How to Value Bitcoin: Bitcoin Days Destroyed.”
BIS Plans New Central Banking Fintech Research Hubs in Europe, North America. The Bank of International Settlements – the central bank to the world’s central banks – is getting serious about its money tech R&D centers, opening innovation hubs in Toronto, Stockholm, London, Paris and Frankfurt. A coordinated, standardized approach to developing central bank digital currencies? Danny Nelson reports.
Why the Stock-to-Flow Bitcoin Valuation Model Is Wrong. Maybe you shouldn’t be banking all your finances on a halving-driven appreciation in bitcoin this year. In this op-ed for CoinDesk, contributor Nico Cordeiro picks apart one of the most commonly cited theories for why many people expect bitcoin’s baked-in quadrennial money supply decelerations to boost its price.
DeFi’s ‘Agricultural Revolution’ Has Ethereum Users Turning to Decentralized Exchanges. DEX’s, often touted as a fairer and safer way to trade cryptocurrencies, might finally have their use case: yield farming. In the past, as Brady Dale reports, most people haven’t wanted to self-custody, preferring institutions to manage the risks of holding their keys for them. But in DeFi, where people undertake dual borrowing-and-lending schemes to make big, quick returns on incentives and high interest rates, is better if you control the keys during the trade. And decentralized exchanges are seizing the opportunity.
‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status. Our columnist Francis Coppola is here to tell you that you don’t understand how quantitative easing works. The Fed is not on some self-destructive missione here. Inflation? Not going to happen. The dollar’s demise? On the contrary; the Fed’s monetary rescue mission is what will keep the greenback atop its throne.
Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing. If you want a measure of how far things have come in terms of the acceptability of the digital dollar idea in Washington from something that a year or so ago would have been a nutty, fringe idea, read the opening paragraph to Nikhilesh De’s writeup of this hearing: “Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or digital dollar, but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee.”
• Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act
• Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act || Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act: Tensions between the Bitcoin and Ethereum tribes have been stirred by a trend that outsiders might see as a sign of harmony.
Throughout June, the amount of tokenized bitcoin on Ethereum, the bulk of it in WBTC, a special ERC-20 token known as “wrapped bitcoin,” soared from 5,200 BTC to 11,682 BTC – now worth around $108 million – according tobtconethereum.com.
As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better off-chain transaction experience than platforms built on Bitcoin, such asLightningor Blockstream’sLiquid. Bitcoiners, by contrast, took it as confirmation that people place greater value in the oldest, most valuable crypto asset, than in Ethereum’s ether token.
Related:Compound's 'Yield Farmers' Briefly Turned BAT Into DeFi's Largest Coin
You’re readingMoney Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’snewsletters here.
Beneath the rivalry on Crypto Twitter, the bitcoin-on-Ethereum trend says more about complementarity than competition.
The data simultaneously highlight that bitcoin is the crypto universe’s reserve asset and that Ethereum’s burgeoning“DeFi”ecosystem is crypto’s go-to platform for generating credit and facilitating fluid exchange.
Though it’s too early to know who the eventual winners will be, I believe this trend captures the early beginnings of a new, decentralized global financial system. So, to describe it, an analogy for the existing one is useful: bitcoin is the dollar, and Ethereum isSWIFT,the international network that coordinates cross-border payments among banks. (Since Ethereum is trying to do much more than payments, we could also cite a number of other organizations in this analogy, such as theInternational Swaps and Derivatives Association (ISDA)or theDepository Trust and Clearing Corporation (DTCC).)
Related:
So, let’s dismiss claims like those of Ethhub.io co-founder Anthony Sassano. Hearguedthat because bitcoin token transactions on Ethereum deny miners fees they would otherwise receive on the bitcoin chain, bitcoin is becoming a “second-class citizen” to ether. You’d hardly expect people in countries where dollars are preferred to the local currency to think of the former as second class. And just as the U.S. benefits from overseas demand for dollars – viaseignorageor interest-free loans – bitcoin holders benefit from its sought-after liquidity and collateral value in the Ethereum ecosystem, where it lets them extract premium interest.
Still, to declare bitcoin the winner based on its appeal as a reserve asset is to compare apples to oranges. Ether is increasingly viewed not as a payment or store-of-value currency but for what it was intended: as a commodity that fuels the decentralized computing network orchestrating its smart contracts.
That network now sustains its financial system, a decentralized microcosm of the massive traditional one. It takes tokenized versions of the underlying currencies that users most value (whether bitcoin or fiat) and provides disintermediated mechanisms for lending or borrowing them or for creating decentralized derivative or insurance contracts. What’s emerging, albeit in a form too volatile for traditional institutions, is a multifaceted, market for managing and trading in risk.
This system is being fueled by a global innovation and development pool bigger than Bitcoin’s. As of June last year, there were 1,243 full-time developers working on Ethereum compared with 319 working on Bitcoin Core, according toa reportby Electric Capital. While that work is spread across multiple projects, the size of its community gives Ethereum the advantage of network effects.
Whether DeFi can shed its Wild West feel and mature sufficiently for mainstream adoption, the code and ideas generated by these engineers are laying the foundation for whatever regulated or unregulated blockchain-based finance models emerge in the future.
There are legitimate concerns about security on Ethereum. With such a complex system, and so many different programs running on it, the attack surface is large. And given the challenges the community faces in migrating toEthereum 2.0, including a newproof-of-stakeconsensus mechanism and ashardingsolution for scaling transactions, it’s still not assured it will ever be ready for prime time.
Indeed, the relative lack of complexity is one reason why many feel more comfortable with Bitcoin Core’s security. Bitcoin is a one-trick pony, but it does that trick – keeping track of unspent transaction outputs, or UTXOs – very well and very securely. Its proven security is a key reason why bitcoin is crypto’s reserve asset.
Base-layer security is also why some developers are building “Layer 2” smart contract protocols on Bitcoin. It’s harder to build on than Ethereum, but solutions are evolving – one fromRootstock, for example, and more recently, fromRGB.
And while Ethereum fans crow about there being 12 times more wrapped bitcoin on their platform than the mere $9 million locked in the Lightning Network’s payment channels, the latteris making inroadsin developing nations as a payment network for small, low-cost bitcoin transactions. Unlike WBTC, which requires a professional custodian to hold the original locked bitcoin, Lightning users need not rely on a third party to open up a channel. It’s arguably more decentralized.
At the same time, the inclusion of bitcoin in Ethereum smart contracts is inherently strengthening the DeFi system.
Decentralized exchanges (DEXs), which allow peer-to-peer crypto trading without centralized exchange (CEX) taking custody of your assets, have integrated WBTC into their markets to boost the liquidity needed to make them viable. Sure enough,DEX trading volumes leapt 70% to record highs in June. (It helped, too, that June saw a surge in“yield farming”operations, a complicated new DeFi speculative activity that’seasier to do if you maintain control of your assets while trading.)
Meanwhile, the recent move by leading DeFi platform MakerDAO toinclude WBTC in its accepted collateralhas meant it has a bigger pool of value to generate loans against.
This expansion in DeFi’s user base and market offerings is in itself a boost to security. That’s not just because more developers means more code vulnerabilities are discovered and fixed. It’s because the combinations of investors’ short and long positions, and of insurance and derivative products, will ultimately get closer to Nassim Taleb’s ideal of an“antifragile” system.
That’s not to say there aren’t risks in DeFi. Many are worried that the frenzy around speculative activities such as “yield farming” and interconnected leverage could set off a systemic crisis. If that happens, maybe Bitcoin can offer an alternative, more stable architecture for it. Either way, ideas to improve DeFi are coming all the time – whether forbetter system-wide dataor for a moretrustworthy legal framework. Out of this hurly burly, something transformative will emerge. Whether it’s dominated by Ethereum or spread across different blockchains, the end result will show more cross-protocol synergy than the chains’ warring communities would suggest.
Bitcoin might be a reserve asset for the crypto community but its recent price trajectory, with gains and losses tracking equities, suggest the non-crypto “normies” don’t (yet) see it that way. Given the COVID-19 crisis’s extreme test of the global financial system and central banks’ massive “quantitative easing” response to it, that price performance poses a challenge to those of us who see bitcoin’s core use case as an internet era hedge against centralized monetary instability. Far from complying with that “digital gold” narrative, bitcoin has performed like any other “risk-off” asset. Meanwhile, actual gold has shaken off its own early-crisis stock market correlation to chart an upward course. While bitcoin has repeatedly failed to sustainably break through $10,000, bullion has rallied sharply to close in on $1,800, levels it hasn’t seen since September 2012. Some analysts are predicting it will breach its all-time intraday high of $1,917, hit in the aftermath of the last global financial crisis in 2011. To add insult to injury, one Forbes contributor even stole from the crypto lexicon to describe the state of play, telling his readers that gold prices are“soaring to the moon.”
Two charts below show the divergent fortunes of these two would-be safe havens. Throughout 2019, bitcoin seems far less correlated with the S&P 500 stock index than gold is. Come the collapse in March 2020, they seem to swap circumstances.
How to reconcile this? Time.
Gold has had at least three millennia to establish itself as a store of value people turn to when social systems are in stress. Bitcoin has only existed for 11 years and while plenty of investors are willing to speculate on the possibility that it might supplant or compete with gold, the idea is far from ingrained across society. When will it be more widely accepted? Perhaps when the international crisis of global leadership unleashed by COVID-19 undermines the capacity of institutions like the Federal Reserve to sustain economic and social confidence. Whatever new institutions and systems we create going forward will need to address how the internet has upended society’s centralized systems of governance. When that happens, we’ll need a decentralized, digital reserve asset as the base value layer. As I said, it will take time. Meanwhile, the developers will keep building.
TRUST ME, BOND MARKET, PLEASE.James Glynn at The Wall Street Journal had apiece this weekabout how the Federal Reserve is considering following Australia’s lead in using “yield caps” as a policy tool to keep long-dated interest rates down. The thinking is that if the central bank explicitly signals it will always institute bond-buying if the yield on a benchmark asset such as the 10-year Treasury note rises above some predefined ceiling, the market will be less inclined to prematurely believe the Fed is going to start tightening monetary policy. In other words, we won’t see a rerun of the 2013“Taper Tantrum,”when the U.S. bond market, worrying that the Fed would start tapering off its bond-buying, or quantitative easing, drove down bond prices, which pushed up yields. (For bond market newbies, yields, which measure the effective annual return bondholders will earn off a bond’s fixed interest rate when adjusted for its price, move inversely to price.)
The yield cap policy would be new for the Fed, but it’s really an extension of an ongoing effort to do one thing: get the market to believe its intentions. The way monetary policy works these days, it’s meaningless unless the market behaves according to what the Fed wants. It’s not about what the central bank does per se; it’s about what it says and whether those words are incorporated into investor behavior. But the more it doubles down on this, the more the Fed creates situations in which it risks having its words held against it. And that puts it at risk of losing its most important currency: the public’s trust. Commitments to price targets are always especially risky – ask Norman Lamont, the UK Chancellor of the Exchequer, who had to abandon the pound’s currency peg in 1993 because the market didn’t believe the U.K. would back its promises. The Fed has unlimited power to buy bonds, but whether it always has the will to do so will depend on politics and other factors. Once it’s locked into a commitment, the stakes go up. For now, the markets – most importantly, foreign exchange markets – still trust the Fed. But, as the saying goes, trust is hard to earn, easy to lose.
ZIMBABWE ACCIDENTALLY LEAVES DOOR OPEN FOR CRYPTO.Here’s a recipe for creating a fertile environment for alternative payment systems: outlaw the system that everyone is currently using. When the Zimbabwean government made the nutty step of banning digital payments – used for 85% of transactions by individuals, due to severe shortage of cash – it clearly wasn’t trying to promote bitcoin. In forcing people to go to a local bank to redeem funds locked in popular payments apps such as Ecocash, its goal was to protect the embattled Zimbabwean dollar.In a statement,the Reserve Bank of Zimbabwe, said the move was “necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpatriotic individuals and entities to create instability and inefficiencies in the economy.” The thinking is that Ecocash, which enables currency trading, is making it easier for people to dump the local currency. But here’s the thing: Ecocash, whichsaidit suspended cash-in-cash-out functions (presumably because its banking lines will be cut) is still keeping in-app payment facilities open. And it said nothing about stopping its fairly popular service allowing people to buy cryptocurrency. Not surprisingly, since the ban “demand for bitcoin has skyrocketed,” according to African crypto news site, bitcoinke, with “sources claiming bitcoin is now selling at at 18% premium above the market rate.”
OF MONEY AND MYTHS.I’m reading Stephanie Kelton’s book,“The Deficit Myth.” In a future edition of Money Reimagined, I’ll have more to say on the most influential modern monetary theory proponent’s explanation of its ideas. But for now I’ll just say that, while I’m not likely to be a convert to all its prescriptions, it seems clear that MMT is widely misunderstood by folks on both the left and the right – also, very much by the crypto industry. The latter is perhaps because people in crypto tend to skew more to themetallistschool of money, rather than tochartalism. Either way, a clearer grasp of what MMT is all about would, I believe, help improve the industry’s discussion around government, money, trust and how blockchain-based systems can integrate with the existing one.
How to Value Bitcoin: Bitcoin Days Destroyed
How to place a value on bitcoin? Its data are unfamiliar territory for many investors. Nearly half of investors in a recent survey said a lack of fundamentals keeps them from participating.
In a 30-minute webinar July 7, CoinDesk Research will explore one of the first and oldest unique data points to be developed by crypto asset analysts: Bitcoin Days Destroyed.
We’ll be joined by Lucas Nuzzi, a veteran analyst and a network data expert at Coin Metrics. Lucas and CoinDesk Research will walk you through the structure of this unique financial metric and demonstrate some of its many applications.Sign up for the July 7 webinar “How to Value Bitcoin: Bitcoin Days Destroyed.”
BIS Plans New Central Banking Fintech Research Hubs in Europe, North America. The Bank of International Settlements – the central bank to the world’s central banks – is getting serious about its money tech R&D centers, opening innovation hubs in Toronto, Stockholm, London, Paris and Frankfurt. A coordinated, standardized approach to developing central bank digital currencies? Danny Nelson reports.
Why the Stock-to-Flow Bitcoin Valuation Model Is Wrong. Maybe you shouldn’t be banking all your finances on a halving-driven appreciation in bitcoin this year. In this op-ed for CoinDesk, contributor Nico Cordeiro picks apart one of the most commonly cited theories for why many people expect bitcoin’s baked-in quadrennial money supply decelerations to boost its price.
DeFi’s ‘Agricultural Revolution’ Has Ethereum Users Turning to Decentralized Exchanges. DEX’s, often touted as a fairer and safer way to trade cryptocurrencies, might finally have their use case: yield farming. In the past, as Brady Dale reports, most people haven’t wanted to self-custody, preferring institutions to manage the risks of holding their keys for them. But in DeFi, where people undertake dual borrowing-and-lending schemes to make big, quick returns on incentives and high interest rates, is better if you control the keys during the trade. And decentralized exchanges are seizing the opportunity.
‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status. Our columnist Francis Coppola is here to tell you that you don’t understand how quantitative easing works. The Fed is not on some self-destructive missione here. Inflation? Not going to happen. The dollar’s demise? On the contrary; the Fed’s monetary rescue mission is what will keep the greenback atop its throne.
Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing. If you want a measure of how far things have come in terms of the acceptability of the digital dollar idea in Washington from something that a year or so ago would have been a nutty, fringe idea, read the opening paragraph to Nikhilesh De’s writeup of this hearing: “Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or digital dollar, but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee.”
• Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act
• Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act || Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act: Tensions between the Bitcoin and Ethereum tribes have been stirred by a trend that outsiders might see as a sign of harmony. Throughout June, the amount of tokenized bitcoin on Ethereum, the bulk of it in WBTC, a special ERC-20 token known as “wrapped bitcoin,” soared from 5,200 BTC to 11,682 BTC – now worth around $108 million – according to btconethereum.com . As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better off-chain transaction experience than platforms built on Bitcoin, such as Lightning or Blockstream’s Liquid . Bitcoiners, by contrast, took it as confirmation that people place greater value in the oldest, most valuable crypto asset, than in Ethereum’s ether token. Related: Compound's 'Yield Farmers' Briefly Turned BAT Into DeFi's Largest Coin You’re reading Money Reimagined , a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here . Beneath the rivalry on Crypto Twitter, the bitcoin-on-Ethereum trend says more about complementarity than competition. The data simultaneously highlight that bitcoin is the crypto universe’s reserve asset and that Ethereum’s burgeoning “DeFi” ecosystem is crypto’s go-to platform for generating credit and facilitating fluid exchange. Real-world parallels Though it’s too early to know who the eventual winners will be, I believe this trend captures the early beginnings of a new, decentralized global financial system. So, to describe it, an analogy for the existing one is useful: bitcoin is the dollar, and Ethereum is SWIFT, the international network that coordinates cross-border payments among banks. (Since Ethereum is trying to do much more than payments, we could also cite a number of other organizations in this analogy, such as the International Swaps and Derivatives Association (ISDA) or the Depository Trust and Clearing Corporation (DTCC) .) Story continues Related: So, let’s dismiss claims like those of Ethhub.io co-founder Anthony Sassano. He argued that because bitcoin token transactions on Ethereum deny miners fees they would otherwise receive on the bitcoin chain, bitcoin is becoming a “second-class citizen” to ether. You’d hardly expect people in countries where dollars are preferred to the local currency to think of the former as second class. And just as the U.S. benefits from overseas demand for dollars – via seignorage or interest-free loans – bitcoin holders benefit from its sought-after liquidity and collateral value in the Ethereum ecosystem, where it lets them extract premium interest. Still, to declare bitcoin the winner based on its appeal as a reserve asset is to compare apples to oranges. Ether is increasingly viewed not as a payment or store-of-value currency but for what it was intended: as a commodity that fuels the decentralized computing network orchestrating its smart contracts. That network now sustains its financial system, a decentralized microcosm of the massive traditional one. It takes tokenized versions of the underlying currencies that users most value (whether bitcoin or fiat) and provides disintermediated mechanisms for lending or borrowing them or for creating decentralized derivative or insurance contracts. What’s emerging, albeit in a form too volatile for traditional institutions, is a multifaceted, market for managing and trading in risk. This system is being fueled by a global innovation and development pool bigger than Bitcoin’s. As of June last year, there were 1,243 full-time developers working on Ethereum compared with 319 working on Bitcoin Core, according to a report by Electric Capital. While that work is spread across multiple projects, the size of its community gives Ethereum the advantage of network effects. Whether DeFi can shed its Wild West feel and mature sufficiently for mainstream adoption, the code and ideas generated by these engineers are laying the foundation for whatever regulated or unregulated blockchain-based finance models emerge in the future. Complexity vs. simplicity There are legitimate concerns about security on Ethereum. With such a complex system, and so many different programs running on it, the attack surface is large. And given the challenges the community faces in migrating to Ethereum 2.0 , including a new proof-of-stake consensus mechanism and a sharding solution for scaling transactions, it’s still not assured it will ever be ready for prime time. Indeed, the relative lack of complexity is one reason why many feel more comfortable with Bitcoin Core’s security. Bitcoin is a one-trick pony, but it does that trick – keeping track of unspent transaction outputs, or UTXOs – very well and very securely. Its proven security is a key reason why bitcoin is crypto’s reserve asset. Base-layer security is also why some developers are building “Layer 2” smart contract protocols on Bitcoin. It’s harder to build on than Ethereum, but solutions are evolving – one from Rootstock , for example, and more recently, from RGB . And while Ethereum fans crow about there being 12 times more wrapped bitcoin on their platform than the mere $9 million locked in the Lightning Network’s payment channels, the latter is making inroads in developing nations as a payment network for small, low-cost bitcoin transactions. Unlike WBTC, which requires a professional custodian to hold the original locked bitcoin, Lightning users need not rely on a third party to open up a channel. It’s arguably more decentralized. Toward anti-fragility At the same time, the inclusion of bitcoin in Ethereum smart contracts is inherently strengthening the DeFi system. Decentralized exchanges (DEXs), which allow peer-to-peer crypto trading without centralized exchange (CEX) taking custody of your assets, have integrated WBTC into their markets to boost the liquidity needed to make them viable. Sure enough, DEX trading volumes leapt 70% to record highs in June . (It helped, too, that June saw a surge in “yield farming” operations, a complicated new DeFi speculative activity that’s easier to do if you maintain control of your assets while trading .) Meanwhile, the recent move by leading DeFi platform MakerDAO to include WBTC in its accepted collateral has meant it has a bigger pool of value to generate loans against. This expansion in DeFi’s user base and market offerings is in itself a boost to security. That’s not just because more developers means more code vulnerabilities are discovered and fixed. It’s because the combinations of investors’ short and long positions, and of insurance and derivative products, will ultimately get closer to Nassim Taleb’s ideal of an “antifragile” system . That’s not to say there aren’t risks in DeFi. Many are worried that the frenzy around speculative activities such as “yield farming” and interconnected leverage could set off a systemic crisis. If that happens, maybe Bitcoin can offer an alternative, more stable architecture for it. Either way, ideas to improve DeFi are coming all the time – whether for better system-wide data or for a more trustworthy legal framework . Out of this hurly burly, something transformative will emerge. Whether it’s dominated by Ethereum or spread across different blockchains, the end result will show more cross-protocol synergy than the chains’ warring communities would suggest. Gold ‘To the Moon’ Bitcoin might be a reserve asset for the crypto community but its recent price trajectory, with gains and losses tracking equities, suggest the non-crypto “normies” don’t (yet) see it that way. Given the COVID-19 crisis’s extreme test of the global financial system and central banks’ massive “quantitative easing” response to it, that price performance poses a challenge to those of us who see bitcoin’s core use case as an internet era hedge against centralized monetary instability. Far from complying with that “digital gold” narrative, bitcoin has performed like any other “risk-off” asset. Meanwhile, actual gold has shaken off its own early-crisis stock market correlation to chart an upward course. While bitcoin has repeatedly failed to sustainably break through $10,000, bullion has rallied sharply to close in on $1,800, levels it hasn’t seen since September 2012. Some analysts are predicting it will breach its all-time intraday high of $1,917, hit in the aftermath of the last global financial crisis in 2011. To add insult to injury, one Forbes contributor even stole from the crypto lexicon to describe the state of play, telling his readers that gold prices are “soaring to the moon.” Two charts below show the divergent fortunes of these two would-be safe havens. Throughout 2019, bitcoin seems far less correlated with the S&P 500 stock index than gold is. Come the collapse in March 2020, they seem to swap circumstances. How to reconcile this? Time. Gold has had at least three millennia to establish itself as a store of value people turn to when social systems are in stress. Bitcoin has only existed for 11 years and while plenty of investors are willing to speculate on the possibility that it might supplant or compete with gold, the idea is far from ingrained across society. When will it be more widely accepted? Perhaps when the international crisis of global leadership unleashed by COVID-19 undermines the capacity of institutions like the Federal Reserve to sustain economic and social confidence. Whatever new institutions and systems we create going forward will need to address how the internet has upended society’s centralized systems of governance. When that happens, we’ll need a decentralized, digital reserve asset as the base value layer. As I said, it will take time. Meanwhile, the developers will keep building. Global Town Hall TRUST ME, BOND MARKET, PLEASE. James Glynn at The Wall Street Journal had a piece this week about how the Federal Reserve is considering following Australia’s lead in using “yield caps” as a policy tool to keep long-dated interest rates down. The thinking is that if the central bank explicitly signals it will always institute bond-buying if the yield on a benchmark asset such as the 10-year Treasury note rises above some predefined ceiling, the market will be less inclined to prematurely believe the Fed is going to start tightening monetary policy. In other words, we won’t see a rerun of the 2013 “Taper Tantrum,” when the U.S. bond market, worrying that the Fed would start tapering off its bond-buying, or quantitative easing, drove down bond prices, which pushed up yields. (For bond market newbies, yields, which measure the effective annual return bondholders will earn off a bond’s fixed interest rate when adjusted for its price, move inversely to price.) The yield cap policy would be new for the Fed, but it’s really an extension of an ongoing effort to do one thing: get the market to believe its intentions. The way monetary policy works these days, it’s meaningless unless the market behaves according to what the Fed wants. It’s not about what the central bank does per se; it’s about what it says and whether those words are incorporated into investor behavior. But the more it doubles down on this, the more the Fed creates situations in which it risks having its words held against it. And that puts it at risk of losing its most important currency: the public’s trust. Commitments to price targets are always especially risky – ask Norman Lamont, the UK Chancellor of the Exchequer, who had to abandon the pound’s currency peg in 1993 because the market didn’t believe the U.K. would back its promises. The Fed has unlimited power to buy bonds, but whether it always has the will to do so will depend on politics and other factors. Once it’s locked into a commitment, the stakes go up. For now, the markets – most importantly, foreign exchange markets – still trust the Fed. But, as the saying goes, trust is hard to earn, easy to lose. ZIMBABWE ACCIDENTALLY LEAVES DOOR OPEN FOR CRYPTO. Here’s a recipe for creating a fertile environment for alternative payment systems: outlaw the system that everyone is currently using. When the Zimbabwean government made the nutty step of banning digital payments – used for 85% of transactions by individuals, due to severe shortage of cash – it clearly wasn’t trying to promote bitcoin. In forcing people to go to a local bank to redeem funds locked in popular payments apps such as Ecocash, its goal was to protect the embattled Zimbabwean dollar. In a statement, the Reserve Bank of Zimbabwe, said the move was “necessitated by the need to protect consumers on mobile money platforms which have been abused by unscrupulous and unpatriotic individuals and entities to create instability and inefficiencies in the economy.” The thinking is that Ecocash, which enables currency trading, is making it easier for people to dump the local currency. But here’s the thing: Ecocash, which said it suspended cash-in-cash-out functions (presumably because its banking lines will be cut) is still keeping in-app payment facilities open. And it said nothing about stopping its fairly popular service allowing people to buy cryptocurrency. Not surprisingly, since the ban “ demand for bitcoin has skyrocketed ,” according to African crypto news site, bitcoinke, with “sources claiming bitcoin is now selling at at 18% premium above the market rate.” OF MONEY AND MYTHS. I’m reading Stephanie Kelton’s book, “The Deficit Myth .” In a future edition of Money Reimagined, I’ll have more to say on the most influential modern monetary theory proponent’s explanation of its ideas. But for now I’ll just say that, while I’m not likely to be a convert to all its prescriptions, it seems clear that MMT is widely misunderstood by folks on both the left and the right – also, very much by the crypto industry. The latter is perhaps because people in crypto tend to skew more to the metallist school of money, rather than to chartalism . Either way, a clearer grasp of what MMT is all about would, I believe, help improve the industry’s discussion around government, money, trust and how blockchain-based systems can integrate with the existing one. How to Value Bitcoin: Bitcoin Days Destroyed How to place a value on bitcoin? Its data are unfamiliar territory for many investors. Nearly half of investors in a recent survey said a lack of fundamentals keeps them from participating. In a 30-minute webinar July 7, CoinDesk Research will explore one of the first and oldest unique data points to be developed by crypto asset analysts: Bitcoin Days Destroyed. We’ll be joined by Lucas Nuzzi, a veteran analyst and a network data expert at Coin Metrics. Lucas and CoinDesk Research will walk you through the structure of this unique financial metric and demonstrate some of its many applications. Sign up for the July 7 webinar “ How to Value Bitcoin: Bitcoin Days Destroyed .” Relevant Reads BIS Plans New Central Banking Fintech Research Hubs in Europe, North America . The Bank of International Settlements – the central bank to the world’s central banks – is getting serious about its money tech R&D centers, opening innovation hubs in Toronto, Stockholm, London, Paris and Frankfurt. A coordinated, standardized approach to developing central bank digital currencies? Danny Nelson reports. Why the Stock-to-Flow Bitcoin Valuation Model Is Wrong . Maybe you shouldn’t be banking all your finances on a halving-driven appreciation in bitcoin this year. In this op-ed for CoinDesk, contributor Nico Cordeiro picks apart one of the most commonly cited theories for why many people expect bitcoin’s baked-in quadrennial money supply decelerations to boost its price. DeFi’s ‘Agricultural Revolution’ Has Ethereum Users Turning to Decentralized Exchanges . DEX’s, often touted as a fairer and safer way to trade cryptocurrencies, might finally have their use case: yield farming. In the past, as Brady Dale reports, most people haven’t wanted to self-custody, preferring institutions to manage the risks of holding their keys for them. But in DeFi, where people undertake dual borrowing-and-lending schemes to make big, quick returns on incentives and high interest rates, is better if you control the keys during the trade. And decentralized exchanges are seizing the opportunity. ‘Money Printer Go Brrr’ Is How the Dollar Retains Reserve Status . Our columnist Francis Coppola is here to tell you that you don’t understand how quantitative easing works. The Fed is not on some self-destructive missione here. Inflation? Not going to happen. The dollar’s demise? On the contrary; the Fed’s monetary rescue mission is what will keep the greenback atop its throne. Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing . If you want a measure of how far things have come in terms of the acceptability of the digital dollar idea in Washington from something that a year or so ago would have been a nutty, fringe idea, read the opening paragraph to Nikhilesh De’s writeup of this hearing: “Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or digital dollar, but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee.” Related Stories Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act || Coinbase Custody to Support Secure Cardano Staking This Year: Cardano holders will soon be able to stake tokens securely at Coinbase Custody.
• At the Cardano Virtual Summit Friday, chief developer house IOHK announced it had signed an agreement with Coinbase Custody.
• From Q4 2020, users will be able to stake their ADA tokens from inside Coinbase’s cold storage.
• In proof-of-stake blockchains, like Cardano, blocks are verified by token holders (rather than miners as with blockchains like Bitcoin), who receive rewards in return.
• Cardano’s staking protocol, Shelley, is expected to come online later this month with staking rewards beginning in mid-August.
• Sam McIngvale, Coinbase Custody’s head of product said their regulated product would help projects, like Cardano, find more mainstream acceptance.
• Tezos inked asimilar staking agreementwith Coinbase Custody in November 2019.
• Coinbase Custody to Support Secure Cardano Staking This Year
• Coinbase Custody to Support Secure Cardano Staking This Year
• Coinbase Custody to Support Secure Cardano Staking This Year
• Coinbase Custody to Support Secure Cardano Staking This Year || Coinbase Custody to Support Secure Cardano Staking This Year: Cardano holders will soon be able to stake tokens securely at Coinbase Custody. At the Cardano Virtual Summit Friday, chief developer house IOHK announced it had signed an agreement with Coinbase Custody. From Q4 2020, users will be able to stake their ADA tokens from inside Coinbase’s cold storage. In proof-of-stake blockchains, like Cardano, blocks are verified by token holders (rather than miners as with blockchains like Bitcoin), who receive rewards in return. Cardano’s staking protocol, Shelley, is expected to come online later this month with staking rewards beginning in mid-August. Sam McIngvale, Coinbase Custody’s head of product said their regulated product would help projects, like Cardano, find more mainstream acceptance. Tezos inked a similar staking agreement with Coinbase Custody in November 2019. Related Stories Coinbase Custody to Support Secure Cardano Staking This Year Coinbase Custody to Support Secure Cardano Staking This Year Coinbase Custody to Support Secure Cardano Staking This Year Coinbase Custody to Support Secure Cardano Staking This Year || Bitcoins Price Correlation With S&P 500 Hits Record Highs: Ever since its inception, bitcoin has been dubbed digital gold, given it is durable, fungible, divisible and scarce like the precious metal. However, while gold has a strong track record of rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset. In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Streets equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its appeal as digital gold. Related: First Mover: As Bitcoiners Watch Dollar, Deutsche Sees Trump Win Hurting Reserve Status The one-month bitcoin-S&P 500 realized correlation rose to a record high of 66.2% on June 30 and stood at 65.8% on Thursday, according to crypto derivatives research firm Skew , which began tracking the data in April 2018. While bitcoin and S&P 500 correlation is always a very good indicator of market movement, it never really maintains a consistent position. Bitcoin behaves more like a highly leveraged position and follows the market trends in a more volatile, dramatic up and down swings, said Wayne Chen, CEO and director of Interlapse Technologies, a fintech firm. The one-month metric oscillated largely in the range of -30% to 50% for 12 months before rising to record highs above 60% on June 30. The data indeed shows that bitcoins correlation with the S&P 500 is somewhat inconsistent. The one-year correlation has also risen to lifetime highs above 37%, according to Skew. One should note, though, that readings between 30% to 50% imply a relatively weak correlation between variables. Related: Bitcoin Rises in Line With Stocks After Dip Below $9K Bitcoin, by all accounts, is still a risk asset. Despite those who may tout its fundamental similarities to gold, it has not yet proven to be a sufficient hedge or a flight to safety in times of risk-off sentiment, said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds. Story continues Risk assets are the those with fortunes tied to the state of the global economy. For instance, prices of stocks and industrial metals like copper tend to rise when the global economic growth rate is expected to pick up pace and falter during an economic slowdown. Bitcoin has more or less behaved like a risk asset this year. The cryptocurrencys price fell from $10,000 to $3,867 in the first half of March, as global equities cratered on coronavirus fears. It then rose back toward $10,000 in the following two months as the S&P 500 saw its fastest bear market recovery on record. However, being treated as a risk asset may be a blessing in disguise for bitcoin. Given that the correlation between BTC and equities is still so high, our expectation is that this is only bullish for bitcoin price in the short term, as global markets benefit from an unprecedented amount of monetary stimulus, said Dibb. Indeed, the U.S. Federal Reserve (Fed) and other major central banks are injecting massive amounts of fiat liquidity into their respective economies to counter the COVID-19 slowdown. As of last week, Feds balance sheet size was $7.01 trillion up 67% from $4.24 trillion in early March, according to data provided by the St. Louis Federal Reserve. HODLing keeps rising While bitcoin is struggling to establish itself as a haven asset, some investors remain undeterred. HODLers or long-term holders of bitcoin, as gauged by the number of addresses storing bitcoin for at least 12 months, rose to a lifetime high of 20.3 million in June. That surpassed the previous high of 19.52 million reached in May, as per IntoTheBlock , a blockchain intelligence company. With the halving just recently complete, many holders believe that Bitcoins median price should be a lot higher than the current value. This creates more of a hodl type of behaviour until the market starts building steam again, said Chen. The metric set a new record high for the 12th straight month in June. Notably, the number of holders is up 22% year-on-year, even though bitcoins price is down 25% over the same period. At press time, the cryptocurrency is trading at $9,110, having dipped to lows near $8,930 during the U.S. trading hours on Thursday. Disclosure: The author holds no cryptocurrency assets at the time of writing. Related Stories Bitcoins Price Correlation With S&P 500 Hits Record Highs Bitcoins Price Correlation With S&P 500 Hits Record Highs || Bitcoin’s Price Correlation With S&P 500 Hits Record Highs: Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.
However, while gold has a strongtrack recordof rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset.
In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its appeal as digital gold.
Related:First Mover: As Bitcoiners Watch Dollar, Deutsche Sees Trump Win Hurting Reserve Status
The one-month bitcoin-S&P 500 realized correlation rose to a record high of 66.2% on June 30 and stood at 65.8% on Thursday, according to crypto derivatives research firmSkew, which began tracking the data in April 2018.
“While bitcoin and S&P 500 correlation is always a very good indicator of market movement, it never really maintains a consistent position. Bitcoin behaves more like a highly leveraged position and follows the market trends in a more volatile, dramatic up and down swings,” said Wayne Chen, CEO and director of Interlapse Technologies, a fintech firm.
The one-month metric oscillated largely in the range of -30% to 50% for 12 months before rising to record highs above 60% on June 30. The data indeed shows that bitcoin’s correlation with the S&P 500 is somewhat inconsistent.
The one-year correlation has also risen to lifetime highs above 37%, according to Skew. One should note, though, that readings between 30% to 50% imply a relatively weak correlation between variables.
Related:Bitcoin Rises in Line With Stocks After Dip Below $9K
“Bitcoin, by all accounts, is still a risk asset. Despite those who may tout its fundamental similarities to gold, it has not yet proven to be a sufficient hedge or a flight to safety in times of risk-off sentiment,” said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds.
Risk assetsare the those with fortunes tied to the state of the global economy. For instance, prices of stocks and industrial metals like copper tend to rise when the global economic growth rate is expected to pick up pace and falter during an economic slowdown.
Bitcoin has more or less behaved like a risk asset this year. The cryptocurrency’s price fell from $10,000 to $3,867 in the first half of March, as global equities cratered on coronavirus fears. It then rose back toward $10,000 in the following two months as the S&P 500 saw its fastest bear market recovery on record.
However, being treated as a risk asset may be a blessing in disguise for bitcoin.
“Given that the correlation between BTC and equities is still so high, our expectation is that this is only bullish for bitcoin price in the short term, as global markets benefit from an unprecedented amount of monetary stimulus,” said Dibb.
Indeed, the U.S. Federal Reserve (Fed) and other major central banks are injecting massive amounts of fiat liquidity into their respective economies to counter the COVID-19 slowdown. As of last week, Fed’s balance sheet size was $7.01 trillion – up 67% from $4.24 trillion in early March,according todata provided by the St. Louis Federal Reserve.
While bitcoin is struggling to establish itself as a haven asset, some investors remain undeterred.
“HODLers” or long-term holders of bitcoin, as gauged by the number of addresses storing bitcoin for at least 12 months, rose to a lifetime high of 20.3 million in June. That surpassed the previous high of 19.52 million reached in May, as perIntoTheBlock, a blockchain intelligence company.
“With the halving just recently complete, many holders believe that Bitcoin’s median price should be a lot higher than the current value. This creates more of a hodl type of behaviour until the market starts building steam again,” said Chen.
The metric set a new record high for the 12th straight month in June. Notably, the number of holders is up 22% year-on-year, even though bitcoin’s price is down 25% over the same period.
At press time, the cryptocurrency is trading at $9,110, having dipped to lows near $8,930 during the U.S. trading hours on Thursday.
Disclosure:The author holds no cryptocurrency assets at the time of writing.
• Bitcoin’s Price Correlation With S&P 500 Hits Record Highs
• Bitcoin’s Price Correlation With S&P 500 Hits Record Highs || Bitcoin’s Price Correlation With S&P 500 Hits Record Highs: Ever since its inception, bitcoin has been dubbed “digital gold,” given it is durable, fungible, divisible and scarce like the precious metal.
However, while gold has a strongtrack recordof rallying in times of stress in the global equity markets, bitcoin is yet to build a similar reputation as a safe-haven asset.
In fact, in recent months, the cryptocurrency has been increasingly correlated with the S&P 500, Wall Street’s equity index and benchmark for global stock markets. Now, data suggests that relationship is stronger than ever, likely denting its appeal as digital gold.
Related:First Mover: As Bitcoiners Watch Dollar, Deutsche Sees Trump Win Hurting Reserve Status
The one-month bitcoin-S&P 500 realized correlation rose to a record high of 66.2% on June 30 and stood at 65.8% on Thursday, according to crypto derivatives research firmSkew, which began tracking the data in April 2018.
“While bitcoin and S&P 500 correlation is always a very good indicator of market movement, it never really maintains a consistent position. Bitcoin behaves more like a highly leveraged position and follows the market trends in a more volatile, dramatic up and down swings,” said Wayne Chen, CEO and director of Interlapse Technologies, a fintech firm.
The one-month metric oscillated largely in the range of -30% to 50% for 12 months before rising to record highs above 60% on June 30. The data indeed shows that bitcoin’s correlation with the S&P 500 is somewhat inconsistent.
The one-year correlation has also risen to lifetime highs above 37%, according to Skew. One should note, though, that readings between 30% to 50% imply a relatively weak correlation between variables.
Related:Bitcoin Rises in Line With Stocks After Dip Below $9K
“Bitcoin, by all accounts, is still a risk asset. Despite those who may tout its fundamental similarities to gold, it has not yet proven to be a sufficient hedge or a flight to safety in times of risk-off sentiment,” said Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds.
Risk assetsare the those with fortunes tied to the state of the global economy. For instance, prices of stocks and industrial metals like copper tend to rise when the global economic growth rate is expected to pick up pace and falter during an economic slowdown.
Bitcoin has more or less behaved like a risk asset this year. The cryptocurrency’s price fell from $10,000 to $3,867 in the first half of March, as global equities cratered on coronavirus fears. It then rose back toward $10,000 in the following two months as the S&P 500 saw its fastest bear market recovery on record.
However, being treated as a risk asset may be a blessing in disguise for bitcoin.
“Given that the correlation between BTC and equities is still so high, our expectation is that this is only bullish for bitcoin price in the short term, as global markets benefit from an unprecedented amount of monetary stimulus,” said Dibb.
Indeed, the U.S. Federal Reserve (Fed) and other major central banks are injecting massive amounts of fiat liquidity into their respective economies to counter the COVID-19 slowdown. As of last week, Fed’s balance sheet size was $7.01 trillion – up 67% from $4.24 trillion in early March,according todata provided by the St. Louis Federal Reserve.
While bitcoin is struggling to establish itself as a haven asset, some investors remain undeterred.
“HODLers” or long-term holders of bitcoin, as gauged by the number of addresses storing bitcoin for at least 12 months, rose to a lifetime high of 20.3 million in June. That surpassed the previous high of 19.52 million reached in May, as perIntoTheBlock, a blockchain intelligence company.
“With the halving just recently complete, many holders believe that Bitcoin’s median price should be a lot higher than the current value. This creates more of a hodl type of behaviour until the market starts building steam again,” said Chen.
The metric set a new record high for the 12th straight month in June. Notably, the number of holders is up 22% year-on-year, even though bitcoin’s price is down 25% over the same period.
At press time, the cryptocurrency is trading at $9,110, having dipped to lows near $8,930 during the U.S. trading hours on Thursday.
Disclosure:The author holds no cryptocurrency assets at the time of writing.
• Bitcoin’s Price Correlation With S&P 500 Hits Record Highs
• Bitcoin’s Price Correlation With S&P 500 Hits Record Highs || The Crypto Daily – The Movers and Shakers – July 3rd, 2020: Bitcoin fell by 1.51% on Thursday. Reversing a 0.98% gain from Wednesday, Bitcoin ended the day at $9,100.0. A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,266.2 before hitting reverse. Falling short of the first major resistance level at $9,322.13, Bitcoin fell to a mid-morning low $9,171.8. Steering clear of the major support levels, Bitcoin recovered to $9,260 levels before a 2 nd sell-off. The 2 nd sell-off saw Bitcoin slide to a late afternoon intraday low $8,950. Bitcoin fell through the first major support level at $9,133.53 and the second major support level at $9,027.17. Avoiding the 23.6% FIB of $8,900, Bitcoin recovered to $9,100 levels to limit the loss on the day. While breaking back through the second major support level, the first major support level at $9,133.53 pinned Bitcoin back. The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Thursday. Cardano’s ADA slid by 4.03% to lead the way down. Binance Coin (-2.72%), Bitcoin Cash ABC (-2.06%), Bitcoin Cash SV (-2.59%), Ethereum (-2.02%), Litecoin (-1.79%), Stellar’s Lumen (-2.48%), Tezos (-2.63%), and Tron’s TRX (-1.73%) also struggled. EOS (-0.71%), and Ripple’s XRP (-0.83%) saw relatively modest losses. Monero’s XMR bucked the trend, rising by 1.19%. Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.3bn. At the time of writing, the total market cap stood at $254.86bn. Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Thursday low 65.63%. At the time of writing, Bitcoin’s dominance stood at 65.81%. This Morning At the time of writing, Bitcoin was up by 0.12% to $9,110.8. A mixed start to the day saw Bitcoin fall to an early morning low $9,083.0 before rising to a high $9,110.9. Story continues Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Binance Coin (-0.02%), Ethereum (-0.11%), Litecoin (-0.05%), Monero’s XMR (-0.12%), Stellar’s Lumen (-0.31%), and Tezos (-0.80%) struggled early on. It was a relatively bullish start for the rest of the majors. At the time of writing, Cardano’s ADA was up by 0.54% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall back through the $9,100 pivot to support a run at the first major resistance level at $9,260.8. Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,266.2. Barring an extended crypto rebound, the first major resistance level and Thursday’s high would likely cap any upside. In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,421.6 before any pullback. Failure to avoid a fall back through the $9,100 pivot level could see Bitcoin struggle on the day. A fall back through to sub-$9,100 would bring the first major support level at $8,944.6 into play. Barring another extended crypto sell-off, Bitcoin should avoid the second major support level at $8,789.2. The 23.6% FIB of $8,900 should limit any downside on the day. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – Natural Gas Markets Stagnant Natural Gas Price Prediction – Prices Rally on Soft Inventory Build American Airlines Takes Leap Of Faith With Increased Capacity Oil Price Fundamental Daily Forecast – Prices Retreat from Highs Ahead of Long Holiday Weekend USD/CAD Daily Forecast – Resistance At The 20 EMA Stays Strong USD/JPY Price Forecast – US Dollar Continues to Grind Sideways || The Crypto Daily – The Movers and Shakers – July 3rd, 2020: Bitcoin fell by 1.51% on Thursday. Reversing a 0.98% gain from Wednesday, Bitcoin ended the day at $9,100.0. A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,266.2 before hitting reverse. Falling short of the first major resistance level at $9,322.13, Bitcoin fell to a mid-morning low $9,171.8. Steering clear of the major support levels, Bitcoin recovered to $9,260 levels before a 2 nd sell-off. The 2 nd sell-off saw Bitcoin slide to a late afternoon intraday low $8,950. Bitcoin fell through the first major support level at $9,133.53 and the second major support level at $9,027.17. Avoiding the 23.6% FIB of $8,900, Bitcoin recovered to $9,100 levels to limit the loss on the day. While breaking back through the second major support level, the first major support level at $9,133.53 pinned Bitcoin back. The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Thursday. Cardano’s ADA slid by 4.03% to lead the way down. Binance Coin (-2.72%), Bitcoin Cash ABC (-2.06%), Bitcoin Cash SV (-2.59%), Ethereum (-2.02%), Litecoin (-1.79%), Stellar’s Lumen (-2.48%), Tezos (-2.63%), and Tron’s TRX (-1.73%) also struggled. EOS (-0.71%), and Ripple’s XRP (-0.83%) saw relatively modest losses. Monero’s XMR bucked the trend, rising by 1.19%. Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.3bn. At the time of writing, the total market cap stood at $254.86bn. Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Thursday low 65.63%. At the time of writing, Bitcoin’s dominance stood at 65.81%. This Morning At the time of writing, Bitcoin was up by 0.12% to $9,110.8. A mixed start to the day saw Bitcoin fall to an early morning low $9,083.0 before rising to a high $9,110.9. Story continues Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Binance Coin (-0.02%), Ethereum (-0.11%), Litecoin (-0.05%), Monero’s XMR (-0.12%), Stellar’s Lumen (-0.31%), and Tezos (-0.80%) struggled early on. It was a relatively bullish start for the rest of the majors. At the time of writing, Cardano’s ADA was up by 0.54% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall back through the $9,100 pivot to support a run at the first major resistance level at $9,260.8. Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,266.2. Barring an extended crypto rebound, the first major resistance level and Thursday’s high would likely cap any upside. In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,421.6 before any pullback. Failure to avoid a fall back through the $9,100 pivot level could see Bitcoin struggle on the day. A fall back through to sub-$9,100 would bring the first major support level at $8,944.6 into play. Barring another extended crypto sell-off, Bitcoin should avoid the second major support level at $8,789.2. The 23.6% FIB of $8,900 should limit any downside on the day. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Forecast – Natural Gas Markets Stagnant Natural Gas Price Prediction – Prices Rally on Soft Inventory Build American Airlines Takes Leap Of Faith With Increased Capacity Oil Price Fundamental Daily Forecast – Prices Retreat from Highs Ahead of Long Holiday Weekend USD/CAD Daily Forecast – Resistance At The 20 EMA Stays Strong USD/JPY Price Forecast – US Dollar Continues to Grind Sideways || There Are More DAI on Compound Now Than There Are DAI in the World: We might be entering into the era of genetically modified yield farming. Or maybe decentralized finance (DeFi) just doesn’t make sense anymore.
There are currently far more DAI in supply on Compound than there are DAI in the world, at least according to the numbers reported byCompound’s website. Assuming that nothing has gone awry there, the numbers seem impossible. But they might not be.
Liquidity on Compound is shifting dramatically between assetsas new rules for distributionof its governance token, COMP, take effect.
Related:Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act
Compound’s website reports a gross supply of 401 million DAI right now even though there are only 148 million DAI in existence, according toDAI Stats.
The supply of DAI on Compound has skyrocketed from$42 million Wednesday.
The most reasonable explanation for this is that Compound counts each deposit of DAI as additional gross supply, even if that DAI was just borrowed and re-deposited. So imagine there were 100 DAI and a user deposited 200 USDC. They could then borrow all that DAI and deposit again. Many users are probably running a few wallets to make this work more easily.
As Electric Capital’s Ken Deeter put it in an email to CoinDesk, “Note that this is actually what banks do with USD as well. If I deposit $100, and $90 gets lent out, someone gets paid with that $90 and they deposit it in the bank. Now there’s $190 in the bank even though there was only $100 to start with.”
Related:DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom
At about 21:00 UTC on Thursday, Instadapp put out the message that it wastime to move depositsfrom USDT to DAI in order to maximize yields and it seems like users took note.
As we previously reported, the addition of COMP yields makes thesemachinations very lucrative.
The price of COMP is $178.80, as of this writing.
A rules change went into effect Thursday that tweaked the incentives for those looking to mine new COMP.
Previously, the rules had favored the basic attention token (BAT) market because it had the highest interest rates after massive deposits into its liquidity pools. The rules now only count total borrowed and total deposit, ignoring interest rates. So there’s no longer incentive to game a high rate with a risky cryptocurrency.
The total supply to Compound has gonefrom $320to roughly $80, though yields on BAT remain strong, at 5.4%.
Read more:Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
At 7%, DAI has by far the strongest yield of any token on Compound right now, making it attractive to buy on the market and supply. With Tuesday’s change to the protocol – which went into effect today – all that counts for COMP earnings going forward are the total amount borrowed and lent.
Yield farmers will look for the best risk-adjusted return and since DAI has the highest yield with low volatility, it’s a very clear bet.
This was exactly what the MakerDAO community was worried about earlier this week. Cyrus Younessi, from MakerDAO’s risk team, wrote:
“There is a chance (likelihood, even) that we see an unprecedented demand for Dai. Much of the natural supply for Dai could also be locked up in COMP farming, thinning out sell-side order books.”
As forum user “Maker Man”put it todayin the MakerDAO chat, “Remember this whole COMP thing is a recycling issue – this is not necessarily draining DAI liquidity though it will tend to drive a siphon of it if it continues.”
UPDATE (July 3, 01:37 UTC):This story has been updated to reflect the fact that Compound reports more up-to-date figures on its main markets page than on individual token pages. CoinDesk reported in part from the latter, but has updated to the correct amounts.
• There Are More DAI on Compound Now Than There Are DAI in the World
• There Are More DAI on Compound Now Than There Are DAI in the World || There Are More DAI on Compound Now Than There Are DAI in the World: We might be entering into the era of genetically modified yield farming. Or maybe decentralized finance (DeFi) just doesn’t make sense anymore. There are currently far more DAI in supply on Compound than there are DAI in the world, at least according to the numbers reported by Compound’s website . Assuming that nothing has gone awry there, the numbers seem impossible. But they might not be. Liquidity on Compound is shifting dramatically between assets as new rules for distribution of its governance token, COMP, take effect. Related: Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act Compound’s website reports a gross supply of 401 million DAI right now even though there are only 148 million DAI in existence, according to DAI Stats . The supply of DAI on Compound has skyrocketed from $42 million Wednesday . The most reasonable explanation for this is that Compound counts each deposit of DAI as additional gross supply, even if that DAI was just borrowed and re-deposited. So imagine there were 100 DAI and a user deposited 200 USDC. They could then borrow all that DAI and deposit again. Many users are probably running a few wallets to make this work more easily. As Electric Capital’s Ken Deeter put it in an email to CoinDesk, “Note that this is actually what banks do with USD as well. If I deposit $100, and $90 gets lent out, someone gets paid with that $90 and they deposit it in the bank. Now there’s $190 in the bank even though there was only $100 to start with.” Related: DeFi Insurer Nexus Mutual Maxed Out by Yield-Farming Boom At about 21:00 UTC on Thursday, Instadapp put out the message that it was time to move deposits from USDT to DAI in order to maximize yields and it seems like users took note. As we previously reported, the addition of COMP yields makes these machinations very lucrative . The price of COMP is $178.80, as of this writing. Rules change A rules change went into effect Thursday that tweaked the incentives for those looking to mine new COMP. Story continues Previously, the rules had favored the basic attention token (BAT) market because it had the highest interest rates after massive deposits into its liquidity pools. The rules now only count total borrowed and total deposit, ignoring interest rates. So there’s no longer incentive to game a high rate with a risky cryptocurrency. The total supply to Compound has gone from $320 to roughly $80, though yields on BAT remain strong, at 5.4%. Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy At 7%, DAI has by far the strongest yield of any token on Compound right now, making it attractive to buy on the market and supply. With Tuesday’s change to the protocol – which went into effect today – all that counts for COMP earnings going forward are the total amount borrowed and lent. Yield farmers will look for the best risk-adjusted return and since DAI has the highest yield with low volatility, it’s a very clear bet. This was exactly what the MakerDAO community was worried about earlier this week. Cyrus Younessi, from MakerDAO’s risk team, wrote: “There is a chance (likelihood, even) that we see an unprecedented demand for Dai. Much of the natural supply for Dai could also be locked up in COMP farming, thinning out sell-side order books.” As forum user “Maker Man” put it today in the MakerDAO chat, “Remember this whole COMP thing is a recycling issue – this is not necessarily draining DAI liquidity though it will tend to drive a siphon of it if it continues.” UPDATE (July 3, 01:37 UTC): This story has been updated to reflect the fact that Compound reports more up-to-date figures on its main markets page than on individual token pages. CoinDesk reported in part from the latter, but has updated to the correct amounts. Related Stories There Are More DAI on Compound Now Than There Are DAI in the World There Are More DAI on Compound Now Than There Are DAI in the World || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220 Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support. XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months. Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs Ethereum briefly dropped to $226.88 but recovered and its currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators. Fantom Technical Analysis: FTM/USD massive 50% surge towards Fantom Technical Analysis: FTM/USD massive 50% surge towards $0.01 .01 Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. Its unclear what caused the explosion although this recent announcement could be one of the causes: Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued. See more from Benzinga Bitcoin, Ethereum & Ripple - American Wrap 6/25 Bitcoin, Ethereum & Litecoin - American Wrap 6/18 Bitcoin, Ethereum & WAX - American Wrap 6/11 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220
Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support.
XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months.
Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs
Ethereum briefly dropped to $226.88 but recovered and it’s currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators.
Fantom Technical Analysis: FTM/USD massive 50% surge towardsFantom Technical Analysis: FTM/USD massive 50% surge towards $0.01.01
Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. It’s unclear what caused the explosion although this recent announcement could be one of the causes:
Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued.
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap 6/25
• Bitcoin, Ethereum & Litecoin - American Wrap 6/18
• Bitcoin, Ethereum & WAX - American Wrap 6/11
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Fantom - American Wrap 7/2: Crypto collapse with Bitcoin falling below $9,000 and Ethereum getting close to $220
Most cryptocurrencies are experiencing a significant sell-off after Bitcoin fell below $9,000. BNB/USD has suffered the most with a 4% drop towards $15 and needs to hold $14.8 support.
XRP/USD has only fallen by 2% but it's not surprising considering the digital asset has been weaker than the rest for the past few months.
Ethereum Technical Analysis: ETH/USD trying to stay above 0 and daily EMAs
Ethereum briefly dropped to $226.88 but recovered and it’s currently fighting to stay above the 12-EMA at $229.90 and the 26-EMA at $230.13. Closing above both EMAs is crucial and could signify another bull cross for both indicators.
Fantom Technical Analysis: FTM/USD massive 50% surge towardsFantom Technical Analysis: FTM/USD massive 50% surge towards $0.01.01
Fantom was up by almost 71% after a tremendous bull rally towards $0.01 from a low of $0.0059. It’s unclear what caused the explosion although this recent announcement could be one of the causes:
Apparently a big whale also bought a lot of Fantom coins considering the digital asset as extremely undervalued.
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap 6/25
• Bitcoin, Ethereum & Litecoin - American Wrap 6/18
• Bitcoin, Ethereum & WAX - American Wrap 6/11
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
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9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87.
|
[Bitcoin Technical Analysis for 2021-06-19]
Volume: 31207279719, RSI (14-day): 42.26, 50-day EMA: 41686.63, 200-day EMA: 40819.48
[Wider Market Context]
None available.
[Recent News (last 7 days)]
High Tide Burns the Meme Stock Oil. Buy and Hold HITI for the Long-Term.: Shares ofHigh Tide(NASDAQ:HITI) popped Friday on meme hype, closing at $7.50. Ignore the hype, and focus on the company.
Source: Shutterstock
Every industry needs a centralized retailer. Centralized retailers offer consistency of price, experience, inventory and convenience. For cannabis, that could be High Tide.
High Tide has the potential to transform itself into the “Walmart of cannabis.” Yes, it’s a long shot, but there is a high-enough probability — and enough upside potential — that it’s worth looking at buying HITI stock.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
High Tide is a decade-old, omnichannel cannabis retailer. They have about 85 stores spanning multiple Canadian provinces. In Alberta, High Tide controls roughly 10% of the market.
They also operate several e-commerce websites like GrassCity.com and SmokeCartel.com. These platforms sell cannabis and accessories to individuals in Canada as well as the United States.
The company is experiencing rapid growth. Revenues grew 166% in 2020, and last quarter they were up 179%. This growth isn’t coming at the expense of margins either. Gross margins are hovering around 40% and the company is also adjusted EBITDA positive, even during its hypergrowth phase.
Also worth noting is that High Tide major cannabis growers Aurora and Aphria, who was acquired byTilray(NASDAQ:TLRY), are both investors in the company.
The Canadian cannabis market is highly fragmented. In order to meet rising demand over the next few years, consolidation and centralization will be necessary. Canada boasts over 600 cannabis stores in Alberta and Ontario, and many of these will likely be acquired, by companies like High Tide, as the shift to centralization takes place.
A company with a lot of cash will someday acquire everyone in the space and rebrand everything under a common retail name.
High Tide could be that company. They have the core strategy, cash, backing and financials to successfully pull it off.
For one, they’re already super focused on expanding its retail presence by acquiring other companies.
They are also sitting on about $33 million in cash on their balance sheet. That’s a lot for a cannabis retailer. And investor backing will only give them additional resources with which to acquire even more competition in the future.
High Tide is also profitable. Liquidity constraints aren’t a concern, and cash flows from the business will drive more mergers and acquisitions in the near-term.
Because of all these reasons, we believe High Tide stands a pretty good chance at becoming the “cannabis Walmart” of Canada.
If they can pull this off, HITI stock willsoar. Definitely keep an eye on High Tide.
But it’s not the only high-growth, high-return stock on my radar today.
In fact, I have more than 40 hypergrowth stocks in myInnovation Investornewsletter service that could score investors Amazon-like returns over the next months and years.
These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more.
Click hereto watch my first-everExponential Growth Summitand to subscribe toInnovation Investortoday.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service,Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks,become a subscriber of Innovation Investor today.
• Silicon Valley Whiz Kid Reveals #1 Tech Stock in America
• Why $30 May Be the Floor for Plug Power Stock
• 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening
• An Explosive LiDAR Tech Stock for the Self-Driving Revolution
The postHigh Tide Burns the Meme Stock Oil. Buy and Hold HITI for the Long-Term.appeared first onInvestorPlace. || High Tide Burns the Meme Stock Oil. Buy and Hold HITI for the Long-Term.: Shares of High Tide (NASDAQ: HITI ) popped Friday on meme hype, closing at $7.50. Ignore the hype, and focus on the company. Source: Shutterstock Every industry needs a centralized retailer. Centralized retailers offer consistency of price, experience, inventory and convenience. For cannabis, that could be High Tide. High Tide has the potential to transform itself into the “Walmart of cannabis.” Yes, it’s a long shot, but there is a high-enough probability — and enough upside potential — that it’s worth looking at buying HITI stock. InvestorPlace - Stock Market News, Stock Advice & Trading Tips An Experienced Cannabis Retailer High Tide is a decade-old, omnichannel cannabis retailer. They have about 85 stores spanning multiple Canadian provinces. In Alberta, High Tide controls roughly 10% of the market. They also operate several e-commerce websites like GrassCity.com and SmokeCartel.com. These platforms sell cannabis and accessories to individuals in Canada as well as the United States. The company is experiencing rapid growth. Revenues grew 166% in 2020, and last quarter they were up 179%. This growth isn’t coming at the expense of margins either. Gross margins are hovering around 40% and the company is also adjusted EBITDA positive, even during its hypergrowth phase. Also worth noting is that High Tide major cannabis growers Aurora and Aphria, who was acquired by Tilray (NASDAQ: TLRY ), are both investors in the company. Why HITI Stock Will Rise The Canadian cannabis market is highly fragmented. In order to meet rising demand over the next few years, consolidation and centralization will be necessary. Canada boasts over 600 cannabis stores in Alberta and Ontario, and many of these will likely be acquired, by companies like High Tide, as the shift to centralization takes place. A company with a lot of cash will someday acquire everyone in the space and rebrand everything under a common retail name. High Tide could be that company. They have the core strategy, cash, backing and financials to successfully pull it off. Story continues For one, they’re already super focused on expanding its retail presence by acquiring other companies. They are also sitting on about $33 million in cash on their balance sheet. That’s a lot for a cannabis retailer. And investor backing will only give them additional resources with which to acquire even more competition in the future. High Tide is also profitable. Liquidity constraints aren’t a concern, and cash flows from the business will drive more mergers and acquisitions in the near-term. Because of all these reasons, we believe High Tide stands a pretty good chance at becoming the “cannabis Walmart” of Canada. If they can pull this off, HITI stock will soar . Definitely keep an eye on High Tide. But it’s not the only high-growth, high-return stock on my radar today. In fact, I have more than 40 hypergrowth stocks in my Innovation Investor newsletter service that could score investors Amazon-like returns over the next months and years. These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more. Click here to watch my first-ever Exponential Growth Summit and to subscribe to Innovation Investor today. On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article. By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor . To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today . More From Hypergrowth Investing Silicon Valley Whiz Kid Reveals #1 Tech Stock in America Why $30 May Be the Floor for Plug Power Stock 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening An Explosive LiDAR Tech Stock for the Self-Driving Revolution The post High Tide Burns the Meme Stock Oil. Buy and Hold HITI for the Long-Term. appeared first on InvestorPlace . || Buy WISH Stock Before It Joins GME and AMC as a Retail Favorite: You know how everyone in the Star Wars universe says “the force is strong with this one”? Well, the “meme force” is strong withContextLogic(NASDAQ:WISH). WISH Stock has been jumping for a while now due to meme mania. And it refuses to stop.
Source: sdx15 / Shutterstock.com
Yet again, the stock is moving higher. This isespeciallyimpressive, because the market is bleeding red today. WISH stock is producing a huge alpha on meme mania alone.
And, amongst all the meme madness, ContextLogic justinked a two-year deal with a leading online e-commerce platform, which caused shares to rise nearly 13%.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
They’re succeeding on their own, and the meme crowd’s attention is a nice bonus.
As we’ve said before, meme mania won’t last forever. But it will clearly last longer than most people think.
There are essentially two classes of meme stocks — one-hit wonders and the durable, star stocks. The former are targeted by retail investors for up to a few days, go to “the moon” briefly and then get forgotten in the sands of time. The latter, the durable stars, get transformed into retail trading favorites that persist and maintain their staying power. Once you’ve bumped into that second group, which is rare, you get a stock that stays high on meme hype.
AMC(NYSE:AMC) andGameStop(NYSE:GME) fit into this group. Their stocks have been on retail investors’ radar for far longer than less fortunate meme stocks. And because of that,they’ve been experiencing surprising success.
WISH may be entering that territory now. The stock has remained elevated on meme hype for a while now, so don’t be surprised if retail investors continue pushing this stock higher.
It also helps that Wish.com fits the same characteristics as AMC and GameStop’s offerings — things that retail investors, who are normally younger consumers, are fond of and use on a quasi-regular basis. Because of this, we think WISH stock has a strong near-term outlook.
Long-term,as we’ve previously stated, we’re huge believers in the online, value-first shopping industry and in ContextLogic’s competitive advantage in this space. We think the “dollar store” shopping experience will increasingly be virtualized over the next few years. And we think Wish.com will lean into its strong, data-driven tactics to create superior, hyperpersonalized user experiences that enable the company to remain “top dog.”
Marketplace effects will also help, as Wish.com is already where consumers go to find super cheap stuff.
With the near and long-term outlooks healthy, WISH stock looks like a buy today.
But it’s not the only high-growth, high-return stock on my radar today.
In fact, I have more than 40 hypergrowth stocks in myInnovation Investornewsletter service that could score investors Amazon-like returns over the next months and years.
These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more.
Click hereto watch my first-everExponential Growth Summitand to subscribe toInnovation Investortoday.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service,Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks,become a subscriber of Innovation Investor today.
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The postBuy WISH Stock Before It Joins GME and AMC as a Retail Favoriteappeared first onInvestorPlace. || Buy WISH Stock Before It Joins GME and AMC as a Retail Favorite: You know how everyone in the Star Wars universe says “the force is strong with this one”? Well, the “meme force” is strong with ContextLogic (NASDAQ: WISH ). WISH Stock has been jumping for a while now due to meme mania. And it refuses to stop. The logo and information for the Wish (WISH) mobile app are displayed on a smartphone. Source: sdx15 / Shutterstock.com Yet again, the stock is moving higher. This is especially impressive , because the market is bleeding red today. WISH stock is producing a huge alpha on meme mania alone. And, amongst all the meme madness, ContextLogic just inked a two-year deal with a leading online e-commerce platform , which caused shares to rise nearly 13%. InvestorPlace - Stock Market News, Stock Advice & Trading Tips They’re succeeding on their own, and the meme crowd’s attention is a nice bonus. Buy WISH Stock, Not the Hype As we’ve said before, meme mania won’t last forever. But it will clearly last longer than most people think. There are essentially two classes of meme stocks — one-hit wonders and the durable, star stocks. The former are targeted by retail investors for up to a few days, go to “the moon” briefly and then get forgotten in the sands of time. The latter, the durable stars, get transformed into retail trading favorites that persist and maintain their staying power. Once you’ve bumped into that second group, which is rare, you get a stock that stays high on meme hype. AMC (NYSE: AMC ) and GameStop (NYSE: GME ) fit into this group. Their stocks have been on retail investors’ radar for far longer than less fortunate meme stocks. And because of that, they’ve been experiencing surprising success . WISH may be entering that territory now. The stock has remained elevated on meme hype for a while now, so don’t be surprised if retail investors continue pushing this stock higher. It also helps that Wish.com fits the same characteristics as AMC and GameStop’s offerings — things that retail investors, who are normally younger consumers, are fond of and use on a quasi-regular basis. Because of this, we think WISH stock has a strong near-term outlook. Story continues WISH’s Future Long-term, as we’ve previously stated , we’re huge believers in the online, value-first shopping industry and in ContextLogic’s competitive advantage in this space. We think the “dollar store” shopping experience will increasingly be virtualized over the next few years. And we think Wish.com will lean into its strong, data-driven tactics to create superior, hyperpersonalized user experiences that enable the company to remain “top dog.” Marketplace effects will also help, as Wish.com is already where consumers go to find super cheap stuff. With the near and long-term outlooks healthy, WISH stock looks like a buy today. But it’s not the only high-growth, high-return stock on my radar today. In fact, I have more than 40 hypergrowth stocks in my Innovation Investor newsletter service that could score investors Amazon-like returns over the next months and years. These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more. Click here to watch my first-ever Exponential Growth Summit and to subscribe to Innovation Investor today. On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article. By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor . To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today . More From Hypergrowth Investing Silicon Valley Whiz Kid Reveals #1 Tech Stock in America Why $30 May Be the Floor for Plug Power Stock 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening An Explosive LiDAR Tech Stock for the Self-Driving Revolution The post Buy WISH Stock Before It Joins GME and AMC as a Retail Favorite appeared first on InvestorPlace . || HIVE Expands Its Growth Strategy in Sweden by Sourcing More Green Energy: This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021, to its short form base shelf prospectus dated January 27, 2021. VANCOUVER, BC / ACCESSWIRE / June 18, 2021 / HIVE Blockchain Technologies Ltd. (TSXV:HIVE)(OTCQX:HVBTF)(FSE:HBF) (the "Company" or "HIVE") is pleased to announce its recent expansion in Sweden with a 4.6 megawatt ("MW") facility in the town of Robertsfors. This brings the total capacity in Sweden to more than 33 MW and 133 MW worldwide. HIVE has installed itself in the historic 'Diamond Factory' in the small municipality of Robertsfors in the northern part of the country - consistent with its ESG strategy to invest in cold climate locations with access to stable, low-cost, green, and renewable energy sources. HIVE has already established itself on the premises and started production in the first hall while planning their data centre expansion with an option for more space as the need for additional capacity arises. 'We are excited to welcome a long-term and serious customer at the factory', said well-known entrepreneur and landlord Mikael Bergmark at BrukEtt. He continues: 'HIVE is a world-class company that is leading the way for the blockchain sector with its solid ESG strategy; investing only in areas with green and renewable energy, which is precisely what Robertsfors can offer. We are also pleased to see that several local electricity and construction companies are already working in the facility'. HIVE has been operating in Sweden since 2018 and Executive Chairman Frank Holmes believes that this time and commitment to the country has been worthwhile. 'While some companies are struggling to find suitable locations for their entry or expansion in Sweden, HIVE is in the position of choosing among several new opportunities that have been presented to us. This is a testament to our reputation as a reliable operator.' continued Holmes. Story continues About HIVE Blockchain Technologies Ltd. HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We are listed on the TSX.V exchange and our shares have been approved for listing on the Nasdaq. HIVE is a growth-oriented company in an emergent industry. We are building a bridge between the blockchain sector and traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Since the beginning of 2021, HIVE has accumulated the majority of its ETH and BTC coin production, which we hold in secure storage. Our deployments provide shareholders with exposure to the operating margins of digital currency mining, as well as a portfolio of crypto-coins such as BTC and ETH. HIVE traded over 2 billion shares in 2020. For more information and to register to HIVE's mailing list, please visit www.HIVEblockchain.com . Follow @HIVEblockchain on Twitter and subscribe to HIVE's YouTube channel . On Behalf of HIVE Blockchain Technologies Ltd. "Frank Holmes" Executive Chairman For further information please contact: Frank Holmes Tel: (604) 664-1078 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Forward-Looking Information Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to, statements with respect to listing and trading on the Nasdaq; about the Company's program to upgrade and expansion of its cryptocurrency mining equipment; the potential for the Company's long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from operating its assets; and other related risks as more fully set out in the Filing Statement of the Company and other documents disclosed under the Company's filings at www.sedar.com . The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company's assets going forward; the Company's ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. SOURCE: HIVE Blockchain Technologies Ltd. View source version on accesswire.com: https://www.accesswire.com/652366/HIVE-Expands-Its-Growth-Strategy-in-Sweden-by-Sourcing-More-Green-Energy || HIVE Expands Its Growth Strategy in Sweden by Sourcing More Green Energy: This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 2, 2021, to its short form base shelf prospectus dated January 27, 2021.
VANCOUVER, BC / ACCESSWIRE / June 18, 2021 /HIVE Blockchain Technologies Ltd. (TSXV:HIVE)(OTCQX:HVBTF)(FSE:HBF) (the "Company" or "HIVE") is pleased to announce its recent expansion in Sweden with a 4.6 megawatt ("MW") facility in the town of Robertsfors. This brings the total capacity in Sweden to more than 33 MW and 133 MW worldwide.
HIVE has installed itself in the historic 'Diamond Factory' in the small municipality of Robertsfors in the northern part of the country - consistent with its ESG strategy to invest in cold climate locations with access to stable, low-cost, green, and renewable energy sources.
HIVE has already established itself on the premises and started production in the first hall while planning their data centre expansion with an option for more space as the need for additional capacity arises.
'We are excited to welcome a long-term and serious customer at the factory', said well-known entrepreneur and landlord Mikael Bergmark at BrukEtt. He continues: 'HIVE is a world-class company that is leading the way for the blockchain sector with its solid ESG strategy; investing only in areas with green and renewable energy, which is precisely what Robertsfors can offer. We are also pleased to see that several local electricity and construction companies are already working in the facility'.
HIVE has been operating in Sweden since 2018 and Executive Chairman Frank Holmes believes that this time and commitment to the country has been worthwhile. 'While some companies are struggling to find suitable locations for their entry or expansion in Sweden, HIVE is in the position of choosing among several new opportunities that have been presented to us. This is a testament to our reputation as a reliable operator.' continued Holmes.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a green energy and ESG strategy. We are listed on the TSX.V exchange and our shares have been approved for listing on the Nasdaq.
HIVE is a growth-oriented company in an emergent industry. We are building a bridge between the blockchain sector and traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Since the beginning of 2021, HIVE has accumulated the majority of its ETH and BTC coin production, which we hold in secure storage. Our deployments provide shareholders with exposure to the operating margins of digital currency mining, as well as a portfolio of crypto-coins such as BTC and ETH. HIVE traded over 2 billion shares in 2020.
For more information and to register to HIVE's mailing list, please visitwww.HIVEblockchain.com. Follow@HIVEblockchain on Twitterand subscribe toHIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"Executive Chairman
For further information please contact:
Frank HolmesTel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes but is not limited to, statements with respect to listing and trading on the Nasdaq; about the Company's program to upgrade and expansion of its cryptocurrency mining equipment; the potential for the Company's long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company's operations; the volatility of digital currency prices; continued effects of the COVID-19 pandemic may have a material adverse effect on the Company's performance as supply chains are disrupted and prevent the Company from operating its assets; and other related risks as more fully set out in the Filing Statement of the Company and other documents disclosed under the Company's filings atwww.sedar.com.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company's assets going forward; the Company's ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE:HIVE Blockchain Technologies Ltd.
View source version on accesswire.com:https://www.accesswire.com/652366/HIVE-Expands-Its-Growth-Strategy-in-Sweden-by-Sourcing-More-Green-Energy || Portugal Grants First Crypto Exchanges Operating Licenses: The Central Bank of Portugal (Banco de Portugal) has licensed two cryptocurrency exchanges for the first time.
In anofficial statement, the entity announced it recognized Criptoloja and Mind The Coin as “virtual asset service providers.” This is the first time exchanges have been licensed to operate since a new law around crypto trading platforms took effect earlier this year.
The approval came after nearly nine months. Criptoloja first filed for approval on Sept. 29, 2020, the company’s CEO Pedro Borges told CoinDesk.
Related:South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges
“It was a long way. Being the first regulated exchange in Portugal means a lot,” Borges said.
In April, a bank executive confirmed that at the time, Banco de Portugal had received five formal registration requests and a total of 60 informal contacts, according to local media outletDinheiro Vivo.
Mind the Coin and Banco de Portugal did not immediately respond to CoinDesk’s queries.
Critpoloja plans to launch operations “in the next couple of weeks,” Borges said, adding that the company allows customers to open online accounts but has not yet enabled online trading.
Related:State of Crypto: Congressional Hearings Are Ramping Up
According to Borges, Criptoloja will seek to bring together Portuguese people who are looking to invest in cryptocurrencies and do not feel confident enough to open accounts in foreign exchanges.
Borges added that the greatest adoption of crypto in Portugal is among the new generation of traders, although the company will seek to promote the crypto ecosystem among people of different profiles.
• Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized
• South Africa’s Financial Watchdog to Bring Crypto Exchanges Into Regulatory Oversight || Portugal Grants First Crypto Exchanges Operating Licenses: The Central Bank of Portugal (Banco de Portugal) has licensed two cryptocurrency exchanges for the first time. In an official statement , the entity announced it recognized Criptoloja and Mind The Coin as “virtual asset service providers.” This is the first time exchanges have been licensed to operate since a new law around crypto trading platforms took effect earlier this year. The approval came after nearly nine months. Criptoloja first filed for approval on Sept. 29, 2020, the company’s CEO Pedro Borges told CoinDesk. Related: South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges “It was a long way. Being the first regulated exchange in Portugal means a lot,” Borges said. In April, a bank executive confirmed that at the time, Banco de Portugal had received five formal registration requests and a total of 60 informal contacts, according to local media outlet Dinheiro Vivo . Mind the Coin and Banco de Portugal did not immediately respond to CoinDesk’s queries. Critpoloja plans to launch operations “in the next couple of weeks,” Borges said, adding that the company allows customers to open online accounts but has not yet enabled online trading. Related: State of Crypto: Congressional Hearings Are Ramping Up According to Borges, Criptoloja will seek to bring together Portuguese people who are looking to invest in cryptocurrencies and do not feel confident enough to open accounts in foreign exchanges. Borges added that the greatest adoption of crypto in Portugal is among the new generation of traders, although the company will seek to promote the crypto ecosystem among people of different profiles. Related Stories Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized South Africa’s Financial Watchdog to Bring Crypto Exchanges Into Regulatory Oversight || Market Wrap: Bitcoin Drops Ahead of Looming ‘Death Cross’: Bitcoin declined about 5% over the past 24-hours as the price broke below $36,000 support. The world’s largest cryptocurrency by market capitalization is still up about 23% year-to-date, although some traders are concerned about the looming ‘death cross,’ which could indicate a shift from a bullish to bearish price trend.
The death-cross is defined by a cross of the 50-day moving average below the 200-day moving average, which could occur over the weekend.
Still, some analysts remain bullish on bitcoin relative to equities.
Related:MicroStrategy Purchases Another $489M of Bitcoin
“When the equity tide pulls back someday, we expect bitcoin and gold to be the primary beneficiaries,” wrote Mike McGlone, commodity strategist at Bloomberg Intelligence in a Friday report.
Cryptocurrencies:
• Bitcoin(BTC) $35469, -5.92%
• Ether(ETH) $2166.02, -7.15%
Traditional markets:
• S&P 500: 4166.45, -1.31 %
• Gold $1769.37, -0.19%
• 10-year Treasury yielded 1.437%, versus 1.52% on Thursday
“The recent stabilization just isn’t sufficient to suggest buying dips,” wrote Mark Newton, founder ofNewton Advisors, in an email to CoinDesk.
Related:China Says Banks Must Block Crypto Transactions; Market Falls
Newton’s cycle work points to continued weakness this year. “For those who are aggressive traders, any break of 30k should lead down to 20-25k and that should be a better area to consider buying dips for a bounce,” Newton wrote.
And for ether, Newton expects a volatile decline over the next one or two weeks given the break below prior lows.
Bitcoin has been weighed down by ongoing regulatory uncertainty and environmental concerns.
On Thursday, miners in Ya’an, one of the major crypto mining hubs in China’s Sichuan province, received aninspection noticethat required shut-downs.
And on Friday, Wu Blockhcainreportedthat Alibaba Cloud, China’s largest cloud service provider, made calls to cryptocurrency and mining companies registered in China regarding potential domain name cancellations due to regulatory requirements.
“This has little impact on the exchanges, because their servers and registered locations are outside of China, but mining companies may need to do some replacements,” Wu Blockchain tweeted.
Despite regulatory hurdles, institutional demand for crypto remains strong, which could force countries to compete for crypto related businesses.
For example, on Friday, Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland from June 21.
BBVA saidthe reason why the service will only be available to clients in Switzerland is due to clear regulations and the widespread adoption of digital assets in the region.
The chart below shows the one-month correlation between the top 10 crypto assets by market cap has greatly increased since mid-May, according to data from Skew. This reflects broad selling pressure from the sharp correction in May across cryptocurrencies.
One month after Tesla CEO Elon Musk tweeted his concerns about the potential environmental harm from bitcoin mining, some industry players arerushing to respond. They’re looking at ways to address the environmental, social and governance (ESG) issues that might deter big institutional investors from embracing bitcoin.
Crypto.com, an app for trading cryptocurrencies, set a goal for the next 18 months of becoming “carbon negative.” Asset management firm One River Digital filed for a bitcoin exchange-traded fund (ETF) that would be carbon neutral. Digital asset investment firm CoinShares made a strategic investment in Viridi Funds and said it would advise the manager on “the first ESG crypto mining product in the U.S.” Wrapped, a collaboration between tokenization specialist Tokensoft and digital-asset custodian Anchorage, announced a “carbon-neutral bitcoin-backed-asset” called Eco BTC (eBTC).
“They are doing it out of the sense of survival,” said John Reed Stark, a former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement who now works as a consultant.
• The Swiss Federal Council hasenacteda new ordinance to regulate decentralized finance (DeFi). The ordinance creates a license for distributed ledger technology (DLT) trading facilities, which will be effective on Aug. 1. “This will allow for innovative DLT trading facilities and increase legal certainty in the event of bankruptcy,” the council said in the press release. The news broke after Mark Cuban, who said he lost money from the price crash of DeFi token TITAN, called for regulators to determine what constitutes a “stablecoin.”
• Crypto-asset manager Grayscalesaidit is considering 13 more tokens, most of which are DeFi-related, for potential development into investment products. The tokens include 1inch, Bancor, Curve, Polygon and 0x, among others.
• Sichuan Becomes Latest Chinese Province to Order Bitcoin Miner Shutdown
• Crypto Miner Hive Blockchain to List Shares on Nasdaq
• Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at ATMs
All digital assets on the CoinDesk 20 were lower on Thursday.
Notable losers as of 21:00 UTC (4:00 p.m. ET):
nucypher(NU) -17.42%
aave(AAVE) – 11.76%
the graph(GRT) -10.58%
• Ether Drops Below $2K, Bitcoin Wilts as China Tells Banks to Cut Off Crypto Transactions
• Agricultural Bank of China Reiterates Ban on Crypto: Report || Market Wrap: Bitcoin Drops Ahead of Looming ‘Death Cross’: Bitcoin declined about 5% over the past 24-hours as the price broke below $36,000 support. The world’s largest cryptocurrency by market capitalization is still up about 23% year-to-date, although some traders are concerned about the looming ‘ death cross ,’ which could indicate a shift from a bullish to bearish price trend. The death-cross is defined by a cross of the 50-day moving average below the 200-day moving average, which could occur over the weekend. Still, some analysts remain bullish on bitcoin relative to equities. Related: MicroStrategy Purchases Another $489M of Bitcoin “When the equity tide pulls back someday, we expect bitcoin and gold to be the primary beneficiaries,” wrote Mike McGlone, commodity strategist at Bloomberg Intelligence in a Friday report. Latest prices Cryptocurrencies: Bitcoin (BTC) $35469, -5.92% Ether (ETH) $2166.02, -7.15% Traditional markets: S&P 500: 4166.45, -1.31 % Gold $1769.37, -0.19% 10-year Treasury yielded 1.437%, versus 1.52% on Thursday Technical backdrop weakens “The recent stabilization just isn’t sufficient to suggest buying dips,” wrote Mark Newton, founder of Newton Advisors , in an email to CoinDesk. Related: China Says Banks Must Block Crypto Transactions; Market Falls Newton’s cycle work points to continued weakness this year. “For those who are aggressive traders, any break of 30k should lead down to 20-25k and that should be a better area to consider buying dips for a bounce,” Newton wrote. And for ether, Newton expects a volatile decline over the next one or two weeks given the break below prior lows. Regulatory crackdown Bitcoin has been weighed down by ongoing regulatory uncertainty and environmental concerns. On Thursday, miners in Ya’an, one of the major crypto mining hubs in China’s Sichuan province, received an inspection notice that required shut-downs. And on Friday, Wu Blockhcain reported that Alibaba Cloud, China’s largest cloud service provider, made calls to cryptocurrency and mining companies registered in China regarding potential domain name cancellations due to regulatory requirements. Story continues “This has little impact on the exchanges, because their servers and registered locations are outside of China, but mining companies may need to do some replacements,” Wu Blockchain tweeted. Growing institutional demand Despite regulatory hurdles, institutional demand for crypto remains strong, which could force countries to compete for crypto related businesses. For example, on Friday, Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland from June 21. BBVA said the reason why the service will only be available to clients in Switzerland is due to clear regulations and the widespread adoption of digital assets in the region. Crypto correlations rise The chart below shows the one-month correlation between the top 10 crypto assets by market cap has greatly increased since mid-May, according to data from Skew. This reflects broad selling pressure from the sharp correction in May across cryptocurrencies. Bitcoin ESG update One month after Tesla CEO Elon Musk tweeted his concerns about the potential environmental harm from bitcoin mining, some industry players are rushing to respond . They’re looking at ways to address the environmental, social and governance (ESG) issues that might deter big institutional investors from embracing bitcoin. Crypto.com, an app for trading cryptocurrencies, set a goal for the next 18 months of becoming “carbon negative.” Asset management firm One River Digital filed for a bitcoin exchange-traded fund (ETF) that would be carbon neutral. Digital asset investment firm CoinShares made a strategic investment in Viridi Funds and said it would advise the manager on “the first ESG crypto mining product in the U.S.” Wrapped, a collaboration between tokenization specialist Tokensoft and digital-asset custodian Anchorage, announced a “carbon-neutral bitcoin-backed-asset” called Eco BTC (eBTC). “They are doing it out of the sense of survival,” said John Reed Stark, a former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement who now works as a consultant. Altcoin roundup The Swiss Federal Council has enacted a new ordinance to regulate decentralized finance (DeFi). The ordinance creates a license for distributed ledger technology (DLT) trading facilities, which will be effective on Aug. 1. “This will allow for innovative DLT trading facilities and increase legal certainty in the event of bankruptcy,” the council said in the press release. The news broke after Mark Cuban, who said he lost money from the price crash of DeFi token TITAN, called for regulators to determine what constitutes a “stablecoin.” Crypto-asset manager Grayscale said it is considering 13 more tokens, most of which are DeFi-related, for potential development into investment products. The tokens include 1inch, Bancor, Curve, Polygon and 0x, among others. Relevant news Sichuan Becomes Latest Chinese Province to Order Bitcoin Miner Shutdown Crypto Miner Hive Blockchain to List Shares on Nasdaq Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at ATMs Other Markets All digital assets on the CoinDesk 20 were lower on Thursday. Notable losers as of 21:00 UTC (4:00 p.m. ET): nucypher (NU) -17.42% aave (AAVE) – 11.76% the graph (GRT) -10.58% Related Stories Ether Drops Below $2K, Bitcoin Wilts as China Tells Banks to Cut Off Crypto Transactions Agricultural Bank of China Reiterates Ban on Crypto: Report || Market Wrap: Bitcoin Drops Ahead of Looming ‘Death Cross’: Bitcoin declined about 5% over the past 24-hours as the price broke below $36,000 support. The world’s largest cryptocurrency by market capitalization is still up about 23% year-to-date, although some traders are concerned about the looming ‘death cross,’ which could indicate a shift from a bullish to bearish price trend.
The death-cross is defined by a cross of the 50-day moving average below the 200-day moving average, which could occur over the weekend.
Still, some analysts remain bullish on bitcoin relative to equities.
Related:MicroStrategy Purchases Another $489M of Bitcoin
“When the equity tide pulls back someday, we expect bitcoin and gold to be the primary beneficiaries,” wrote Mike McGlone, commodity strategist at Bloomberg Intelligence in a Friday report.
Cryptocurrencies:
• Bitcoin(BTC) $35469, -5.92%
• Ether(ETH) $2166.02, -7.15%
Traditional markets:
• S&P 500: 4166.45, -1.31 %
• Gold $1769.37, -0.19%
• 10-year Treasury yielded 1.437%, versus 1.52% on Thursday
“The recent stabilization just isn’t sufficient to suggest buying dips,” wrote Mark Newton, founder ofNewton Advisors, in an email to CoinDesk.
Related:China Says Banks Must Block Crypto Transactions; Market Falls
Newton’s cycle work points to continued weakness this year. “For those who are aggressive traders, any break of 30k should lead down to 20-25k and that should be a better area to consider buying dips for a bounce,” Newton wrote.
And for ether, Newton expects a volatile decline over the next one or two weeks given the break below prior lows.
Bitcoin has been weighed down by ongoing regulatory uncertainty and environmental concerns.
On Thursday, miners in Ya’an, one of the major crypto mining hubs in China’s Sichuan province, received aninspection noticethat required shut-downs.
And on Friday, Wu Blockhcainreportedthat Alibaba Cloud, China’s largest cloud service provider, made calls to cryptocurrency and mining companies registered in China regarding potential domain name cancellations due to regulatory requirements.
“This has little impact on the exchanges, because their servers and registered locations are outside of China, but mining companies may need to do some replacements,” Wu Blockchain tweeted.
Despite regulatory hurdles, institutional demand for crypto remains strong, which could force countries to compete for crypto related businesses.
For example, on Friday, Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland from June 21.
BBVA saidthe reason why the service will only be available to clients in Switzerland is due to clear regulations and the widespread adoption of digital assets in the region.
The chart below shows the one-month correlation between the top 10 crypto assets by market cap has greatly increased since mid-May, according to data from Skew. This reflects broad selling pressure from the sharp correction in May across cryptocurrencies.
One month after Tesla CEO Elon Musk tweeted his concerns about the potential environmental harm from bitcoin mining, some industry players arerushing to respond. They’re looking at ways to address the environmental, social and governance (ESG) issues that might deter big institutional investors from embracing bitcoin.
Crypto.com, an app for trading cryptocurrencies, set a goal for the next 18 months of becoming “carbon negative.” Asset management firm One River Digital filed for a bitcoin exchange-traded fund (ETF) that would be carbon neutral. Digital asset investment firm CoinShares made a strategic investment in Viridi Funds and said it would advise the manager on “the first ESG crypto mining product in the U.S.” Wrapped, a collaboration between tokenization specialist Tokensoft and digital-asset custodian Anchorage, announced a “carbon-neutral bitcoin-backed-asset” called Eco BTC (eBTC).
“They are doing it out of the sense of survival,” said John Reed Stark, a former chief of the U.S. Securities and Exchange Commission’s Office of Internet Enforcement who now works as a consultant.
• The Swiss Federal Council hasenacteda new ordinance to regulate decentralized finance (DeFi). The ordinance creates a license for distributed ledger technology (DLT) trading facilities, which will be effective on Aug. 1. “This will allow for innovative DLT trading facilities and increase legal certainty in the event of bankruptcy,” the council said in the press release. The news broke after Mark Cuban, who said he lost money from the price crash of DeFi token TITAN, called for regulators to determine what constitutes a “stablecoin.”
• Crypto-asset manager Grayscalesaidit is considering 13 more tokens, most of which are DeFi-related, for potential development into investment products. The tokens include 1inch, Bancor, Curve, Polygon and 0x, among others.
• Sichuan Becomes Latest Chinese Province to Order Bitcoin Miner Shutdown
• Crypto Miner Hive Blockchain to List Shares on Nasdaq
• Chinese Commercial Bank Enables Digital Yuan-Cash Conversion at ATMs
All digital assets on the CoinDesk 20 were lower on Thursday.
Notable losers as of 21:00 UTC (4:00 p.m. ET):
nucypher(NU) -17.42%
aave(AAVE) – 11.76%
the graph(GRT) -10.58%
• Ether Drops Below $2K, Bitcoin Wilts as China Tells Banks to Cut Off Crypto Transactions
• Agricultural Bank of China Reiterates Ban on Crypto: Report || Bitcoin falls 7% to $35,431.15: (Reuters) - Bitcoin dropped 7% to $35,431.15 at 20:02 GMT on Friday, losing $2,666.53 from its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is down 45.4% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, dipped 8.66 % to $2,165.68 on Friday, losing $205.45 from its previous close.
(Reporting by Juby Babu in Bengaluru; Editing by Chris Reese) || Bitcoin falls 7% to $35,431.15: (Reuters) - Bitcoin dropped 7% to $35,431.15 at 20:02 GMT on Friday, losing $2,666.53 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 45.4% from the year's high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, dipped 8.66 % to $2,165.68 on Friday, losing $205.45 from its previous close. (Reporting by Juby Babu in Bengaluru; Editing by Chris Reese) || Bitcoin falls 7% to $35,431.15: (Reuters) - Bitcoin dropped 7% to $35,431.15 at 20:02 GMT on Friday, losing $2,666.53 from its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is down 45.4% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, dipped 8.66 % to $2,165.68 on Friday, losing $205.45 from its previous close.
(Reporting by Juby Babu in Bengaluru; Editing by Chris Reese) || Former PayPal Leaders Create International Decentralized Payment Network: Former PayPal leaders and Rubycoins founders Jim Nguyen and Nas Kavian, along with Ripple’s formerDirector of Business DevelopmentWellington Sculley, have teamed up to create Six Clovers, aninternational decentralized payment network.
See:Will Bitcoin Ever Be Accepted Widely as a Form of Payment?Find:What Is Blockchain Technology?
So what does that mean?
Six Clovers is a network that can sustain 46,000peer-to-peer transactions per second and confirm transactions in about 2.5 seconds. The startup is backed by Borderless Capital, BCW Group, Grupo Supervielle and angel investors. The payment network is built on Algorand and “provides a solid foundation to decentralize and scale” their services globally. Banks, merchants and payment providers can use the platform to move and transact in digital currencies across the world, their website states.
Businesses will be able to connect to a decentralized financial system to enable faster, cheaper and more secure payments across borders. Six Clovers says its decentralised Rapid payment network will allow organizations to integrate and enable real-time payments using the efficiency and scale of digital currencies. Rapid uses regulated stablecoins, including USDC, to represent fiat-on-chain, and enables the instant transfer of value between sender and receiver, adds Finextra.
Real-time payments mean customers get instant access to their deposited funds, which Six Clovers says is a competitive advantage.
Decentralized payment networks are systems where the customer and the vendo exchange money without having to trust another third party to keep the network secure and operational.
See:How Does Cryptocurrency Work – and Is It Safe?Find:What Is Chainlink and Why Is It Important in the World of Cryptocurrency?
These online networks are now possible because of access to the internet and blockchains, which by nature allows for decentralization. Traditionally, a bank could be a third-party for payments and transactions With these newer types of systems, they are responsible for the transaction only, but as Six Clovers states, the funds are available instantly.
To compare, before blockchain technology, the most decentralized payments system that existed was cash. Funds were available immediately, and there was no third-party holding — or tracing — of where the money went. Importantly, with a cash exchange the customer and vendor do not need to trust anyone else to verify the transaction as the exchange rests on a tangible asset.
Nguyen told Finextra that their technology will “equip financial institutions, payment providers and merchants with afull-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”
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• 27 Things You Should Never Do With Your Money
This article originally appeared onGOBankingRates.com:Former PayPal Leaders Create International Decentralized Payment Network || Former PayPal Leaders Create International Decentralized Payment Network: ra2studio / Getty Images/iStockphoto Former PayPal leaders and Rubycoins founders Jim Nguyen and Nas Kavian, along with Ripple’s former Director of Business Development Wellington Sculley, have teamed up to create Six Clovers, an international decentralized payment network . See: Will Bitcoin Ever Be Accepted Widely as a Form of Payment? Find: What Is Blockchain Technology? So what does that mean? Six Clovers is a network that can sustain 46,000 peer-to-peer transactions per second and confirm transactions in about 2.5 seconds. The startup is backed by Borderless Capital, BCW Group, Grupo Supervielle and angel investors. The payment network is built on Algorand and “provides a solid foundation to decentralize and scale” their services globally. Banks, merchants and payment providers can use the platform to move and transact in digital currencies across the world, their website states. Businesses will be able to connect to a decentralized financial system to enable faster, cheaper and more secure payments across borders. Six Clovers says its decentralised Rapid payment network will allow organizations to integrate and enable real-time payments using the efficiency and scale of digital currencies. Rapid uses regulated stablecoins, including USDC, to represent fiat-on-chain, and enables the instant transfer of value between sender and receiver, adds Finextra. Real-time payments mean customers get instant access to their deposited funds, which Six Clovers says is a competitive advantage. Decentralized payment networks are systems where the customer and the vendo exchange money without having to trust another third party to keep the network secure and operational. See: How Does Cryptocurrency Work – and Is It Safe? Find: What Is Chainlink and Why Is It Important in the World of Cryptocurrency? These online networks are now possible because of access to the internet and blockchains, which by nature allows for decentralization. Traditionally, a bank could be a third-party for payments and transactions With these newer types of systems, they are responsible for the transaction only, but as Six Clovers states, the funds are available instantly. Story continues To compare, before blockchain technology, the most decentralized payments system that existed was cash. Funds were available immediately, and there was no third-party holding — or tracing — of where the money went. Importantly, with a cash exchange the customer and vendor do not need to trust anyone else to verify the transaction as the exchange rests on a tangible asset. Nguyen told Finextra that their technology will “equip financial institutions, payment providers and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally .” More From GOBankingRates Jaw-Dropping Stats About the State of Retirement in America How To Keep Your Financial Planning On Track in 2021 20 Home Renovations That Will Hurt Your Home’s Value 27 Things You Should Never Do With Your Money This article originally appeared on GOBankingRates.com : Former PayPal Leaders Create International Decentralized Payment Network || Chinese Officials in Yaan Carry Out Crypto Mining Bans: Yaan, a prefecture-level city in the Sichuan province, has become the latest region to experience Chinas growing ban on cryptocurrency mining. The Chinese city has a significant amount of hydropower that crypto miners were quick to make use of. Now, however, Yaans officials have begun banning crypto mining farms following the lead of the Chinese government. Yaan became one of the major mining hubs in the Sichuan province which makes up as much as 10% of the worlds bitcoin mining. Local authorities are getting to work in Yaan According to Bloomberg , during a meeting on Thursday, government officials from Yaan pledged to cease the operations of all Bitcoin mining farms in use within their jurisdiction. Miners still operating in the area will be given notifications by power suppliers that their power plants will be closed until further notice. The halt of operations is to run through self-inspections in the wake of the government meeting. The announcement required that all power plants in the region go dark before 22:00 local time, and it has yet to be determined when they will be allowed to resume operations. Additionally, mines have been told to shut down no later than June 25 which includes the consumption of electricity and the abandonment of using hydropower. Sichuan, along with Inner Mongolia, Xinjiang Qinghai and Yunnan have all recently introduced regulatory policies for mining cryptocurrency. Up until this point, Sichuan was the only region yet to implement the requirements. The report suggests that Yaan made up more than 10% of the total computing power of bitcoin mining in Sichuan. According to a tweet by Chinese crypto blogger Colin Wu , Bitcoin mining in Sichuan, China is being shut down one after another. Miners believe that Sichuans restrictive policies will be introduced soon. Ethereums hashrate fell by 7%, Bitcoins hashrate is temporarily not reflected. A follow-up post stated that a large amount of hydropower in Sichuan is not used in the summer months and therefore, without bitcoin mining , would all go to waste. The driving force behind Chinas growing bans on cryptocurrency mining can be traced back to a speech given by President Xi Jinping at the 75th session of the UN General Assembly in February. In the address, Jinping declared that China will have CO2 emission peak before 2030 and achieve carbon neutrality by 2060. This would be a massive accomplishment, but experts are skeptical China can pull it off. To help reach this goal, China has quickly turned its attention to crypto miners and the massive amount of energy used in the endeavor. || Chinese Officials in Ya’an Carry Out Crypto Mining Bans: Ya’an, a prefecture-level city in the Sichuan province, has become the latest region to experience China’s growing ban on cryptocurrency mining.
The Chinese city has a significant amount of hydropower that crypto miners were quick to make use of. Now, however, Ya’an’s officials have begunbanning crypto mining farmsfollowing the lead of the Chinese government. Ya’an became one of the major mining hubs in theSichuan provincewhich makes up as much as 10% of the world’s bitcoin mining.
According to Bloomberg, during a meeting on Thursday, government officials from Ya’an pledged to cease the operations of all Bitcoin mining farms in use within their jurisdiction. Miners still operating in the area will be given notifications by power suppliers that their power plants will be closed until further notice.
The halt of operations is to run through self-inspections in the wake of the government meeting. The announcement required that all power plants in the region go dark before 22:00 local time, and it has yet to be determined when they will be allowed to resume operations. Additionally, mines have been told to shut down no later than June 25 which includes the consumption of electricity and the abandonment of using hydropower.
Sichuan, along with Inner Mongolia, Xinjiang Qinghai and Yunnan have all recently introduced regulatory policies for mining cryptocurrency. Up until this point, Sichuan was the only region yet to implement the requirements. The report suggests that Ya’an made up more than 10% of the total computing power of bitcoin mining in Sichuan.
According to a tweet byChinese crypto blogger Colin Wu, “Bitcoin mining in Sichuan, China is being shut down one after another. Miners believe that Sichuan’s restrictive policies will be introduced soon. Ethereum’s hashrate fell by 7%,Bitcoin’s hashrateis temporarily not reflected.” A follow-up post stated that a large amount of hydropower in Sichuan is not used in the summer months and therefore,without bitcoin mining, would all go to waste.
The driving force behind China’s growing bans on cryptocurrency mining can be traced back to a speech given by President Xi Jinping at the 75th session of the UN General Assembly in February. In the address, Jinping declared that China will have CO2 emission peak before 2030 and achieve carbon neutrality by 2060.
This would be a massive accomplishment, but experts are skeptical China can pull it off. To help reach this goal, China has quickly turned its attention to crypto miners and the massive amount of energy used in the endeavor. || Ways To Spot a ‘Pump and Dump’ Scheme: A so-called “pump and dump” scheme is a way that unscrupulous investors manipulate markets togenerate illegal profits. By making false or exaggerated claims about certain investments, these scam artists entice legitimate investors to pile into rapidly rising securities and then take quick profits. Typically, the unknowing victims are left with investments that then plummet in price, often ending up worthless.
Read:This Tiny NJ Deli Has a $110 Million Market Cap – How Do Stocks Get So Inflated?
See:This Is When Tesla Will Resume Accepting Bitcoin
While pump and dump schemes used to be directed primarily toward penny stocks, cryptocurrencies are now joining the fray as well.Here are some ways to identify a pump and dump scheme so that you can protect yourself and your investment portfolio.
Last updated: June 18, 2021
If you’re checking your email one day and you receive an unsolicited email about a stock or crypto, you might very well be on the receiving end of a pump and dump scheme. Pump and dump scammers are looking to reach the broadest audience possible to get money flowing into their targeted securities. One of the easiest ways to do this is to send out millions of unsolicited emails to potential targets. Even if only 0.01% of 1 million recipients actually click on the email and respond, that amounts to 100 people buying the touted security.
Check Out:9 Investing Bubbles That Will Make You Rethink Bitcoin
If someone sends you an unsolicited investment email, by definition they can’t have any idea about your personal investment objectives and risk tolerance. This means they are simply trying to entice as many people as possible into buying a security so that it runs up in price. Typically, these emails use compelling and forceful language to convince you that the time to buy is NOW and that the touted security or cryptocurrency is a “can’t miss opportunity.” The bottom line is that you should never put money into an investment that you hear about through an unsolicited email from an unknown person.
Learn:The Classic Cons Behind These Digital-Age Scams
One of the easiest ways to convince unsuspecting investors to pile into a security is when its price is skyrocketing. After all, investors buy stocks and cryptocurrency to make money, and when a security is jumping in price by leaps and bounds, it’s hard not to be interested. But when a skyrocketing price coincides with a pump and dump email or message board campaign, it pays to be suspicious. Typically, this is evidence that the pump and dump scheme is actually working. As investors get sucked into the scam, demand far outstrips supply, and prices soar.
Read:Investors Could Benefit from Tax Loophole for Crypto Losses
It’s important to note that there are indeed some cases in which a stock or crypto can suddenly turn on a dime and rocket higher in price based on actual, fundamental changes that support the new price. That’s why it’s important to pay attention to what is driving the price higher. If it’s based on speculation or rumors tossed about by emails or message boards, the price is just as likely to plummet back to Earth at some point. While you could certainly get lucky and ride the price higher for a while, there’s no way of knowing when the house of cards will fall, and you could easily end up getting burned in the end.
Explore:How the SEC Affects You and the Economy
Just like a sudden, astronomical price increase is a sure sign of suspicious activity, so is an accompanying surge in volume. After all, prices can’t go higher without rising volume in which buyers outstrip sellers. Thinly traded stocks and cryptocurrencies are typically the types of securities targeted by scammers because it only takes a small increase in volume to move prices higher. When a stock that normally trades a few thousand shares per day suddenly jumps to a few million, price moves can be astronomical. Short, sharp price spikes with no accompanying fundamental changes are typical indicators of pure speculation, and in many cases, of a pump and dump scheme.
Check Out:5 Brands to Invest In, According to TikTok
Massive volume increases, by definition, can’t last forever. As soon as volume starts drying up on these types of investments, prices can fall dramatically. By the time you hear about or notice a stock or crypto that is flooded with new volume, it’s likely you’re closer to the end of the price jump than the beginning.
More:How To Make Money Off the YOLO Market Boom
Technology moves so rapidly that email scams are already becoming obsolete. Social media sites and online message boards are the “email of the future,” with a broader reach that requires even less effort by scammers to reach millions of captive readers. Message boards promoting stocks have been all the rage in 2020 and 2021, as so-called “meme stocks” or “YOLO stocks” like GameStop and AMC Entertainment have skyrocketed. In this modern-day version of pump and dump, a group of message board participants encourage others to buy stocks with certain characteristics, typically those with low prices and high short interest. As the shorts are forced to cover, share prices jump rapidly.
Read:14 Famous Companies That Aren’t Profitable
Various “noble” reasons for these message board assaults have been promulgated, such as the desire to hurt hedge funds and “big investors” that take advantage of stocks by shorting them. But the more likely reason is that people just want to make money, so they get together and push a stock so they can sell out at the top. Take GameStop, for example. That stock has a 52-week low of $3.77 per share, but it ran up to a 52-week high of $483. Those who rode the stock all the way up are now sitting on shares worth just $216,a loss of more than 55%.
See:28 Dumb Ways You Could Lose It All by Trying To Get Rich
Legitimate, registered, fiduciary financial advisors are required by law to recommend investments that are in your best interest. Unregistered, anonymous touts or “advisors” have no legal obligations to you at all. More often than not, their only interest is in putting money into their own pockets. Anytime you get unsolicited advice from someone who is not registered or licensed, take it with a huge grain of salt. Touts are essentially salespeople that get paid by convincing you to cough up money for investments that can make them money, not you.
Discover:The Biggest Money Scams of All Time
If you find yourself getting sucked into a pitch from one of these scam artists, do yourself a favor and conduct your own outside research. It’s theoretically possible that underneath all of the hype there is an investment case for a stock or crypto that someone pitches to you. However, if it’s from an unregistered or unlicensed source, the odds that you’re being subjected to a pump and dump scheme rise dramatically.
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• How To Keep Your Financial Planning On Track in 2021
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• 27 Things You Should Never Do With Your Money
This article originally appeared onGOBankingRates.com:Ways To Spot a ‘Pump and Dump’ Scheme || Ways To Spot a ‘Pump and Dump’ Scheme: Dean Mitchell / Getty Images A so-called “pump and dump” scheme is a way that unscrupulous investors manipulate markets to generate illegal profits . By making false or exaggerated claims about certain investments, these scam artists entice legitimate investors to pile into rapidly rising securities and then take quick profits. Typically, the unknowing victims are left with investments that then plummet in price, often ending up worthless. Read: This Tiny NJ Deli Has a $110 Million Market Cap – How Do Stocks Get So Inflated? See: This Is When Tesla Will Resume Accepting Bitcoin While pump and dump schemes used to be directed primarily toward penny stocks, cryptocurrencies are now joining the fray as well. Here are some ways to identify a pump and dump scheme so that you can protect yourself and your investment portfolio . Last updated: June 18, 2021 Mature men at home during pandemic isolation have conference call. You Receive an Unsolicited Email If you’re checking your email one day and you receive an unsolicited email about a stock or crypto, you might very well be on the receiving end of a pump and dump scheme. Pump and dump scammers are looking to reach the broadest audience possible to get money flowing into their targeted securities. One of the easiest ways to do this is to send out millions of unsolicited emails to potential targets. Even if only 0.01% of 1 million recipients actually click on the email and respond, that amounts to 100 people buying the touted security. Check Out: 9 Investing Bubbles That Will Make You Rethink Bitcoin If someone sends you an unsolicited investment email, by definition they can’t have any idea about your personal investment objectives and risk tolerance. This means they are simply trying to entice as many people as possible into buying a security so that it runs up in price. Typically, these emails use compelling and forceful language to convince you that the time to buy is NOW and that the touted security or cryptocurrency is a “can’t miss opportunity.” The bottom line is that you should never put money into an investment that you hear about through an unsolicited email from an unknown person. Story continues Learn: The Classic Cons Behind These Digital-Age Scams Woman working from home due to restrictive measures, lockdown and quarantine due to pandemic Coronavirus. A Security Price Skyrockets One of the easiest ways to convince unsuspecting investors to pile into a security is when its price is skyrocketing. After all, investors buy stocks and cryptocurrency to make money, and when a security is jumping in price by leaps and bounds, it’s hard not to be interested. But when a skyrocketing price coincides with a pump and dump email or message board campaign, it pays to be suspicious. Typically, this is evidence that the pump and dump scheme is actually working. As investors get sucked into the scam, demand far outstrips supply, and prices soar. Read: Investors Could Benefit from Tax Loophole for Crypto Losses It’s important to note that there are indeed some cases in which a stock or crypto can suddenly turn on a dime and rocket higher in price based on actual, fundamental changes that support the new price. That’s why it’s important to pay attention to what is driving the price higher. If it’s based on speculation or rumors tossed about by emails or message boards, the price is just as likely to plummet back to Earth at some point. While you could certainly get lucky and ride the price higher for a while, there’s no way of knowing when the house of cards will fall, and you could easily end up getting burned in the end. Explore: How the SEC Affects You and the Economy Young millennial using technology for his investment and on line banking. A Security's Volume Explodes Just like a sudden, astronomical price increase is a sure sign of suspicious activity, so is an accompanying surge in volume. After all, prices can’t go higher without rising volume in which buyers outstrip sellers. Thinly traded stocks and cryptocurrencies are typically the types of securities targeted by scammers because it only takes a small increase in volume to move prices higher. When a stock that normally trades a few thousand shares per day suddenly jumps to a few million, price moves can be astronomical. Short, sharp price spikes with no accompanying fundamental changes are typical indicators of pure speculation, and in many cases, of a pump and dump scheme. Check Out: 5 Brands to Invest In, According to TikTok Massive volume increases, by definition, can’t last forever. As soon as volume starts drying up on these types of investments, prices can fall dramatically. By the time you hear about or notice a stock or crypto that is flooded with new volume, it’s likely you’re closer to the end of the price jump than the beginning. More: How To Make Money Off the YOLO Market Boom Happy smiling businessman man typing message on phone while sitting in a taxi. Social Media and Message Boards Light Up Technology moves so rapidly that email scams are already becoming obsolete. Social media sites and online message boards are the “email of the future,” with a broader reach that requires even less effort by scammers to reach millions of captive readers. Message boards promoting stocks have been all the rage in 2020 and 2021, as so-called “meme stocks” or “YOLO stocks” like GameStop and AMC Entertainment have skyrocketed. In this modern-day version of pump and dump, a group of message board participants encourage others to buy stocks with certain characteristics, typically those with low prices and high short interest. As the shorts are forced to cover, share prices jump rapidly. Read: 14 Famous Companies That Aren’t Profitable Various “noble” reasons for these message board assaults have been promulgated, such as the desire to hurt hedge funds and “big investors” that take advantage of stocks by shorting them. But the more likely reason is that people just want to make money, so they get together and push a stock so they can sell out at the top. Take GameStop, for example. That stock has a 52-week low of $3.77 per share, but it ran up to a 52-week high of $483. Those who rode the stock all the way up are now sitting on shares worth just $216, a loss of more than 55%. See: 28 Dumb Ways You Could Lose It All by Trying To Get Rich Unemployed beautiful young woman looking for a job online from home using a laptop and her smart phone, trying to decide what to do. The Information Source Is Unlicensed or Unregistered Legitimate, registered, fiduciary financial advisors are required by law to recommend investments that are in your best interest. Unregistered, anonymous touts or “advisors” have no legal obligations to you at all. More often than not, their only interest is in putting money into their own pockets. Anytime you get unsolicited advice from someone who is not registered or licensed, take it with a huge grain of salt. Touts are essentially salespeople that get paid by convincing you to cough up money for investments that can make them money, not you. Discover: The Biggest Money Scams of All Time If you find yourself getting sucked into a pitch from one of these scam artists, do yourself a favor and conduct your own outside research. It’s theoretically possible that underneath all of the hype there is an investment case for a stock or crypto that someone pitches to you. However, if it’s from an unregistered or unlicensed source, the odds that you’re being subjected to a pump and dump scheme rise dramatically. More From GOBankingRates Jaw-Dropping Stats About the State of Retirement in America How To Keep Your Financial Planning On Track in 2021 20 Home Renovations That Will Hurt Your Home’s Value 27 Things You Should Never Do With Your Money This article originally appeared on GOBankingRates.com : Ways To Spot a ‘Pump and Dump’ Scheme
[Social Media Buzz]
None available.
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35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16.
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[Bitcoin Technical Analysis for 2018-06-16]
Volume: 3194170112, RSI (14-day): 34.32, 50-day EMA: 7734.20, 200-day EMA: 8466.83
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Dreaming of a Crypto Christmas With Ethereum Cofounder Anthony Di Iorio: It’s a dazzling afternoon by the water in lower Manhattan--the Hudson River is glistening in the sun, the yachts are glinting in the marina--and yet one light outshines it all: Anthony Di Iorio’s shoes. The cofounder of Ethereum has the whitest white sneakers I’ve ever seen, so scuff-less and out-of-the-box smudge-less that my first question is just how? We are outside , after all. Wearing a solid navy blue baseball cap, tinted-blue hexagonal aviators and an equally white hoodie when we met this past Tuesday, Di Iorio explains: The secret is a travel shoe cleaning kit--plus a bottomless collection of white sneakers, permitting him to switch out for a new pair every month. An ancient Mexican clock hangs on his necklace--a gift from EOS cofounder Brock Pierce. Surrounded by a small entourage that includes a bodyguard in a suit and coiled earpiece, Di Iorio, whose cryptocurrency fortune is estimated at as much as $1 billion, looks so much like a celebrity that a couple of tourists approach me after our lunch. Who was that guy I was interviewing--was he famous? they wanted to know. Not wishing to dox Di Iorio or his whereabouts to strangers, I simply replied, “Oh, he’s in the cryptocurrency industry.” Just saying the words felt like a throwback to another time, another day when cryptocurrency prices weren’t plunging, when people weren’t talking about Bitcoin exchange hacks, mining scams and app store bans . The following day, the Bitcoin price fell to its lowest point all year, $6,261. And then it occurred to me: This weekend marks six months since Bitcoin hit $20,000 on December 17, 2017; we’ve now slid nearly 70% of the way back down. Even the memory of that exuberant run-up got a face full of cold water this week when the New York Times published the findings of a new study that attributed 50% of Bitcoin’s rise last year to market manipulation. Not that Di Iorio, founder and CEO of blockchain company Decentral (which makes the Jaxx cryptocurrency wallet) is fazed. Nor does he have any shame in telling a reporter that he purposely pays little attention to news, though he observes that there’s been “a lot more negative sentiment in the media” this year, largely to do with regulatory threats to crack down on cryptocurrencies. Story continues Di Iorio had spent part of last week on Capitol Hill, meeting with roomfuls of regulatory officials and lawmakers, trying to ease them away from black-and-white definitions for categorizing cryptocurrencies, and coaxing them to see things through his vision of the future. “To recognize the potential of this technology is going to be bigger than the Internet,” says Di Iorio. “Nothing’s going to stop it. The cat’s out of the bag.” Get The Ledger , Fortune's weekly newsletter on the intersection of finance and tech. Indeed, the U.S. Securities and Exchange Commission seemed to rely partly on the cat-out-of-the-bag argument Thursday when it announced that it had ruled Ethereum out as a security , saving the cryptocurrency from a catastrophic regulated fate that Marc Andreessen himself sought to prevent . Despite the resemblance between Ether’s original token sale to a securities offering, “the present state of Ether, the Ethereum network and its decentralized structure” make it virtually impossible to put it back in the bag, the SEC acknowledged: “As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful.” If Di Iorio had any indication about the SEC’s plans, he didn’t let on--other than to take notice of a clue the night before: Coinbase had announced it would add Ethereum Classic , forked out of the Ethereum blockchain, to its cryptocurrency exchange. Coinbase, which has been careful not to list any cryptocurrencies that might be a security, would likely only add Ethereum Classic if it was sure Ethereum and its kin had officially escaped the label. Meanwhile, New York regulators also awarded their sixth-ever BitLicense to Xapo, the second such license issued in the span of a month--a new record pace for the agency, whose molasses-like approval pipeline I wrote about in my last installment of this newsletter. My prediction then that more BitLicense approvals are on their way down the pike now seems to be coming to fruition. And though it may be June, I can almost hear the jingle bells ringing again, harking back to the holiday season ’17 rally. I remembered the mug I’d ordered on on impulse while shopping for a birthday gift for a friend earlier this year (naturally, I went with the Bitcoin money clip ). It makes me happy every time I open the cabinet. “I’m dreaming of a crypto Christmas,” the mug says. After all, for people like Di Iorio who bought into crypto before six months ago, it’s still been a holly, jolly, most wonderful year. A version of this article originally appeared in the The Ledger , Fortune's weekly newsletter on the intersection of finance and tech. Subscribe here. See original article on Fortune.com More from Fortune.com The Ledger: Ethereum Cofounder on SEC Blessing, Tether's Bitcoin Domination, Ripple vs. Stellar Lumens Stellar Lumens Cryptocurrency Approved for Trading in New York for the First Time Ripple's XRP Isn't Making Western Union's Payments Cheaper, CEO Says How Much Bitcoin Would You Spend on a Warhol? The Ledger: Bitcoin Billionaires, R3's Woes, and 'Silicon Valley' Blockchain Advisors || Dreaming of a Crypto Christmas With Ethereum Cofounder Anthony Di Iorio: It’s a dazzling afternoon by the water in lower Manhattan--the Hudson River is glistening in the sun, the yachts are glinting in the marina--and yet one light outshines it all:Anthony Di Iorio’s shoes.
The cofounder of Ethereum has the whitest white sneakers I’ve ever seen, so scuff-less and out-of-the-box smudge-less that my first question is justhow?We areoutside, after all. Wearing a solid navy blue baseball cap, tinted-blue hexagonal aviators and an equally white hoodie when we met this past Tuesday,Di Iorio explains: The secret is a travel shoe cleaning kit--plus a bottomless collection of white sneakers, permitting him to switch out for a new pair every month.
An ancient Mexican clock hangs on his necklace--a gift from EOS cofounder Brock Pierce. Surrounded by a small entourage that includes a bodyguard in a suit and coiled earpiece,Di Iorio, whose cryptocurrency fortune is estimated at as much as $1 billion, looks so much like a celebrity that a couple of tourists approach me after our lunch.Who was that guy I was interviewing--was he famous?they wanted to know. Not wishing to dox Di Iorio or his whereabouts to strangers, I simply replied, “Oh, he’s in the cryptocurrency industry.”
Just saying the words felt like a throwback to another time, another day when cryptocurrency prices weren’t plunging, when people weren’t talking aboutBitcoin exchange hacks,mining scamsandapp store bans. The following day, the Bitcoin price fell to its lowest point all year, $6,261.
And then it occurred to me: This weekend marks six months since Bitcoin hit $20,000 on December 17, 2017; we’ve now slid nearly 70% of the way back down. Even the memory of that exuberant run-up got a face full of cold water this week whenthe New York Timespublished the findings of a new study that attributed 50% of Bitcoin’s rise last year to market manipulation.
Not that Di Iorio, founder and CEO of blockchain company Decentral (which makes the Jaxx cryptocurrency wallet) is fazed. Nor does he have any shame in telling a reporter that he purposely pays little attention to news, though he observes that there’s been “a lot more negative sentiment in the media” this year, largely to do with regulatory threats to crack down on cryptocurrencies.
Di Iorio had spent part of last week on Capitol Hill, meeting with roomfuls of regulatory officials and lawmakers, trying to ease them away from black-and-white definitions for categorizing cryptocurrencies, and coaxing them to see things through his vision of the future. “To recognize the potential of this technology is going to be bigger than the Internet,” says Di Iorio. “Nothing’s going to stop it. The cat’s out of the bag.”
Get The Ledger,Fortune'sweekly newsletter on the intersection of finance and tech.
Indeed, the U.S. Securities and Exchange Commission seemed to rely partly on the cat-out-of-the-bag argument Thursday when it announced that it hadruled Ethereum out as a security, saving the cryptocurrency from a catastrophic regulated fate thatMarc Andreessen himself sought to prevent. Despite the resemblance between Ether’s original token sale to a securities offering, “the present state of Ether, the Ethereum network and its decentralized structure” make it virtually impossible to put it back in the bag, the SEC acknowledged: “As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful.”
IfDi Iorio had any indication about the SEC’s plans, he didn’t let on--other than to take notice of a clue the night before: Coinbase had announced it wouldadd Ethereum Classic, forked out of the Ethereum blockchain, to its cryptocurrency exchange. Coinbase, which has been careful not to list any cryptocurrencies that might be a security, would likely only add Ethereum Classic if it was sure Ethereum and its kin had officially escaped the label.
Meanwhile, New York regulators also awarded their sixth-ever BitLicense to Xapo, the second such license issued in the span of a month--a new record pace for the agency, whosemolasses-like approval pipelineI wrote about in my last installment of this newsletter. My prediction then that more BitLicense approvals are on their way down the pike now seems to be coming to fruition.
And though it may be June,I can almost hear the jingle bells ringing again, harking back to the holiday season ’17 rally. I rememberedthe mug I’d orderedon on impulse while shopping for a birthday gift for a friend earlier this year (naturally, I went with theBitcoin money clip). It makes me happy every time I open the cabinet. “I’m dreaming of a crypto Christmas,” the mug says.
After all, for people likeDi Ioriowho bought into crypto before six months ago, it’s still been a holly, jolly, most wonderful year.
A version of this article originally appeared in theThe Ledger,Fortune's weekly newsletter on the intersection of finance and tech.Subscribe here.
See original article on Fortune.com
More from Fortune.com
• The Ledger: Ethereum Cofounder on SEC Blessing, Tether's Bitcoin Domination, Ripple vs. Stellar Lumens
• Stellar Lumens Cryptocurrency Approved for Trading in New York for the First Time
• Ripple's XRP Isn't Making Western Union's Payments Cheaper, CEO Says
• How Much Bitcoin Would You Spend on a Warhol?
• The Ledger: Bitcoin Billionaires, R3's Woes, and 'Silicon Valley' Blockchain Advisors || Clorox Stock and Its 41-Year Track Record of Dividend Growth: Clorox (NYSE: CLX) has managed to increase its dividend every year since 1977, and this past February, the company upped it again. The consistent payout increases have made Clorox a dividend aristocrat and an important part of many income investors' portfolios. Dividend-payers tend to fare well during economic downturns and volatile markets, making them a perfect companion for long-term investing. And Clorox management is focused on shareholder returns. As CFO Steve Robs said, "Consistent with our disciplined approach to cash allocation, shareholders remain a priority, and we're pleased to be in a position to continue to return excess cash to them." Clorox Brands SOURCE: THE CLOROX COMPANY. How does Clorox compare to its peers? With a current yield of approximately 3%, Clorox fares well compared to its rivals in the consumer goods industry, including Church & Dwight , Colgate-Palmolive , and Kimberly Clark . Of course, when it comes to evaluating dividend stocks, we don't just look at the yield, which only tells one part of the story. What we want to consider is the dividend payout ratio, which measures the sustainability of the dividend relative to a company's earnings. Ticker Annual Dividend per Share Dividend Yield Earnings per Share (TTM) Payout Ratio Colgate-Palmolive $1.68 2.7% $2.36 71% Clorox $3.84 3.3% $6.12 63% Church & Dwight $0.87 1.8% $3.03 29% Kimberly Clark $4.00 3.9% $5.10 78% Data source: S&P Capital IQ. Table by author. Clorox has a payout ratio of 63%, which means that around two-thirds of its earnings are paid out as dividends. For a mature company, it's a balancing act between generating growth through reinvestment and returning cash to shareholders. This directly ties into its long-term 2020 financial strategy which aims to deliver up to 5% top-line growth and generate free cash flow of between 11% and 13% as a percentage of sales. A strong focus on free cash flow is a good sign that the company is keeping tabs on its dividend strategy. Clorox also recently announced a new share repurchase program of up to $2 billion, which is aimed at further increasing the total shareholder return. Story continues A track record of market outperformance? While the company has increased its dividend every year for over four decades and delivered quarterly increases of about 5% since 2015, when we look at the overall shareholder return (which also takes price appreciation into account), Clorox is currently underperforming the market. The company is not alone in this position, as the entire consumer goods sector is struggling from cost pressures and other headwinds. Clorox Chareholder Return Source: The Clorox Company. Chart by author. What does this mean going forward? There's little doubt the dividend is safe, and if you're diversifying your portfolio with consumer goods companies, Clorox should not be overlooked by long-term investors. Its yield compares favorably to peers and easily tops the broad market. But as a leader in an industry going through major changes, the real challenges for investors to consider are its ability to manage rising costs, connect with consumers, and target the right categories (both organically or with acquisitions ). More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Aksana Fitzpatrick has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Clorox Stock and Its 41-Year Track Record of Dividend Growth: Clorox (NYSE: CLX) has managed to increase its dividend every year since 1977, and this past February, the company upped it again. The consistent payout increases have made Clorox a dividend aristocrat and an important part of many income investors' portfolios. Dividend-payers tend to fare well during economic downturns and volatile markets, making them a perfect companion for long-term investing. And Clorox management is focused on shareholder returns. As CFO Steve Robs said, "Consistent with our disciplined approach to cash allocation, shareholders remain a priority, and we're pleased to be in a position to continue to return excess cash to them." Clorox Brands SOURCE: THE CLOROX COMPANY. How does Clorox compare to its peers? With a current yield of approximately 3%, Clorox fares well compared to its rivals in the consumer goods industry, including Church & Dwight , Colgate-Palmolive , and Kimberly Clark . Of course, when it comes to evaluating dividend stocks, we don't just look at the yield, which only tells one part of the story. What we want to consider is the dividend payout ratio, which measures the sustainability of the dividend relative to a company's earnings. Ticker Annual Dividend per Share Dividend Yield Earnings per Share (TTM) Payout Ratio Colgate-Palmolive $1.68 2.7% $2.36 71% Clorox $3.84 3.3% $6.12 63% Church & Dwight $0.87 1.8% $3.03 29% Kimberly Clark $4.00 3.9% $5.10 78% Data source: S&P Capital IQ. Table by author. Clorox has a payout ratio of 63%, which means that around two-thirds of its earnings are paid out as dividends. For a mature company, it's a balancing act between generating growth through reinvestment and returning cash to shareholders. This directly ties into its long-term 2020 financial strategy which aims to deliver up to 5% top-line growth and generate free cash flow of between 11% and 13% as a percentage of sales. A strong focus on free cash flow is a good sign that the company is keeping tabs on its dividend strategy. Clorox also recently announced a new share repurchase program of up to $2 billion, which is aimed at further increasing the total shareholder return. Story continues A track record of market outperformance? While the company has increased its dividend every year for over four decades and delivered quarterly increases of about 5% since 2015, when we look at the overall shareholder return (which also takes price appreciation into account), Clorox is currently underperforming the market. The company is not alone in this position, as the entire consumer goods sector is struggling from cost pressures and other headwinds. Clorox Chareholder Return Source: The Clorox Company. Chart by author. What does this mean going forward? There's little doubt the dividend is safe, and if you're diversifying your portfolio with consumer goods companies, Clorox should not be overlooked by long-term investors. Its yield compares favorably to peers and easily tops the broad market. But as a leader in an industry going through major changes, the real challenges for investors to consider are its ability to manage rising costs, connect with consumers, and target the right categories (both organically or with acquisitions ). More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Aksana Fitzpatrick has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || 5 Criteria for Hiring a Great Manager: It speaks well of a professional culture when staff at various levels interview incoming leaders. It suggests a spirit of collaboration among the ranks. Don Raskin, Senior Partner at MME , advertising and marketing agency, and author of The Dirty Little Secrets of Getting Your Dream Job , points out, "If an employee is given a choice to be a part of the interview team for their next manager, the employee should always say 'yes' ... it will allow them to have a say in whom they will be working for, but most importantly, whom they will be learning from once the manager is hired." Serving in this capacity can feel both exciting and worrisome; it's a big responsibility. Here's how to own it. Three people sitting on one side of a table and smiling; one person sits facing them. Image source: Getty Images. Know what you're targeting It's hard to find what you're seeking if you don't know what that looks like; crystallize it for yourself . Review the position description, and think about what you need in a manager. Consider past managers you've reported to: What qualities stand out? What priorities does a great manager champion? How do stellar leaders communicate? If you've had the misfortune of working for poor leaders, what made them difficult? For Raskin, great managers have five core qualities. He advises: "Find a candidate who possesses all five, and you have found your next hire." Raskin outlines his criteria that make a great manager: Listens -- a great manager speaks when necessary, but spends most of the time listening and learning. That will allow for the opportunity to formulate opinions and problem solve, which is one of the manager's primary job functions. Mentors -- a manager who shares experiences others can learn lessons from is a manager others will benefit from. Empowers -- you want a manager who offers an employee the power to make decisions on their own. This power will allow the employee to develop more rapidly and build an understanding that their voice really matters. Leads by example -- Example: when a manager works hard, those around the manager will step up and work hard. It is difficult to ask others to work hard when the manager doesn't do so. Has your back -- When you know your manager will stick up for you, you will work much harder on behalf of your manager. Story continues Synthesize your own criteria for what constitutes an outstanding manager, and use that to guide your search. The anatomy of a question It takes effort to prepare strategic interview questions . Give yourself time to think about the smaller picture of your team's daily operations and the bigger picture of what your organization does. Raskin points out: "An interviewer prepares strategic questions by looking at the company mission and asking questions about how the manager envisions achieving the mission." Next, consider what questions would tease out relevant details. Raskin explains how to formulate strategic questions: "A good interview question allows for the respondent to answer the question in a way that shows how they will think and act. It also allows for the respondent to answer and present their thinking in a logical and sequential way." Raskin offers these sample questions and reasons. Notice how they directly hinge on his management criteria: Empowers -- How do decisions get made between you and your employees? You want to hear that the manager says he trusts his employees to make their own decisions, but if they are unsure, they can come to him/her and they can make a decision together. Has your back -- How would you handle a situation where an employee comes to you and tells you they made a mistake? You want to hear the manager say that you will work through the mistake together until the mistake is fixed. Mentors -- Can you describe your management style? You want to hear that the manager is always there for you so you can get a point of view based on their experience. Formulate questions that unearth the qualities you're seeking. If you're new to the role of interviewer, consider running them by your HR colleagues for an extra vote of confidence. Heed your gut Nonverbals can relay important information that can inform your gut instincts, so take note. Pay attention to how you feel in each candidate's company: Is s/he comfortable surrendering the floor? Does s/he seem to need to dominate the conversation? Does s/he listen or interrupt? Observe and note communication styles, keeping in mind that the interview situation is a high-pressure case study for interviewees. Raskin points out other key nonverbals: "[A] firm handshake tells you everything you need to know at the start of the interview. It demonstrates confidence, leadership and passion... Eye contact is critical during the interview. Strong eye contact allows the candidate to quickly bond with the interviewer and build a relationship." Your gut feeling is important, but make sure to fortify it with data and evidence from the interview. Prepare to field questions Job interviews are a two-way conversation. Strategic interviewees foster good conversations about the open position. One way they do so is by posing strategic questions. Prepare to field questions about your tenure, team, and institution. Prompting conversation by asking key questions is not just a positive quality in an interviewee; it's a positive quality in a manager. You've got this Earning the nod to serve on an interview team gives you voice in an important decision, and it bolsters your professional skill set. Recognize the compliment, and embrace the opportunity. This article originally appeared on Glassdoor.com. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 5 Criteria for Hiring a Great Manager: It speaks well of a professional culture when staff at various levels interview incoming leaders. It suggests a spirit of collaboration among the ranks.
Don Raskin, Senior Partner atMME, advertising and marketing agency, and author ofThe Dirty Little Secrets of Getting Your Dream Job, points out, "If an employee is given a choice to be a part of the interview team for their next manager, the employee should always say 'yes' ... it will allow them to have a say in whom they will be working for, but most importantly, whom they will be learning from once the manager is hired."
Serving in this capacity can feel both exciting and worrisome; it's a big responsibility. Here's how to own it.
Image source: Getty Images.
It's hard to find what you're seeking if you don't know what that looks like; crystallize it for yourself. Review the position description, and think about what you need in a manager.
Consider past managers you've reported to:What qualities stand out? What priorities does a great manager champion? How do stellar leaders communicate?If you've had the misfortune of working for poor leaders, what made them difficult?
For Raskin, great managers have five core qualities. He advises: "Find a candidate who possesses all five, and you have found your next hire." Raskin outlines his criteria that make a great manager:
1. Listens--a great manager speaks when necessary, but spends most of the time listening and learning. That will allow for the opportunity to formulate opinions and problem solve, which is one of the manager's primary job functions.
2. Mentors-- a manager who shares experiences others can learn lessons from is a manager others will benefit from.
3. Empowers-- you want a manager who offers an employee the power to make decisions on their own. This power will allow the employee to develop more rapidly and build an understanding that their voice really matters.
4. Leads by example-- Example: when a manager works hard, those around the manager will step up and work hard. It is difficult to ask others to work hard when the manager doesn't do so.
5. Has your back-- When you know your manager will stick up for you, you will work much harder on behalf of your manager.
Synthesize your own criteria for what constitutes an outstanding manager, and use that to guide your search.
It takes effort to preparestrategic interview questions. Give yourself time to think about the smaller picture of your team's daily operations and the bigger picture of what your organization does. Raskin points out: "An interviewer prepares strategic questions by looking at the company mission and asking questions about how the manager envisions achieving the mission."
Next, consider what questions would tease out relevant details. Raskin explains how to formulate strategic questions: "A good interview question allows for the respondent to answer the question in a way that shows how they will think and act. It also allows for the respondent to answer and present their thinking in a logical and sequential way."
Raskin offers these sample questions and reasons. Notice how they directly hinge on his management criteria:
Empowers-- How do decisions get made between you and your employees? You want to hear that the manager says he trusts his employees to make their own decisions, but if they are unsure, they can come to him/her and they can make a decision together.
Formulate questions that unearth the qualities you're seeking. If you're new to the role of interviewer, consider running them by your HR colleagues for an extra vote of confidence.
Nonverbals can relay important information that can inform your gut instincts, so take note. Pay attention to how you feel in each candidate's company: Is s/he comfortable surrendering the floor? Does s/he seem to need to dominate the conversation? Does s/he listen or interrupt? Observe and note communication styles, keeping in mind that the interview situation is a high-pressure case study for interviewees.
Raskin points out other key nonverbals: "[A] firm handshake tells you everything you need to know at the start of the interview. It demonstrates confidence, leadership and passion... Eye contact is critical during the interview. Strong eye contact allows the candidate to quickly bond with the interviewer and build a relationship."
Your gut feeling is important, but make sure to fortify it with data and evidence from the interview.
Job interviews are a two-way conversation. Strategic interviewees foster good conversations about the open position. One way they do so is by posing strategic questions. Prepare to field questions about your tenure, team, and institution.
Prompting conversation by asking key questions is not just a positive quality in an interviewee; it's a positive quality in a manager.
Earning the nod to serve on an interview team gives you voice in an important decision, and it bolsters your professional skill set. Recognize the compliment, and embrace the opportunity.
This articleoriginally appearedon Glassdoor.com.
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The Motley Fool has adisclosure policy. || Italian Court Seizes Crypto Exchange BitGrails Bitcoin Wallets: bitgrail An Italian court has seized bitcoin wallets belonging to shuttered cryptocurrency exchange BitGrail as part of the companys bankruptcy proceedings. BitGrail disclosed that its assets had been seized in a statement dated June 15, explaining that it had turned over the bitcoin wallets on June 5 in response to an order from the Tribunal of Florence. From the statement: On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the companys wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding. As CCN reported , BitGrail has effectively been shut down since February, when founder Francisco The Bomber Firano revealed that nearly all of the platforms nano (XRB) reserves approximately 17 million XRB, then worth $170 million had gone missing, forcing the exchange into insolvency. There was much controversy over who was responsible for the missing XRB. Nanos developers argued that a bug in the exchanges software had led to the loss or theft of the funds and accused Firano of concealing BitGrails insolvency for an extended period of time. To date, all reliable evidence we have reviewed continues to point to a bug in BitGrails exchange software as the reason for the loss of funds, the Nano Foundation wrote in an April update. Firano, meanwhile, blamed the development team, alleging that the fault lay in the Nano protocol, not his platforms software. BitGrail had attempted to re-open its exchange in early May but was forced to shut down just three hours later after a lawyer acting on behalf of a BitGrail customer successfully petitioned the court to bar the company from resuming its operations. BitGrail is currently moving through preliminary bankruptcy proceedings as creditors seek to recover a portion of the assets that they lost when the funds went missing. Firano has criticized creditors for forcing the platform into bankruptcy court rather than letting the exchange re-open and attempt to earn back the funds to fully compensate traders. Featured Image from Shutterstock The post Italian Court Seizes Crypto Exchange BitGrails Bitcoin Wallets appeared first on CCN . || Italian Court Seizes Crypto Exchange BitGrail’s Bitcoin Wallets: An Italian court has seized bitcoin wallets belonging to shuttered cryptocurrency exchange BitGrail as part of the company’s bankruptcy proceedings.
BitGrail disclosed that its assets had been seized in astatementdated June 15, explaining that it had turned over thebitcoin walletson June 5 in response to an order from the Tribunal of Florence.
From the statement:
“On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding.”
As CCNreported, BitGrail has effectively been shut down since February, when founder Francisco “The Bomber” Firano revealed that nearly all of the platform’s nano (XRB) reserves — approximately 17 million XRB, then worth $170 million — had gone missing, forcing the exchange into insolvency.
There was much controversy over who was responsible for the missing XRB. Nano’s developersarguedthat a bug in the exchange’s software had led to the loss or theft of the funds and accused Firano of concealing BitGrail’s insolvency for an extended period of time.
“To date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds,” the Nano Foundation wrote in an April update.
Firano, meanwhile, blamed the development team, alleging that the fault lay in the Nano protocol, not his platform’s software.
BitGrail had attempted to re-open its exchange in early May but wasforced to shut downjust three hours later after a lawyer acting on behalf of a BitGrail customer successfully petitioned the court to bar the company from resuming its operations.
BitGrail is currently moving through preliminary bankruptcy proceedings as creditors seek to recover a portion of the assets that they lost when the funds went missing. Firano has criticized creditors for forcing the platform into bankruptcy court rather than letting the exchange re-open and attempt to earn back the funds to fully compensate traders.
Featured Image from Shutterstock
The postItalian Court Seizes Crypto Exchange BitGrail’s Bitcoin Walletsappeared first onCCN. || Italian Court Seizes Crypto Exchange BitGrail’s Bitcoin Wallets: An Italian court has seized bitcoin wallets belonging to shuttered cryptocurrency exchange BitGrail as part of the company’s bankruptcy proceedings.
BitGrail disclosed that its assets had been seized in astatementdated June 15, explaining that it had turned over thebitcoin walletson June 5 in response to an order from the Tribunal of Florence.
From the statement:
“On June 5, 2018, pursuant to the Tribunal of Florence orders, the Bitcoins contained in the company’s wallets were seized and brought under control of the judicial authorities pending further Court decisions in the prebankruptcy proceeding.”
As CCNreported, BitGrail has effectively been shut down since February, when founder Francisco “The Bomber” Firano revealed that nearly all of the platform’s nano (XRB) reserves — approximately 17 million XRB, then worth $170 million — had gone missing, forcing the exchange into insolvency.
There was much controversy over who was responsible for the missing XRB. Nano’s developersarguedthat a bug in the exchange’s software had led to the loss or theft of the funds and accused Firano of concealing BitGrail’s insolvency for an extended period of time.
“To date, all reliable evidence we have reviewed continues to point to a bug in BitGrail’s exchange software as the reason for the loss of funds,” the Nano Foundation wrote in an April update.
Firano, meanwhile, blamed the development team, alleging that the fault lay in the Nano protocol, not his platform’s software.
BitGrail had attempted to re-open its exchange in early May but wasforced to shut downjust three hours later after a lawyer acting on behalf of a BitGrail customer successfully petitioned the court to bar the company from resuming its operations.
BitGrail is currently moving through preliminary bankruptcy proceedings as creditors seek to recover a portion of the assets that they lost when the funds went missing. Firano has criticized creditors for forcing the platform into bankruptcy court rather than letting the exchange re-open and attempt to earn back the funds to fully compensate traders.
Featured Image from Shutterstock
The postItalian Court Seizes Crypto Exchange BitGrail’s Bitcoin Walletsappeared first onCCN. || What Happened in the Stock Market Today: Stocks fell on Friday after President Trump announced $50 billion in tariffs on imported Chinese goods, stoking fears of an impending trade war between the U.S. and China. By the closing bell, the Dow Jones Industrial Average (DJINDICES: ^DJI) had extended yesterday's decline , dropping around 0.3% after paring its earlier losses. The S&P; 500 (SNPINDEX: ^GSPC) slipped about 0.1%. Today's stock market Index Percentage Change Point Change Dow (0.34%) (84.83) S&P 500 (0.11%) (3.07) Data source: Yahoo! Finance. Oil stocks led the market lower on expectations that OPEC and its allies will soon increase output, leaving the SPDR S&P Oil & Gas Exploration and Production ETF (NYSEMKT: XOP) down 2.9%. Meanwhile, consumer goods stocks helped pare the market's losses, with the Consumer Staples Select Sector SPDR ETF (NYSEMKT: XLP) up 1.3%. As for individual stocks, Jabil (NYSE: JBL) stumbled following an analyst's negative comments, and Canada Goose Holdings (NYSE: GOOS) soared after posting a stunningly good quarter. Stock market prices overlaid by arrows indicating direction and a digital world map Image source: Getty Images. Jabil's beat just wasn't enough Jabil stock fell 6.5% after an analyst cut his price target on shares of the manufacturing services company despite its stronger-than-expected quarterly results. Late yesterday, Jabil announced that its fiscal third-quarter revenue climbed 21% year over year to $5.4 billion, which translated to adjusted (non- GAAP ) earnings of $79.6 million, or $0.46 per diluted share. Most investors were looking for earnings of $0.45 per share on revenue of $4.9 billion. Jabil CEO Mark Mondello called it a "strong" quarter despite today's "challenging components market." In addition, for the current fiscal fourth quarter, Jabil told investors to expect revenue of $5.2 billion to $5.6 billion, and adjusted earnings per share in the range of $0.56 to $0.80. Analysts, on average, were projecting fiscal Q4 earnings of $0.70 per share -- or slightly above the midpoint of guidance -- on revenue near the low end of Jabil's outlook. Story continues Shortly after the release, J.P. Morgan analyst Paul Coster maintained his overweight rating on Jabil, but reduced his per-share price target. Coster pointed to concerns that Jabil's cash flow during the quarter was weaker than expected due to investments in working capital. He also noted that Jabil's margins are being pressured by component supply constraints. That's not to say this wasn't a solid quarter from Jabil. But it's evident that Wall Street doesn't like that its top-line growth appears to be coming at the expense of cash flow and profitability. Canada Goose Holdings flies higher Shares of Canada Goose Holdings skyrocketed 33.1% after the performance luxury apparel company crushed expectations with its fiscal fourth-quarter 2018 results. Quarterly revenue jumped 144% year over year to 124.8 million Canadian dollars, which translated to adjusted net income of CA$9.9 million, or CA$0.09 per share, swinging from a CA$0.15-per-share loss in the year-ago period. Analysts, on average, were expecting Canada Goose would incur an adjusted loss of CA$0.09 per share on revenue of C$78.9 million. "These results reinforce my belief that we are still just scratching the surface of our global potential," stated Canada Goose CEO Dani Reiss. "As we continue to bring more Canada Goose to more of the world, we are resolutely focused on the long term and what we need to get there." Reiss added that in the coming fiscal year, Canada Goose will "make significant strategic investments in infrastructure and people to support [its] foundation for enduring growth." To that end, over the next three fiscal years, Canada Goose expects average annual growth in revenue and adjusted earnings of "at least" 20% and 25%, respectively. That's impressive any way you slice it for this up-and-coming company, and it's no surprise to see the stock popping in response. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || What Happened in the Stock Market Today: Stocks fell on Friday after President Trump announced $50 billion in tariffs on imported Chinese goods, stoking fears of an impending trade war between the U.S. and China. By the closing bell, theDow Jones Industrial Average(DJINDICES: ^DJI)had extendedyesterday's decline, dropping around 0.3% after paring its earlier losses. TheS&P; 500(SNPINDEX: ^GSPC)slipped about 0.1%.
[{"Index": "Dow", "Percentage Change": "(0.34%)", "Point Change": "(84.83)"}, {"Index": "S&P 500", "Percentage Change": "(0.11%)", "Point Change": "(3.07)"}]
Data source: Yahoo! Finance.
Oil stocks led the market lower on expectations that OPEC and its allies will soon increase output, leaving theSPDR S&P Oil & Gas Exploration and Production ETF(NYSEMKT: XOP)down 2.9%. Meanwhile, consumer goods stocks helped pare the market's losses, with theConsumer Staples Select Sector SPDRETF(NYSEMKT: XLP)up 1.3%.
As for individual stocks,Jabil(NYSE: JBL)stumbled following an analyst's negative comments, andCanada Goose Holdings(NYSE: GOOS)soared after posting a stunningly good quarter.
Image source: Getty Images.
Jabil stock fell 6.5% after an analyst cut his price target on shares of the manufacturing services company despite its stronger-than-expected quarterly results.
Late yesterday, Jabil announced that its fiscal third-quarter revenue climbed 21% year over year to $5.4 billion, which translated to adjusted (non-GAAP) earnings of $79.6 million, or $0.46 per diluted share. Most investors were looking for earnings of $0.45 per share on revenue of $4.9 billion.
Jabil CEO Mark Mondello called it a "strong" quarter despite today's "challenging components market."
In addition, for the current fiscal fourth quarter, Jabil told investors to expect revenue of $5.2 billion to $5.6 billion, and adjusted earnings per share in the range of $0.56 to $0.80. Analysts, on average, were projecting fiscal Q4 earnings of $0.70 per share -- or slightly above the midpoint of guidance -- on revenue near the low end of Jabil's outlook.
Shortly after the release, J.P. Morgan analyst Paul Coster maintained his overweight rating on Jabil, but reduced his per-share price target. Coster pointed to concerns that Jabil's cash flow during the quarter was weaker than expected due to investments in working capital. He also noted that Jabil's margins are being pressured by component supply constraints.
That's not to say this wasn't a solid quarter from Jabil. But it's evident that Wall Street doesn't like that its top-line growth appears to be coming at the expense of cash flow and profitability.
Shares of Canada Goose Holdings skyrocketed 33.1% after the performance luxury apparel company crushed expectations with its fiscal fourth-quarter 2018 results. Quarterly revenue jumped 144% year over year to 124.8 million Canadian dollars, which translated to adjusted net income of CA$9.9 million, or CA$0.09 per share, swinging from a CA$0.15-per-share loss in the year-ago period.
Analysts, on average, were expecting Canada Goose would incur an adjusted loss of CA$0.09 per share on revenue of C$78.9 million.
"These results reinforce my belief that we are still just scratching the surface of our global potential," stated Canada Goose CEO Dani Reiss. "As we continue to bring more Canada Goose to more of the world, we are resolutely focused on the long term and what we need to get there."
Reiss added that in the coming fiscal year, Canada Goose will "make significant strategic investments in infrastructure and people to support [its] foundation for enduring growth."
To that end, over the nextthreefiscal years, Canada Goose expects average annual growth in revenue and adjusted earnings of "at least" 20% and 25%, respectively.
That's impressive any way you slice it for this up-and-coming company, and it's no surprise to see the stock popping in response.
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Steve Symingtonhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Today In Cryptocurrency: Crypto Mining In Kosovo, Alternative Explanation For Sell-Off: The cryptocurrency market ended a brutal week on a low note on Friday, with most major cryptocurrencies trading down more than 2 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move. Headlines Major cryptos traded near 2018 lows this week, and most media and analysts attributed a hack of South Korean exchange Coinrail and a new report suggesting bitcoin prices were artificially inflated last year for the move. However, bitcoin bull and Fundstrat analyst Tom Lee says bitcoin futures may be to blame for the early-week sell-off and the late-week recovery. Since CBOE bitcoin futures contracts began trading in December, Lee says prices tend to slump in the days leading up to expiration. June bitcoin futures contracts expired on Wednesday. Ripple is reportedly expecting India to overturn its recently imposed ban on banks dealing with cryptocurrency. The Times of India reported that Ripple executives expect a government panel currently exploring cryptocurrency policy will ultimately see that cryptos offer more benefits than risks for the Indian financial system. Reuters reports that cryptocurrency mining has become popular among younger citizens of one of Europe’s poorest countries, Kosovo. The poor job market in Kosovo has left half a million young adult citizens unemployed, but the nation’s cheap electricity means it only costs roughly $3,000 per coin to mine bitcoin there. Price Action The Bitcoin Investment Trust (OTC: GBTC ) traded at $11.04, down 4.2 percent. Here’s how several top crypto investments fared Friday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours. Bitcoin declined 1.3 percent to $6,588; Ethereum declined 3.4 percent to $500; Ripple declined 2.4 percent to 54 cents; Bitcoin Cash declined 2.1 percent to $871; EOS declined 3.0 percent to $11.24. The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are: Story continues BunnyCoin: $4.6-million market cap, 220.1-percent gain. Pandacoin: $6.0-million market cap, 39.5-percent gain. Elite: $2.8-million market cap, 35.2-percent gain. The three cryptocurrencies hit hardest in the past 24 hours were: KiloCoin: $4.6-million market cap, 28.6-percent decline. IncaKoin: $1.1-million market cap, 28.3-percent decline. Espers: $4.3-million market cap, 28.2-percent decline. Related Links: Today In Cryptocurrency: SEC Says Ether Isn't A Security, Steve Bannon A Bitcoin Bull Buy, Sell Or HODL? This Bull Thinks 'Bitcoin Is Just Getting Warmed Up' See more from Benzinga Today In Cryptocurrency: SEC Says Ether Isn't A Security, Steve Bannon A Bitcoin Bull Today In Cryptocurrency: Coinbase Adds Ethereum Classic, Researchers Find Major Crypto Market Manipulation Buy, Sell Or HODL? This Bull Thinks 'Bitcoin Is Just Getting Warmed Up' © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Today In Cryptocurrency: Crypto Mining In Kosovo, Alternative Explanation For Sell-Off: The cryptocurrency market ended a brutal week on a low note on Friday, with most major cryptocurrencies trading down more than 2 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move. Headlines Major cryptos traded near 2018 lows this week, and most media and analysts attributed a hack of South Korean exchange Coinrail and a new report suggesting bitcoin prices were artificially inflated last year for the move. However, bitcoin bull and Fundstrat analyst Tom Lee says bitcoin futures may be to blame for the early-week sell-off and the late-week recovery. Since CBOE bitcoin futures contracts began trading in December, Lee says prices tend to slump in the days leading up to expiration. June bitcoin futures contracts expired on Wednesday. Ripple is reportedly expecting India to overturn its recently imposed ban on banks dealing with cryptocurrency. The Times of India reported that Ripple executives expect a government panel currently exploring cryptocurrency policy will ultimately see that cryptos offer more benefits than risks for the Indian financial system. Reuters reports that cryptocurrency mining has become popular among younger citizens of one of Europe’s poorest countries, Kosovo. The poor job market in Kosovo has left half a million young adult citizens unemployed, but the nation’s cheap electricity means it only costs roughly $3,000 per coin to mine bitcoin there. Price Action The Bitcoin Investment Trust (OTC: GBTC ) traded at $11.04, down 4.2 percent. Here’s how several top crypto investments fared Friday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours. Bitcoin declined 1.3 percent to $6,588; Ethereum declined 3.4 percent to $500; Ripple declined 2.4 percent to 54 cents; Bitcoin Cash declined 2.1 percent to $871; EOS declined 3.0 percent to $11.24. The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are: Story continues BunnyCoin: $4.6-million market cap, 220.1-percent gain. Pandacoin: $6.0-million market cap, 39.5-percent gain. Elite: $2.8-million market cap, 35.2-percent gain. The three cryptocurrencies hit hardest in the past 24 hours were: KiloCoin: $4.6-million market cap, 28.6-percent decline. IncaKoin: $1.1-million market cap, 28.3-percent decline. Espers: $4.3-million market cap, 28.2-percent decline. Related Links: Today In Cryptocurrency: SEC Says Ether Isn't A Security, Steve Bannon A Bitcoin Bull Buy, Sell Or HODL? This Bull Thinks 'Bitcoin Is Just Getting Warmed Up' See more from Benzinga Today In Cryptocurrency: SEC Says Ether Isn't A Security, Steve Bannon A Bitcoin Bull Today In Cryptocurrency: Coinbase Adds Ethereum Classic, Researchers Find Major Crypto Market Manipulation Buy, Sell Or HODL? This Bull Thinks 'Bitcoin Is Just Getting Warmed Up' © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Tailwinds for Business Development ETF: This article was originally published on ETFTrends.com. High-yield, income-generating asset classes are often vulnerable to interest rate tightening by the Federal Reserve, but business development companies (BDCs), as measured by the VanEck Vectors BDC Income ETF ( BIZD ) , have recently been sturdy. BIZD is up nearly 4% since the start of the second quarter. BDCs essentially help fund small $5 million to $100 million businesses. Ever since the financial crisis, regulators have clamped down on traditional lenders and made it harder for businesses to access public capital, which has forced smaller business to take loans from BDCs. “Recent legislation has been serving as a tailwind for business development companies (BDCs). The passage of this year’s omnibus spending bill, which included the Small Business Credit Availability Act (SBCAA), as well as last year’s tax reform were expected to positively impact BDCs,” said VanEck in a recent note . “In fact, since the spending bill’s March 22 announcement, the MVIS US Business Development Companies Index was up 6.9%, outperforming the main U.S. equity and other high yield indices.” More BDC Details BDCs are comprised of companies that fund small- to mid-sized private companies, which are usually rated below investment grade or not rated at all. Furthermore, these companies should also do relatively well in the kind of environment ahead where many expect an increase in interest rates since most BDC loans set to float with interest rate benchmarks. Related: A Smarter Way for Bond ETF Investors to Access the Market BDCs currently average about 9.3% in dividend yield and over 80% in loan portfolios with floating rate loans, which may allow BDCs to benefit from a rising interest rate environment,” said VanEck. “As such, BDCs may serve as a complement to income allocations to help enhance yield without adding significant interest rate risk. In addition, BDCs have historically offered a competitive risk/return tradeoff when compared with high yield bonds, leveraged loans, and equities across the market capitalization spectrum.” Story continues Floating rate notes, like the name suggests, have a floating interest rate. Specifically, the notes’ have a so-called reset period with interest rates tied to a benchmark, such as the Fed funds, LIBOR, prime rate or U.S. Treasury bill rate. Due to their short reset periods, these floating rate funds have relatively low rate risk. “Combined with the recent tax reform and passage of the SBCAA, we believe the current case for BDCs is compelling. High yield and equity income investors may want to consider a diversified allocation of BDCs to complement their traditional income portfolios,” according to VanEck. For more information on the fixed-income markets, visit our bond ETFs category . POPULAR ARTICLES FROM ETFTRENDS.COM When Can I Retire? Two Calculations to Find the Answer Start Understanding Your Mortgage in Fewer Than 10 Minutes Bettinger on Schwab’s Evolution And Important Industry Trends Gen Z Employees Are Stressed About Money, but Remain Confident Are You Shopping for a Home With Bitcoin? READ MORE AT ETFTRENDS.COM > || Tailwinds for Business Development ETF: This article was originally published onETFTrends.com.
High-yield, income-generating asset classes are often vulnerable to interest rate tightening by the Federal Reserve, but business development companies (BDCs), as measured by theVanEckVectors BDC Income ETF (BIZD) , have recently been sturdy. BIZD is up nearly 4% since the start of the second quarter.
BDCs essentially help fund small $5 million to $100 million businesses. Ever since the financial crisis, regulators have clamped down on traditional lenders and made it harder for businesses to access public capital, which has forced smaller business to take loans from BDCs.
“Recent legislation has been serving as a tailwind for business development companies (BDCs). The passage of this year’s omnibus spending bill, which included the Small Business Credit Availability Act (SBCAA), as well as last year’s tax reform were expected to positively impact BDCs,”said VanEck in a recent note. “In fact, since the spending bill’s March 22 announcement, the MVIS US Business Development Companies Index was up 6.9%, outperforming the main U.S. equity and other high yield indices.”
More BDC Details
BDCs are comprised of companies that fund small- to mid-sized private companies, which are usually rated below investment grade or not rated at all. Furthermore, these companies should also do relatively well in the kind of environment ahead where many expect an increase in interest rates since most BDC loans set to float with interest rate benchmarks.
Related:A Smarter Way for Bond ETF Investors to Access the Market
BDCs currently average about 9.3% in dividend yield and over 80% in loan portfolios with floating rate loans, which may allow BDCs to benefit from a rising interest rate environment,” said VanEck. “As such, BDCs may serve as a complement to income allocations to help enhance yield without adding significant interest rate risk. In addition, BDCs have historically offered a competitive risk/return tradeoff when compared with high yield bonds, leveraged loans, and equities across the market capitalization spectrum.”
Floating rate notes, like the name suggests, have a floating interest rate. Specifically, the notes’ have a so-called reset period with interest rates tied to a benchmark, such as the Fed funds, LIBOR, prime rate or U.S. Treasury bill rate. Due to their short reset periods, these floating rate funds have relatively low rate risk.
“Combined with the recent tax reform and passage of the SBCAA, we believe the current case for BDCs is compelling. High yield and equity income investors may want to consider a diversified allocation of BDCs to complement their traditional income portfolios,” according to VanEck.
For more information on the fixed-income markets, visit ourbond ETFs category.
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READ MORE AT ETFTRENDS.COM > || Solar, Metal ETFs in Crossfire as Trade Tiff Worsens: This article was originally published on ETFTrends.com. In the wake of President Donald Trump's tariff on Chinese imports, Beijing countered with plans to impose trade barriers of its own, dragging down solar and metal mining related exchange traded funds Friday. Among the worst performers Friday, the SPDR Metals & Mining ETF ( XME ) , which has a hefty tilt toward U.S. steel, fell 2.4% and the Invesco Solar ETF (NYSEArca: TAN) , the largest ETF dedicated to solar stocks, declined 3.0%. Washington D.C. imposed a 25% tariff on $50 billion in Chinese goods Friday. In response, China's Ministry of Commerce said it would tack on trade barriers of the same scale and the same strength, and that Trumps tariffs were damaging relations and undermining the world trade order," the Washington Post reports. According to the White House, the import tax would apply to goods from China that contain industrially significant technologies. The administration argued that China forced foreign companies to surrender technology secrets in return for market access and acquired U.S. technologies through cybertheft and investment in start-ups. These practices... harm our economic and national security and deepen our already massive trade imbalance with China, Trump said. Trump's Tit-for-Tat Trade War Potentially escalating tensions into a tit-for-tat trade war, the president stated the U.S. would "pursue additional tariffs" if China responded. China has exhibited a history of focusing on industries like steel or solar energy for growth, which came with excessive investment by its state-led firms. The actions would in turn flood global markets with cheap Chinese goods, pressuring prices to unsustainable levels and making it all but impossible for private companies to compete, a White House senior administration official said. Consequently, the official argued that American companies will continue to lose out on a range of advanced technology markets if China's state-led companies maintain their current industrial policies. Story continues This is not market capitalism, the official said, speaking anonymously to the Washington Post. These are state policies where they are targeting certain industries. Related: Precious Metals ETFs Tumble as Trade Tensions Escalate The solar sector looked dimmer this year after tariffs on solar panels caused U.S. renewable energy companies to cancel or freeze investments on over $2.5 billion in large installation projects. The new, diluted tariff scheme excludes many of the largest importers of steel to the U.S. The steel tariff program appears to have less bite than many initially feared, as a number of key steel exporters to the U.S. have now received temporary exemption. For more information on the markets, visit our current affairs category . POPULAR ARTICLES FROM ETFTRENDS.COM When Can I Retire? Two Calculations to Find the Answer Start Understanding Your Mortgage in Fewer Than 10 Minutes Bettinger on Schwabs Evolution And Important Industry Trends Gen Z Employees Are Stressed About Money, but Remain Confident Are You Shopping for a Home With Bitcoin? READ MORE AT ETFTRENDS.COM > || Solar, Metal ETFs in Crossfire as Trade Tiff Worsens: This article was originally published onETFTrends.com.
In the wake of President Donald Trump's tariff on Chinese imports, Beijing countered with plans to impose trade barriers of its own, dragging down solar and metal mining related exchange traded funds Friday.
Among the worst performers Friday, the SPDR Metals & Mining ETF (XME) , which has a hefty tilt toward U.S. steel, fell 2.4% and the Invesco Solar ETF (NYSEArca: TAN) , the largest ETF dedicated to solar stocks, declined 3.0%.
Washington D.C. imposed a 25% tariff on $50 billion in Chinese goods Friday. In response, China's Ministry of Commerce said it would tack on trade barriers of the “same scale and the same strength,” and that Trump’s tariffs were “damaging” relations and “undermining the world trade order," theWashington Postreports.
According to the White House, the import tax would apply to “goods from China that contain industrially significant technologies.” The administration argued that China forced foreign companies to surrender technology secrets in return for market access and acquired U.S. technologies through cybertheft and investment in start-ups.
“These practices... harm our economic and national security and deepen our already massive trade imbalance with China,” Trump said.
Trump's Tit-for-Tat Trade War
Potentially escalating tensions into a tit-for-tat trade war, the president stated the U.S. would "pursue additional tariffs" if China responded.
China has exhibited a history of focusing on industries like steel or solar energy for growth, which came with excessive investment by its state-led firms. The actions would in turn flood global markets with cheap Chinese goods, pressuring prices to unsustainable levels and making it all but impossible for private companies to compete, a White House senior administration official said. Consequently, the official argued that American companies will continue to lose out on a range of advanced technology markets if China's state-led companies maintain their current industrial policies.
“This is not market capitalism,” the official said, speaking anonymously to the Washington Post. “These are state policies where they are targeting certain industries.”
Related:Precious Metals ETFs Tumble as Trade Tensions Escalate
The solar sector looked dimmer this year after tariffs on solar panels caused U.S. renewable energy companies to cancel or freeze investments on over $2.5 billion in large installation projects.
The new, diluted tariff scheme excludes many of the largest importers of steel to the U.S. The steel tariff program appears to have less bite than many initially feared, as a number of key steel exporters to the U.S. have now received temporary exemption.
For more information on the markets, visit ourcurrent affairs category.
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READ MORE AT ETFTRENDS.COM > || Why Canada Goose Holdings Inc. Stock Is Soaring Today: What happened Shares of Canada Goose Holdings Inc. (NYSE: GOOS) were flying higher today after the maker of high-end parkas posted strong results in its fourth-quarter earnings report and issued a bullish long-term growth forecast. As of 1:26 p.m. EDT, the stock was up 25.9%. So what Canada Goose said revenue jumped 144% in the quarter to 124.9 million Canadian dollars, crushing estimates, as direct-to-consumer revenue surged. The results were helped by four new stores and eight national e-commerce sites opened over the last year. Pocket detail on a Canada Goose jacket Image source: Canada Goose. Gross margin expanded from 54.4% to 62.7% as the company pivots away from wholesale model to a retail one. On the bottom line, Canada Goose posted a surprise adjusted profit of CA$0.09 per share, up from a loss of CA$0.15 a year ago, and easily beating estimates of a loss of $0.07 per share. CEO Dani Reiss said: Our execution in fiscal 2018 was exceptional across all growth strategies and key metrics. These results reinforce my belief that we are still just scratching the surface of our global potential. ... Fiscal 2019 will be another exciting year, as we make significant strategic investments in infrastructure and people to support our foundation for enduring growth. Now what Canada Goose stock has soared since its IPO in early 2017. Shares have now more than tripled, as the company has executed effectively and demonstrated an appealing growth opportunity. Canada Goose's guidance also did not disappoint. It sees annual revenue growth of 20% over the next three years and annual earnings-per-share growth of 25%. It also expects to open five new retail stores before winter and is preparing to enter the Chinese market, news of which caused shares to spike last month . With the global economy strong, the market looks ripe for continued growth for Canada Goose. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Canada Goose Holdings Inc. Stock Is Soaring Today: What happened Shares of Canada Goose Holdings Inc. (NYSE: GOOS) were flying higher today after the maker of high-end parkas posted strong results in its fourth-quarter earnings report and issued a bullish long-term growth forecast. As of 1:26 p.m. EDT, the stock was up 25.9%. So what Canada Goose said revenue jumped 144% in the quarter to 124.9 million Canadian dollars, crushing estimates, as direct-to-consumer revenue surged. The results were helped by four new stores and eight national e-commerce sites opened over the last year. Pocket detail on a Canada Goose jacket Image source: Canada Goose. Gross margin expanded from 54.4% to 62.7% as the company pivots away from wholesale model to a retail one. On the bottom line, Canada Goose posted a surprise adjusted profit of CA$0.09 per share, up from a loss of CA$0.15 a year ago, and easily beating estimates of a loss of $0.07 per share. CEO Dani Reiss said: Our execution in fiscal 2018 was exceptional across all growth strategies and key metrics. These results reinforce my belief that we are still just scratching the surface of our global potential. ... Fiscal 2019 will be another exciting year, as we make significant strategic investments in infrastructure and people to support our foundation for enduring growth. Now what Canada Goose stock has soared since its IPO in early 2017. Shares have now more than tripled, as the company has executed effectively and demonstrated an appealing growth opportunity. Canada Goose's guidance also did not disappoint. It sees annual revenue growth of 20% over the next three years and annual earnings-per-share growth of 25%. It also expects to open five new retail stores before winter and is preparing to enter the Chinese market, news of which caused shares to spike last month . With the global economy strong, the market looks ripe for continued growth for Canada Goose. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Cash for NASH: 2 Top Biotech Takeover Targets and 3 Potential Buyers: What's the next massive multibillion-dollar market for the biopharmaceutical industry? Put an increasingly prevalent liver disease high on the list.
Some analysts predict that the market for treatments of nonalcoholic steatohepatitis (NASH) could be between $20 billion and $35 billion. The progressive fatty liver disease is expected to become the leading cause of liver transplants by 2020. And there's currently no approved treatment for NASH, so the market is wide open.
With such a huge amount of money on the line, quite a few drugmakers are developing NASH drugs. We'll probably soon see acquisitions activity heat up. I thinkMadrigal Pharmaceuticals(NASDAQ: MDGL)andViking Therapeutics(NASDAQ: VKTX)are highly likely to be gobbled up in the not-too-distant future. My hunch is thatBristol-Myers Squibb(NYSE: BMY),Gilead Sciences(NASDAQ: GILD), andPfizer(NYSE: PFE)could be among the potential buyers.
Image source: Getty Images.
Madrigal Pharmaceuticals is practically a no-brainer to rank as one of the most likely acquisition candidates. The company isreportedly considering a saleafter catching the eyes of several larger drugmakers, according to Bloomberg.
I'm not surprised at all that Madrigal is contemplating cashing in. In January, I listed the company as one of thetop three small biotechs that "big drugmakers are probably drooling over."The drool that I was imagining stemmed from Madrigal's very encouraging phase 2 results reported in December 2017 for lead candidate MGL-3196.
Since then, the news has only gotten better for Madrigal. The company's initial results from the phase 2 study were after 12 weeks of treatment. Madrigal announced a few weeks ago updated results after 36 weeks of treatment. The new data were at least as impressive as the company's earlier report.
One company was probably nearly as pleased with those phase 2 results as Madrigal was -- Viking Therapeutics. Like Madrigal, Viking's lead candidate targets treatment of NASH. Viking's drug, VK2809, uses the same mechanism of action as Madrigal's MGL-3196. Positive results for MGL-3196 should bode well for Viking's chances with VK2809.
Viking is a little behind Madrigal, though. Madrigal is already looking to advance MGL-3196 to a pivotal phase 3 clinical trial. Viking expects to report phase 2 results for VK2809 sometime in the second half of 2018.
Which big drugmakers could be interested in acquiring Madrigal or Viking? You could probably throw a dart at a list of the biggest biopharmaceutical companies and land on a potential suitor.
I think the odds of either Bristol-Myers Squibb (BMS) or Pfizer making a bid for either of the two smaller biotechs are pretty high. Both companiesconfirmed to Reutersin April that they're interested in acquisitions in the NASH space.
BMS has four pipeline candidates targeting fibrotic diseases. Three of those experimental drugs are in phase 2 clinical trials while one is in phase 1 development. The most advanced of these candidates is PEG-FGF21, also referred to as BMS-986036. However, the phase 2 results for the drug weren't nearly as positive as Madrigal's results for MGL-3196. I have no doubt that BMS would love to have MGL-3196 in its quiver.
Pfizer's pipeline includes three NASH candidates, two of which are in phase 2 testing and the other in phase 1. The big pharma company's chief scientific officer told Reuters that Pfizer acknowledges that it's "a bit behind" other players and is "actively looking" to supplement its NASH pipeline.
Gilead Sciences also claims three pipeline candidates targeting NASH. The big biotech's lead NASH candidate, selonsertib, is arguablyone of the most important drugs for Gilead's future. Gilead's other two NASH drugs, GS-9674 and GS-0976, are in phase 2 clinical studies. The company picked up both of these drugs through acquisitions of smaller biotechs.
Combination therapies could be the most effective approach to treating NASH. Gilead is already exploring combos with selonsertib as the backbone. Adding another drug with great potential such as MGL-3196 or VK2809 would probably be a smart move for the company.
I'm not a betting person, but if I were I'd put money on both Madrigal and Viking being bought out within the next year. But with so many big drugmakers wanting to gain an advantage in the NASH dash, I'm not as confident about which ones will be the buyers.
Gilead has the most cash to fund an acquisition. However, the company might not be as willing to pay up if there's a bidding war. When Gilead was under considerable pressure in 2016 to make an acquisition, CEO John Milligan said that his approach wasn't to make a deal "prices be damned."
On the other hand, Pfizer hasn't been shy in the past about paying a premium to buy another company. The drugmaker has even been criticized for paying too much in its dealmaking. I suspect if there's a contest to acquire Madrigal or Viking, Pfizer will be in the thick of it.
There was plenty of speculation earlier this year that Bristol-Myers Squibb wasmore likely to be acquired itselfthan buy a smaller company. Those rumors have died down, though. My view is that BMS is a serious contender to buy one of the up-and-coming biotechs focused on NASH.
If I had to make a prediction, what would it be? I'd probably go with Pfizer buying Madrigal with Gilead following up by acquiring Viking at a lower price tag. But I'll be the first to admit that I'm no Nostradamus.
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Keith Speightsowns shares of Gilead Sciences and Pfizer. The Motley Fool owns shares of and recommends Gilead Sciences. The Motley Fool has adisclosure policy.
[Social Media Buzz]
#BTCUSD Market #1H timeframe on June 16 at 21:00 (UTC) is #Bullish. #cryptocurrency #bitcoin #btc #crypto #trading #idea #report technical analysis || BTC Price: 6490.00$,
BTC Today High : 6499.12$,
BTC All Time High : 19903.44$
ETH Price: 499.60$ #bitcoin #BTC $BTC #ETH $ETH #cryptopic.twitter.com/CW0OCopqVC || 2018-06-16 18:00:04 UTC
BTC: $6534.27
BCH: $856.11
ETH: $500.49
ZEC: $192.06
LTC: $96.89
ETC: $14.51
XRP: $0.5373 || Due to high demand, we've decided to start the crowdsale on the...
|
6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53.
|
[Bitcoin Technical Analysis for 2015-09-24]
Volume: 25097800, RSI (14-day): 50.51, 50-day EMA: 239.80, 200-day EMA: 252.30
[Wider Market Context]
Gold Price: 1153.80, Gold RSI: 62.39
Oil Price: 44.91, Oil RSI: 49.03
[Recent News (last 7 days)]
What Oil Recovery?: Oil prices have been on the decline this year as the global supply glut continues to weigh on markets. Despite some signs of falling production, most analysts still see a relatively gloomy future for the commodity in the near term, but long-term investors are looking for a bottom in order to find some bargain buys within the sector.
Where Are Prices Headed
A survey by theWall Street Journalshowed that analysts are becoming increasingly bearish on the price of oil through 2016. The 13 investment banks questioned all cut their average forecast for Brent crude oil in the coming year by about $9. The banks said they see both Brent and WTI prices remaining below $60 well into the coming year.
Who Survived?
While oil producers have taken a beating this year, refiners likeValero Energy Corporation(NYSE:VLO) andPhillips 66(NYSE:PSX) may have actually benefited from lower crude prices. Not only did the commodity's downward trajectory increase their margins, but the demand for cheaper refined products like diesel increased as consumers felt more comfortable driving further and purchasing higher consumption vehicles like SUV's and trucks.
What About The Long Term?
While most analysts agree that 2016 isn't looking much brighter for crude, they also say that oil won't be down in the dumps forever. The ultra low prices seen in today's market are unsustainable, and producers are already starting to feel the burn.
Data from the U.S. Energy Information Administration has shown that U.S. production is on the decline and many expect it to continue that way until prices improve. It may take awhile, but many investors are betting that oil will make its way back toward $70 and $80 per barrel in the longer term.
See more from Benzinga
• What To Expect From Xi Jinping's Visit To The US
• New Website Could Become The Playboy Of Pot
• Bank Of America Prepares For Bitcoin Revolution
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || What Oil Recovery?: Oil prices have been on the decline this year as the global supply glut continues to weigh on markets. Despite some signs of falling production, most analysts still see a relatively gloomy future for the commodity in the near term, but long-term investors are looking for a bottom in order to find some bargain buys within the sector. Where Are Prices Headed A survey by the Wall Street Journal showed that analysts are becoming increasingly bearish on the price of oil through 2016. The 13 investment banks questioned all cut their average forecast for Brent crude oil in the coming year by about $9. The banks said they see both Brent and WTI prices remaining below $60 well into the coming year. Who Survived? While oil producers have taken a beating this year, refiners like Valero Energy Corporation (NYSE: VLO ) and Phillips 66 (NYSE: PSX ) may have actually benefited from lower crude prices. Not only did the commodity's downward trajectory increase their margins, but the demand for cheaper refined products like diesel increased as consumers felt more comfortable driving further and purchasing higher consumption vehicles like SUV's and trucks. What About The Long Term? While most analysts agree that 2016 isn't looking much brighter for crude, they also say that oil won't be down in the dumps forever. The ultra low prices seen in today's market are unsustainable, and producers are already starting to feel the burn. Data from the U.S. Energy Information Administration has shown that U.S. production is on the decline and many expect it to continue that way until prices improve. It may take awhile, but many investors are betting that oil will make its way back toward $70 and $80 per barrel in the longer term. See more from Benzinga What To Expect From Xi Jinping's Visit To The US New Website Could Become The Playboy Of Pot Bank Of America Prepares For Bitcoin Revolution © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Website Could Become The Playboy Of Pot: This week, the marijuana industry saw rapper Snoop Dogg announce a new marijuana lifestyle platform called Merry Jane. Snoop unveiled his intentions while joking about the marijuana culture and promising to feature smoking celebrities recounting their first pot experiences.
While the site is likely to appeal to college students and even young adults who are a part of the marijuana culture that Snoop Dogg represents, it will do little to draw in thousands of other users like the elderly, working professionals and athletes.
Civilized Pot
EnterCivilized. On Tuesday, startup Saint Johns Revolution Strategy launched a new website called Civilized which targets marijuana's "high brow" users. The company's founder and publisher Derek Riedlesaidthat the site's style is designed to appeal to the underserved pot market-- working professionals who aren't defined by marijuana usage, but enjoy its effects to relax or be creative.
Related Link:Is Snoop Dogg's Marijuana Platform Good For The Industry?
Transforming Pot Perceptions
The site includes pertinent topics relating to marijuana, but also encompasses broader lifestyle topics. Riedle wants the site to attract people based on their other interests as well, so it will include topics that may appeal to business people, teachers and athletes who happen to smoke marijuana in their free time.
While marijuana-related sites are a dime-a-dozen at the moment, Civilized is hoping to appeal to an undeserved part of the marijuana movement. Some have likened the company's mission to that of Playboy, saying it takes something considered taboo or indecent and normalizes it.
Funding
So far, Civilized has gained the backing of 14 angel investors and is expected to continue growing once the content is monetized. At the moment, the stories are free, but Riedle is planning to support the site through advertising in the future.
See more from Benzinga
• Bank Of America Prepares For Bitcoin Revolution
• European Investments, Greek Bonds Beginning To Look More Attractive
• U.S. Firms Brace For EU Ruling That Could Change The Way They Do Business
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New Website Could Become The Playboy Of Pot: This week, the marijuana industry saw rapper Snoop Dogg announce a new marijuana lifestyle platform called Merry Jane. Snoop unveiled his intentions while joking about the marijuana culture and promising to feature smoking celebrities recounting their first pot experiences. While the site is likely to appeal to college students and even young adults who are a part of the marijuana culture that Snoop Dogg represents, it will do little to draw in thousands of other users like the elderly, working professionals and athletes. Civilized Pot Enter Civilized . On Tuesday, startup Saint Johns Revolution Strategy launched a new website called Civilized which targets marijuana's "high brow" users. The company's founder and publisher Derek Riedle said that the site's style is designed to appeal to the underserved pot market-- working professionals who aren't defined by marijuana usage, but enjoy its effects to relax or be creative. Related Link: Is Snoop Dogg's Marijuana Platform Good For The Industry? Transforming Pot Perceptions The site includes pertinent topics relating to marijuana, but also encompasses broader lifestyle topics. Riedle wants the site to attract people based on their other interests as well, so it will include topics that may appeal to business people, teachers and athletes who happen to smoke marijuana in their free time. While marijuana-related sites are a dime-a-dozen at the moment, Civilized is hoping to appeal to an undeserved part of the marijuana movement. Some have likened the company's mission to that of Playboy, saying it takes something considered taboo or indecent and normalizes it. Funding So far, Civilized has gained the backing of 14 angel investors and is expected to continue growing once the content is monetized. At the moment, the stories are free, but Riedle is planning to support the site through advertising in the future. See more from Benzinga Bank Of America Prepares For Bitcoin Revolution European Investments, Greek Bonds Beginning To Look More Attractive U.S. Firms Brace For EU Ruling That Could Change The Way They Do Business © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bank Of America Prepares For Bitcoin Revolution: Bitcoin has been slow to catch on across the globe as uncertainty about safety and security has kept the general public from embracing the cryptocurrency. However, many businesses are preparing themselves for a day when cryptocurrencies are widely accepted as such a time may not be far off in the future.
Bank of America Corp(NYSE:BAC) is one such firm, which has seen the potential of using bitcoin to improve its operations.
Patent Application
On September 17, Bank of Americasubmitteda patent application for the use of bitcoin in order to facilitate international money transfers. The bank is not the first to see bitcoin as a game-changer when it comes to cross border payments. At the moment, sending money to an account abroad is time consuming and costly, but using bitcoin for the same transaction would significantly reduce the time spent and fees charged as the cryptocurrency eliminates the need for a third party intermediary.
Related Link: Bitcoin Gaining Traction At Colleges Around The World
Bitcoin Catching On
Bank of America's application is the first from a major retail bank, suggesting that bitcoin may finally be shedding its "dangerous" image. However, this is not the first time a big name firm has applied for a bitcoin-related patent,Mastercard Inc(NYSE:MA),International Business Machines Corp.(NYSE:IBM) andAmazon.com, Inc.(NASDAQ:AMZN) have all applied for patents to protect their own proposed usage of the cryptocurrency.
Patents Criticized
Some within the bitcoin community have been critical of companies like Bank of America and bitcoin firm Coinbase, which recently applied for bitcoin patents. As bitcoin was designed to be an open source software that works around traditional financial models, many believe that patenting bitcoin systems goes against the purpose of digital currencies. However, others say it is a necessary step for businesses that want to get into the space and if one firm doesn't patent something, another eventually will.
See more from Benzinga
• Fed Could Raise Rates In September: What Does It Mean?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bank Of America Prepares For Bitcoin Revolution: Bitcoin has been slow to catch on across the globe as uncertainty about safety and security has kept the general public from embracing the cryptocurrency. However, many businesses are preparing themselves for a day when cryptocurrencies are widely accepted as such a time may not be far off in the future. Bank of America Corp (NYSE: BAC ) is one such firm, which has seen the potential of using bitcoin to improve its operations. Patent Application On September 17, Bank of America submitted a patent application for the use of bitcoin in order to facilitate international money transfers. The bank is not the first to see bitcoin as a game-changer when it comes to cross border payments. At the moment, sending money to an account abroad is time consuming and costly, but using bitcoin for the same transaction would significantly reduce the time spent and fees charged as the cryptocurrency eliminates the need for a third party intermediary. Related Link: B itcoin Gaining Traction At Colleges Around The World Bitcoin Catching On Bank of America's application is the first from a major retail bank, suggesting that bitcoin may finally be shedding its "dangerous" image. However, this is not the first time a big name firm has applied for a bitcoin-related patent, Mastercard Inc (NYSE: MA ), International Business Machines Corp. (NYSE: IBM ) and Amazon.com, Inc. (NASDAQ: AMZN ) have all applied for patents to protect their own proposed usage of the cryptocurrency. Patents Criticized Some within the bitcoin community have been critical of companies like Bank of America and bitcoin firm Coinbase, which recently applied for bitcoin patents. As bitcoin was designed to be an open source software that works around traditional financial models, many believe that patenting bitcoin systems goes against the purpose of digital currencies. However, others say it is a necessary step for businesses that want to get into the space and if one firm doesn't patent something, another eventually will. Story continues See more from Benzinga Fed Could Raise Rates In September: What Does It Mean? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bank Of America Prepares For Bitcoin Revolution: Bitcoin has been slow to catch on across the globe as uncertainty about safety and security has kept the general public from embracing the cryptocurrency. However, many businesses are preparing themselves for a day when cryptocurrencies are widely accepted as such a time may not be far off in the future.
Bank of America Corp(NYSE:BAC) is one such firm, which has seen the potential of using bitcoin to improve its operations.
Patent Application
On September 17, Bank of Americasubmitteda patent application for the use of bitcoin in order to facilitate international money transfers. The bank is not the first to see bitcoin as a game-changer when it comes to cross border payments. At the moment, sending money to an account abroad is time consuming and costly, but using bitcoin for the same transaction would significantly reduce the time spent and fees charged as the cryptocurrency eliminates the need for a third party intermediary.
Related Link: Bitcoin Gaining Traction At Colleges Around The World
Bitcoin Catching On
Bank of America's application is the first from a major retail bank, suggesting that bitcoin may finally be shedding its "dangerous" image. However, this is not the first time a big name firm has applied for a bitcoin-related patent,Mastercard Inc(NYSE:MA),International Business Machines Corp.(NYSE:IBM) andAmazon.com, Inc.(NASDAQ:AMZN) have all applied for patents to protect their own proposed usage of the cryptocurrency.
Patents Criticized
Some within the bitcoin community have been critical of companies like Bank of America and bitcoin firm Coinbase, which recently applied for bitcoin patents. As bitcoin was designed to be an open source software that works around traditional financial models, many believe that patenting bitcoin systems goes against the purpose of digital currencies. However, others say it is a necessary step for businesses that want to get into the space and if one firm doesn't patent something, another eventually will.
See more from Benzinga
• Fed Could Raise Rates In September: What Does It Mean?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || MarilynJean Media Interactive (OTCQB:MJMI) Today Announced Cancellation of Over 100,000,000 Convertible Preferred Shares: HENDERSON, NV / ACCESSWIRE / September 22, 2015 / MarilynJean Media Interactive ( MJMI ) today announced cancellation of over 100,000,000 convertible preferred shares representing over 35% of its fully diluted share total. As previously disclosed, on March 28, 2013, we acquired 100% of the issued and outstanding common shares of MarilynJean Media Inc.. Pursuant to that transaction, 106,651,250 Exchangeable Preferred Shares were issued. These were convertible into common shares of our Company on a one-for-one basis. On September 22, 2015 all 106,651,250 Exchangeable Preferred Shares were cancelled and returned to treasury, pursuant to Return to Treasury Agreements entered into with the holders of these shares. The shareholders agreed to cancel the shares and return them to treasury, in consideration for the issuance of promissory notes in the aggregate amount of $226,756. The promissory notes are due and payable upon our company completing a financing for gross proceeds of not less than $375,000. The cancelled shares represent 35.4% of the Company's fully diluted share total. Peter Janosi, MJMIs president said: With the cancellation of a significant portion of the Company's fully diluted share total, we believe we have dramatically increased the companys options for financing and growth. MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth. About Bitcoin and Crypto-Currencies Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. Story continues Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting. Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK). MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is OTCQB:MJMI. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || MarilynJean Media Interactive (OTCQB:MJMI) Today Announced Cancellation of Over 100,000,000 Convertible Preferred Shares: HENDERSON, NV / ACCESSWIRE / September 22, 2015 /MarilynJean Media Interactive (MJMI) today announced cancellation of over 100,000,000 convertible preferred shares representing over 35% of its fully diluted share total.
As previously disclosed, on March 28, 2013, we acquired 100% of the issued and outstanding common shares of MarilynJean Media Inc.. Pursuant to that transaction, 106,651,250 Exchangeable Preferred Shares were issued. These were convertible into common shares of our Company on a one-for-one basis.
On September 22, 2015 all 106,651,250 Exchangeable Preferred Shares were cancelled and returned to treasury, pursuant to Return to Treasury Agreements entered into with the holders of these shares. The shareholders agreed to cancel the shares and return them to treasury, in consideration for the issuance of promissory notes in the aggregate amount of $226,756. The promissory notes are due and payable upon our company completing a financing for gross proceeds of not less than $375,000. The cancelled shares represent 35.4% of the Company's fully diluted share total.
Peter Janosi, MJMIs president said: With the cancellation of a significant portion of the Company's fully diluted share total, we believe we have dramatically increased the companys options for financing and growth.
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth.
About Bitcoin and Crypto-Currencies
Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is OTCQB:MJMI.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive || Is Snoop Dogg's Marijuana Platform Good For The Industry?: Snoop Dogg's persona has long been synonymous with marijuana as the 43-year-old has always been open about his drug use, even before the drug became legal. However, with the marijuana industry growing rapidly and many trying to spread awareness of the drug's medical benefits, some wonder if icons like Snoop Dogg are good for the industry.
Merry Jane
On Monday, Snoop Doggannouncedplans to create a pot-lifestyle platform called Merry Jane. The site will include news and information about marijuana and is intended to give marijuana enthusiasts a dedicated place to share and read about their hobby. When describing the website, Snoop Dogg said he intends to include cooking tutorials, celebrity appearances and even business advice for gangaprenuers.
Related Link:Marijuana Posts A Major Win On The Campaign Trail
A Good Move?
While Snoop's website will likely appeal to a large number of the nation's pot users, some worry that it sends the wrong message at a time when marijuana needs to be taken seriously.
With the 2016 elections coming up, many in the marijuana industry are worried about how a change to the administration could affect their business. Some of the candidates have pledged to reverse decisions regarding pot laws, while others have said they are uncertain about relaxing cannabis laws at a federal level. In order for the marijuana industry to continue growing, federal laws labeling marijuana as a dangerous, criminal substance need to change.
One argument for marijuana has been widespread acceptance as more and more people come out in support of the drug. That acceptance has changed the portrait of an average pot smoker from a teenage burnout to an elderly pain patient or a working professional. Such shifts in perception are necessary, some say, in order to convince policy-makers in Washington to take the drug seriously.
See more from Benzinga
• 21 Inc's Bitcoin Computer Seeks To Redefine The Internet
• Apple Moves Forward On Auto Plans
• Forget The 2016 Election Candidates, CEOs Are Driving Change
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Snoop Dogg's Marijuana Platform Good For The Industry?: Snoop Dogg's persona has long been synonymous with marijuana as the 43-year-old has always been open about his drug use, even before the drug became legal. However, with the marijuana industry growing rapidly and many trying to spread awareness of the drug's medical benefits, some wonder if icons like Snoop Dogg are good for the industry. Merry Jane On Monday, Snoop Dogg announced plans to create a pot-lifestyle platform called Merry Jane. The site will include news and information about marijuana and is intended to give marijuana enthusiasts a dedicated place to share and read about their hobby. When describing the website, Snoop Dogg said he intends to include cooking tutorials, celebrity appearances and even business advice for gangaprenuers. Related Link: Marijuana Posts A Major Win On The Campaign Trail A Good Move? While Snoop's website will likely appeal to a large number of the nation's pot users, some worry that it sends the wrong message at a time when marijuana needs to be taken seriously. With the 2016 elections coming up, many in the marijuana industry are worried about how a change to the administration could affect their business. Some of the candidates have pledged to reverse decisions regarding pot laws, while others have said they are uncertain about relaxing cannabis laws at a federal level. In order for the marijuana industry to continue growing, federal laws labeling marijuana as a dangerous, criminal substance need to change. One argument for marijuana has been widespread acceptance as more and more people come out in support of the drug. That acceptance has changed the portrait of an average pot smoker from a teenage burnout to an elderly pain patient or a working professional. Such shifts in perception are necessary, some say, in order to convince policy-makers in Washington to take the drug seriously. See more from Benzinga 21 Inc's Bitcoin Computer Seeks To Redefine The Internet Apple Moves Forward On Auto Plans Forget The 2016 Election Candidates, CEOs Are Driving Change © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Texan pleads guilty to running bitcoin Ponzi scheme: By Nate Raymond NEW YORK (Reuters) - A Texas man accused of operating a Ponzi scheme involving bitcoins pleaded guilty on Monday in what prosecutors say was the first U.S. criminal securities fraud case related to the digital currency. Trendon Shavers, who authorities said defrauded investors after raising more than $4.5 million worth of bitcoins while operating Bitcoin Savings and Trust, pleaded guilty in Manhattan federal court to one count of securities fraud. "I know what I did was wrong, and I'm very sorry," Shavers said in court. Under a plea deal, Shavers has agreed not to appeal any sentence at or below 41 months in prison. Sentencing before U.S. District Judge Lewis Kaplan is scheduled for Feb. 3. Shavers, who went by "pirateat40" online, was arrested in November, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said Shavers, who turned 33 on Monday, raised at least 764,000 bitcoins worth more than $4.5 million based on the average price of bitcoin during the period of the scheme from investors from September 2011 to September 2012. He promised interest rates of 7 percent per week or 3,641 percent a year. The indictment said Shavers solicited the investments on the website Bitcoin Forum, offering to pay interest to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy. Michael Ferrara, a prosecutor, in court on Monday said Shavers had invested some of the bitcoins with Mt. Gox, the now-defunct Tokoyo-based bitcoin exchange. But Ferrara said Shavers, who lived in McKinney, Texas, largely instead used new investors' bitcoins to pay back prior investors. "In other words, he had the telltale signs of a Ponzi scheme," Ferrara said. In court papers, prosecutors had also accused Shavers of misappropriating bitcoins to buy a used BMW M5 sedan and a $1,000 steakhouse dinner in Las Vegas, and to go to spas and casinos. Story continues At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said. In total, prosecutors said he misappropriated 146,000 bitcoins and caused 48 investors to suffer losses. The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157. (Reporting by Nate Raymond in New York; Editing by Cynthia Osterman) || Texan pleads guilty to running bitcoin Ponzi scheme: By Nate Raymond NEW YORK (Reuters) - A Texas man accused of operating a Ponzi scheme involving bitcoins pleaded guilty on Monday in what prosecutors say was the first U.S. criminal securities fraud case related to the digital currency. Trendon Shavers, who authorities said defrauded investors after raising more than $4.5 million worth of bitcoins while operating Bitcoin Savings and Trust, pleaded guilty in Manhattan federal court to one count of securities fraud. "I know what I did was wrong, and I'm very sorry," Shavers said in court. Under a plea deal, Shavers has agreed not to appeal any sentence at or below 41 months in prison. Sentencing before U.S. District Judge Lewis Kaplan is scheduled for Feb. 3. Shavers, who went by "pirateat40" online, was arrested in November, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said Shavers, who turned 33 on Monday, raised at least 764,000 bitcoins worth more than $4.5 million based on the average price of bitcoin during the period of the scheme from investors from September 2011 to September 2012. He promised interest rates of 7 percent per week or 3,641 percent a year. The indictment said Shavers solicited the investments on the website Bitcoin Forum, offering to pay interest to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy. Michael Ferrara, a prosecutor, in court on Monday said Shavers had invested some of the bitcoins with Mt. Gox, the now-defunct Tokoyo-based bitcoin exchange. But Ferrara said Shavers, who lived in McKinney, Texas, largely instead used new investors' bitcoins to pay back prior investors. "In other words, he had the telltale signs of a Ponzi scheme," Ferrara said. In court papers, prosecutors had also accused Shavers of misappropriating bitcoins to buy a used BMW M5 sedan and a $1,000 steakhouse dinner in Las Vegas, and to go to spas and casinos. Story continues At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said. In total, prosecutors said he misappropriated 146,000 bitcoins and caused 48 investors to suffer losses. The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157. (Reporting by Nate Raymond in New York; Editing by Cynthia Osterman) || Bitcoin Gaining Traction At Colleges Around The World: The purpose of higher education is to provide students with the tools they need to enter their chosen profession. Real-world skills have long been an emphasis at top schools around the world, and now those skills include an in depth study on cryptocurrencies like bitcoin.
As digital currencies gain momentum across the globe, universities are taking notice andadding bitcoin coursesto their syllabuses in order to keep up with the quickly changing fintech landscape.
Teaching In An Evolving Field
American Universities like Massachusetts Institute of Technology and Duke University only recently launched bitcoin classes, but others around the world have been offering such courses for years. The University of Cumbria was the first U.K. university to offer bitcoin courses and the University of Nicosia in Cyprus was one of the first to offer a free bitcoin course in 2013 to any interested parties.
Related Link:New Ruling Defines Bitcoin As A Commodity In The US
Bitcoin Adoption
Universities that offer bitcoin studies are creating a major stepping stone for the cryptocurrency as it expands further. Not only do the classes give the best and brightest the tools to solve real-world problems related to digital currencies, but they draw awareness to cryptocurrencies as well.
Canadian McGill University and MIT both offered bitcoin giveaways to students in an effort to give the cryptocurrency more traction on campus. Others like the U.K.'s Imperial College have dedicated research to the expanding field and given students and staff the opportunity to collaborate in order to solve some of the cryptocurrency's pressing issues.
Bitcoin Payments
Not only are schools offering their students a chance to learn more about bitcoin, but many are accepting the cryptocurrency as payment for their studies as well. In 2013, the University of Nicosia in Cyprus was the first college in the world to accept bitcoin as a form of payment. The school announced that its students could pay for courses and other fees using the cryptocurrency, and had its first student pay in bitcoin just weeks later.
See more from Benzinga
• As Adults Embrace Marijuana, Teens Turn Their Noses Up
• Here's How The Fed's Decisions Will Affect Central Bankers Around The World
• Pentagon Working To Overhaul Cybersecurity Protocol
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Gaining Traction At Colleges Around The World: The purpose of higher education is to provide students with the tools they need to enter their chosen profession. Real-world skills have long been an emphasis at top schools around the world, and now those skills include an in depth study on cryptocurrencies like bitcoin.
As digital currencies gain momentum across the globe, universities are taking notice andadding bitcoin coursesto their syllabuses in order to keep up with the quickly changing fintech landscape.
Teaching In An Evolving Field
American Universities like Massachusetts Institute of Technology and Duke University only recently launched bitcoin classes, but others around the world have been offering such courses for years. The University of Cumbria was the first U.K. university to offer bitcoin courses and the University of Nicosia in Cyprus was one of the first to offer a free bitcoin course in 2013 to any interested parties.
Related Link:New Ruling Defines Bitcoin As A Commodity In The US
Bitcoin Adoption
Universities that offer bitcoin studies are creating a major stepping stone for the cryptocurrency as it expands further. Not only do the classes give the best and brightest the tools to solve real-world problems related to digital currencies, but they draw awareness to cryptocurrencies as well.
Canadian McGill University and MIT both offered bitcoin giveaways to students in an effort to give the cryptocurrency more traction on campus. Others like the U.K.'s Imperial College have dedicated research to the expanding field and given students and staff the opportunity to collaborate in order to solve some of the cryptocurrency's pressing issues.
Bitcoin Payments
Not only are schools offering their students a chance to learn more about bitcoin, but many are accepting the cryptocurrency as payment for their studies as well. In 2013, the University of Nicosia in Cyprus was the first college in the world to accept bitcoin as a form of payment. The school announced that its students could pay for courses and other fees using the cryptocurrency, and had its first student pay in bitcoin just weeks later.
See more from Benzinga
• As Adults Embrace Marijuana, Teens Turn Their Noses Up
• Here's How The Fed's Decisions Will Affect Central Bankers Around The World
• Pentagon Working To Overhaul Cybersecurity Protocol
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Gaining Traction At Colleges Around The World: The purpose of higher education is to provide students with the tools they need to enter their chosen profession. Real-world skills have long been an emphasis at top schools around the world, and now those skills include an in depth study on cryptocurrencies like bitcoin. As digital currencies gain momentum across the globe, universities are taking notice and adding bitcoin courses to their syllabuses in order to keep up with the quickly changing fintech landscape. Teaching In An Evolving Field American Universities like Massachusetts Institute of Technology and Duke University only recently launched bitcoin classes, but others around the world have been offering such courses for years. The University of Cumbria was the first U.K. university to offer bitcoin courses and the University of Nicosia in Cyprus was one of the first to offer a free bitcoin course in 2013 to any interested parties. Related Link: New Ruling Defines Bitcoin As A Commodity In The US Bitcoin Adoption Universities that offer bitcoin studies are creating a major stepping stone for the cryptocurrency as it expands further. Not only do the classes give the best and brightest the tools to solve real-world problems related to digital currencies, but they draw awareness to cryptocurrencies as well. Canadian McGill University and MIT both offered bitcoin giveaways to students in an effort to give the cryptocurrency more traction on campus. Others like the U.K.'s Imperial College have dedicated research to the expanding field and given students and staff the opportunity to collaborate in order to solve some of the cryptocurrency's pressing issues. Bitcoin Payments Not only are schools offering their students a chance to learn more about bitcoin, but many are accepting the cryptocurrency as payment for their studies as well. In 2013, the University of Nicosia in Cyprus was the first college in the world to accept bitcoin as a form of payment. The school announced that its students could pay for courses and other fees using the cryptocurrency, and had its first student pay in bitcoin just weeks later. Story continues See more from Benzinga As Adults Embrace Marijuana, Teens Turn Their Noses Up Here's How The Fed's Decisions Will Affect Central Bankers Around The World Pentagon Working To Overhaul Cybersecurity Protocol © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Innovation ETFs: Real Deal Or Gimmick?: [This article previously appeared in our September issue of ETF Report .] Technological innovations are so integrated into our lives that we don’t think about their impact. Beyond the latest electronic gadget, technology has enhanced everything from medicine to food. Within the past 12 months, several new exchange-traded funds debuted promoting the idea that innovation is an investable theme. These funds are more than simple technology sector ETFs; rather, their idea of innovation is to look at companies using technology to push their industry forward. In fact, many of these companies aren’t necessarily considered technology firms; instead, they inhabit other sectors like energy or health care. The biggest of these funds in terms of assets under management by far is the iShares Exponential Technologies ETF (XT ), based on the Morningstar Exponential Technologies Index. It’s backed by fund manager Ric Edelman, founder and chief executive officer of Edelman Financial, who seeded the fund with about $560 million after its launch. There are two other fund families focusing on technological innovation. ARK Investment Management’s funds include four actively managed ETFs: the ARK Genomic Revolution Multi-Sector ETF (ARKG | D-36) , ARK Industrial Innovation ETF (ARKQ | D-44) , ARK Web x.0 ETF (ARKW|D-29) and ARK Innovation ETF (ARKK | D-32) . ARKK contains all three of the other ARK innovation funds. Meanwhile, the newly launched Gavekal Knowledge Leaders Developed World ETF (KLDW ) and the Gavekal Knowledge Leaders Emerging Markets ETF (KLEM) follow Gavekal’s Knowledge Leaders indexes. There is some debate about whether technological innovation is an investment theme, and it may just be pure coincidence that within the space of a year several funds launched based roughly on the same idea without being clones of each other. Technology certainly has blurred the lines regarding the categorization of certain firms based on their business lines—think of Tesla being a car company and focused on energy storage. Yet at least one industry watcher said the name “innovation” is just growth with better marketing. Story continues Another Paradigm Shift? Managers of these funds said when thinking broadly about innovation, consider how the advent of different technologies changed life over the centuries, such as the printing press, the steam engine and electricity. Edelman said previously he went to iShares to create a fund focusing on “new economy” companies, a fund that would include everything from robotics to artificial intelligence to energy and environmental systems to medicine. Innovation is neither a market sector nor a geographical issue, but a fundamental theme. Given recent technological breakthroughs, he has said, this fund could not have existed even a few years ago. XT launched March 23 and has about $689 million in assets under management. Information technology and health care make up the bulk of the fund, a little more than 60% combined, with 67% of the companies domiciled in the U.S. It has an expense ratio of 0.47%. Targeting ‘Disruptive’ Technology XT has the most assets under management of the innovation funds, but it wasn’t the first on the scene. ARK Investments’ fund ARKQ launched on Sept. 30, 2014, ARKW launched on Oct. 7, 2014 and ARKG and ARKK launched Oct. 31. These funds focus on the theme of “disruptive” technology. Tom Staudt, associate portfolio manager at ARK, says the funds look at what they call “general purpose technology platforms” that will drive the economy across sectors. Those platforms include cloud computing and big data, automation and robotics, and genomic sequencing. Innovations Capture For a larger view, please click on the image above. All four funds have expense ratios of 0.95% and have a heavy domestic tilt, with at least 71% of holdings in U.S. companies. By sector breakdown, ARKW has 77% in technology; ARKQ is 56% technology-focused; ARKG is 80% focused on health care. ARKK holds all three funds and comprises 48% ARKW, 31% ARKQ and 20% ARKG. As of July 20, assets under management were $14 million for ARKQ, $13.1 million for ARKW, $9.7 million for ARKG and $7.7 million for ARKK. At first blush, the funds appear to be heavily weighted in technology or health care, but Staudt says they’re really cross-sector funds that fit into a portfolio’s growth allocation. The funds’ construction takes advantage of the blurry lines of classification across sectors. For instance, investors who own the Technology Select Sector SPDR Fund (XLK | A-90) , don’t own Amazon, the largest cloud provider in the world. “The reason they don’t is because [Amazon] is considered a consumer-discretionary company. They don’t have Netflix, the largest streaming-video provider in the world. Why? It’s consumer discretionary,” he said. Staudt doesn’t necessarily consider innovation to be a new investment idea, but he suggests the current interest in innovation comes from buyers getting comfortable again with technology investing as a whole after dealing with “scar tissue from the tech and telecom bust” that started in 2000. A Semiconductor Spark Steven Vannelli, chief investment officer for Gavekal Funds, says they trace back the idea of technological innovation influencing everyday life to the introduction of the semiconductor and how computing power grew. The exponential growth in computing technology is commonly known as Moore’s law, named after Gordon Moore, co-founder of Intel. The semiconductor’s influence is seen in what Gavekal calls “the knowledge effect,” and Gavekal built indexes around companies using this to change how their industries develop. The KLDW and KLEM ETFs are based on those benchmarks. Launched July 8, the funds each have $2.5 million in assets under management as of July 20. Companies using the knowledge effect outperform less innovative companies, Vannelli says, and part of that is due to how the U.S. Financial Accounting Standards Board forces firms to expense their knowledge investments in the period in which they were incurred. This doesn’t allow companies to treat knowledge investments as assets—unlike the way physical objects are accounted—so it skews what information investors have, he says. Gavekal picks the firms for their funds by reorganizing what’s publically recorded on a company’s balance sheet and treats investments in intellectual property the same way a company might treat equipment. Growth Rebranded? … Christian Magoon, chief executive officer of YieldShares, and an industry veteran who launched many ETFs, is skeptical about whether innovation is a true investment theme. “If you launched a ‘growth-leaders fund,’ there would be yawning in the marketplace. But if you launched an ‘innovation fund,’ people would say ‘oh, innovation, that’s interesting.’ It has a little bit of a branding/marketing feel to it,” he said. Paul Britt, senior analyst at FactSet, says investors interested in an innovation fund need to look closely at the holdings, because some of them contain big-cap names rather than small- or midcap firms most people associate with innovation, noting the PureFunds ISE Mobile Payments ETF (IPAY) as an example. “That’s hot and trending, and I’m picturing a bunch of college kids in a loft somewhere cooking these things up. But if you look under the hood, the top holdings [in IPAY] are Visa, MasterCard and Amex. You’re thinking ‘how innovative is that?’” he said. Britt agrees that blunt sector classification is becoming fuzzy, such as in the Amazon and Netflix examples. He said investors wanting a nuanced approach should review a firm’s revenue attribution to understand what portion is actually focused on the potential innovation theme. “That speaks to the classification notion of what these companies are, and what bucket you put them in,” he said. What makes these ETFs stand out a bit is that they may hold some names not normally represented in traditional indexes, Magoon says, since many leading innovation firms usually have smaller market caps or are emerging companies. He says these are likely more volatile stocks, so owning a basket of 20 or 30 companies in a diversified ETF is less risky than owning, say, a biotech sector ETF. One thing to consider about these funds is their expectations that they will target future growth, Britt says. “It’s one thing to name these companies; it’s another thing to say that these things are going to outperform the market—that the market has underpriced them. At end of the day, they might not outperform Nabisco or something else,” he said. The overall market is currently rewarding growth, which benefits these ETFs, Magoon says, but if value investing becomes popular, it’s hard to say how it will affect the funds. Britt says investors could get some perspective on innovation funds by looking back at what was hot a few years ago, such as renewable energy. He used the PowerShares Global Clean Energy Portfolio (PBD | D-23) as an example of a fund that is down significantly from its highs. “That’s innovation, but it’s not so fresh. It may give you a little perspective on what will it feel like in five years when we’ve moved on to the next thing. Some of these funds will be with us, some not,” he said. … Or A Lasting Theme? Certainly, XT, the largest of these funds, has a heavy growth tilt, though it’s not at all a pure growth vehicle. If you look at the Morningstar classifications of the holdings, 46% of the portfolio is in growth stocks, with 32% in blend and 21% in value. In other words, more than half of the fund is in nongrowth stocks. By contrast, 33% of the SPDR SandP 500 ETF (SPY | A-98) is classified as growth. However, advisors using the funds would beg to differ with the growth characterization. John Eberle, chief investment officer of Fiduciary Financial Partners, notes that he’s been using the firm’s actively managed mutual fund since not too long after it launched, and that he would be moving some of those assets into the ETFs. The ETFs, he points out, don’t need to maintain cash reserves, unlike the mutual fund, which at times has roughly 20% of its assets in cash. Eberle also doesn’t see Gavekal’s approach as a growth-oriented strategy. “I could see these being perceived as more growth-oriented, but I would think of it in a different way. They’re trying to define an asset that’s not defined in the balance sheet, like intangibles,” Eberle said, adding that he considers himself to be a value investor, as he believes growth expectations are frequently overestimated. “Whether the intellectual capital is generated internally or through MandA, it shouldn’t make a difference. Value or growth, what they’re getting is an asset that is—or more to the point, is not —on the balance sheet that will generate revenue and profit opportunity that other people are not accounting for,” he said. For Ric Edelman, who was the main driving force behind XT, the growth characterization seems to be purely coincidental. He notes that growth qualities were not a part of the selection methodology. “The fund was designed to contain companies that are leaders in using or developing exponential technologies, and growth was not a criteria,” he said. And while Edelman doesn’t think the launch of seven similarly themed funds within the space of a year was necessarily a coincidence, he’s not convinced it’s a widespread trend, adding that he’s not aware of any other similar funds in development. He is, however, a firm believer in the exponential technologies theme that underlies XT. “I’m convinced that this particular theme is very important for investment portfolios, and will increasingly be viewed as an essential part of any asset allocation model,” he said. Recommended stories Swedroe: Taxing The Yale Model ETF Options 101: 3 Ways To Go Long SPY Greg King Debuts New ETF Firm All Investors Are Long Volatility, But There’s Help Bitcoins In This ETF Not What It Seems Permalink | © Copyright "dat ETF.com. All rights reserved || Innovation ETFs: Real Deal Or Gimmick?: [This article previously appeared in ourSeptember issue of ETF Report.]
Technological innovations are so integrated into our lives that we don’t think about their impact. Beyond the latest electronic gadget, technology has enhanced everything from medicine to food.
Within the past 12 months, several new exchange-traded funds debuted promoting the idea that innovation is an investable theme. These funds are more than simple technology sector ETFs; rather, their idea of innovation is to look at companies using technology to push their industry forward. In fact, many of these companies aren’t necessarily considered technology firms; instead, they inhabit other sectors like energy or health care.
The biggest of these funds in terms of assets under management by far is theiShares Exponential Technologies ETF (XT), based on the Morningstar Exponential Technologies Index. It’s backed by fund manager Ric Edelman, founder and chief executive officer of Edelman Financial, who seeded the fund with about $560 million after its launch.
There are two other fund families focusing on technological innovation. ARK Investment Management’s funds include four actively managed ETFs: theARK Genomic Revolution Multi-Sector ETF (ARKG | D-36),ARK Industrial Innovation ETF (ARKQ | D-44),ARK Web x.0 ETF (ARKW|D-29)andARK Innovation ETF (ARKK | D-32). ARKK contains all three of the other ARK innovation funds. Meanwhile, the newly launchedGavekal Knowledge Leaders Developed World ETF (KLDW) and theGavekal Knowledge Leaders Emerging Markets ETF (KLEM)follow Gavekal’s Knowledge Leaders indexes.
There is some debate about whether technological innovation is an investment theme, and it may just be pure coincidence that within the space of a year several funds launched based roughly on the same idea without being clones of each other. Technology certainly has blurred the lines regarding the categorization of certain firms based on their business lines—think of Tesla being a car companyandfocused on energy storage. Yet at least one industry watcher said the name “innovation” is just growth with better marketing.
Another Paradigm Shift?Managers of these funds said when thinking broadly about innovation, consider how the advent of different technologies changed life over the centuries, such as the printing press, the steam engine and electricity.
Edelman said previously he went to iShares to create a fund focusing on “new economy” companies, a fund that would include everything from robotics to artificial intelligence to energy and environmental systems to medicine. Innovation is neither a market sector nor a geographical issue, but a fundamental theme. Given recent technological breakthroughs, he has said, this fund could not have existed even a few years ago.
XT launched March 23 and has about $689 million in assets under management. Information technology and health care make up the bulk of the fund, a little more than 60% combined, with 67% of the companies domiciled in the U.S. It has an expense ratio of 0.47%.
Targeting ‘Disruptive’ TechnologyXT has the most assets under management of the innovation funds, but it wasn’t the first on the scene. ARK Investments’ fund ARKQ launched on Sept. 30, 2014, ARKW launched on Oct. 7, 2014 and ARKG and ARKK launched Oct. 31. These funds focus on the theme of “disruptive” technology.
Tom Staudt, associate portfolio manager at ARK, says the funds look at what they call “general purpose technology platforms” that will drive the economy across sectors. Those platforms include cloud computing and big data, automation and robotics, and genomic sequencing.
For a larger view, please click on the image above.
All four funds have expense ratios of 0.95% and have a heavy domestic tilt, with at least 71% of holdings in U.S. companies. By sector breakdown, ARKW has 77% in technology; ARKQ is 56% technology-focused; ARKG is 80% focused on health care. ARKK holds all three funds and comprises 48% ARKW, 31% ARKQ and 20% ARKG.
As of July 20, assets under management were $14 million for ARKQ, $13.1 million for ARKW, $9.7 million for ARKG and $7.7 million for ARKK.
At first blush, the funds appear to be heavily weighted in technology or health care, but Staudt says they’re really cross-sector funds that fit into a portfolio’s growth allocation. The funds’ construction takes advantage of the blurry lines of classification across sectors. For instance, investors who own theTechnology Select Sector SPDR Fund (XLK | A-90), don’t own Amazon, the largest cloud provider in the world.
“The reason they don’t is because [Amazon] is considered a consumer-discretionary company. They don’t have Netflix, the largest streaming-video provider in the world. Why? It’s consumer discretionary,” he said.
Staudt doesn’t necessarily consider innovation to be a new investment idea, but he suggests the current interest in innovation comes from buyers getting comfortable again with technology investing as a whole after dealing with “scar tissue from the tech and telecom bust” that started in 2000.
A Semiconductor SparkSteven Vannelli, chief investment officer for Gavekal Funds, says they trace back the idea of technological innovation influencing everyday life to the introduction of the semiconductor and how computing power grew.
The exponential growth in computing technology is commonly known as Moore’s law, named after Gordon Moore, co-founder of Intel.
The semiconductor’s influence is seen in what Gavekal calls “the knowledge effect,” and Gavekal built indexes around companies using this to change how their industries develop. The KLDW and KLEM ETFs are based on those benchmarks. Launched July 8, the funds each have $2.5 million in assets under management as of July 20.
Companies using the knowledge effect outperform less innovative companies, Vannelli says, and part of that is due to how the U.S. Financial Accounting Standards Board forces firms to expense their knowledge investments in the period in which they were incurred. This doesn’t allow companies to treat knowledge investments as assets—unlike the way physical objects are accounted—so it skews what information investors have, he says.
Gavekal picks the firms for their funds by reorganizing what’s publically recorded on a company’s balance sheet and treats investments in intellectual property the same way a company might treat equipment.
Growth Rebranded? …Christian Magoon, chief executive officer of YieldShares, and an industry veteran who launched many ETFs, is skeptical about whether innovation is a true investment theme.
“If you launched a ‘growth-leaders fund,’ there would be yawning in the marketplace. But if you launched an ‘innovation fund,’ people would say ‘oh, innovation, that’s interesting.’ It has a little bit of a branding/marketing feel to it,” he said.
Paul Britt, senior analyst at FactSet, says investors interested in an innovation fund need to look closely at the holdings, because some of them contain big-cap names rather than small- or midcap firms most people associate with innovation, noting the PureFunds ISE Mobile Payments ETF (IPAY) as an example.
“That’s hot and trending, and I’m picturing a bunch of college kids in a loft somewhere cooking these things up. But if you look under the hood, the top holdings [in IPAY] are Visa, MasterCard and Amex. You’re thinking ‘how innovative is that?’” he said.
Britt agrees that blunt sector classification is becoming fuzzy, such as in the Amazon and Netflix examples. He said investors wanting a nuanced approach should review a firm’s revenue attribution to understand what portion is actually focused on the potential innovation theme.
“That speaks to the classification notion of what these companies are, and what bucket you put them in,” he said.
What makes these ETFs stand out a bit is that they may hold some names not normally represented in traditional indexes, Magoon says, since many leading innovation firms usually have smaller market caps or are emerging companies. He says these are likely more volatile stocks, so owning a basket of 20 or 30 companies in a diversified ETF is less risky than owning, say, a biotech sector ETF.
One thing to consider about these funds is their expectations that they will target future growth, Britt says.
“It’s one thing to name these companies; it’s another thing to say that these things are going to outperform the market—that the market has underpriced them. At end of the day, they might not outperform Nabisco or something else,” he said.
The overall market is currently rewarding growth, which benefits these ETFs, Magoon says, but if value investing becomes popular, it’s hard to say how it will affect the funds.
Britt says investors could get some perspective on innovation funds by looking back at what was hot a few years ago, such as renewable energy. He used thePowerShares Global Clean Energy Portfolio (PBD | D-23)as an example of a fund that is down significantly from its highs.
“That’s innovation, but it’s not so fresh. It may give you a little perspective on what will it feel like in five years when we’ve moved on to the next thing. Some of these funds will be with us, some not,” he said.
… Or A Lasting Theme?Certainly, XT, the largest of these funds, has a heavy growth tilt, though it’s not at all a pure growth vehicle. If you look at the Morningstar classifications of the holdings, 46% of the portfolio is in growth stocks, with 32% in blend and 21% in value. In other words, more than half of the fund is in nongrowth stocks. By contrast, 33% of theSPDR SandP 500 ETF (SPY | A-98)is classified as growth.
However, advisors using the funds would beg to differ with the growth characterization. John Eberle, chief investment officer of Fiduciary Financial Partners, notes that he’s been using the firm’s actively managed mutual fund since not too long after it launched, and that he would be moving some of those assets into the ETFs. The ETFs, he points out, don’t need to maintain cash reserves, unlike the mutual fund, which at times has roughly 20% of its assets in cash. Eberle also doesn’t see Gavekal’s approach as a growth-oriented strategy.
“I could see these being perceived as more growth-oriented, but I would think of it in a different way. They’re trying to define an asset that’s not defined in the balance sheet, like intangibles,” Eberle said, adding that he considers himself to be a value investor, as he believes growth expectations are frequently overestimated.
“Whether the intellectual capital is generated internally or through MandA, it shouldn’t make a difference. Value or growth, what they’re getting is an asset that is—or more to the point, isnot—on the balance sheet that will generate revenue and profit opportunity that other people are not accounting for,” he said.
For Ric Edelman, who was the main driving force behind XT, the growth characterization seems to be purely coincidental. He notes that growth qualities were not a part of the selection methodology.
“The fund was designed to contain companies that are leaders in using or developing exponential technologies, and growth was not a criteria,” he said.
And while Edelman doesn’t think the launch of seven similarly themed funds within the space of a year was necessarily a coincidence, he’s not convinced it’s a widespread trend, adding that he’s not aware of any other similar funds in development. He is, however, a firm believer in the exponential technologies theme that underlies XT.
“I’m convinced that this particular theme is very important for investment portfolios, and will increasingly be viewed as an essential part of any asset allocation model,” he said.
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Permalink| © Copyright "datETF.com.All rights reserved || Bitcoin Is Now Classified as a Commodity in the U.S.: Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency.
The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations. It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm.
This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC's scope.
"CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act," the regulator said in a statement Thursday.
Aitan Goelman, the CFTC's director of enforcement, added that "while there is a lot of excitement surrounding bitcoin...innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets."
Francisco Riordan was not immediately available for comment when contacted by CNBC.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.
As well as bitcoin exchanges and wallet services, a small but growing sector of derivatives firms selling products based on the digital currency have also sprung up in recent years. Crypto Facilities was set up in the U.K. this year by former bankers from Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale.
The platform pitches itself as a broker which specializes in bitcoin derivatives, and trades financial products like options and futures which are directly linked to the price of the cryptocurrency. Thus, it allows users to "go long" and bet that the price of bitcoin will rise, or "go short" and bet the price will fall.
Technology enthusiasts, regulators and economists have been pondering how to pigeon hole bitcoin since its emergence in 2009. In August 2013, the German Finance Ministry classified it as a "unit of account", meaning it is can be used for tax and trading purposes in the country and is like "private money." || Bitcoin Is Now Classified as a Commodity in the U.S.: Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency.
The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations. It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm.
This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC's scope.
"CFTC holds that bitcoin and other virtual currencies are a commodity covered by the commodity exchange act," the regulator said in a statement Thursday.
Aitan Goelman, the CFTC's director of enforcement, added that "while there is a lot of excitement surrounding bitcoin...innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets."
Francisco Riordan was not immediately available for comment when contacted by CNBC.
Bitcoin is a virtual currency that allows users to exchange online credits for goods and services. While there is no central bank that issues them, bitcoins can be created online by using a computer to complete difficult tasks, a process known as mining.
As well as bitcoin exchanges and wallet services, a small but growing sector of derivatives firms selling products based on the digital currency have also sprung up in recent years. Crypto Facilities was set up in the U.K. this year by former bankers from Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale.
The platform pitches itself as a broker which specializes in bitcoin derivatives, and trades financial products like options and futures which are directly linked to the price of the cryptocurrency. Thus, it allows users to "go long" and bet that the price of bitcoin will rise, or "go short" and bet the price will fall.
Technology enthusiasts, regulators and economists have been pondering how to pigeon hole bitcoin since its emergence in 2009. In August 2013, the German Finance Ministry classified it as a "unit of account", meaning it is can be used for tax and trading purposes in the country and is like "private money."
[Social Media Buzz]
1 #bitcoin = $4000.00 MXN | $231.81 USD #BitAPeso 1 USD = 17.26MXN http://www.bitapeso.com || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000004
Bittrex: 0.00000005
Average $9.0E-6 per #reddcoin
06:00:02 || Current price: 150.33£ $BTCGBP $btc #bitcoin 2015-09-24 14:00:03 BST || Bitcoin traded at $229.32 USD on BTC-e at 01:00 AM Pacific Time || Current price: 152.75£ $BTCGBP $btc #bitcoin 2015-09-24 21:00:04 BST || BTCTurk 698.85 TL BTCe 230.166 $ CampBx $ BitStamp 231.20 $ Cavirtex 308.31 $ CEX...
|
235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86.
|
[Bitcoin Technical Analysis for 2016-05-30]
Volume: 87958704, RSI (14-day): 81.62, 50-day EMA: 454.44, 200-day EMA: 408.33
[Wider Market Context]
None available.
[Recent News (last 7 days)]
KnC Group filing for bankruptcy not a risk for investors assets in XBT Provider: STOCKHOLM, Sweden., May. 27, 2016 -- At 1pm today, KnC Group representatives Samuel Cole and Marcus Erlandsson filed for bankruptcy at the District Court of Stockholm. KnC Group is the guarantor of the two Exchange Traded Notes issued by XBT Provider as well as majority shareholder.
The decision for KnC Group to file for bankruptcy is due to the impending halving of rewards for bitcoin mining, approximately post July 10, 2016. That event, given current market conditions, would result in an eroding and likely irreversible financial performance.
XBT Provider`s assets are not affected by the bankruptcy. The notes are always fully hedged by holding the underlying (bitcoins) in secure storage.
"Since we are fully hedged at all times, investors should not be alarmed by developments in KnC Group" stated Johan Wattenström, XBT Provider`s Co-Founder and Chief Executive Officer. "Our instruments have been set up from the start to handle these types of contingencies. Additionally, we have recently published our annual financial results, audited by PwC. These further underline our financial health".
Bitcoin Tracker One and Bitcoin Tracker EUR are designed to provide investors with convenient and liquid access to the returns of the underlying asset, bitcoin, and exposure to blockchain technology. XBT provider is at all times fully hedged, and always hold bitcoins equivalent to the value of ETNs issued. XBT Provider`s prospectus is approved by the Swedish FSA (Finansinspektionen) and is available for trading on Nasdaq Nordic.
The full prospectus, as well as the audited annual report, is available on xbtprovider.com
ABOUT THE ISSUER: XBT PROVIDERXBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSIONMangold Fondkommission is a Stockholm based brokerage and Investment bank. As a member of Nasdaq Stockholm, the company assists XBT Provider with clearing services and acts as a liquidity provider for Bitcoin Tracker One.
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#2016302 || Flow Celebrates Manchester United Victory With the Caribbean: BRIDGETOWN, BARBADOS--(Marketwired - May 26, 2016) - Manchester United (MUTD) fans were united in celebration on May 21 as they gathered at watch parties hosted by the region's leading quad-play provider, Flow, and witnessed the Red Devils hoist the FA Cup at Wembley Stadium after a thrilling 2-1 comeback victory over Crystal Palace. The story could not have been written better as the club's historic twelfth FA title was showcased at Flow's first-ever regional watch-party event -- just months after the two organizations entered into a multi-year partnership. From Turks and Caicos to Trinidad and islands in between, Flow customers were able to attend the viewing parties after successfully winning the Company's "txt for a ticket" campaign. In each instance, numerous diehard MUTD fans turned up decked out in their Manchester United colours, and not only had an opportunity to watch the pivotal match, but were also treated to plenty of cool giveaways, which included official MUTD gear and merchandise. Some fans were even lucky enough to win brand-new smartphones after winning the "Text the Score" competition that took place during the match. By all accounts, in each location, the energy and excitement was palpable, with many attendees expressing their desire to attend similar events in the future. Indeed, the responses in general were glowing with positivity; in Antigua, for example, local sports talk show host Joseph "JoJo" Apparicio commended Flow for its "great initiative" to bring sports fans together and provide them with an electric environment to watch the ultimate game of the season. Others expressed similar sentiments, including one Barbadian, Rasheed Holder, who praised Flow's efforts for successfully organizing the event. "Flow provided the perfect setting for what turned out to be the perfect match," said Holder. "The atmosphere was tremendous and the added elements that Flow provided made it all the more special. A big thank you to Flow for an awesome match day." Story continues Justin Luke -- another attendee at the Barbados watch party -- said he regularly uses the Flow Football App to tune into weekend games, but said, "having the opportunity to attend such an awesome watch party was great. The place was packed and I was happy to meet the Flow team who made sure we all enjoyed every minute of the match. Manchester United getting a late goal made it all the more special." Offering his congratulations to MUTD, on behalf of Flow, Managing Director of Flow Barbados, Niall Sheehy, had this to say: "Huge congratulations to the folks at Manchester United for capturing yet another FA Cup title. This triumph was celebrated across the Caribbean and Flow is especially pleased to be bringing regional football fans that much closer to all the action." The watch-party initiative was a follow up to the exclusive, multi-year deal that Flow signed with MUTD earlier this year. This partnership offers Caribbean football fans real time updates and news via Red Alerts (the football club's official SMS), as well as unique experiences like the chance to win tickets to MUTD games, signed merchandise and even interactions with MUTD legends such as club ambassadors Bryan Robson, Andy Cole and Dwight Yorke. In addition to its deal with MUTD, Flow has formed other strategic partnerships to bring amazing sporting content to the region, including the Barclays Premier League and the upcoming 2016 Rio Olympic Games. By giving customers access to MUTD content and more "on the go" via mobile, tablets and desktop devices, as well as through the Flow ToGo app, Flow is the "Home of Sports in the Caribbean." www.manutd.com About Cable & Wireless Communications Plc Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over US$2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. CWC delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The Group also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,300 employees serving 6.4 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 470k and Broadband 690k) across 42 countries. The Group's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications Plc's shares are quoted on the London Stock Exchange under the ticker CWC. The Group is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3013847 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3013865 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3013868 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3013871 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3013874 || Flow Celebrates Manchester United Victory With the Caribbean: BRIDGETOWN, BARBADOS--(Marketwired - May 26, 2016) - Manchester United (MUTD) fans were united in celebration on May 21 as they gathered at watch parties hosted by the region's leading quad-play provider, Flow, and witnessed the Red Devils hoist the FA Cup at Wembley Stadium after a thrilling 2-1 comeback victory over Crystal Palace. The story could not have been written better as the club's historic twelfth FA title was showcased at Flow's first-ever regional watch-party event -- just months after the two organizations entered into a multi-year partnership.
From Turks and Caicos to Trinidad and islands in between, Flow customers were able to attend the viewing parties after successfully winning the Company's "txt for a ticket" campaign. In each instance, numerous diehard MUTD fans turned up decked out in their Manchester United colours, and not only had an opportunity to watch the pivotal match, but were also treated to plenty of cool giveaways, which included official MUTD gear and merchandise. Some fans were even lucky enough to win brand-new smartphones after winning the "Text the Score" competition that took place during the match. By all accounts, in each location, the energy and excitement was palpable, with many attendees expressing their desire to attend similar events in the future. Indeed, the responses in general were glowing with positivity; in Antigua, for example, local sports talk show host Joseph "JoJo" Apparicio commended Flow for its "great initiative" to bring sports fans together and provide them with an electric environment to watch the ultimate game of the season. Others expressed similar sentiments, including one Barbadian, Rasheed Holder, who praised Flow's efforts for successfully organizing the event.
"Flow provided the perfect setting for what turned out to be the perfect match," said Holder. "The atmosphere was tremendous and the added elements that Flow provided made it all the more special. A big thank you to Flow for an awesome match day."
Justin Luke -- another attendee at the Barbados watch party -- said he regularly uses the Flow Football App to tune into weekend games, but said, "having the opportunity to attend such an awesome watch party was great. The place was packed and I was happy to meet the Flow team who made sure we all enjoyed every minute of the match. Manchester United getting a late goal made it all the more special."
Offering his congratulations to MUTD, on behalf of Flow, Managing Director of Flow Barbados, Niall Sheehy, had this to say:
"Huge congratulations to the folks at Manchester United for capturing yet another FA Cup title. This triumph was celebrated across the Caribbean and Flow is especially pleased to be bringing regional football fans that much closer to all the action."
The watch-party initiative was a follow up to the exclusive, multi-year deal that Flow signed with MUTD earlier this year. This partnership offers Caribbean football fans real time updates and news via Red Alerts (the football club's official SMS), as well as unique experiences like the chance to win tickets to MUTD games, signed merchandise and even interactions with MUTD legends such as club ambassadors Bryan Robson, Andy Cole and Dwight Yorke.
In addition to its deal with MUTD, Flow has formed other strategic partnerships to bring amazing sporting content to the region, including the Barclays Premier League and the upcoming 2016 Rio Olympic Games. By giving customers access to MUTD content and more "on the go" via mobile, tablets and desktop devices, as well as through the Flow ToGo app, Flow is the "Home of Sports in the Caribbean."
www.manutd.com
About Cable & Wireless Communications Plc
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in Latin America and the Caribbean. With annual sales of over US$2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. CWC delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The Group also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,300 employees serving 6.4 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 470k and Broadband 690k) across 42 countries. The Group's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications Plc's shares are quoted on the London Stock Exchange under the ticker CWC. The Group is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.For more information visit:www.cwc.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3013847Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3013865Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3013868Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3013871Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3013874 || Santander says first UK bank to use blockchain for overseas payments: By Andrew MacAskill and Huw Jones LONDON (Reuters) - Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted. Its proponents say it has the potential to shake up how financial markets operate.Santander said about 6,000 staff in Britain would be eligible to begin using the technology internally in a pilot program that aims to make the transfer of money faster, more accurate and more transparent. The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously. That compares with settlement times of days under the current systems used by banks. "The main customer benefits are certainty of timing, so you know when the payment is going to arrive and certainty of value," said Ed Metzger, head of innovation, technology and operations at Santander UK.Metzger said at the moment when customers transfer money overseas the charges between banks and delivery times are estimates, whereas with this technology when a customer hits send that will be the amount that reaches the recipient account. Blockchain is part of the growing financial technology sector being encouraged by Britain to keep the country's financial sector competitive with New York and Singapore. Santander and other banks such as Citi, BNP Paribas and Goldman Sachs are investing in the sector to avoid being left behind by start-ups racing to apply blockchain in payments, and clearing and settlement of trades. Santander's pilot, however, underscores how the speed that blockchain could offer is shackled by being slotted into slower, legacy payments systems. Metzger said unless all the banks are using the same technology then the "last mile" of its pilot using blockchain will use slower, existing payments links. In March, broker ICAP said it was the first to distribute data on trades to customers using blockchain. (Editing by Mark Potter) || Santander says first UK bank to use blockchain for overseas payments: By Andrew MacAskill and Huw Jones LONDON (Reuters) - Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted. Its proponents say it has the potential to shake up how financial markets operate.Santander said about 6,000 staff in Britain would be eligible to begin using the technology internally in a pilot program that aims to make the transfer of money faster, more accurate and more transparent. The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously. That compares with settlement times of days under the current systems used by banks. "The main customer benefits are certainty of timing, so you know when the payment is going to arrive and certainty of value," said Ed Metzger, head of innovation, technology and operations at Santander UK.Metzger said at the moment when customers transfer money overseas the charges between banks and delivery times are estimates, whereas with this technology when a customer hits send that will be the amount that reaches the recipient account. Blockchain is part of the growing financial technology sector being encouraged by Britain to keep the country's financial sector competitive with New York and Singapore. Santander and other banks such as Citi, BNP Paribas and Goldman Sachs are investing in the sector to avoid being left behind by start-ups racing to apply blockchain in payments, and clearing and settlement of trades. Santander's pilot, however, underscores how the speed that blockchain could offer is shackled by being slotted into slower, legacy payments systems. Metzger said unless all the banks are using the same technology then the "last mile" of its pilot using blockchain will use slower, existing payments links. In March, broker ICAP said it was the first to distribute data on trades to customers using blockchain. (Editing by Mark Potter) || Santander says first UK bank to use blockchain for overseas payments: By Andrew MacAskill and Huw Jones LONDON (Reuters) - Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted. Its proponents say it has the potential to shake up how financial markets operate.Santander said about 6,000 staff in Britain would be eligible to begin using the technology internally in a pilot program that aims to make the transfer of money faster, more accurate and more transparent. The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously. That compares with settlement times of days under the current systems used by banks. "The main customer benefits are certainty of timing, so you know when the payment is going to arrive and certainty of value," said Ed Metzger, head of innovation, technology and operations at Santander UK.Metzger said at the moment when customers transfer money overseas the charges between banks and delivery times are estimates, whereas with this technology when a customer hits send that will be the amount that reaches the recipient account. Blockchain is part of the growing financial technology sector being encouraged by Britain to keep the country's financial sector competitive with New York and Singapore. Santander and other banks such as Citi, BNP Paribas and Goldman Sachs are investing in the sector to avoid being left behind by start-ups racing to apply blockchain in payments, and clearing and settlement of trades. Santander's pilot, however, underscores how the speed that blockchain could offer is shackled by being slotted into slower, legacy payments systems. Metzger said unless all the banks are using the same technology then the "last mile" of its pilot using blockchain will use slower, existing payments links. In March, broker ICAP said it was the first to distribute data on trades to customers using blockchain. (Editing by Mark Potter) || Santander says first UK bank to use blockchain for overseas payments: By Andrew MacAskill and Huw Jones
LONDON (Reuters) - Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted. Its proponents say it has the potential to shake up how financial markets operate.Santander said about 6,000 staff in Britain would be eligible to begin using the technology internally in a pilot program that aims to make the transfer of money faster, more accurate and more transparent. The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously. That compares with settlement times of days under the current systems used by banks. "The main customer benefits are certainty of timing, so you know when the payment is going to arrive and certainty of value," said Ed Metzger, head of innovation, technology and operations at Santander UK.Metzger said at the moment when customers transfer money overseas the charges between banks and delivery times are estimates, whereas with this technology when a customer hits send that will be the amount that reaches the recipient account.
Blockchain is part of the growing financial technology sector being encouraged by Britain to keep the country's financial sector competitive with New York and Singapore.
Santander and other banks such as Citi, BNP Paribas and Goldman Sachs are investing in the sector to avoid being left behind by start-ups racing to apply blockchain in payments, and clearing and settlement of trades.
Santander's pilot, however, underscores how the speed that blockchain could offer is shackled by being slotted into slower, legacy payments systems.
Metzger said unless all the banks are using the same technology then the "last mile" of its pilot using blockchain will use slower, existing payments links.
In March, broker ICAP said it was the first to distribute data on trades to customers using blockchain.
(Editing by Mark Potter) || Your first trade for Thursday, May 26: The "Fast Money" traders shared which moves they'd make at the U.S. market open.
Tim Seymour was a buyer of Schlumberger(NYSE: SLB).
Steve Grasso was a buyer of the VanEck Vectors Gold Miners ETF(NYSE Arca: GDX).
Brian Kelly was a buyer of the iShares Silver Trust.(NYSE Arca: SLV)
Guy Adami was a buyer of Starbucks(NASDAQ: SBUX).
Trader disclosure: On May 25, 2016 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, DD, DIS, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm long AAPL, CVX, OXY, RIG Steve's kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, EWA, EWH, FRC, Hong Kong Dollar, IWM, Yuan Short: SPY and S&P 500 Futures. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Thursday, May 26: The " Fast Money " traders shared which moves they'd make at the U.S. market open. Tim Seymour was a buyer of Schlumberger (NYSE: SLB) . Steve Grasso was a buyer of the VanEck Vectors Gold Miners ETF (NYSE Arca: GDX) . Brian Kelly was a buyer of the iShares Silver Trust. (NYSE Arca: SLV) Guy Adami was a buyer of Starbucks (NASDAQ: SBUX) . Trader disclosure: On May 25, 2016 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, DD, DIS, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm long AAPL, CVX, OXY, RIG Steve's kids own EFA, EFG, EWJ, IJR, SPY. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, EWA, EWH, FRC, Hong Kong Dollar, IWM, Yuan Short: SPY and S&P 500 Futures. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT More From CNBC Top News and Analysis Latest News Video Personal Finance || BTCS Provides Shareholder Update: ARLINGTON, VA--(Marketwired - May 25, 2016) -BTCS Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, increased its Ethereum-mining hosting business to approximately 150 kilowatts ("kw"), up from approximately 50kw announced in March 2016.
"We have gained valuable expertise since launching our Ethereum pilot program in March," stated Charles Allen, CEO of BTCS. "Ethereum has rocketed to nearly 20% of the market cap of Bitcoin in less than two years, led by rapid adoption and growing support from major players in tech and finance including Gemini and Coinbase (which just rebranded to GDAX). We believe our experience, in connection with additional capital, should allow us to further expand our Ethereum mining and hosting businesses, to diversify our exposure to bitcoin, and to use more of our available power capacity."
Ethereum is a digital currency and blockchain platform focused on smart contract applications. Like bitcoin-based blockchain technologies, the decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Year to date, the value of Ether, the digital token or fuel that powers the Ethereum network, in USD terms, has grown over 1,300% the total value of all Ether, or market cap of Ether, surpassing $1 billion.
"With the year-to-date increase in the difficulty of mining Bitcoins, and the more attractive economics currently displayed by Ether, we've taken the opportunity to sell some of our early-generation ASIC ("application specific integrated circuit") servers," continued Allen. "We've also entered preliminary discussions with a designer of specialized Ether mining servers, and we're exploring the possibility of being the exclusive hardware assembler for that designer. Unlike ASIC servers, Ether mining servers utilize off the shelf computer hardware, custom software and can be made-to-order with limited capital investment. We have the space to operate the assembly business at our NC facility, and we are in talks to become the exclusive distributor. While we can provide no assurances that any partnership or relationship will materialize, we are currently hosting their first generation prototype servers. We plan to provide updates on this initiative as it develops."
Allen concluded, "In regards to Spondoolies-Tech Ltd., we are actively exploring potential claims we may have from prior investments and we will pursue all options ahead of the July hearing."
About BTCS:BTCS secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit:www.btcs.com
Forward-Looking Statements:Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Provides Shareholder Update: ARLINGTON, VA--(Marketwired - May 25, 2016) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, increased its Ethereum-mining hosting business to approximately 150 kilowatts ("kw"), up from approximately 50kw announced in March 2016. "We have gained valuable expertise since launching our Ethereum pilot program in March," stated Charles Allen, CEO of BTCS. "Ethereum has rocketed to nearly 20% of the market cap of Bitcoin in less than two years, led by rapid adoption and growing support from major players in tech and finance including Gemini and Coinbase (which just rebranded to GDAX). We believe our experience, in connection with additional capital, should allow us to further expand our Ethereum mining and hosting businesses, to diversify our exposure to bitcoin, and to use more of our available power capacity." Ethereum is a digital currency and blockchain platform focused on smart contract applications. Like bitcoin-based blockchain technologies, the decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Year to date, the value of Ether, the digital token or fuel that powers the Ethereum network, in USD terms, has grown over 1,300% the total value of all Ether, or market cap of Ether, surpassing $1 billion. "With the year-to-date increase in the difficulty of mining Bitcoins, and the more attractive economics currently displayed by Ether, we've taken the opportunity to sell some of our early-generation ASIC ("application specific integrated circuit") servers," continued Allen. "We've also entered preliminary discussions with a designer of specialized Ether mining servers, and we're exploring the possibility of being the exclusive hardware assembler for that designer. Unlike ASIC servers, Ether mining servers utilize off the shelf computer hardware, custom software and can be made-to-order with limited capital investment. We have the space to operate the assembly business at our NC facility, and we are in talks to become the exclusive distributor. While we can provide no assurances that any partnership or relationship will materialize, we are currently hosting their first generation prototype servers. We plan to provide updates on this initiative as it develops." Story continues Allen concluded, "In regards to Spondoolies-Tech Ltd., we are actively exploring potential claims we may have from prior investments and we will pursue all options ahead of the July hearing." About BTCS: BTCS secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments
[Social Media Buzz]
One Bitcoin now worth $528.00@bitstamp. High $535.00. Low $510.01. Market Cap $ 8.240 Billion #bitcoin pic.twitter.com/0kiY8wvROt || 1 KOBO = 0.00001848 BTC
= 0.0099 USD
= 1.9709 NGN
= 0.1566 ZAR
= 0.9989 KES
#Kobocoin 2016-05-30 23:00 pic.twitter.com/ZgMrgozJr6 || $529.71 at 09:30 UTC [24h Range: $501.00 - $540.00 Volume: 8128 BTC] || One Bitcoin now worth $526.06@bitstamp. High $535.00. Low $501.00. Market Cap $8.209 Billion #bitcoin || 1 MUE Price: Bittrex 0.00000024 BTC YoBit 0.000...
|
531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61.
|
[Bitcoin Technical Analysis for 2020-06-24]
Volume: 18961716076, RSI (14-day): 46.86, 50-day EMA: 9226.70, 200-day EMA: 8546.76
[Wider Market Context]
Gold Price: 1765.80, Gold RSI: 60.76
Oil Price: 38.01, Oil RSI: 56.73
[Recent News (last 7 days)]
Market Wrap: Bitcoin Trading Flat, Holding at $9.6K: After a quick rally on Monday, bitcoin remains in bullish territory although trading was flat Tuesday.
Bitcoin(BTC) was trading around $9646 as of 20:00 UTC (4 p.m. ET), gaining 1% over the previous 24 hours.
At 00:00 UTC on Tuesday (8:00 p.m. Monday ET), bitcoin was changing hands around $9,675 on spot exchanges such as Coinbase. After a dip to as low as $9,571, the price rallied but failed to cross $9,700. However, bitcoin’s price is still well above its 10-day and 50-day moving averages, which is a bullish signal for market technicians.
Related:FTX Is Building Lots of Sophisticated Markets Few Traders Use
Read More:The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K
Trading volume on Monday was only slightly higher than it had been over the past few days, with Coinbase spot bitcoin volume at $112 million. Nonetheless, it was the highest since June 15 when volume hit $171 million. For Tuesday, volume on Coinbase is at $63 million, according to data from aggregator Skew.
Exchange volume is certainly lower than a month ago, and traders are concerned about traditional equities possibly pulling bitcoin’s price lower should stocks drop. “Momentum looks good and the crypto market is a bit bullish,” said Sasha Goldberg, a senior trading specialist at crypto liquidity provider Efficient Frontier. “But the sentiment of the traditional markets hasn’t changed and it can stop this bitcoin run,” he added.
Bitcoin is by far outperforming traditional global equities markets, up 38% in 2020.
Related:Security Firm Claims One Group Stole $200M in Numerous Exchange Hacks
Michael Gord, CEO of crypto brokerage Global Digital Assets, says poor second-quarter reports for some public companies might drag stocks down and bring back some crypto price movements. “I think we’ll probably see more crypto accumulation until the Q2 earning reports for public companies are released, and then I’d expect more volatility for better or worse,” he said.
Meanwhile, major stock indices are all in the green Tuesday.
Read More:The Logic Behind Three Arrows’ $200M Grayscale Bet
The Nikkei 225 of publicly traded companies in Japan climbed 0.50%. The index experienced gains inpaper, transportation and real estate to close the day higher.
The FTSE 100 index in Europe rose 1.4%. Economicindicators in the manufacturing and retail sectors ticked up, prompting investor confidence.
The U.S. S&P 500 index gained 0.43%. Tech stocks had big gains on the day,including Apple, which rose 2.1%.
Ether, (ETH) the second-largest cryptocurrency by market capitalization, was up Tuesday, trading around $244 and after climbing 0.65% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
The ether-bitcoin (ETH/BTC) trading pair is jumping to highs not seen since late May, which shows the strength ether is experiencing lately. This trading pair is available on almost all cryptocurrency exchanges and prices ether in terms of bitcoin – for example, 1 ETH currently equals 0.02528 BTC. It is a way for crypto traders to capitalize on price movements across the two largest digital assets by market capitalization. When a trader is bullish on ether relative to bitcoin, ETH/BTC is bought; those bullish on bitcoin relative to ether sell it.
The spike in ether versus bitcoin can be attributed to the Ethereum network’s decentralized finance, or DeFi, capabilities with services like lender Compound, saidMatthew Ficke, head of market development for cryptocurrency exchange OkCoin.
Read More:Handshake Goes Live With an Uncensorable Internet Browser
“ETH/BTC as a trading pair is interesting as it is up,” Ficke told CoinDesk.“There is some growing market discussion around Compound’s recent success driving more interest in DeFi applications, the majority of which run on ether, which is strengthening its price.”
Digital assets on CoinDesk’s big board are mostly in the green Tuesday. Cryptocurrency winners on the day includezcash(ZEC) up an eye-popping 11.7%,decred(DCR) climbing 4.1% anddash(DASH) gaining 3.7%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:PayPal, Venmo to Roll Out Crypto Buying and Selling
In commodities, oil is in the red 0.72% Tuesday as a barrel of crude was priced at $40.27 as of press time. Gold is trading up as the yellow metal climbed 0.90%, trading around $1,770 for the day.
U.S. Treasury bonds were mixed Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 3%.
• Market Wrap: Bitcoin Trading Flat, Holding at $9.6K
• Market Wrap: Bitcoin Trading Flat, Holding at $9.6K || Market Wrap: Bitcoin Trading Flat, Holding at $9.6K: After a quick rally on Monday, bitcoin remains in bullish territory although trading was flat Tuesday. Bitcoin (BTC) was trading around $9646 as of 20:00 UTC (4 p.m. ET), gaining 1% over the previous 24 hours. At 00:00 UTC on Tuesday (8:00 p.m. Monday ET), bitcoin was changing hands around $9,675 on spot exchanges such as Coinbase. After a dip to as low as $9,571, the price rallied but failed to cross $9,700. However, bitcoin’s price is still well above its 10-day and 50-day moving averages, which is a bullish signal for market technicians. Related: FTX Is Building Lots of Sophisticated Markets Few Traders Use Read More: The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K Trading volume on Monday was only slightly higher than it had been over the past few days, with Coinbase spot bitcoin volume at $112 million. Nonetheless, it was the highest since June 15 when volume hit $171 million. For Tuesday, volume on Coinbase is at $63 million, according to data from aggregator Skew. Exchange volume is certainly lower than a month ago, and traders are concerned about traditional equities possibly pulling bitcoin’s price lower should stocks drop. “Momentum looks good and the crypto market is a bit bullish,” said Sasha Goldberg, a senior trading specialist at crypto liquidity provider Efficient Frontier. “But the sentiment of the traditional markets hasn’t changed and it can stop this bitcoin run,” he added. Bitcoin is by far outperforming traditional global equities markets, up 38% in 2020. Related: Security Firm Claims One Group Stole $200M in Numerous Exchange Hacks Michael Gord, CEO of crypto brokerage Global Digital Assets, says poor second-quarter reports for some public companies might drag stocks down and bring back some crypto price movements. “I think we’ll probably see more crypto accumulation until the Q2 earning reports for public companies are released, and then I’d expect more volatility for better or worse,” he said. Story continues Meanwhile, major stock indices are all in the green Tuesday. Read More: The Logic Behind Three Arrows’ $200M Grayscale Bet The Nikkei 225 of publicly traded companies in Japan climbed 0.50%. The index experienced gains in paper, transportation and real estate to close the day higher . The FTSE 100 index in Europe rose 1.4%. Economic indicators in the manufacturing and retail sectors ticked up , prompting investor confidence. The U.S. S&P 500 index gained 0.43%. Tech stocks had big gains on the day, including Apple, which rose 2.1% . ETH/BTC trading pair gains on DeFi frenzy Ether , (ETH) the second-largest cryptocurrency by market capitalization, was up Tuesday, trading around $244 and after climbing 0.65% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). The ether-bitcoin (ETH/BTC) trading pair is jumping to highs not seen since late May, which shows the strength ether is experiencing lately. This trading pair is available on almost all cryptocurrency exchanges and prices ether in terms of bitcoin – for example, 1 ETH currently equals 0.02528 BTC. It is a way for crypto traders to capitalize on price movements across the two largest digital assets by market capitalization. When a trader is bullish on ether relative to bitcoin, ETH/BTC is bought; those bullish on bitcoin relative to ether sell it. The spike in ether versus bitcoin can be attributed to the Ethereum network’s decentralized finance, or DeFi, capabilities with services like lender Compound, said Matthew Ficke , head of market development for cryptocurrency exchange OkCoin. Read More: Handshake Goes Live With an Uncensorable Internet Browser “ETH/BTC as a trading pair is interesting as it is up,” Ficke told CoinDesk.“There is some growing market discussion around Compound’s recent success driving more interest in DeFi applications, the majority of which run on ether, which is strengthening its price.” Other markets Digital assets on CoinDesk’s big board are mostly in the green Tuesday. Cryptocurrency winners on the day include zcash (ZEC) up an eye-popping 11.7%, decred (DCR) climbing 4.1% and dash (DASH) gaining 3.7%. All price changes were as of 20:00 UTC (4:00 p.m. ET). Read More: PayPal, Venmo to Roll Out Crypto Buying and Selling In commodities, oil is in the red 0.72% Tuesday as a barrel of crude was priced at $40.27 as of press time. Gold is trading up as the yellow metal climbed 0.90%, trading around $1,770 for the day. U.S. Treasury bonds were mixed Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 3%. Related Stories Market Wrap: Bitcoin Trading Flat, Holding at $9.6K Market Wrap: Bitcoin Trading Flat, Holding at $9.6K || Market Wrap: Bitcoin Trading Flat, Holding at $9.6K: After a quick rally on Monday, bitcoin remains in bullish territory although trading was flat Tuesday.
Bitcoin(BTC) was trading around $9646 as of 20:00 UTC (4 p.m. ET), gaining 1% over the previous 24 hours.
At 00:00 UTC on Tuesday (8:00 p.m. Monday ET), bitcoin was changing hands around $9,675 on spot exchanges such as Coinbase. After a dip to as low as $9,571, the price rallied but failed to cross $9,700. However, bitcoin’s price is still well above its 10-day and 50-day moving averages, which is a bullish signal for market technicians.
Related:FTX Is Building Lots of Sophisticated Markets Few Traders Use
Read More:The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K
Trading volume on Monday was only slightly higher than it had been over the past few days, with Coinbase spot bitcoin volume at $112 million. Nonetheless, it was the highest since June 15 when volume hit $171 million. For Tuesday, volume on Coinbase is at $63 million, according to data from aggregator Skew.
Exchange volume is certainly lower than a month ago, and traders are concerned about traditional equities possibly pulling bitcoin’s price lower should stocks drop. “Momentum looks good and the crypto market is a bit bullish,” said Sasha Goldberg, a senior trading specialist at crypto liquidity provider Efficient Frontier. “But the sentiment of the traditional markets hasn’t changed and it can stop this bitcoin run,” he added.
Bitcoin is by far outperforming traditional global equities markets, up 38% in 2020.
Related:Security Firm Claims One Group Stole $200M in Numerous Exchange Hacks
Michael Gord, CEO of crypto brokerage Global Digital Assets, says poor second-quarter reports for some public companies might drag stocks down and bring back some crypto price movements. “I think we’ll probably see more crypto accumulation until the Q2 earning reports for public companies are released, and then I’d expect more volatility for better or worse,” he said.
Meanwhile, major stock indices are all in the green Tuesday.
Read More:The Logic Behind Three Arrows’ $200M Grayscale Bet
The Nikkei 225 of publicly traded companies in Japan climbed 0.50%. The index experienced gains inpaper, transportation and real estate to close the day higher.
The FTSE 100 index in Europe rose 1.4%. Economicindicators in the manufacturing and retail sectors ticked up, prompting investor confidence.
The U.S. S&P 500 index gained 0.43%. Tech stocks had big gains on the day,including Apple, which rose 2.1%.
Ether, (ETH) the second-largest cryptocurrency by market capitalization, was up Tuesday, trading around $244 and after climbing 0.65% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
The ether-bitcoin (ETH/BTC) trading pair is jumping to highs not seen since late May, which shows the strength ether is experiencing lately. This trading pair is available on almost all cryptocurrency exchanges and prices ether in terms of bitcoin – for example, 1 ETH currently equals 0.02528 BTC. It is a way for crypto traders to capitalize on price movements across the two largest digital assets by market capitalization. When a trader is bullish on ether relative to bitcoin, ETH/BTC is bought; those bullish on bitcoin relative to ether sell it.
The spike in ether versus bitcoin can be attributed to the Ethereum network’s decentralized finance, or DeFi, capabilities with services like lender Compound, saidMatthew Ficke, head of market development for cryptocurrency exchange OkCoin.
Read More:Handshake Goes Live With an Uncensorable Internet Browser
“ETH/BTC as a trading pair is interesting as it is up,” Ficke told CoinDesk.“There is some growing market discussion around Compound’s recent success driving more interest in DeFi applications, the majority of which run on ether, which is strengthening its price.”
Digital assets on CoinDesk’s big board are mostly in the green Tuesday. Cryptocurrency winners on the day includezcash(ZEC) up an eye-popping 11.7%,decred(DCR) climbing 4.1% anddash(DASH) gaining 3.7%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:PayPal, Venmo to Roll Out Crypto Buying and Selling
In commodities, oil is in the red 0.72% Tuesday as a barrel of crude was priced at $40.27 as of press time. Gold is trading up as the yellow metal climbed 0.90%, trading around $1,770 for the day.
U.S. Treasury bonds were mixed Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 3%.
• Market Wrap: Bitcoin Trading Flat, Holding at $9.6K
• Market Wrap: Bitcoin Trading Flat, Holding at $9.6K || Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears: Yesterday, it came to light thatcrypto functionalitymay come to PayPal and Venmo. If true, as substantiated by three anonymous sources and indicated by an open position for a senior blockchain research engineer, 325 million users would be able to buy and sell crypto.
“If it does happen, it has the potential to be the biggest crypto on-ramp ever,” Mati Greenspan, founder of Quantum Economics, told Blockchain Bites.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:First Mover: Bitcoin’s Recent Stability May Come from a Fleeting Correlation With Equities
It’s an interesting time to consider rolling out direct sales of crypto, which could happen within three months, according to a source cited in the original story.
Amid the COVID-led market turbulence, crypto has emerged as a relatively safe bet for investors. As CoinDeskFirst Moverreports, crypto has tracked traditional assets like the S&P 500, while also recording an approximately 30% gain year to date. This performance in a global rut led JPMorgan analysts to conclude crypto is here to stay.
Further, as the world sheltered in place,crypto exchanges,payments appsand remittance services saw bustling use.
“Now that the blockade has been busted and everyone who wants to can buybitcoin, there’s not much point boycotting it,” Greenspan said. “May as well make a few bucks on your way out.”
Related:FATF Meets Wednesday to Discuss 'Travel Rule' for Digital Assets
Questions remain. “I am waiting to see how this will be executed,” Ouriel Ohayon, CEO ofZenGo, told Blockchain Bites. “Will PayPal give customers control to move their cryptos outside of PayPal? Will their fee model be friendly? Will they have a wide choice of crypto assets to buy and sell?”
Perhaps most important is whether bitcoin’s success will lead to PayPal’s demise.
“We can only assume that the reason they haven’t done it until now is because bitcoin has the potential to render their service useless,” Greenspan said.
Travel Rule & ComplianceING Bank has developed a protocol to assist with theFinancial Action Task Force’s Travel Rulerequirement for crypto exchanges and firms dealing in digital assets, which has been backed by Standard Chartered Bank, Fidelity Digital Assets and BitGo, plus a gaggle of other familiar firms from the crypto space. It’s the first time a bank has been involved in a crypto Travel Rule solution. Notabene also joined the race to find a FATF-friendly “trust framework” tool for crypto exchanges. While KPMG Chain Fusion, built by thebig four auditor,is a new data management product that can connect with blockchains and traditional systems, to help firms remain in compliance.
Reshaping Industries?Economists at the Federal Reserve said that “fears of a so-called global stablecoin” envisioned by the early version of Libra were “overstated,” and the currency was unlikely to have lived up to its sovereign currency-killer hype. Meanwhile, Vanguard ran a pilot with blockchain startup Symbiont, Citi, BNY Mellon, State Street and an unnamed ABS issuer to see ifrepackaging contractual debt into bondscan be simplified. They found the full life of a digital asset-backed security (ABS) on a blockchain can be settled in 40 minutes versus the 10 to 14 days it would take in a paper-based setting.
Internet StuffHandshake, the crypto project trying to decentralize the internet’s infrastructure, now hasa native browser.The fully-private HandyBrowser is able to access Handshake-specific sites as well as the traditional web, theoretically at speeds greater than the traditional Domain Name System’s stack. BlackBerry and Intel have joined the fight againstcrypto-mining malwarewith the launch of its BlackBerry Optics Context Analysis Engine, a detection tool for Intel’s commercial PCs.
Regulatory LoopsThe Reserve Bank of India’sindecision around cryptoregulation is stifling the blossoming industry, said multiple startup founders. For one, Nischal Shetty, CEO of WazirX, said trading volume went up by 400% after the recent Supreme Court ruling – allowing banks to work with crypto firms – but that it could have been even better with clear guidelines from the RBI. Elsewhere, Berlin-based security token startupNeufund shut downits security token platform, citing regulatory uncertainty from Germany’s Federal Financial Supervisory Authority (BaFin).
Funding and HiringOpyn, a DeFi hedging-startup, raised a$2.16 million funding roundled by Dragonfly Capital, with participation from 1kx, Version One Ventures, CoinFund, DTC Capital, Uncorrelated Ventures and A.Capital. Meanwhile, BitMEX parent leads $3.5 million Series A for crypto options exchange Sparrow (The Block). Finally, decentralized lending platformCred has hiredformer National Security Agency computer scientist Bethany De Lude and Western Union executive Daniel Goldstein as chief information security officer (CISO) and chief technology officer (CTO) respectively.
Volatility SqueezeFor the fifth straight week,bitcoin is locked in a low-volatility squeezesimilar to one seen ahead of a sudden $2,350 rally in October 2019. The Bollinger bandwidth, a price volatility gauge, has declined to 0.08, the lowest level since mid-October 2019, when bitcoin witnessed a bull-bear tug of war in the range of $7,700–$8,600 for over three weeks, starting from Sept. 26, 2019 (above right). A prolonged period of low-volatility consolidation often paves the way for a big move in either direction, according to technical analysis theory.
Liquidity BurstBitcoin’sliquidity on derivative exchangessuch as Binance, BitMEX and FTX continue to rise, despite a clear directional bias in prices, a sign of a sustained rise in investor interest. In fact, the order book depth on FTX, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX.
First Mover: Three Arrow’s GambitThree Arrows has purchased $200 million of shares in the publicly traded Grayscale Bitcoin Trust. CoinDesk’sFirst Mover breaks down the logic behind this move.“The strategy of the trade comes from the dual ownership structure of the Grayscale trust, which is essentially a single-asset fund focused on bitcoin, and often referred to by its stock-trading ticker, GBTC,” they write. Institutional investors can create new GBTC shares or buy them at “net asset value” that’s marked daily, while retail buyers can only buy publicly traded shares at market price. Because the market price is typically about 20% higher than the value of the assets in the fund, this opens an opportunity for funds like Three Arrows to hold newly minted shares and then resell them at a profit later, if the premium holds up. (Grayscale is controlled by Digital Currency Group, the cryptocurrency-focused investment firm that also owns CoinDesk.)
DeFiduciary DutyLex Sokolin, a CoinDesk columnist and Global Fintech co-head at ConsenSys, thinksDeFi protocols should have a fiduciary duty.While these powerful tools are opening new economic realms, “we need fundamental change not for the sake of change, but for the sake of empowering people to live better financial lives,” he said.
The Macro ContextSome of the smartest investors in the crypto space, includingAri Paul, Spencer Bogart and David Nage,share how they think the larger macro context is shaping interest in bitcoin and digital assets.
• Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears
• Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears || Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears: Yesterday, it came to light that crypto functionality may come to PayPal and Venmo. If true, as substantiated by three anonymous sources and indicated by an open position for a senior blockchain research engineer, 325 million users would be able to buy and sell crypto. “If it does happen, it has the potential to be the biggest crypto on-ramp ever,” Mati Greenspan, founder of Quantum Economics, told Blockchain Bites. You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Related: First Mover: Bitcoin’s Recent Stability May Come from a Fleeting Correlation With Equities It’s an interesting time to consider rolling out direct sales of crypto, which could happen within three months, according to a source cited in the original story. Amid the COVID-led market turbulence, crypto has emerged as a relatively safe bet for investors. As CoinDesk First Mover reports, crypto has tracked traditional assets like the S&P 500, while also recording an approximately 30% gain year to date. This performance in a global rut led JPMorgan analysts to conclude crypto is here to stay. Further, as the world sheltered in place, crypto exchanges , payments apps and remittance services saw bustling use. “Now that the blockade has been busted and everyone who wants to can buy bitcoin , there’s not much point boycotting it,” Greenspan said. “May as well make a few bucks on your way out.” Related: FATF Meets Wednesday to Discuss 'Travel Rule' for Digital Assets Questions remain. “I am waiting to see how this will be executed,” Ouriel Ohayon, CEO of ZenGo , told Blockchain Bites. “Will PayPal give customers control to move their cryptos outside of PayPal? Will their fee model be friendly? Will they have a wide choice of crypto assets to buy and sell?” Story continues Perhaps most important is whether bitcoin’s success will lead to PayPal’s demise. “We can only assume that the reason they haven’t done it until now is because bitcoin has the potential to render their service useless,” Greenspan said. Top shelf Travel Rule & Compliance ING Bank has developed a protocol to assist with the Financial Action Task Force’s Travel Rule requirement for crypto exchanges and firms dealing in digital assets, which has been backed by Standard Chartered Bank, Fidelity Digital Assets and BitGo, plus a gaggle of other familiar firms from the crypto space. It’s the first time a bank has been involved in a crypto Travel Rule solution. Notabene also joined the race to find a FATF-friendly “ trust framework ” tool for crypto exchanges. While KPMG Chain Fusion, built by the big four auditor, is a new data management product that can connect with blockchains and traditional systems, to help firms remain in compliance. Reshaping Industries? Economists at the Federal Reserve said that “ fears of a so-called global stablecoin ” envisioned by the early version of Libra were “overstated,” and the currency was unlikely to have lived up to its sovereign currency-killer hype. Meanwhile, Vanguard ran a pilot with blockchain startup Symbiont, Citi, BNY Mellon, State Street and an unnamed ABS issuer to see if repackaging contractual debt into bonds can be simplified. They found the full life of a digital asset-backed security (ABS) on a blockchain can be settled in 40 minutes versus the 10 to 14 days it would take in a paper-based setting. Internet Stuff Handshake, the crypto project trying to decentralize the internet’s infrastructure, now has a native browser. The fully-private HandyBrowser is able to access Handshake-specific sites as well as the traditional web, theoretically at speeds greater than the traditional Domain Name System’s stack. BlackBerry and Intel have joined the fight against crypto-mining malware with the launch of its BlackBerry Optics Context Analysis Engine, a detection tool for Intel’s commercial PCs. Regulatory Loops The Reserve Bank of India’s indecision around crypto regulation is stifling the blossoming industry, said multiple startup founders. For one, Nischal Shetty, CEO of WazirX, said trading volume went up by 400% after the recent Supreme Court ruling – allowing banks to work with crypto firms – but that it could have been even better with clear guidelines from the RBI. Elsewhere, Berlin-based security token startup Neufund shut down its security token platform, citing regulatory uncertainty from Germany’s Federal Financial Supervisory Authority (BaFin). Funding and Hiring Opyn, a DeFi hedging-startup, raised a $2.16 million funding round led by Dragonfly Capital, with participation from 1kx, Version One Ventures, CoinFund, DTC Capital, Uncorrelated Ventures and A.Capital. Meanwhile, BitMEX parent leads $3.5 million Series A for crypto options exchange Sparrow ( The Block ). Finally, decentralized lending platform Cred has hired former National Security Agency computer scientist Bethany De Lude and Western Union executive Daniel Goldstein as chief information security officer (CISO) and chief technology officer (CTO) respectively. Market intel Volatility Squeeze For the fifth straight week, bitcoin is locked in a low-volatility squeeze similar to one seen ahead of a sudden $2,350 rally in October 2019. The Bollinger bandwidth, a price volatility gauge, has declined to 0.08, the lowest level since mid-October 2019, when bitcoin witnessed a bull-bear tug of war in the range of $7,700–$8,600 for over three weeks, starting from Sept. 26, 2019 (above right). A prolonged period of low-volatility consolidation often paves the way for a big move in either direction, according to technical analysis theory. Liquidity Burst Bitcoin’s liquidity on derivative exchanges such as Binance, BitMEX and FTX continue to rise, despite a clear directional bias in prices, a sign of a sustained rise in investor interest. In fact, the order book depth on FTX, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX. First Mover: Three Arrow’s Gambit Three Arrows has purchased $200 million of shares in the publicly traded Grayscale Bitcoin Trust. CoinDesk’s First Mover breaks down the logic behind this move. “The strategy of the trade comes from the dual ownership structure of the Grayscale trust, which is essentially a single-asset fund focused on bitcoin, and often referred to by its stock-trading ticker, GBTC,” they write. Institutional investors can create new GBTC shares or buy them at “net asset value” that’s marked daily, while retail buyers can only buy publicly traded shares at market price. Because the market price is typically about 20% higher than the value of the assets in the fund, this opens an opportunity for funds like Three Arrows to hold newly minted shares and then resell them at a profit later, if the premium holds up. (Grayscale is controlled by Digital Currency Group, the cryptocurrency-focused investment firm that also owns CoinDesk.) Opinion DeFiduciary Duty Lex Sokolin, a CoinDesk columnist and Global Fintech co-head at ConsenSys, thinks DeFi protocols should have a fiduciary duty. While these powerful tools are opening new economic realms, “we need fundamental change not for the sake of change, but for the sake of empowering people to live better financial lives,” he said. CoinDesk Podcast Network The Macro Context Some of the smartest investors in the crypto space, including Ari Paul, Spencer Bogart and David Nage, share how they think the larger macro context is shaping interest in bitcoin and digital assets. Who won #CryptoTwitter? Related Stories Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears Blockchain Bites: PayPal’s Push, FATF’s Rules and ‘Overstated’ Libra Fears || Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains: A cryptocurrency hedge fund helmed by three Brazilian bankers has lost half of its money even though it returned positively over the past 16 months.
The value of São Paulo-based BLP Asset Management’s crypto-asset hedge fund, Genesis Block Fund, is down 56.3% from its inception to date. That is because despite gains of 34.9% in 2019 and 46.6% from January to May 2020, it suffered a 77.9% plunge in 2018, its first year.
BLP Asset Management’s returns are a reminder cryptocurrency funds that took a hit in 2018 — when prices of digital currencies crashed — have a harder time getting back to sea level than those buoyed by 2017’s cresting market gains.
Related:Defying Coronavirus Crash, BlockTower Crypto Fund Stretches 30% Total Return to 73%
“We launched the fund on Jan. 1, 2018, right as [the] market went into crypto winter,” said BLP Asset Management partner Axel Blikstad, who used to head Banco Santander Brazil’s fixed-income sales desk for institutional clients. Blikstad launched the fund with Glauco Bronz Cavalcanti, a chief investment officer for the firm and formerly with Credit Suisse Asset Management Brazil, and Alexandre Vasarhelyi, a BLP partner who was Banco Pine’s treasury manager and a former trader at Credit Suisse, Boston Deutsche Bank, ING Bank and Indosuez Bank.
Even though 2018 was a losing year, the BLP Genesis Block Fund’s 2018 and 2019 returns exceeded those of the Bloomberg Galaxy Crypto Index, the investing benchmark the fund tries to beat. The Bloomberg Galaxy Crypto Index is a Galaxy Digital index fund tracking top cryptocurrencies weighted by market capitalization. “Our clients are used to various Bloomberg indexes and this was the best index we found on the crypto space with monthly rebalancing,” said Blikstad.
To get into BLP, investors need to put in a minimum of $100,000 but can pull some or all of their money out during a window of time that opens once per month. The Genesis Block Fund’s value decreased the most in April 2018 by 37.4% and increased the most in May 2019 by 58.6%, and saw 17 months on the downswing and 12 months on the upswing, according to BLP Asset Management reports.
For high-net-worth individuals and institutional clients, the BLP Genesis Block Fund now manages approximately $5 million and an additional $2 million from “local feeder funds for Brazilian domestic clients,” Blikstad said.
Related:Pantera Capital Crypto Hedge Funds Are Losing Double Digits, but Bitcoin Fund Is Up 10,000% to Date
It is possible complicated hedging instruments could have staved off the tricky market conditions back in 2018, but BLP Asset Management is a “long-only” crypto fund, said Blikstad, and that has been the case since it launched. “We may go overweight or underweight any asset we want, but never outright short,” he said. “We do not use any derivative nor do we lend our assets out for extra yield. In one specific case we do stake a token but never lend them out.”
According to monthly BLP investment letters, the fund shied from tradingethereum classic,bitcoin goldandbitcoin SV. Rather, the fund varied its holdings between dozens of coins:bitcoin,bitcoin cash,litecoin,zcash,monero, tezos, zcoin,eos,Stellar lumens,XRP,ADA,IOTA,NEOand numerous crypto-linked platforms. Those platforms include the Funfair online casino, Worldwide Asset eXchange, Polymath security token network, Brave web browser, Chainlink SmartContract processor, Decred network, MakerDAO stablecoin basket and Ethereum blockchain privacy layer Keep. BLP Asset Management invested in Keep through a coin offering with Polychain Capital and Andreessen Horowitz’s cryptocurrency fund.
• Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains
• Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains || Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains: A cryptocurrency hedge fund helmed by three Brazilian bankers has lost half of its money even though it returned positively over the past 16 months. The value of São Paulo-based BLP Asset Managements crypto-asset hedge fund, Genesis Block Fund, is down 56.3% from its inception to date. That is because despite gains of 34.9% in 2019 and 46.6% from January to May 2020, it suffered a 77.9% plunge in 2018, its first year. BLP Asset Managements returns are a reminder cryptocurrency funds that took a hit in 2018 when prices of digital currencies crashed have a harder time getting back to sea level than those buoyed by 2017s cresting market gains. Related: Defying Coronavirus Crash, BlockTower Crypto Fund Stretches 30% Total Return to 73% We launched the fund on Jan. 1, 2018, right as [the] market went into crypto winter, said BLP Asset Management partner Axel Blikstad, who used to head Banco Santander Brazils fixed-income sales desk for institutional clients. Blikstad launched the fund with Glauco Bronz Cavalcanti, a chief investment officer for the firm and formerly with Credit Suisse Asset Management Brazil, and Alexandre Vasarhelyi, a BLP partner who was Banco Pines treasury manager and a former trader at Credit Suisse, Boston Deutsche Bank, ING Bank and Indosuez Bank. Even though 2018 was a losing year, the BLP Genesis Block Funds 2018 and 2019 returns exceeded those of the Bloomberg Galaxy Crypto Index, the investing benchmark the fund tries to beat. The Bloomberg Galaxy Crypto Index is a Galaxy Digital index fund tracking top cryptocurrencies weighted by market capitalization. Our clients are used to various Bloomberg indexes and this was the best index we found on the crypto space with monthly rebalancing, said Blikstad. To get into BLP, investors need to put in a minimum of $100,000 but can pull some or all of their money out during a window of time that opens once per month. The Genesis Block Funds value decreased the most in April 2018 by 37.4% and increased the most in May 2019 by 58.6%, and saw 17 months on the downswing and 12 months on the upswing, according to BLP Asset Management reports. Story continues For high-net-worth individuals and institutional clients, the BLP Genesis Block Fund now manages approximately $5 million and an additional $2 million from local feeder funds for Brazilian domestic clients, Blikstad said. Related: Pantera Capital Crypto Hedge Funds Are Losing Double Digits, but Bitcoin Fund Is Up 10,000% to Date It is possible complicated hedging instruments could have staved off the tricky market conditions back in 2018, but BLP Asset Management is a long-only crypto fund, said Blikstad, and that has been the case since it launched. We may go overweight or underweight any asset we want, but never outright short, he said. We do not use any derivative nor do we lend our assets out for extra yield. In one specific case we do stake a token but never lend them out. According to monthly BLP investment letters, the fund shied from trading ethereum classic , bitcoin gold and bitcoin SV . Rather, the fund varied its holdings between dozens of coins: bitcoin , bitcoin cash , litecoin , zcash , monero , tezos, zcoin, eos , Stellar lumens , XRP , ADA , IOTA , NEO and numerous crypto-linked platforms. Those platforms include the Funfair online casino, Worldwide Asset eXchange, Polymath security token network, Brave web browser, Chainlink SmartContract processor, Decred network, MakerDAO stablecoin basket and Ethereum blockchain privacy layer Keep. BLP Asset Management invested in Keep through a coin offering with Polychain Capital and Andreessen Horowitzs cryptocurrency fund. Related Stories Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains Brazilian Hedge Fund Still Down 56%, Despite 16 Months of Crypto Gains || Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens: The liquidity mining boom may be upon us.
Balancer Labs, the maker of an automated portfolio management tool, has confirmed with CoinDesk it has begun distribution of its BAL token. Followingthe persistent maniaaround last week’s debut of Compound’s COMP token, BAL will be the second governance token earned by a decentralized finance (DeFi) app’s most valuable users.
Since June 1, liquidity providers for Balancer’s token pools havebeen earning BAL, but none of those tokens have been distributed. Balancer’s total value locked (TVL) has gone from $15.9 million on May 31 to $43.6 million as of this writing,according to DeFi Pulse. Going forward, earnings will be minted and distributed on a weekly basis, Balancer Labs CEO Fernando Martinelli told CoinDesk.
Related:Market Wrap: Bitcoin Trading Flat, Holding at $9.6K
“By far the most important factor or reason why we are doing that is because we want this thing to be decentralized. We believe in a decentralized, trustless future, and we want Balancer to do that. We need the distribution to be in a healthy way,” Martinelli said.
Read more:First Mover: Compound’s COMP Token More Than Doubles in Price Amid DeFi Mania
Giving out governance tokens for putting assets onto a protocol has come to be known as “liquidity mining.” The technique, which amounts to giving users a seat at the table in deciding how to run decentralized applications, has been discussed throughout 2020. In April, IDEO CoLab Ventures, a venture capital fund backed by the design firm IDEO, spelled it out in a Medium post about translatingparticipation into equity.
But it all got real when collateralized lending startup Compound became the first major DeFi app todistributesome of its governance tokens. Liquidity providers and borrowers started earning COMP on June 15. Since then, Compound became the largest app in DeFi, increasing its available liquidity by 6x.
Related:DeFi Protocols Should Act More Like Fiduciaries
“I think Balancer is an amazing project in that it creates an AMM [automated market maker] primitive that is extremely flexible for different asset management use cases (exchange, balanced portfolios, certain strategies),” CoinFund founder Jake Brukhman told CoinDesk.
With BAL’s debut in Ethereum wallets the world over, we enter the second chapter of this story.
Of note, the two projects are at very different stages in their life cycles. Compound was announced in September 2018 and was running for well over a year before unleashing the token. At the first disbursement of COMP, Compound users had already committed nearly $100 million in crypto collateral.
Meanwhile, Balancer only went live this spring and has roughly $40 million locked into it. If Balancer were to grow by the same proportion as Compound, it could jump from the sixth position in DeFi to the third, but obviously no one knows what will happen – norhow it ends.
Read more:DeFi Protocols Should Be Fiduciaries, Not Structured Product Dealers
Balancer Labs previously ran a$3 million seed round, where Accomplice and Placeholder led alongside CoinFund and Inflection. The investors earned equity that was convertible to tokens. The seed round price was $0.60 per token.
Balancer’s core function is it allows users to make pools of tokens that automatically rebalance, and to tokenize those pools. So if a pool was built so that the value was 50% WBTC, 25% WETH and 25% BAT, for example, it would sell some of its WBTC for WETH and BAT if WBTC shot up in value, so that the proportion of value went back in line.
In short, it automates crypto indices.
The smart contract governing BAL provides for 100 million tokens with no inflation, but “those 100 million won’t be minted from the beginning,” Martinelli explained.
So far, 35 million have been minted. Of those, 25 million are designated for the team, advisers and investors, and 75% of that vests gradually over three years, and unvested tokens can’t trade or vote.
The team has control of 5 million tokens for an ecosystem fund, to promote growth in various ways and 5 million tokens for future fundraising rounds, according to Martinelli.
Read more:DeFi Startups Built on Compound Weigh What to Do With $200 COMP Tokens
Balancer is currently a team of four and it expects to grow to a team of 10 by the end of the year, Martinelli said, with the ultimate goal of decentralizing the platform.
The remaining 65 million tokens mint at a rate of 145,000 BAL every week, which means it would take about nine years to fully distribute, but because BAL is a governance token the holders could always vote to speed up distribution.
Three full weeks have been completed so a bit over 400,000 BAL are being distributed now to over 1,000 wallet addresses that have accrued balances, Martinelli said (with a few edge cases for BAL earned by external smart contracts that will receive distributions later).
One facet of Balancer’s distribution worth noting is that so much of it exists off-chain.
This allows the team to iterate early on, in collaboration with users, so the team can look for ways in which users are gaming the system and write new rules to undermine those strategies.
For example, on Compound, users are staking assets to borrow assets to stake more and borrow more. There is debate about how valuable is a lot of this activity. Similarly, in 2018the Fcoin exchangerewarded users with a new token just for making trades, which sent wash trading through the roof.
The Balancer community wants tofavorthe most valuable behaviors. By tracking earnings in an off-chain fashion and iterating on the rules, Balancer’s community can refine incentives as it goes.
So, when BAL earnings started it was simple: Users earned BAL for supplying liquidity. Depending on what happens next, that may change.
“[The rules] kind of prevent useless liquidity from getting BAL,” Martinelli said. “It’s going to be a very interesting living thing that will evolve.”
These rules are designed to drive volume without directly rewarding volume. One example: Pools that appear to hold two tokens but really don’t – like if one had, say, 50% DAI (the stablecoin generated by deposits on Maker) and 50% cDAI (the token representation of DAI deposited on Compound) – accrue very low BAL rewards.
Read more:Compound Tops MakerDAO, Now Has the Most Value Staked in DeFi
Building off-chain also allows Balancer to work on a case-by-case basis with startups built to integrate with Balancer that didn’t plan for a token distribution, which is something that hascome up with Compound. These are the edge cases mentioned above.
One could imagine a world where these rules become so complex they result in other unintended consequences, but that’s why it’s useful to run them off-chain for now. Balancer’s hope is it finds a solid enough niche in the market so the continuous refinement will no longer be necessary and that a simple set of rules can move on-chain.
If this isn’t obvious already, a visit to Balancer site makes it very clear: The dapp can offer the same DEX functionality as Uniswap, because any single Uniswaptoken-for-token poolis the same as Balancer pool with two tokens set to 50/50, or 1:1, value.
The big question for BAL: Can it catapult Balancer into Uniswap’s place as the AMM of choice on Ethereum?
Balancer currently has $18 million more in TVL than Uniswap, according to DeFi Pulse, but the question is whether this new form of yield will make it more appealing to liquidity providers for that simple DEX use case.
For now, there’s no incentive to trade on Balancer versus Uniswap, but if BAL accrues value quickly enough the idea of earning trading fees as well as BAL could lead to providers moving funds out of the most prominent AMM and into Balancer.
“I think that token distributions, not tech, will play a key role in how these DeFi protocols compete,” said CoinFund’s Brukhman, who noted Uniswap still has not announced any intention to reward liquidity providers with a stake. “Brand does play an important role, but I think we will see that Balancer builds a very successful brand quickly.”
• Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens
• Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens || Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens: The liquidity mining boom may be upon us. Balancer Labs , the maker of an automated portfolio management tool, has confirmed with CoinDesk it has begun distribution of its BAL token. Following the persistent mania around last week’s debut of Compound’s COMP token, BAL will be the second governance token earned by a decentralized finance (DeFi) app’s most valuable users. Since June 1, liquidity providers for Balancer’s token pools have been earning BAL , but none of those tokens have been distributed. Balancer’s total value locked (TVL) has gone from $15.9 million on May 31 to $43.6 million as of this writing, according to DeFi Pulse . Going forward, earnings will be minted and distributed on a weekly basis, Balancer Labs CEO Fernando Martinelli told CoinDesk. Related: Market Wrap: Bitcoin Trading Flat, Holding at $9.6K “By far the most important factor or reason why we are doing that is because we want this thing to be decentralized. We believe in a decentralized, trustless future, and we want Balancer to do that. We need the distribution to be in a healthy way,” Martinelli said. Read more: First Mover: Compound’s COMP Token More Than Doubles in Price Amid DeFi Mania Giving out governance tokens for putting assets onto a protocol has come to be known as “liquidity mining.” The technique, which amounts to giving users a seat at the table in deciding how to run decentralized applications, has been discussed throughout 2020. In April, IDEO CoLab Ventures, a venture capital fund backed by the design firm IDEO, spelled it out in a Medium post about translating participation into equity . But it all got real when collateralized lending startup Compound became the first major DeFi app to distribute some of its governance tokens. Liquidity providers and borrowers started earning COMP on June 15. Since then, Compound became the largest app in DeFi, increasing its available liquidity by 6x. Story continues Related: DeFi Protocols Should Act More Like Fiduciaries “I think Balancer is an amazing project in that it creates an AMM [automated market maker] primitive that is extremely flexible for different asset management use cases (exchange, balanced portfolios, certain strategies),” CoinFund founder Jake Brukhman told CoinDesk. A new trend With BAL’s debut in Ethereum wallets the world over, we enter the second chapter of this story. Of note, the two projects are at very different stages in their life cycles. Compound was announced in September 2018 and was running for well over a year before unleashing the token. At the first disbursement of COMP, Compound users had already committed nearly $100 million in crypto collateral. Meanwhile, Balancer only went live this spring and has roughly $40 million locked into it. If Balancer were to grow by the same proportion as Compound, it could jump from the sixth position in DeFi to the third, but obviously no one knows what will happen – nor how it ends . Read more: DeFi Protocols Should Be Fiduciaries, Not Structured Product Dealers Balancer Labs previously ran a $3 million seed round , where Accomplice and Placeholder led alongside CoinFund and Inflection. The investors earned equity that was convertible to tokens. The seed round price was $0.60 per token. Balancer’s core function is it allows users to make pools of tokens that automatically rebalance, and to tokenize those pools. So if a pool was built so that the value was 50% WBTC, 25% WETH and 25% BAT, for example, it would sell some of its WBTC for WETH and BAT if WBTC shot up in value, so that the proportion of value went back in line. In short, it automates crypto indices. Token distribution The smart contract governing BAL provides for 100 million tokens with no inflation, but “those 100 million won’t be minted from the beginning,” Martinelli explained. So far, 35 million have been minted. Of those, 25 million are designated for the team, advisers and investors, and 75% of that vests gradually over three years, and unvested tokens can’t trade or vote. The team has control of 5 million tokens for an ecosystem fund, to promote growth in various ways and 5 million tokens for future fundraising rounds, according to Martinelli. Read more: DeFi Startups Built on Compound Weigh What to Do With $200 COMP Tokens Balancer is currently a team of four and it expects to grow to a team of 10 by the end of the year, Martinelli said, with the ultimate goal of decentralizing the platform. The remaining 65 million tokens mint at a rate of 145,000 BAL every week, which means it would take about nine years to fully distribute, but because BAL is a governance token the holders could always vote to speed up distribution. Three full weeks have been completed so a bit over 400,000 BAL are being distributed now to over 1,000 wallet addresses that have accrued balances, Martinelli said (with a few edge cases for BAL earned by external smart contracts that will receive distributions later). Off the chain One facet of Balancer’s distribution worth noting is that so much of it exists off-chain. This allows the team to iterate early on, in collaboration with users, so the team can look for ways in which users are gaming the system and write new rules to undermine those strategies. For example, on Compound, users are staking assets to borrow assets to stake more and borrow more. There is debate about how valuable is a lot of this activity. Similarly, in 2018 the Fcoin exchange rewarded users with a new token just for making trades, which sent wash trading through the roof. The Balancer community wants to favor the most valuable behaviors. By tracking earnings in an off-chain fashion and iterating on the rules, Balancer’s community can refine incentives as it goes. So, when BAL earnings started it was simple: Users earned BAL for supplying liquidity. Depending on what happens next, that may change. “[The rules] kind of prevent useless liquidity from getting BAL,” Martinelli said. “It’s going to be a very interesting living thing that will evolve.” These rules are designed to drive volume without directly rewarding volume. One example: Pools that appear to hold two tokens but really don’t – like if one had, say, 50% DAI (the stablecoin generated by deposits on Maker) and 50% cDAI (the token representation of DAI deposited on Compound) – accrue very low BAL rewards. Read more: Compound Tops MakerDAO, Now Has the Most Value Staked in DeFi Building off-chain also allows Balancer to work on a case-by-case basis with startups built to integrate with Balancer that didn’t plan for a token distribution, which is something that has come up with Compound . These are the edge cases mentioned above. One could imagine a world where these rules become so complex they result in other unintended consequences, but that’s why it’s useful to run them off-chain for now. Balancer’s hope is it finds a solid enough niche in the market so the continuous refinement will no longer be necessary and that a simple set of rules can move on-chain. Eyeing Uniswap If this isn’t obvious already, a visit to Balancer site makes it very clear: The dapp can offer the same DEX functionality as Uniswap, because any single Uniswap token-for-token pool is the same as Balancer pool with two tokens set to 50/50, or 1:1, value. The big question for BAL: Can it catapult Balancer into Uniswap’s place as the AMM of choice on Ethereum? Balancer currently has $18 million more in TVL than Uniswap, according to DeFi Pulse, but the question is whether this new form of yield will make it more appealing to liquidity providers for that simple DEX use case. For now, there’s no incentive to trade on Balancer versus Uniswap, but if BAL accrues value quickly enough the idea of earning trading fees as well as BAL could lead to providers moving funds out of the most prominent AMM and into Balancer. “I think that token distributions, not tech, will play a key role in how these DeFi protocols compete,” said CoinFund’s Brukhman, who noted Uniswap still has not announced any intention to reward liquidity providers with a stake. “Brand does play an important role, but I think we will see that Balancer builds a very successful brand quickly.” Related Stories Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens Following COMP’s Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens || Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals: U.S. tech giant Microsoft and universities in Germany and Denmark have released a paper outlining the potential benefits of blockchain technology in building an international carbon credit market. The paper , published Monday and titled “Blockchain Application for the Paris Agreement Carbon Market Mechanism – A Decision Framework and Architecture,” specifically looks at the suitability of blockchain and distributed ledger technology for a carbon market mechanism as per Article 6.2 of the Paris Agreement . The Paris Agreement has the overall aim of bringing a global response to the threat of climate change by keeping global temperatures below a two degrees (35.6 ° F) rise above pre-industrial levels. Article 6.2 is designed to provide an accounting framework for international emissions-trading schemes, a type of market incentive to reduce the volume of carbon dioxide released into the atmosphere, in a less-centralized, cooperative format. Related: BlockFi Taps Defense Department, Microsoft Alum as Security Chief See also: Hyperledger Conference Shows Where Blockchain Can Fight Global Warming Legacy infrastructure solutions for such a market, such as the mechanisms laid out in the Kyoto protocol of 2005, has limitations due to being based on manual processes within a “centralized and fragmented databank structure,” the paper says. “When only considering legacy database architectures, there is the risk of designing a ‘new’ post‐2020 market mechanism that is already outdated at the date of inception.” However, the paper’s co-authors, which include Microsoft’s data, AI, blockchain and Azure specialist, Laura Franke, as well as the Technical Universities of Berlin and Denmark, agreed blockchain’s ability to offer information transparency and immutability – meaning data can’t be changed once secured on a ledger – could offer a viable alternative. Story continues “We found that for the bottom‐up and decentralized governance system envisioned in the Paris Agreement, a blockchain application is promising and can yield benefits in enhanced transparency and increased automation,” the paper reads. Related: Microsoft Releases Bitcoin-Based ID Tool as COVID-19 'Passports' Draw Criticism Still, blockchain and distributed ledger systems are described as “nascent” technologies that do not have the power to solve all the carbon market problems. “This new technology is not a panacea for all problems, and the trade‐offs of applying blockchain technology need to be assessed case by case,” the team suggests. As such, the team further provides a framework for deciding if blockchain would be suitable for a proposed purpose. See also: Can Bitcoin Survive the Climate Change Revolution? Still, the use of a blockchain platform “offers clear benefits in terms of interoperability with other emerging technologies, automating the process through smart contracts, enhancing transparency, traceability and auditability, and enhancing system security and trust between Parties,” the authors say. Related Stories Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals || Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals: U.S. tech giant Microsoft and universities in Germany and Denmark have released a paper outlining the potential benefits of blockchain technology in building an international carbon credit market.
Thepaper, published Monday and titled “Blockchain Application for the Paris Agreement Carbon Market Mechanism – A Decision Framework and Architecture,” specifically looks at the suitability of blockchain and distributed ledger technology for a carbon market mechanism as per Article 6.2 of theParis Agreement.
The Paris Agreement has the overall aim of bringing a global response to the threat of climate change by keeping global temperatures below a two degrees (35.6°F) rise above pre-industrial levels. Article 6.2 is designed to provide an accounting framework for international emissions-trading schemes, a type of market incentive to reduce the volume of carbon dioxide released into the atmosphere, in a less-centralized, cooperative format.
Related:BlockFi Taps Defense Department, Microsoft Alum as Security Chief
See also:Hyperledger Conference Shows Where Blockchain Can Fight Global Warming
Legacy infrastructure solutions for such a market, such as the mechanisms laid out in the Kyoto protocol of 2005, has limitations due to being based on manual processes within a “centralized and fragmented databank structure,” the paper says. “When only considering legacy database architectures, there is the risk of designing a ‘new’ post‐2020 market mechanism that is already outdated at the date of inception.”
However, the paper’s co-authors, which include Microsoft’s data, AI, blockchain and Azure specialist, Laura Franke, as well as the Technical Universities of Berlin and Denmark, agreed blockchain’s ability to offer information transparency and immutability – meaning data can’t be changed once secured on a ledger – could offer a viable alternative.
“We found that for the bottom‐up and decentralized governance system envisioned in the Paris Agreement, a blockchain application is promising and can yield benefits in enhanced transparency and increased automation,” the paper reads.
Related:Microsoft Releases Bitcoin-Based ID Tool as COVID-19 'Passports' Draw Criticism
Still, blockchain and distributed ledger systems are described as “nascent” technologies that do not have the power to solve all the carbon market problems.
“This new technology is not a panacea for all problems, and the trade‐offs of applying blockchain technology need to be assessed case by case,” the team suggests.
As such, the team further provides a framework for deciding if blockchain would be suitable for a proposed purpose.
See also:Can Bitcoin Survive the Climate Change Revolution?
Still, the use of a blockchain platform “offers clear benefits in terms of interoperability with other emerging technologies, automating the process through smart contracts, enhancing transparency, traceability and auditability, and enhancing system security and trust between Parties,” the authors say.
• Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals
• Microsoft, EU-Based Universities Say Blockchain Could Help Meet Paris Agreement Carbon Goals || Activists Document Police Misconduct Using Decentralized Protocol: Amid roiling protests over the police killing of George Floyd, activist-coders have launched a decentralized protocol to document police misconduct reports, which are usually difficult to obtain.
The Police Accountability Now (PAN) Protocolis designed and built on the InterPlanetary File System (IPFS) and the Ethereum blockchain, so it can’t be shut down by any central entity. The aim is for civilians and police officers to file misconduct reports in an anonymous and searchable way. By giving people anonymity, the organizers hope to give officers a way to break the “blue wall of silence,” or police culture that discourages officers from reporting each other.
“This protocol is meant to enable anyone to create a gateway/front end and let anyone log complaints. If a police officer wishes to report misconduct anonymously, that is better for everyone because, as I understand it, police are supposed to serve their communities and reporting the misdeeds of their colleagues is part of that service,” said the creator of the PAN protocol, who preferred not to give his real name but identified himself by the pseudonym Fred Hampton. (Fred Hamptonwas a Black Panther activist who was killed by law enforcement in 1969.)
Related:‘Social Money’ Startup Inks Deal With Rapper Ja Rule, Releases Song With Lil B
See also:Monero-for-Bail Project Sees Increased Demand During Protests
Hampton said the idea for the protocol came about because, as a Black man in America, he’d personally had to deal with police misconduct from a very early age and had an intimate relationship with the problem.
Last Tuesday, the protocol launched on the Kovan testnet, a public Ethereum blockchain, covering police departments in the 50 most populous U.S. cities. It includes links to policies and procedures as well as department logos, with more information to come. The project asks users to file Freedom of Information Law requests to get officers’ names, badge numbers and other details to help populate the database.
Police misconduct reports are hard to obtain for journalists, much less members of the public. Reports are rarely seen by people outside of the police department, and police unions have actively worked to put in place protections that make records hard to access. Some are even destroyed after a certain amount of time has lapsed.USA Today, in a recent expose, found 85,000 cops who had been investigated for misconduct in the last decade.
Related:Status Keycard Now Works With Android Mobile Devices
A projectfrom WNYC, a New York City public radio station, found records are confidential in 23 states; another 15 provide limited accessibility. Only 12 states make the records public.
Hampton said projects like theChicago Reporter’s tracking of misconduct settlementsare an after-the-fact documentation of the misconduct. And initiatives like theACLU’s apps to record police misconductare not comprehensive.
“The goal with PAN protocol is to have an unstoppable database that is fully transparent and searchable. Anyone, such as police departments that wish to follow the latest executive order or local press, can monitor the chain for reports against their local department and act accordingly,” said Hampton in an email.
See also:Law Enforcement Data Requests Rose by Almost 50 Percent in 2019, Says Kraken
While some may question the need for a decentralized approach, a previous example of monitoring police misconduct demonstrates why it may well be a necessity. A website launched in 2008 called RateMyCop acted as a review board for thousands of cops across the U.S. When it launched, itcontained the namesof over 140,000 police officers from more than 500 police departments across the United States. Akin to Yelp, it let users rate and leave reviews on cops.
“Having a website like that puts a lot of law enforcement, in my eyes, in danger because it exposes us out there,” an officertoldABC at the time. The website did not list the identity of any undercover officers, nor did it contain information like home addresses.
The goal with PAN protocol is to have an unstoppable database that is fully transparent and searchable.
A few weeks later, the website’s hosting company, GoDaddy,shut it down for “suspicious activity.”The project bounced between other hosting companies, but eventually shut down in 2015. A decentralized protocol would’ve stopped GoDaddy from being able to unilaterally take the website down.
“Essentially what you’re doing with a website like this is you’re providing an additional disincentive for officers to engage in this conduct,” said Paul Hirschfield, a sociology professor at Rutgers University who is studying the social, political, and legal dynamics that explain why on-duty police violence rarely leads to criminal charges.
“This is potentially more organized than something like YouTube. It’s saying we could put a whole sort of dossier together on you and if there is a pattern of behavior it would be exposed.”
See also:EU’s Europol: Bitcoin Privacy Wallet ‘Not Looking Good’ For Law Enforcement
But he is concerned about the anonymity of people filing the reports though and the potential for people to make false reports . As it stands today, there is no mechanism to verify or verify reports posted.
“We leave vetting and verifying as an exercise to the reader,” said Hampton. “We highly encourage someone to build a follow on adjudication process/protocol that verifies/vets any claim put into the database.”
Such are the benefits and pitfalls of a decentralized protocol.
There are also technical barriers to use that users would need to be overcome. The protocol lays out step by step instructions on how to access and post to the protocol on it’s website. Doing so involves getting a privacy protecting email address such as Protonmail, signing up for a free github account, claiming some free kETH, and if possible, use a VPN, or virtual private network.
Hampton said he hopes that other people build on this protocol, making it easier for anyone to log complaints.
“I’d recommend that they read the instructions carefully and do their best to educate themselves on the associated technologies before proceeding,” said Hampton. “Luckily no real money is at stake for them to report.”
• Activists Document Police Misconduct Using Decentralized Protocol
• Activists Document Police Misconduct Using Decentralized Protocol || Activists Document Police Misconduct Using Decentralized Protocol: Amid roiling protests over the police killing of George Floyd, activist-coders have launched a decentralized protocol to document police misconduct reports, which are usually difficult to obtain. The Police Accountability Now (PAN) Protocol is designed and built on the InterPlanetary File System (IPFS) and the Ethereum blockchain, so it cant be shut down by any central entity. The aim is for civilians and police officers to file misconduct reports in an anonymous and searchable way. By giving people anonymity, the organizers hope to give officers a way to break the blue wall of silence, or police culture that discourages officers from reporting each other. This protocol is meant to enable anyone to create a gateway/front end and let anyone log complaints. If a police officer wishes to report misconduct anonymously, that is better for everyone because, as I understand it, police are supposed to serve their communities and reporting the misdeeds of their colleagues is part of that service, said the creator of the PAN protocol, who preferred not to give his real name but identified himself by the pseudonym Fred Hampton. (Fred Hamptonwas a Black Panther activist who was killed by law enforcement in 1969.) Related: Social Money Startup Inks Deal With Rapper Ja Rule, Releases Song With Lil B See also: Monero-for-Bail Project Sees Increased Demand During Protests Hampton said the idea for the protocol came about because, as a Black man in America, hed personally had to deal with police misconduct from a very early age and had an intimate relationship with the problem. Last Tuesday, the protocol launched on the Kovan testnet, a public Ethereum blockchain, covering police departments in the 50 most populous U.S. cities. It includes links to policies and procedures as well as department logos, with more information to come. The project asks users to file Freedom of Information Law requests to get officers names, badge numbers and other details to help populate the database. Story continues Police misconduct reports are hard to obtain for journalists, much less members of the public. Reports are rarely seen by people outside of the police department, and police unions have actively worked to put in place protections that make records hard to access. Some are even destroyed after a certain amount of time has lapsed. USA Today , in a recent expose, found 85,000 cops who had been investigated for misconduct in the last decade. Related: Status Keycard Now Works With Android Mobile Devices A project from WNYC , a New York City public radio station, found records are confidential in 23 states; another 15 provide limited accessibility. Only 12 states make the records public. Hampton said projects like the Chicago Reporters tracking of misconduct settlements are an after-the-fact documentation of the misconduct. And initiatives like the ACLUs apps to record police misconduct are not comprehensive. The goal with PAN protocol is to have an unstoppable database that is fully transparent and searchable. Anyone, such as police departments that wish to follow the latest executive order or local press, can monitor the chain for reports against their local department and act accordingly, said Hampton in an email. See also: Law Enforcement Data Requests Rose by Almost 50 Percent in 2019, Says Kraken While some may question the need for a decentralized approach, a previous example of monitoring police misconduct demonstrates why it may well be a necessity. A website launched in 2008 called RateMyCop acted as a review board for thousands of cops across the U.S. When it launched, it contained the names of over 140,000 police officers from more than 500 police departments across the United States. Akin to Yelp, it let users rate and leave reviews on cops. Having a website like that puts a lot of law enforcement, in my eyes, in danger because it exposes us out there, an officer told ABC at the time. The website did not list the identity of any undercover officers, nor did it contain information like home addresses. The goal with PAN protocol is to have an unstoppable database that is fully transparent and searchable. A few weeks later, the websites hosting company, GoDaddy, shut it down for suspicious activity. The project bounced between other hosting companies, but eventually shut down in 2015. A decentralized protocol wouldve stopped GoDaddy from being able to unilaterally take the website down. Essentially what youre doing with a website like this is youre providing an additional disincentive for officers to engage in this conduct, said Paul Hirschfield, a sociology professor at Rutgers University who is studying the social, political, and legal dynamics that explain why on-duty police violence rarely leads to criminal charges. This is potentially more organized than something like YouTube. Its saying we could put a whole sort of dossier together on you and if there is a pattern of behavior it would be exposed. See also: EUs Europol: Bitcoin Privacy Wallet Not Looking Good For Law Enforcement But he is concerned about the anonymity of people filing the reports though and the potential for people to make false reports . As it stands today, there is no mechanism to verify or verify reports posted. We leave vetting and verifying as an exercise to the reader, said Hampton. We highly encourage someone to build a follow on adjudication process/protocol that verifies/vets any claim put into the database. Such are the benefits and pitfalls of a decentralized protocol. There are also technical barriers to use that users would need to be overcome. The protocol lays out step by step instructions on how to access and post to the protocol on its website. Doing so involves getting a privacy protecting email address such as Protonmail, signing up for a free github account, claiming some free kETH, and if possible, use a VPN, or virtual private network. Hampton said he hopes that other people build on this protocol, making it easier for anyone to log complaints. Id recommend that they read the instructions carefully and do their best to educate themselves on the associated technologies before proceeding, said Hampton. Luckily no real money is at stake for them to report. Related Stories Activists Document Police Misconduct Using Decentralized Protocol Activists Document Police Misconduct Using Decentralized Protocol || CoinPal.eu: Bitcoin to PayPal Exchange Transfer Cash Out Service: New York, June 23, 2020 (GLOBE NEWSWIRE) -- CoinPal.eu was built from ground up with inputs from the Bitcoin community. We understand our operation runs on trust and protect our reputation with the highest efforts. We produce a “Letter of Guarantee” for every transaction within the system. Our support is ready to be at your service round the clock. We are on a mission to make transactions safer and untraceable while contributing towards privacy over internet transactions.
YouTube Tutorial VIDEO:https://www.youtube.com/watch?v=Rrur4PN3ABc
Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe. Safety, anonymity and privacy at transfer Bitcoin in PayPal has top priority.
A tech startup called, CoinPal is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency exchanging platform that gives you the option to exchange Bitcoin to PayPal, making it easier for you to cash out your cryptocurrency without traces. CoinPal reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use.
How Does CoinPal Work?
CoinPal work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then cashing the PayPal balance out to an account of their preference, with the total amount that you put in minus 0.5-3%. The 0.5-3 % is generally taken as a profit by the Bitcoin Start-Up company. This is how they make money.
A Bitcoin exchanging service (also known as a transfer) allows you to exchange, withdraw and cashout cryptocurrencies, without your transactional data becoming public from your cryptocurrency. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you through CoinPal, as the link between the sender and the receiver is broken.
CoinPal: The smart bitcoin withdraw solution
CoinPal is a unique cryptocurrency exchanging/transfer service that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the instant and clean exchanging of the Bitcoin. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a closed-source smart code which is devolped by the CoinPal team to avoid errors on multiple occasions.
Features of Coin Pal Platform
Zero Post-Transaction Logs- CoinPal platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction.
Full Anonymity- The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that sell Bitcoin cryptocurrency on the platform does not even need to input their information. Instead, only the recipient address is necessary.
Customizable Process- Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to cash out, the commission to pay for the mixing, and the delay period you prefer.
The importance of privacy and security while transacting online cannot be stressed enough. It probably is the reason why platforms like CoinPal are timely. The advantages it offers hold the possibility of making crypto mainstream.
More details about cryptocurrency exchanging and the CoinPal platform can be gathered through their official websitehttps://coinpal.eu/.
Attachment
• CoinPalNew
Company: CoinPalContact Person: Barry SilbertCompany Email: [email protected] Website: www.CoinPal.eu || CoinPal.eu: Bitcoin to PayPal Exchange Transfer Cash Out Service: New York, June 23, 2020 (GLOBE NEWSWIRE) -- CoinPal.eu was built from ground up with inputs from the Bitcoin community. We understand our operation runs on trust and protect our reputation with the highest efforts. We produce a “Letter of Guarantee” for every transaction within the system. Our support is ready to be at your service round the clock. We are on a mission to make transactions safer and untraceable while contributing towards privacy over internet transactions.
YouTube Tutorial VIDEO:https://www.youtube.com/watch?v=Rrur4PN3ABc
Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe. Safety, anonymity and privacy at transfer Bitcoin in PayPal has top priority.
A tech startup called, CoinPal is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency exchanging platform that gives you the option to exchange Bitcoin to PayPal, making it easier for you to cash out your cryptocurrency without traces. CoinPal reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use.
How Does CoinPal Work?
CoinPal work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then cashing the PayPal balance out to an account of their preference, with the total amount that you put in minus 0.5-3%. The 0.5-3 % is generally taken as a profit by the Bitcoin Start-Up company. This is how they make money.
A Bitcoin exchanging service (also known as a transfer) allows you to exchange, withdraw and cashout cryptocurrencies, without your transactional data becoming public from your cryptocurrency. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you through CoinPal, as the link between the sender and the receiver is broken.
CoinPal: The smart bitcoin withdraw solution
CoinPal is a unique cryptocurrency exchanging/transfer service that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the instant and clean exchanging of the Bitcoin. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a closed-source smart code which is devolped by the CoinPal team to avoid errors on multiple occasions.
Features of Coin Pal Platform
Zero Post-Transaction Logs- CoinPal platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction.
Full Anonymity- The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that sell Bitcoin cryptocurrency on the platform does not even need to input their information. Instead, only the recipient address is necessary.
Customizable Process- Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to cash out, the commission to pay for the mixing, and the delay period you prefer.
The importance of privacy and security while transacting online cannot be stressed enough. It probably is the reason why platforms like CoinPal are timely. The advantages it offers hold the possibility of making crypto mainstream.
More details about cryptocurrency exchanging and the CoinPal platform can be gathered through their official websitehttps://coinpal.eu/.
Attachment
• CoinPalNew
Company: CoinPalContact Person: Barry SilbertCompany Email: [email protected] Website: www.CoinPal.eu || CoinPal.eu: Bitcoin to PayPal Exchange Transfer Cash Out Service: New York, June 23, 2020 (GLOBE NEWSWIRE) -- CoinPal.eu was built from ground up with inputs from the Bitcoin community. We understand our operation runs on trust and protect our reputation with the highest efforts. We produce a “Letter of Guarantee” for every transaction within the system. Our support is ready to be at your service round the clock. We are on a mission to make transactions safer and untraceable while contributing towards privacy over internet transactions. CoinPalNew:Bitcoin to PayPal Exchange Transfer Cash Out Service YouTube Tutorial VIDEO: https://www.youtube.com/watch?v=Rrur4PN3ABc Over time with the increased government scrutiny and unwanted invasion by phishers, users now realize that the cryptocurrency world is not as anonymous as most of them were led to believe. Safety, anonymity and privacy at transfer Bitcoin in PayPal has top priority. A tech startup called, CoinPal is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up provides a cryptocurrency exchanging platform that gives you the option to exchange Bitcoin to PayPal, making it easier for you to cash out your cryptocurrency without traces. CoinPal reintroduces anonymity by allowing online shoppers that pay using cryptocurrency through addresses that remain anonymous when the user is completing transactions. The shoppers, as such, cannot be associated with the various addresses they use. How Does CoinPal Work? CoinPal work by essentially collecting cryptocurrency from the people using cryptocurrency, mixing it with a giant pile of other cryptocurrencies, and then cashing the PayPal balance out to an account of their preference, with the total amount that you put in minus 0.5-3%. The 0.5-3 % is generally taken as a profit by the Bitcoin Start-Up company. This is how they make money. A Bitcoin exchanging service (also known as a transfer) allows you to exchange, withdraw and cashout cryptocurrencies, without your transactional data becoming public from your cryptocurrency. In short, it makes your financial transactions anonymous in the true sense. It is done by mixing your transactional data with a pool of Bitcoin data. This ensures your data is secure, you have control over your privacy, and no data can be traced back to you through CoinPal, as the link between the sender and the receiver is broken. Story continues CoinPal: The smart bitcoin withdraw solution CoinPal is a unique cryptocurrency exchanging/transfer service that ensures your cryptocurrency becomes untraceable, and no link exists between the stakeholders. They have designed different pools of cryptocurrencies based on their sources, with variable fee percentages. This segmentation and differentiation ensure the instant and clean exchanging of the Bitcoin. The three pools include Standard Pool, Smart Pool, and Stealth Pool. It uses a closed-source smart code which is devolped by the CoinPal team to avoid errors on multiple occasions. Features of Coin Pal Platform Zero Post-Transaction Logs - CoinPal platform keeps transaction logs for only as long as it needs them. The longest period that these logs can remain is 24 hours, otherwise, the platform keeps them only for as long as is necessary to complete a transaction. Full Anonymity - The need for complete anonymity is greater in the online space, and it is only second to the information online prowlers seek. Users that sell Bitcoin cryptocurrency on the platform does not even need to input their information. Instead, only the recipient address is necessary. Customizable Process - Users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to cash out, the commission to pay for the mixing, and the delay period you prefer. The importance of privacy and security while transacting online cannot be stressed enough. It probably is the reason why platforms like CoinPal are timely. The advantages it offers hold the possibility of making crypto mainstream. More details about cryptocurrency exchanging and the CoinPal platform can be gathered through their official website https://coinpal.eu/ . Attachment CoinPalNew Company: CoinPal Contact Person: Barry Silbert Company Email: [email protected] Company Website: www.CoinPal.eu || DeFi Protocols Should Act More Like Fiduciaries: Lex Sokolin, a CoinDesk columnist, is Global Fintech co-head at ConsenSys, a Brooklyn, N.Y.-based blockchain software company. The following is adapted from his Fintech Blueprint newsletter. This week, I grapple with the concepts of financial centralization and decentralization, anchoring around custody, staking and DeFi. On the centralized side, we look at BitGo’s acquisition of Lumina , Coinbase Custody and its similarity to Schwab and Betterment Institutional. Related: Market Wrap: Bitcoin Trading Flat, Holding at $9.6K On the decentralized side, we examine the recent $500 million increase in value within the Compound protocol, as well as the recursive loops that could pose a broader financial risk to the ecosystem. It is a difficult one for me to untangle, in part because I am not sure for what audience I am writing. Ever since starting to work more deeply in the crypto ecosystem, I’ve come across a very different set of norms and expectations in the financial industry and the fintech startup community. Notably, crypto builders champion software that is “trustless,” “decentralized” and “permissionless.” This creates a worldview towards incumbent money and financial products that does not merely wish to reform them, but to abandon them all together. In turn, this community is also far more authentic in trying to change the world. See also: Lex Sokolin – Software Ate the World, Here’s How It Eats Finance Having seen most of fintech fail to accomplish structural transformation over the last decade, I tend to agree with the desire to cause fundamental change. Related: Following COMP's Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens And yet, we need fundamental change not for the sake of change but for the sake of empowering people to live better financial lives. Most of my audience lives in a nation-state with strong legal and economic systems in place. There is no need for them to stand outside of society, like the crypto-Borg, to benefit from the inventions being created. Participation should not be all or nothing. Story continues There will be a range of projects on offer in the new world. Some will be maximally decentralized, trustless and built for an adversarial environment (i.e., everyone is trying to steal your money). Others will extend the financial and economic activity that the financial industry performs today, and weave it into blockchain-based environments. The best outcome is to pull the financial share of global GDP into a digital chassis like the internet, but for value transfer and settlement. A regular person wants to see that their money is FDIC-insured, not Lloyds of London- or Nexus Mutual-insured. Having held licensed operating roles inside of broker/dealers and registered investment advisers, I can attest to the impact licensing and the power of the state plays in the consumer adoption of primary financial apps (i.e., not toy money but the default bank or retirement account) and the size of money flows that a company can handle. A regular person wants to see that their money is FDIC-insured, not Lloyds of London- or Nexus Mutual-insured. A regular institutional investor allocating an endowment wants to deal with a qualified trust company custodian, not a trustless protocol. At least today. This is not a normative statement – something I “wish” to be. It is a descriptive statement of how things are. Growing up a custody business Let’s anchor in examples, starting with BitGo and Coinbase Custody. These companies remind me of the large institutional custodians in the U.S., which now hold over $3 trillion in assets for advisers, in addition to manufacturing large-scale exchange-traded funds and delivering broad technology suites for their users. A few months ago, BitGo acquired Lumina , the digital asset portfolio management company. Lumina was started by a team with experience at Addepar, the alternatives-focused family office performance reporting tool from Silicon Valley by way of Palantir. BitGo is following the playbook of the RIA custodians, which offer portfolio management and trading software as part of the custody package. Similarly, the wirehouses of Bank of America Merrill Lynch and Morgan Stanley also build this type of software for their 20,000+ institutional sales footprint. BitGo also has tax preparation and off-chain trading/settlement services for its crypto fund and exchange clients. This is a firm that grew up custody-first, focusing on how to store private keys to blockchain-based assets in a multi-signature environment, insuring assets up to $100 million, and providing a regulated trust company as an institutional counterparty. It is now integrating bits and pieces of technology to make those fund relationships stickier. Would we be better off without the “centralization” that BitGo provides? Would we be better off without the crypto funds that brought assets into the space, funded new projects, generated trading activity and created investor returns all the while pioneering how companies tread the regulated path? I think not. Coinbase Custody is an interesting counterpoint here. Coinbase grew up the way discount stock brokers grew up in the 1990s: providing retail investors (versus institutional investors) access to an asset class in a more convenient way. Whereas Schwab, Fidelity and TD Ameritrade built their online business on price and UX competition with phone brokers, Coinbase built its business on a demystified user experience for crypto assets. Having served dozens of millions of customers, and de facto custody of more than $20 billion in digital assets, the natural play for Coinbase was to extend its services to institutional clients. This is how the institutional arms of Schwab, Fidelity as well as robo-advisers like Betterment have been built. See also: Lex Sokolin – Libra Wanted a Currency, All We Need Are DeFi’s Open Payment Rails For context, the value of advised assets under management in the United States has grown to $9 trillion by 2018 from $4.4 trillion in 2011. About 30% of the pie sits with the large Wall Street banks, another 50% is with the discount and online brokers and the rest is with independents. Coinbase is a discount broker integrated with a custodian and an exchange all in one. The retail market is its cash flow engine, while the institutional markets are its scale engine. There is a lot of work left to do. Various crypto protocols, including Ethereum, are upgrading to “staking” approaches to secure their networks (versus spending electricity-powered computing power on a Bitcoin puzzle). You can think of staking as capital collateral for a bank or a native savings account in some foreign economy or ownership of preferred stock yielding both voting governance and cash dividends. It is highly technical because it derives from mathematical work to be done in securing a blockchain. The result will be that institutional actors will find custody solutions even more attractive given they can earn a yield on parked assets. This is certainly the case with institutional share classes for money market funds provided by traditional custodians to their large clients. Nothing new under the sun! Retail investors will also have access to this infrastructure through the consumer footprint at Coinbase, bridging millions into learning how to support blockchain networks through participation. While the dream is that everyone runs their own node, such an outcome is simply not practical today. Investors want to allocate assets, not learn how to run byzantine software or package financial products. This creates a centralization tendency for capital to accrue at custodians, the way it has in the traditional money management industry. Take for example Institutional Shareholder Services, a company founded in 1985 that aggregates voting power across fund products that hold equities to make it practical to participate in company governance. But, practically speaking, this is not a new problem. We are better off teaching 30 million people about Ethereum staking through Coinbase, even if they do not hold their own keys. Because this is the on-ramp towards decentralization. It is the equivalent of financial literacy for the 21st century. Billions in DeFi structured products In many decentralized finance projects, the concepts of custody, regulation and trusting an intermediary are being actively minimized by the builders of those projects. To interact with this emerging sector, all you need is a software device with a key to the global crypto money network. Notably, however, even in this paradigm successful projects accrue massive network effects (both financial and social) and effectively intermediate on your behalf. Last week, one of the core building blocks of the DeFi ecosystem underwent a profound change. Compound, a protocol to clear borrowing and lending of various digital assets, introduced a token that gives a holder governance voting rights. The token is earned when a user borrows assets from the platform. This set off a series of strange financial outcomes, the most clear of which has been to three times the token price and increase the balance sheet by over $500 million. The underlying reason is that the yield payback became self-reinforcing . Users can lend an asset to receive yields in the 10%-30% range, depending on the market. The borrowers must pay that interest with a mark-up, but they also earn back the Compound token through their activity. That token has been increasing in value, because the market is perceiving there to be economic activity on the Compound network. As a result, what you get paid as a reward is more than what you have to pay in interest. This creates a recursive loop. Let’s not make the same mistake again by assuming technology protocols are immune from default risk and black swan events. Is this economic activity? Or is it arbitrage? Is there a difference? Remember that PayPal paid users $20 to sign up and refer in others , so multi-level marketing is perhaps at the core of financial entrepreneurship. Naturally, I went looking at the other DeFi protocols and their tokens to see if similar loops are in the works. Exchanges that do “transaction mining” (i.e., trading for metrics sake) have largely been punished by the ecosystem and remind me of churning in the traditional markets, so I would be surprised to see that come back in vogue. But there are indeed other DeFi protocols, such as Balancer (an automated market maker, or “AMM”), that have mechanisms to earn a return through providing liquidity into some pool of capital in which users trade. An example would be a PieDAO pool that takes multiple stablecoins and generates 20% returns in the tokens of the underlying AMM . It is valuable for the project to have assets, and it will therefore reward you for parking them there. The more I stare at all these projects, the more clear something becomes. Here is the key chart I put together based on the data at DeFi Market Cap . Within the top 100 assets, representing a bit over $6 billion in exposure, 11 are protocol tokens like the Compound one I described, but the rest are some combination of liquidity pools, constructed portfolios or structured notes (a “wrapped” coin in the crypto parlance). That suggests over 80% of the assets are either derivatives or structured products or some other packaging of underlying exposure. While that footprint translates to less than 20% of the overall value today, it is a notable explosion in complexity for a limited underlying financial activity. Further, speculation in these correlated assets opens up increasing capacity for implicit leverage. As the Compound token becomes more expensive, more people show up to borrow underlying exposure and earn capital gains, which in turn fuels the cycle. The world saw defaults on billions of value in structured products in 2008. Let’s not make the same mistake again by assuming technology protocols are immune from default risk and black swan events. Going back to the beginning of this article, I started with the distinction between re-engineering the existing system and building a completely new permissionless one. Looking at the types of products emerging from DeFi, I would suggest these are advanced institutional capital markets machines creating sophisticated exposures. In the traditional context, the entities making them would be regulated, the people selling them would be licensed and the products themselves would be registered – all under some version of fiduciary duty to do no harm. In fact, it has never been easier to be a true fiduciary and steward of money, with digital scarcity, the authenticity of financial assets and a record of transactions baked into the blockchain protocol itself. I hope that in re-imagining the world of finance from scratch – whether or not there is licensing or everything is permissionless – we hold such an oath to heart. Related Stories DeFi Protocols Should Act More Like Fiduciaries DeFi Protocols Should Act More Like Fiduciaries || DeFi Protocols Should Act More Like Fiduciaries: Lex Sokolin, a CoinDesk columnist, is Global Fintech co-head at ConsenSys, a Brooklyn, N.Y.-based blockchain software company. The following is adapted from hisFintech Blueprintnewsletter.
This week, I grapple with the concepts of financial centralization and decentralization, anchoring around custody, staking and DeFi.
On the centralized side, we look atBitGo’s acquisition of Lumina, Coinbase Custody and its similarity to Schwab and Betterment Institutional.
Related:Market Wrap: Bitcoin Trading Flat, Holding at $9.6K
On the decentralized side, we examine the recent$500 million increase in valuewithin the Compound protocol, as well as the recursive loops that could pose a broader financial risk to the ecosystem.
It is a difficult one for me to untangle, in part because I am not sure for what audience I am writing. Ever since starting to work more deeply in the crypto ecosystem, I’ve come across a very different set of norms and expectations in the financial industry and the fintech startup community. Notably, crypto builders champion software that is “trustless,” “decentralized” and “permissionless.” This creates a worldview towards incumbent money and financial products that does not merely wish to reform them, but to abandon them all together. In turn, this community is also far more authentic in trying to change the world.
See also: Lex Sokolin –Software Ate the World, Here’s How It Eats Finance
Having seen most of fintech fail to accomplish structural transformation over the last decade, I tend to agree with the desire to cause fundamental change.
Related:Following COMP's Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens
And yet, we need fundamental change not for the sake of change but for the sake of empowering people to live better financial lives. Most of my audience lives in a nation-state with strong legal and economic systems in place. There is no need for them to stand outside of society, like the crypto-Borg, to benefit from the inventions being created. Participation should not be all or nothing.
There will be a range of projects on offer in the new world. Some will be maximally decentralized, trustless and built for an adversarial environment (i.e., everyone is trying to steal your money). Others will extend the financial and economic activity that the financial industry performs today, and weave it into blockchain-based environments. The best outcome is to pull the financial share of global GDP into a digital chassis like the internet, but for value transfer and settlement.
A regular person wants to see that their money is FDIC-insured, not Lloyds of London- or Nexus Mutual-insured.
Having held licensed operating roles inside of broker/dealers and registered investment advisers, I can attest to the impact licensing and the power of the state plays in the consumer adoption of primary financial apps (i.e., not toy money but the default bank or retirement account) and the size of money flows that a company can handle. A regular person wants to see that their money is FDIC-insured, not Lloyds of London- or Nexus Mutual-insured. A regular institutional investor allocating an endowment wants to deal with a qualified trust company custodian, not a trustless protocol. At least today.
This is not a normative statement – something I “wish” to be. It is a descriptive statement of how things are.
Let’s anchor in examples, starting with BitGo and Coinbase Custody. These companies remind me of the large institutional custodians in the U.S., which now hold over $3 trillion in assets for advisers, in addition to manufacturing large-scale exchange-traded funds and delivering broad technology suites for their users. A few months ago,BitGo acquired Lumina, the digital asset portfolio management company. Lumina was started by a team with experience at Addepar, the alternatives-focused family office performance reporting tool from Silicon Valley by way of Palantir.
BitGo is following the playbook of the RIA custodians, which offer portfolio management and trading software as part of the custody package. Similarly, the wirehouses of Bank of America Merrill Lynch and Morgan Stanley also build this type of software for their 20,000+ institutional sales footprint.
BitGo also has tax preparation and off-chain trading/settlement services for its crypto fund and exchange clients. This is a firm that grew up custody-first, focusing on how to store private keys to blockchain-based assets in a multi-signature environment, insuring assets up to $100 million, and providing a regulated trust company as an institutional counterparty. It is now integrating bits and pieces of technology to make those fund relationships stickier.
Would we be better off without the “centralization” that BitGo provides? Would we be better off without the crypto funds that brought assets into the space, funded new projects, generated trading activity and created investor returns all the while pioneering how companies tread the regulated path? I think not.
Coinbase Custody is an interesting counterpoint here. Coinbase grew up the way discount stock brokers grew up in the 1990s: providing retail investors (versus institutional investors) access to an asset class in a more convenient way. Whereas Schwab, Fidelity and TD Ameritrade built their online business on price and UX competition with phone brokers, Coinbase built its business on a demystified user experience for crypto assets.
Having served dozens of millions of customers, and de facto custody of more than $20 billion in digital assets, the natural play for Coinbase was to extend its services to institutional clients. This is how the institutional arms of Schwab, Fidelity as well as robo-advisers like Betterment have been built.
See also: Lex Sokolin –Libra Wanted a Currency, All We Need Are DeFi’s Open Payment Rails
For context, the value of advised assets under management in the United States has grown to $9 trillion by 2018 from $4.4 trillion in 2011. About 30% of the pie sits with the large Wall Street banks, another 50% is with the discount and online brokers and the rest is with independents. Coinbase is a discount broker integrated with a custodian and an exchange all in one. The retail market is its cash flow engine, while the institutional markets are its scale engine. There is a lot of work left to do.
Various crypto protocols, including Ethereum, are upgrading to “staking” approaches to secure their networks (versus spending electricity-powered computing power on a Bitcoin puzzle). You can think of staking as capital collateral for a bank or a native savings account in some foreign economy or ownership of preferred stock yielding both voting governance and cash dividends. It is highly technical because it derives from mathematical work to be done in securing a blockchain.
The result will be that institutional actors will find custody solutions even more attractive given they can earn a yield on parked assets. This is certainly the case with institutional share classes for money market funds provided by traditional custodians to their large clients. Nothing new under the sun!
Retail investors will also have access to this infrastructure through the consumer footprint at Coinbase, bridging millions into learning how to support blockchain networks through participation. While the dream is that everyone runs their own node, such an outcome is simply not practical today. Investors want to allocate assets, not learn how to run byzantine software or package financial products.
This creates a centralization tendency for capital to accrue at custodians, the way it has in the traditional money management industry. Take for example Institutional Shareholder Services, a company founded in 1985 that aggregates voting power across fund products that hold equities to make it practical to participate in company governance. But, practically speaking, this is not a new problem.
We are better off teaching 30 million people about Ethereum staking through Coinbase, even if they do not hold their own keys. Because this is the on-ramp towards decentralization. It is the equivalent of financial literacy for the 21st century.
In many decentralized finance projects, the concepts of custody, regulation and trusting an intermediary are being actively minimized by the builders of those projects. To interact with this emerging sector, all you need is a software device with a key to the global crypto money network. Notably, however, even in this paradigm successful projects accrue massive network effects (both financial and social) and effectively intermediate on your behalf.
Last week, one of the core building blocks of the DeFi ecosystem underwent a profound change. Compound, a protocol to clear borrowing and lending of various digital assets, introduced a token that gives a holder governance voting rights. The token is earned when a user borrows assets from the platform. This set off a series of strange financial outcomes, the most clear of which has been to three times the token price and increase the balance sheet by over $500 million.
The underlying reason is that theyield payback became self-reinforcing. Users can lend an asset to receive yields in the 10%-30% range, depending on the market. The borrowers must pay that interest with a mark-up, but they also earn back the Compound token through their activity. That token has been increasing in value, because the market is perceiving there to be economic activity on the Compound network. As a result, what you get paid as a reward is more than what you have to pay in interest. This creates a recursive loop.
Let’s not make the same mistake again by assuming technology protocols are immune from default risk and black swan events.
Is this economic activity? Or is it arbitrage? Is there a difference? Remember that PayPal paid users$20 to sign up and refer in others, so multi-level marketing is perhaps at the core of financial entrepreneurship.
Naturally, I went looking at the other DeFi protocols and their tokens to see if similar loops are in the works. Exchanges that do “transaction mining” (i.e., trading for metrics sake) have largely been punished by the ecosystem and remind me of churning in the traditional markets, so I would be surprised to see that come back in vogue.
But there are indeed other DeFi protocols, such asBalancer(an automated market maker, or “AMM”), that have mechanisms to earn a return through providing liquidity into some pool of capital in which users trade. An example would be aPieDAO poolthat takes multiple stablecoins and generates20% returns in the tokens of the underlying AMM. It is valuable for the project to have assets, and it will therefore reward you for parking them there.
The more I stare at all these projects, the more clear something becomes. Here is the key chart I put together based on the data atDeFi Market Cap.
Within the top 100 assets, representing a bit over $6 billion in exposure, 11 are protocol tokens like the Compound one I described, but the rest are some combination of liquidity pools, constructed portfolios or structured notes (a “wrapped” coin in the crypto parlance). That suggests over 80% of the assets are either derivatives or structured products or some other packaging of underlying exposure.
While that footprint translates to less than 20% of the overall value today, it is a notable explosion in complexity for a limited underlying financial activity. Further, speculation in these correlated assets opens up increasing capacity for implicit leverage. As the Compound token becomes more expensive, more people show up to borrow underlying exposure and earn capital gains, which in turn fuels the cycle.
The world saw defaults on billions of value in structured products in 2008. Let’s not make the same mistake again by assuming technology protocols are immune from default risk and black swan events.
Going back to the beginning of this article, I started with the distinction between re-engineering the existing system and building a completely new permissionless one. Looking at the types of products emerging from DeFi, I would suggest these are advanced institutional capital markets machines creating sophisticated exposures.
In the traditional context, the entities making them would be regulated, the people selling them would be licensed and the products themselves would be registered – all under some version of fiduciary duty to do no harm. In fact, it has never been easier to be a true fiduciary and steward of money, with digital scarcity, the authenticity of financial assets and a record of transactions baked into the blockchain protocol itself.
I hope that in re-imagining the world of finance from scratch – whether or not there is licensing or everything is permissionless – we hold such an oath to heart.
• DeFi Protocols Should Act More Like Fiduciaries
• DeFi Protocols Should Act More Like Fiduciaries || Ripple & other crypto firms respond to FATF’s Travel Rule Requirements: The Financial Action Task Force (FATF) is expected to update its Recommendation 16 with a seemingly strict Travel Rule during a hearing on Wednesday. Cryptocurrency firms and companies including Ripple have started to respond to the upcoming change, which is being considered as a move forwards for the industry as it attempts to steer itself away from financial crime. The Travel Rule is designed to restrict money laundering and terrorist financing by adopting an approach that requires all exchanges and digital asset providers to share customer information in order to create a more transparent ecosystem. The Travel Rule Information Sharing Alliance (TRISA) is a decentralised company designed to help firms be compliant with the upcoming rules. The TRISA model enables a global interoperable infrastructure for VASPs (Virtual Asset Providers) to determine which Bitcoin, Ethereum or other cryptocurrencies are associated with which VASPs, and where to send the required customer and beneficiary information. @davejevans , CEO of @ciphertrace will present a GDF Knowledge Learning Webinar next week discussing the Travel Rule Information Sharing Alliance (TRISA) TRISA enables virtual asset service providers to meet critical compliance obligations Register here: https://t.co/mXSKykzU2U — Global Digital Finance (@GlobalDigitalFi) June 11, 2020 Yerra, Sr. Director, BSA & Sanctions at Ripple, said: “TRISA’s integration with the newly launched PayID enables regulated virtual currency companies to comply with Travel Rule requirements and to extract the information needed to meet other Financial Crime Compliance requirements such as AML transaction monitoring and sanctions screening. Story continues “For the cryptocurrency industry to progress, solutions need to be open, easy to integrate and compliant with international law. TRISA’s solution stands out in its simplicity and security.” Hardjono at MIT Connection Science, who is working with TRISA to create the CA whitepaper, added: “By adopting the ISO standard for digital certificates, with Extended Validation (EV) for VASP business information, TRISA ensures that VASPs in the ecosystem can readily comply to the Travel Rule. The use of the certificates protects VASPs and customers and provides the broadest possible interoperability with current and future trust infrastructures.” There were also responses from the likes of Dave Jevans, Co-Chairman of TRISA and CEO of CipherTrace , who believes that “the proposed directory of VASPs combined with a CA model solves that problem by enabling the interoperability needed for universal Travel Rule compliance”. For more news, guides and cryptocurrency analysis, click here . || Ripple & other crypto firms respond to FATF’s Travel Rule Requirements: The Financial Action Task Force (FATF) is expected to update its Recommendation 16 with a seemingly strict Travel Rule during a hearing on Wednesday. Cryptocurrency firms and companies including Ripple have started to respond to the upcoming change, which is being considered as a move forwards for the industry as it attempts to steer itself away from financial crime. The Travel Rule is designed to restrict money laundering and terrorist financing by adopting an approach that requires all exchanges and digital asset providers to share customer information in order to create a more transparent ecosystem. The Travel Rule Information Sharing Alliance (TRISA) is a decentralised company designed to help firms be compliant with the upcoming rules. The TRISA model enables a global interoperable infrastructure for VASPs (Virtual Asset Providers) to determine which Bitcoin, Ethereum or other cryptocurrencies are associated with which VASPs, and where to send the required customer and beneficiary information. @davejevans , CEO of @ciphertrace will present a GDF Knowledge Learning Webinar next week discussing the Travel Rule Information Sharing Alliance (TRISA) TRISA enables virtual asset service providers to meet critical compliance obligations Register here: https://t.co/mXSKykzU2U — Global Digital Finance (@GlobalDigitalFi) June 11, 2020 Yerra, Sr. Director, BSA & Sanctions at Ripple, said: “TRISA’s integration with the newly launched PayID enables regulated virtual currency companies to comply with Travel Rule requirements and to extract the information needed to meet other Financial Crime Compliance requirements such as AML transaction monitoring and sanctions screening. Story continues “For the cryptocurrency industry to progress, solutions need to be open, easy to integrate and compliant with international law. TRISA’s solution stands out in its simplicity and security.” Hardjono at MIT Connection Science, who is working with TRISA to create the CA whitepaper, added: “By adopting the ISO standard for digital certificates, with Extended Validation (EV) for VASP business information, TRISA ensures that VASPs in the ecosystem can readily comply to the Travel Rule. The use of the certificates protects VASPs and customers and provides the broadest possible interoperability with current and future trust infrastructures.” There were also responses from the likes of Dave Jevans, Co-Chairman of TRISA and CEO of CipherTrace , who believes that “the proposed directory of VASPs combined with a CA model solves that problem by enabling the interoperability needed for universal Travel Rule compliance”. For more news, guides and cryptocurrency analysis, click here .
[Social Media Buzz]
None available.
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9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15.
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[Bitcoin Technical Analysis for 2019-10-28]
Volume: 30948255332, RSI (14-day): 60.73, 50-day EMA: 8829.52, 200-day EMA: 8657.22
[Wider Market Context]
Gold Price: 1490.00, Gold RSI: 48.16
Oil Price: 55.81, Oil RSI: 54.78
[Recent News (last 7 days)]
Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices: After trading in an unusually tight range for nearly two weeks, gold futures surged to the upside late last week. It’s hard to pinpoint the reason for the price action last week. We do know that U.S.-China trade relations had something to do with the sideways action that held prices in a range.
We also know that uncertainties over Brexit rattled investors at times last week. We suspect the rise in the U.S. Dollar, higher Treasury yields and stronger demand for risk influenced the trade. However, we’re not too sure how much the widely expected Fed rate cut this week persuaded investors to buy because it had been telegraphed for weeks.
Last week,December Comex goldsettled at $1505.30, up $11.20 or +0.75%.
Actually, all of the aforementioned factors at times had a hand in the spike up in prices and the spike down. We suspect that the slow eight day rangebound trade has something to do with the jump in volatility at the end of the week, but we’re not convinced it was all real buying. A lot of the movement had to do with low volume, thin-trading conditions and buy stops being triggered.
The fresh uncertainties over Brexit were probably a bullish influence, while the positive chatter about a U.S.-China trade deal kept a lid on any rallies. Traders expect the Fed to cut on October 30, but are more interested in whether there will be another cut in December.
Given the offsetting events, it’s hard not to wonder if all we saw last week were some fund or computer-driven algorithms taking advantage of the low volume to run the market both up and down.
I don’t think we saw safe-haven buying in gold because of Brexit concerns. If investors were really worried about Brexit, we would’ve have seen similar price action in the Treasury markets and the Japanese Yen. Additionally, we wouldn’t have seen the stock market surge to nearly all-time highs.
This week should be a busy week for gold traders because of geopolitical factors, economic news and central bank activity.
The geopolitical factors driving the price action will be Brexit and trade relations between the U.S and China. Both economic powerhouses may even announce an agreement on phase one of their current partial trade deal. This could be bearish for gold.
Traders will also get the chance to react to Consumer Confidence data on Tuesday; the ADP Non-Farm Employment Change and the Advance GDP on Wednesday; Personal Spending on Thursday; and the U.S. Non-Farm Payrolls report and ISM Manufacturing PMI report on Friday.
The major event will be the Fed’s interest rate decision and release of its latest monetary policy statement on Wednesday. Traders have priced in a 25-basis point rate cut for weeks so it should be no surprise if they do cut. The surprise will be if they don’t cut. This would be bearish for gold prices.
I don’t think a Fed rate cut will have an influence on gold prices. However, if policymakers strongly hint toward a December rate cut then gold could pick up a bid.
The jobs report and the ISM Manufacturing PMI data shouldn’t have much of an influence on prices if the Fed has already committed to the rate cut in December.
Thisarticlewas originally posted on FX Empire
• The Crypto Daily – Movers and Shakers -28/10/19
• Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices
• Gold Price Prediction – Prices Rise but Fail to Break Out
• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/10/19
• Natural Gas Price Prediction – Prices Consolidate With a Cold Weather Treat Lingering
• US Stock Market Overview – Stocks Rally Close near Record; Intel Drives Semi’s Higher || Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices: After trading in an unusually tight range for nearly two weeks, gold futures surged to the upside late last week. It’s hard to pinpoint the reason for the price action last week. We do know that U.S.-China trade relations had something to do with the sideways action that held prices in a range. We also know that uncertainties over Brexit rattled investors at times last week. We suspect the rise in the U.S. Dollar, higher Treasury yields and stronger demand for risk influenced the trade. However, we’re not too sure how much the widely expected Fed rate cut this week persuaded investors to buy because it had been telegraphed for weeks. Last week, December Comex gold settled at $1505.30, up $11.20 or +0.75%. Actually, all of the aforementioned factors at times had a hand in the spike up in prices and the spike down. We suspect that the slow eight day rangebound trade has something to do with the jump in volatility at the end of the week, but we’re not convinced it was all real buying. A lot of the movement had to do with low volume, thin-trading conditions and buy stops being triggered. The fresh uncertainties over Brexit were probably a bullish influence, while the positive chatter about a U.S.-China trade deal kept a lid on any rallies. Traders expect the Fed to cut on October 30, but are more interested in whether there will be another cut in December. Given the offsetting events, it’s hard not to wonder if all we saw last week were some fund or computer-driven algorithms taking advantage of the low volume to run the market both up and down. I don’t think we saw safe-haven buying in gold because of Brexit concerns. If investors were really worried about Brexit, we would’ve have seen similar price action in the Treasury markets and the Japanese Yen. Additionally, we wouldn’t have seen the stock market surge to nearly all-time highs. Weekly Forecast This week should be a busy week for gold traders because of geopolitical factors, economic news and central bank activity. Story continues The geopolitical factors driving the price action will be Brexit and trade relations between the U.S and China. Both economic powerhouses may even announce an agreement on phase one of their current partial trade deal. This could be bearish for gold. Traders will also get the chance to react to Consumer Confidence data on Tuesday; the ADP Non-Farm Employment Change and the Advance GDP on Wednesday; Personal Spending on Thursday; and the U.S. Non-Farm Payrolls report and ISM Manufacturing PMI report on Friday. The major event will be the Fed’s interest rate decision and release of its latest monetary policy statement on Wednesday. Traders have priced in a 25-basis point rate cut for weeks so it should be no surprise if they do cut. The surprise will be if they don’t cut. This would be bearish for gold prices. I don’t think a Fed rate cut will have an influence on gold prices. However, if policymakers strongly hint toward a December rate cut then gold could pick up a bid. The jobs report and the ISM Manufacturing PMI data shouldn’t have much of an influence on prices if the Fed has already committed to the rate cut in December. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – Movers and Shakers -28/10/19 Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices Gold Price Prediction – Prices Rise but Fail to Break Out Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 26/10/19 Natural Gas Price Prediction – Prices Consolidate With a Cold Weather Treat Lingering US Stock Market Overview – Stocks Rally Close near Record; Intel Drives Semi’s Higher || Vitalik Buterin: Google’s quantum supremacy no problem for crypto: After Google (finally)published resultson Wednesday showing its quantum computer blow standard supercomputers out of the water on a task, allHODLerswant to know is what it means for cryptocurrency.
After all,BitcoinandEthereumare built atop cryptographic algorithms that Google's quantum computer could theoretically render obsolete.
At least one person isn't worried. Practically lounging in a t-shirt and shorts, Ethereum creator Vitalik ButerintoldAngie Lau ofForkast News, "The world is not going to break tomorrow."
For one thing, he said, what Google has done is more like a proof of concept. Reiterating atweethe made that day, Buterin likened what Google has achieved to the advent of hydrogen bombs 70 years ago, while noting that we still haven't figured out nuclear fusion as an everyday power source. "It proves that the ability to make a big boom exists. What it does not prove is the ability to harness that big boom to create things that are useful."
And while Buterin placed the timeline for turning proof of concept into reality as "potentially over a decade away," he pushed back on public perception that quantum computing would necessarily be the death knell for cryptography anyway:
"It's not true that quantum computers break all cryptography. They break some cryptographic algorithms,” he said. “But for every cryptographic algorithm that quantum computers can break, we know that we have a replacement […] that quantum computers cannot break." Though he acknowledges those may be less efficient—something that rarely bothers proof-of-work advocates who have built inefficiency into blockchain transaction verifications—he says, "We have an upgrade path and we know what the upgrade path is."
Speaking from Hong Kong, part of an extended tour he has been taking around Asia since Devcon concluded earlier this month, Buterin struck a very positive note for the future of blockchains. He pointed to recent progress on scaling in the form of "optimistic rollups" a straightforward scaling option now running on the Ethereum blockchain.
And he believes public blockchains like Ethereum are no longer a sideshow: "Public chains are being perceived as much more legitimate than before, including in enterprise." When Lau asked about Gartner 2019 Hype Cycle for Blockchain Technologiesreport, which showed blockchain "sliding into the Trough of Disillusionment," Buterin said, "I feel like the bottom was more at the beginning of this year. And the bottom is over already." || Natural Gas Price Fundamental Weekly Forecast – Forecasts Offer Little Encouragement for Bulls: Natural gas futures finished lower last week after failing to follow-through to the upside following the previous week’s higher close. The price action suggests investors had begun pricing in the upcoming cold snap about two weeks ago. This helped dampen some of the speculative buying last week. Furthermore, ample supply and robust production made it difficult for the aggressive counter-trend bullish traders to attract enough buyers to turn the market higher. Last week, December natural gas settled at $2.459, down $0.058 or -2.30%. At the end of the week, spot gas prices were trending lower even as a strong weather system moved into the southern Plains. Additionally, the market was pressured after the latest weather data shifted a little toward the warmer side, weighing slightly on the overall demand picture for the next couple of weeks. U.S. Energy Information Administration Weekly Storage Report The EIA reported Thursday that domestic supplies of natural gas rose by 87 billion cubic feet for the week-ended October 18. That matched some estimates, but came in below the average build of 92 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.606 trillion cubic feet, up 519 billion cubic feet from a year ago and 28 billion cubic feet above the five-year average, the government said. Short-Term Weather Outlook According to NatGasWeather for October 25 to November 1, “A strong weather system and cold shot is tracking through Texas and the South with areas of rain and mild to chilly conditions. With lows of 20s and 30s behind the cold front, national demand will be strong the next couple of days. This system will track into the east-central US Saturday, followed by warmer break Sunday through Tuesday as highs warm into the 60s and 70s for lighter national demand. At the same time, a strong cold shot will arrive into the Rockies & Plains with lows of 10s to 30s for strong demand. This frigid early season cold shot will spread across much of the country mid-next week with colder than normal conditions, arriving into the East last. Overall, national demand will be moderate to high, increasing to high to very high mid-next week.” Story continues Mid-Term Weather Outlook “The latest Global Forecast System (GFS) model run Friday lost a little demand for the last week of October, with cold expected to be slower to arrive in the East, but then adding a little demand back November 3 to 4 by seeing a reinforcing cold shot into the northern United States, according to NatGasWeather. “Recent data had been inconsistent beyond those dates, with most runs showing warm conditions quickly returning November 5 to November 8, ‘while another smaller camp tries to sneak cold air across the Canadian border,’ the forecaster said. “The milder, more bearish case has the greater odds for November 5 to November 9, but is not a certainty since cold air will be right at the Canadian border and could trend a little deeper into the United States in time.” Weekly Forecast With little indication that cold would remain in place after the first week of November, forecasts late last week offered little encouragement for bulls. If that weren’t enough, Thursday’s storage report was yet another reflection of an extremely loose market in which production has dominated. The short-term range is $2.388 to $2.564. Its 50% level or pivot at $2.476 is proving to be major resistance. It is also the trigger point for an acceleration to the upside. Cold weather may be coming this week, but traders are already looking at the November 5 to November 9 period, which may bring in milder, more bearish weather. We may see gains capped due to this outlook, but we don’t necessarily have to see extreme selling pressure since cold air is currently sitting at the Canadian border and could creep into the United States at any time before then. This article was originally posted on FX Empire More From FXEMPIRE: Oil Price Fundamental Weekly Forecast – Continuation of Bullish Tone Hinges Upon Trade Deal Announcement Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/10/19 S&P 500 Price Forecast – Stock Market Slam Into Resistance Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices U.S Mortgage Rates Rise Again. The Week Ahead is a little less Certain… Will Trade Deal, Earnings, Fed Rate Cut Drive US Indexes into Record Highs? || Natural Gas Price Fundamental Weekly Forecast – Forecasts Offer Little Encouragement for Bulls: Natural gas futures finished lower last week after failing to follow-through to the upside following the previous week’s higher close. The price action suggests investors had begun pricing in the upcoming cold snap about two weeks ago. This helped dampen some of the speculative buying last week. Furthermore, ample supply and robust production made it difficult for the aggressive counter-trend bullish traders to attract enough buyers to turn the market higher.
Last week,December natural gassettled at $2.459, down $0.058 or -2.30%.
At the end of the week, spot gas prices were trending lower even as a strong weather system moved into the southern Plains. Additionally, the market was pressured after the latest weather data shifted a little toward the warmer side, weighing slightly on the overall demand picture for the next couple of weeks.
The EIA reported Thursday that domestic supplies of natural gas rose by 87 billion cubic feet for the week-ended October 18. That matched some estimates, but came in below the average build of 92 billion cubic feet expected by analysts polled by S&P Global Platts.
Total stocks now stand at 3.606 trillion cubic feet, up 519 billion cubic feet from a year ago and 28 billion cubic feet above the five-year average, the government said.
According to NatGasWeather for October 25 to November 1, “A strong weather system and cold shot is tracking through Texas and the South with areas of rain and mild to chilly conditions. With lows of 20s and 30s behind the cold front, national demand will be strong the next couple of days. This system will track into the east-central US Saturday, followed by warmer break Sunday through Tuesday as highs warm into the 60s and 70s for lighter national demand. At the same time, a strong cold shot will arrive into the Rockies & Plains with lows of 10s to 30s for strong demand. This frigid early season cold shot will spread across much of the country mid-next week with colder than normal conditions, arriving into the East last. Overall, national demand will be moderate to high, increasing to high to very high mid-next week.”
“The latest Global Forecast System (GFS) model run Friday lost a little demand for the last week of October, with cold expected to be slower to arrive in the East, but then adding a little demand back November 3 to 4 by seeing a reinforcing cold shot into the northern United States, according to NatGasWeather.
“Recent data had been inconsistent beyond those dates, with most runs showing warm conditions quickly returning November 5 to November 8, ‘while another smaller camp tries to sneak cold air across the Canadian border,’ the forecaster said. “The milder, more bearish case has the greater odds for November 5 to November 9, but is not a certainty since cold air will be right at the Canadian border and could trend a little deeper into the United States in time.”
With little indication that cold would remain in place after the first week of November, forecasts late last week offered little encouragement for bulls. If that weren’t enough, Thursday’s storage report was yet another reflection of an extremely loose market in which production has dominated.
The short-term range is $2.388 to $2.564. Its 50% level or pivot at $2.476 is proving to be major resistance. It is also the trigger point for an acceleration to the upside.
Cold weather may be coming this week, but traders are already looking at the November 5 to November 9 period, which may bring in milder, more bearish weather.
We may see gains capped due to this outlook, but we don’t necessarily have to see extreme selling pressure since cold air is currently sitting at the Canadian border and could creep into the United States at any time before then.
Thisarticlewas originally posted on FX Empire
• Oil Price Fundamental Weekly Forecast – Continuation of Bullish Tone Hinges Upon Trade Deal Announcement
• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/10/19
• S&P 500 Price Forecast – Stock Market Slam Into Resistance
• Price of Gold Fundamental Weekly Forecast – Announcement of Partial Trade Deal Could Weigh on Prices
• U.S Mortgage Rates Rise Again. The Week Ahead is a little less Certain…
• Will Trade Deal, Earnings, Fed Rate Cut Drive US Indexes into Record Highs? || China Roundup: Xi's power on bitcoin, the rise of Alibaba's new rival: Welcome back to TechCrunch’s China roundup, a digest of the latest events that happened at major Chinese tech companies and what they mean to tech founders and executives around the world.
Alibaba's new rival is shaking up China's internet landscape.
This week, four-year-old e-commerce upstartPinduoduodisplaced JD.com to be the fourth-most valuable internet company in the country. Its market capitalization of$47.6 billionon Friday put it just behind e-commerce leader Alibaba, social networking behemoth Tencent and food delivery titan Meituan in China. Baidu, the search equivalent of Google in China, has fallen off the top-three club, ending a decade of unshakable dominance of Baidu, Alibaba, and Tencent (the "BAT") on the Chinese internet.
The story ofPinduoduocomes down to growing internet penetration and the rise of social commerce. Pinduoduo, which is known for selling ultra-cheap products, is particularly popular with price-sensitive residents in small towns and rural regions, a market relatively underserved by online retail pioneers Alibaba andJD.com. However, Pinduoduo has set about targeting more urban consumers by heavily subsidizing big-ticket items such as iPhones.
Its seamless integration withWeChat,the ubiquitous messaging app owned by Pinduoduo investor Tencent, contributes to adaptability among a less tech-savvy population. WeChat users can access Pinduoduo via the messenger's built-in lite app, skipping app downloads; they also get deals from group-buying, thus the name Pinduoduo, which means "shop more together" in Chinese.
The incredible rise of Pinduoduo, China’s newest force in e-commerce
Earlier this month, Pinduoduo founder and chief executive Colin Huang, a 39-year-old former Google engineer of few words, gave a 45-minute speech at the company's anniversary, according to a summary published by local tech mediaLate News. He announced that Pinduoduo has surpassed JD.com in gross merchandise volume, or the total dollar value of goods sold. It's unclear whether the companies use the same set of metrics for GMV, for instance, whether the figure includes refunded items.
While its rivalry with JD.com is nuanced as both companies are backed by Tencent, Pinduoduo's competition against Alibaba is more blatant. In his missive to staff, Huang acknowledged that Pinduoduo is "standing on a giant's shoulders," hinting at Alibaba's sheer size. When it comes to fighting the impending battle during the upcomingSingle's Day shopping festival(11/11), the founder sounded poised. "Pinduoduo should not feel pressured. The one who should is our peer."
• 82% of Chinese adults used digital payments in 2018,up about 5%; among those living in rural China, 72% made transactions via online banking, telephone banking, the point-of-sale system, ATM or other digital channels, said anew reportreleased by the People's Bank of China. Beijing's push for rural areas to go cash-free is in part what gives rise to such flourishing e-commerce businesses as Pinduoduo.
• Few things move the bitcoin market like President Xi Jinping's endorsement of blockchain. Speaking at a politburo meeting on Thursday, Xi called for China to"take blockchain as an important breakthrough to achieve independence of core technologies"(in Chinese). Bitcoin price soared more than 10% in response. But as industry experts cautioned, when China, wherecrypto exchanges are banned, speaks of "blockchain" it usually means the encrypted technology that not only undergirds cryptocurrencies but can revolutionize a whole range of sectors like finance, manufacturing and agriculture. Expect all corners of Chinese society to capitalize on the blockchain concept with even greater force.
• One of China's most prominent venture investors just closed $352 million for the first fundof his new financial vehicle.JP Gan, a former managing partner at Qiming Venture Partners, recently startedInce Capital Partnerswith internet veteran and venture investor Steven Hu. Having backed noted companies, including Xiaomi, Meituan, Ctrip, Musical.ly, to name just a few, Gan will continue to fund early to growth-stage startups in China's internet, consumer and artificial intelligence sectors.
• Smartphone maker Xiaomi hired leading voice recognition expert DanielPovey. The researcher who was part of the team to develop the widely usedopen-source speech recognition toolkit Kaldiannounced his next move onTwitter. Before this, Poveydeclined an offerfrom Facebook after he wasfired by John Hopkins Universityfor attempting to break up a student sit-in. HetoldThe Baltimore Sun earlier that he intended to join a Chinese company because "they don’t have American-style social justice warriors" and he would feel "more relaxed among the Chinese." Many Chinese tech companies have research and development operations in the U.S. including Xiaomi, which set up a U.S. R&D centerin 2017(in Chinese) to deepen collaboration with chipmaking giant Qualcomm.
• NetEase's e-learning unit Youdaobegan trading at $13.50 per ADS in the U.S.on Friday amidincreased regulatory scrutiny on Chinese IPOs.Youdao, which operates a suite of popular online educational products, from dictionaries to MOOC-style courses, had over 100 million monthly active users by the first half of 2019, shows itsprospectus. It's one of the many attempts by NetEase founder Ding Lei, once China's richest manback in 2003, to add momentum to his 22-year-old company. These days NetEase makes the bulk of its revenue from video games and ranks only behind Tencent in China's booming gaming sector. In September, it sold its once-hopeful cross-border e-commerce business Kaola to Alibaba for$2 billion. || Speaking to Arthur Vayloyan from Bitcoin Suisse: Interview with Arthur Vayloyan, CEO @Bitcoin Suisse As I shared last week, earlir this month I attended WCIT 2019 – the biggest tech conference in Armenia. During the conference I had the absolute pleasure to chat with Arthur Vayloyan, CEO of Bitcoin Suisse. According to Wikipedia and Arthur himself, Bitcoin Suisse is a Swiss-regulated financial intermediary and pioneer in crypto-financial services based in Zug, where most of the Ethereum operation is also settled. The company, established in 2013, provides services to the global institutional and private client base that includes brokerage and trading, storage solutions, collateralised lending and crypto-financial solutions. Bitcoin evolution since 2013 “The timing wasn’t that great. The price was approaching $1,000 and then Mt.Gox crashed. It was one of those crashes where Bitcoin went down really fast. You really needed to be an enthusiasts to stay.” Much like a great deal of investors I know, including the infamous Tim Draper and myself, Arthur got into BTC when the price was exploding into new all-time-highs. Of course, because he truly understood the purpose of Bitcoin, not even the demise of Mt.Gox was able to swindle the company back. With a committed community to the proper development of Bitcoin, the CEO believed the king of cryptocurrencies was here to stay, adding “technology develops regardless of any values attached to it” – a powerful message most high-level technologists share. He says that after Vitalik Buterin launched Ethereum in 2016, with the implementation of the ERC20, that was a key turning point for the market. Out of nowhere, projects started to flourish due to the lack of complexity in creating and deploying smart contracts. “People could create their own tokens on top of Ethereum, so even people with lack of technology understanding could come into the space.” When we discussed the ICO boomed and some of the issues with projects like the DAO, Arthur referred the (huge) problem of governance. Also, even with Bitcoin maximalists being against these fund-raising mechanism, tokens flourished. Story continues Will the world be tokenised? When I asked Arthur his thoughts on the possibility of the world being tokenised on a blockchain – with land deeds, financial products or even time, for instance – he did surprise me… “It’s fair to say our brain is limited when attempting to predict based on the speed of tech acceleration. We don’t know what will be here within the next three hundred years, looking back at the past one hundred years.” Arthur believes that within the next 50 years tokenisation may be over-taken by something brand new, like our brains being linked to the cloud. Instantaneous knowledge to be accessed in a blink of an eye. To add to that, he says “maybe the concept of private and public will be completely redesigned” concluding the idea by stating the end goal of technology is to connect human beings by enhancing freedom. Of course, the conversation drifted for a few minutes, into the topic of AI and how biased algorithms may have a negative impact on decision-making. “Social contracts are done by human beings, meaning, biases will always exist. Technology are tools and tools can be used both for the good and the bad”. The current state of cryptocurrencies Solar is the fastest growing power generation source. More solar PV capacities were installed globally than any other power generation technology #SolarMarketOutlook https://t.co/zTOym0QAA6 — Arthur Vayloyan (@arthurvayloyan) June 19, 2019 After the good stuff, I took the discussion to the current state of affairs. My goal was to discuss a key point, that most people – including crypto-enthusiasts and experts – seem to misunderstand. The point of energy spending in proof-of-work consensus algorithms. During WCIT 2019, many keynote speakers mentioned “blockchain”, stating that Bitcoin had failed because it wasted too much energy. Of course what said folk forget to account for is what Arthur and I immediately agreed upon – the more energy a protocol spends, the more robust and secure it is. “As far as I can see, the Bitcoin proof-of-work is using renewable energy and miners go to space where there is abundant energy. If said is not used, is just wasted.” Arthur added that PoW is supposed to waste energy in order to make the system secure. Plus, if the price of energy continues to drop, the cost of mining and fees in general could drop. We finished our discussion by talking consensus mechanics, like proof-of-stake, as Ethereum is soon making a move in that direction. Arthur feels it’s important to have alternatives even though he’s happy Bitcoin developers prefer to take time, before making changes to the core protocol. Moving slow is a blessing sometimes, in order to avoid serious issues. Safe trades! The post Speaking to Arthur Vayloyan from Bitcoin Suisse appeared first on Coin Rivet . || Speaking to Arthur Vayloyan from Bitcoin Suisse: Interview with Arthur Vayloyan, CEO @Bitcoin Suisse As I shared last week, earlir this month I attended WCIT 2019 – the biggest tech conference in Armenia. During the conference I had the absolute pleasure to chat with Arthur Vayloyan, CEO of Bitcoin Suisse. According to Wikipedia and Arthur himself, Bitcoin Suisse is a Swiss-regulated financial intermediary and pioneer in crypto-financial services based in Zug, where most of the Ethereum operation is also settled. The company, established in 2013, provides services to the global institutional and private client base that includes brokerage and trading, storage solutions, collateralised lending and crypto-financial solutions. Bitcoin evolution since 2013 “The timing wasn’t that great. The price was approaching $1,000 and then Mt.Gox crashed. It was one of those crashes where Bitcoin went down really fast. You really needed to be an enthusiasts to stay.” Much like a great deal of investors I know, including the infamous Tim Draper and myself, Arthur got into BTC when the price was exploding into new all-time-highs. Of course, because he truly understood the purpose of Bitcoin, not even the demise of Mt.Gox was able to swindle the company back. With a committed community to the proper development of Bitcoin, the CEO believed the king of cryptocurrencies was here to stay, adding “technology develops regardless of any values attached to it” – a powerful message most high-level technologists share. He says that after Vitalik Buterin launched Ethereum in 2016, with the implementation of the ERC20, that was a key turning point for the market. Out of nowhere, projects started to flourish due to the lack of complexity in creating and deploying smart contracts. “People could create their own tokens on top of Ethereum, so even people with lack of technology understanding could come into the space.” When we discussed the ICO boomed and some of the issues with projects like the DAO, Arthur referred the (huge) problem of governance. Also, even with Bitcoin maximalists being against these fund-raising mechanism, tokens flourished. Story continues Will the world be tokenised? When I asked Arthur his thoughts on the possibility of the world being tokenised on a blockchain – with land deeds, financial products or even time, for instance – he did surprise me… “It’s fair to say our brain is limited when attempting to predict based on the speed of tech acceleration. We don’t know what will be here within the next three hundred years, looking back at the past one hundred years.” Arthur believes that within the next 50 years tokenisation may be over-taken by something brand new, like our brains being linked to the cloud. Instantaneous knowledge to be accessed in a blink of an eye. To add to that, he says “maybe the concept of private and public will be completely redesigned” concluding the idea by stating the end goal of technology is to connect human beings by enhancing freedom. Of course, the conversation drifted for a few minutes, into the topic of AI and how biased algorithms may have a negative impact on decision-making. “Social contracts are done by human beings, meaning, biases will always exist. Technology are tools and tools can be used both for the good and the bad”. The current state of cryptocurrencies Solar is the fastest growing power generation source. More solar PV capacities were installed globally than any other power generation technology #SolarMarketOutlook https://t.co/zTOym0QAA6 — Arthur Vayloyan (@arthurvayloyan) June 19, 2019 After the good stuff, I took the discussion to the current state of affairs. My goal was to discuss a key point, that most people – including crypto-enthusiasts and experts – seem to misunderstand. The point of energy spending in proof-of-work consensus algorithms. During WCIT 2019, many keynote speakers mentioned “blockchain”, stating that Bitcoin had failed because it wasted too much energy. Of course what said folk forget to account for is what Arthur and I immediately agreed upon – the more energy a protocol spends, the more robust and secure it is. “As far as I can see, the Bitcoin proof-of-work is using renewable energy and miners go to space where there is abundant energy. If said is not used, is just wasted.” Arthur added that PoW is supposed to waste energy in order to make the system secure. Plus, if the price of energy continues to drop, the cost of mining and fees in general could drop. We finished our discussion by talking consensus mechanics, like proof-of-stake, as Ethereum is soon making a move in that direction. Arthur feels it’s important to have alternatives even though he’s happy Bitcoin developers prefer to take time, before making changes to the core protocol. Moving slow is a blessing sometimes, in order to avoid serious issues. Safe trades! The post Speaking to Arthur Vayloyan from Bitcoin Suisse appeared first on Coin Rivet . || Speaking to Arthur Vayloyan from Bitcoin Suisse: Interview with Arthur Vayloyan, CEO @Bitcoin Suisse As I shared last week, earlir this month I attended WCIT 2019 – the biggest tech conference in Armenia. During the conference I had the absolute pleasure to chat with Arthur Vayloyan, CEO of Bitcoin Suisse. According to Wikipedia and Arthur himself, Bitcoin Suisse is a Swiss-regulated financial intermediary and pioneer in crypto-financial services based in Zug, where most of the Ethereum operation is also settled. The company, established in 2013, provides services to the global institutional and private client base that includes brokerage and trading, storage solutions, collateralised lending and crypto-financial solutions. Bitcoin evolution since 2013 “The timing wasn’t that great. The price was approaching $1,000 and then Mt.Gox crashed. It was one of those crashes where Bitcoin went down really fast. You really needed to be an enthusiasts to stay.” Much like a great deal of investors I know, including the infamous Tim Draper and myself, Arthur got into BTC when the price was exploding into new all-time-highs. Of course, because he truly understood the purpose of Bitcoin, not even the demise of Mt.Gox was able to swindle the company back. With a committed community to the proper development of Bitcoin, the CEO believed the king of cryptocurrencies was here to stay, adding “technology develops regardless of any values attached to it” – a powerful message most high-level technologists share. He says that after Vitalik Buterin launched Ethereum in 2016, with the implementation of the ERC20, that was a key turning point for the market. Out of nowhere, projects started to flourish due to the lack of complexity in creating and deploying smart contracts. “People could create their own tokens on top of Ethereum, so even people with lack of technology understanding could come into the space.” When we discussed the ICO boomed and some of the issues with projects like the DAO, Arthur referred the (huge) problem of governance. Also, even with Bitcoin maximalists being against these fund-raising mechanism, tokens flourished. Story continues Will the world be tokenised? When I asked Arthur his thoughts on the possibility of the world being tokenised on a blockchain – with land deeds, financial products or even time, for instance – he did surprise me… “It’s fair to say our brain is limited when attempting to predict based on the speed of tech acceleration. We don’t know what will be here within the next three hundred years, looking back at the past one hundred years.” Arthur believes that within the next 50 years tokenisation may be over-taken by something brand new, like our brains being linked to the cloud. Instantaneous knowledge to be accessed in a blink of an eye. To add to that, he says “maybe the concept of private and public will be completely redesigned” concluding the idea by stating the end goal of technology is to connect human beings by enhancing freedom. Of course, the conversation drifted for a few minutes, into the topic of AI and how biased algorithms may have a negative impact on decision-making. “Social contracts are done by human beings, meaning, biases will always exist. Technology are tools and tools can be used both for the good and the bad”. The current state of cryptocurrencies Solar is the fastest growing power generation source. More solar PV capacities were installed globally than any other power generation technology #SolarMarketOutlook https://t.co/zTOym0QAA6 — Arthur Vayloyan (@arthurvayloyan) June 19, 2019 After the good stuff, I took the discussion to the current state of affairs. My goal was to discuss a key point, that most people – including crypto-enthusiasts and experts – seem to misunderstand. The point of energy spending in proof-of-work consensus algorithms. During WCIT 2019, many keynote speakers mentioned “blockchain”, stating that Bitcoin had failed because it wasted too much energy. Of course what said folk forget to account for is what Arthur and I immediately agreed upon – the more energy a protocol spends, the more robust and secure it is. “As far as I can see, the Bitcoin proof-of-work is using renewable energy and miners go to space where there is abundant energy. If said is not used, is just wasted.” Arthur added that PoW is supposed to waste energy in order to make the system secure. Plus, if the price of energy continues to drop, the cost of mining and fees in general could drop. We finished our discussion by talking consensus mechanics, like proof-of-stake, as Ethereum is soon making a move in that direction. Arthur feels it’s important to have alternatives even though he’s happy Bitcoin developers prefer to take time, before making changes to the core protocol. Moving slow is a blessing sometimes, in order to avoid serious issues. Safe trades! The post Speaking to Arthur Vayloyan from Bitcoin Suisse appeared first on Coin Rivet . || MOBI explained: the consortium that's bringing blockchain to vehicles: Auto manufacturers are experimenting with blockchain technology to pay for parking tickets and highway tolls , as part of a project called MOBI (Mobility Open Blockchain Initiative). But this consortium’s ambitions stretch beyond doing away with paper tickets in car parks; here’s how MOBI plans to use blockchain to shape the future of transport. What is MOBI? MOBI, the Mobility Open Blockchain Initiative, is a non-profit consortium that’s aiming to 'make mobility safer, greener, cheaper and more accessible', according to its own website. Because most automotive manufacturers agree that a lack of scale and common standards make it harder for the benefits of blockchain to be realized, MOBI was created in 2017. Who’s involved? Current automotive partners include BMW, General Motors, Groupe Renault, Ford, Honda, Hyundai. Bosch, which creates electric motors, is also involved. Non-related automotive partners include IBM , Accenture, Bigchain, Hyperledger , Fetch.AI , Exasys, Vestella, AAIS and Quant. What’s MOBI working on? MOBI's first project set out to create a Vehicle Identity Standard (VID) —essentially a blockchain-based passport for each vehicle that comprises a digital ledger of its history. Unlike paper vehicle ID documents, a blockchain-based one can’t be lost, left incomplete or fabricated. A potential benefit is that when buying a used car, the customer can make a more educated guess on whether it is worth the asking price and if it's likely to go wrong. Judgments could be made about, say, the reliability of a gearbox if you know for sure it has never been changed. It could also have the knock-on effect of making it easier for underwriters to more accurately work out insurance and warranty costs, which could also reduce how much consumers have to pay. This all depends on the willingness of participants such as garages to make this work—unless legislation forces them to do so. What about payments from a car? Bitcoin and other digital currencies are built upon the principle of blockchain so it's no surprise MOBI is looking at payment of goods and services from a vehicle. Story continues The crux is that blockchain could be used to give each car a vehicle identification number (VIN for short), which would mean payment can be done on a vehicle basis as opposed to from an individual or business. MOBI is also trialling a system that uses the blockchain-based VID to identify vehicles for payments such as parking charges and highway tolls, without the use of a specialized tag. Under the system, vehicles would log costs including tolls, maintenance and rest stop snacks; when the vehicle’s plugged in to charge, payment can then be deducted in one go. Another MOBI pilot, carried out in May this year, could see payments going to cars as well as from them. It aims to share electric vehicle data with smart grids, in order to stabilize the supply of power in the grid. In future iterations, EVs could discharge surplus energy into the grid when they’re not being used, providing the owner with an income stream. BMW and Ford to test blockchain system for paying tolls and parking tickets Why use blockchain for mobility? The distributed ledger that underpins blockchain technology is well-suited to logging interactions between Internet of Things applications—and modern vehicles are, increasingly, large IoT devices. That makes blockchain ideal for integrating the increasingly connected systems of cars, bikes and other vehicles with smart city systems and other IoT tech. Because blockchain is, by design, much less susceptible to tampering, it means all parties looking at the data produced by cars are on the same page, and can avoid acting on false information. Another positive is that with a greater amount of driver data to analyse, less money is wasted on useless or inferior data. Companies could benefit from reduced research and development costs, too, lowering overall costs. The information can also be used to improve existing systems. For example, in a recent trial (conducted independently of MOBI) Ford used blockchain and 'geofencing' to more accurately track and increase the number of miles driven using greener technologies such as hybrid and electric powertrains. The test involved plug-in hybrid systems automatically switching to electric-only in Ford-designated zones, at which point blockchain is used to record how far the vehicle travelled and at what time it arrived and departed. Image: Ford This information can be seen by Ford to help improve its vehicles, but also by the local authorities to see whether the controlled zone could be expanded in certain conditions to further reduce local emissions, thereby improving local air quality. If all automotive manufacturers adopted a standardized blockchain system, it could also pave the way for all new or newer vehicles on the road to communicate with each other and the habits of drivers be more easily tracked and acted on. This information could be used to see problem areas where traffic build-up is an issue and help find a solution. Or it could allow satellite navigation systems to split traffic up along routes more evenly, reducing congestion and CO2 emissions from stop-start traffic. By using a system that allows better coordination between all involved parties, costs are saved for companies, non-profit organisations and governments that can, in theory, be passed on to the consumer, increase profits or both. What are the drawbacks of MOBI? A blockchain is only as useful as the information that’s placed on it. While it makes sense for all parties involved in mobility to work together, there will undoubtedly be some areas where each manufacturer will hold back on the data they’re prepared to share, reducing its effectiveness. Why Bosch is jumping on the Ethereum blockchain Then there is the question of security. While some of MOBI’s members favour private blockchains , some of the use cases they envisage require public blockchains. That means that some data that consumers would prefer to keep private, would be made available to businesses and authorities, giving them insight into consumers’ driving habits. This is, of course, already becoming more of an issue as car manufacturers already produce mobile-connected and internet-enabled vehicles. But right now this data is localized to one manufacturer, or a group of manufacturers if there is an alliance in place. So what's MOBI's future? Right now, it seems like MOBI's members are merely dipping their toe into uncharted waters—or they're holding their cards close to their chest. Ultimately, the success of shared data relies on as many entities as possible taking part. With MOBI's already extensive list of partners, it's looking like blockchain will feature heavily in the automotive space. Exactly how long until that happens is, however, an unknown. || MOBI explained: the consortium that's bringing blockchain to vehicles: Auto manufacturers are experimenting with blockchain technology topay for parking tickets and highway tolls, as part of a project called MOBI (Mobility Open Blockchain Initiative). But this consortium’s ambitions stretch beyond doing away with paper tickets in car parks; here’s how MOBI plans to use blockchain to shape the future of transport.
MOBI, the Mobility Open Blockchain Initiative, is a non-profit consortium that’s aiming to 'make mobility safer, greener, cheaper and more accessible', according to its own website.
Because most automotive manufacturers agree that a lack of scale and common standards make it harder for the benefits of blockchain to be realized, MOBI was created in 2017.
Current automotive partners include BMW, General Motors, Groupe Renault, Ford, Honda, Hyundai. Bosch, which creates electric motors, is also involved.
Non-related automotive partners includeIBM, Accenture, Bigchain,Hyperledger,Fetch.AI, Exasys, Vestella, AAIS and Quant.
MOBI's first project set out to create aVehicle Identity Standard (VID)—essentially ablockchain-based passportfor each vehicle that comprises a digital ledger of its history. Unlike paper vehicle ID documents, a blockchain-based one can’t be lost, left incomplete or fabricated.
A potential benefit is that when buying a used car, the customer can make a more educated guess on whether it is worth the asking price and if it's likely to go wrong. Judgments could be made about, say, the reliability of a gearbox if you know for sure it has never been changed.
It could also have the knock-on effect of making it easier for underwriters to more accurately work out insurance and warranty costs, which could also reduce how much consumers have to pay. This all depends on the willingness of participants such as garages to make this work—unless legislation forces them to do so.
Bitcoin and other digital currencies are built upon the principle of blockchain so it's no surprise MOBI is looking at payment of goods and services from a vehicle.
The crux is that blockchain could be used to give each car a vehicle identification number (VIN for short), which would mean payment can be done on a vehicle basis as opposed to from an individual or business.
MOBI is also trialling a system that uses the blockchain-based VID toidentify vehicles for paymentssuch as parking charges and highway tolls, without the use of a specialized tag. Under the system, vehicles would log costs including tolls, maintenance and rest stop snacks; when the vehicle’s plugged in to charge, payment can then be deducted in one go.
Another MOBI pilot, carried out in May this year, could see payments goingtocars as well as from them. It aims toshare electric vehicle datawith smart grids, in order to stabilize the supply of power in the grid. In future iterations, EVs could discharge surplus energy into the grid when they’re not being used, providing the owner with an income stream.
The distributed ledger that underpins blockchain technology is well-suited to logging interactions between Internet of Things applications—and modern vehicles are, increasingly, large IoT devices. That makes blockchain ideal for integrating the increasingly connected systems of cars, bikes and other vehicles with smart city systems and other IoT tech.
Because blockchain is, by design, much less susceptible to tampering, it means all parties looking at the data produced by cars are on the same page, and can avoid acting on false information.
Another positive is that with a greater amount of driver data to analyse, less money is wasted on useless or inferior data. Companies could benefit from reduced research and development costs, too, lowering overall costs.
The information can also be used to improve existing systems. For example, in a recenttrial(conducted independently of MOBI) Ford used blockchain and 'geofencing' to more accurately track and increase the number of miles driven using greener technologies such as hybrid and electric powertrains.
The test involved plug-in hybrid systems automatically switching to electric-only in Ford-designated zones, at which point blockchain is used to record how far the vehicle travelled and at what time it arrived and departed.
This information can be seen by Ford to help improve its vehicles, but also by the local authorities to see whether the controlled zone could be expanded in certain conditions to further reduce local emissions, thereby improving local air quality.
If all automotive manufacturers adopted a standardized blockchain system, it could also pave the way for all new or newer vehicles on the road to communicate with each other and the habits of drivers be more easily tracked and acted on.
This information could be used to see problem areas where traffic build-up is an issue and help find a solution. Or it could allow satellite navigation systems to split traffic up along routes more evenly, reducing congestion and CO2 emissions from stop-start traffic.
By using a system that allows better coordination between all involved parties, costs are saved for companies, non-profit organisations and governments that can, in theory, be passed on to the consumer, increase profits or both.
A blockchain is only as useful as the information that’s placed on it. While it makes sense for all parties involved in mobility to work together, there will undoubtedly be some areas where each manufacturer will hold back on the data they’re prepared to share, reducing its effectiveness.
Then there is the question of security. While some of MOBI’s members favourprivate blockchains, some of the use cases they envisage require public blockchains. That means that some data that consumers would prefer to keep private, would be made available to businesses and authorities, giving them insight into consumers’ driving habits.
This is, of course, already becoming more of an issue as car manufacturers already produce mobile-connected and internet-enabled vehicles. But right now this data is localized to one manufacturer, or a group of manufacturers if there is an alliance in place.
Right now, it seems like MOBI's members are merely dipping their toe into uncharted waters—or they're holding their cards close to their chest. Ultimately, the success of shared data relies on as many entities as possible taking part.
With MOBI's already extensive list of partners, it's looking like blockchain will feature heavily in the automotive space. Exactly how long until that happens is, however, an unknown. || Did China really cause this weeks Bitcoin bull market?: Bitcoins price soared Friday by 22 percent , and speculation for the reason behind the surge has centred on various causes: fresh legal travails over at Bitfinex , short squeezes, and an announcement by Chinese President Xi Jinping on Friday that the country would be investing heavily in Bitcoins underlying technology, blockchain. Lets consider that last one: could Chinese signalling have caused the surge? The arguments in favor range from the speculative to the silly. On Saturday, Anthony Pompliano , co-founder of cryptocurrency index fund Morgan Creek Digital, tweeted (at President Trump, no less) that China was planning to buy
all of the 21 million bitcoins that will eventually be in circulation, 18 million of which have so far been minted. This is going to be the real US - China competition, he wrote. That should get [Trump] to pay attention. The guy hates losing and will try to buy them all. Oh, boy! Better buy up all the bitcoin before Xi snaps it all up! China's crypto conundrum The notion that China is buying up all the Bitcoin is fairly ludicrous. Yes, much of the world's bitcoin mining is done in the country, so there is and has always been a local, vested interest. And yes, a Chinese court recently ruled that Bitcoin is private property and enjoys the same legal protection as any other asset. And yet, at the same time, the regime has sought to crack down on those mining farms, and last year summarily banned Bitcoin trading altogether. Simultaneously it has been developing its own cryptocurrency , a stablecoin tied to the renminbi, for the better part of two years. Bitcoin is a competitor. China will do what it has always done since the mid 20th Century: It will build its own crypto currency. Indeed it has said as much . Wake up, sheeple! China isnt going to suddenly become friendly to bitcoin, Nic Carter, a partner at Castle Island Ventures, told Decrypt . Theyve been getting more hostile lately. Trading places Of course, its possible that Bitcoin traders might have become excited by Xis announcement. The pump took place around 1pm UTC, just as traders in Asia began to awaken. And Chinese investor Dovey Wan pointed out on Twitter that searches for blockchain on WeChat, the immensely popular Chinese messaging app, spiked by several orders of magnitude prior to the rally. Could Xis sort-of vote of confidence for blockchain technology sent traders into a bullish frenzy? Story continues Its probably traders reacting to it to some degree, speculated Carter. But the size of the move was shocking. Wed need something cataclysmic to explain a move that significant. Remember that Xi never explicitly mentioned Bitcoinhe mentioned only blockchain. His regime has long been exploring the technology as a better way to surveil its citizens , not as a way for the masses to buy Oxy, or offshore their money. Carter reckons the pump was due to a minor fund liquidatingor newly joining the thinly traded bitcoin marketcausing a brief influx of money that would have triggered the wider rally. And over on derivatives exchange BitMEX, scores of short-sellerstraders betting against bitcoin did indeed have their positions liquidated. That means they had to scramble to cover their bets, which drove up the price of BTC. The 'Great' Blockchain of China? The Crypto Capital connection Theres also another possibility, though it, too, is propped up by mostly circumstantial evidence: Bitfinex, the large exchange at the heart of an investigation by the New York Attorney General, ran into fresh legal problems late Thursday as the president of its erstwhile payment processor, Crypto Capital, was arrested in Poland and indicted on three criminal counts by the US Attorney for the Southern District of New York. As crypto pundit Preston Byrne pointed out in his blog , rallies often dovetail with bad news for Bitfinex: The exchange is managed by the same people as Tether, which controls issuance of the dollar-pegged stablecoin USDT, which is popular among traders and whose volume increased by half a billion as Bitcoin leapt from $7,500 to $9,500. The theory goes that Bitfinex is madly printing tethers to pump Bitcoin up, in order to finance its imminent exit. (The exchange denies this.) But even that theory could, plausibly, lead back to China. Wealthy Chinese traders reportedly hoard tethers for their useful parity with the dollar (though they dont necessarily trade it for Bitcoin). Maybe they were cashing out, emboldened by Xis proclamation and disturbed by Bitfinexs alleged criminal connections? Or maybe, indeed, President Xi just bought the dip. Crypto Capital founder allegedly indicted on three criminal counts, after company's president's arrest || Did China really cause this week’s Bitcoin bull market?: Bitcoin’s pricesoared Friday by 22 percent, and speculation for the reason behind the surge has centred on various causes: fresh legal travails over atBitfinex, short squeezes, and an announcement by Chinese PresidentXi Jinpingon Friday that the country would be investing heavily in Bitcoin’s underlying technology, blockchain.
Let’s consider that last one:couldChinese signalling have caused the surge?
The arguments in favor range from the speculative to the silly.
On Saturday,Anthony Pompliano, co-founder of cryptocurrency index fund Morgan Creek Digital, tweeted (at President Trump, no less) that China was “planning to buy…all” of the 21 million bitcoins that will eventually be in circulation, 18 million of which have so far been minted. “This is going to be the real US - China competition,” he wrote. “That should get [Trump] to pay attention. The guy hates losing and will try to buy them all.”
Oh, boy! Better buy up all the bitcoin before Xi snaps it all up!
The notion that China is buying up all the Bitcoin is fairly ludicrous. Yes, much of the world'sbitcoin miningisdone in the country, so there is and has always been a local, vested interest. And yes, a Chinese courtrecently ruledthat Bitcoin is private property and enjoys the same legal protection as any other asset.
And yet, at the same time, the regime has sought tocrack downon those mining farms, and last year summarily banned Bitcoin trading altogether. Simultaneously it has beendeveloping its own cryptocurrency, a stablecoin tied to the renminbi, for the better part of two years.
Bitcoin is a competitor. China will do what it has always done since the mid 20th Century: It will build its own crypto currency. Indeed it hassaid as much. Wake up, sheeple!
“China isn’t going to suddenly become friendly to bitcoin,” Nic Carter, a partner at Castle Island Ventures, toldDecrypt. “They’ve been getting more hostile lately.”
Of course, it’s possible that Bitcoin traders might have becomeexcitedby Xi’s announcement. The pump took place around 1pm UTC, just as traders in Asia began to awaken. And Chinese investor Dovey Wanpointed outon Twitter that searches for “blockchain” on WeChat, the immensely popular Chinese messaging app, spiked by several orders of magnitude prior to the rally. Could Xi’s sort-of vote of confidence for blockchain technology sent traders into a bullish frenzy?
“It’s probably traders reacting to it to some degree,” speculated Carter. “But the size of the move was shocking. We’d need something cataclysmic to explain a move that significant.”
Remember that Xi never explicitly mentioned Bitcoin—he mentioned only “blockchain.” His regime has long been exploring the technology as abetter way to surveil its citizens, not as a way for the masses to buy Oxy, or offshore their money.
Carter reckons the pump was due to a minor fund liquidating—or newly joining the thinly traded bitcoin market—causing a brief influx of money that would have triggered the wider rally. And over on derivatives exchange BitMEX, scores of short-sellers—traders betting against bitcoin —did indeed have their positions liquidated. That means they had to scramble to cover their bets, which drove up the price of BTC.
There’s also another possibility, though it, too, is propped up by mostly circumstantial evidence: Bitfinex, the large exchange at the heart of an investigation by the New York Attorney General, ran into fresh legal problems late Thursday as the president of its erstwhile payment processor, Crypto Capital, wasarrestedin Poland and indicted on three criminal counts by the US Attorney for the Southern District of New York.
As crypto pundit Preston Byrne pointed out in hisblog, rallies often dovetail with bad news for Bitfinex: The exchange is managed by the same people as Tether, which controls issuance of the dollar-pegged stablecoin USDT, which is popular among traders and whose volume increased by half a billion as Bitcoin leapt from $7,500 to $9,500. The theory goes that Bitfinex is madly printing tethers to pump Bitcoin up, in order to finance its imminent exit. (The exchange denies this.)
But even that theory could, plausibly, lead back to China. Wealthy Chinese tradersreportedlyhoard tethers for their useful parity with the dollar (though they don’t necessarily trade it for Bitcoin). Maybe they were cashing out, emboldened by Xi’s proclamation and disturbed by Bitfinex’s alleged criminal connections?
Or maybe, indeed, President Xi just bought the dip. || Did China really cause this week’s Bitcoin bull market?: Bitcoin’s pricesoared Friday by 22 percent, and speculation for the reason behind the surge has centred on various causes: fresh legal travails over atBitfinex, short squeezes, and an announcement by Chinese PresidentXi Jinpingon Friday that the country would be investing heavily in Bitcoin’s underlying technology, blockchain.
Let’s consider that last one:couldChinese signalling have caused the surge?
The arguments in favor range from the speculative to the silly.
On Saturday,Anthony Pompliano, co-founder of cryptocurrency index fund Morgan Creek Digital, tweeted (at President Trump, no less) that China was “planning to buy…all” of the 21 million bitcoins that will eventually be in circulation, 18 million of which have so far been minted. “This is going to be the real US - China competition,” he wrote. “That should get [Trump] to pay attention. The guy hates losing and will try to buy them all.”
Oh, boy! Better buy up all the bitcoin before Xi snaps it all up!
The notion that China is buying up all the Bitcoin is fairly ludicrous. Yes, much of the world'sbitcoin miningisdone in the country, so there is and has always been a local, vested interest. And yes, a Chinese courtrecently ruledthat Bitcoin is private property and enjoys the same legal protection as any other asset.
And yet, at the same time, the regime has sought tocrack downon those mining farms, and last year summarily banned Bitcoin trading altogether. Simultaneously it has beendeveloping its own cryptocurrency, a stablecoin tied to the renminbi, for the better part of two years.
Bitcoin is a competitor. China will do what it has always done since the mid 20th Century: It will build its own crypto currency. Indeed it hassaid as much. Wake up, sheeple!
“China isn’t going to suddenly become friendly to bitcoin,” Nic Carter, a partner at Castle Island Ventures, toldDecrypt. “They’ve been getting more hostile lately.”
Of course, it’s possible that Bitcoin traders might have becomeexcitedby Xi’s announcement. The pump took place around 1pm UTC, just as traders in Asia began to awaken. And Chinese investor Dovey Wanpointed outon Twitter that searches for “blockchain” on WeChat, the immensely popular Chinese messaging app, spiked by several orders of magnitude prior to the rally. Could Xi’s sort-of vote of confidence for blockchain technology sent traders into a bullish frenzy?
“It’s probably traders reacting to it to some degree,” speculated Carter. “But the size of the move was shocking. We’d need something cataclysmic to explain a move that significant.”
Remember that Xi never explicitly mentioned Bitcoin—he mentioned only “blockchain.” His regime has long been exploring the technology as abetter way to surveil its citizens, not as a way for the masses to buy Oxy, or offshore their money.
Carter reckons the pump was due to a minor fund liquidating—or newly joining the thinly traded bitcoin market—causing a brief influx of money that would have triggered the wider rally. And over on derivatives exchange BitMEX, scores of short-sellers—traders betting against bitcoin —did indeed have their positions liquidated. That means they had to scramble to cover their bets, which drove up the price of BTC.
There’s also another possibility, though it, too, is propped up by mostly circumstantial evidence: Bitfinex, the large exchange at the heart of an investigation by the New York Attorney General, ran into fresh legal problems late Thursday as the president of its erstwhile payment processor, Crypto Capital, wasarrestedin Poland and indicted on three criminal counts by the US Attorney for the Southern District of New York.
As crypto pundit Preston Byrne pointed out in hisblog, rallies often dovetail with bad news for Bitfinex: The exchange is managed by the same people as Tether, which controls issuance of the dollar-pegged stablecoin USDT, which is popular among traders and whose volume increased by half a billion as Bitcoin leapt from $7,500 to $9,500. The theory goes that Bitfinex is madly printing tethers to pump Bitcoin up, in order to finance its imminent exit. (The exchange denies this.)
But even that theory could, plausibly, lead back to China. Wealthy Chinese tradersreportedlyhoard tethers for their useful parity with the dollar (though they don’t necessarily trade it for Bitcoin). Maybe they were cashing out, emboldened by Xi’s proclamation and disturbed by Bitfinex’s alleged criminal connections?
Or maybe, indeed, President Xi just bought the dip. || Bitcoin price holds steady following crypto markets' rally: Following what can only be described as adramatic recoveryfor the cryptocurrency markets, the vast majority of cryptocurrencies have managed to hold their recent gains and are now in the green on the 7-day time frame.
As it stands, Bitcoin (BTC) is among the best performers this week, after gaining over 13% in the last 7 days. At time of going to press, it stands at $9257.07. Meanwhile, Ethereum (ETH) has increased by 6.2% over the past week, Bitcoin Cash (BCH) gained over 23%, Litecoin (LTC) climbed by more than 10% and XRP gained 1.6%.
Beyond this, much of the market is now experiencing slight further gains today, with 16 of the top 25 cryptocurrencies in the green. Among these, Bitcoin SV (BSV) and NEO are capturing the majority of the gains.
NEO stands out as an outlier in today's predominantly green market. The cryptocurrency has now climbed to $11.32, up from $9.06 at the close of play yesterday, an increase of more than 24% in the past day. Bitcoin SV, on the other hand, has captured gains of nearly 5%, climbing back up to $142.51.
One factor behind NEO's recent surge could be Chinese President Xi Jinping'sannouncementFriday endorsing blockchain technology, in which he argued that building on blockchain will bring economic and social value to China. NEO, asmart contractplatform that's known as "the Chinese Ethereum", has focused onregulatory compliance. With the Chinese government introducingnew cryptography lawsin January 2020, NEO could be well-placed to take advantage of the country's newfound enthusiasm for blockchain.
If so, today's gains could be just the tip of the iceberg for NEO. || Bitcoin price holds steady following crypto markets' rally: Following what can only be described as adramatic recoveryfor the cryptocurrency markets, the vast majority of cryptocurrencies have managed to hold their recent gains and are now in the green on the 7-day time frame.
As it stands, Bitcoin (BTC) is among the best performers this week, after gaining over 13% in the last 7 days. At time of going to press, it stands at $9257.07. Meanwhile, Ethereum (ETH) has increased by 6.2% over the past week, Bitcoin Cash (BCH) gained over 23%, Litecoin (LTC) climbed by more than 10% and XRP gained 1.6%.
Beyond this, much of the market is now experiencing slight further gains today, with 16 of the top 25 cryptocurrencies in the green. Among these, Bitcoin SV (BSV) and NEO are capturing the majority of the gains.
NEO stands out as an outlier in today's predominantly green market. The cryptocurrency has now climbed to $11.32, up from $9.06 at the close of play yesterday, an increase of more than 24% in the past day. Bitcoin SV, on the other hand, has captured gains of nearly 5%, climbing back up to $142.51.
One factor behind NEO's recent surge could be Chinese President Xi Jinping'sannouncementFriday endorsing blockchain technology, in which he argued that building on blockchain will bring economic and social value to China. NEO, asmart contractplatform that's known as "the Chinese Ethereum", has focused onregulatory compliance. With the Chinese government introducingnew cryptography lawsin January 2020, NEO could be well-placed to take advantage of the country's newfound enthusiasm for blockchain.
If so, today's gains could be just the tip of the iceberg for NEO. || Bitcoin price holds steady following crypto markets' rally: Following what can only be described as a dramatic recovery for the cryptocurrency markets, the vast majority of cryptocurrencies have managed to hold their recent gains and are now in the green on the 7-day time frame. As it stands, Bitcoin (BTC) is among the best performers this week, after gaining over 13% in the last 7 days. At time of going to press, it stands at $9257.07. Meanwhile, Ethereum (ETH) has increased by 6.2% over the past week, Bitcoin Cash (BCH) gained over 23%, Litecoin (LTC) climbed by more than 10% and XRP gained 1.6%. Beyond this, much of the market is now experiencing slight further gains today, with 16 of the top 25 cryptocurrencies in the green. Among these, Bitcoin SV (BSV) and NEO are capturing the majority of the gains. NEO stands out as an outlier in today's predominantly green market. The cryptocurrency has now climbed to $11.32, up from $9.06 at the close of play yesterday, an increase of more than 24% in the past day. Bitcoin SV, on the other hand, has captured gains of nearly 5%, climbing back up to $142.51. One factor behind NEO's recent surge could be Chinese President Xi Jinping's announcement Friday endorsing blockchain technology, in which he argued that building on blockchain will bring economic and social value to China. NEO, a smart contract platform that's known as "the Chinese Ethereum", has focused on regulatory compliance . With the Chinese government introducing new cryptography laws in January 2020, NEO could be well-placed to take advantage of the country's newfound enthusiasm for blockchain. If so, today's gains could be just the tip of the iceberg for NEO. || Litecoin Climbs 11% In Rally: Investing.com - Litecoin was trading at $62.427 by 12:43 (16:43 GMT) on the Investing.com Index on Sunday, up 10.59% on the day. It was the largest one-day percentage gain since October 25.
The move upwards pushed Litecoin's market cap up to $3.868B, or 1.50% of the total cryptocurrency market cap. At its highest, Litecoin's market cap was $14.099B.
Litecoin had traded in a range of $55.720 to $62.434 in the previous twenty-four hours.
Over the past seven days, Litecoin has seen a rise in value, as it gained 11.88%. The volume of Litecoin traded in the twenty-four hours to time of writing was $4.271B or 4.03% of the total volume of all cryptocurrencies. It has traded in a range of $47.6051 to $62.4342 in the past 7 days.
At its current price, Litecoin is still down 85.14% from its all-time high of $420.00 set on December 12, 2017.
Bitcoin was last at $9,731.7 on the Investing.com Index, up 5.59% on the day.
Ethereum was trading at $186.44 on the Investing.com Index, a gain of 3.03%.
Bitcoin's market cap was last at $172.312B or 66.99% of the total cryptocurrency market cap, while Ethereum's market cap totaled $19.803B or 7.70% of the total cryptocurrency market value.
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China Studying Blockchain and AI for Cross-Border Financing || Litecoin Climbs 11% In Rally: Investing.com - Litecoin was trading at $62.427 by 12:43 (16:43 GMT) on the Investing.com Index on Sunday, up 10.59% on the day. It was the largest one-day percentage gain since October 25. The move upwards pushed Litecoin's market cap up to $3.868B, or 1.50% of the total cryptocurrency market cap. At its highest, Litecoin's market cap was $14.099B. Litecoin had traded in a range of $55.720 to $62.434 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a rise in value, as it gained 11.88%. The volume of Litecoin traded in the twenty-four hours to time of writing was $4.271B or 4.03% of the total volume of all cryptocurrencies. It has traded in a range of $47.6051 to $62.4342 in the past 7 days. At its current price, Litecoin is still down 85.14% from its all-time high of $420.00 set on December 12, 2017. Elsewhere in cryptocurrency trading Bitcoin was last at $9,731.7 on the Investing.com Index, up 5.59% on the day. Ethereum was trading at $186.44 on the Investing.com Index, a gain of 3.03%. Bitcoin's market cap was last at $172.312B or 66.99% of the total cryptocurrency market cap, while Ethereum's market cap totaled $19.803B or 7.70% of the total cryptocurrency market value. Related Articles Game of Nodes — Who Will Win the Digital Throne? Where to Spend Bitcoin: A Global Overview From Ljubljana to Zurich China Studying Blockchain and AI for Cross-Border Financing || Crypto Convergence: From Decentralization to Direct Listings: Noelle Acheson is a veteran of company analysis and CoinDesk’s Director of Research. The opinions expressed in this article are the author’s own.
The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets.Sign up for free here.
Ever since U.S. Securities and Exchange (SEC) commissioner William Hinmansaid last yearthat a digital asset could start out a security but cease to be one when it was “sufficiently decentralized,” token issuers and investors have been eager for a quantification of what that means.
The recent SEC action halting the distribution of Telegram’s TON blockchain tokens may finally have shed light on that – just not in the way we expected.
The end result could be a new type of token financing that mirrors an emerging trend seen in traditional markets.
In aspeech given in June of 2018, SEC Commissioner Hinman sought to answer the question: “Can a digital asset that was originally offered in a securities offering ever be later sold in a manner that does not constitute an offering of a security?” In his opinion, the answer was yes. Bitcoin, he explained, “appears to have been decentralized for some time,” and “over time, there may be other sufficiently decentralized networks and systems where regulating the tokens or coins that function on them as securities may not be required.” He used a variant of the word “decentralized” seven times.
This use of the word “decentralized” in a regulatory context has worried industry observers. In February of this year, Angela Walch published acompelling paperwhich highlights the complexity of elevating such an abstract concept to the realm of legal definition.
She points out that the term covers both logistical distribution of the nodes and the procedural distribution of governance – and that quantifying either is extremely difficult and somewhat meaningless. Systems, especially decentralized ones, tend to be fluid over time.
It’s almost as if regulators read her paper and sent around a memo because since then, the word has been largely absent from official communications.
Last year, messaging platform Telegramfunded the constructionof its TON blockchain with a private placement which guaranteed future allocation of Gram tokens, which ofcoursewould be decentralized enough to not need to go through a securities registration. The SEC was not convinced.
In early October, itfiled an injunctionagainst Telegram and a subsidiary to halt the token issuance. Theofficial statementappears to focus on the for-profit intentions of the issuers and original investors, not on the nature of the token itself. Interestingly enough, the word “decentralized” is only mentioned four times in a 31-page document – twice in quotes extracted from the TON marketing materials, and twice as evidence that the issuers never intended for the investors to hold onto and use the tokens:
“Indeed, by definition, the TON Blockchain can only become truly decentralized (as contemplated and promoted in the Offering Documents) if Grams holdersother thanthe original Grams purchasers actually stake Grams… Stated differently, if the original Grams purchasers alone all immediately staked their holdings, the TON Blockchain would becentralizedrather than decentralized and, therefore, subject to misuse and majority attacks.” [original emphasis]
This relative absence of decentralization discussion should not have been a surprise.
In March of this year, SEC Chairman Jay Clayton confirmed Commissioner Hinman’s opinion that a digital asset could cease to be a security, depending on the network conditions. While he repeated much of the same phrasing, there was one important difference: he did not use the word “decentralized.” Not once.
And earlier this month, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC)officially declared that, in his view, ether was not a security. He didn’t use the word “decentralized,” either.
Token issuers that were hoping their digital asset would escape securities requirements through “decentralization” are almost certainly in for a disappointment, as the Telegram action and recent statements show that _intent_ is more of a barometer. SEC Chairman Jay Clayton basically said as muchwhen last year he declared that“every ICO I’ve seen is a security.”
Rather than fight this, the sector could embrace the emerging clarity and work with regulators to smooth registration requirements. The current Reg A+ registration process, chosen by some projects as a path to broader and more liquid token distribution than the less onerous but more restrictive Reg D, is slow and expensive. Regulators do adapt with the times – often late, and usually at an excruciatingly slow pace. But that is largely due to structural limitations, not a lack of interest in the potential contribution to the economy of an innovative yet sound financing funnel.
Even working within current rules, a new type of distribution method could emerge. As an example of what this could look like, we need look no further than an emerging trend in traditional finance: direct listings.
In a direct listing, existing shareholders of a private company release all or some of their holdings for public sale on a designated exchange, at considerably less expense than a traditional IPO. Spotify, the first company to come to marketvia this method, estimates that itsaved about $30 millionin bankers’ fees.
Imagine that Telegram had registered its Gram tokens as securities and distributed them to initial investors, employees and developers. In a direct listing, existing token holders could sell them on a designated exchange without restriction. While not cheap, it would most likely cost less in time and money than extensive litigation; and costs could come down in line with increasing demand and standardization.
It is clear that the legacy IPO market is ripe for innovation, as its stubbornly high costs in spite of waning demand shows. Yet traditional finance moves slowly, and so faronly one otherhigh-profile company – Slack – has chosen the direct listing route.
Yet Wall Street, no doubt sensing change in the air, seems to be getting behind this evolution. Both Morgan Stanley and Goldman Sachs haveorganized direct listings events, the first of their kind, in Silicon Valley this month.
A gesture from the SEC and lawmakers in smoothing the direct listing process for token issuers would give a welcome dose of clarity to a sector eager for direction. Crypto finance moves relatively quickly, and a burst of token listing activity would attract attention from traditional players. Investment bankers could end up taking a leaf out of crypto’s playbook, and push for smoother listing regulations on traditional exchanges that encourage participation while protecting investors, thus breathing life back into new public listings.
Finance overall would benefit from the emergence of new token-based business models, less reliance on private equity and debt, and more fluid capital markets. We could also start to see a convergence of the new and the old as boundaries and participants start to overlap – then we will definitely be able to say that the crypto ecosystem is reaching a new level of maturity.
Gumball machineimage via Shutterstock
[Social Media Buzz]
@juanvas Hey Juan, the thread from @SDWouters is compiled now. You can read it here: https://t.co/rIGcFblb1i #Bitcoin || $BTC https://t.co/HMibSNYac7 || 🐦 28-10-2019 14:00🐦
💰 $ETH @ 182.3 $ - 164.34 € | 📈 0.713%
💰 $BTC @ 9332.58 $ - 8413.1 € | 📉 -0.947% || Discoin Airdrop is now Live🚀💰🏆
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9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81.
|
[Bitcoin Technical Analysis for 2021-07-18]
Volume: 18787986667, RSI (14-day): 40.76, 50-day EMA: 35921.89, 200-day EMA: 38961.69
[Wider Market Context]
None available.
[Recent News (last 7 days)]
U.S. tech companies disappointed with DACA ruling, urge Congress to act: By Kanishka Singh (Reuters) -Some U.S. tech companies expressed disappointment with a ruling by a federal judge that blocked new applications to a program that protects immigrants who were brought to the United States as children from deportation. U.S. District Judge Andrew Hanen on Friday sided with a group of states suing to end the Deferred Action for Childhood Arrivals (DACA) program, arguing that it was illegally created by former President Barack Obama in 2012. We have long argued in support of this program, filing an amicus brief in this case, and we are very disappointed by the decision (from the judge), Google spokesperson Jose Castaneda said. Dreamers and immigrants make the United States and Twitter better, a spokesperson from social media platform Twitter said in an emailed statement. Twitter, Google, Microsoft and Photoshop maker Adobe urged the U.S. Congress to come together to protect Dreamers, with Google saying they wanted DACA to be cemented into law. Microsoft President Brad Smith said that the disappointing ruling created uncertainty yet again for Dreamers. The judge ruled on Friday that the program violated the Administrative Procedure Act (APA) when it was created but said that since there were so many people currently enrolled in the program nearly 650,000 his ruling would be temporarily stayed for their cases and their renewal applications. Biden, who was vice president when Obama created the program, has said he wants to create a permanent pathway to citizenship for DACA recipients, known as Dreamers. On Saturday, Biden vowed to preserve the program that protects from deportation hundreds of thousands of immigrants brought to the U.S. as children, promising to appeal the judges ruling invalidating it and urging Congress to provide a path to citizenship. (Reporting by Kanishka Singh in Bengaluru, Editing by Nick Zieminski) This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast Stock Market Drifts Lower Into the Weekend Silver Price Prediction Prices Drop Sharply Breaking Through Support and Poised to Test Lower Levels Jack Dorseys Square Targets Bitcoin Network for DeFi Ethereum, Litecoin, and Ripples XRP Daily Tech Analysis July 17th, 2021 U.S. tech companies disappointed with DACA ruling, urge Congress to act E-mini S&P 500 Index (ES) Futures Technical Analysis Strengthens Over 4358.50, Weakens Under 4326.75 || U.S. tech companies disappointed with DACA ruling, urge Congress to act: By Kanishka Singh
(Reuters) -Some U.S. tech companies expressed disappointment with a ruling by a federal judge that blocked new applications to a program that protects immigrants who were brought to the United States as children from deportation.
U.S. District Judge Andrew Hanen on Friday sided with a group of states suing to end the Deferred Action for Childhood Arrivals (DACA) program, arguing that it was illegally created by former President Barack Obama in 2012.
“We have long argued in support of this program, filing an amicus brief in this case, and we are very disappointed by the decision (from the judge)”, Google spokesperson Jose Castaneda said.
“Dreamers and immigrants make the United States — and Twitter — better”, a spokesperson from social media platform Twitter said in an emailed statement.
Twitter, Google, Microsoft and Photoshop maker Adobe urged the U.S. Congress to come together to protect Dreamers, with Google saying they wanted DACA to be “cemented” into law.
Microsoft President Brad Smith said that the “disappointing” ruling created “uncertainty yet again for Dreamers.”
The judge ruled on Friday that the program violated the Administrative Procedure Act (APA) when it was created but said that since there were so many people currently enrolled in the program – nearly 650,000 – his ruling would be temporarily stayed for their cases and their renewal applications.
Biden, who was vice president when Obama created the program, has said he wants to create a permanent pathway to citizenship for DACA recipients, known as “Dreamers.”
On Saturday, Biden vowed to preserve the program that protects from deportation hundreds of thousands of immigrants brought to the U.S. as children, promising to appeal the judge’s ruling invalidating it and urging Congress to provide a path to citizenship.
(Reporting by Kanishka Singh in Bengaluru, Editing by Nick Zieminski)
Thisarticlewas originally posted on FX Empire
• S&P 500 Price Forecast – Stock Market Drifts Lower Into the Weekend
• Silver Price Prediction – Prices Drop Sharply Breaking Through Support and Poised to Test Lower Levels
• Jack Dorsey’s Square Targets Bitcoin Network for DeFi
• Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 17th, 2021
• U.S. tech companies disappointed with DACA ruling, urge Congress to act
• E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 4358.50, Weakens Under 4326.75 || The Week Ahead – COVID-19 , Economic Data, and the ECB in Focus: On the Macro It’s quieter week ahead on the economic calendar , with 32 stats in focus in the week ending 23 rd July. In the week prior, 66 stats had also been in focus. For the Dollar: On Thursday, jobless claims will draw plenty of attention. At the end of the week, prelim private sector PMIs for July will also be in focus. Expect the services PMI and the initial jobless claim figure to be the key numbers of the week. In the week ending 16 th July, the Dollar Spot Index rose by 0.60% to 92.687. For the EUR : It’s a relatively busy week on the economic data front. Late in the week, business and consumer confidence figures will be in focus. With the ECB looking for consumption to fuel the economic recovery, the numbers will influence. On Friday, prelim private sector PMIs for France, Germany, and the Eurozone will also be in focus. The markets will be looking for any economic speed bumps following disappointing stats from Germany recently. On the monetary policy front, the ECB is also in action on Thursday. With the policy revamp and some uncertainty over the economic outlook, it should be an interesting press conference… For the week, the EUR fell by 0.59% to $1.1806. For the Pound: It’s a relatively quiet week ahead on the economic calendar . CBI industrial trend orders will draw interest on Thursday. At the end of the week, however, private sector PMI and retail sales figures will be the key stats of the week. A pickup in spending and service sector activity would deliver the Pound with strong support. The Pound ended the week down by 0.96% to $1.3767. For the Loonie: It’s a relatively quiet week ahead on the economic calendar . House price figures are due out along with retail sales data. Expect the retail sales figures to be key on Friday. With economic data on the lighter side, crude oil prices and market risk sentiment will also influence in the week. The Loonie ended the week down 1.33% to C$1.2613 against the U.S Dollar. Out of Asia For the Aussie Dollar: Retail sales figures are due out on Wednesday. With consumer spending key to a sustainable economic recovery, Wednesday’s stats will draw plenty of interest. Story continues On the monetary policy front, the RBA monetary policy meeting minutes are due out on Tuesday. Following the RBNZ’s surprise move last week, any talk of a tightening of monetary policy would give the Aussie Dollar a boost. The Aussie Dollar ended the week down by 1.16% to $0.7401. For the Kiwi Dollar: It’s a particularly quiet week ahead, with no major stats to provide the Kiwi with direction. A lack of stats will leave the Kiwi in the hands of market risk sentiment in the week. The Kiwi Dollar ended the week up by 0.19% to $0.6999. For the Japanese Yen: Inflation and trade data on Tuesday will be the only stats of the week. Expect the trade data to garner the greatest interest. On Wednesday, the BoJ’s monetary policy meeting minutes are due out for the June meeting. We don’t expect the dated minutes to have a material impact on the Yen, however. The Japanese Yen rose by 0.06% to ¥110.070 against the U.S Dollar. Out of China It’s a particularly quiet week ahead, with no major stats to provide the markets with direction. A lack of stats will leave chatter from Beijing in focus through the week. In the week, the PBoC is in action, though the markets are expecting loan prime rates to be left unchanged. The Chinese Yuan ended the week flat at CNY6.4792 against the U.S Dollar. Geo-Politics Russia and China continue to be the main areas of interest for the markets. Following the withdrawal of troops from Afghanistan, news updates from the Middle East will also need continued monitoring… This article was originally posted on FX Empire More From FXEMPIRE: Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 17th, 2021 S&P 500 Price Forecast – Stock Market Drifts Lower Into the Weekend Natural Gas Price Prediction – Prices Consolidate Forming Bull Flag Pattern The Crypto Daily – Movers and Shakers – July 18th, 2021 Jack Dorsey’s Square Targets Bitcoin Network for DeFi The Crypto Daily – Movers and Shakers – July 17th, 2021 || The Week Ahead – COVID-19 , Economic Data, and the ECB in Focus: On the Macro It’s quieter week ahead on the economic calendar , with 32 stats in focus in the week ending 23 rd July. In the week prior, 66 stats had also been in focus. For the Dollar: On Thursday, jobless claims will draw plenty of attention. At the end of the week, prelim private sector PMIs for July will also be in focus. Expect the services PMI and the initial jobless claim figure to be the key numbers of the week. In the week ending 16 th July, the Dollar Spot Index rose by 0.60% to 92.687. For the EUR : It’s a relatively busy week on the economic data front. Late in the week, business and consumer confidence figures will be in focus. With the ECB looking for consumption to fuel the economic recovery, the numbers will influence. On Friday, prelim private sector PMIs for France, Germany, and the Eurozone will also be in focus. The markets will be looking for any economic speed bumps following disappointing stats from Germany recently. On the monetary policy front, the ECB is also in action on Thursday. With the policy revamp and some uncertainty over the economic outlook, it should be an interesting press conference… For the week, the EUR fell by 0.59% to $1.1806. For the Pound: It’s a relatively quiet week ahead on the economic calendar . CBI industrial trend orders will draw interest on Thursday. At the end of the week, however, private sector PMI and retail sales figures will be the key stats of the week. A pickup in spending and service sector activity would deliver the Pound with strong support. The Pound ended the week down by 0.96% to $1.3767. For the Loonie: It’s a relatively quiet week ahead on the economic calendar . House price figures are due out along with retail sales data. Expect the retail sales figures to be key on Friday. With economic data on the lighter side, crude oil prices and market risk sentiment will also influence in the week. The Loonie ended the week down 1.33% to C$1.2613 against the U.S Dollar. Out of Asia For the Aussie Dollar: Retail sales figures are due out on Wednesday. With consumer spending key to a sustainable economic recovery, Wednesday’s stats will draw plenty of interest. Story continues On the monetary policy front, the RBA monetary policy meeting minutes are due out on Tuesday. Following the RBNZ’s surprise move last week, any talk of a tightening of monetary policy would give the Aussie Dollar a boost. The Aussie Dollar ended the week down by 1.16% to $0.7401. For the Kiwi Dollar: It’s a particularly quiet week ahead, with no major stats to provide the Kiwi with direction. A lack of stats will leave the Kiwi in the hands of market risk sentiment in the week. The Kiwi Dollar ended the week up by 0.19% to $0.6999. For the Japanese Yen: Inflation and trade data on Tuesday will be the only stats of the week. Expect the trade data to garner the greatest interest. On Wednesday, the BoJ’s monetary policy meeting minutes are due out for the June meeting. We don’t expect the dated minutes to have a material impact on the Yen, however. The Japanese Yen rose by 0.06% to ¥110.070 against the U.S Dollar. Out of China It’s a particularly quiet week ahead, with no major stats to provide the markets with direction. A lack of stats will leave chatter from Beijing in focus through the week. In the week, the PBoC is in action, though the markets are expecting loan prime rates to be left unchanged. The Chinese Yuan ended the week flat at CNY6.4792 against the U.S Dollar. Geo-Politics Russia and China continue to be the main areas of interest for the markets. Following the withdrawal of troops from Afghanistan, news updates from the Middle East will also need continued monitoring… This article was originally posted on FX Empire More From FXEMPIRE: Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 17th, 2021 S&P 500 Price Forecast – Stock Market Drifts Lower Into the Weekend Natural Gas Price Prediction – Prices Consolidate Forming Bull Flag Pattern The Crypto Daily – Movers and Shakers – July 18th, 2021 Jack Dorsey’s Square Targets Bitcoin Network for DeFi The Crypto Daily – Movers and Shakers – July 17th, 2021 || Mark Cuban’s Top Investing Advice: Often controversial and always entertaining, self-made billionaire Mark Cuban is not shy in his opinions, especially when it comes to money — and that’sgood news for budding investors. Mark Cuban, after all, is rich and famous. He owns a jet and a basketball team. He’s a reality TV star who millions tune in to watch on “Shark Tank.” If you don’t listen to a guy who created one of the world’s greatest fortunes out of nothing, who do you listen to?
Read:‘Shark Tank’ Stars Share 50 Business TipsCheck Out:11 Ways Warren Buffett Lives Frugally
It wasn’t always that way. Cuban famously lived for years on the budget of a broke college student, driving lousy cars, eating lousy food and saving, saving, saving. A serial entrepreneur, forward-thinking investor and notorious taker of calculated risks, Cuban’s seed money is now fueling startups all over the country in all kinds of industries.
The following is a selection of the finest Mark Cubanisms — from years past to just this year —that can inspire, educate and entertain investors of all levels.
Last updated: April 8, 2021
In a 2018 interview with MarketWatch, Cuban laid down some indisputable arithmetic that explains why paying off debt before you invest might just deliver the biggest returns of all.
“The best investment you can make is paying off your credit cards, paying off whatever debt you have. If you have a student loan with a 7% interest rate, if you pay off that loan, you’re making 7%, that’s your immediate return, which is a lot safer than picking a stock, or trying to pick real estate, or whatever it may be,” Cuban said.
See:Just How Rich Are Elon Musk, Donald Trump and Other Big Names?
Just like you should never gamble if you absolutely have to win, Cuban insists that the same rules apply to investing as a remedy for financial trouble.
“If you are buying because you need the price to go up and solve a financial hole you are in, that is the EXACT WRONG time to trade,” Cuban tweeted on Feb. 3. “And we all have to respect people who choose to sell because they need to. Bills don't care what the market does [sic]. Get right and come back later.”
Find Out:These Billionaires Got Richer During The Pandemic
Cuban had some harsh words for what most investors think of as capitalism’s greatest wealth-generation machine — the stock market. In 2007, he used his blog to offer some advice to young people who aren’t sure what to do with their money.
He wrote: “Put it in the bank. The idiots that tell you to put your money in the market because eventually it will go up need to tell you that because they are trying to sell you something. The stock market is probably the worst investment vehicle out there. If you won’t put your money in the bank, NEVER put your money in something where you don’t have an information advantage. Why invest your money in something because a broker told you to? If the broker had a clue, he/she wouldn’t be a broker, they would be on a beach somewhere.”
More:16 Money Rules That Millionaires Swear By
Not everyone is going to build a successful software startup from scratch, and they don’t necessarily want to be called “idiots” for investing in the stock market. Fine, but Cuban at least wants them to avoid picking their own stocks or buying into expensive mutual funds. His advice mirrors that which fellow billionaire investor Warren Buffett has long offered, as well — buy an index fund.
In an interview with Hayman Capital Management founder Kyle Bass, Cuban said, “for those investors not too knowledgeable about markets, the best bet is a cheap S&P 500 fund,” according to MarketWatch.
Read:21 Life Hacks From Warren Buffett That Anyone Can Use
Cuban told Time’s Money magazine how much he was influenced by a book called “Cashing in on the American Dream: How to Retire by the Age of 35.”
“The whole premise of the book was if you could save up to $1 million and live like a student, you could retire. But you would have to have the discipline of saving and how you spent your money once you got there. I did things like have five roommates and live off of macaroni and cheese and really was very, very frugal. I had the worst possible car.”
See:Stocks That Would Have Made You Rich Today
When the Reddit and GameStop trading frenzy went down, Cuban was able to offer some insightful advice as most of the investing world was struggling just to understand what was even going on.
On a Reddit AMA (Ask Me Anything), Cuban responded to a Redditor’s call for advice with this comparison to Bitcoin.“Many bought at the highs in 2017 and watched it fall by ⅔ or more. But they held on because they believe in the asset ... When I buy a stock, I make sure I know why I['m] buying it. Then I HODL until … I learn that something has changed," using text-slang acronym for “hold on for dear life.”
Find Out:How Does Cryptocurrency Work – and Is It Safe?
Without risk, there can be no reward, and the bigger the risk, the bigger the potential payout. Cuban wants investors to go for broke and swing for the fences — but only with a sliver of their investments.
“If you're a true adventurer and you really want to throw the hail Mary, you might take 10% and put it in Bitcoin or Ethereum, but if you do that, you've got to pretend you've already lost your money. It's like collecting art, it's like collecting baseball cards, it's like collecting shoes. It's a flyer, but I'd limit it to 10%," Cuban told Vanity Fair.
More:13 Toxic Investments You Should Avoid
If you’re considering jumping on the cryptocurrency bandwagon, you’d be wise to place your bets on the biggest names in the game because Cuban sees way too many similarities to 1999 for comfort.
On Jan. 11, he tweeted: “Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many won’t.”
Read:India Proposes Ban on Bitcoin — and the US Could Be Next
Cuban has crossed philosophical paths with Warren Buffett more than once when it comes to investing fundamentals. Like Buffett, Cuban warns against investing in things you don’t understand.
In 2010, Cuban wrote on his blog, “If you don’t fully understand the risks of an investment you are contemplating, it’s okay to do nothing.” More recently, he confirmed that position by stating even more emphatically, “No. 1 rule of investing: When you don’t know what to do, do nothing.”
See:21 Billionaires Who Lost Big in 2020
The best way to avoid investing in something you don’t understand is to understand whatever you’re invested in. Cuban wrote on his blog about the power of what he calls the “knowledge advantage” and what he gained from it in his early years as a budding entrepreneur.
In 2007, he wrote: “At MicroSolutions it gave me a huge advantage. A guy with little computer background could compete with far more experienced guys just because I put in the time to learn all I could. I read every book and magazine I could. Heck, three bucks for a magazine, 20 bucks for a book. One good idea that led to a customer or solution paid for itself many times over.”
More From GOBankingRates
• Jaw-Dropping Stats About the State of Retirement in America
• Big Personal Goals That You Should Put Your Money Toward
• 20 Home Renovations That Will Hurt Your Home’s Value
• 27 Things You Should Never Do With Your Money
This article originally appeared onGOBankingRates.com:Mark Cuban’s Top Investing Advice || Mark Cuban’s Top Investing Advice: Often controversial and always entertaining, self-made billionaire Mark Cuban is not shy in his opinions, especially when it comes to money — and that’s good news for budding investors . Mark Cuban, after all, is rich and famous. He owns a jet and a basketball team. He’s a reality TV star who millions tune in to watch on “Shark Tank.” If you don’t listen to a guy who created one of the world’s greatest fortunes out of nothing, who do you listen to? Read: ‘Shark Tank’ Stars Share 50 Business Tips Check Out: 11 Ways Warren Buffett Lives Frugally It wasn’t always that way. Cuban famously lived for years on the budget of a broke college student, driving lousy cars, eating lousy food and saving, saving, saving. A serial entrepreneur, forward-thinking investor and notorious taker of calculated risks, Cuban’s seed money is now fueling startups all over the country in all kinds of industries. The following is a selection of the finest Mark Cubanisms — from years past to just this year — that can inspire, educate and entertain investors of all levels . Last updated: April 8, 2021 vitapix / Getty Images Pay Off Debt, Then Invest In a 2018 interview with MarketWatch, Cuban laid down some indisputable arithmetic that explains why paying off debt before you invest might just deliver the biggest returns of all. “The best investment you can make is paying off your credit cards, paying off whatever debt you have. If you have a student loan with a 7% interest rate, if you pay off that loan, you’re making 7%, that’s your immediate return, which is a lot safer than picking a stock, or trying to pick real estate, or whatever it may be,” Cuban said. See: Just How Rich Are Elon Musk, Donald Trump and Other Big Names? simpson33 / Getty Images/iStockphoto Never Invest To Get Out of Trouble Just like you should never gamble if you absolutely have to win, Cuban insists that the same rules apply to investing as a remedy for financial trouble. “If you are buying because you need the price to go up and solve a financial hole you are in, that is the EXACT WRONG time to trade,” Cuban tweeted on Feb. 3. “And we all have to respect people who choose to sell because they need to. Bills don't care what the market does [sic]. Get right and come back later.” Story continues Find Out: These Billionaires Got Richer During The Pandemic katjen / Shutterstock.com Don’t Invest In the Stock Market Cuban had some harsh words for what most investors think of as capitalism’s greatest wealth-generation machine — the stock market. In 2007, he used his blog to offer some advice to young people who aren’t sure what to do with their money. He wrote: “Put it in the bank. The idiots that tell you to put your money in the market because eventually it will go up need to tell you that because they are trying to sell you something. The stock market is probably the worst investment vehicle out there. If you won’t put your money in the bank, NEVER put your money in something where you don’t have an information advantage. Why invest your money in something because a broker told you to? If the broker had a clue, he/she wouldn’t be a broker, they would be on a beach somewhere.” More: 16 Money Rules That Millionaires Swear By champja / iStock.com But If You Do, Buy an Index Fund Not everyone is going to build a successful software startup from scratch, and they don’t necessarily want to be called “idiots” for investing in the stock market. Fine, but Cuban at least wants them to avoid picking their own stocks or buying into expensive mutual funds. His advice mirrors that which fellow billionaire investor Warren Buffett has long offered, as well — buy an index fund. In an interview with Hayman Capital Management founder Kyle Bass, Cuban said, “for those investors not too knowledgeable about markets, the best bet is a cheap S&P 500 fund,” according to MarketWatch. Read: 21 Life Hacks From Warren Buffett That Anyone Can Use aldomurillo / Getty Images Embrace Poverty (‘Live Like a Student’) Cuban told Time’s Money magazine how much he was influenced by a book called “Cashing in on the American Dream: How to Retire by the Age of 35.” “The whole premise of the book was if you could save up to $1 million and live like a student, you could retire. But you would have to have the discipline of saving and how you spent your money once you got there. I did things like have five roommates and live off of macaroni and cheese and really was very, very frugal. I had the worst possible car.” See: Stocks That Would Have Made You Rich Today eclipse_images / Getty Images Buy a Stock You Believe In and Hold on for Dear Life When the Reddit and GameStop trading frenzy went down, Cuban was able to offer some insightful advice as most of the investing world was struggling just to understand what was even going on. On a Reddit AMA (Ask Me Anything), Cuban responded to a Redditor’s call for advice with this comparison to Bitcoin.“Many bought at the highs in 2017 and watched it fall by ⅔ or more. But they held on because they believe in the asset ... When I buy a stock, I make sure I know why I['m] buying it. Then I HODL until … I learn that something has changed," using text-slang acronym for “hold on for dear life.” Find Out: How Does Cryptocurrency Work – and Is It Safe? SARINYAPINNGAM / Getty Images/iStockphoto Take Risks — But Play It Safe 90% of the Time Without risk, there can be no reward, and the bigger the risk, the bigger the potential payout. Cuban wants investors to go for broke and swing for the fences — but only with a sliver of their investments. “If you're a true adventurer and you really want to throw the hail Mary, you might take 10% and put it in Bitcoin or Ethereum, but if you do that, you've got to pretend you've already lost your money. It's like collecting art, it's like collecting baseball cards, it's like collecting shoes. It's a flyer, but I'd limit it to 10%," Cuban told Vanity Fair. More: 13 Toxic Investments You Should Avoid jpgfactory / Getty Images If One of Those Risks Is Crypto, Stick With the Big Boys If you’re considering jumping on the cryptocurrency bandwagon, you’d be wise to place your bets on the biggest names in the game because Cuban sees way too many similarities to 1999 for comfort. On Jan. 11, he tweeted: “Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many won’t.” Read: India Proposes Ban on Bitcoin — and the US Could Be Next Daniel Zuchnik / WireImage If You Don’t Understand an Investment, Walk Away Cuban has crossed philosophical paths with Warren Buffett more than once when it comes to investing fundamentals. Like Buffett, Cuban warns against investing in things you don’t understand. In 2010, Cuban wrote on his blog, “If you don’t fully understand the risks of an investment you are contemplating, it’s okay to do nothing.” More recently, he confirmed that position by stating even more emphatically, “No. 1 rule of investing: When you don’t know what to do, do nothing.” See: 21 Billionaires Who Lost Big in 2020 fizkes / Getty Images/iStockphoto Knowledge Is the Best Investment The best way to avoid investing in something you don’t understand is to understand whatever you’re invested in. Cuban wrote on his blog about the power of what he calls the “knowledge advantage” and what he gained from it in his early years as a budding entrepreneur. In 2007, he wrote: “At MicroSolutions it gave me a huge advantage. A guy with little computer background could compete with far more experienced guys just because I put in the time to learn all I could. I read every book and magazine I could. Heck, three bucks for a magazine, 20 bucks for a book. One good idea that led to a customer or solution paid for itself many times over.” More From GOBankingRates Jaw-Dropping Stats About the State of Retirement in America Big Personal Goals That You Should Put Your Money Toward 20 Home Renovations That Will Hurt Your Home’s Value 27 Things You Should Never Do With Your Money This article originally appeared on GOBankingRates.com : Mark Cuban’s Top Investing Advice || How Blockchain and Cryptocurrency Can Revolutionize Businesses: The growth of blockchain and cryptocurrency has been skyrocketing for several years now, and the hype around it is not likely to end very soon. More and more people areinvesting in cryptocurrencyeach new day, and the sector has seen innovations like cross-border payments, real-time IoT operating systems, NFT marketplaces, decentralized finance (DeFi), identity management systems and more.
Certainly, cryptocurrencies are expected to become the future of money in the coming years, but the blockchain technology that underpins them is already changing the way businesses operate. Because blockchain provides a secure ledger for all transactions, it can be used to make businesses run more efficiently. From decentralized security to effective data management and improved transparency, blockchain has many benefits and is used for various applications across various sectors.
Walmart and other large corporations are already utilizing blockchain to track their supply chains. British Airways is another notable company that has adopted blockchain technology. They've used blockchain technology to coordinate data flights between London, Geneva and Miami's airports.
They're also putting a new blockchain-powered VChain Verification Service to the test, which may totally revolutionize the check-in process if it succeeds. Ecommerce giant Alibaba also uses a blockchain-based solution to track luxury products sold on its various websites. Today, the power of blockchain is being tested in a variety of fields, including education, healthcare and nearly everything else.
Here are some major benefits of blockchain and cryptocurrency which could potentially revolutionize businesses across the world.
Both blockchain and cryptocurrencies make transactions rapid, easy and safe, which can help businesses run more efficiently. Credit or debit cards may sometimes take a day or more for transactions to be finalized and reflected in your account, but crypto transactions can be carried out instantly. Furthermore, these transactions will be kept private.
Your transaction will not be recorded by financial intermediaries such as banks. You also do not have to provide your personal details or any other source of identification such as a driver’s license and government-issued IDs. As a result, both your identity and your financial data will be safeguarded.
Related:How to Identify and Avoid 'Shitcoins' in the Cryptocurrency
Businesses often make hundreds of thousands of transactions each day. While Bitcoin and other crypto payments are just becoming mainstream, credit card payments are already widely accepted but they come with high transaction fees. Adopting cryptocurrency for these transactions means you'll pay significantly lower transaction costs than you would if you used credit cards or other means from banks or other financial institutions.
Because blockchain-enabled crypto transactions do not require a third party or a central authority, this paves the way for business transactions to become more decentralized. Hence, nobody will be monitoring your information. Only the sender and receiver will be involved.
Related:8 Benefits of Blockchain to Industries Beyond Cryptocurrency
Unlike traditional card payments, which can be reversed using the chargeback feature, Bitcoin and other cryptocurrency payments cannot be reversed. Because each transaction is securely recorded, there is a long-term audit trail that can be utilized to trace transactions and verify their authenticity. As a result, each transaction has greater audibility and accountability, dramatically reducing the likelihood of fraudulent transactions.
This audibility feature can also be used to track other assets, allowing businesses to keep a database of various types of information about these assets up to date.
The use of blockchain-based applications makes it easier to track products and goods as they move through different stages of the supply chain. The ability to monitor suppliers in real-time, eliminate human errors in data updating and use smart contracts for payments is expected to transform the global supply chain industry.
With the supply chain becoming more efficient, organizations can shift their focus on cutting down other costs and more efficiently streamlining other processes, including production.
Cryptocurrencies facilitate easy cross-border payments and thereby reduces barriers to international trade for various businesses. As a result, businesses can accept payments in cryptocurrencies from customers in any part of the world. Not only does this improve the global prospects of a business, but this will also give a significant competitive advantage.
Because the adoption of cryptocurrencies by businesses is still a new concept, businesses can enhance their core capabilities and enhance their prospects among rivals by implementing them early on. By offering crypto payments, they can also attract new customers who are interested in the crypto field.
With cryptocurrencies having the potential to overturn even central currencies, and with even governments now planning to offer their own central bank digital currency, this will definitely put businesses way far ahead of the competition.
Adopting cryptocurrency can give businesses wider access to capital and liquidity pools, thereby drastically increasing their investment options. Initial Coin Offerings (ICOs) are one of the most common ways in which businesses, especially startups, have been raising capital through cryptocurrency.
Similar to the traditional method of Initial Public Offerings (IPOS), through this method, businesses that raise funds through ICOs typically give back to investors through cryptocurrency tokens like Bitcoin and Ethereum.
Even though cryptocurrencies often come with high volatility, the market is seeing much growth these days, and undoubtedly businesses can use cryptocurrency as protection against inflation during tough market and economic conditions. Bitcoin is one of the most prominent cryptocurrencies that several investors and businesses have invested in to use as a hedge against inflation and the ever-changing market dynamics.
Despite Bitcoin being one of the most volatile cryptocurrencies, most people choose Bitcoin as an inflation hedge primarily due to its limited supply and because of its attractiveness when its real yields move closer to zero.
Apart from just facilitating crypto payments, businesses can also move away from the payments area and implement cryptocurrency and blockchain technologies in their operations and treasury functions as well.
Businesses certainly have a lot of potential to improve themselves and maximize profits once they adopt cryptocurrencies and blockchain technologies in a serious manner. By considering stakeholder needs, overall strategy and short-term and long-term objectives, businesses can create the right crypto adoption strategy and then work towards its implementation.
Related:5 Things to Consider Before Investing in Cryptocurrency || How Blockchain and Cryptocurrency Can Revolutionize Businesses: The growth of blockchain and cryptocurrency has been skyrocketing for several years now, and the hype around it is not likely to end very soon. More and more people are investing in cryptocurrency each new day, and the sector has seen innovations like cross-border payments, real-time IoT operating systems, NFT marketplaces, decentralized finance ( DeFi ), identity management systems and more. Certainly, cryptocurrencies are expected to become the future of money in the coming years, but the blockchain technology that underpins them is already changing the way businesses operate. Because blockchain provides a secure ledger for all transactions, it can be used to make businesses run more efficiently. From decentralized security to effective data management and improved transparency, blockchain has many benefits and is used for various applications across various sectors. Walmart and other large corporations are already utilizing blockchain to track their supply chains. British Airways is another notable company that has adopted blockchain technology. They've used blockchain technology to coordinate data flights between London, Geneva and Miami's airports. They're also putting a new blockchain-powered VChain Verification Service to the test, which may totally revolutionize the check-in process if it succeeds. Ecommerce giant Alibaba also uses a blockchain-based solution to track luxury products sold on its various websites. Today, the power of blockchain is being tested in a variety of fields, including education, healthcare and nearly everything else. Here are some major benefits of blockchain and cryptocurrency which could potentially revolutionize businesses across the world. Quick and secure transactions Both blockchain and cryptocurrencies make transactions rapid, easy and safe, which can help businesses run more efficiently. Credit or debit cards may sometimes take a day or more for transactions to be finalized and reflected in your account, but crypto transactions can be carried out instantly. Furthermore, these transactions will be kept private. Story continues Your transaction will not be recorded by financial intermediaries such as banks. You also do not have to provide your personal details or any other source of identification such as a driver’s license and government-issued IDs. As a result, both your identity and your financial data will be safeguarded. Related: How to Identify and Avoid 'Shitcoins' in the Cryptocurrency Low transaction fees Businesses often make hundreds of thousands of transactions each day. While Bitcoin and other crypto payments are just becoming mainstream, credit card payments are already widely accepted but they come with high transaction fees. Adopting cryptocurrency for these transactions means you'll pay significantly lower transaction costs than you would if you used credit cards or other means from banks or other financial institutions. Increased decentralization Because blockchain-enabled crypto transactions do not require a third party or a central authority, this paves the way for business transactions to become more decentralized. Hence, nobody will be monitoring your information. Only the sender and receiver will be involved. Related: 8 Benefits of Blockchain to Industries Beyond Cryptocurrency Reduced chances of fraud Unlike traditional card payments, which can be reversed using the chargeback feature, Bitcoin and other cryptocurrency payments cannot be reversed. Because each transaction is securely recorded, there is a long-term audit trail that can be utilized to trace transactions and verify their authenticity. As a result, each transaction has greater audibility and accountability, dramatically reducing the likelihood of fraudulent transactions. This audibility feature can also be used to track other assets, allowing businesses to keep a database of various types of information about these assets up to date. Increased traceability of the supply chain The use of blockchain-based applications makes it easier to track products and goods as they move through different stages of the supply chain. The ability to monitor suppliers in real-time, eliminate human errors in data updating and use smart contracts for payments is expected to transform the global supply chain industry. With the supply chain becoming more efficient, organizations can shift their focus on cutting down other costs and more efficiently streamlining other processes, including production. Cross-border payments Cryptocurrencies facilitate easy cross-border payments and thereby reduces barriers to international trade for various businesses. As a result, businesses can accept payments in cryptocurrencies from customers in any part of the world. Not only does this improve the global prospects of a business, but this will also give a significant competitive advantage. Improve your core capabilities Because the adoption of cryptocurrencies by businesses is still a new concept, businesses can enhance their core capabilities and enhance their prospects among rivals by implementing them early on. By offering crypto payments, they can also attract new customers who are interested in the crypto field. With cryptocurrencies having the potential to overturn even central currencies, and with even governments now planning to offer their own central bank digital currency, this will definitely put businesses way far ahead of the competition. New sources of capital Adopting cryptocurrency can give businesses wider access to capital and liquidity pools, thereby drastically increasing their investment options. Initial Coin Offerings (ICOs) are one of the most common ways in which businesses, especially startups, have been raising capital through cryptocurrency. Similar to the traditional method of Initial Public Offerings (IPOS), through this method, businesses that raise funds through ICOs typically give back to investors through cryptocurrency tokens like Bitcoin and Ethereum. Potential inflation hedge Even though cryptocurrencies often come with high volatility, the market is seeing much growth these days, and undoubtedly businesses can use cryptocurrency as protection against inflation during tough market and economic conditions. Bitcoin is one of the most prominent cryptocurrencies that several investors and businesses have invested in to use as a hedge against inflation and the ever-changing market dynamics. Despite Bitcoin being one of the most volatile cryptocurrencies, most people choose Bitcoin as an inflation hedge primarily due to its limited supply and because of its attractiveness when its real yields move closer to zero. Improved treasury function and operations Apart from just facilitating crypto payments, businesses can also move away from the payments area and implement cryptocurrency and blockchain technologies in their operations and treasury functions as well. Conclusion Businesses certainly have a lot of potential to improve themselves and maximize profits once they adopt cryptocurrencies and blockchain technologies in a serious manner. By considering stakeholder needs, overall strategy and short-term and long-term objectives, businesses can create the right crypto adoption strategy and then work towards its implementation. Related: 5 Things to Consider Before Investing in Cryptocurrency || Sharon Stone, Alicia Keys and Orlando Bloom Unite for amfAR Gala: CANNES, France The annual amfAR gala brought a bit of glamour back to Cannes, with a dinner and fashion show at the Belle Epoque Villa Eilenroc in Cap dAntibes, and an emotional Sharon Stone as host of the evening. The longtime activist took to the stage to the somewhat bewildering tune of The Verves Bittersweet Symphony to celebrate her return as host after a seven-year absence. Going off script, she asked for a glass of Champagne to toast the audience. Weve been on this journey together for so long and for so many years, we didnt know what was going to happen, she said of advances in AIDS research. I am so damned proud to be standing here with you. More from WWD amfAR Cannes 2021: Inside the Gala Cannes Film Festival jury president Spike Lee, who attended just long enough to lend his signature to a Sacha Jafri painting to commemorate the night; Orlando Bloom; Rachel Brosnahan and Regina King were among the bigger names on the eclectic guest list, which also included Julianne Hough, Darren Criss and Bella Thorne. The Carine Roitfeld -curated fashion show gave a much needed injection of energy into the evening, which started off subdued due to unseasonably cold wind and rain. Joining a bevy of models including Stella Maxwell on the runway, Roitfelds daughter Julia Restoin Roitfeld walked in Chanel, while RuPauls Drag Race star Miss Fame rocked in a white Louis Vuitton suit, despite a damp runway. A model took a tumble and a few simply removed their shoes. Roitfeld pulled together the show on short notice by calling on longtime supporters including Balmain, Celine and Dior, as well as new designers Alled Martinez, Ludovic de Saint Sernin and Nensi Dojaka. Its like the first day of school, you know when you are all back together and really excited and having fun, Roitfeld said of the atmosphere backstage. Its the biggest show in public in a long time, I think. There have been shows, but not with many people. This is the first big show with an audience. I havent been with so many people since a long time, to see these happy faces and smiling faces we feel the good vibes. Story continues With Miss Fame walking alongside James Turlington and Alton Mason, the show expanded traditional notions of beauty, said Roitfeld. I want to push different bodies and different types of beauty, she said. Casting was assisted by Piergiorgio Del Moro. Sharon Stone and Orlando Bloom - Credit: Stephane Feugere / WWD Stephane Feugere / WWD Ellen von Unwerth, in a silver sequined suit, celebrated the return to dressing up. Everyone looks so incredible after being so frumpy for one year and a half, she said. The photographer reconnected with Stone after working together 20-plus years ago. She admitted to sometimes getting a little bit starstruck. Who could possibly intimidate the peroxide blonde photographer? I think Madonna. Its like two blondes and theres a little bit of rivalry there, she joked. While she took the last year to slow down, its now back to business. Von Unwerth is working on a new book about the 90s supermodels, since the looks of the era are back in style. People still dream about that time and about those girls and that fashion, and everybody wants that big hair again, she said. It will be published by Taschen before the end of the year. Brosnahan was in a custom Vivienne Westwood gown. The apricot-colored frock is part of her new collaboration with stylist Law Roach. We are new bedfellows. He has a really special eye. I had been a fan from afar. He creates such a unique look for each one of the clients that he works with, and I feel very lucky to be in his aura right now, she revealed. The actress is heading to the desert which one was not disclosed for a shoot, but will protect her pale skin. I am an SPF 100 girl all the way. Rachel Brosnahan and guest. - Credit: Stephane Feugere / WWD Stephane Feugere / WWD There were moments of levity in what was a somewhat chaotic night. Guests, perhaps overly enthusiastic about being at a social gathering for the first time in months, could not be corralled and tabled-hopped despite increasingly desperate pleas from the auctioneers. Bloom chatted with artist Vasily Klyukin, and Emily in Paris star Lucas Bravo palled around with Hough. The post-1 a.m. appearance of Alicia Keys united the guests in front of the stage for a set including hits including If I Aint Got You and Fallin for her first post-pandemic performance. Seeing as this is my first show back, tonight is really about hope, and tonight is about just the way that if you believe in something, you can make anything happen. I think we are all a living, breathing example of that, she said. And yet there were still hours of auctioning for at least a dozen more items left to go after Keys. A painting from Chloe Wise went for a cool 175,000 euros, a Kennedy Yanko sculpture went to Swizz Beatz for 350,000 euros, while a golden armored car from Sacha Baron Cohens 2012 film The Dictator sold for 200,000 euros. The evening raised more than $11 million for the research charity. It was also the first time the event accepted cryptocurrency, taking Bitcoin or Ethereum as legal tender. Stone planned to share a late-night snack with son Roan after the event. I never get to eat at these things, so we always order pizza. Its a tradition, she said. Still, the 2.30 a.m. ending time might have been a bit late even for Stone, who was ready for bed in her final costume change of the night. She took to the stage in a flowing floral robe for the last items of the night. I know its late, thats why Im wearing my pajamas. While Stone retired, guests with tired feet still had to wait upward of an hour for their cars. Alicia Keys performs at amfAR. - Credit: Stephane Feugere / WWD Stephane Feugere / WWD Launch Gallery: AMfar Gala 2021 Sign up for WWD's Newsletter . For the latest news, follow us on Twitter , Facebook , and Instagram . || Sharon Stone, Alicia Keys and Orlando Bloom Unite for amfAR Gala: CANNES, France The annual amfAR gala brought a bit of glamour back to Cannes, with a dinner and fashion show at the Belle Epoque Villa Eilenroc in Cap dAntibes, and an emotional Sharon Stone as host of the evening. The longtime activist took to the stage to the somewhat bewildering tune of The Verves Bittersweet Symphony to celebrate her return as host after a seven-year absence. Going off script, she asked for a glass of Champagne to toast the audience. Weve been on this journey together for so long and for so many years, we didnt know what was going to happen, she said of advances in AIDS research. I am so damned proud to be standing here with you. More from WWD amfAR Cannes 2021: Inside the Gala Cannes Film Festival jury president Spike Lee, who attended just long enough to lend his signature to a Sacha Jafri painting to commemorate the night; Orlando Bloom; Rachel Brosnahan and Regina King were among the bigger names on the eclectic guest list, which also included Julianne Hough, Darren Criss and Bella Thorne. The Carine Roitfeld -curated fashion show gave a much needed injection of energy into the evening, which started off subdued due to unseasonably cold wind and rain. Joining a bevy of models including Stella Maxwell on the runway, Roitfelds daughter Julia Restoin Roitfeld walked in Chanel, while RuPauls Drag Race star Miss Fame rocked in a white Louis Vuitton suit, despite a damp runway. A model took a tumble and a few simply removed their shoes. Roitfeld pulled together the show on short notice by calling on longtime supporters including Balmain, Celine and Dior, as well as new designers Alled Martinez, Ludovic de Saint Sernin and Nensi Dojaka. Its like the first day of school, you know when you are all back together and really excited and having fun, Roitfeld said of the atmosphere backstage. Its the biggest show in public in a long time, I think. There have been shows, but not with many people. This is the first big show with an audience. I havent been with so many people since a long time, to see these happy faces and smiling faces we feel the good vibes. Story continues With Miss Fame walking alongside James Turlington and Alton Mason, the show expanded traditional notions of beauty, said Roitfeld. I want to push different bodies and different types of beauty, she said. Casting was assisted by Piergiorgio Del Moro. Sharon Stone and Orlando Bloom - Credit: Stephane Feugere / WWD Stephane Feugere / WWD Ellen von Unwerth, in a silver sequined suit, celebrated the return to dressing up. Everyone looks so incredible after being so frumpy for one year and a half, she said. The photographer reconnected with Stone after working together 20-plus years ago. She admitted to sometimes getting a little bit starstruck. Who could possibly intimidate the peroxide blonde photographer? I think Madonna. Its like two blondes and theres a little bit of rivalry there, she joked. While she took the last year to slow down, its now back to business. Von Unwerth is working on a new book about the 90s supermodels, since the looks of the era are back in style. People still dream about that time and about those girls and that fashion, and everybody wants that big hair again, she said. It will be published by Taschen before the end of the year. Brosnahan was in a custom Vivienne Westwood gown. The apricot-colored frock is part of her new collaboration with stylist Law Roach. We are new bedfellows. He has a really special eye. I had been a fan from afar. He creates such a unique look for each one of the clients that he works with, and I feel very lucky to be in his aura right now, she revealed. The actress is heading to the desert which one was not disclosed for a shoot, but will protect her pale skin. I am an SPF 100 girl all the way. Rachel Brosnahan and guest. - Credit: Stephane Feugere / WWD Stephane Feugere / WWD There were moments of levity in what was a somewhat chaotic night. Guests, perhaps overly enthusiastic about being at a social gathering for the first time in months, could not be corralled and tabled-hopped despite increasingly desperate pleas from the auctioneers. Bloom chatted with artist Vasily Klyukin, and Emily in Paris star Lucas Bravo palled around with Hough. The post-1 a.m. appearance of Alicia Keys united the guests in front of the stage for a set including hits including If I Aint Got You and Fallin for her first post-pandemic performance. Seeing as this is my first show back, tonight is really about hope, and tonight is about just the way that if you believe in something, you can make anything happen. I think we are all a living, breathing example of that, she said. And yet there were still hours of auctioning for at least a dozen more items left to go after Keys. A painting from Chloe Wise went for a cool 175,000 euros, a Kennedy Yanko sculpture went to Swizz Beatz for 350,000 euros, while a golden armored car from Sacha Baron Cohens 2012 film The Dictator sold for 200,000 euros. The evening raised more than $11 million for the research charity. It was also the first time the event accepted cryptocurrency, taking Bitcoin or Ethereum as legal tender. Stone planned to share a late-night snack with son Roan after the event. I never get to eat at these things, so we always order pizza. Its a tradition, she said. Still, the 2.30 a.m. ending time might have been a bit late even for Stone, who was ready for bed in her final costume change of the night. She took to the stage in a flowing floral robe for the last items of the night. I know its late, thats why Im wearing my pajamas. While Stone retired, guests with tired feet still had to wait upward of an hour for their cars. Alicia Keys performs at amfAR. - Credit: Stephane Feugere / WWD Stephane Feugere / WWD Launch Gallery: AMfar Gala 2021 Sign up for WWD's Newsletter . For the latest news, follow us on Twitter , Facebook , and Instagram . || Buy coffee, not crypto — why investors are choosing commodities in 2021: Move over, Bitcoin. There’s a new and exciting trade in town: commodities.
Droughts in Brazil are sparking double-digit gains in coffee futures, threatening the price of everyone's daily caffeine fix. And it's not just coffee, as vaccine-driven global growth has prices for many commodities – sugar, oil, gold and more – experiencing a broad-based rally that's made the sector piping hot.
The Invesco DB Commodity Index Tracking Fund — which looks to achieve diversified commodity exposure — is up 56% over the past year alone.
And the strong performance in commodities is drawing the attention of retail investors looking to get in on the action.
But before you jump in head first, it’s important to at least know the basics. Commodities trading is a different beast than stocks, with a unique risk versus reward profile, so an extra layer of due diligence is required.
Commodities are the raw materials at the foundation of everyday life: Things that can be mined, drilled or grown and then used to produce the goods we use.
Whether we’re sipping coffee, putting on a new T-shirt or pumping gas into our cars, commodities make it all possible. Which means people’s day-to-day consumption habits have a significant impact on the prices of commodities.
From an investor’s perspective, commodities trading is simply the act of buying and selling these raw materials to either earn a profit or hedge risk.
There are four main types of commodities:
1. Agricultural products:These soft commodities are grown and include products such as cocoa, coffee, cotton, sugar, corn, wheat and fruit.
2. Livestock and meat:Soft commodities that are ranched and include products such as live cattle, chickens, pork bellies and milk.
3. Energy products:Hard commodities that are drilled or mined and include things like oil, coal, natural gas, ethanol and electricity.
4. Metals:Hard commodities that are mined and include both precious metals (like gold and silver) and base metals (like copper, aluminum and zinc).
While investors are always hunting for bigger returns, there are other good reasons to invest in commodities:
Diversification is probably the single best reason to add commodities to your portfolio.
Why? Because commodities tend to have very little correlation with more traditional asset classes.
Historical trading patterns have shown stocks and bonds tend to move in tandem with each other. That can make it difficult to guard against a downturn if those are the only groups you’re invested in.
Butit’s different with commodities.
Commodities are primarily influenced by the supply and demand dynamics occurring in their individual markets. Variations in demand for oil or copper or cotton will often have a greater impact on their prices than an overall market direction.
That means commodities don’t necessarily move in lockstep with other financial assets; and in many cases, they can move in theoppositedirection of stocks and bonds.
So, allocating a portion of your portfolio to commodities can give you a cushion of protection against a decline on Wall Street.
Investing in commodities remains one of the most reliable ways toguard against the ravages of inflation. That’s because as inflation rises, the price of raw materials increases right along with it.
Legendary investor Warren Buffett recently touched on this phenomenon when discussing his company’s current housing operations.
“The costs are just up, up, up,” he said at Berkshire Hathaway’s annual shareholders’ meeting. “Steel costs, you know, just every day they’re going up.”
Commodities have historically performed well during periods of high inflation, even as stocks and bonds declined.
There are several ways to invest in commodities, including just buying and owning them directly.
If you want to invest in gold, for example, purchasing a few gold coins from a local dealer is easy enough.
The difficulty lies in owning unwieldy commodities like natural gas or livestock. Very few people have the space to store hundreds of barrels of oil or to house a herd of cattle.
Thankfully, there are three practical methods for average investors to invest in commodities.
Commodity exchange-traded funds (ETFs) offer the simplest way to gain exposure without having to directly own the commodity.
Some commodity ETFs let you zero in on a single commodity, while others group them together for broad-based exposure.
For instance, the SPDR Gold Shares ETF is designed to move in lockstep with gold prices, giving you a “pure” way to invest in the yellow metal.
Meanwhile, Invesco’s previously mentioned Commodity Index Tracking Fund provides exposure to 14 of the most heavily traded physical commodities, including crude oil, gasoline, corn, gold and soybeans.
ETFs typically have very low management fees, and you save even more by buying them through azero-commission investing app.
Another easy way to invest in commodities is by owning the companies that produce them.
For instance, energy blue chips like BP, Exxon Mobil and Chevron are a good way to gain exposure to oil and natural gas. Agricultural stocks such as Mosaic and Tyson Foods let you invest in fertilizers and livestock, respectively. Mining giants like BHP, Rio Tinto and Vale all provide access to a wide variety of metals.
And thanks to a new investment platform, you can actuallybuy stakes in U.S. farms. You'll get a cut from both the leasing fees and crop sales, providing you with a cash income while the value of the asset increases.
A word of caution: Commodity stocks don’t always track their underlying commodities perfectly because other business-specific factors come into play – like the company’s financials, the quality of its management team and its long-term production prospects.
At any given time, any one of those factors can have a greater impact on the stock price than the underlying commodity.
As with ETFs, you can easily invest in commodity stocks through any number of investing apps — although a few willgive you a free stockjust for signing up.
Finally, investors can use futures contracts to bet on how a particular commodity’s price will move. Futures involve agreeing to buy or sell a given commodity at a predetermined price and time in the future.
Buyers of futures contracts profit when commodity prices rise. Sellers of futures contracts profit when commodity prices fall.
While futures were designed for major commodity producers to hedge against price volatility, individual investors can get into the game if they have a brokerage account that offers it.
Novice investors should exercise extreme caution with futures contracts due to the high degree of borrowing typically involved. Borrowing large sums, coupled with extreme volatility exhibited by many commodity prices, make futures trading a particularly risky proposition.
With inflation continuing to heat up, it doesn’t look as if the rally in commodities will slow anytime soon. Hopping on for the ride, even at these elevated levels, is tempting.
But be sure to remember this: Commodities investing is always a high-risk, high-reward proposition, regardless of when, what and how. Newer investors might prefer a low-stakes alternative, like an app that lets youinvest with just your "spare change."
In order to minimize that risk, consider leaning on dividend-paying commodity producers and established commodity ETFs for the vast majority of your exposure — and staying as far away from margin as humanly possible. || Buy coffee, not crypto — why investors are choosing commodities in 2021: Buy coffee, not crypto — why investors are choosing commodities in 2021 Move over, Bitcoin. There’s a new and exciting trade in town: commodities. Droughts in Brazil are sparking double-digit gains in coffee futures, threatening the price of everyone's daily caffeine fix. And it's not just coffee, as vaccine-driven global growth has prices for many commodities – sugar, oil, gold and more – experiencing a broad-based rally that's made the sector piping hot. The Invesco DB Commodity Index Tracking Fund — which looks to achieve diversified commodity exposure — is up 56% over the past year alone. And the strong performance in commodities is drawing the attention of retail investors looking to get in on the action. But before you jump in head first, it’s important to at least know the basics. Commodities trading is a different beast than stocks, with a unique risk versus reward profile, so an extra layer of due diligence is required. What is commodities investing? Parilov / Shutterstock Commodities are the raw materials at the foundation of everyday life: Things that can be mined, drilled or grown and then used to produce the goods we use. Whether we’re sipping coffee, putting on a new T-shirt or pumping gas into our cars, commodities make it all possible. Which means people’s day-to-day consumption habits have a significant impact on the prices of commodities. From an investor’s perspective, commodities trading is simply the act of buying and selling these raw materials to either earn a profit or hedge risk. There are four main types of commodities: Agricultural products: These soft commodities are grown and include products such as cocoa, coffee, cotton, sugar, corn, wheat and fruit. Livestock and meat: Soft commodities that are ranched and include products such as live cattle, chickens, pork bellies and milk. Energy products: Hard commodities that are drilled or mined and include things like oil, coal, natural gas, ethanol and electricity. Metals: Hard commodities that are mined and include both precious metals (like gold and silver) and base metals (like copper, aluminum and zinc). Story continues Why invest in commodities? Alf Ribeiro / Shutterstock While investors are always hunting for bigger returns, there are other good reasons to invest in commodities: Reason No. 1: Diversification Diversification is probably the single best reason to add commodities to your portfolio. Why? Because commodities tend to have very little correlation with more traditional asset classes. Historical trading patterns have shown stocks and bonds tend to move in tandem with each other. That can make it difficult to guard against a downturn if those are the only groups you’re invested in. But it’s different with commodities . Commodities are primarily influenced by the supply and demand dynamics occurring in their individual markets. Variations in demand for oil or copper or cotton will often have a greater impact on their prices than an overall market direction. That means commodities don’t necessarily move in lockstep with other financial assets; and in many cases, they can move in the opposite direction of stocks and bonds. So, allocating a portion of your portfolio to commodities can give you a cushion of protection against a decline on Wall Street. Reason #2: Inflation Hedge Investing in commodities remains one of the most reliable ways to guard against the ravages of inflation . That’s because as inflation rises, the price of raw materials increases right along with it. Legendary investor Warren Buffett recently touched on this phenomenon when discussing his company’s current housing operations. “The costs are just up, up, up,” he said at Berkshire Hathaway’s annual shareholders’ meeting. “Steel costs, you know, just every day they’re going up.” Commodities have historically performed well during periods of high inflation, even as stocks and bonds declined. How to Invest In Commodities Fotokostic / Shutterstock There are several ways to invest in commodities, including just buying and owning them directly. If you want to invest in gold, for example, purchasing a few gold coins from a local dealer is easy enough. The difficulty lies in owning unwieldy commodities like natural gas or livestock. Very few people have the space to store hundreds of barrels of oil or to house a herd of cattle. Thankfully, there are three practical methods for average investors to invest in commodities. Commodity ETFs Commodity exchange-traded funds (ETFs) offer the simplest way to gain exposure without having to directly own the commodity. Some commodity ETFs let you zero in on a single commodity, while others group them together for broad-based exposure. For instance, the SPDR Gold Shares ETF is designed to move in lockstep with gold prices, giving you a “pure” way to invest in the yellow metal. Meanwhile, Invesco’s previously mentioned Commodity Index Tracking Fund provides exposure to 14 of the most heavily traded physical commodities, including crude oil, gasoline, corn, gold and soybeans. ETFs typically have very low management fees, and you save even more by buying them through a zero-commission investing app . Commodity stocks Another easy way to invest in commodities is by owning the companies that produce them. For instance, energy blue chips like BP, Exxon Mobil and Chevron are a good way to gain exposure to oil and natural gas. Agricultural stocks such as Mosaic and Tyson Foods let you invest in fertilizers and livestock, respectively. Mining giants like BHP, Rio Tinto and Vale all provide access to a wide variety of metals. And thanks to a new investment platform, you can actually buy stakes in U.S. farms . You'll get a cut from both the leasing fees and crop sales, providing you with a cash income while the value of the asset increases. A word of caution: Commodity stocks don’t always track their underlying commodities perfectly because other business-specific factors come into play – like the company’s financials, the quality of its management team and its long-term production prospects. At any given time, any one of those factors can have a greater impact on the stock price than the underlying commodity. As with ETFs, you can easily invest in commodity stocks through any number of investing apps — although a few will give you a free stock just for signing up. Commodity futures Finally, investors can use futures contracts to bet on how a particular commodity’s price will move. Futures involve agreeing to buy or sell a given commodity at a predetermined price and time in the future. Buyers of futures contracts profit when commodity prices rise. Sellers of futures contracts profit when commodity prices fall. While futures were designed for major commodity producers to hedge against price volatility, individual investors can get into the game if they have a brokerage account that offers it. Novice investors should exercise extreme caution with futures contracts due to the high degree of borrowing typically involved. Borrowing large sums, coupled with extreme volatility exhibited by many commodity prices, make futures trading a particularly risky proposition. Making the call fizkes / Shutterstock With inflation continuing to heat up, it doesn’t look as if the rally in commodities will slow anytime soon. Hopping on for the ride, even at these elevated levels, is tempting. But be sure to remember this: Commodities investing is always a high-risk, high-reward proposition, regardless of when, what and how. Newer investors might prefer a low-stakes alternative, like an app that lets you invest with just your "spare change." In order to minimize that risk, consider leaning on dividend-paying commodity producers and established commodity ETFs for the vast majority of your exposure — and staying as far away from margin as humanly possible. || How Axie Infinity Creates Work in the Metaverse: Having collectedover $30 million in fees in the last week, a cute NFT pet game called Axie Infinity is currently raking in more protocol revenue than Ethereum and Bitcoin, and more thanthe next 11 top-ranking dapps– that is, Uniswap, PancakeSwap, Aave, Compound, SushiSwap, QuickSwap, MetaMask, Lido Finance, MakerDAO and Synthetix –combined. And in this case, its business model is designed so the people profiting from it are not just a bunch of crypto bros getting richer. It’s people farther down the food chain, those who are usually excluded from these kinds of life-changing moments of wealth creation.
With almost half a million daily active users (DAU) and an estimated 60% of those coming from the Philippines, Axie is exploding. To put this into perspective, around the end of July 2020, just beforeI first wrote about it, Axie’s DAU was below 500. But ever since the developing world got wind of this Pokémon-esque video game that pays to play, the product found its fit with a segment of the global population that hasn’t traditionally been a top priority for tech companies.
I’ve seen a few Twitter-based armchair critics label the pursuit of SLP, Axie’s battle reward token, as meaninglessgrinding. It’s understandable how they’d arrive at this conclusion, where people are familiar only with the exploitative business models of the traditional gaming industry and haven’t yet grasped howdecentralized gaming is different. But it also reveals a lack of consideration for those who have found real value and purpose in these games. Many Axie players have been grinding much harder in their day jobs and getting much less for it.
Related:Why Central Bankers Invoke Free Banking to Attack Stablecoins
To them,play-to-earnlooks pretty good. So good, in fact, that I’ve heard a few murmurs that we might soon see increasing numbers of workers ditching their offline jobs to seek a career in the Metaverse instead. Here in the Philippines, it’s not hard to imagine how that could happen. It isn’t much of a departure from the usual narrative of the Filipino migrant worker.
“They nurse the sick in California, drive fuel trucks in Iraq, sail cargo ships through the Panama Canal and cruise ships through the Gulf of Alaska. They pour sake for Japanese salarymen and raise the children of Saudi businessmen,” wrote Richard C. Paddock in a 2006 LA Timesarticleabout the Philippines’ most successful export: its people.
Back in the 1970s, when the Philippines was suffering a political crisis and massive domestic unemployment, then-President Ferdinand Marcos came up with a new labor export policy involving the “active and systemic migration” of the nation’s people. It was meant only as a temporary solution, with the added benefit of consolidating foreign exchange with inbound remittances. Today, more than 10 million Filipinos live across the globe, with 2.2 million of those identified as Overseas Filipino Workers, or OFWs. The money they send home makes up almost 10% of national GDP, ranking the Philippines in thetop four recipientsof remittances globally, behind India, China and Mexico.
In early 2020, when the COVID-19 pandemic hit and OFWs were being laid off by the plane-load, the World Bank feared the value of remittances to low- and middle- income countries couldslide by 20% or more, leaving vulnerable households in the lurch and putting a tremendous strain on government relief efforts. But that’s not how it has turned out. A recent central bankreportshows the volume of remittances has actually exceeded pre-pandemic levels to hit $11 billion in the first quarter of 2021. That’s an all-time high.
Related:Money Reimagined: Why the World Still Needs Uncensorable Marketplaces
But don’t jump to celebrate; this isn’t necessarily good news. Since March 2020,around 400,000OFWs have been displaced due to pandemic-related job cuts. Without the reinstatement of those jobs, this tells us the remittance burden has simply intensified for those still gainfully employed overseas. Or, stranded OFWs aredrawing down their savings to meet the deficit. Or, those repatriated may have brought back months if not years of savings in one lump sum, artificially boosting the income data. Or, all of the above.
The Metaverse is cross-border by nature, so people don’t need to be.
Upon their return home, repatriated workers face uncertain employment prospects, forced tocompete for jobsin a country that didn’t have enough work or good enough wages for them even before it entered its worst recession on record. This is a massive problem, not only for OFWs but their families, too, who rely on that money coming in. As such, there is now a huge need for the government to target employment generation and deliver policies encouraging OFWs to undergo retraining and learn new skills to protect their livelihoods.
But where will those jobs come from, especially for those low-skilled workers in the services sector who were cleaners, nannies, drivers, wait staff and so on, overseas? Or their countrymen who previously worked in any of the local industries that were decimated by COVID-19, such as tourism, hospitality, retail, transport and manufacturing? Left idle, it’s no surprise that more and more of these un- and under- employed are migrating to where the money is, the Metaverse.
In hisCryptoday newsletter, Luis Buenaventura, co-founder ofBloomX, a central bank licensed crypto exchange that offers a direct trading pair between the Philippine peso and SLP, observed the following:
The average player can earn 4,500 $SLP a month, so if we assume that about a third of those Pinoy players are playing at the optimal level, they are collectively going to earn 222,750,000 $SLP this month. How much is $SLP in peso terms? Well, as of this week, it’s over 9 pesos each, which means that these kids are cumulatively going to be raking in around 2 BILLION PESOS this month.To put that into perspective: 2 billion pesos is the average amount of remittances that ALL the OFWs living in Hong Kong send back home to the Philippines each month.
Luis, a friend of mine in theCryptoPHscene, published this newsletter on July 9. Given Axie’s breakneck growth rate, the numbers are already superseded. So I caught up with Luis to brainstorm how long it might be before the value of inbound SLP rivals the Philippines’ largest source of international remittances, that is, the United States at roughly $10 billion per year.
Let’s be conservative and assume the average Axie player earns about 150 SLP daily. If SLP is trading at $0.20, and there are one million Filipino DAU, that would bring in US$10.8 billion annually. This is totally conceivable when you think of it as less than 1% user adoption in a country with a populace of 111 million, or if you think of it as a slice of the total revenue that could be generated by play-to-earn as a sector. NFT games are rapidly increasing in popularity, with more and more developers eyeing the Philippines as a highly marketable launchpad.
As such, the idea of becoming an MFW (Metaverse Filipino Worker) is emerging as an enticing alternative to being an OFW. The Metaverse is a career destination that can be reached with a smartphone and an internet connection as opposed to a bus, boat, train or plane. You can work from home and be your own boss! And, if you don’t have the required upfront capital to invest in the tools of the trade (that is, the NFTs that are the basis of all these games and virtual worlds), you can kick-start your income engine byrenting someone else’s.
Further, for those who demonstrate exceptional dedication and skill, these Metaverse jobs offer the potential to climb the ladder, with many talented players moving quickly into leadership positions within the community.
This has hit a nerve, particularly in rural communities, because it represents a previously incomprehensible pathway to meaningful participation in the global digital economy.
If you remember Ijon Inton from thefirst article I wrote about Axie in the Philippines, he made a killing off crypto games during the pandemic lockdown. Even so, as soon as border restrictions relaxed and international flights started up again, Ijon went the OFW route and moved to Japan to become a trainee butcher. At the time, I asked if he’d considered staying home to play Axie instead. He said that even though being a full-time gamer would be a dream come true, his ultimate goal was to provide for his children. So, he did the sensible thing and bid goodbye to the Philippines.
This wouldn’t have been an easy decision to make. To get a sense of the sacrifice made by OFW parents, watchthis heartbreaking TV commercialthat reveals the tenuous relationship between an OFW mother and her young son, when she returns home to celebrate Christmas for the first time in years (yes, it’s an ad for dishwashing liquid, but I cry every damn time I watch it).
But just last month, barely a year since he left home, Ijon decided to quit his traineeship after realizing he’d earned more in three months of playing Axie, renting his Axie NFTs out to other players and trading crypto, than he would’ve made working three years full time as an OFW. So now, Ijon is heading back home to his family. For good.
Upon receiving his resignation, Ijon’s employer happily granted him early release from his contract and hastily ushered him onto the first available flight back to the Philippines. Ijon told me he got the feeling the company wanted him out of there ASAP because they were worried he might inspire other workers to opt out of their roles, too. Ijon had already helped at least 20 of his colleagues start earning with Axie, so his employer probably had good reason to be concerned.
Metaverse careers are gaining serious legitimacy, and those who still laugh at the notion of a job inside a videogame do so at their own peril. Some, like Ijon andthis guy, have earned enough to quit their OFW job and come home. I’ve heard other stories about OFWs in Kuwait who earn more playing Axie during their downtime than they do working their day jobs, so they send SLP home in order to avoid the expensive remittance fees charged on cash transfers. And then there’s Lola and Lolo, the elderly couple from thePlay-to-Earn documentary, who have completelysubverted the OFW model. They now earn enough to meet their own needs with money leftover to support their OFW daughter who recently lost her job in Canada.
As Paddock observed about the plight of the OFW, millions of Filipino children are growing up without their mothers and fathers, yet they have money to buy plenty of computer games. So what if this new breed of computer game could bring their mother and father home forever?
Ultimately, if more Filipinos were able to stay in their home country, this would increase the supply of local labor. Working full time in the Metaverse is still a pipe dream for most. Even those who call themselves full-time, play-to-earn gamers usually have another side hustle or two on the go. It is perfectly possible to balance NFT gaming with other employment because the work is fully flexible and can be done anywhere, anytime.
This is an intriguing proposition because Filipinos do not strive merely to put food on the table. They want to be able to save for their family’s future and invest in their children’s education. Ideally, they’d have multiple income streams like a local job that pays the bills, then what they make in the Metaverse is extra. And when they make more money, Filipinos will also have more disposable income, which will drive domestic demand for services and grease the wheels of consumer spending. Perhaps then it will be all the rich NFT gamers who employ the cleaners, nannies, drivers and wait staff in their home country. They’ll pay their providers better, too; if not forthe spirit of bayanihan, then for the fact that no worker will be incentivized to do those service sector jobs if they know they could be earning more in the Metaverse.
The Philippines has long been a major supplier of labor to the world. But the significant revenue generated by OFWs over previous decades is potentially unsustainable. Remittances have been a vital economic crutch for developing nations but they’ve also reduced local labour supply and induced a culture of dependence. Additionally, those who must leave their families behind in search of a better future are forced to pay a huge emotional tax. And as we enter the post-coronavirus era, digital transformation is reducing the need for human help and eliminating some jobs altogether. So the workers need something else to do.
It’s early days, but play-to-earn could offer a way forward. The Metaverse is cross-border by nature, so people don’t need to be.
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• Tether Hasn’t Printed New USDT in Weeks: 3 Possible Explanations || How Axie Infinity Creates Work in the Metaverse: Having collected over $30 million in fees in the last week , a cute NFT pet game called Axie Infinity is currently raking in more protocol revenue than Ethereum and Bitcoin, and more than the next 11 top-ranking dapps – that is, Uniswap, PancakeSwap, Aave, Compound, SushiSwap, QuickSwap, MetaMask, Lido Finance, MakerDAO and Synthetix – combined . And in this case, its business model is designed so the people profiting from it are not just a bunch of crypto bros getting richer. It’s people farther down the food chain, those who are usually excluded from these kinds of life-changing moments of wealth creation. With almost half a million daily active users (DAU) and an estimated 60% of those coming from the Philippines, Axie is exploding. To put this into perspective, around the end of July 2020, just before I first wrote about it , Axie’s DAU was below 500. But ever since the developing world got wind of this Pokémon-esque video game that pays to play, the product found its fit with a segment of the global population that hasn’t traditionally been a top priority for tech companies. I’ve seen a few Twitter-based armchair critics label the pursuit of SLP, Axie’s battle reward token, as meaningless grinding . It’s understandable how they’d arrive at this conclusion, where people are familiar only with the exploitative business models of the traditional gaming industry and haven’t yet grasped how decentralized gaming is different . But it also reveals a lack of consideration for those who have found real value and purpose in these games. Many Axie players have been grinding much harder in their day jobs and getting much less for it. Related: Why Central Bankers Invoke Free Banking to Attack Stablecoins To them, play-to-earn looks pretty good. So good, in fact, that I’ve heard a few murmurs that we might soon see increasing numbers of workers ditching their offline jobs to seek a career in the Metaverse instead. Here in the Philippines, it’s not hard to imagine how that could happen. It isn’t much of a departure from the usual narrative of the Filipino migrant worker. Story continues “They nurse the sick in California, drive fuel trucks in Iraq, sail cargo ships through the Panama Canal and cruise ships through the Gulf of Alaska. They pour sake for Japanese salarymen and raise the children of Saudi businessmen,” wrote Richard C. Paddock in a 2006 LA Times article about the Philippines’ most successful export: its people. Back in the 1970s, when the Philippines was suffering a political crisis and massive domestic unemployment, then-President Ferdinand Marcos came up with a new labor export policy involving the “active and systemic migration” of the nation’s people. It was meant only as a temporary solution, with the added benefit of consolidating foreign exchange with inbound remittances. Today, more than 10 million Filipinos live across the globe, with 2.2 million of those identified as Overseas Filipino Workers, or OFWs. The money they send home makes up almost 10% of national GDP, ranking the Philippines in the top four recipients of remittances globally, behind India, China and Mexico. In early 2020, when the COVID-19 pandemic hit and OFWs were being laid off by the plane-load, the World Bank feared the value of remittances to low- and middle- income countries could slide by 20% or more , leaving vulnerable households in the lurch and putting a tremendous strain on government relief efforts. But that’s not how it has turned out. A recent central bank report shows the volume of remittances has actually exceeded pre-pandemic levels to hit $11 billion in the first quarter of 2021. That’s an all-time high. Related: Money Reimagined: Why the World Still Needs Uncensorable Marketplaces But don’t jump to celebrate; this isn’t necessarily good news. Since March 2020, around 400,000 OFWs have been displaced due to pandemic-related job cuts. Without the reinstatement of those jobs, this tells us the remittance burden has simply intensified for those still gainfully employed overseas. Or, stranded OFWs are drawing down their savings to meet the deficit . Or, those repatriated may have brought back months if not years of savings in one lump sum, artificially boosting the income data. Or, all of the above. The Metaverse is cross-border by nature, so people don’t need to be. Upon their return home, repatriated workers face uncertain employment prospects, forced to compete for jobs in a country that didn’t have enough work or good enough wages for them even before it entered its worst recession on record. This is a massive problem, not only for OFWs but their families, too, who rely on that money coming in. As such, there is now a huge need for the government to target employment generation and deliver policies encouraging OFWs to undergo retraining and learn new skills to protect their livelihoods. But where will those jobs come from, especially for those low-skilled workers in the services sector who were cleaners, nannies, drivers, wait staff and so on, overseas? Or their countrymen who previously worked in any of the local industries that were decimated by COVID-19, such as tourism, hospitality, retail, transport and manufacturing? Left idle, it’s no surprise that more and more of these un- and under- employed are migrating to where the money is, the Metaverse. In his Cryptoday newsletter , Luis Buenaventura, co-founder of BloomX , a central bank licensed crypto exchange that offers a direct trading pair between the Philippine peso and SLP, observed the following: The average player can earn 4,500 $SLP a month, so if we assume that about a third of those Pinoy players are playing at the optimal level, they are collectively going to earn 222,750,000 $SLP this month. How much is $SLP in peso terms? Well, as of this week, it’s over 9 pesos each, which means that these kids are cumulatively going to be raking in around 2 BILLION PESOS this month. To put that into perspective: 2 billion pesos is the average amount of remittances that ALL the OFWs living in Hong Kong send back home to the Philippines each month. Luis, a friend of mine in the CryptoPH scene, published this newsletter on July 9. Given Axie’s breakneck growth rate, the numbers are already superseded. So I caught up with Luis to brainstorm how long it might be before the value of inbound SLP rivals the Philippines’ largest source of international remittances, that is, the United States at roughly $10 billion per year. Let’s be conservative and assume the average Axie player earns about 150 SLP daily. If SLP is trading at $0.20, and there are one million Filipino DAU, that would bring in US$10.8 billion annually. This is totally conceivable when you think of it as less than 1% user adoption in a country with a populace of 111 million, or if you think of it as a slice of the total revenue that could be generated by play-to-earn as a sector. NFT games are rapidly increasing in popularity, with more and more developers eyeing the Philippines as a highly marketable launchpad. As such, the idea of becoming an MFW (Metaverse Filipino Worker) is emerging as an enticing alternative to being an OFW. The Metaverse is a career destination that can be reached with a smartphone and an internet connection as opposed to a bus, boat, train or plane. You can work from home and be your own boss! And, if you don’t have the required upfront capital to invest in the tools of the trade (that is, the NFTs that are the basis of all these games and virtual worlds), you can kick-start your income engine by renting someone else’s . Further, for those who demonstrate exceptional dedication and skill, these Metaverse jobs offer the potential to climb the ladder, with many talented players moving quickly into leadership positions within the community. This has hit a nerve, particularly in rural communities, because it represents a previously incomprehensible pathway to meaningful participation in the global digital economy. If you remember Ijon Inton from the first article I wrote about Axie in the Philippines , he made a killing off crypto games during the pandemic lockdown. Even so, as soon as border restrictions relaxed and international flights started up again, Ijon went the OFW route and moved to Japan to become a trainee butcher. At the time, I asked if he’d considered staying home to play Axie instead. He said that even though being a full-time gamer would be a dream come true, his ultimate goal was to provide for his children. So, he did the sensible thing and bid goodbye to the Philippines. This wouldn’t have been an easy decision to make. To get a sense of the sacrifice made by OFW parents, watch this heartbreaking TV commercial that reveals the tenuous relationship between an OFW mother and her young son, when she returns home to celebrate Christmas for the first time in years (yes, it’s an ad for dishwashing liquid, but I cry every damn time I watch it). But just last month, barely a year since he left home, Ijon decided to quit his traineeship after realizing he’d earned more in three months of playing Axie, renting his Axie NFTs out to other players and trading crypto, than he would’ve made working three years full time as an OFW. So now, Ijon is heading back home to his family. For good. Upon receiving his resignation, Ijon’s employer happily granted him early release from his contract and hastily ushered him onto the first available flight back to the Philippines. Ijon told me he got the feeling the company wanted him out of there ASAP because they were worried he might inspire other workers to opt out of their roles, too. Ijon had already helped at least 20 of his colleagues start earning with Axie, so his employer probably had good reason to be concerned. Metaverse careers are gaining serious legitimacy, and those who still laugh at the notion of a job inside a videogame do so at their own peril. Some, like Ijon and this guy , have earned enough to quit their OFW job and come home. I’ve heard other stories about OFWs in Kuwait who earn more playing Axie during their downtime than they do working their day jobs, so they send SLP home in order to avoid the expensive remittance fees charged on cash transfers. And then there’s Lola and Lolo, the elderly couple from the Play-to-Earn documentary , who have completely subverted the OFW model . They now earn enough to meet their own needs with money leftover to support their OFW daughter who recently lost her job in Canada. As Paddock observed about the plight of the OFW, millions of Filipino children are growing up without their mothers and fathers, yet they have money to buy plenty of computer games. So what if this new breed of computer game could bring their mother and father home forever? Ultimately, if more Filipinos were able to stay in their home country, this would increase the supply of local labor. Working full time in the Metaverse is still a pipe dream for most. Even those who call themselves full-time, play-to-earn gamers usually have another side hustle or two on the go. It is perfectly possible to balance NFT gaming with other employment because the work is fully flexible and can be done anywhere, anytime. This is an intriguing proposition because Filipinos do not strive merely to put food on the table. They want to be able to save for their family’s future and invest in their children’s education. Ideally, they’d have multiple income streams like a local job that pays the bills, then what they make in the Metaverse is extra. And when they make more money, Filipinos will also have more disposable income, which will drive domestic demand for services and grease the wheels of consumer spending. Perhaps then it will be all the rich NFT gamers who employ the cleaners, nannies, drivers and wait staff in their home country. They’ll pay their providers better, too; if not for the spirit of bayanihan , then for the fact that no worker will be incentivized to do those service sector jobs if they know they could be earning more in the Metaverse. The Philippines has long been a major supplier of labor to the world. But the significant revenue generated by OFWs over previous decades is potentially unsustainable. Remittances have been a vital economic crutch for developing nations but they’ve also reduced local labour supply and induced a culture of dependence. Additionally, those who must leave their families behind in search of a better future are forced to pay a huge emotional tax. And as we enter the post-coronavirus era, digital transformation is reducing the need for human help and eliminating some jobs altogether. So the workers need something else to do. It’s early days, but play-to-earn could offer a way forward. The Metaverse is cross-border by nature, so people don’t need to be. Related Stories Can Coinbase Keep Wall Street Happy During the Crypto ‘Pause’? Tether Hasn’t Printed New USDT in Weeks: 3 Possible Explanations || Malaysian authorities crush 1,069 crypto mining rigs with a steamroller: How do authorities dispose of confiscated cryptocurrency mining rigs? In a city in Sarawak, Malaysia, authorities got rid of 1,069 rigs at once by crushing them with a steamroller, Vice reports. According to Malaysian publication Dayak Daily , the PCs were confiscated over six raids conducted between February and April this year. Sarawak Energy Berhad, the electric utility company of the Malaysian province, is accusing the mining operators of stealing electricity for their activities. The operators allegedly stole RM8.4 million worth of energy, or around $2 million USD, from the company. People who want to seriously mine cryptocurrency like Bitcoin and Ethereum use PCs built for that purpose, and the process usually consumes a huge amount of electricity. That's why it's no surprise that energy theft is commonly reported in places where miners operate. In Ukraine, for instance, the country's Security Service raided a mining operation that used PS4 Pros as their machines, and the operators were also accused of stealing electricity from the country's power grid. The Malaysian city's police chief Hakemal Hawari told Dayak Daily that energy theft for mining operations has been so rampant this year, three houses burned down as a result of illegal electric connections. You can watch the steamroller crush the mining rigs in the video below. If you're wondering, that's RM5.3 million ($1.26 million) worth of hardware being haphazardly smashed by a gigantic machine. || Malaysian authorities crush 1,069 crypto mining rigs with a steamroller: How do authorities dispose of confiscated cryptocurrency mining rigs? In a city in Sarawak, Malaysia, authorities got rid of 1,069 rigs at once by crushing them with a steamroller, Vice reports. According to Malaysian publication Dayak Daily , the PCs were confiscated over six raids conducted between February and April this year. Sarawak Energy Berhad, the electric utility company of the Malaysian province, is accusing the mining operators of stealing electricity for their activities. The operators allegedly stole RM8.4 million worth of energy, or around $2 million USD, from the company. People who want to seriously mine cryptocurrency like Bitcoin and Ethereum use PCs built for that purpose, and the process usually consumes a huge amount of electricity. That's why it's no surprise that energy theft is commonly reported in places where miners operate. In Ukraine, for instance, the country's Security Service raided a mining operation that used PS4 Pros as their machines, and the operators were also accused of stealing electricity from the country's power grid. The Malaysian city's police chief Hakemal Hawari told Dayak Daily that energy theft for mining operations has been so rampant this year, three houses burned down as a result of illegal electric connections. You can watch the steamroller crush the mining rigs in the video below. If you're wondering, that's RM5.3 million ($1.26 million) worth of hardware being haphazardly smashed by a gigantic machine. || El Salvador May Issue Its Own Stablecoin: Report: The El Salvador government has plans to launch a native cryptocurrency consumers will be able to use for services, Latin American digital newspaper El FaroreportedFriday night.
Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, told prospective investors the cryptocurrency, which is currently referenced as the Colon dollar, would be introduced by the end of 2021, according to the report, which cited video recordings of the brothers discussing the proposal with these investors.
The brothers said they represented the president, according to the report, which was also based on documents El Faro had obtained. The news comes weeks after the Central American country’s governmentoverwhelmingly approvedthe president’sBitcoin Law, which will treat the original cryptocurrency as legal tender and require all businesses to accept it as payment for goods and services by September.
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A spokesperson for the El Salvador government told El Faro that the plan was “discarded” but the newspaper, citing an unidentified source, said the plans are currently on track.
The president’s brothers reportedly met with representatives from Cardano, WhizGrid and Algorand at different times, according to the newspaper.
• Investors Crawl Back to Ethereum Funds as Bitcoin Outflows Rise
• Bitcoin Drops as Investors Buy $22K and $20K Puts
• Bitcoin Trending Lower With Possible Break of $30K Support || El Salvador May Issue Its Own Stablecoin: Report: The El Salvador government has plans to launch a native cryptocurrency consumers will be able to use for services, Latin American digital newspaper El Faro reported Friday night. Ibrajim and Yusef Bukele, the brothers of the countrys president, Nayib Bukele, told prospective investors the cryptocurrency, which is currently referenced as the Colon dollar, would be introduced by the end of 2021, according to the report, which cited video recordings of the brothers discussing the proposal with these investors. The brothers said they represented the president, according to the report, which was also based on documents El Faro had obtained. The news comes weeks after the Central American countrys government overwhelmingly approved the presidents Bitcoin Law , which will treat the original cryptocurrency as legal tender and require all businesses to accept it as payment for goods and services by September. Related: Bitcoin Miner Iris Energy Aims to Raise $200M in Funding Before Nasdaq Listing: Report A spokesperson for the El Salvador government told El Faro that the plan was discarded but the newspaper, citing an unidentified source, said the plans are currently on track. The presidents brothers reportedly met with representatives from Cardano, WhizGrid and Algorand at different times, according to the newspaper. Related Stories Investors Crawl Back to Ethereum Funds as Bitcoin Outflows Rise Bitcoin Drops as Investors Buy $22K and $20K Puts Bitcoin Trending Lower With Possible Break of $30K Support || Ethereum Co-Founder Anthony Di Iorio to Sell Decentral and Cut Major Ties to Cryptocurrency: Anthony Di Iorio will be severing his major ties to the cryptocurrency industry and selling his current venture, Decentral, to start a philanthropic foundation in the next year, the Ethereum co-founder told CoinDesk in a phone interview.
“I’m a crypto guy and I don’t want to be known as a crypto person,” he said. “I want to be known as a problem solver.”
Concerns about his personal security figured “a good 20%” into his decision, he said.
Related:Investors Crawl Back to Ethereum Funds as Bitcoin Outflows Rise
Di Iorio said the new organization would use principles he developed as a crypto entrepreneur and even possibly blockchain technology itself to address what he described as “large problems.”
He will be funding the entity from his own holdings, which he declined to disclose, and money he earns from the sale of Decentral, which he valued at “a few hundred million dollars.” He has already spoken with potential suitors and anticipates selling Decentral for fiat currency or a stake in another business rather than crypto. In 2018 whenether’sprice was less than half its current level,Forbes saidDi Iorio was worth as much as $1 billion.
Two years ago, the 46-year-old Canadian who is widely known for his work on the Ethereum network,announcedhe was retiring from Decentral, the wallet and crypto services provider that he founded, and would serve as board chairman. But within months, he had returned to a daily management role, delaying a long-desired, full-time commitment to philanthropy.
While he will end his relationships with other blockchain firms in which he’s involved, he said that he was open to using blockchain technology along with other approaches in his forthcoming work. “There’s a middle ground and crypto is a tool in my tool belt,” Di Iorio said.
Related:Grayscale Unveils DeFi Fund Linked to New CoinDesk Index
He said he has already hired a public relations firm to work with his foundation and that “we’re looking to move forward and scale,” including hiring employees.
The foundation will work across industries and on a variety of issues, although Di Iorio did not specify which ones. He has already been holding weekly “whiteboarding sessions” with a number of industry and political leaders, including Paraguayan congressman andbitcoinenthusiastCarlos Rejala.
• Ethereum Documentary Featuring Vitalik Buterin Raises 1,036 ETH
• Vitalik Buterin Is Involved in a New Documentary About Ethereum || Ethereum Co-Founder Anthony Di Iorio to Sell Decentral and Cut Major Ties to Cryptocurrency: Anthony Di Iorio will be severing his major ties to the cryptocurrency industry and selling his current venture, Decentral, to start a philanthropic foundation in the next year, the Ethereum co-founder told CoinDesk in a phone interview. Im a crypto guy and I dont want to be known as a crypto person, he said. I want to be known as a problem solver. Concerns about his personal security figured a good 20% into his decision, he said. Related: Investors Crawl Back to Ethereum Funds as Bitcoin Outflows Rise Di Iorio said the new organization would use principles he developed as a crypto entrepreneur and even possibly blockchain technology itself to address what he described as large problems. He will be funding the entity from his own holdings, which he declined to disclose, and money he earns from the sale of Decentral, which he valued at a few hundred million dollars. He has already spoken with potential suitors and anticipates selling Decentral for fiat currency or a stake in another business rather than crypto. In 2018 when ethers price was less than half its current level, Forbes said Di Iorio was worth as much as $1 billion. Two years ago, the 46-year-old Canadian who is widely known for his work on the Ethereum network, announced he was retiring from Decentral, the wallet and crypto services provider that he founded, and would serve as board chairman. But within months, he had returned to a daily management role, delaying a long-desired, full-time commitment to philanthropy. While he will end his relationships with other blockchain firms in which hes involved, he said that he was open to using blockchain technology along with other approaches in his forthcoming work. Theres a middle ground and crypto is a tool in my tool belt, Di Iorio said. Related: Grayscale Unveils DeFi Fund Linked to New CoinDesk Index He said he has already hired a public relations firm to work with his foundation and that were looking to move forward and scale, including hiring employees. Story continues The foundation will work across industries and on a variety of issues, although Di Iorio did not specify which ones. He has already been holding weekly whiteboarding sessions with a number of industry and political leaders, including Paraguayan congressman and bitcoin enthusiast Carlos Rejala . Related Stories Ethereum Documentary Featuring Vitalik Buterin Raises 1,036 ETH Vitalik Buterin Is Involved in a New Documentary About Ethereum
[Social Media Buzz]
None available.
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30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20.
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[Bitcoin Technical Analysis for 2017-05-21]
Volume: 1147859968, RSI (14-day): 76.62, 50-day EMA: 1518.17, 200-day EMA: 1125.01
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Hackers are trying to bring the WannaCry ransomware back from the dead: A little more than a week ago, a particularly nasty piece of ransomware dubbed WannaCry began spreading at an impressive clip all across the globe. Targeting Windows machines and based off of a leaked NSA exploit impacted users found that all of their computer files had been encrypted and could only be recovered by making a $300 payment in Bitcoin. With the ransomware showing no signs of slowing down, an enterprising researcher named Marcus Hutchins managed to effectively stop WannaCry dead in its tracks by inadvertently enabling a kill-switch. As we noted last week , WannaCry at the point of infection attempts to communicate with a domain name consisting of a long string of nonsensical characters. If the domain is registered, WannaCry will stop spreading. If the domain is not registered, WannaCry will go on about its havoc-wreaking business. Don't Miss : You wont have to wait until November to buy Apples next-gen iPhone 8 After taking a look at the WannaCry code, Hutchins spotted an odd-looking domain name and out of mere curiosity registered it, having no idea at the time that he was enabling the ransomwares kill-switch. Without question, Hutchins action here helped stopped the malware from spreading even wider, but not before it managed to infect more than 300,000 computers across the globe. Interestingly enough, security researchers now claim that theres a clever and concerted campaign to bring the malware back from the dead. The strategy? Taking the kill-switch domain off-line by any means necessary. According to a report from Wired , botnets are now being mobilized to launch a DDoS attack against the kill-switch domain. Now a few devious hackers appear to be trying to combine those two internet plagues: Theyre using their own copycats of the Mirai botnet to attack WannaCrys kill-switch. So far, researchers have managed to fight off the attacks. But in the unlikely event that the hackers succeed, the ransomware could once again start spreading unabated.
If the DDoS assault did succeed, not all WannaCry infections would immediately reignite. The ransomware stops scanning for new victims 24 hours after installing itself on a computer, says Matt Olney, a security researcher with Ciscos Talos team. But anytime one of those infected machines reboots, it starts scanning again. The ones that were successfully encrypted are in this zombie state, where theyre waiting to be reactivated if that domain goes away, says Olney. Story continues At this point, theres no way of knowing if the folks behind WannaCry are the ones trying to resurrect the malware. Some security researchers, though, believe that the new botnet campaign is actually being carried out by folks looking to have a bit of ill-advised fun at the expense of innocent users. Incidentally, French security researchers have since come up with a fix for the WannaCry ransomware called wannakiwi that can be downloaded here. Trending right now: Android Os most exciting new feature is a total game-changer You wont have to wait until November to buy Apples next-gen iPhone 8 The hottest new Nintendo Switch game that isnt Mario Kart is $20 off on Amazon See the original version of this article on BGR.com || Hackers are trying to bring the WannaCry ransomware back from the dead: A little more than a week ago, a particularly nasty piece of ransomware dubbed WannaCry began spreading at an impressive clip all across the globe. Targeting Windows machines and based off of a leaked NSA exploit impacted users found that all of their computer files had been encrypted and could only be recovered by making a $300 payment in Bitcoin. With the ransomware showing no signs of slowing down, an enterprising researcher named Marcus Hutchins managed to effectively stop WannaCry dead in its tracks by inadvertently enabling a kill-switch. As we noted last week , WannaCry at the point of infection attempts to communicate with a domain name consisting of a long string of nonsensical characters. If the domain is registered, WannaCry will stop spreading. If the domain is not registered, WannaCry will go on about its havoc-wreaking business. Don't Miss : You wont have to wait until November to buy Apples next-gen iPhone 8 After taking a look at the WannaCry code, Hutchins spotted an odd-looking domain name and out of mere curiosity registered it, having no idea at the time that he was enabling the ransomwares kill-switch. Without question, Hutchins action here helped stopped the malware from spreading even wider, but not before it managed to infect more than 300,000 computers across the globe. Interestingly enough, security researchers now claim that theres a clever and concerted campaign to bring the malware back from the dead. The strategy? Taking the kill-switch domain off-line by any means necessary. According to a report from Wired , botnets are now being mobilized to launch a DDoS attack against the kill-switch domain. Now a few devious hackers appear to be trying to combine those two internet plagues: Theyre using their own copycats of the Mirai botnet to attack WannaCrys kill-switch. So far, researchers have managed to fight off the attacks. But in the unlikely event that the hackers succeed, the ransomware could once again start spreading unabated.
If the DDoS assault did succeed, not all WannaCry infections would immediately reignite. The ransomware stops scanning for new victims 24 hours after installing itself on a computer, says Matt Olney, a security researcher with Ciscos Talos team. But anytime one of those infected machines reboots, it starts scanning again. The ones that were successfully encrypted are in this zombie state, where theyre waiting to be reactivated if that domain goes away, says Olney. Story continues At this point, theres no way of knowing if the folks behind WannaCry are the ones trying to resurrect the malware. Some security researchers, though, believe that the new botnet campaign is actually being carried out by folks looking to have a bit of ill-advised fun at the expense of innocent users. Incidentally, French security researchers have since come up with a fix for the WannaCry ransomware called wannakiwi that can be downloaded here. Trending right now: Android Os most exciting new feature is a total game-changer You wont have to wait until November to buy Apples next-gen iPhone 8 The hottest new Nintendo Switch game that isnt Mario Kart is $20 off on Amazon See the original version of this article on BGR.com || Security Researchers Release Free Data Recovery Tools for Ransomware Attack Victims: Victims of last weekend’s massive worldwide ransomware attack are getting some late relief: Security researchers have published two tools capable of unlocking the data held ransom on at least some of the affected Windows PCs. However, for many, these tools may come too late. A week ago, hackers were able to infect more than 200,000 computers across the globe, and encrypt data stored on the affected machines. The ransomware, dubbed WannaCry , would then ask users to send hackers money with the crypto-currency Bitcoin in order to get access to their data again. WannaCry primarily targeted older versions of Microsoft’s Windows operating system, and led to outages at U.K. health care facilities, public transit providers across Europe and even the Russian Interior Ministry. Now, art least some of the affected users may be getting some help. The newly-released tools, dubbed WannaKey and WannaKiwi , make use of another security flaw in older versions of Windows to recover the prime numbers used to encrypt the data from an affected computer’s memory. If those numbers are found, the software can recreate the encryption key — essentially the secret pass phrase — and decrypt the data. However, the two tools only work if the infected computers haven’t been turned off, or rebooted. Running a lot of other apps that take up memory could also have erased the prime numbers. All of this means that only a few users are going to benefit from the relief — but the technology behind it could likely be used to help other ransomware victims in the future. Get more from Variety and Variety411 : Follow us on Twitter , Facebook , Newsletter || Security Researchers Release Free Data Recovery Tools for Ransomware Attack Victims: Victims of last weekend’s massive worldwide ransomware attack are getting some late relief: Security researchers have published two tools capable of unlocking the data held ransom on at least some of the affected Windows PCs. However, for many, these tools may come too late. A week ago, hackers were able to infect more than 200,000 computers across the globe, and encrypt data stored on the affected machines. The ransomware, dubbed WannaCry , would then ask users to send hackers money with the crypto-currency Bitcoin in order to get access to their data again. WannaCry primarily targeted older versions of Microsoft’s Windows operating system, and led to outages at U.K. health care facilities, public transit providers across Europe and even the Russian Interior Ministry. Now, art least some of the affected users may be getting some help. The newly-released tools, dubbed WannaKey and WannaKiwi , make use of another security flaw in older versions of Windows to recover the prime numbers used to encrypt the data from an affected computer’s memory. If those numbers are found, the software can recreate the encryption key — essentially the secret pass phrase — and decrypt the data. However, the two tools only work if the infected computers haven’t been turned off, or rebooted. Running a lot of other apps that take up memory could also have erased the prime numbers. All of this means that only a few users are going to benefit from the relief — but the technology behind it could likely be used to help other ransomware victims in the future. Get more from Variety and Variety411 : Follow us on Twitter , Facebook , Newsletter || Google Home's mastermind has no intention of losing to Amazon: Once a year, the geeky faithful make their way to Silicon Valley to attend Google I/O, the company’s ( GOOG , GOOGL ) developer conference. Most of what transpires there is programmer gibberish to the uninitiated—but there are always a few eye-popping news bits for the masses. This year, one of the most interesting developments was Google’s continued push to make its Google Home device—basically an Amazon Echo clone—distinctive and essential. I had the chance to chat with Rishi Chandra, Google’s vice president for all things Google Home. He covered what’s new (or coming very soon) in the Google Home device, but first he emphasized that none of it could have happened without the big new feature, person recognition. That is, the Google Home now knows who is speaking, and can deliver the answer based on that person’s calendar, work commute, music playlists, Uber account, and so on. ( Here’s my full writeup of that feature.) “It knows who’s talking,” Chandra told me. “In the end, an assistant can only be so useful if it understands who you are, right? So, if my wife is asking something about her calendar, then it needs to answer with her calendar. And if I’m asking, it needs to be answered with my calendar. And that’s actually enabled all of the announcements we were making today.” (And one more that Google didn’t make: Shortly, Google Home will let you add or edit calendar appointments and reminders by voice, and read email summaries to you by voice. What took so long? Simple, Chandra says: Those features didn’t make sense until the Home could tell who’s talking— whose calendar and email to check.) Rishi Chandra, vice president of product management and general manager of home products, speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam So what are the big new features? First, conversations with Home no longer have to begin with you . If it notices something that you might find important—a traffic delay for an upcoming appointment, or a flight delay—its ring glows to get your attention. When you say “OK Google, what’s up?”, it gives you the bad news. Second, free phone calls. “The most interesting and most exciting thing that we announced today is the ability to use Google Home to call different phone numbers. The ability to say, like, ‘hey Google, call mom.’ It can call any land-line or mobile number in Canada or US for free.” Story continues Note that this is not the same thing that Amazon added to its Echo last week —free calls between Amazon ( AMZN ) Echos (or Amazon apps). This is free phone calls to phone numbers. Finally, Google Home can now send certain of its responses to a nearby screen, like your phone or TV. “For certain things, voice is not going to be good enough, right? You need to see a visual,” Chandra said. “So, in case I want to get maps, you’d get a notification right on your phone that says, ‘hey, you can actually go open a Google Maps right now with the exact location you’re trying to go.’” Google has lagged Amazon in the number of smarthome or Internet of Things gadgets you can control by voice, too—but that’s about to change, Chandra says. “We’re catching up significantly. When we launched Google Home, we had four partners. Today, any third party developer/device manufacturer can start interfacing with the assistant on their own. So, it’s a self-publishing tool. And so, we expect this to go from the 70 to hundreds of different integrations.” The Amazon Echo, now in nearly 11 million homes , has had an impressive head start. But clearly, Google has no intention of settling for second place. More from David Pogue: Inside the World’s Greatest Scavenger Hunt: Part 1 • Part 2 • Part 3 • Part 4 • Part 5 The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogue tested 47 pill-reminder apps to find the best one David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Google Home's mastermind has no intention of losing to Amazon: Once a year, the geeky faithful make their way to Silicon Valley to attend Google I/O, the company’s (GOOG,GOOGL) developer conference. Most of what transpires there is programmer gibberish to the uninitiated—but there are always a few eye-popping news bits for the masses.
This year, one of the most interesting developments was Google’s continued push to make its Google Home device—basically an Amazon Echo clone—distinctive and essential.
I had the chance to chat with Rishi Chandra, Google’s vice president for all things Google Home.
He covered what’s new (or coming very soon) in the Google Home device, but first he emphasized that none of it could have happened without the big new feature, person recognition. That is, the Google Home now knows who is speaking, and can deliver the answer based on that person’s calendar, work commute, music playlists, Uber account, and so on. (Here’s my full writeupof that feature.)
“It knows who’s talking,” Chandra told me. “In the end, an assistant can only be so useful if it understands who you are, right? So, if my wife is asking something about her calendar, then it needs to answer with her calendar. And if I’m asking, it needs to be answered with my calendar. And that’s actually enabled all of the announcements we were making today.”
(And one more that Googledidn’tmake: Shortly, Google Home will let you add or edit calendar appointments and reminders by voice, and read email summaries to you by voice. What took so long? Simple, Chandra says: Those features didn’t make sense until the Home could tell who’s talking—whosecalendar and email to check.)
So what are the big new features? First, conversations with Home no longer have to begin withyou. If it notices something that you might find important—a traffic delay for an upcoming appointment, or a flight delay—its ring glows to get your attention. When you say “OK Google, what’s up?”, it gives you the bad news.
Second, free phone calls. “The most interesting and most exciting thing that we announced today is the ability to use Google Home to call different phone numbers. The ability to say, like, ‘hey Google, call mom.’ It can call any land-line or mobile number in Canada or US for free.”
Note that this is not the same thing thatAmazon added to its Echo last week—free callsbetweenAmazon (AMZN) Echos (or Amazon apps). This is free phone calls tophone numbers.
Finally, Google Home can now send certain of its responses to a nearby screen, like your phone or TV.
“For certain things, voice is not going to be good enough, right? You need to see a visual,” Chandra said. “So, in case I want to get maps, you’d get a notification right on your phone that says, ‘hey, you can actually go open a Google Maps right now with the exact location you’re trying to go.’”
Google has lagged Amazon in the number of smarthome or Internet of Things gadgets you can control by voice, too—but that’s about to change, Chandra says.
“We’re catching up significantly. When we launched Google Home, we had four partners. Today, any third party developer/device manufacturer can start interfacing with the assistant on their own. So, it’s a self-publishing tool. And so, we expect this to go from the 70 to hundreds of different integrations.”
The Amazon Echo,now in nearly 11 million homes, has had an impressive head start. But clearly, Google has no intention of settling for second place.
More from David Pogue:
Inside the World’s Greatest Scavenger Hunt:Part 1•Part 2•Part 3•Part 4•Part 5
The David Pogue Review: Windows 10 Creators Update
Now I get it: Bitcoin
David Pogue tested 47 pill-reminder apps to find the best one
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Quadruple Leveraged ETFs: SEC Has Second Thoughts: The U.S. Securities and Exchange Commission has been reluctant toward approving the first quadruple leveraged ETF. The SEC put off its recent decision to okay an exchange-traded fund that looks to offer four times the daily price changes of S&P 500 futures contracts, as per the source.
The commission reportedly plans to review the initial verdict released earlier this month. With this, many expectedForceshares Daily 4x US Market Futures Long Fund(UP) andForceshares Daily 4x US Market Futures Short Fund(DOWN) to see the light of day soon. These two new products are designed to deliver 400% regular/opposite the daily performance of the S&P 500 (read: SEC Approves Quadruple-Leveraged ETFs).
As per Reuters, the issues leading to the latest SEC review aren’t clear. However, excessive risks in the products can be a reason. Leveraged products are always meant for investors with a strong stomach for risks.
A fund that provides 2x the exposure will rise by 2% if the benchmark increases by 1%. The opposite also holds true. If the index drops by 1%, the ETF will lose 2%. A quadruple approach can thus understandably be much riskier for investors(see: all the Leveraged Equity ETFs here).
Investors should note that leveraged products are also suitable only for short-term traders as these are rebalanced on a daily basis. Notably, so long, up to triple-leveraged ETFs have been common in the investing world(read: An Investor's Guide to the 10 Most Popular Leveraged ETFs).
At the current backdrop,ProShares Ultra S&P500 ETF SSO, which looks to track the daily investment results, before fees and expenses, corresponding to twice the daily performance of the S&P 500, has amassed the largest asset base of $1.89 billion.
Notably, there is no shortage of leveraged ETFs tracking the S&P 500 with SSO,Direxion Daily S&P 500 Bull 1.25x SharesLLSP,Direxion Daily S&P 500 Bull 2x SharesSPUU,ProShares UltraPro S&P500 ETFUPRO andDirexion Daily S&P 500 Bull 3x SharesSPXL around.
As per xtf.com, there are over 130 U.S.-listed leveraged ETFs with an aggregate market cap of $27.75 billion and average expense ratio of 1.17% (read: Bet on ETF Industry's Growth with This Fund).
Other SEC Reconsiderations in Recent Times
Not only quadruple leveraged ETFs, the SEC has adopted the same stance for bitcoin. Bitcoins are ‘mined’ by using a greater amount of computer processing power. After rejecting the filing for an ETF on this cryptocurrency by Winklevoss Bitcoin Trust, the SEC is reviewing its decision again. The proposal actually involved listing the ETF on the Bats BZX exchange, one of the largest U.S. equities market operators (read: No Bitcoin ETF Says SEC: What's Next?).
Now that Bats’ petition to the SEC to reconsider the decision has been accepted by the authority, a new-found optimism has been noticed in the space. The tussle between the U.S. Securities Exchange Commission and Winklevoss over the launch has been going on for about three years. In fact, the issuer has restructured the proposal for the Bitcoin ETF multiple times.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportDIRX-LC BULL 3X (SPXL): ETF Research ReportsPRO-ULTR S&P500 (SSO): ETF Research ReportsPRO-ULT S&P500 (UPRO): ETF Research ReportsDIR-D SP5 2X BL (SPUU): ETF Research ReportsDIRX-D SP5 B125 (LLSP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Google exec explains how Google Assistant just got smarter: At this week’s keynote show for its big developers conference, Google ( GOOG , GOOGL ) unveiled news about features and products coming down the pike this year, both for developers and the masses. A highlight: Google Assistant is growing up. (For the uninitiated, Assistant is Google’s version of Siri.) Google’s vice president for Assistant, Scott Huffman, sat down with me to discuss the announcements. First things first: What is Assistant? An app? A product? A feature? “The Google Assistant is not an app or a device. What you really want from an Assistant is not just a thing that’s in one place. You want something that you can have a conversation with and get things done wherever you are, whatever context you’re in,” he says. That could include your phone, your car, or your Google Home. “I leave home,” Huffman says by way of example. “I say to my Google Home, ‘how late’s Home Depot open? Well, give me the directions.’ It should say, ‘Sure, they’re on your phone.’ As you walk out the door, the Assistant on your phone picks up the conversation.” Assistant is built into every Android phone (long-press the Home button to bring it up)—but starting this week, it’s also available on the iPhone, as the Google Assistant app . Either way, you can now type those questions and commands to Assistant instead of speaking them, if you prefer—something you can’t do with, say, Siri. Handy when it’d be inappropriate to talk aloud. Then there’s Google Lens. “Google’s been making deep investments in vision and machine perception,” Huffman says, “and so we’re building that into the Assistant. So now, I can just open the viewfinder inside the assistant and say, hey, what about this? And the assistant starts to give me options.” For example, you can point the camera at a flower, a building, a painting, a book cover, a restaurant storefront. The Assistant recognizes what you’re looking at, and instantly gives you information: identification of the flower, ratings for the restaurant, and so on. And not just details, but actions to choose. “One of the examples we showed is pointing the camera at a marquee of a show where it says, this band at this time. And then you get options like, you want to hear that band’s music? Do you want to buy tickets? You want to add to your calendar? You do want to share it with your friend?” So just how smart can Assistant get? Huffman knows where he wants it to go. “I can tell you how I say it to my team,” he says. “I say, ‘Hey guys, we’re just building this really simple thing. All it has to be is that anyone can have a conversation with it anywhere, anytime, with no friction. We should understand that conversation, whatever it’s about. And then just do whatever they ask us to do. Let’s just build that.” Story continues Sounds good. Get to it, team! More from David Pogue: Inside the World’s Greatest Scavenger Hunt: Part 1 • Part 2 • Part 3 • Part 4 • Part 5 The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogue tested 47 pill-reminder apps to find the best one David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . View comments || Google exec explains how Google Assistant just got smarter: At this week’s keynote show for its big developers conference, Google ( GOOG , GOOGL ) unveiled news about features and products coming down the pike this year, both for developers and the masses. A highlight: Google Assistant is growing up. (For the uninitiated, Assistant is Google’s version of Siri.) Google’s vice president for Assistant, Scott Huffman, sat down with me to discuss the announcements. First things first: What is Assistant? An app? A product? A feature? “The Google Assistant is not an app or a device. What you really want from an Assistant is not just a thing that’s in one place. You want something that you can have a conversation with and get things done wherever you are, whatever context you’re in,” he says. That could include your phone, your car, or your Google Home. “I leave home,” Huffman says by way of example. “I say to my Google Home, ‘how late’s Home Depot open? Well, give me the directions.’ It should say, ‘Sure, they’re on your phone.’ As you walk out the door, the Assistant on your phone picks up the conversation.” Assistant is built into every Android phone (long-press the Home button to bring it up)—but starting this week, it’s also available on the iPhone, as the Google Assistant app . Either way, you can now type those questions and commands to Assistant instead of speaking them, if you prefer—something you can’t do with, say, Siri. Handy when it’d be inappropriate to talk aloud. Then there’s Google Lens. “Google’s been making deep investments in vision and machine perception,” Huffman says, “and so we’re building that into the Assistant. So now, I can just open the viewfinder inside the assistant and say, hey, what about this? And the assistant starts to give me options.” For example, you can point the camera at a flower, a building, a painting, a book cover, a restaurant storefront. The Assistant recognizes what you’re looking at, and instantly gives you information: identification of the flower, ratings for the restaurant, and so on. And not just details, but actions to choose. “One of the examples we showed is pointing the camera at a marquee of a show where it says, this band at this time. And then you get options like, you want to hear that band’s music? Do you want to buy tickets? You want to add to your calendar? You do want to share it with your friend?” So just how smart can Assistant get? Huffman knows where he wants it to go. “I can tell you how I say it to my team,” he says. “I say, ‘Hey guys, we’re just building this really simple thing. All it has to be is that anyone can have a conversation with it anywhere, anytime, with no friction. We should understand that conversation, whatever it’s about. And then just do whatever they ask us to do. Let’s just build that.” Story continues Sounds good. Get to it, team! More from David Pogue: Inside the World’s Greatest Scavenger Hunt: Part 1 • Part 2 • Part 3 • Part 4 • Part 5 The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogue tested 47 pill-reminder apps to find the best one David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . View comments || Amazon's Alexa Calling is like a Jetsons version of the home phone: For what was originally supposed to be a mail-order bookstore, Amazon (AMZN) sure is doing a lot of trailblazing.
I mean, Amazon came up with the idea for the Echo—the cylinder that serves as a sort of Siri for the home—all by itself. It invented that product category, puttingGoogle,Apple,Microsoft, andSamsunginto the awkward position of being copycat followers.
Now thatmore than 10 million people have Echo devices, Amazon has just taken another trailblazing step:With a free software update, it has turned them into hands-free speakerphones. Calling Chris is as easy as saying “Alexa, call Chris” from across the room, even if your hands are goopy with flour or you can’t find your phone.
Over at Chris’s house, the ring atop the Echo pulses green, a pleasant chime sounds, and Alexa announces, “David [or whatever your name is] would like to talk.”
Chris says “Alexa, answer,” and the conversation begins.
At the end of the call, either one of you can say “Alexa, hang up” to end the chat.
So whom can you call? Anyone in your phone’s address book who has either an Amazon Echo or the free Alexa app. That’s right: The Alexa app is now an internet calling app, like Skype or FaceTime Audio. Like them, it’s free and doesn’t use any cellular calling minutes. [Update: Not to be outdone, Google has now announced thatit will bring hands-free calling to Google Home, its Alexa clone—except those calls go to regularphone numbers. No charge.]
By the way: Although the big-ticket item here is hands-free speakerphone calls, there’s also what Amazon calls messaging. It’s not what you’d think, though. It’s not sending text messages, exactly. And it’s not voicemail, exactly. It’s a cool kind of hybrid.
You say “Alexa, send a message to Chris,” and you’re invited to speak a message. You’re sending an audio recording. The ring at the top of Chris’s Echo glows green and chimes once; when Chris says, “Alexa, play my message,” your recording plays back.
But if Chris opens the Alexa app, your message also plays there, with an automated typed transcript. So it’skindalike a text message in that way. Within the app, you can also send typed texts.
It’s alsokindalike voicemail, in that you can leave a recorded message for someone—but the difference is thatyou’rein control. You decide to leave a message before you even call, rather than just hoping the other person doesn’t answer.
At its finest, Alexa Calling is like a Jetsons version of the home phone. Not only is it cordless, it’s phoneless. You don’t have to find a handset, pick it up, press buttons, hold it up to your head; you just speak into the room. You may sound pretty echoey to the other guy if you’re really far from the Echo—but if you’re within a few feet, it sounds great.
And of course, if you’re using your phone instead of an Echo, it sounds just like a speakerphone call.
It’s likely that there are some people you contact often enough that the Alexa calling thing could be handy—a sibling, parent, child, boss, lover. Alexa calling is the communication equivalent of the One-Click Buy button on Amazon.com: It eliminates so many steps, so muchfriction,that you’re inclined to use it more.
There are plenty of limitations and footnotes to Alexa calling. These don’t mean that Alexa calling is worse than our existing communication methods—only that it’s got a different set of pros and cons.
• Limited calling circle.You can call only people who have an Amazon Echo, Echo Dot, or the free Alexa app. You can’t call someone who has the battery-operated Echo Tap, and you can’t call someone’s regular cellphone number. You can call only someone who’s (a) in your phone’s Contacts, and (b) has made himself available for Alexa calling. (The setup takes about five taps, and requires typing in a security code that Amazon sends you via text message.) So it’s a pretty small circle—but then again, Skype, WhatsApp, FaceTime, and Snapchat started with small networks, too.
• Everything rings simultaneously.When someone calls, all your Echos ring at once,andyour phone app “rings.” In other words, you can’t use the Echos as an intercom within your house—but Amazon tells me that feature is coming soon. Very cool.
• It’s all speakerphone.If you have an Echo, all calls are all speakerphone, all the time. Any family member can hear. Any family member can play back the messages, too. So, you know: sext with care.
Finally, at the moment, there’s no way to block incoming calls from specific people in your Contacts. You can turn on Do Not Disturb forallcalls, but you can’t block just one idiot who’s abusing the privilege.
The tech blogs are having a field day with this one, calling it a “glaring security hole” and conjuring up the prospect of unwanted incoming calls from abusive ex-boyfriends and creepy pedophiles.
Frankly, though, the likelihood of this kind of abuse seems pretty slim. Your ex would have to know that you’ve got Alexa calling installed; would have to turn it on himself; would have to call you; and, upon hearing Alexa announce, “So and so would like to talk,” you’d have to say, “Alexa, answer.”
Above all, you’d have to keep your exin your Contacts.And why would you do that?
In any case, Amazon says that it will add the option to block people within a few weeks.
I’m already using Alexa calling for quick check-ins with my wife, my mom, and my assistant; it’s just super cool, easy, quick, and free. It’s got elements of a home phone line, a cellphone on speaker, and a walkie-talkie—but it’s not any of those.
Amazon has big plans for Alexa calling. We know that you’ll soon be able to direct calls to specific people or devices within your house. We know that you’ll be able to makevideocalls using the same steps, once the new Echo Look becomes available in June. (It’s an Echo with a screen and camera.) We know that, with permission from both parties, you’ll be able to “drop in” to peek through another Echo’s camera at any time—to keep an eye on an elderly relative, for example.
And I’ll bet that soon, Alexa will recognize who in your household is speaking (as Google Home does now), and will therefore maintain different message “boxes” for different people.
In other words, I love Alexa calling. It’s free, it’s well conceived, it works flawlessly, and it’s only beginning.
More from David Pogue:
Inside the World’s Greatest Scavenger Hunt:Part 1•Part 2•Part 3•Part 4•Part 5
The David Pogue Review: Windows 10 Creators Update
Now I get it: Bitcoin
David Pogue tested 47 pill-reminder apps to find the best one
David Pogue’s search for the world’s best air-travel app
The little-known iPhone feature that lets blind people see with their fingers
David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’sdavidpogue.com. On Twitter, he’s@pogue. On email, he’s [email protected]. You canread all his articles here, or you can sign up toget his columns by email. || Amazon's Alexa Calling is like a Jetsons version of the home phone: For what was originally supposed to be a mail-order bookstore, Amazon ( AMZN ) sure is doing a lot of trailblazing. I mean, Amazon came up with the idea for the Echo— the cylinder that serves as a sort of Siri for the home —all by itself. It invented that product category, putting Google , Apple , Microsoft , and Samsung into the awkward position of being copycat followers. Now that more than 10 million people have Echo devices , Amazon has just taken another trailblazing step: With a free software update , it has turned them into hands-free speakerphones. Calling Chris is as easy as saying “Alexa, call Chris” from across the room, even if your hands are goopy with flour or you can’t find your phone. Over at Chris’s house, the ring atop the Echo pulses green, a pleasant chime sounds, and Alexa announces, “David [or whatever your name is] would like to talk.” Chris says “Alexa, answer,” and the conversation begins. At the end of the call, either one of you can say “Alexa, hang up” to end the chat. So whom can you call? Anyone in your phone’s address book who has either an Amazon Echo or the free Alexa app. That’s right: The Alexa app is now an internet calling app, like Skype or FaceTime Audio. Like them, it’s free and doesn’t use any cellular calling minutes. [Update: Not to be outdone, Google has now announced that it will bring hands-free calling to Google Home , its Alexa clone—except those calls go to regular phone numbers . No charge.] By the way: Although the big-ticket item here is hands-free speakerphone calls, there’s also what Amazon calls messaging. It’s not what you’d think, though. It’s not sending text messages, exactly. And it’s not voicemail, exactly. It’s a cool kind of hybrid. Within the app, you can text with keyboard or by voice. You say “Alexa, send a message to Chris,” and you’re invited to speak a message. You’re sending an audio recording. The ring at the top of Chris’s Echo glows green and chimes once; when Chris says, “Alexa, play my message,” your recording plays back. Story continues But if Chris opens the Alexa app, your message also plays there, with an automated typed transcript. So it’s kinda like a text message in that way. Within the app, you can also send typed texts. It’s also kinda like voicemail, in that you can leave a recorded message for someone—but the difference is that you’re in control. You decide to leave a message before you even call, rather than just hoping the other person doesn’t answer. The help screens. What it’s good for At its finest, Alexa Calling is like a Jetsons version of the home phone. Not only is it cordless, it’s phoneless. You don’t have to find a handset, pick it up, press buttons, hold it up to your head; you just speak into the room. You may sound pretty echoey to the other guy if you’re really far from the Echo—but if you’re within a few feet, it sounds great. And of course, if you’re using your phone instead of an Echo, it sounds just like a speakerphone call. It’s likely that there are some people you contact often enough that the Alexa calling thing could be handy—a sibling, parent, child, boss, lover. Alexa calling is the communication equivalent of the One-Click Buy button on Amazon.com: It eliminates so many steps, so much friction, that you’re inclined to use it more. What it’s not good for There are plenty of limitations and footnotes to Alexa calling. These don’t mean that Alexa calling is worse than our existing communication methods—only that it’s got a different set of pros and cons. Limited calling circle. You can call only people who have an Amazon Echo, Echo Dot, or the free Alexa app. You can’t call someone who has the battery-operated Echo Tap, and you can’t call someone’s regular cellphone number. You can call only someone who’s (a) in your phone’s Contacts, and (b) has made himself available for Alexa calling. (The setup takes about five taps, and requires typing in a security code that Amazon sends you via text message.) So it’s a pretty small circle—but then again, Skype, WhatsApp, FaceTime, and Snapchat started with small networks, too. Everything rings simultaneously. When someone calls, all your Echos ring at once, and your phone app “rings.” In other words, you can’t use the Echos as an intercom within your house—but Amazon tells me that feature is coming soon. Very cool. It’s all speakerphone. If you have an Echo, all calls are all speakerphone, all the time. Any family member can hear. Any family member can play back the messages, too. So, you know: sext with care. Finally, at the moment, there’s no way to block incoming calls from specific people in your Contacts. You can turn on Do Not Disturb for all calls, but you can’t block just one idiot who’s abusing the privilege. The tech blogs are having a field day with this one, calling it a “ glaring security hole ” and conjuring up the prospect of unwanted incoming calls from abusive ex-boyfriends and creepy pedophiles. Frankly, though, the likelihood of this kind of abuse seems pretty slim. Your ex would have to know that you’ve got Alexa calling installed; would have to turn it on himself; would have to call you; and, upon hearing Alexa announce, “So and so would like to talk,” you’d have to say, “Alexa, answer.” Above all, you’d have to keep your ex in your Contacts. And why would you do that? In any case, Amazon says that it will add the option to block people within a few weeks. Chalk up another Amazon invention I’m already using Alexa calling for quick check-ins with my wife, my mom, and my assistant; it’s just super cool, easy, quick, and free. It’s got elements of a home phone line, a cellphone on speaker, and a walkie-talkie—but it’s not any of those. Amazon has big plans for Alexa calling. We know that you’ll soon be able to direct calls to specific people or devices within your house. We know that you’ll be able to make video calls using the same steps, once the new Echo Look becomes available in June. (It’s an Echo with a screen and camera.) We know that, with permission from both parties, you’ll be able to “drop in” to peek through another Echo’s camera at any time—to keep an eye on an elderly relative, for example. And I’ll bet that soon, Alexa will recognize who in your household is speaking ( as Google Home does now ), and will therefore maintain different message “boxes” for different people. In other words, I love Alexa calling. It’s free, it’s well conceived, it works flawlessly, and it’s only beginning. More from David Pogue: Inside the World’s Greatest Scavenger Hunt: Part 1 • Part 2 • Part 3 • Part 4 • Part 5 The David Pogue Review: Windows 10 Creators Update Now I get it: Bitcoin David Pogue tested 47 pill-reminder apps to find the best one David Pogue’s search for the world’s best air-travel app The little-known iPhone feature that lets blind people see with their fingers David Pogue, tech columnist for Yahoo Finance, welcomes nontoxic comments in the comments section below. On the web, he’s davidpogue.com . On Twitter, he’s @pogue . On email, he’s [email protected]. You can read all his articles here , or you can sign up to get his columns by email . || Tesla could be worth multiples of current $50 billion market cap by 2020, fund manager says: Investors who think Tesla (NASDAQ: TSLA) shares are overvalued are discounting the fact that the company will be a major player in the autonomous taxi market, a $2 trillion opportunity, one fund manager told CNBC, adding that the stock could be worth "multiples" more than its current $51 billion valuation. Last year, Tesla CEO Elon Musk announced his intention to begin a Tesla ride-sharing platform when regulators approve fully self-driverless cars. "When true self-driving is approved by regulators, it will mean that you will be able to summon your Tesla from pretty much anywhere. Once it picks you up, you will be able to sleep, read or do anything else en route to your destination," Musk wrote in his "Master Plan, Part Deux" last year. "You will also be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you're at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost. This dramatically lowers the true cost of ownership to the point where almost anyone could own a Tesla." Musk's plan poses a challenge to the likes of Uber, but also allows the company to tap into the autonomous taxi market, which could be worth $2 trillion globally in the next few years, according to research carried out by ARK Invest. Catherine Wood, the CEO of ARK Invest, said that many investors who think that Tesla is overvalued are missing the fact that Tesla could be a major player in the autonomous taxi market. "If we are correct and Tesla gets its fair share of the US autonomous taxi market, not to mention China's
then Tesla will be multiples of today's $51 billion market cap in 2020," Wood told CNBC by email on Friday. "We are astonished after listening to every Tesla earnings call that no analyst asks about the autonomous taxi network opportunity. Very little of that potential even if Tesla gets only 10 percent of the $2 trillion global market has been priced into the stock." Story continues Model 3 target In a TV interview with CNBC earlier in the day on Friday, Wood said she considers Tesla a technology rather than car company and therefore it's higher valuation versus auto stocks is fair. The company is ramping up production of its Model 3 car its lower priced variant out of all of its vehicles which is aimed the mass market. Earlier this month, Musk said the company would build a total of 500,000 all-electric vehicles in 2018. In 2016, Tesla produced 83,922 vehicles, and Wood said it would be a big jump for the company to produce 500,000 next year, but she said it would get closer to the figure than the market is expecting. "Nobody is really expecting that but we think they're going to get closer to 500,000 than most people think." Disclosure: ARK Invest's funds own shares of Tesla . More From CNBC Massive cyberattack 'huge screw-up' by government, Wikipedia's founder says Daily Mail has 'mastered the art of running' fake news, Wikipedia founder says Bitcoin hits $1,900 record high with market cap up $4 billion this week alone || Tesla could be worth ‘multiples’ of current $50 billion market cap by 2020, fund manager says: Investors who think Tesla(NASDAQ: TSLA)shares are overvalued are discounting the fact that the company will be a major player in the autonomous taxi market, a $2 trillion opportunity, one fund manager told CNBC, adding that the stock could be worth "multiples" more than its current $51 billion valuation.
Last year, Tesla CEO Elon Musk announced his intention tobegin a Tesla ride-sharing platformwhen regulators approve fully self-driverless cars.
"When true self-driving is approved by regulators, it will mean that you will be able to summon your Tesla from pretty much anywhere. Once it picks you up, you will be able to sleep, read or do anything else en route to your destination," Musk wrote in his "Master Plan, Part Deux" last year.
"You will also be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you're at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost. This dramatically lowers the true cost of ownership to the point where almost anyone could own a Tesla."
Musk's plan poses a challenge to the likes of Uber, but also allows the company to tap into the autonomous taxi market, which could be worth $2 trillion globally in the next few years, according to research carried out by ARK Invest.
Catherine Wood, the CEO of ARK Invest, said that many investors who think that Tesla is overvalued are missing the fact that Tesla could be a major player in the autonomous taxi market.
"If we are correct and Tesla gets its fair share of the US autonomous taxi market, not to mention China's … then Tesla will be multiples of today's $51 billion market cap in 2020," Wood told CNBC by email on Friday.
"We are astonished after listening to every Tesla earnings call that no analyst asks about the autonomous taxi network opportunity. Very little of that potential – even if Tesla gets only 10 percent of the $2 trillion global market – has been priced into the stock."
Model 3 target
In a TV interview with CNBC earlier in the day on Friday, Wood said she considers Tesla a technology rather than car company and therefore it's higher valuation versus auto stocks is fair.
The company is ramping upproduction of its Model 3 car– its lower priced variant out of all of its vehicles which is aimed the mass market. Earlier this month, Musk said the company would build a total of 500,000 all-electric vehicles in 2018.
In 2016, Tesla produced 83,922 vehicles, and Wood said it would be a big jump for the company to produce 500,000 next year, but she said it would get closer to the figure than the market is expecting.
"Nobody is really expecting that but we think they're going to get closer to 500,000 than most people think."
Disclosure: ARK Invest's funds own shares of Tesla.
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• Bitcoin hits $1,900 record high with market cap up $4 billion this week alone || Bitcoin surges past $1,900 for the first time: Bitcoin (Markets Insider) Bitcoin is at it again. Overnight, the cryptocurrency topped $1,900 for the first time. It is now trading up by 2.3% at $1,938.81 a coin. Friday's gains have bitcoin up by about 102% since March 27. The cryptocurrency has gained in 23 of the past 26 sessions. The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin is now considered a legal payment method in the country. Along the way, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia said it wouldn't explore the cryptocurrency until 2018. The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn its ruling on the Winklevoss twins' bitcoin exchange-traded fund . The SEC was accepting public comment on its decision until Monday, but it hasn't announced whether it will overturn its rejection of the ETF. Bitcoin has gained 105% this year. Except for 2014, it has been the top-performing currency every year since 2010. NOW WATCH: 15 things you didn't know your iPhone headphones could do More From Business Insider That time when Americans and Germans fought together during World War II US spies caught Russian officers bragging about causing chaos in the election 6 months before the vote This is the work bag professional women everywhere have been looking for || Bitcoin surges past $1,900 for the first time: (Markets Insider)
Bitcoinis at it again. Overnight, the cryptocurrency topped $1,900 for the first time. It is now trading up by 2.3% at $1,938.81 a coin.
Friday's gains have bitcoin up by about 102% since March 27. The cryptocurrency has gained in 23 of the past 26 sessions.
The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin is now considered alegal payment methodin the country. Along the way, Ulmart, Russia's largest online retailer, said it wouldbegin accepting bitcoineven though Russia said it wouldn't explore the cryptocurrency until 2018.
The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn itsruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until Monday, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 105% this year. Except for 2014, it has been the top-performing currency every year since 2010.
NOW WATCH:15 things you didn't know your iPhone headphones could do
More From Business Insider
• That time when Americans and Germans fought together during World War II
• US spies caught Russian officers bragging about causing chaos in the election 6 months before the vote
• This is the work bag professional women everywhere have been looking for || Bitcoin surges past $1,900 for the first time: (Markets Insider)
Bitcoinis at it again. Overnight, the cryptocurrency topped $1,900 for the first time. It is now trading up by 2.3% at $1,938.81 a coin.
Friday's gains have bitcoin up by about 102% since March 27. The cryptocurrency has gained in 23 of the past 26 sessions.
The rally has seemingly been sparked by news out of Japan at the beginning of April that bitcoin is now considered alegal payment methodin the country. Along the way, Ulmart, Russia's largest online retailer, said it wouldbegin accepting bitcoineven though Russia said it wouldn't explore the cryptocurrency until 2018.
The gains also seem to be boosted by speculation the US Securities and Exchange Commission could overturn itsruling on the Winklevoss twins' bitcoin exchange-traded fund. The SEC was accepting public comment on its decision until Monday, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 105% this year. Except for 2014, it has been the top-performing currency every year since 2010.
NOW WATCH:15 things you didn't know your iPhone headphones could do
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• That time when Americans and Germans fought together during World War II
• US spies caught Russian officers bragging about causing chaos in the election 6 months before the vote
• This is the work bag professional women everywhere have been looking for || 10 things you need to know today: Blowing smoke and bubble (A man at Gorky park in Moscow.Reuters/Maxim Shemetov) Here is what you need to know. The Trump administration gave Wall Street some great news . Testifying in front of the Senate banking committee on Thursday, Treasury Secretary Steven Mnuchin said the Trump administration did not support the separation of investment banks and commercial banks. Theresa May has made some antibusiness promises . The UK's prime minister revealed the Conservative Party's manifesto on Friday, targeting stricter boardroom pay and better worker protection and defending businesses from overseas takeovers done largely for tax purposes. Indonesia was upgraded to "investment grade" at S&P . "Indonesian authorities have taken effective expenditure and revenue measures to stabilize the country's public finances despite the terms of trade shock," the rating agency said as reason for raising its credit rating for Indonesia to BBB-. Bitcoin surges past $1,900 for the first time. The cryptocurrency trades up 6.8%% near $1,942 a coin. Elon Musk says Tesla's stock has gotten out of control . "I do believe this market cap is higher than we have any right to deserve," Tesla's CEO said in an interview with The Guardian. "We're a money-losing company." Gap fends off the retail apocalypse . The retailer beat on both the top and bottom lines and said same-store sales climbed by 2%, well ahead of the 0.2% contraction that Wall Street was anticipating. Shares gained more than 6% after Thursday's closing bell. Salesforce beats across the board and raises its outlook . The company earned an adjusted $0.28 a share on revenue of $2.39 billion and raised its full-year GAAP EPS to a range of $0.06 to $0.08 on sales of $10.25 billion to $10.3 billion. Stock markets around the world are higher . Japan's Nikkei (+0.2%) led the gains in Asia, and France's CAC (+0.5%) is out front in Europe. The S&P 500 is on track to open up 0.2% near 2,370. Earnings reporting is light. Campbell, Deere, and Foot Locker report ahead of the opening bell. Story continues US economic is limited. The Baker Hughes oil-rig count will be released at 1 p.m. ET. The US 10-year yield is up by 2 basis points at 2.25%. More From Business Insider That time when Americans and Germans fought together during World War II US spies caught Russian officers bragging about causing chaos in the election 6 months before the vote This is the work bag professional women everywhere have been looking for || 10 things you need to know today: (A man at Gorky park in Moscow.Reuters/Maxim Shemetov)
Here is what you need to know.
The Trump administration gave Wall Street some great news.Testifying in front of the Senate banking committee on Thursday, Treasury Secretary Steven Mnuchin said the Trump administration did not support the separation of investment banks and commercial banks.
Theresa May has made some antibusiness promises.The UK's prime minister revealed the Conservative Party's manifesto on Friday, targeting stricter boardroom pay and better worker protection and defending businesses from overseas takeovers done largely for tax purposes.
Indonesia was upgraded to "investment grade" at S&P."Indonesian authorities have taken effective expenditure and revenue measures to stabilize the country's public finances despite the terms of trade shock," the rating agency said as reason for raising its credit rating for Indonesia to BBB-.
Bitcoin surges past $1,900 for the first time.The cryptocurrency trades up 6.8%% near $1,942 a coin.
Elon Musk says Tesla's stock has gotten out of control."I do believe this market cap is higher than we have any right to deserve," Tesla's CEO said in an interview with The Guardian. "We're a money-losing company."
Gap fends off the retail apocalypse.The retailer beat on both the top and bottom lines and said same-store sales climbed by 2%, well ahead of the 0.2% contraction that Wall Street was anticipating. Shares gained more than 6% after Thursday's closing bell.
Salesforce beats across the board and raises its outlook.The company earned an adjusted $0.28 a share on revenue of $2.39 billion and raised its full-year GAAP EPS to a range of $0.06 to $0.08 on sales of $10.25 billion to $10.3 billion.
Stock markets around the world are higher.Japan's Nikkei (+0.2%) led the gains in Asia, and France's CAC (+0.5%) is out front in Europe. The S&P 500 is on track to open up 0.2% near 2,370.
Earnings reporting is light.Campbell, Deere, and Foot Locker report ahead of the opening bell.
US economic is limited.The Baker Hughes oil-rig count will be released at 1 p.m. ET. The US 10-year yield is up by 2 basis points at 2.25%.
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• This is the work bag professional women everywhere have been looking for || 4 reasons why bitcoin is way up: The price of the digital currency bitcoin is chugging toward $2,000. It’s up 60% in the past month and 320% in the past year. It hits a new all-time high every few days. Bitcoin is flying , and if you’re a cryptocurrency newbie, you might be wondering why. There are always multiple explanations for bitcoin price hikes—it’s almost never one single source. Here are four of the factors contributing to the current wild ride. 1. Japan (and Russia too) On April 1, Japan officially recognized bitcoin as a legal form of payment ; just over a month later, the coin is still seeing a price benefit from that news. The decision means that bitcoin exchanges in Japan will be regulated under anti-money-laundering (AML) and know-your-customer (KYC) frameworks. Charts from CryptoCompare show that 46% of bitcoin trading activity right now is happening in the Japanese yen , more than the activity in any other currency (normally No. 1 is either the US dollar or Chinese yuan), which supports the notion that Japan’s law is the biggest factor stoking the bitcoin price now. In addition, Bloomberg reported on April 10 that Russia aims to do the same in 2018 —its central bank is working with its government to legitimize and regulate digital currency. Yes, there’s an irony to the fact that legitimacy and regulation would boost the bitcoin price, considering that many of the early bitcoin believers got involved in the space specifically because of its anti-government, anti-regulation appeal . This philosophical push and pull continues to play out in the bitcoin world, especially as Wall Street types and financial institutions gravitate toward blockchain technology . Bitcoin is up 80% in 2017 so far. (Yahoo Finance) 2. Bitcoin fork / Litecoin The bitcoin blockchain, the decentralized ledger that records all bitcoin transactions, has slowed down in the last year under the weight of heavy transaction volume. What that means is the speed in which it processes “blocks” (bundles of transactions) has slowed. At some times, transactions are taking two hours to go through—still much faster than international money transfers through traditional wire services like Western Union, but far slower than the bitcoin blockchain used to run. Story continues The problem has led to an internal debate in the bitcoin world (so heated that many have called it a bitcoin “civil war”) over how to raise the block size allowed on the bitcoin blockchain and also decrease lag time. The likely result of the debate will be a “fork” to bitcoin’s code—the blockchain would split into two chains with different software and rules. The premise is called a “hard fork.” While that debate has caused price fluctuations, recently a much smaller digital currency, litecoin (market cap: $1.6 billion vs. bitcoin’s $29 billion), successfully pulled off its own “soft” fork by enacting a proposal called “segregated witness.” It’s a workaround where transactions are split up into a form where they appear smaller to the ledger (and thus more of them can be processed at a time) without having to overhaul the software. After the success of the litecoin fork, there is some renewed optimism around a bitcoin fork and that has helped buoy the price. 3. BATS appeal to the SEC After the SEC’s harsh rejection of a Winklevoss bitcoin ETF in March, the price of bitcoin tumbled after a steady rise. But at the end of March, the Bats global exchange, where the Winklevoss brothers seek to list their bitcoin fund (under the ticker COIN), filed an appeal to the SEC , which will soon rule on that appeal. This means that the Winklevoss bitcoin ETF may get off the ground after all, and some believe that is contributing to the current price hike, albeit to a lesser extent than Japan and litecoin. 4. Growing legitimacy of digital currency + uncertainty in mainstream market The one factor always at play when the bitcoin price is rising quickly is also the simplest: general market uncertainty. Digital currency is seen by many as a safe haven investment class when a country’s fiat currency or economy is unstable. People turned to bitcoin during Greece’s banking crisis ; people turned to bitcoin when China cracked down on capital controls . Because of this trend, Donald Trump’s presidency is thought to be a boon to bitcoin ; the price is up more than 90% since he took office. However: it isn’t the case that bitcoin only rises when there’s uncertainty. That is: if the mainstream market is doing well, that doesn’t mean digital currency can’t also thrive. Rather, bitcoin is an uncorrelated asset. Nick Tomaino, an investor who spent two years at bitcoin wallet company Coinbase and now writes a bitcoin blog , prefers this explanation above all others for bitcoin’s ongoing ride: simple longevity. The longer bitcoin is around, the more seriously investors take it. And indeed, bitcoin’s mainstream legitimacy is at a high point right now. “As distrust in institutions across the world increases,” Tomaino says, “people will gravitate towards [bitcoin]… interest will compound and so will price.” This story was first published on May 10, and was updated on May 19. Disclosure: The author owns less than 1 bitcoin, purchased in 2015 for reporting purposes. — Daniel Roberts is a writer at Yahoo Finance, covering fintech and sports business. Follow him on Twitter at @readDanwrite . Read more: Bitcoin is becoming the new gold More than 75 banks are now on Ripple’s blockchain network America’s big banks are staffing up—for blockchain Why 21 Inc is the most exciting bitcoin company right now Coinbase is more bullish on bitcoin than ever || 4 reasons why bitcoin is way up: The price of the digital currency bitcoin is chugging toward $2,000. It’s up 60% in the past month and 320% in the past year. It hits a new all-time high every few days. Bitcoin is flying , and if you’re a cryptocurrency newbie, you might be wondering why. There are always multiple explanations for bitcoin price hikes—it’s almost never one single source. Here are four of the factors contributing to the current wild ride. 1. Japan (and Russia too) On April 1, Japan officially recognized bitcoin as a legal form of payment ; just over a month later, the coin is still seeing a price benefit from that news. The decision means that bitcoin exchanges in Japan will be regulated under anti-money-laundering (AML) and know-your-customer (KYC) frameworks. Charts from CryptoCompare show that 46% of bitcoin trading activity right now is happening in the Japanese yen , more than the activity in any other currency (normally No. 1 is either the US dollar or Chinese yuan), which supports the notion that Japan’s law is the biggest factor stoking the bitcoin price now. In addition, Bloomberg reported on April 10 that Russia aims to do the same in 2018 —its central bank is working with its government to legitimize and regulate digital currency. Yes, there’s an irony to the fact that legitimacy and regulation would boost the bitcoin price, considering that many of the early bitcoin believers got involved in the space specifically because of its anti-government, anti-regulation appeal . This philosophical push and pull continues to play out in the bitcoin world, especially as Wall Street types and financial institutions gravitate toward blockchain technology . Bitcoin is up 80% in 2017 so far. (Yahoo Finance) 2. Bitcoin fork / Litecoin The bitcoin blockchain, the decentralized ledger that records all bitcoin transactions, has slowed down in the last year under the weight of heavy transaction volume. What that means is the speed in which it processes “blocks” (bundles of transactions) has slowed. At some times, transactions are taking two hours to go through—still much faster than international money transfers through traditional wire services like Western Union, but far slower than the bitcoin blockchain used to run. Story continues The problem has led to an internal debate in the bitcoin world (so heated that many have called it a bitcoin “civil war”) over how to raise the block size allowed on the bitcoin blockchain and also decrease lag time. The likely result of the debate will be a “fork” to bitcoin’s code—the blockchain would split into two chains with different software and rules. The premise is called a “hard fork.” While that debate has caused price fluctuations, recently a much smaller digital currency, litecoin (market cap: $1.6 billion vs. bitcoin’s $29 billion), successfully pulled off its own “soft” fork by enacting a proposal called “segregated witness.” It’s a workaround where transactions are split up into a form where they appear smaller to the ledger (and thus more of them can be processed at a time) without having to overhaul the software. After the success of the litecoin fork, there is some renewed optimism around a bitcoin fork and that has helped buoy the price. 3. BATS appeal to the SEC After the SEC’s harsh rejection of a Winklevoss bitcoin ETF in March, the price of bitcoin tumbled after a steady rise. But at the end of March, the Bats global exchange, where the Winklevoss brothers seek to list their bitcoin fund (under the ticker COIN), filed an appeal to the SEC , which will soon rule on that appeal. This means that the Winklevoss bitcoin ETF may get off the ground after all, and some believe that is contributing to the current price hike, albeit to a lesser extent than Japan and litecoin. 4. Growing legitimacy of digital currency + uncertainty in mainstream market The one factor always at play when the bitcoin price is rising quickly is also the simplest: general market uncertainty. Digital currency is seen by many as a safe haven investment class when a country’s fiat currency or economy is unstable. People turned to bitcoin during Greece’s banking crisis ; people turned to bitcoin when China cracked down on capital controls . Because of this trend, Donald Trump’s presidency is thought to be a boon to bitcoin ; the price is up more than 90% since he took office. However: it isn’t the case that bitcoin only rises when there’s uncertainty. That is: if the mainstream market is doing well, that doesn’t mean digital currency can’t also thrive. Rather, bitcoin is an uncorrelated asset. Nick Tomaino, an investor who spent two years at bitcoin wallet company Coinbase and now writes a bitcoin blog , prefers this explanation above all others for bitcoin’s ongoing ride: simple longevity. The longer bitcoin is around, the more seriously investors take it. And indeed, bitcoin’s mainstream legitimacy is at a high point right now. “As distrust in institutions across the world increases,” Tomaino says, “people will gravitate towards [bitcoin]… interest will compound and so will price.” This story was first published on May 10, and was updated on May 19. Disclosure: The author owns less than 1 bitcoin, purchased in 2015 for reporting purposes. — Daniel Roberts is a writer at Yahoo Finance, covering fintech and sports business. Follow him on Twitter at @readDanwrite . Read more: Bitcoin is becoming the new gold More than 75 banks are now on Ripple’s blockchain network America’s big banks are staffing up—for blockchain Why 21 Inc is the most exciting bitcoin company right now Coinbase is more bullish on bitcoin than ever
[Social Media Buzz]
Long time holders of http://Cryptsy.com should see if you can still file claims. Fairness Hearing - June 2, 2017 10:00 A.M. $BTC $ETC || One Bitcoin now worth $2043.99@bitstamp. High $2048.00. Low $1914.00. Market Cap $33.403 Billion #bitcoin || Buy Bitcoin anywhere in the world - $50.00
#Items4Sale
List ur biz at http://blacktradelines.com pic.twitter.com/LLitd43ZgR || $2021.50 at 23:00 UTC [24h Range: $1961.52 - $2063.11 Volume: 6919 BTC] || WOW BITCOIN WENT UP IN VALUE $84.00 SINCE YESTERDAY...
|
2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55.
|
[Bitcoin Technical Analysis for 2015-10-01]
Volume: 20488800, RSI (14-day): 53.93, 50-day EMA: 238.88, 200-day EMA: 251.19
[Wider Market Context]
Gold Price: 1114.20, Gold RSI: 45.10
Oil Price: 44.74, Oil RSI: 48.49
[Recent News (last 7 days)]
Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre: Latin America's version ofeBay Inc(NASDAQ:EBAY), MercadoLibre, hasannouncedthat it will be integrating bitcoin payments into its services. The move represents a big win for the cryptocurrency community, which has long promoted bitcoin usage in regions like Latin America where a large percentage of the population are still unbanked.
Bitcoin Improves Service
MercadoLibre sent anemail notificationto users announcing its plans to integrate bitcoin and saying that the decision will give merchants a wider reach and customers more options. The site is planning to make bitcoin integration subtle and said that merchants won't see much change to their user experience other than a note in their transaction history saying which payments were made via digital currencies.
Related Link: Charlie Shrem Weighs In On Bitcoin From His Prison Cell
Not Quite Yet
While MercadoLibre has announced its plans, it is still unclear how the rollout will take place. The site currently serves 13 Latin American countries and it is unknown how many will receive a bitcoin option. The site will also have to deal with the changing regulations regarding bitcoin payments as the cryptocurrency evolves and spreads across the globe.
Latin American Potential
Bitcoin has long been touted as a good option for countries where much of the population has limited access to banking facilities. Bitcoin has also proven to be a viable alternative for those living in a country where the currency is prone to volatility. For that reason, many believe that bitcoin's expansion into Latin America is an important step forward. However, the cryptocurrency is likely to face some obstacles there as well since over half of the population doesn't have access to the Internet.
See more from Benzinga
• Traditional Energy Firms Likely To Back Bush On New Policy Proposal
• Next Generation Connected Cars To Have Wireless Updates
• Google Toes The Line Between Safe And Realistic With Autonomous Cars
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre: Latin America's version of eBay Inc (NASDAQ: EBAY ), MercadoLibre, has announced that it will be integrating bitcoin payments into its services. The move represents a big win for the cryptocurrency community, which has long promoted bitcoin usage in regions like Latin America where a large percentage of the population are still unbanked. Bitcoin Improves Service MercadoLibre sent an email notification to users announcing its plans to integrate bitcoin and saying that the decision will give merchants a wider reach and customers more options. The site is planning to make bitcoin integration subtle and said that merchants won't see much change to their user experience other than a note in their transaction history saying which payments were made via digital currencies. Related Link: Charlie Shrem Weighs In On Bitcoin From His Prison Cell Not Quite Yet While MercadoLibre has announced its plans, it is still unclear how the rollout will take place. The site currently serves 13 Latin American countries and it is unknown how many will receive a bitcoin option. The site will also have to deal with the changing regulations regarding bitcoin payments as the cryptocurrency evolves and spreads across the globe. Latin American Potential Bitcoin has long been touted as a good option for countries where much of the population has limited access to banking facilities. Bitcoin has also proven to be a viable alternative for those living in a country where the currency is prone to volatility. For that reason, many believe that bitcoin's expansion into Latin America is an important step forward. However, the cryptocurrency is likely to face some obstacles there as well since over half of the population doesn't have access to the Internet. See more from Benzinga Traditional Energy Firms Likely To Back Bush On New Policy Proposal Next Generation Connected Cars To Have Wireless Updates Google Toes The Line Between Safe And Realistic With Autonomous Cars © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Gains Deeper Foothold In Latin America Through MercadoLibre: Latin America's version ofeBay Inc(NASDAQ:EBAY), MercadoLibre, hasannouncedthat it will be integrating bitcoin payments into its services. The move represents a big win for the cryptocurrency community, which has long promoted bitcoin usage in regions like Latin America where a large percentage of the population are still unbanked.
Bitcoin Improves Service
MercadoLibre sent anemail notificationto users announcing its plans to integrate bitcoin and saying that the decision will give merchants a wider reach and customers more options. The site is planning to make bitcoin integration subtle and said that merchants won't see much change to their user experience other than a note in their transaction history saying which payments were made via digital currencies.
Related Link: Charlie Shrem Weighs In On Bitcoin From His Prison Cell
Not Quite Yet
While MercadoLibre has announced its plans, it is still unclear how the rollout will take place. The site currently serves 13 Latin American countries and it is unknown how many will receive a bitcoin option. The site will also have to deal with the changing regulations regarding bitcoin payments as the cryptocurrency evolves and spreads across the globe.
Latin American Potential
Bitcoin has long been touted as a good option for countries where much of the population has limited access to banking facilities. Bitcoin has also proven to be a viable alternative for those living in a country where the currency is prone to volatility. For that reason, many believe that bitcoin's expansion into Latin America is an important step forward. However, the cryptocurrency is likely to face some obstacles there as well since over half of the population doesn't have access to the Internet.
See more from Benzinga
• Traditional Energy Firms Likely To Back Bush On New Policy Proposal
• Next Generation Connected Cars To Have Wireless Updates
• Google Toes The Line Between Safe And Realistic With Autonomous Cars
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Amazon Turns To The Sharing Economy With Part-Time 'Flex' Service: This holiday season there has been much concern over how firms will cope with the lack of seasonal employees. As unemployment rates have fallen dramatically across the United States, there is a much smaller pool of part-time employees, leaving many firms to decide whether to pay more and sacrifice margins or brave the shopping season without extra hands.
Amazon.com, Inc.(NASDAQ:AMZN) is one such firm which will likely feel the effects of fewer employees as the company's one-day shipping promises often attract droves of last-minute shoppers. However, the e-commerce giant is hoping to fill the gap usingthe sharing economy.
Related Link:What Could Amazon And Lear Mean For Detroit?
Sharing Economy
In Seattle, Amazon has been piloting a new program which allows everyday people to become Amazon delivery representatives in their free time. Much like Uber, Amazon is tapping into the sharing economy in order to fill a need without taking on new employees. The service, called Amazon Flex, allows people to pick up packages from Amazon warehouses and deliver them to customers' homes for a reasonable $20 per hour.
On Demand Workers
The program is expected to catch on quickly as the rise of on-demand workers has been huge over the past year. College students, part-time workers and low paid employees are often looking for ways to earn extra cash in their free time and programs like Amazon Flex allow them to do so without locking them in to set hours. Not only does it give the delivery people a bit of extra income, but it significantly reduces Amazon's shipping costs and allows the company to offer its customers faster delivery times even when the hiring pool is shrinking.
See more from Benzinga
• Boeing's Muilenburg Sees Space, Drones And China In Company's Future
• Bank Of America Prepares For Bitcoin Revolution
• Logistics Firms Prepare For 3D Printing's Future
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Amazon Turns To The Sharing Economy With Part-Time 'Flex' Service: This holiday season there has been much concern over how firms will cope with the lack of seasonal employees. As unemployment rates have fallen dramatically across the United States, there is a much smaller pool of part-time employees, leaving many firms to decide whether to pay more and sacrifice margins or brave the shopping season without extra hands. Amazon.com, Inc. (NASDAQ: AMZN ) is one such firm which will likely feel the effects of fewer employees as the company's one-day shipping promises often attract droves of last-minute shoppers. However, the e-commerce giant is hoping to fill the gap using the sharing economy . Related Link: What Could Amazon And Lear Mean For Detroit? Sharing Economy In Seattle, Amazon has been piloting a new program which allows everyday people to become Amazon delivery representatives in their free time. Much like Uber, Amazon is tapping into the sharing economy in order to fill a need without taking on new employees. The service, called Amazon Flex, allows people to pick up packages from Amazon warehouses and deliver them to customers' homes for a reasonable $20 per hour. On Demand Workers The program is expected to catch on quickly as the rise of on-demand workers has been huge over the past year. College students, part-time workers and low paid employees are often looking for ways to earn extra cash in their free time and programs like Amazon Flex allow them to do so without locking them in to set hours. Not only does it give the delivery people a bit of extra income, but it significantly reduces Amazon's shipping costs and allows the company to offer its customers faster delivery times even when the hiring pool is shrinking. See more from Benzinga Boeing's Muilenburg Sees Space, Drones And China In Company's Future Bank Of America Prepares For Bitcoin Revolution Logistics Firms Prepare For 3D Printing's Future © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Patients To Benefit From Latest Tech Trends: For years, the medical industry has evolved alongside the tech space as new technology gave doctors the ability to treat patients in ways they never thought possible. Now, the latest trends in the tech space are making their way to patients to help treat illnesses and aid in recovery in new and innovative ways. Virtual Reality Virtual reality headsets have been a hot topic this year after Facebook Inc (NASDAQ: FB )-owned firm Oculus revealed an affordable, consumer friendly version of the technology. Many said the latest developments in VR are likely to benefit the medical community by providing new doctors with training simulations, but therapists say there is a use-case for the goggles in treating mental health patients as well. Related Link: Virtual Reality Becomes An Actual Reality With New Oculus Headset Virtual Reality Experiences Therapists and counselors say that using virtual reality to put patients in difficult situations could help them deal with some of their problems in a safe environment. The technology could be used for all kinds of mental health patients from those suffering from Post-Traumatic Stress Disorder to people with debilitating fear or anxiety. Not only would virtual reality give existing patients a new way to cope with their problems, but the new technique could encourage those suffering from mental disorders to attend therapy. Big Data Another growing field in the tech space has been data analysis and consumer products firm Johnson & Johnson (NYSE: JNJ ) intends to put that information into the hands of patients. Together with International Business Machines Corp. (NYSE: IBM ) and Apple Inc. (NASDAQ: AAPL ), Johnson & Johnson said it plans to create a new app that will use health data to give patients a virtual coach. The app will use artificial intelligence to sort through thousands of data points in order to predict patient outcomes and give users treatment suggestions. Initially, the company plans to release one such app geared toward knee-replacement patients and its effectiveness will be measured by the rate of hospital re-admissions, but eventually the service could be offered to a wide range of patients. Image Credit: Public Domain See more from Benzinga Facebook Looks To Take Over TV Advertising Net Neutrality Gets Tricky When You Talk About Global Access Bank Of America Prepares For Bitcoin Revolution © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Patients To Benefit From Latest Tech Trends: For years, the medical industry has evolved alongside the tech space as new technology gave doctors the ability to treat patients in ways they never thought possible. Now, the latest trends in the tech space are making their way to patients to help treat illnesses and aid in recovery in new and innovative ways.
Virtual Reality
Virtual reality headsets have been a hot topic this year afterFacebook Inc(NASDAQ:FB)-owned firm Oculus revealed an affordable, consumer friendly version of the technology.
Many said the latest developments in VR are likely to benefit the medical community by providing new doctors with training simulations, but therapists say there is ause-casefor the goggles in treating mental health patients as well.
Related Link:Virtual Reality Becomes An Actual Reality With New Oculus Headset
Virtual Reality Experiences
Therapists and counselors say that using virtual reality to put patients in difficult situations could help them deal with some of their problems in a safe environment. The technology could be used for all kinds of mental health patients from those suffering from Post-Traumatic Stress Disorder to people with debilitating fear or anxiety.
Not only would virtual reality give existing patients a new way to cope with their problems, but the new technique could encourage those suffering from mental disorders to attend therapy.
Big Data
Another growing field in the tech space has been data analysis and consumer products firmJohnson & Johnson(NYSE:JNJ) intends toput that informationinto the hands of patients.
Together withInternational Business Machines Corp.(NYSE:IBM) andApple Inc.(NASDAQ:AAPL), Johnson & Johnson said it plans to create a new app that will use health data to give patients a virtual coach.
The app will use artificial intelligence to sort through thousands of data points in order to predict patient outcomes and give users treatment suggestions. Initially, the company plans to release one such app geared toward knee-replacement patients and its effectiveness will be measured by the rate of hospital re-admissions, but eventually the service could be offered to a wide range of patients.
Image Credit: Public Domain
See more from Benzinga
• Facebook Looks To Take Over TV Advertising
• Net Neutrality Gets Tricky When You Talk About Global Access
• Bank Of America Prepares For Bitcoin Revolution
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Mission Accomplished -- CWC's Chris Dehring Departs: MIAMI, FL--(Marketwired - Sep 25, 2015) - Cable & Wireless Communications , Plc (CWC) announced today that Chris Dehring, Chairman of LIME Jamaica and a member of the senior executive team, has decided to return to the forays of entrepreneurship after six transformative years with the Company, effective September 30, 2015. "On behalf of the Board of Directors and the management and staff of C&W, I want to thank Chris for his outstanding contributions to our business during his time with the Company," said Phil Bentley, C&W's CEO. "Chris has been a key leader in our business, spearheading the largest market in the Caribbean for over six years as Chairman, and building a solid foundation to drive growth and profitability in one of our most important markets. His outstanding reputation throughout the Caribbean and strategic acumen proved invaluable to the success of the merger with Columbus and we thank him for his leadership, and wish him well in his future endeavours," said Bentley. "On a personal note, I'd like to thank Chris for working so closely and effectively with me on gaining the support across the Caribbean for the acquisition of Columbus -- this has been a game changer for C&W!" added Bentley. Chris, who has an outstanding track record in business across the region, orchestrated new emergency legislation and the historic regulatory rulings that redressed the anomalies in the Jamaican telecommunications market, paving the way for the company to grow its mobile subscriber base from just over 200k to 900k currently. He was instrumental in reviving the LIME brand (now Flow), and business with innovative marketing and innovations such as LIME Skool Aid which continues today. Considered a maverick among his peers, Chris played a key role in the regulatory approval negotiations across the region to facilitate the successful merger with Columbus International Inc. Commenting on his tenure, the affable Chairman and Senior Vice President for Government and Regulatory Affairs, said, "It was an honour to serve with so many outstanding colleagues at Cable & Wireless Communications and to be able to close this remarkable era of my career by playing such an integral role in finalising what undoubtedly is a transformational merger with Columbus. Similar to the regulatory obstacles we overcame in Jamaica, there were massive regulatory hurdles with the merger, but I'm delighted to have had the opportunity to leverage my expertise and be a part of a US$3 billion dollar transaction spanning 42 countries. Coupled with the turnaround and upward trajectory of C&W in Jamaica and the Caribbean, I feel like my mission has been accomplished and it is time to move on to my next adventure!" Story continues Prior to joining C&W, Chris earned a solid reputation in Jamaica and across the Caribbean as a marketing specialist and entrepreneur. He was one of the founders of Jamaica's first investment bank and the Caribbean's first sports television cable channel, and as Managing Director & CEO, led the region in staging its first global sporting event -- the ICC Cricket World Cup in 2007. About Cable & Wireless Communications: Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information please visit: www.cwc.com Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2894129 || Mission Accomplished -- CWC's Chris Dehring Departs: MIAMI, FL--(Marketwired - Sep 25, 2015) -Cable & Wireless Communications, Plc (CWC) announced today that Chris Dehring, Chairman of LIME Jamaica and a member of the senior executive team, has decided to return to the forays of entrepreneurship after six transformative years with the Company, effective September 30, 2015.
"On behalf of the Board of Directors and the management and staff of C&W, I want to thank Chris for his outstanding contributions to our business during his time with the Company," said Phil Bentley, C&W's CEO. "Chris has been a key leader in our business, spearheading the largest market in the Caribbean for over six years as Chairman, and building a solid foundation to drive growth and profitability in one of our most important markets. His outstanding reputation throughout the Caribbean and strategic acumen proved invaluable to the success of the merger with Columbus and we thank him for his leadership, and wish him well in his future endeavours," said Bentley.
"On a personal note, I'd like to thank Chris for working so closely and effectively with me on gaining the support across the Caribbean for the acquisition of Columbus -- this has been a game changer for C&W!" added Bentley.
Chris, who has an outstanding track record in business across the region, orchestrated new emergency legislation and the historic regulatory rulings that redressed the anomalies in the Jamaican telecommunications market, paving the way for the company to grow its mobile subscriber base from just over 200k to 900k currently. He was instrumental in reviving the LIME brand (now Flow), and business with innovative marketing and innovations such as LIME Skool Aid which continues today. Considered a maverick among his peers, Chris played a key role in the regulatory approval negotiations across the region to facilitate the successful merger with Columbus International Inc.
Commenting on his tenure, the affable Chairman and Senior Vice President for Government and Regulatory Affairs, said, "It was an honour to serve with so many outstanding colleagues at Cable & Wireless Communications and to be able to close this remarkable era of my career by playing such an integral role in finalising what undoubtedly is a transformational merger with Columbus. Similar to the regulatory obstacles we overcame in Jamaica, there were massive regulatory hurdles with the merger, but I'm delighted to have had the opportunity to leverage my expertise and be a part of a US$3 billion dollar transaction spanning 42 countries. Coupled with the turnaround and upward trajectory of C&W in Jamaica and the Caribbean, I feel like my mission has been accomplished and it is time to move on to my next adventure!"
Prior to joining C&W, Chris earned a solid reputation in Jamaica and across the Caribbean as a marketing specialist and entrepreneur. He was one of the founders of Jamaica's first investment bank and the Caribbean's first sports television cable channel, and as Managing Director & CEO, led the region in staging its first global sporting event -- the ICC Cricket World Cup in 2007.
About Cable & Wireless Communications:Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,000 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; TV 460k and Broadband 665k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information please visit:www.cwc.com
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=2894129 || How Bitcoins Have Evolved: CFTC Rules to Define Bitcoins as Commodities
Introduction of the bitcoin
The bitcoin, which made its debut in 2009, is often referred to as the world’s first decentralized digital currency, and it has the highest market capitalization when compared to its peers. Its invention is credited to Satoshi Nakamoto. Like other virtual currencies, bitcoins can be used as a form of payment.
Bitcoins are initially created by an activity known as mining, where a person who completes a specific online task is rewarded with bitcoins. As with any conventional currency, inflation affects bitcoins too, so a control process was set up so that the reward goes on decreasing over time for a work of similar difficulty. The major advantages of using bitcoin as a payment method includes anonymity, no taxes on sales through bitcoins, and low transaction costs.
Bitcoin price movements since inception
The Cyprus bailout in 2013 was a major break for bitcoins, as people tried to preserve their wealth before the bailout condition took effect by buying bitcoins. As a result, the bitcoin price nearly tripled in March 2013. After the Cyprus bailout, the bitcoin was trading nearly flat for some time, as virtual currencies like bitcoins were under the radar, as they began to be used for criminal activities.
The next major boost for the bitcoin came towards the end of 2013 with both the US Senate and the People’s Bank of China giving positive remarks about the virtual currency. This drove more investments, especially from China, as the bitcoin scaled all-time high levels in November 2013. In December 2013 however, the Chinese government took action to curb the increasing popularity of the bitcoin, as the official currency, the renminbi, was under pressure. The government banned financial institutions from the use of bitcoins.
After the Chinese governments’ measures, bitcoins failed to recover and have been on a downward trend since then. Part two of the series will look into the latest development in bitcoins with the CFTC (Commodity Futures Trading Commission) declaring bitcoins and other virtual currencies as commodities.
Market impact
Companies like WPCS International (WPCS) will be sensitive to updates on bitcoins, since they own a bitcoin trading platform. Other stocks that will be majorly impacted are pro bitcoin companies like Tesla Motors (TSLA), Zynga (ZNGA), and eBay (EBAY).
The registration process is ongoing for bitcoin ETFs with the Winklevoss Bitcoin Trust ETF (COIN) set to become the first bitcoin ETF if authorities approve it. The bitcoin ETF is expected to be similar to other commodity ETFs like the SPDR Gold Trust ETF (GLD) and the United States Oil Fund ETF (USO), which deal with gold and crude oil, respectively.
Continue to Next Part
Browse this series on Market Realist:
• Part 2 - CFTC Rules Bitcoins Be Regarded as Commodity || How Bitcoins Have Evolved: CFTC Rules to Define Bitcoins as Commodities Introduction of the bitcoin The bitcoin, which made its debut in 2009, is often referred to as the worlds first decentralized digital currency, and it has the highest market capitalization when compared to its peers. Its invention is credited to Satoshi Nakamoto. Like other virtual currencies, bitcoins can be used as a form of payment. Bitcoins are initially created by an activity known as mining, where a person who completes a specific online task is rewarded with bitcoins. As with any conventional currency, inflation affects bitcoins too, so a control process was set up so that the reward goes on decreasing over time for a work of similar difficulty. The major advantages of using bitcoin as a payment method includes anonymity, no taxes on sales through bitcoins, and low transaction costs. Bitcoin price movements since inception The Cyprus bailout in 2013 was a major break for bitcoins, as people tried to preserve their wealth before the bailout condition took effect by buying bitcoins. As a result, the bitcoin price nearly tripled in March 2013. After the Cyprus bailout, the bitcoin was trading nearly flat for some time, as virtual currencies like bitcoins were under the radar, as they began to be used for criminal activities. The next major boost for the bitcoin came towards the end of 2013 with both the US Senate and the Peoples Bank of China giving positive remarks about the virtual currency. This drove more investments, especially from China, as the bitcoin scaled all-time high levels in November 2013. In December 2013 however, the Chinese government took action to curb the increasing popularity of the bitcoin, as the official currency, the renminbi, was under pressure. The government banned financial institutions from the use of bitcoins. After the Chinese governments measures, bitcoins failed to recover and have been on a downward trend since then. Part two of the series will look into the latest development in bitcoins with the CFTC (Commodity Futures Trading Commission) declaring bitcoins and other virtual currencies as commodities. Story continues Market impact Companies like WPCS International (WPCS) will be sensitive to updates on bitcoins, since they own a bitcoin trading platform. Other stocks that will be majorly impacted are pro bitcoin companies like Tesla Motors (TSLA), Zynga (ZNGA), and eBay (EBAY). The registration process is ongoing for bitcoin ETFs with the Winklevoss Bitcoin Trust ETF (COIN) set to become the first bitcoin ETF if authorities approve it. The bitcoin ETF is expected to be similar to other commodity ETFs like the SPDR Gold Trust ETF (GLD) and the United States Oil Fund ETF (USO), which deal with gold and crude oil, respectively. Continue to Next Part Browse this series on Market Realist: Part 2 - CFTC Rules Bitcoins Be Regarded as Commodity || How Bitcoins Have Evolved: CFTC Rules to Define Bitcoins as Commodities
Introduction of the bitcoin
The bitcoin, which made its debut in 2009, is often referred to as the world’s first decentralized digital currency, and it has the highest market capitalization when compared to its peers. Its invention is credited to Satoshi Nakamoto. Like other virtual currencies, bitcoins can be used as a form of payment.
Bitcoins are initially created by an activity known as mining, where a person who completes a specific online task is rewarded with bitcoins. As with any conventional currency, inflation affects bitcoins too, so a control process was set up so that the reward goes on decreasing over time for a work of similar difficulty. The major advantages of using bitcoin as a payment method includes anonymity, no taxes on sales through bitcoins, and low transaction costs.
Bitcoin price movements since inception
The Cyprus bailout in 2013 was a major break for bitcoins, as people tried to preserve their wealth before the bailout condition took effect by buying bitcoins. As a result, the bitcoin price nearly tripled in March 2013. After the Cyprus bailout, the bitcoin was trading nearly flat for some time, as virtual currencies like bitcoins were under the radar, as they began to be used for criminal activities.
The next major boost for the bitcoin came towards the end of 2013 with both the US Senate and the People’s Bank of China giving positive remarks about the virtual currency. This drove more investments, especially from China, as the bitcoin scaled all-time high levels in November 2013. In December 2013 however, the Chinese government took action to curb the increasing popularity of the bitcoin, as the official currency, the renminbi, was under pressure. The government banned financial institutions from the use of bitcoins.
After the Chinese governments’ measures, bitcoins failed to recover and have been on a downward trend since then. Part two of the series will look into the latest development in bitcoins with the CFTC (Commodity Futures Trading Commission) declaring bitcoins and other virtual currencies as commodities.
Market impact
Companies like WPCS International (WPCS) will be sensitive to updates on bitcoins, since they own a bitcoin trading platform. Other stocks that will be majorly impacted are pro bitcoin companies like Tesla Motors (TSLA), Zynga (ZNGA), and eBay (EBAY).
The registration process is ongoing for bitcoin ETFs with the Winklevoss Bitcoin Trust ETF (COIN) set to become the first bitcoin ETF if authorities approve it. The bitcoin ETF is expected to be similar to other commodity ETFs like the SPDR Gold Trust ETF (GLD) and the United States Oil Fund ETF (USO), which deal with gold and crude oil, respectively.
Continue to Next Part
Browse this series on Market Realist:
• Part 2 - CFTC Rules Bitcoins Be Regarded as Commodity || Medical Marijuana May Help Transplant Patients: In recent years, the use case for marijuana for medicinal reasons has expanded exponentially. As the drug becomes widely accepted across the US, more research has been done to better understand the effects of marijuana on certain ailments. Everything from Alzheimer's to Epilepsy is said to benefit from the components of a marijuana plant and now a new study shows that the drug which has long disqualified patients from receiving a transplant could actually aid in their recovery. Mouse Study Scientists at the University of South Carolina have found that Tetrahyrodcannabinol, the psychoactive component of marijuana, may help to delay the rejection of organs in transplant patients. The study examined the effects of THC on mice that received skin grafts and found that those exposed to the drug were better able to accept a foreign graft. Related Link: Marijuana-Specific Doctors Can Make It Difficult To Take Medical Marijuana Seriously New Uses Based on this data, scientists believe that THC suppresses a patient's immune response, something that could prove beneficial for transplant patients or those struggling with other inflammatory diseases. For marijuana supporters, the data represents another reason why federal laws should be relaxed in order to make studies like this one more accessible. Still Some Concerns Much like many other studies touting the effectiveness of marijuana treatments, the scientists at the University of South Carolina cautioned that the results don't tell the whole story. So much is unknown about how marijuana affects the human body that the possibility of using THC in this capacity for humans any time soon is slim. However, it illuminates a new use case and will likely encourage researchers to continue finding ways to use marijuana components to fight illnesses and improve patients' quality of life. See more from Benzinga Netflix Viewing Stats Reveal That All Shows Aren't Created Equally Charlie Shrem Weighs In On Bitcoin From His Prison Cell China's Weakness Isn't All Bad © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Medical Marijuana May Help Transplant Patients: In recent years, the use case for marijuana for medicinal reasons has expanded exponentially. As the drug becomes widely accepted across the US, more research has been done to better understand the effects of marijuana on certain ailments.
Everything from Alzheimer's to Epilepsy is said to benefit from the components of a marijuana plant and now a newstudyshows that the drug which has long disqualified patients from receiving a transplant could actually aid in their recovery.
Mouse Study
Scientists at the University of South Carolina have found that Tetrahyrodcannabinol, the psychoactive component of marijuana, may help to delay the rejection of organs in transplant patients. The study examined the effects of THC on mice that received skin grafts and found that those exposed to the drug were better able to accept a foreign graft.
Related Link:Marijuana-Specific Doctors Can Make It Difficult To Take Medical Marijuana Seriously
New Uses
Based on this data, scientists believe that THC suppresses a patient's immune response, something that could prove beneficial for transplant patients or those struggling with other inflammatory diseases. For marijuana supporters, the data represents another reason why federal laws should be relaxed in order to make studies like this one more accessible.
Still Some Concerns
Much like many other studies touting the effectiveness of marijuana treatments, the scientists at the University of South Carolina cautioned that the results don't tell the whole story. So much is unknown about how marijuana affects the human body that the possibility of using THC in this capacity for humans any time soon is slim. However, it illuminates a new use case and will likely encourage researchers to continue finding ways to use marijuana components to fight illnesses and improve patients' quality of life.
See more from Benzinga
• Netflix Viewing Stats Reveal That All Shows Aren't Created Equally
• Charlie Shrem Weighs In On Bitcoin From His Prison Cell
• China's Weakness Isn't All Bad
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
Average Bitcoin market price is: USD 236.30, EUR 210.00 || 1 #bitcoin = $4155.00 MXN | $246.63 USD #BitAPeso 1 USD = 16.85MXN http://www.bitapeso.com || Current price: 236.32$ $BTCUSD $btc #bitcoin 2015-10-01 06:00:10 EDT || Current price: 156.91£ $BTCGBP $btc #bitcoin 2015-10-02 00:00:05 BST || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000003
Bittrex: 0.00000005
Average $1.0E-5 per #reddcoin
12:00:01 || Current price: 237.4$ $BTCUSD $btc #bitcoin 2015-09-30 23:00:07 EDT || Current price: 236....
|
237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88.
|
[Bitcoin Technical Analysis for 2017-06-17]
Volume: 1534509952, RSI (14-day): 57.27, 50-day EMA: 2203.37, 200-day EMA: 1454.65
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Dollar remains at lows amid soft housing data: Dollar is set to end the week roughly flat Investing.com – The dollar remained close to session lows against a basket of global currencies on Friday, after the release of disappointing economic data weighed on sentiment. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 97.18. U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter. Housing starts dropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase. In a separate report the University of Michigan said its consumer sentiment gauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1. The slowdown in the housing sector comes a few days after the Federal Reserve raised interest rates for the second time this year, and said gradual interest rate increases remained appropriate , asserting that moderate economic growth will continue for foreseeable future. The pound and euro were the main beneficiaries of the slump lower in the greenback. GBP/USD rose to $1.2763, up 0.22%, underpinned by expectations that the Bank of England could alter its stance on low interest rates in the near future, after an increasing number of its members voted in favour of an interest rate increase on Wednesday. EUR/USD added 0.39% to $1.1190 while EUR/GBP rose by 19% to 0.8753. USD/CAD traded at C$1.3230, down 0.29%, as a rebound in oil prices supported upward momentum in the oil-linked Canadian dollar. The yen was one of the few major currencies unable to take advantage of the weaker greenback, hitting a two-week low, after the Bank of Japan kept interest rates unchanged and hinted that ultra-loose monetary policy could remain in place for a while. Governor Haruhiko Kuroda said there was "some distance" to achieving the BOJ's inflation target of 2%, adding that it was "inappropriate" to say how the Bank would exit its massive stimulus program. Story continues USD/JPY traded roughly flat at Y110.84. Related Articles CFTC - Commitments of Traders: Euro Net Longs at 6-Year High Mexico's peso hits over 13-month high as Fed hike bets fade Bitcoin set to post weekly loss for the first time in 9-weeks || Dollar remains at lows amid soft housing data: Investing.com – The dollar remained close to session lows against a basket of global currencies on Friday, after the release of disappointing economic data weighed on sentiment.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.34% to 97.18.
U.S. homebuilding fell for a third straight month in May to the lowest level in eight months, suggesting that subdued housing activity could dent economic growth in the second quarter.
Housing startsdropped 5.5% to a seasonally adjusted annual rate of 1.09 million units, the Commerce Department said on Friday, well below forecasts of a 4.1% increase.
In a separate report the University of Michigan said itsconsumer sentimentgauged fell to 94.5 in early June from 91.1 in May. Analysts had expected a reading of 97.1.
The slowdown in the housing sector comes a few days after the Federal Reserve raised interest rates for the second time this year, and saidgradual interest rate increases remained appropriate, asserting that moderate economic growth will continue for foreseeable future.
The pound and euro were the main beneficiaries of the slump lower in the greenback.
GBP/USD rose to $1.2763, up 0.22%, underpinned by expectations that the Bank of England could alter its stance on low interest rates in the near future, after an increasing number of its members voted in favour of an interest rate increase on Wednesday.
EUR/USD added 0.39% to $1.1190 while EUR/GBP rose by 19% to 0.8753.
USD/CAD traded at C$1.3230, down 0.29%, as a rebound in oil prices supported upward momentum in the oil-linked Canadian dollar.
The yen was one of the few major currencies unable to take advantage of the weaker greenback, hitting a two-week low, after the Bank of Japankept interest rates unchangedand hinted that ultra-loose monetary policy could remain in place for a while.
Governor Haruhiko Kuroda said there was "some distance" to achieving the BOJ's inflation target of 2%, adding that it was "inappropriate" to say how the Bank would exit its massive stimulus program.
USD/JPY traded roughly flat at Y110.84.
Related Articles
CFTC - Commitments of Traders: Euro Net Longs at 6-Year High
Mexico's peso hits over 13-month high as Fed hike bets fade
Bitcoin set to post weekly loss for the first time in 9-weeks || Canadian miners, casinos hit by hacker eyeing new targets -FireEye: By Alastair Sharp
TORONTO, June 16 (Reuters) - The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye Inc said in a report on Friday.
FireEye said it believes that a single hacker or hacking group that it dubbed FIN10 is behind the breaches due to similarities in method: how they broke into corporate systems, stealing gigabytes of sensitive data and demanding ransom paid in Bitcoin, and publicizing the stolen information by alerting bloggers.
While FireEye declined to identify victims by name, the methods described in their report echoed those used in attacks on Goldcorp, the world's third-biggest gold miner by market value, smaller operator Detour Gold, and the Casino Rama Resort.
FireEye said FIN10's degree of operational success makes more campaigns "highly probable" and that it had evidence suggesting the group had targeted additional victims.
FireEye said FIN10 used the moniker Angels_of_Truth at least once, claiming to attack in retaliation for Canadian sanctions against Russia. More often, it borrowed the name Tesla Team from a group of Serbian hacktivists.
FireEye believes FIN10 was flying 'false flags' with those names, with no backing from a nation-state or affiliation with organized criminals.
Angels_of_Truth was the name used by hackers who contacted a databreaches.net blogger between April and June 2015 claiming credit in Russian and English for the Detour intrusion.
The same blogger, alerted to a breach at Goldcorp in April 2016, published details on the Daily Dot website before Goldcorp acknowledged the compromise.
The Vancouver-based miner has since modified its IT processes, increased network security protocols, and worked to educate its staff about cyber risks, a spokeswoman said.
After that breach, a mining industry group formed a network to share information on cyber threats. At least six members, including Teck Resources Ltd, will take the project live next month.
FIN10 is still in contact with some victims and more targets may "become aware of the threat in the coming weeks or months," said Charles Carmakal, vice president at FireEye's Mandiant unit.
Detour Gold did not respond to requests for comment. Nor did Casino Rama, which said in November that sensitive customer, employee and vendor data had been stolen. Some was reportedly later posted online, and they now face a class action lawsuit over the breach. (Additional reporting by Jim Finkle; Editing by Tom Brown) || Canadian miners, casinos hit by hacker eyeing new targets -FireEye: By Alastair Sharp TORONTO, June 16 (Reuters) - The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye Inc said in a report on Friday. FireEye said it believes that a single hacker or hacking group that it dubbed FIN10 is behind the breaches due to similarities in method: how they broke into corporate systems, stealing gigabytes of sensitive data and demanding ransom paid in Bitcoin, and publicizing the stolen information by alerting bloggers. While FireEye declined to identify victims by name, the methods described in their report echoed those used in attacks on Goldcorp, the world's third-biggest gold miner by market value, smaller operator Detour Gold, and the Casino Rama Resort. FireEye said FIN10's degree of operational success makes more campaigns "highly probable" and that it had evidence suggesting the group had targeted additional victims. FireEye said FIN10 used the moniker Angels_of_Truth at least once, claiming to attack in retaliation for Canadian sanctions against Russia. More often, it borrowed the name Tesla Team from a group of Serbian hacktivists. FireEye believes FIN10 was flying 'false flags' with those names, with no backing from a nation-state or affiliation with organized criminals. Angels_of_Truth was the name used by hackers who contacted a databreaches.net blogger between April and June 2015 claiming credit in Russian and English for the Detour intrusion. The same blogger, alerted to a breach at Goldcorp in April 2016, published details on the Daily Dot website before Goldcorp acknowledged the compromise. The Vancouver-based miner has since modified its IT processes, increased network security protocols, and worked to educate its staff about cyber risks, a spokeswoman said. After that breach, a mining industry group formed a network to share information on cyber threats. At least six members, including Teck Resources Ltd, will take the project live next month. FIN10 is still in contact with some victims and more targets may "become aware of the threat in the coming weeks or months," said Charles Carmakal, vice president at FireEye's Mandiant unit. Detour Gold did not respond to requests for comment. Nor did Casino Rama, which said in November that sensitive customer, employee and vendor data had been stolen. Some was reportedly later posted online, and they now face a class action lawsuit over the breach. (Additional reporting by Jim Finkle; Editing by Tom Brown) || Bitcoin storms back: Bitcoinhas come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520.
The selling on Thursday began when bitcoin-mining firm Bitmain outlined its "contingency plan."Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size — an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."
Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday.
The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble."
Additionally,Goldman Sachshead of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy."
At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note.
(Investing.com)
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
More From Business Insider
• Bitcoin is tumbling
• GOLDMAN SACHS: Bitcoin is looking 'heavy'
• Bitcoin nearly hits $3,000 before plunging || Bitcoin storms back: Bitcoinhas come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520.
The selling on Thursday began when bitcoin-mining firm Bitmain outlined its "contingency plan."Coindeskexplained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size — an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets."
Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday.
The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a "bubble."
Additionally,Goldman Sachshead of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy."
At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note.
(Investing.com)
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
More From Business Insider
• Bitcoin is tumbling
• GOLDMAN SACHS: Bitcoin is looking 'heavy'
• Bitcoin nearly hits $3,000 before plunging || Bitcoin storms back: Bitcoin has come all the way back from Thursday's steep slide. The cryptocurrency tumbled as much as 18.5% to $2,076 a coin after riskier assets fell following the Fed rate hike. On Friday, it's trading up 3.5% at $2,520. The selling on Thursday began when bitcoin-mining firm Bitmain outlined its " contingency plan . " Coindesk explained it best: "Most notably, the proposal would dedicate mining resources to hard forking the network to a rule set with a larger block size an upgrade that would likely result in two bitcoin networks and two tradable bitcoin assets." Riskier assets were already feeling some heat after the Federal Reserve raised its benchmark interest rate 25 basis points to a range of 1% to 1.25% on Wednesday. The writing had been on the wall. Bitcoin gained about 180% from the beginning of April through the middle of June. That run prompted tech billionaire Mark Cuban to call bitcoin a " bubble ." Additionally, Goldman Sachs head of technical strategy Sheba Jafari also sounded the alarm on bitcoin in a note to clients sent earlier this week, saying that "the balance of signals are looking broadly heavy." At least for now, it appears that Jafari nailed her call. "Consider re-establishing bullish exposure between 2,330 and no lower than 1,915," she concluded in this week's note. Bitcoin (Investing.com) NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy More From Business Insider Bitcoin is tumbling GOLDMAN SACHS: Bitcoin is looking 'heavy' Bitcoin nearly hits $3,000 before plunging || 10 things you need to know before the opening bell: Horse cart (man leaves a fuel station after checking the tire pressure on his horse cart in Soweto, Johannesburg, South Africa.Reuters/Siphiwe Sibeko) Here is what you need to know. The US economy looks a lot like the period before the tech bubble . Consumer confidence, business confidence, the yield curve, and the employment picture are all looking eerily similar to 1999. The Bank of Japan keeps policy on hold . Japan's central bank voted 7 to 2 in favor of keeping its quantitative and qualitative monetary easing in place while holding its key rate unchanged at -0.1% and pledging to buy Japanese government bonds (JGB) so that 10-year JGB yield will remain near zero. Bitcoin is making a comeback . The cryptocurrency tumbled as much as 18.5% to a low of $2,076 a coin on Thursday amid new concerns over scaling, but has won back virtually all of those losses. Currently, it's trading up more than 6% at $2,510. The Fed's 4th rate hike could challenge a popular assumption about stocks . Typically the fourth rate hike is bad for stocks, but Nautilus Research says the " bullish factors currently outweigh bearish indications." Snap sinks to its IPO price . Snap shares settled at $17 on Thursday, matching the price of its March 1 initial public offering. Shares are now down 37% from their March 3 high. Sweden's biggest pension fund dumps shares of firms it says breach the Paris climate deal . AP7 has sold its investments in ExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp because they don't comply with the Paris climate deal, Reuters says. Goldman Sachs is buying secondhand stakes in private equity . The investment bank's Vintage VII fund has raised more than $7 billion to buy secondhand stakes in private equity, Reuters says, citing two people familiar with the matter. BHP Billiton has a new chairman . Ken MacKenzie will replaces Jac Nasser, who is leaving the company at the end of August after seven years in the role. Stock markets around the world are higher . Japan's Nikkei (+0.6%) led the charge in Asia and Britain's FTSE (+0.7%) is out front in Europe. The S&P 500 is set to open higher by 0.2% near 2,438. Story continues US economic data is moderate. Housing starts and building permits will be released at 8:30 a.m. ET while University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.17%. More From Business Insider The most insidious type of cheating isn't physical — and it's increasingly common This little-known Amazon service turns stuff you want to get rid of into store credit 10 must-have tech accessories under $10 || 10 things you need to know before the opening bell: (man leaves a fuel station after checking the tire pressure on his horse cart in Soweto, Johannesburg, South Africa.Reuters/Siphiwe Sibeko)
Here is what you need to know.
The US economy looks a lot like the period before the tech bubble.Consumer confidence, business confidence, the yield curve, and the employment picture are all looking eerily similar to 1999.
The Bank of Japan keeps policy on hold.Japan's central bank voted 7 to 2 in favor of keeping its quantitative and qualitative monetary easing in place while holding its key rate unchanged at -0.1% and pledging to buy Japanese government bonds (JGB) so that 10-year JGB yield will remain near zero.
Bitcoin is making a comeback.The cryptocurrency tumbled as much as 18.5% to a low of $2,076 a coin on Thursday amid new concerns over scaling, but has won back virtually all of those losses. Currently, it's trading up more than 6% at $2,510.
The Fed's 4th rate hike could challenge a popular assumption about stocks.Typically the fourth rate hike is bad for stocks, but Nautilus Research says the "bullish factors currently outweigh bearish indications."
Snap sinks to its IPO price.Snap shares settled at $17 on Thursday, matching the price of its March 1 initial public offering. Shares are now down 37% from their March 3 high.
Sweden's biggest pension fund dumps shares of firms it says breach the Paris climate deal.AP7 has sold its investments inExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp because they don't comply with the Paris climate deal, Reuters says.
Goldman Sachs is buying secondhand stakes in private equity.The investment bank's Vintage VII fund has raised more than $7 billion to buy secondhand stakes in private equity, Reuters says, citing two people familiar with the matter.
BHP Billiton has a new chairman.Ken MacKenzie will replaces Jac Nasser, who is leaving the company at the end of August after seven years in the role.
Stock markets around the world are higher.Japan's Nikkei (+0.6%) led the charge in Asia and Britain's FTSE (+0.7%) is out front in Europe. The S&P 500 is set to open higher by 0.2% near 2,438.
US economic data is moderate.Housing starts and building permits will be released at 8:30 a.m. ET while University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.17%.
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• This little-known Amazon service turns stuff you want to get rid of into store credit
• 10 must-have tech accessories under $10 || 6 Most Important Things in Business Now: Shares of once hot Snap Inc. ( SNAP ), operator of Snapchat, fell back to $17, its IPO price. Anxiety about user growth and engagement have hurt the company's ability to bring in advertising and marketing revenue. Snapchat also has several growing competitors, led by Facebook Inc.'s ( FB ) Instagram. Sales at Kroger Co. ( KR ) fell well short of expectations and its shares dropped over 14%. There is a deep concern among shareholders that the growth of Wal-Mart Stores Inc. ( WMT ) and Amazon.com Inc.'s ( AMZN ) grocery business will make Kroger's store system difficult to support. ALSO READ: America's Deadliest Cars Office messaging software app company Slack may raise as much as $500 million at a $5 billion valuation. After a tremendous run up, Bitcoin valuations have collapsed. According to Bloomberg: Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price. After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation. ALSO READ: States With the Most (and Least) Identity Theft And those big tech stocks continue to sell off. Apple Inc. ( AAPL ), Amazon, Alphabet Inc. ( GOOGL ), Facebook and Microsoft Corp. ( MSFT ) have lost over $100 billion in combined market cap in less than two weeks. The endless restructuring of Greek debt hit a roadblock as the International Monetary Fund, which usually participates in new loans and refinancing. said it would hesitate to take on more Greek sovereign paper. Managing Director Christine Lagarde told CNBC: For us to engage and for us to participate financially, more needs to be clarified, defined and approved in terms of restructuring. What we believe will be needed is a deferral of interests, an extension of maturity, and a mechanism by which there is an adjustment based on growth ... this is where further discussion and negotiation is needed. Related Articles 9 Ways to Deal With Robocalls Companies Stashing the Most Money Overseas 25 Worst Tasting Beers in America View comments || 6 Most Important Things in Business Now: Shares of once hot Snap Inc. (SNAP), operator of Snapchat, fell back to $17, its IPO price. Anxiety about user growth and engagement have hurt the company's ability to bring in advertising and marketing revenue. Snapchat also has several growing competitors, led by Facebook Inc.'s (FB) Instagram.
Sales at Kroger Co. (KR) fell well short of expectations and its shares dropped over 14%. There is a deep concern among shareholders that the growth of Wal-Mart Stores Inc. (WMT) and Amazon.com Inc.'s (AMZN) grocery business will make Kroger's store system difficult to support.
ALSO READ:America's Deadliest Cars
Office messaging software app company Slack may raise as much as $500 million at a $5 billion valuation.
After a tremendous run up, Bitcoin valuations have collapsed. According to Bloomberg:
Bitcoin sank as much as 19 percent, putting the digital currency on pace for its worst week since January 2015, as volatility climbs following a record-setting surge in the price.
After flirting with $3,000 on Monday, the cryptocurrency has retreated to as low as $2,076.16 in intraday trading. Other digital coins are also falling. The decline coincides with a slide in technology stocks that began after a report from Goldman Sachs Group Inc. warned that low volatility in the biggest tech stocks may be blinding investors to risks like cyclicality and regulation.
ALSO READ:States With the Most (and Least) Identity Theft
And those big tech stocks continue to sell off. Apple Inc. (AAPL), Amazon, Alphabet Inc. (GOOGL), Facebook and Microsoft Corp. (MSFT) have lost over $100 billion in combined market cap in less than two weeks.
The endless restructuring of Greek debt hit a roadblock as the International Monetary Fund, which usually participates in new loans and refinancing. said it would hesitate to take on more Greek sovereign paper. Managing Director Christine Lagarde told CNBC:
For us to engage and for us to participate financially, more needs to be clarified, defined and approved in terms of restructuring. What we believe will be needed is a deferral of interests, an extension of maturity, and a mechanism by which there is an adjustment based on growth ... this is where further discussion and negotiation is needed.
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• 25 Worst Tasting Beers in America || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss
NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency.
The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013.
On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent.
Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent.
Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin.
Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915."
Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer.
Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency.
Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough.
"Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency. The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013. On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent. Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent. Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin. Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915." Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer. Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency. Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough. "Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || Bitcoin drops to three-week low on profit taking: By Gertrude Chavez-Dreyfuss
NEW YORK, June 15 (Reuters) - Bitcoin fell to a three-week low on Thursday as investors took profits partly in response to a bearish report from Goldman Sachs as well as concerns about a Chinese bitcoin miner's plan to undertake a "hard fork" that will result in a split in the digital currency.
The virtual currency relies on "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Bitcoin fell as low as $2,120 on the Bitstamp on Thursday and was last down 6 percent at $2,290. On the week, the currency has fallen about 22 percent, on track for its largest weekly slide since December 2013.
On Monday, bitcoin hit a record just shy of $3,000. So far this year, bitcoin remains up 137 percent.
Sharp losses such as Thursday's are par for the course for an asset like bitcoin, analysts said. Over the course of its eight-year history, Bitcoin has on a daily basis risen as much as 18 percent and fallen as much as 13 percent.
Greg Dwyer, business development manager at crypto-currency trading platform BitMEX, said bitcoin's decline may have started on Monday when Goldman Sachs analyst Sheba Jafari said in a report, "The balance of signals are looking broadly heavy" for bitcoin.
Jafari was "wary of a near-term top ahead of $3,134, adding that investors should consider re-establishing bullish exposure between $2,330 and no lower than $1,915."
Analysts also said investors were spooked by Chinese miner Bitmain's plan to undertake a "hard fork" of bitcoin if a code upgrade on the currency is activated late this summer.
Under a "hard fork", Bitmain would create an entirely new version of the bitcoin blockchain, resulting in an entirely new bitcoin currency, separate from the original currency.
Bitmain's move was in response to proposals that attempt to solve the bitcoin network's limitations in processing millions of daily transactions. Bitcoin's network has not kept pace with its growth and is unable to process all the transactions fast enough.
"Traders are concerned with what a fork could do to their holdings and most likely now converting to fiat (government currencies) until some clarity about the scaling debate comes to light," said BitMEX's Dwyer. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Cynthia Osterman) || TECH STOCKS FALL: Here's what you need to know: (Flickr/Alpha)
US stocks and bonds fell on Thursday, a day after the Federal Reserve's decision toraise interest ratesand maintain its outlook for one more hike this year. The tech-heavy Nasdaq led declines among the major indexes.
Here's the scoreboard:
• Dow:21,359.90, -14.66, (-0.07%)
• S&P 500:2,432.46, -5.46, (-0.22%)
• Nasdaq:6,165.50, -29.39, (-0.47%)
• 10-year yield:2.162%, +0.024
1. Snap sank to its initial offering price of $17 for the first timeand closed exactly there. Many of the banks that underwrote the company's popular IPO have become bearish on the stock.
2. Bitcoin had its biggest drop in more than two years.The cryptocurrency fell by as much as 12.9%, to $2,161 a coin, its lowest since the beginning of June.
3. Nestle is thinking about selling its roughly $900 million-a-year US candy business. The world's largest packaged foods maker said on Thursday it would "explore strategic options," including a possible sale, amid a consumer shift towards healthier foods.
4. Nike said it would cut 2% of its global workforce and discontinue a quarter of its shoe styles as competition mounts. Nike shares fell 3%.
5. Alphabet fell after a rare downgrade.In a research note published Thursday, Canaccord said a lot of Alphabet's growth in mobile search and YouTube "will be hard to repeat."
6. Initial jobless claims, which count people who applied for unemployment insurance for the first time, last week fell more than expected by 8,000 to 237,000, according to the Labor Department.
Additionally:
A predictor with a perfect track record on the American economy is moving closer to signaling a recession
Don't expect the market's hottest stocks to cool down any time soon
Super-rich millennials are defying the way their parents have been investing for decades
Janet Yellen is starting to warm to a policy the Fed once regarded as radical
The Fed's 4th rate hike could challenge a popular assumption investors make about stocks
LARRY SUMMERS: 'The Fed is not credible with the markets'
NOW WATCH:An economist explains the key issues that Trump needs to address to boost the economy
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• TECH GETS SLAMMED: Here's what you need to know || TECH STOCKS FALL: Here's what you need to know: blue screen of death (Flickr/Alpha) US stocks and bonds fell on Thursday, a day after the Federal Reserve's decision to raise interest rates and maintain its outlook for one more hike this year. The tech-heavy Nasdaq led declines among the major indexes. Here's the scoreboard: Dow: 21,359.90, -14.66, (-0.07%) S&P 500: 2,432.46, -5.46, (-0.22%) Nasdaq: 6,165.50, -29.39, (-0.47%) 10-year yield: 2.162%, +0.024 Snap sank to its initial offering price of $17 for the first time and closed exactly there. Many of the banks that underwrote the company's popular IPO have become bearish on the stock. Bitcoin had its biggest drop in more than two years . The cryptocurrency fell by as much as 12.9%, to $2,161 a coin, its lowest since the beginning of June. Nestle is thinking about selling its roughly $900 million-a-year US candy business . The world's largest packaged foods maker said on Thursday it would "explore strategic options," including a possible sale, amid a consumer shift towards healthier foods. Nike said it would cut 2% of its global workforce and discontinue a quarter of its shoe styles as competition mounts . Nike shares fell 3%. Alphabet fell after a rare downgrade . In a research note published Thursday, Canaccord said a lot of Alphabet's growth in mobile search and YouTube "will be hard to repeat." Initial jobless claims, which count people who applied for unemployment insurance for the first time, last week fell more than expected by 8,000 to 237,000, according to the Labor Department . Additionally: A predictor with a perfect track record on the American economy is moving closer to signaling a recession Don't expect the market's hottest stocks to cool down any time soon Super-rich millennials are defying the way their parents have been investing for decades Janet Yellen is starting to warm to a policy the Fed once regarded as radical The Fed's 4th rate hike could challenge a popular assumption investors make about stocks LARRY SUMMERS: 'The Fed is not credible with the markets' Story continues NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy More From Business Insider STOCKS RISE: Here's what you need to know TECH GETS WHACKED AGAIN: Here's what you need to know TECH GETS SLAMMED: Here's what you need to know || BIT Moving to Bitcoin Blockchain as BITCF to Unify Trading Between Markets; OTC Markets Removes Caveat Emptor Symbol From its Publication of Quotes on BITCF: VANCOUVER, BC / ACCESSWIRE / June 15, 2017 / FIRST BITCOIN CAPITAL CORP. (OTC PINK: BITCF) ("Company," "we," "us," or "our") would like to announce that the most prolific cryptographic creator of tokens on the Bitcoin Blockchain has resolved to move the ownership of its common shares now trading in the cryptocurrency markets onto the Bitcoin Blockchain and simultaneously reduce authorized shares from 21 billion back to 500,000,000. The reduction in authorized capital of First Bitcoin Capital Corp . does not reduce the number of shares currently issued and outstanding. Crypto shareholders will be given two options; either to keep their mined shares or convert those shares to the new blockchain. Those that convert to the new blockchain will own shares of BITCF, however, those that do not elect to move to the new blockchain will continue to hold BIT, which will then become a simple cryptocurrency with no relationship to the shares of company other than sharing the first portion of its name, "First Bitcoin." The transference of shares from BIT, on its unique, existing blockchain, to BITCF on the Bitcoin Blockchain will be conducted through BIT's primary crypto-exchange, C-CEX.com , and will be automatic for all those who are holding their BIT at C-CEX. The new BITCF Crypto shares will then trade as BITCF so that it will be easier for the markets to understand that the crypto and traditional shares include the same rights, title, and interest. Those who wish to continue to trade BIT as a mere cryptocurrency will be allowed to do so via BIT's secondary exchange, Livecoin, but must remove their BIT from C-CEX on the deadline to be set soon. Deposits and withdraws will be allowed at C-CEX until the movement to the new blockchain has been implemented. The company plans to implement this blockchain move within two weeks. The company has determined that moving to the Bitcoin Blockchain makes the management of issuing shares more efficient and less expensive so that there is no mining cost to the company or its shareholders in the form of dilution. It is a safer system and allows for issuing new shares in the future instead of pre-mining to reserve shares in the treasury, as was done mining BIT. Story continues This move also creates a new asset for the coffers of BITCF so that all pre-mined 20 billion BIT will soon be available for liquidity, dividends, mergers, and acquisitions without any further dilution to BITCF, which heretofore was caused by daily mining of BIT. BITCF riding on the rails of Bitcoin using the Omni Layer Protocol will allow BITCF to easily pay dividends in the form of its other Omni layered coins such as ALT, XBU, XB, GARY, HILL, BURN, WEED, PRES, TESLA, etc., as well as the more popular MAID, OMNI, Tether (USTD), should we accumulate or acquire more of same. Reduction in Authorized Capital In preparing to move the small percentage of company shares held by miners from our own blockchain to the Bitcoin Blockchain the company resolved today to reduce authorized capital from 21,000,000,000 to 500,000,000 shares which will become effective upon completing this move within the next two weeks. OTC Market's Skull and Bones Designation After the company's SEC counsel provided and opined on the required disclosures to OTC Markets, the caveat emptor was removed so that the company has returned to its former status of a current alternative reporting company. About the Company First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange - www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development: www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.altcoinmarketcap.com market capitalization for all cryptocurrencies with up and down voting by altcoin communities. www.strain.ID cannabis strains genetic information depository on decentralized Blockchain. www.iCoiNEWS.com real time cryptocurrency and Bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued: http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com . SOURCE: First Bitcoin Capital Corp. || BIT Moving to Bitcoin Blockchain as BITCF to Unify Trading Between Markets; OTC Markets Removes Caveat Emptor Symbol From its Publication of Quotes on BITCF: VANCOUVER, BC / ACCESSWIRE / June 15, 2017 /FIRST BITCOIN CAPITAL CORP. (OTC PINK: BITCF) ("Company," "we," "us," or "our") would like to announce that the most prolific cryptographic creator of tokens on the Bitcoin Blockchain has resolved to move the ownership of its common shares now trading in the cryptocurrency markets onto the Bitcoin Blockchain and simultaneously reduce authorized shares from 21 billion back to 500,000,000. The reduction in authorized capital ofFirst Bitcoin Capital Corp. does not reduce the number of shares currently issued and outstanding.
Crypto shareholders will be given two options; either to keep their mined shares or convert those shares to the new blockchain.
Those that convert to the new blockchain will own shares of BITCF, however, those that do not elect to move to the new blockchain will continue to hold BIT, which will then become a simple cryptocurrency with no relationship to the shares of company other than sharing the first portion of its name, "First Bitcoin."
The transference of shares from BIT, on its unique, existing blockchain, to BITCF on theBitcoinBlockchain will be conducted through BIT's primary crypto-exchange,C-CEX.com, and will be automatic for all those who are holding their BIT at C-CEX. The new BITCF Crypto shares will then trade as BITCF so that it will be easier for the markets to understand that the crypto and traditional shares include the same rights, title, and interest.
Those who wish to continue to trade BIT as a mere cryptocurrency will be allowed to do so via BIT's secondary exchange, Livecoin, but must remove their BIT from C-CEX on the deadline to be set soon. Deposits and withdraws will be allowed atC-CEXuntil the movement to the new blockchain has been implemented. The company plans to implement this blockchain move within two weeks.
The company has determined that moving to theBitcoin Blockchainmakes the management of issuing shares more efficient and less expensive so that there is no mining cost to the company or its shareholders in the form of dilution. It is a safer system and allows for issuing new shares in the future instead of pre-mining to reserve shares in the treasury, as was done mining BIT.
This move also creates a new asset for the coffers of BITCF so that all pre-mined 20 billion BIT will soon be available for liquidity, dividends, mergers, and acquisitions without any further dilution to BITCF, which heretofore was caused by daily mining of BIT. BITCF riding on the rails of Bitcoin using the Omni Layer Protocol will allow BITCF to easily pay dividends in the form of its other Omni layered coins such as ALT, XBU, XB, GARY, HILL, BURN, WEED, PRES, TESLA, etc., as well as the more popular MAID, OMNI, Tether (USTD), should we accumulate or acquire more of same.
Reduction in Authorized Capital
In preparing to move the small percentage of company shares held by miners from our own blockchain to the Bitcoin Blockchain the company resolved today to reduce authorized capital from 21,000,000,000 to 500,000,000 shares which will become effective upon completing this move within the next two weeks.
OTC Market's Skull and Bones Designation
After the company's SEC counsel provided and opined on the required disclosures to OTC Markets, the caveat emptor was removed so that the company has returned to its former status of a current alternative reporting company.
About the Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange -www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.www.iCoiNEWS.comreal time cryptocurrency and Bitcoin news site.www.BITminer.ccproviding mining pool management services.www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins.www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com.
SOURCE:First Bitcoin Capital Corp. || BIT Moving to Bitcoin Blockchain as BITCF to Unify Trading Between Markets; OTC Markets Removes Caveat Emptor Symbol From its Publication of Quotes on BITCF: VANCOUVER, BC / ACCESSWIRE / June 15, 2017 /FIRST BITCOIN CAPITAL CORP. (OTC PINK: BITCF) ("Company," "we," "us," or "our") would like to announce that the most prolific cryptographic creator of tokens on the Bitcoin Blockchain has resolved to move the ownership of its common shares now trading in the cryptocurrency markets onto the Bitcoin Blockchain and simultaneously reduce authorized shares from 21 billion back to 500,000,000. The reduction in authorized capital ofFirst Bitcoin Capital Corp. does not reduce the number of shares currently issued and outstanding.
Crypto shareholders will be given two options; either to keep their mined shares or convert those shares to the new blockchain.
Those that convert to the new blockchain will own shares of BITCF, however, those that do not elect to move to the new blockchain will continue to hold BIT, which will then become a simple cryptocurrency with no relationship to the shares of company other than sharing the first portion of its name, "First Bitcoin."
The transference of shares from BIT, on its unique, existing blockchain, to BITCF on theBitcoinBlockchain will be conducted through BIT's primary crypto-exchange,C-CEX.com, and will be automatic for all those who are holding their BIT at C-CEX. The new BITCF Crypto shares will then trade as BITCF so that it will be easier for the markets to understand that the crypto and traditional shares include the same rights, title, and interest.
Those who wish to continue to trade BIT as a mere cryptocurrency will be allowed to do so via BIT's secondary exchange, Livecoin, but must remove their BIT from C-CEX on the deadline to be set soon. Deposits and withdraws will be allowed atC-CEXuntil the movement to the new blockchain has been implemented. The company plans to implement this blockchain move within two weeks.
The company has determined that moving to theBitcoin Blockchainmakes the management of issuing shares more efficient and less expensive so that there is no mining cost to the company or its shareholders in the form of dilution. It is a safer system and allows for issuing new shares in the future instead of pre-mining to reserve shares in the treasury, as was done mining BIT.
This move also creates a new asset for the coffers of BITCF so that all pre-mined 20 billion BIT will soon be available for liquidity, dividends, mergers, and acquisitions without any further dilution to BITCF, which heretofore was caused by daily mining of BIT. BITCF riding on the rails of Bitcoin using the Omni Layer Protocol will allow BITCF to easily pay dividends in the form of its other Omni layered coins such as ALT, XBU, XB, GARY, HILL, BURN, WEED, PRES, TESLA, etc., as well as the more popular MAID, OMNI, Tether (USTD), should we accumulate or acquire more of same.
Reduction in Authorized Capital
In preparing to move the small percentage of company shares held by miners from our own blockchain to the Bitcoin Blockchain the company resolved today to reduce authorized capital from 21,000,000,000 to 500,000,000 shares which will become effective upon completing this move within the next two weeks.
OTC Market's Skull and Bones Designation
After the company's SEC counsel provided and opined on the required disclosures to OTC Markets, the caveat emptor was removed so that the company has returned to its former status of a current alternative reporting company.
About the Company
First Bitcoin Capital Corp is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange -www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges), we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time, the Company owns and operates more than the following digital assets under development:
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.www.altcoinmarketcap.commarket capitalization for all cryptocurrencies with up and down voting by altcoin communities.www.strain.IDcannabis strains genetic information depository on decentralized Blockchain.www.iCoiNEWS.comreal time cryptocurrency and Bitcoin news site.www.BITminer.ccproviding mining pool management services.www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN - commemorative presidential election coins.www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of most Omni protocol coins issued on the Bitcoin Blockchain and owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Second Omni wallet owned by CoinQX reflecting our airline mileage tokens issued:http://omnichest.info/lookupadd.aspx?address=1VuF26AgLyQ4tBoGzYTWRqtDG9zCB7QXe
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com.
SOURCE:First Bitcoin Capital Corp. || MORGAN STANLEY: There's one company pulling ahead in blockchain tech: Major Wall Street banks have been investing in blockchain technology for years now, but few products have yet to actually reach the market. That's because we're still in a "proof of concept" phase, according to new Morgan Stanley research published this week.
"Whilst Blockchain, or distributed ledger technology, has been around for a number of years, it has only really begun to gain traction in the mainstream in the last 12 months," write analysts at the bank.
(Morgan Stanley Research)
One company that's leading the way? BNY Mellon.
Morgan Stanley says the custody giant has created a parallel infrastructure using blockchain technology. BDS360 (short for Broker Dealer Services 360) monitors the custodial bank's ledger simultaneously and creates a second, redundant ledger that serves as a backup record. It's been up and running since March 2016.
Here's how it works:
(Illustrative structure of BNY Mellon's BDS360 in relation to existing infrastructure BDC.Morgan Stanley Research)
It "provides a cost-effective way of adding extra layers of resiliency to the current platform," the bank said in a note.
BSD360 is the closest thing to a market-ready product, says Morgan Stanley. All that's left is to roll out is client-facing portions, which comes with its own set of challenges.
"There is still work to be done to figure out the specifics of client interface," says Morgan Stanley. "BNY Mellon would also need to engage in regulatory dialogues, and establish necessary standards and protocols. We think BNY Mellon is well positioned to take on those challenges, with ~85% market share in the [bond] space."
Since it's only internal, and merely duplicates the current settlement processes, it's not a cost-save move by BNY Mellon. Rather, it's a cheap way to add another layer of resiliency, according to Morgan Stanley.
Other examples of blockchain experiments include theAustralian Securities Exchange, Monetary Authority of Singapore, andRipple, a blockchain startup that wants to break SWIFT's stranglehold on intra-bank messaging.
These proofs of concept are paving the way for cost-saving innovations, but there's still a long way to go.
"Adoption of some form of Blockchain technology by incumbents is likely," writes Morgan Stanley. "Given the amount of collaboration required, we expect it could take several years to replace existing back office functions."
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[Social Media Buzz]
#Monacoin 42円↑[Zaif] -円→[もなとれ]
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06/17 18:00
口座開設はこちらで！ https://goo.gl/31dyoO || $2525.00 at 09:15 UTC [24h Range: $2400.00 - $2540.00 Volume: 12923 BTC] || #Bitcoin -0.18%
Ultima: R$ 9380.00 Alta: R$ 9453.67 Baixa: R$ 9012.00
Fonte: Foxbit || Gana $45,00 Usd Por Afiliar, Quieres ganarte dólares con Bitcoin sin tanto esfuerzo? Es solo dedicar ··- https://goo.gl/Cdo6SQ .. # || $2655.00 at 19:00 UTC [24h Range: $2412.10 - $2668.44 Volume: 12079 B...
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2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02.
|
[Bitcoin Technical Analysis for 2020-06-19]
Volume: 19632223107, RSI (14-day): 46.30, 50-day EMA: 9177.75, 200-day EMA: 8500.65
[Wider Market Context]
Gold Price: 1745.90, Gold RSI: 57.33
Oil Price: 39.75, Oil RSI: 63.72
[Recent News (last 7 days)]
Less than 20% of the current supply of bitcoin is used for trading, says Chainalysis: Only 3.5 million bitcoins — around 19% of the total outstanding supply — are used for trading, according to a new report from blockchain analytics firm Chainalysis. According to the report, nearly 18.6 million bitcoins have been mined as of June 2020, and the majority of this supply is being held long-term. Chainalysis found that approximately 60% of the current supply of bitcoin is held by parties that have never sold more than 25% of the bitcoin they’ve ever received. The firm categorized this supply as “held for long-term investment.” Another 20% of the current Bitcoin supply hasn’t been moved in five years or longer, what Chainalysis calls “lost Bitcoin.” The remaining fraction is used for trading, mainly between exchanges. This amount supplies the market and helps determine the price of bitcoin, Chainalysis said. The report suggested that bitcoin being held for long term investing could eventually end up being an important source of liquidity in the market as the cryptocurrency becomes more scarce. The report also found that throughout 2020, around 340,000 people were active Bitcoin traders on a weekly basis. Chainalysis put these traders into two categories: retail and professional. It categorized retail traders as those depositing Bitcoin worth less than $10,000 USD at a time. Retail transfers account for 96% of transfers sent to exchanges, the report said. Professional traders, on the other hand, accounted for much fewer weekly transfers in 2020, despite playing a larger role in controlling market liquidity. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Less than 20% of the current supply of bitcoin is used for trading, says Chainalysis: Only 3.5 million bitcoins — around 19% of the total outstanding supply — are used for trading, according to anew reportfrom blockchain analytics firm Chainalysis.
According to the report, nearly 18.6 million bitcoins have been mined as of June 2020, and the majority of this supply is being held long-term.
Chainalysis found that approximately 60% of the current supply of bitcoin is held by parties that have never sold more than 25% of the bitcoin they’ve ever received. The firm categorized this supply as “held for long-term investment.”
Another 20% of the current Bitcoin supply hasn’t been moved in five years or longer, what Chainalysis calls “lost Bitcoin.”
The remaining fraction is used for trading, mainly between exchanges. This amount supplies the market and helps determine the price of bitcoin, Chainalysis said.
The report suggested that bitcoin being held for long term investing could eventually end up being an important source of liquidity in the market as the cryptocurrency becomes more scarce.
The report also found that throughout 2020, around 340,000 people were active Bitcoin traders on a weekly basis. Chainalysis put these traders into two categories: retail and professional. It categorized retail traders as those depositing Bitcoin worth less than $10,000 USD at a time.
Retail transfers account for 96% of transfers sent to exchanges, the report said. Professional traders, on the other hand, accounted for much fewer weekly transfers in 2020, despite playing a larger role in controlling market liquidity.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud: It’s a lethargic Thursday across most markets, including bitcoin. Yet, on a longer-term view, the big growth story remains the Ethereum network’s DeFi movement, which continues to help drive ether’s performance in 2020. Bitcoin (BTC) was trading around $9,395 as of 20:00 UTC (4 p.m. ET), gaining 0.97% over the previous 24 hours. At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,443 on spot exchanges such as Coinbase. It then dipped to as low as $9,365. While the charts were relatively flat Thursday, the price was below its 10-day and 50-day moving averages – a bearish signal for market technicians who study charts. Related: New York Fed's 'Bitcoin Is Just Another Fiat' Claim Sparks Controversy Yet, not everyone sees the daily market action as bearish overall. “I’m not bearish until sub-$8,500,” said Josh Rager, a cryptocurrency trader and founder of educational platform Blackroots. “I’m not ruling out a pump, but we need to reclaim $9,800!” Read More: Bitcoin Still Undervalued After Q2 Rally, Price Metric Shows Traders like action, and this week has been bereft of it so far. However, it is not stopping some from scooping up $9,400 bitcoin, said Michael Gord, CEO and co-founder of brokerage Global Digital Assets. “There has always been a brief accumulation phase following each halving and each accumulation phase has gotten longer as the market has matured,” he told CoinDesk. Related: DeFi Startups Built on Compound Weigh What to Do With $200 COMP Tokens Read More: Bitcoin Halving 2020, Explained “The market has been very flat over the month of June,” said Denis Vinokourov, head of research for digital asset brokerage Bequant. “But there is room for a break out next week heading into options and futures expiry dates.” Indeed, there are a number of bitcoin options expiring next week, on June 26, according to data aggregator Skew. Story continues Ether beating bitcoin in 2020 The second-largest cryptocurrency by market capitalization, ether (ETH), is trading around $230, climbing 0.64% in 24 hours as of 20:00 UTC (4:00 p.m. ET). So far in 2020, ether is up 77% while bitcoin has appreciated 30%. Traders point to the growth of decentralized finance (DeFi) applications being constructed on the Ethereum network as fundamental drivers of more people buying ether, causing the price to go up. Read More: Compound Has Been a DeFi Darling. Its New Token Is Priced Accordingly Over the past week, total value locked in DeFi has jumped 28%, closing in on $1.2 billion. However, Michael Arrington, founder of Arrington XRP Capital, a fund that currently is using 80% of its assets for trading various cryptocurrencies, says narratives can change quickly in this market. “This year the story so far has been ether. But it might end up being bitcoin again,” he said. Other markets Digital assets on CoinDesk’s big board are mixed Thursday. The biggest cryptocurrency winners on the day include lisk (LSK) climbing 2.3% and nem (XEM) in the green 2.1%. Significant losers include decred (DCR) dipping 1.9% and dogecoin (DOGE) in the doghouse down 1.3%. All price changes were as of 20:00 UTC (4:00 p.m. ET). In commodities, oil is the lone asset making gains Thursday, jumping 3%. A barrel of crude was priced at $38.84 as of press time. Gold is trading flat as the yellow metal slipped 0.08%, trading around $2,724 for the day. In Asia, the Nikkei 225 of publicly traded companies in Japan closed in the red 0.45%, as stocks in the industrial and real estate sectors dragged the index lower . Read More: As US Stocks Defy Economic Gravity, Bitcoiners Shudder at March Memory In Europe, the FTSE 100 index in Europe slipped 0.73% despite fresh stimulus from the Bank of England to the tune of £100 billion. The U.S. S&P 500 index was flat, up just 0.06%, as fresh jobless claims stayed above the one million mark . U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.6%. Related Stories Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud || Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud: It’s a lethargic Thursday across most markets, including bitcoin. Yet, on a longer-term view, the big growth story remains the Ethereum network’s DeFi movement, which continues to help drive ether’s performance in 2020.
Bitcoin(BTC) was trading around $9,395 as of 20:00 UTC (4 p.m. ET), gaining 0.97% over the previous 24 hours.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,443 on spot exchanges such as Coinbase. It then dipped to as low as $9,365. While the charts were relatively flat Thursday, the price was below its 10-day and 50-day moving averages – a bearish signal for market technicians who study charts.
Related:New York Fed's 'Bitcoin Is Just Another Fiat' Claim Sparks Controversy
Yet, not everyone sees the daily market action as bearish overall.
“I’m not bearish until sub-$8,500,” said Josh Rager, a cryptocurrency trader and founder of educational platform Blackroots. “I’m not ruling out a pump, but we need to reclaim $9,800!”
Read More:Bitcoin Still Undervalued After Q2 Rally, Price Metric Shows
Traders like action, and this week has been bereft of it so far. However, it is not stopping some from scooping up $9,400 bitcoin, said Michael Gord, CEO and co-founder of brokerage Global Digital Assets. “There has always been a brief accumulation phase following each halving and each accumulation phase has gotten longer as the market has matured,” he told CoinDesk.
Related:DeFi Startups Built on Compound Weigh What to Do With $200 COMP Tokens
Read More:Bitcoin Halving 2020, Explained
“The market has been very flat over the month of June,” said Denis Vinokourov, head of research for digital asset brokerage Bequant. “But there is room for a break out next week heading into options and futures expiry dates.”
Indeed, there are a number of bitcoin options expiring next week, on June 26, according to data aggregator Skew.
The second-largest cryptocurrency by market capitalization,ether(ETH), is trading around $230, climbing 0.64% in 24 hours as of 20:00 UTC (4:00 p.m. ET). So far in 2020, ether is up 77% while bitcoin has appreciated 30%.
Traders point to the growth of decentralized finance (DeFi) applications being constructed on the Ethereum network as fundamental drivers of more people buying ether, causing the price to go up.
Read More:Compound Has Been a DeFi Darling. Its New Token Is Priced Accordingly
Over the past week, total value locked in DeFi has jumped 28%, closing in on $1.2 billion.
However, Michael Arrington, founder of Arrington XRP Capital, a fund that currently is using 80% of its assets for trading various cryptocurrencies, says narratives can change quickly in this market. “This year the story so far has been ether. But it might end up being bitcoin again,” he said.
Digital assets on CoinDesk’s big board are mixed Thursday.
The biggest cryptocurrency winners on the day includelisk(LSK) climbing 2.3% andnem(XEM) in the green 2.1%. Significant losers includedecred(DCR) dipping 1.9% anddogecoin(DOGE) in the doghouse down 1.3%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
In commodities, oil is the lone asset making gains Thursday, jumping 3%. A barrel of crude was priced at $38.84 as of press time.
Gold is trading flat as the yellow metal slipped 0.08%, trading around $2,724 for the day.
In Asia, the Nikkei 225 of publicly traded companies in Japan closed in the red 0.45%, as stocks in the industrial and real estate sectorsdragged the index lower.
Read More:As US Stocks Defy Economic Gravity, Bitcoiners Shudder at March Memory
In Europe, the FTSE 100 index in Europe slipped 0.73%despite fresh stimulusfrom the Bank of England to the tune of £100 billion.
The U.S. S&P 500 index was flat, up just 0.06%, asfresh jobless claims stayed above the one million mark.
U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.6%.
• Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud
• Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud || Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud: It’s a lethargic Thursday across most markets, including bitcoin. Yet, on a longer-term view, the big growth story remains the Ethereum network’s DeFi movement, which continues to help drive ether’s performance in 2020.
Bitcoin(BTC) was trading around $9,395 as of 20:00 UTC (4 p.m. ET), gaining 0.97% over the previous 24 hours.
At 00:00 UTC on Thursday (8:00 p.m. Wednesday ET), bitcoin was changing hands around $9,443 on spot exchanges such as Coinbase. It then dipped to as low as $9,365. While the charts were relatively flat Thursday, the price was below its 10-day and 50-day moving averages – a bearish signal for market technicians who study charts.
Related:New York Fed's 'Bitcoin Is Just Another Fiat' Claim Sparks Controversy
Yet, not everyone sees the daily market action as bearish overall.
“I’m not bearish until sub-$8,500,” said Josh Rager, a cryptocurrency trader and founder of educational platform Blackroots. “I’m not ruling out a pump, but we need to reclaim $9,800!”
Read More:Bitcoin Still Undervalued After Q2 Rally, Price Metric Shows
Traders like action, and this week has been bereft of it so far. However, it is not stopping some from scooping up $9,400 bitcoin, said Michael Gord, CEO and co-founder of brokerage Global Digital Assets. “There has always been a brief accumulation phase following each halving and each accumulation phase has gotten longer as the market has matured,” he told CoinDesk.
Related:DeFi Startups Built on Compound Weigh What to Do With $200 COMP Tokens
Read More:Bitcoin Halving 2020, Explained
“The market has been very flat over the month of June,” said Denis Vinokourov, head of research for digital asset brokerage Bequant. “But there is room for a break out next week heading into options and futures expiry dates.”
Indeed, there are a number of bitcoin options expiring next week, on June 26, according to data aggregator Skew.
The second-largest cryptocurrency by market capitalization,ether(ETH), is trading around $230, climbing 0.64% in 24 hours as of 20:00 UTC (4:00 p.m. ET). So far in 2020, ether is up 77% while bitcoin has appreciated 30%.
Traders point to the growth of decentralized finance (DeFi) applications being constructed on the Ethereum network as fundamental drivers of more people buying ether, causing the price to go up.
Read More:Compound Has Been a DeFi Darling. Its New Token Is Priced Accordingly
Over the past week, total value locked in DeFi has jumped 28%, closing in on $1.2 billion.
However, Michael Arrington, founder of Arrington XRP Capital, a fund that currently is using 80% of its assets for trading various cryptocurrencies, says narratives can change quickly in this market. “This year the story so far has been ether. But it might end up being bitcoin again,” he said.
Digital assets on CoinDesk’s big board are mixed Thursday.
The biggest cryptocurrency winners on the day includelisk(LSK) climbing 2.3% andnem(XEM) in the green 2.1%. Significant losers includedecred(DCR) dipping 1.9% anddogecoin(DOGE) in the doghouse down 1.3%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
In commodities, oil is the lone asset making gains Thursday, jumping 3%. A barrel of crude was priced at $38.84 as of press time.
Gold is trading flat as the yellow metal slipped 0.08%, trading around $2,724 for the day.
In Asia, the Nikkei 225 of publicly traded companies in Japan closed in the red 0.45%, as stocks in the industrial and real estate sectorsdragged the index lower.
Read More:As US Stocks Defy Economic Gravity, Bitcoiners Shudder at March Memory
In Europe, the FTSE 100 index in Europe slipped 0.73%despite fresh stimulusfrom the Bank of England to the tune of £100 billion.
The U.S. S&P 500 index was flat, up just 0.06%, asfresh jobless claims stayed above the one million mark.
U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 5.6%.
• Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud
• Market Wrap: Bitcoin Quiet at $9.3K While DeFi Gets Loud || Bitcoin, Ethereum & Litecoin - American Wrap 6/18: Bitcoin Chart Analysis: BTC/USD remains stagnant trading between $9,400 and $9,500
Another decent bullish reversal candlestick was formed on June 17. Unfortunately, Bitcoin hasn’t seen any notable continuation after two bullish reversal candlesticks. Bulls need to hold the daily 26-EMA and encounter a resistance level at the 12-EMA at $9,499.
Ethereum Market Update: Ethereum loses attractiveness as a means of payment
Ethereum is changing hands at $233.00, mostly unchanged both since the start of Thursday and on a day-to-day basis. ETH/USD touched the low of $218.14 on May 15 and got back above $230.00. The sell-oof stopped on approach to daily SMA50, however, the further recovery is limited at this stage due to Ethereum's high correlation with Bitcoin.
Litecoin Price Analysis: 43.50 looks like a strong support level
There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages.
See more from Benzinga
• Bitcoin, Ethereum & WAX - American Wrap 6/11
• Bitcoin, Ethereum & Litecoin - American Wrap 6/4
• Bitcoin, Litecoin & Cardano - American Wrap
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap 6/18: Bitcoin Chart Analysis: BTC/USD remains stagnant trading between $9,400 and $9,500
Another decent bullish reversal candlestick was formed on June 17. Unfortunately, Bitcoin hasn’t seen any notable continuation after two bullish reversal candlesticks. Bulls need to hold the daily 26-EMA and encounter a resistance level at the 12-EMA at $9,499.
Ethereum Market Update: Ethereum loses attractiveness as a means of payment
Ethereum is changing hands at $233.00, mostly unchanged both since the start of Thursday and on a day-to-day basis. ETH/USD touched the low of $218.14 on May 15 and got back above $230.00. The sell-oof stopped on approach to daily SMA50, however, the further recovery is limited at this stage due to Ethereum's high correlation with Bitcoin.
Litecoin Price Analysis: 43.50 looks like a strong support level
There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages.
See more from Benzinga
• Bitcoin, Ethereum & WAX - American Wrap 6/11
• Bitcoin, Ethereum & Litecoin - American Wrap 6/4
• Bitcoin, Litecoin & Cardano - American Wrap
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap 6/18: Bitcoin Chart Analysis: BTC/USD remains stagnant trading between $9,400 and $9,500 Another decent bullish reversal candlestick was formed on June 17. Unfortunately, Bitcoin hasnt seen any notable continuation after two bullish reversal candlesticks. Bulls need to hold the daily 26-EMA and encounter a resistance level at the 12-EMA at $9,499. Ethereum Market Update: Ethereum loses attractiveness as a means of payment Ethereum is changing hands at $233.00, mostly unchanged both since the start of Thursday and on a day-to-day basis. ETH/USD touched the low of $218.14 on May 15 and got back above $230.00. The sell-oof stopped on approach to daily SMA50, however, the further recovery is limited at this stage due to Ethereum's high correlation with Bitcoin. Litecoin Price Analysis: 43.50 looks like a strong support level There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages. See more from Benzinga Bitcoin, Ethereum & WAX - American Wrap 6/11 Bitcoin, Ethereum & Litecoin - American Wrap 6/4 Bitcoin, Litecoin & Cardano - American Wrap © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Nvidia Option Trader Bets $1.3M On Near-Term Upside: Shares ofNVIDIA Corporation(NASDAQ:NVDA) traded slightly lower on Thursday, but the stock has been among the top performers in the market so far in 2020.
Despite concerns over the economic impact of a potential second wave of coronavirus infections, investors have been piling into Nvidia stock this year. Even with the stock up 55.7% year-to-date, one option trader made a big bet that there’s more upside ahead in the next week.
The Nvidia Trades
On Thursday morning,Benzinga Prosubscribers received four option alerts related to unusually large Nvidia option trades:
• At 9:30 a.m. ET, a trader bought 1,020 Nvidia call options with a $365 strike price expiring on Jun. 26. The contracts were purchased near the ask price at $13 and represented a $1.32 million bullish bet.
• At 9:35 a.m. ET, a trade was executed for 300 Nvidia call options with a $370 strike price expiring on Friday. The trade was executed near the midpoint of the bid-ask spread at $4.55.
• At 10:21 a.m. ET, a trader sold 346 Nvidia call options with a $380 strike price expiring on Friday. The contracts were sold at the bid price of 60 cents and represented a $20,760 bearish bet.
• Less than a minute later, a trade was executed for 306 Nvidia call options with a $370 strike price expiring on Friday. The trade was executed near the midpoint of the bid-ask spread at $2.371.
• Why It's Important
Even traders who stick exclusively to stocks often monitor option market activity closely for unusually large trades. Given the relative complexity of the options market, large options traders are typically considered to be more sophisticated than the average stock trader. Many of these large options traders are wealthy individuals or institutions who may have unique information or theses related to the underlying stock.
Unfortunately, stock traders often use the options market to hedge against their larger stock positions, and there’s no surefire way to determine if an options trade is a standalone position or a hedge. In this case, given the relatively large size of the largest Nvidia option trade, there’s certainly a possibility it could be a hedge on a large position in Nvidia stock.
Nvidia A Top Semiconductor Pick
The large call purchase comes the same day Bank of America analystVivek Aryareiterated Nvidia as one of his top semiconductor stock picks with secular growth potential due in part to its exposure to cloud computing. Arya said long-term investors shouldn’t get too wrapped up in near-term cyclical semiconductor cycles.“COVID-19 is an accelerant, and not a change-agent, for structural changes (movement to cloud, 5G adoption, telework, gaming, healthcare AI etc.) generally favoring growth semis,” he wrote. Nvidia remains Bank of America’s top large-cap semiconductor stock pick.
Earlier this week, a Bank of America gaming survey revealed that only 8% of PC gamers currently have GPUs capable of delivering performance on-par with the upcoming PlayStation and XBox console refreshes expected out in the second half of 2020. Analysts speculate the launch of the new consoles could trigger a major GPU upgrade cycle among PC gamers, creating a near-term boom in Nvidia demand.
At the same time,TechRadar reportedNvidia may also be working on an update for its lower-end GTX 1650 GPUs, which could pose an unexpected challenge to rivalAdvanced Micro Devices, Inc.(NASDAQ:AMD).
However, on Tuesday, Morgan Stanley downgraded Nvidia from Overweight to Equal-Weight and said there are better near-term opportunities for investors in semiconductor stocks more levered to a rebound in consumer spending.
NVDA Chartby TradingView new TradingView.widget( { "width": 680, "height": 423, "symbol": "NASDAQ:NVDA", "interval": "D", "timezone": "Etc/UTC", "theme": "light", "style": "1", "locale": "en", "toolbar_bg": "#f1f3f6", "enable_publishing": false, "allow_symbol_change": true, "container_id": "tradingview_239e7" } );Benzinga’s Take
The nearly $1-million call purchase has a break-even price of $78, suggesting at least 3.2% upside over the next six trading sessions.
Given the extremely short-term nature of the trade, it’s unlikely the trader is making a bet based on Nvidia’s long-term fundamentals. Either the trader is anticipating a bullish catalyst to come sometime in the next week, or the trader is betting that the tech sector will gain some steam next week and Nvidia will lead the market higher.
Do you agree with this take? [email protected] your thoughts.
Related Links:
AIG Option Trader Bets 0K On More Downside Ahead
How To Read And Trade An Option Alert
See more from Benzinga
• Bolton Says Trump Wanted Mnuchin To 'Go After Bitcoin' For Fraud: Report
• Analyst: 'Trends Are Encouraging' For US Regional Casinos
• This Day In Market History: The Fitbit IPO
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Nvidia Option Trader Bets $1.3M On Near-Term Upside: Shares of NVIDIA Corporation (NASDAQ: NVDA ) traded slightly lower on Thursday, but the stock has been among the top performers in the market so far in 2020. Despite concerns over the economic impact of a potential second wave of coronavirus infections, investors have been piling into Nvidia stock this year. Even with the stock up 55.7% year-to-date, one option trader made a big bet that theres more upside ahead in the next week. The Nvidia Trades On Thursday morning, Benzinga Pro subscribers received four option alerts related to unusually large Nvidia option trades: At 9:30 a.m. ET, a trader bought 1,020 Nvidia call options with a $365 strike price expiring on Jun. 26. The contracts were purchased near the ask price at $13 and represented a $1.32 million bullish bet. At 9:35 a.m. ET, a trade was executed for 300 Nvidia call options with a $370 strike price expiring on Friday. The trade was executed near the midpoint of the bid-ask spread at $4.55. At 10:21 a.m. ET, a trader sold 346 Nvidia call options with a $380 strike price expiring on Friday. The contracts were sold at the bid price of 60 cents and represented a $20,760 bearish bet. Less than a minute later, a trade was executed for 306 Nvidia call options with a $370 strike price expiring on Friday. The trade was executed near the midpoint of the bid-ask spread at $2.371. Why It's Important Even traders who stick exclusively to stocks often monitor option market activity closely for unusually large trades. Given the relative complexity of the options market, large options traders are typically considered to be more sophisticated than the average stock trader. Many of these large options traders are wealthy individuals or institutions who may have unique information or theses related to the underlying stock. Unfortunately, stock traders often use the options market to hedge against their larger stock positions, and theres no surefire way to determine if an options trade is a standalone position or a hedge. In this case, given the relatively large size of the largest Nvidia option trade, theres certainly a possibility it could be a hedge on a large position in Nvidia stock. Story continues Nvidia A Top Semiconductor Pick The large call purchase comes the same day Bank of America analyst Vivek Arya reiterated Nvidia as one of his top semiconductor stock picks with secular growth potential due in part to its exposure to cloud computing. Arya said long-term investors shouldnt get too wrapped up in near-term cyclical semiconductor cycles. COVID-19 is an accelerant, and not a change-agent, for structural changes (movement to cloud, 5G adoption, telework, gaming, healthcare AI etc.) generally favoring growth semis, he wrote. Nvidia remains Bank of Americas top large-cap semiconductor stock pick. Earlier this week, a Bank of America gaming survey revealed that only 8% of PC gamers currently have GPUs capable of delivering performance on-par with the upcoming PlayStation and XBox console refreshes expected out in the second half of 2020. Analysts speculate the launch of the new consoles could trigger a major GPU upgrade cycle among PC gamers, creating a near-term boom in Nvidia demand. At the same time, TechRadar reported Nvidia may also be working on an update for its lower-end GTX 1650 GPUs, which could pose an unexpected challenge to rival Advanced Micro Devices, Inc. (NASDAQ: AMD ). However, on Tuesday, Morgan Stanley downgraded Nvidia from Overweight to Equal-Weight and said there are better near-term opportunities for investors in semiconductor stocks more levered to a rebound in consumer spending. NVDA Chart by TradingView new TradingView.widget( { "width": 680, "height": 423, "symbol": "NASDAQ:NVDA", "interval": "D", "timezone": "Etc/UTC", "theme": "light", "style": "1", "locale": "en", "toolbar_bg": "#f1f3f6", "enable_publishing": false, "allow_symbol_change": true, "container_id": "tradingview_239e7" } ); Benzingas Take The nearly $1-million call purchase has a break-even price of $78, suggesting at least 3.2% upside over the next six trading sessions. Given the extremely short-term nature of the trade, its unlikely the trader is making a bet based on Nvidias long-term fundamentals. Either the trader is anticipating a bullish catalyst to come sometime in the next week, or the trader is betting that the tech sector will gain some steam next week and Nvidia will lead the market higher. Do you agree with this take? Email [email protected] with your thoughts. Related Links: AIG Option Trader Bets 0K On More Downside Ahead How To Read And Trade An Option Alert See more from Benzinga Bolton Says Trump Wanted Mnuchin To 'Go After Bitcoin' For Fraud: Report Analyst: 'Trends Are Encouraging' For US Regional Casinos This Day In Market History: The Fitbit IPO © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 6 Things Jobless Claims Tell Us About the State of the Real Economy: Persistent unemployment and fears of further layoffs are the real economic counterpoint to the financial markets unbridled enthusiasm. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Ciphertrace . Today on the Brief: Powell says private companies shouldnt be involved in Central Bank Digital Currencies According to former NSA head John Bolton, Trump told Mnuchin to go after Bitcoin Interest around Compound driving speculation around a DeFi-driven bull run Related: Bitcoin News Roundup for June 19, 2020 See also: 5 Numbers That Tell the Story of Markets Right Now Our main topic: This weeks U.S. jobless report brought bad news. Whereas economists had expected new claims to fall to 1.29 million from 1.57 million the week before, claims fell just 58,000 to 1.51 million. Continuing claims fared even worse. Economists predicted these claims would fall 600,000+ to 19.9 million. Instead, they fell a tenth of that 62,000 to leave total continuing claims at 20.5 million. In this episode, NLW breaks down what we can learn from these numbers when theyre combined with the previously released May jobs report. Mixed signals confusing analysis Economic pain not (only) a short-term shock Demand destruction an open question White-collar jobs may be next Short-term pain has long-term effects (see: 106 million loans in relief) There is a relationship between unemployment and the markets Related: Bitcoin News Roundup for June 18, 2020 For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories 6 Things Jobless Claims Tell Us About the State of the Real Economy 6 Things Jobless Claims Tell Us About the State of the Real Economy || 6 Things Jobless Claims Tell Us About the State of the Real Economy: Persistent unemployment and fears of further layoffs are the real economic counterpoint to the financial market’s unbridled enthusiasm.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byBitstampandCiphertrace.
• Powell says private companies shouldn’t be involved in Central Bank Digital Currencies
• According to former NSA head John Bolton, Trump told Mnuchin to go afterBitcoin
• Interest around Compound driving speculation around a DeFi-driven bull run
Related:Bitcoin News Roundup for June 19, 2020
See also:5 Numbers That Tell the Story of Markets Right Now
This week’s U.S. jobless report brought bad news. Whereas economists had expected new claims to fall to 1.29 million from 1.57 million the week before, claims fell just 58,000 to 1.51 million.
Continuing claims fared even worse. Economists predicted these claims would fall 600,000+ to 19.9 million. Instead, they fell a tenth of that – 62,000 – to leave total continuing claims at 20.5 million.
In this episode, NLW breaks down what we can learn from these numbers when they’re combined with the previously released May jobs report.
• Mixed signals confusing analysis
• Economic pain not (only) a short-term shock
• Demand destruction an open question
• White-collar jobs may be next
• Short-term pain has long-term effects (see: 106 million loans in relief)
• There is a relationship between unemployment and the markets
Related:Bitcoin News Roundup for June 18, 2020
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• 6 Things Jobless Claims Tell Us About the State of the Real Economy
• 6 Things Jobless Claims Tell Us About the State of the Real Economy || Bolton Says Trump Wanted Mnuchin To 'Go After Bitcoin' For Fraud: Report: The price of bitcoin was flat on Thursday after former national security advisor John Bolton revealed in his new book that President Donald Trump reportedly instructed Treasury Secretary Steven Mnuchin to “go after Bitcoin [for fraud]" in a conversation in May 2018.
At the time, according to Bolton, Trump was discussing potential trade sanctions and tariffs against China.
Bitcoin and other cryptocurrencies have been extremely polarizing on Wall Street and in Washington. Bitcoin prices are up 74.1% in the past three months but remain down more than 50% from their 2017 highs.
In Their Own Words
Plenty of analysts, experts, economists and politicians have weighed in on bitcoin in recent years. Here’s a collection of what they’ve had to say.
• “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...” - President Donald Trump,July 2019.
• "[Baseball cards, art work, and comic books have] no real intrinsic value, you can’t eat a baseball card. Bitcoin–there’s even less you can do with it: at least I can look at my baseball card ... I’d rather have bananas [than bitcoin], I can eat bananas." - Mark Cuban,October 2019.
• “I am concerned that consumers could get hurt...We want to make sure that bad people cannot use these currencies to do bad things.” - Treasury Secretary Steven Mnuchin,January 2018.
• “I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.” - Peter Thiel,March 2018.
• “Nothing against bitcoin, nothing against you know, private currencies... We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies” - Federal Reserve Chair Jerome Powell,June 2017.
• “Cryptocurrencies basically have no value...You can't do anything with it except sell it to somebody else.” - Warren Buffett, February 2020.
• “Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.” -Former Fed Chair Ben Bernanke, October 2017.
• “I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions.” - Former Fed Chair Janet Yellen, October, 2018.
• “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up...I agree I would short it if there was an easy way to do it.” - Bill Gates, May 2018.
• “Mad Money into bitcoin? Hmmm.. not top of mind. But then again, it is YOUR mad money so you must do what you think is right.” - Jim Cramer, May 2019.
• “I’m neither here nor there on Bitcoin...This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law...You need an illegal to legal bridge. That’s where crypto comes in.” - Elon Musk, January 2020.
Benzinga’s Take
Bitcoin has performed extremely well as a long-term investment over the past three-plus years. However, the ultimate success or failure of the cryptocurrency will likely hinge on whether or not it ever crosses over from a niche speculative investment to a stable store of value and a mainstream option for legal transactions.
Do you agree with this take? Email [email protected] with your thoughts.
Related Links:
What You Need To Know About Bitcoin's Halving
Bitcoin Is Still Failing As A Flight To Safety Investment
See more from Benzinga
• What You Need To Know About Bitcoin's Halving
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bolton Says Trump Wanted Mnuchin To 'Go After Bitcoin' For Fraud: Report: The price of bitcoin was flat on Thursday after former national security advisor John Bolton revealed in his new book that President Donald Trump reportedly instructed Treasury Secretary Steven Mnuchin to go after Bitcoin [for fraud] " in a conversation in May 2018. At the time, according to Bolton, Trump was discussing potential trade sanctions and tariffs against China. Bitcoin and other cryptocurrencies have been extremely polarizing on Wall Street and in Washington. Bitcoin prices are up 74.1% in the past three months but remain down more than 50% from their 2017 highs. In Their Own Words Plenty of analysts, experts, economists and politicians have weighed in on bitcoin in recent years. Heres a collection of what theyve had to say. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity... - President Donald Trump, July 2019 . "[Baseball cards, art work, and comic books have] no real intrinsic value, you cant eat a baseball card. Bitcointheres even less you can do with it: at least I can look at my baseball card ... Id rather have bananas [than bitcoin], I can eat bananas." - Mark Cuban, October 2019 . I am concerned that consumers could get hurt...We want to make sure that bad people cannot use these currencies to do bad things. - Treasury Secretary Steven Mnuchin, January 2018 . I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one youd bet on would be the biggest. - Peter Thiel, March 2018 . Nothing against bitcoin, nothing against you know, private currencies... We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but were not broadly opposed or supportive of alternative currencies - Federal Reserve Chair Jerome Powell, June 2017 . Cryptocurrencies basically have no value...You can't do anything with it except sell it to somebody else. - Warren Buffett, February 2020. Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I dont think thats going to be a success. -Former Fed Chair Ben Bernanke, October 2017. I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions. - Former Fed Chair Janet Yellen, October, 2018. As an asset class, youre not producing anything and so you shouldnt expect it to go up...I agree I would short it if there was an easy way to do it. - Bill Gates, May 2018. Mad Money into bitcoin? Hmmm.. not top of mind. But then again, it is YOUR mad money so you must do what you think is right. - Jim Cramer, May 2019. Im neither here nor there on Bitcoin...This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law...You need an illegal to legal bridge. Thats where crypto comes in. - Elon Musk, January 2020. Story continues Benzingas Take Bitcoin has performed extremely well as a long-term investment over the past three-plus years. However, the ultimate success or failure of the cryptocurrency will likely hinge on whether or not it ever crosses over from a niche speculative investment to a stable store of value and a mainstream option for legal transactions. Do you agree with this take? Email [email protected] with your thoughts. Related Links: What You Need To Know About Bitcoin's Halving Bitcoin Is Still Failing As A Flight To Safety Investment See more from Benzinga What You Need To Know About Bitcoin's Halving © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bolton Says Trump Wanted Mnuchin To 'Go After Bitcoin' For Fraud: Report: The price of bitcoin was flat on Thursday after former national security advisor John Bolton revealed in his new book that President Donald Trump reportedly instructed Treasury Secretary Steven Mnuchin to “go after Bitcoin [for fraud]" in a conversation in May 2018.
At the time, according to Bolton, Trump was discussing potential trade sanctions and tariffs against China.
Bitcoin and other cryptocurrencies have been extremely polarizing on Wall Street and in Washington. Bitcoin prices are up 74.1% in the past three months but remain down more than 50% from their 2017 highs.
In Their Own Words
Plenty of analysts, experts, economists and politicians have weighed in on bitcoin in recent years. Here’s a collection of what they’ve had to say.
• “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...” - President Donald Trump,July 2019.
• "[Baseball cards, art work, and comic books have] no real intrinsic value, you can’t eat a baseball card. Bitcoin–there’s even less you can do with it: at least I can look at my baseball card ... I’d rather have bananas [than bitcoin], I can eat bananas." - Mark Cuban,October 2019.
• “I am concerned that consumers could get hurt...We want to make sure that bad people cannot use these currencies to do bad things.” - Treasury Secretary Steven Mnuchin,January 2018.
• “I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions. There will be one online equivalent to gold, and the one you’d bet on would be the biggest.” - Peter Thiel,March 2018.
• “Nothing against bitcoin, nothing against you know, private currencies... We generally look at some of the risk of cryptocurrencies associated with money laundering and those sorts of issues but we’re not broadly opposed or supportive of alternative currencies” - Federal Reserve Chair Jerome Powell,June 2017.
• “Cryptocurrencies basically have no value...You can't do anything with it except sell it to somebody else.” - Warren Buffett, February 2020.
• “Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention. I don’t think that’s going to be a success.” -Former Fed Chair Ben Bernanke, October 2017.
• “I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions.” - Former Fed Chair Janet Yellen, October, 2018.
• “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up...I agree I would short it if there was an easy way to do it.” - Bill Gates, May 2018.
• “Mad Money into bitcoin? Hmmm.. not top of mind. But then again, it is YOUR mad money so you must do what you think is right.” - Jim Cramer, May 2019.
• “I’m neither here nor there on Bitcoin...This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law...You need an illegal to legal bridge. That’s where crypto comes in.” - Elon Musk, January 2020.
Benzinga’s Take
Bitcoin has performed extremely well as a long-term investment over the past three-plus years. However, the ultimate success or failure of the cryptocurrency will likely hinge on whether or not it ever crosses over from a niche speculative investment to a stable store of value and a mainstream option for legal transactions.
Do you agree with this take? Email [email protected] with your thoughts.
Related Links:
What You Need To Know About Bitcoin's Halving
Bitcoin Is Still Failing As A Flight To Safety Investment
See more from Benzinga
• What You Need To Know About Bitcoin's Halving
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || ‘Snake Oil and Overpriced Junk’: Why Blockchain Doesn’t Fix Online Voting: Coronavirus is ravaging the globe, canceling presidential primaries in the U.S. and calling into question the wisdom of having lawmakers, many of them elderly, sitting close together as votes are held in Congress. Lawmakers, especially Democrats, have sought to expand mail-in voting, and perhaps give some voters the opportunity to vote digitally through their laptops or even their smartphones.
Polling on the latter idea has shifted during the pandemic, with more people prepared to trust cyberspace with their vote. Forty-two percent of U.S. voters were “confident that votes cast online would be counted accurately,” according to a March Morning Consultpoll, a double-digit increase from previous months. The same poll found 66% of respondents were concerned about voting in person during COVID-19.
These fears materialized in Wisconsin and Georgia, which recently held primary elections. In Wisconsin,lines stretched around city blocksas voters tried to social distance while waiting hours to vote. In Milwaukee, the number of polling stations werecutfrom 180 to five. And in Georgia, the recent primary voting day was a disaster. Equipment failureplagued new voting machines, the number of poll sites were reduced and there were insufficient numbers of paper ballots. The Guardianreportedthat in many minority communities people had to wait up to seven hours to cast a ballot.
Related:Infosec Exec Urges US Lawmakers to Tighten Crypto Regs Over Pandemic-Driven Scams
See also:How Democracy Breaks: Everything That Could Go Wrong With the Election
Given how badly recent elections have been organized, it’s hard to fault people for imagining there has to something better. After all, if we can deposit checks into our bank accounts remotely, why can’t we make voting from your phone just as simple?
But if there’s growing enthusiasm for online voting, the technology itself is frequently fallible. Fundamental questions around the security of online voting remain, with experts and reports exposing vulnerabilities in multiple online voting platforms. Blockchain technology, which could help attest truth in voting infrastructure, has yet to show its worthiness.
Consider the implementation issues that have come to light at blockchain voting pioneer Voatz, a startup based in Boston that raised$7 million in a funding roundlast year.
Related:Meet the Pro-Bitcoin, Anti-BitLicense Democrat Running for State Office
When West Virginia rolled out digital voting backed by blockchain for military members abroad in 2018, the idea seemed exciting.
A blue marketing flyer for the voting pilot, with the American flag splashed across the background, declared that “West Virginia is the first state to pilot blockchain technology in a Federal election.” The previous absentee ballot systems offered to overseas military voters were unable to guarantee anonymity, and many military voters were concerned their “mail-in or faxed ballots may not be received in time, or may not be counted. The VOATZ mobile voting app resolves these concerns.”
The media picked up on the idea, with the Washington PostdescribingWest Virginia as the first state to offer this tech, and TechCrunchrunning a postwith the title, “Can blockchain save the vote?”
The vote would be stored as a “vote transaction” on Voatz’s permissioned blockchain, and this would assure that it happened while also divorcing it from a voter’s identity. But as the system was tested and implemented, glitches and user error were frequent.
Companies that take cybersecurity seriously won’t even enter this market
In an email to Voatz, one user said that while verification checks worked well, they had to “log in and out multiple times before the app confirmed their identity and let them access their ballot.” Another said it took many attempts for the app to verify their identity, and the app failed in submitting their vote several times. A couple of days later, they went to try again and found their ballot selections were lost, so they had to fill out the ballot again.
Another person, misunderstanding how the app functioned, ended up voting only in one race (rather than multiple ones on the ballot). Users who cast incomplete ballots and contacted their country clerk or the Secretary of State’s Office were able to remedy their partial ballots. But voters who reached out after the voting period ended would have been unable to do so.
A review of emails between Voatz, West Virginia Secretary of State’s Office and voters that CoinDesk, obtained through its public records requests, show the process of setting up the pilot was long, complex and often tedious.
Read more:The Post-Trust Election: CoinDesk Hits the 2020 Campaign Trail
One email showed a county clerk unable to add voters to the rolls because they had to clear their browser history first. Another county clerk wrote in an email, “What’s with the demographic ‘menu’ under “settings” in the app? If the voter were to fill out that information within the app, who owns that sweet, sweet data?”
In August 2018, a member of the public alerted the West Virginia Secretary of State’s office that, based on a Twitter thread, “some election security wonks have been poking into the mobile voting system you are committed to try out. What they are finding is not good.”
“Thank you for the heads‐up,” wrote the General Counsel for the West Virginia Secretary of State in response. “We’ve been down this road before… when we first announced our test pilot back in March.”
While no malicious activity has been discovered in the 2018 West Virginia elections, subsequent followup reports and security audits, with and without Voatz’s cooperation, have found numerous security flaws, and illustrate the reasons why election security experts and some lawmakers are so worried about the concept of voting online.
Online voting products range from mobile apps to online portals, and blockchain-based voting apps offer extra reassurance of accuracy.
Ballot Chain, a software that claims to act as a distributed ballot box, “allows for an online process with the same guarantees of a public election.”FollowMyVote,a Virginia-based company, allows users to see their vote logged on the public register. CEO Adam Ernesthas said that“there is a common misconception that voting cannot be done online in a secure way. However, the introduction ofblockchain technologyis changing the conversation.” He cites blockchain’s convenience, cost-effectiveness, security and transparency.
Voatz is a mobile voting application that incorporates blockchain as a way to make sure the votes on their platform are accurate when audited. Voatz says its technology has been used in more 50 elections, including Denver, CO, Utah County, UT, Oregon, and, yes, West Virginia, and that 80,000 votes have been cast through the app.
But numerous cybersecurity and elections experts, public officials and academics say internet-connected voting opens elections up to new risks and when it comes to voting, the more analog the process is, the better. Some contend blockchain doesn’t add anything to the voting process, but others recognize it may have adjacent, if less sexy, uses.
Read also:US Senate Staffers Float Blockchain Voting if Chamber Goes Remote
“There are a lot of companies working on election technology selling digital snake oil – overpriced junk that has never been tested by independent experts, or that we already know isn’t secure,” said U.S. Sen. Ron Wyden (D-Ore.) in an email. “Cybersecurity experts agree that hand-marked paper ballots are the safest way to vote.”
As voters seek new ways to vote, the most popular solution may be the most antiquated one: physically marking your choices on a paper ballot. At a time of technological accomplishment, we are, for now at least, happy with the least accomplished solution. Uncertainty in the electoral system has led to a kind of defeatism about technology’s potential and it’s an open question whether we can shake that off and come out the other side.
Founded in 2015, Voatz’s app enabled military members stationed overseas, among others, to vote using their smartphone, while allowing for audits to ensure the voting process was legitimate and secure.
But adding new layers of software to a voting process creates multiple points of vulnerability, election experts say. There is software that runs on your smartphone, whether that’s the operating system or the numerous apps that are likely downloaded onto it. There is the Voatz app, which runs on software. There is the connection to the internet itself.
“People often think that using more technology is a good thing, and that we get more benefits and more security from technology,” says Ronald Rivest, a cryptographer and senior professor at MIT who has looked at voting technology extensively. “In fact, it tends to work the opposite way. More technology typically means more complexity. And more complexity means less security.”
MIT researchers (Rivest was not one of them) releaseda reportin March that claimedto detail “elementary” vulnerabilitiesin the Voatz’s app, such as allegations the app would leave voters’ identities available to adversaries, and even that ballots could be altered, as CoinDeskreported at the time. Thereportalso alleged the app has limited transparency for auditing purposes, a complaint echoed by several security researchers.
See also:Election App Voatz Just Got Kicked Out of a Major Bug Bounty Program
“Our findings serve as a concrete illustration of the common wisdom against Internet voting, and of the importance of transparency to the legitimacy of elections,” the MIT researchers said.
Voatz strongly disagreed with those findings, and subsequently released a less-damningDepartment of Homeland Security (DHS) reportthat largely addressed its internal network and servers rather than third-party apps.
Nimit Sawhney, the CEO and founder of Voatz, said the MIT researchers made a number of assumptions about the Voatz system that were incorrect, and that contrary to some characterizations the company doesn’t have anything against cybersecurity researchers. Having come from that world, he says, Voatz welcomes criticism.
“What we objected to in the MIT report was their methodology and how they went about it,” says Sawhney. “It was very adversarial. It was not collaborative at all and seems like they had an agenda. Then there is the methodology, not connecting to a system, not using our testbed on HackerOne [which is a place developers can post their code for others to find bigs in] and just taking a version of the Android app and disassembling it.”
See also:West Virginia’s Blockchain Voting Pilot Was Possibly Targeted by a Student Hacker
“We can’t validate Voatz’s claims that newer versions were better, but it’s still the case that the version inspected had some fairly basic issues,” John Sebes, co-founder and chief technology officer of the Open Source Election Technology Institute, told CoinDesk. “None of these findings depends on server access at all, and if newer versions of the app are different in these regards, that would be not a newer version of the app, but an app of a whole different design with reference to security.”
Voatz’s assertion that the DHS report showed no record of adversaries on the company’s systems does not necessarily mean this would not be the case in the future, Sebes said. There are vulnerabilities that can be exploited and all it takes is one person acting nefariously.
They’re selling to a customer who doesn’t understand what they’re buying.
The back and forth between the MIT researchers and Voatz points to an inherent tension at the heart of the security of digital voting systems, whether that be online voting, apps, blockchain, or something else. Without open source security audits, security experts have to trust the entities building these systems. Right now, they don’t. This is an inherent problem with commercial software, from Facebook’s newsfeed to recruiting algorithms — it’s almost impossible to review.
On the one hand are advocates of making voting easier and more seamless through the use of technology. On the other hand, going back to the imperfectness of software, a number of security researchers just don’t believe that given that fallibility, it’s worth applying tech to something as monumentally important as voting.
Since the MIT report came out, West Virginia, which used the Voatz app in 2018, has said it will not use the technology in 2020.
Tusk Philanthropies funds a number of forays into online voting, including Voatz, and was founded by Bradley Tusk, a political operative and venture capitalist. Tusk President Sheila Nix said it wants Voatz and the other vendors in the online election space to be more transparent with audits. Voatz has said its intellectual property rights preclude greater transparency.
“If that involves them releasing every detail of their source code, I don’t know if there’s a way to be transparent about it,” says Nix. “But I think it’s fair to say to the vendors that you [need] some of these tests done not under a nondisclosure agreement.”
She said some of this is on DHS too, which does these reports, but then says they can’t be released to the public.
When asked about the idea of opening their audits up to public scrutiny, Sawhney said it just doesn’t feel like it’s easy to share that information with the public. He said that it’s hard to communicate the findings of a lengthy report and the media and others highlight the negative rather than the positive. “The headlines are going to be that an audit report found 26 vulnerabilities,” he said.
He went on to say that unless there’s a good way to create objectivity about these reports and how they’re reported, it becomes really difficult to effectively share these technical reports.
See also:South Korea Eyes More Reliable E-Voting With December Blockchain Trial
In the weeks after Sawhney and I discussed the MIT report, Voatz went public with the results of aweeks long audit by the cybersecurity firm Trail of Bits, which they hired. The results confirmed much of what the MIT report found, including numerous vulnerabilities. Key among those, was the potential for an adversary to potentially change votes within the app.
In May, the Cybersecurity and Infrastructure Security Agency, which resides within DHS, went on tosend a stark and confidential reportto all 50 states warning against online voting.
It said that online voting was “high risk” and that ballots could be ““could be manipulated at scale”, meaning that large numbers of them could be changed, according to acopy of the documentobtained by the Wall Street Journal. Even with proper security measures in place to try and mitigate risk, the agency recommended paper ballot returns.
Cryptographers, who are also voting experts, have put a lot of their time and effort into looking at what blockchain could add. And it’s not much.
Senator Wyden, who criticized the use of Voatz in his state of Oregon, says that he takes cues from security experts and online voting just isn’t ready for prime time.
“Companies that take cybersecurity seriously won’t even enter this market, because they know that secure internet voting simply isn’t possible,” he told CoinDesk in an email.
“The nightmare scenario is that in a very close race, where the margin of victory is less than the number of overseas voters who email back their ballots, the outcome of the election could be changed by hackers. And without a paper trail, there would be no way to check the results and know who really won.”
Alex Berke, previously of Google, has long been interested in election security. The computer scientist, civic hacker, and technology architect is now a researcher at MIT Media Lab and was initially excited about the prospects of using blockchain to help ensure election integrity. With so much innovation within the blockchain space, including smart contracts and on-chain voting, she was interested in the potential opportunities.
“When you start getting a deeper understanding, you see that the cryptographers that have built the infrastructure and methods that make blockchain possible have already been working for decades on making voting systems possible,” Berke said. “These cryptographers, who are also voting experts, have put a lot of their time and effort into looking at what blockchain could add. And it’s not much.”
See also:How Democracy Breaks: Everything That Could Go Wrong With the Election
To Berke, it’s clear that if you’re using a blockchain instead of a database or some other way of storing data, you’re doing is adding complexity. And with any complexity that doesn’t add security, you’re introducing a vulnerability.
The problem isn’t necessarily blockchain – it’s the internet, software itself, and election officials, around it.
Jeremy Epstein, vice chairman of the Association for Computing Machinery’s U.S. Technology Policy Committee, said that historically election officials have not been technologists. That’s starting to change as more IT managers start to get into elections and there is better training on technology he said. But there is still a long way to go. Look no further thanthe rollout of the disastrous appthat sank the Iowa caucuses.
“This is one of the problems with organizations like Voatz and Democracy Live,” says Epstein. “They’re selling to a customer who doesn’t understand what they’re buying. It’s not that election officials aren’t smart people. They are! But they’re not technologists and these are highly technical products.”
And going back to a familiar refrain, experts argue systems such as these need to be opened up fully to vetting, and not just by one outside firm.
With its roller-coaster trajectory, Voatz shows both the promise and risk of large scale online voting. It’s up to voters, lawmakers, and elections officials to decide if it’s a risk they’re willing to take.
• ‘Snake Oil and Overpriced Junk’: Why Blockchain Doesn’t Fix Online Voting
• ‘Snake Oil and Overpriced Junk’: Why Blockchain Doesn’t Fix Online Voting || Novogratz: Galaxy Digital Will Suck if Bitcoin Fails to Become an Institutional Asset: With Galaxy Digital now working on an educational course for financial advisers, founder Mike Novogratz told CoinDesk he hopes it will help finally kick-start the institutional use of bitcoin, and turn around the asset managers fortunes. Novogratz, a Wall Street veteran, loves a compelling narrative. Bitcoin specifically is a story about adoption, he said a few minutes into our call. And the next big group thats going to adopt bitcoin as a store of value, as a digital gold, are the financial advisers. Earlier this week, Galaxy Digital announced it had partnered with the educational arm of CAIS, a financial product platform that specializes in connecting institutional investors financial advisers, hedge funds, private equity to alternative investments and products. Related: Binance Launching Crypto Exchange in the UK The tie-up will see Galaxy provide educational content about crypto to wealth managers and financial advisors. Although the course will offer material on the broader digital asset space, as well as on the emerging market infrastructure, it will revolve around bitcoin. Its a really sweet partnership, Novogratz said. Galaxy can make bitcoins investment case directly to the strata of society that controls most of the countrys wealth. CAIS is spectacularly situated to help us educate them and then connect with them to sell our products. See also: Galaxys Novogratz: XRP Will Underperform Immensely Again This Year Indeed, going back to the narrative, Novogratz has long believed institutional involvement was the natural next step for crypto. While it may have started out as a retail-driven, peoples revolution, he predicted institutions would always get involved as the asset class grew in size. Related: Custody Battle Pits Institutional Boomers Against Crypto Upstarts Novogratz saw a gap. As a crypto merchant bank, Galaxy offers clients asset management and advisory services; it uses its own capital to trade and invest in the space. It would become the bridge, allowing traditional capital to flow into the nascent crypto space. Story continues While Galaxy got off to a flying start, such as a high-profile investment into Block.one, the banks performance over the past two years has been anything but spectacular. My mom told me money doesnt grow on trees, and right now its growing on trees. In fact, Galaxy has failed to turn a profit since its launch: it lost a whopping $272.7 million in its first full year of operation. It rode the market rebound in the summer of 2019, but still lost $97 million in Q4 2019. Losses stemming from the its trading arm have wiped out its other revenue streams. A pear-shaped investment into WAX, a gaming token, for example, lost the firm as much as $47 million In order to keep itself going, Galaxy has been forced to shrink its workforce by 15%. But it may not be out of the woods yet. The bank warned earlier this year that the coronavirus outbreak would likely contribute to a further hit to revenue. Novogratz is confident, however, that institutions can help turn his companys fortunes around. It has taken longer than expected, he admits, but says he has this intuition that theres going to be a big [institutional] take up in the next six to 24 months. See also: Binance Launching Crypto Exchange in the UK What makes him so sure? Its all about the narrative, he said. We would not be having this conversation if, you know, [the U.S.] budget deficit was going from 4% to 2% and everything looked hunky-dory, he said. In one week after the coronavirus crisis started, the [Federal Reserve] did more QE than it did in the entire 2008-2009 episode. My mom told me money doesnt grow on trees, and right now its growing on trees, he said. Novogratz belongs to the school of thought that sees bitcoin ultimately becoming the digital equivalent to gold: a store of value, uncorrelated to the traditional markets. As such, this darkening macro backdrop is fantastic for the story of bitcoin. The smart money is buying bitcoin as a macro hedge, Novogratz said. Paul Tudor Jones, he says, is a perfect example of a well-known figure from the traditional space, who has seen the narrative and has begun allocating bitcoin to his fund. And that could open the flood gates for other institutions. Indeed, it does feel like institutional investors are getting more interested in bitcoin. Last Month, Fidelity found that 80% of those surveyed found the asset class appealing. The likes of Coinbase, Gemini and BitGo are racing to launch prime brokerages for an institutional crowd. The drumbeat from the financial advisory committee on wanting to learn more about bitcoin and blockchain has been increasing, said Matt Brown, founder and CEO of CAIS. See also: Bakkt, Galaxy Digital to Offer Bitcoin Trading, Custody Solution for Institutions Which brings us back to why Galaxy is getting involved in CAIS. Novogratz said most of the content they plan to use had already been developed over the past three years. It had been collecting dust till last week. When they had tried to publish it before, institutions simply werent interested. Novogratz says now is the perfect opportunity to use his course to proselytize about bitcoin and drive home the narrative that bitcoin is the new gold. This education piece is selling the story, getting institutional investors comfortable with the asset so theyll potentially encourage other institutions to do the same, he said. Crucially, it will also provide Galaxy with the opportunity to connect with thousands of financial advisors who, between them, control more than a trillion dollars in wealth. Looking back, Novogratz realizes Galaxy Digital, as a bridge for institutions into crypto, came too early. Quite frankly, he said, the consumer business was the easier play. Even now, businesses such as exchanges, wallets, and platform providers, which cater for a retail audience, are, in his mind, still performing best in crypto. But by talking to investors about the bitcoin story, Novogratz wants to be a key part of a sea change. His partnership with CAIS, he said, could be the first big leg of more traditional capital coming into the space. Its taken longer to get there than I thought it would, but it feels like were finally through the starting line and starting to gain some pace. See also: Custody Battle Pits Institutional Boomers Against Crypto Upstarts But, CoinDesk asked, what happens if bitcoin doesnt become this great institutional asset? If, after educating financial firms about crypto for a whole year, few roll their sleeves up and get involved? If very few hedge funds get into the space, then my companys going to suck, Novogratz said. Galaxy can keep investing in businesses and trading crypto, but the real core of what were trying to is build this connectivity to institutions. If they dont come, you know, were a little shit out of luck. Related Stories Novogratz: Galaxy Digital Will Suck if Bitcoin Fails to Become an Institutional Asset Novogratz: Galaxy Digital Will Suck if Bitcoin Fails to Become an Institutional Asset || Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset: With Galaxy Digital now working on an educational course for financial advisers, founder Mike Novogratz told CoinDesk he hopes it will help finally kick-start the institutional use of bitcoin, and turn around the asset manager’s fortunes.
Novogratz, a Wall Street veteran, loves a compelling narrative. “Bitcoinspecifically is a story about adoption,” he said a few minutes into our call. “And the next big group that’s going to adopt bitcoin as a store of value, as a digital gold, are the financial advisers.”
Earlier this week, Galaxy Digitalannouncedit had partnered with the educational arm of CAIS, a financial product platform that specializes in connecting institutional investors – financial advisers, hedge funds, private equity – to alternative investments and products.
Related:Binance Launching Crypto Exchange in the UK
The tie-up will see Galaxy provide educational content about crypto to wealth managers and financial advisors. Although the course will offer material on the broader digital asset space, as well as on the emerging market infrastructure, it will revolve around bitcoin.
It’s a “really sweet partnership,” Novogratz said. Galaxy can make bitcoin’s investment case directly to the strata of society that controls most of the country’s wealth. “CAIS is spectacularly situated to help us educate them and then connect with them to sell our products.”
See also:Galaxy’s Novogratz: XRP Will ‘Underperform Immensely Again This Year’
Indeed, going back to the narrative, Novogratz has long believed institutional involvement was the natural next step for crypto. While it may have started out as a “retail-driven, people’s revolution,” he predicted institutions would always get involved as the asset class grew in size.
Related:Custody Battle Pits Institutional Boomers Against Crypto Upstarts
Novogratz saw a gap. As a crypto merchant bank, Galaxy offers clients asset management and advisory services; it uses its own capital to trade and invest in the space. It would become the bridge, allowing traditional capital to flow into the nascent crypto space.
While Galaxy got off to a flying start, such as ahigh-profile investmentinto Block.one, the bank’s performance over the past two years has been anything but spectacular.
My mom told me money doesn’t grow on trees, and right now it’s growing on trees.
In fact, Galaxy has failed to turn a profit since its launch: it lost awhopping $272.7 millionin its first full year of operation. Itrode the market reboundin the summer of 2019, but stilllost $97 millionin Q4 2019. Losses stemming from the its trading arm have wiped out its other revenue streams. A pear-shaped investment into WAX, a gaming token, for example, lost the firm as much as $47 million
In order to keep itself going, Galaxy has beenforced to shrinkits workforce by 15%. But it may not be out of the woods yet. Thebank warnedearlier this year that the coronavirus outbreak would likely contribute to a further hit to revenue.
Novogratz is confident, however, that institutions can help turn his company’s fortunes around. It has taken longer than expected, he admits, but says he has this “intuition” that there’s “going to be a big [institutional] take up in the next six to 24 months.”
See also:Binance Launching Crypto Exchange in the UK
What makes him so sure? It’s all about the narrative, he said.
“We would not be having this conversation if, you know, [the U.S.] budget deficit was going from 4% to 2% and everything looked hunky-dory,” he said. “In one week after the coronavirus crisis started, the [Federal Reserve] did more QE than it did in the entire 2008-2009 episode.”
“My mom told me money doesn’t grow on trees, and right now it’s growing on trees,” he said.
Novogratz belongs to the school of thought that sees bitcoin ultimately becoming the digital equivalent to gold: a store of value, uncorrelated to the traditional markets. As such, this darkening macro backdrop is “fantastic” for the story of bitcoin.
The smart money is buying bitcoin as a macro hedge, Novogratz said. Paul Tudor Jones, he says, is a perfect example of a well-known figure from the traditional space, who has seen the narrative and hasbegun allocating bitcointo his fund. And that could open the flood gates for other institutions.
Indeed, it does feel like institutional investors are getting more interested in bitcoin. Last Month,Fidelity foundthat 80% of those surveyed found the asset class appealing. The likes of Coinbase, Gemini and BitGo areracing to launchprime brokerages for an institutional crowd.
“The drumbeat from the financial advisory committee on wanting to learn more about bitcoin and blockchain has been increasing,” said Matt Brown, founder and CEO of CAIS.
See also:Bakkt, Galaxy Digital to Offer Bitcoin Trading, Custody Solution for Institutions
Which brings us back to why Galaxy is getting involved in CAIS. Novogratz said most of the content they plan to use had already been developed over the past three years. It had been collecting dust till last week. When they had tried to publish it before, institutions simply weren’t interested.
Novogratz says now is the perfect opportunity to use his course to proselytize about bitcoin and drive home the narrative that bitcoin is the new gold. “This education piece is selling the story,” getting institutional investors comfortable with the asset so they’ll potentially encourage other institutions to do the same, he said.
Crucially, it will also provide Galaxy with the opportunity to connect with thousands of financial advisors who, between them, control more than a trillion dollars in wealth.
Looking back, Novogratz realizes Galaxy Digital, as a bridge for institutions into crypto, came too early. “Quite frankly,” he said, “the consumer business was the easier play.” Even now, businesses such as exchanges, wallets, and platform providers, which cater for a retail audience, are, in his mind, still performing best in crypto.
But by talking to investors about the “bitcoin story,” Novogratz wants to be a key part of a sea change. His partnership with CAIS, he said, could be the “first big leg of more traditional capital coming into the space.”
“It’s taken longer to get there than I thought it would, but it feels like we’re finally through the starting line and starting to gain some pace.”
See also:Custody Battle Pits Institutional Boomers Against Crypto Upstarts
But, CoinDesk asked, what happens if bitcoin doesn’t become this great institutional asset? If, after educating financial firms about crypto for a whole year, few roll their sleeves up and get involved?
“If very few hedge funds get into the space, then my company’s going to suck,” Novogratz said. Galaxy can keep investing in businesses and trading crypto, “but the real core of what we’re trying to is build this connectivity to institutions. If they don’t come, you know, we’re a little shit out of luck.”
• Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset
• Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset || Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset: With Galaxy Digital now working on an educational course for financial advisers, founder Mike Novogratz told CoinDesk he hopes it will help finally kick-start the institutional use of bitcoin, and turn around the asset manager’s fortunes.
Novogratz, a Wall Street veteran, loves a compelling narrative. “Bitcoinspecifically is a story about adoption,” he said a few minutes into our call. “And the next big group that’s going to adopt bitcoin as a store of value, as a digital gold, are the financial advisers.”
Earlier this week, Galaxy Digitalannouncedit had partnered with the educational arm of CAIS, a financial product platform that specializes in connecting institutional investors – financial advisers, hedge funds, private equity – to alternative investments and products.
Related:Binance Launching Crypto Exchange in the UK
The tie-up will see Galaxy provide educational content about crypto to wealth managers and financial advisors. Although the course will offer material on the broader digital asset space, as well as on the emerging market infrastructure, it will revolve around bitcoin.
It’s a “really sweet partnership,” Novogratz said. Galaxy can make bitcoin’s investment case directly to the strata of society that controls most of the country’s wealth. “CAIS is spectacularly situated to help us educate them and then connect with them to sell our products.”
See also:Galaxy’s Novogratz: XRP Will ‘Underperform Immensely Again This Year’
Indeed, going back to the narrative, Novogratz has long believed institutional involvement was the natural next step for crypto. While it may have started out as a “retail-driven, people’s revolution,” he predicted institutions would always get involved as the asset class grew in size.
Related:Custody Battle Pits Institutional Boomers Against Crypto Upstarts
Novogratz saw a gap. As a crypto merchant bank, Galaxy offers clients asset management and advisory services; it uses its own capital to trade and invest in the space. It would become the bridge, allowing traditional capital to flow into the nascent crypto space.
While Galaxy got off to a flying start, such as ahigh-profile investmentinto Block.one, the bank’s performance over the past two years has been anything but spectacular.
My mom told me money doesn’t grow on trees, and right now it’s growing on trees.
In fact, Galaxy has failed to turn a profit since its launch: it lost awhopping $272.7 millionin its first full year of operation. Itrode the market reboundin the summer of 2019, but stilllost $97 millionin Q4 2019. Losses stemming from the its trading arm have wiped out its other revenue streams. A pear-shaped investment into WAX, a gaming token, for example, lost the firm as much as $47 million
In order to keep itself going, Galaxy has beenforced to shrinkits workforce by 15%. But it may not be out of the woods yet. Thebank warnedearlier this year that the coronavirus outbreak would likely contribute to a further hit to revenue.
Novogratz is confident, however, that institutions can help turn his company’s fortunes around. It has taken longer than expected, he admits, but says he has this “intuition” that there’s “going to be a big [institutional] take up in the next six to 24 months.”
See also:Binance Launching Crypto Exchange in the UK
What makes him so sure? It’s all about the narrative, he said.
“We would not be having this conversation if, you know, [the U.S.] budget deficit was going from 4% to 2% and everything looked hunky-dory,” he said. “In one week after the coronavirus crisis started, the [Federal Reserve] did more QE than it did in the entire 2008-2009 episode.”
“My mom told me money doesn’t grow on trees, and right now it’s growing on trees,” he said.
Novogratz belongs to the school of thought that sees bitcoin ultimately becoming the digital equivalent to gold: a store of value, uncorrelated to the traditional markets. As such, this darkening macro backdrop is “fantastic” for the story of bitcoin.
The smart money is buying bitcoin as a macro hedge, Novogratz said. Paul Tudor Jones, he says, is a perfect example of a well-known figure from the traditional space, who has seen the narrative and hasbegun allocating bitcointo his fund. And that could open the flood gates for other institutions.
Indeed, it does feel like institutional investors are getting more interested in bitcoin. Last Month,Fidelity foundthat 80% of those surveyed found the asset class appealing. The likes of Coinbase, Gemini and BitGo areracing to launchprime brokerages for an institutional crowd.
“The drumbeat from the financial advisory committee on wanting to learn more about bitcoin and blockchain has been increasing,” said Matt Brown, founder and CEO of CAIS.
See also:Bakkt, Galaxy Digital to Offer Bitcoin Trading, Custody Solution for Institutions
Which brings us back to why Galaxy is getting involved in CAIS. Novogratz said most of the content they plan to use had already been developed over the past three years. It had been collecting dust till last week. When they had tried to publish it before, institutions simply weren’t interested.
Novogratz says now is the perfect opportunity to use his course to proselytize about bitcoin and drive home the narrative that bitcoin is the new gold. “This education piece is selling the story,” getting institutional investors comfortable with the asset so they’ll potentially encourage other institutions to do the same, he said.
Crucially, it will also provide Galaxy with the opportunity to connect with thousands of financial advisors who, between them, control more than a trillion dollars in wealth.
Looking back, Novogratz realizes Galaxy Digital, as a bridge for institutions into crypto, came too early. “Quite frankly,” he said, “the consumer business was the easier play.” Even now, businesses such as exchanges, wallets, and platform providers, which cater for a retail audience, are, in his mind, still performing best in crypto.
But by talking to investors about the “bitcoin story,” Novogratz wants to be a key part of a sea change. His partnership with CAIS, he said, could be the “first big leg of more traditional capital coming into the space.”
“It’s taken longer to get there than I thought it would, but it feels like we’re finally through the starting line and starting to gain some pace.”
See also:Custody Battle Pits Institutional Boomers Against Crypto Upstarts
But, CoinDesk asked, what happens if bitcoin doesn’t become this great institutional asset? If, after educating financial firms about crypto for a whole year, few roll their sleeves up and get involved?
“If very few hedge funds get into the space, then my company’s going to suck,” Novogratz said. Galaxy can keep investing in businesses and trading crypto, “but the real core of what we’re trying to is build this connectivity to institutions. If they don’t come, you know, we’re a little shit out of luck.”
• Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset
• Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset || Blockchain Bites: Trump on Bitcoin, Powell on Digital Dollars and the Truth About Terrorist Financing: The Washington Examiner published an excerpt of John Bolton’s new book detailing a dramatic scene in which President Trump told Treasury Secretary Mnuchin to go after bitcoin before tackling trade with China. This news follows a report from the Drug Enforcement Administration (DEA) showing how the agency failed to properly oversee crypto investigations, and Fed Chair Jerome Powell’s statement that a “digital dollar” should be investigated. Here’s the story: You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top shelf Related: First Mover: Compound's COMP Token More Than Doubles in Price Amid DeFi Mania Who Watches the Watchdogs? The DEA failed to adequately police its undercover agents’ handling of cryptocurrency , according to the U.S. Department of Justice’s Office of the Inspector General (IG). “The DEA’s management of virtual currency-related activities was insufficient due to inadequate headquarters management, lack of policies, inadequate internal control procedures, insufficient supervisory oversight and lack of training,” the IG wrote. Elsewhere, President Donald Trump ordered Treasury Secretary Steve Mnuchin to focus on a clampdown on bitcoin over negotiating a trade with China, according to an excerpt from former National Security Advisor John Bolton’s new book. Officials Weigh In Federal Reserve Chair Jerome Powell, speaking before the House Financial Services Committee, said the idea of a digital dollar should be taken seriously , adding later, “this is something that the central banks have to design… The private sector is not involved in creating the money supply, that’s something the central bank does.” Elsewhere, Chris Giancarlo, former chair of the U.S. Commodity Futures Trading Commission, said XRP is more like an alternative currency than a security . He argued Ripple Labs hadn’t violated any U.S. securities regulations and should have the same legal status as bitcoin or ether. Halfway across the world, Russia’s Ministry of Justice criticized a new draft bill prohibiting crypto operations in the country, a week after the Ministry of Economic Development also opposed it. The bill is believed to be the brainchild of the country’s central bank, which has a prohibitive approach to crypto. Story continues Missing Funds A district judge has denied two requests for subpoenas filed by iFinex, in its bid to track $850 million in user funds seized by authorities after bank accounts held by its payment processor, Crypto Capital, were frozen. It appears the subpoenas were filed in the wrong district. Elsewhere, Wirecard AG, a German payment processor and an issuer of Crypto.com and TenX debit cards, is unable to locate 1.9 billion euros (over $2 billion) worth of cash balances on its trust accounts, after an EY audit. The firm said a third party may have added “spurious” balances “in order to deceive the auditor,” The Block reports. Finally, a new report shows that cryptocurrency is not a significant trend in terror financing in the Middle East. However, a new round of U.S. sanctions aimed at Syria may tip the scales in favor of experimentation. Platform Growth Polkadot has announced a proof-of-concept token redeemable for bitcoin (BTC). Designed by Interlay, the system will lock BTC on the Bitcoin blockchain and mint a PolkaBTC token on Polkadot, in effort to boost the interoperability of the network. Elsewhere, the South Korean soccer association K League announced a licensing agreement with the blockchain enabled fantasy soccer platform Sorare to enable fans to collect and trade digital tokens representing league players and use them to play fantasy soccer games run by the firm. Related: First Mover: As US Stocks Defy Economic Gravity, Bitcoiners Shudder at March Memory Quarterly Slump Chinese bitcoin miner manufacturer Ebang estimates it incurred a net loss of $2.5 million on a revenue of $6.4 million for Q1 2020. In an SEC filing ahead of the company’s proposed public listing, Ebang said revenue grew 6.1% annually, while incurring $5.9 million in cost of revenues, in addition to other operational expenses. Ebang is applying to list on the Nasdaq exchange and anticipates its IPO launch price will be between $4.5 and $6.5 for each of the 19.3 million Class A ordinary shares offered, for a market value of around $800 million. Grants Crypto exchanges OKCoin and BitMEX recently partnered to provide a $150,000 grant to Bitcoin Core contributor Amiti Uttarwar, an alumna of Coinbase and Xapo, to build out privacy features. Elsewhere, the Ethereum Foundation followed up on its 2019 gift to the United Nations Children’s Fund (UNICEF) this week with a second cryptocurrency donation. UNICEF said the fund is accepting applications from startups in emerging markets to receive investments via this second donation of roughly 1,125 ether (~$262,000). So far, UNICEF has invested crypto in nine startups in Mexico, India, Turkey, Bangladesh and Cambodia. Finally, Binance has joined an Indian tech industry association to help set best practices in the Indian crypto market. The Internet and Mobile Association of India helped overturn the nation’s crypto banking ban earlier this year. Movers & Shakers Alistair Milne orchestrated an intentional brute force attack on a wallet holding 1 BTC. Dropping hints on social media to each word in a 12-word seed phrase, an attacker was able to guess the remaining clues, inside the period, after the eighth hint dropped. ( Decrypt ) Elsewhere, JPMorgan nabs former Gemini executive to work on wholesale payments innovation. ( The Block ) Crypto.com, a Hong Kong-based exchange, has announced its entrance into the Bitcoin derivatives market. ( Decrypt ) Market intel Is Bitcoin Undervalued? Bitcoin is trading near $9,450, up nearly 47% this quarter and 145% from the low of $3,867 observed on March 13. Despite the rise, bitcoin’s Mayer multiple – the ratio of the cryptocurrency’s price to its 200-day moving average – currently stands at 1.15, according to MayerMultiple.info. A below-2.4 ratio indicates the cryptocurrency is undervalued. Opinion Crypto’s Convergence Ajit Tripathi, CoinDesk columnist and an executive director at Binance, said the worlds of crypto, fiat and finance are converging. “A new way of thinking about money, banking and economics has inspired banks and regulators to take a fresh look at whether or how the monetary system is working for society at large. As the pace of digital assets and fiat systems coming together accelerates, I hope a world will emerge where customers have greater financial freedom, wider choice and increased access to capital, payment systems and investments than they have today,” he said. Podcast What Satoshi Understood Nathaniel Whittemore is joined by The Crypto Dog for a conversation about pseudo-anonymity, global digital nomadism and the trader’s mindset. Who won #CryptoTwitter? Related Stories Blockchain Bites: Trump on Bitcoin, Powell on Digital Dollars and the Truth About Terrorist Financing Blockchain Bites: Trump on Bitcoin, Powell on Digital Dollars and the Truth About Terrorist Financing
[Social Media Buzz]
None available.
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9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09.
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[Bitcoin Technical Analysis for 2019-07-15]
Volume: 25384047207, RSI (14-day): 49.75, 50-day EMA: 10069.35, 200-day EMA: 7216.04
[Wider Market Context]
Gold Price: 1411.40, Gold RSI: 64.59
Oil Price: 59.58, Oil RSI: 57.76
[Recent News (last 7 days)]
Cardano Dips Below 0.059485 Level, Down 12%: Investing.com - Cardano fell bellow the $0.059485 level on Sunday. Cardano was trading at 0.059485 by 19:46 (23:46 GMT) on the Investing.com Index, down 12.24% on the day. It was the largest one-day percentage loss since February 24.
The move downwards pushed Cardano's market cap down to $1.57109B, or 0.55% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.
Cardano had traded in a range of $0.059462 to $0.067123 in the previous twenty-four hours.
Over the past seven days, Cardano has seen a drop in value, as it lost 24.13%. The volume of Cardano traded in the twenty-four hours to time of writing was $100.07063M or 0.14% of the total volume of all cryptocurrencies. It has traded in a range of $0.0595 to $0.0818 in the past 7 days.
At its current price, Cardano is still down 95.59% from its all-time high of $1.35 set on January 4, 2018.
Bitcoin was last at $10,175.4 on the Investing.com Index, down 11.69% on the day.
Ethereum was trading at $227.84 on the Investing.com Index, a loss of 18.13%.
Bitcoin's market cap was last at $185.38210B or 65.23% of the total cryptocurrency market cap, while Ethereum's market cap totaled $25.09656B or 8.83% of the total cryptocurrency market value.
Related Articles
Ethereum Tumbles 20% In Bearish Trade
Hodler’s Digest, Top Stories, Price Movements, Quotes and FUD of the Week
Hacked Bitpoint Exchange Finds $2.3M in Stolen Crypto || Cardano Dips Below 0.059485 Level, Down 12%: Investing.com - Cardano fell bellow the $0.059485 level on Sunday. Cardano was trading at 0.059485 by 19:46 (23:46 GMT) on the Investing.com Index, down 12.24% on the day. It was the largest one-day percentage loss since February 24. The move downwards pushed Cardano's market cap down to $1.57109B, or 0.55% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B. Cardano had traded in a range of $0.059462 to $0.067123 in the previous twenty-four hours. Over the past seven days, Cardano has seen a drop in value, as it lost 24.13%. The volume of Cardano traded in the twenty-four hours to time of writing was $100.07063M or 0.14% of the total volume of all cryptocurrencies. It has traded in a range of $0.0595 to $0.0818 in the past 7 days. At its current price, Cardano is still down 95.59% from its all-time high of $1.35 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $10,175.4 on the Investing.com Index, down 11.69% on the day. Ethereum was trading at $227.84 on the Investing.com Index, a loss of 18.13%. Bitcoin's market cap was last at $185.38210B or 65.23% of the total cryptocurrency market cap, while Ethereum's market cap totaled $25.09656B or 8.83% of the total cryptocurrency market value. Related Articles Ethereum Tumbles 20% In Bearish Trade Hodler’s Digest, Top Stories, Price Movements, Quotes and FUD of the Week Hacked Bitpoint Exchange Finds $2.3M in Stolen Crypto View comments || Where Will Visa Be in 5 Years?: If you have a Visa (NYSE: V) debit or credit card, your transactions are made on the world's largest payment network. A payment network acts as the technological backbone between you (the consumer) and a merchant's bank. Visa's VisaNet platform authorizes, clears and settles transactions between you and that merchant's bank -- as well as between businesses, across borders, and now, using a variety of forms of payment. Visa has the world's biggest share of card payments outside of China. In its past fiscal year, Visa processed over $11.2 trillion in total transactions, roughly double the amount of second-place Mastercard (NYSE: MA) . Visa is in a great position, with a leading infrastructure platform that's almost sure to grow, as the world turns more and more to card and electronic payments and away from cash and checks. You may think you're already off of cash, but over $17 trillion in global payments are still conducted via cash or check. Visa is aiming to get that business, along with even more transactions in the P2P (person-to-person) and B2B (business-to-business) spaces, in the years ahead. Here are some of the newer initiatives at Visa, all of which should make up larger portions of its business five years out. A young woman with a forearm tattoo smiles and holds a credit card to her nose. Visa is growing with the times. Image source: Getty Images. P2P, B2B, and more One of Visa's more exciting new products is Visa Direct, which does what its name implies: It facilitates direct payment from a consumer to a financial institution, or vice versa, using Visa's leading payment network. Basically, Visa has expanded its processing capabilities to direct P2P payments, B2B payments, and even disbursements to workers. In last year's annual report, as an example, CEO Alfred Kelly described ride-hailing drivers being able to get paid daily. Visa Direct can often take as little as 30 minutes to process; older and slower ACH (automated clearing house) or check-based systems can take several business days. Story continues Visa Direct has actually been around for 10 years, but its speed and capabilities are just starting to catch on in the U.S. and other developed markets. The company believes the opportunity is huge, at roughly $10 trillion in the U.S. alone -- $1 trillion for P2P, and another $9 trillion for business disbursements. Management also believes the cross-border payments market available for Visa Direct is $6 trillion to $7 trillion. Thus, the service could expand Visa's markets into many more types of transactions, although good old-fashioned credit and debit cards will continue to take share from cash as well. Blockchain and crypto One of the new direct payment offerings Visa just unveiled is B2B Connect, its cross-border B2B supplier payments network; it's based upon distributed ledger technology, better known as blockchain . Though Visa is often pigeonholed as an "old" payments network, the company has fully embraced new technologies and forms of payment, including blockchain and even cryptocurrencies. Last quarter, Visa signed up Coinbase, one of the major brokerages for buying, selling, and holding Bitcoin (BTC-USD) and other cryptocurrencies. The new deal will allow a Visa cardholder to pay for goods and services from a Coinbase account using cryptocurrency, with a Visa credential linked to that account. More recently, Visa announced a partnership with the Libra Association , a governing body overseeing the new Libra digital currency proposed by Facebook (NASDAQ: FB) . Though some may think of new payment technologies as a threat to Visa, the company is determined to partner with every form of payment out there, and open its world-class networks to those flows. In recent years, Visa has transformed its VisaNet networks to become more open-source, and has opened up its leading capabilities to third-party developers via APIs (application programming interfaces), making it simple for companies all over the world to link up with VisaNet. Going more international Ease of use is helping Visa to expand more overseas, especially in Europe and India. Visa made a big move in acquiring Visa Europe back in 2016 for $23.4 billion, and just announced last quarter it had completed the full integration. Though Visa has been in Europe for some time, its European business is still concentrated in the U.K. and Ireland. On the last conference call with analysts, management said: "[T]here were 12 other markets in Europe with over $200 billion in consumption expenditures. Of these markets, we are well positioned in some and have plenty of room to grow in others." Management has also pointed to the long-term growth potential of India, where Visa grew its market share in 2018 to over 4.5 million acceptance points. New tech advancements such as card-linked tokens, in which a customer receives a one-time digital code instead of having to enter sensitive card information, are helping to boost security and authorization rates in these emerging markets. The more things change... Visa has a tremendous economic moat in its world-class payments network, and all of these new technological products and geographic expansion plans are really just ways to drive more and more traffic onto VisaNet. Last quarter, Visa grew payments volume and revenue 8%, operating income 9%, and net income an even higher 14%, thanks to the operating leverage generated on a relatively fixed network backbone. Five years from now, Visa's consumer- and business-facing products might be faster, more digital, and more diverse. But the end goal will be the same: to drive traffic to VisaNet. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Billy Duberstein owns shares of Facebook. He owns Bitcoin tokens. His clients may own shares of the companies mentioned. The Motley Fool owns shares of and recommends Facebook, Mastercard, and Visa. The Motley Fool has a disclosure policy . || Where Will Visa Be in 5 Years?: If you have aVisa(NYSE: V)debit or credit card, your transactions are made on the world's largest payment network. A payment network acts as the technological backbone between you (the consumer) and a merchant's bank. Visa's VisaNet platform authorizes, clears and settles transactions between you and that merchant's bank -- as well as between businesses, across borders, and now, using a variety of forms of payment.
Visa has the world's biggest share of card payments outside of China. In its past fiscal year, Visa processed over $11.2 trillion in total transactions, roughly double the amount of second-placeMastercard(NYSE: MA).
Visa is in a great position, with a leading infrastructure platform that's almost sure to grow, as the world turns more and more to card and electronic payments and away from cash and checks. You may think you're already off of cash, but over $17 trillion in global payments are still conducted via cash or check.
Visa is aiming to get that business, along with even more transactions in the P2P (person-to-person) and B2B (business-to-business) spaces, in the years ahead. Here are some of the newer initiatives at Visa, all of which should make up larger portions of its business five years out.
Visa is growing with the times. Image source: Getty Images.
One of Visa's more exciting new products is Visa Direct, which does what its name implies: It facilitates direct payment from a consumer to a financial institution, or vice versa, using Visa's leading payment network. Basically, Visa has expanded its processing capabilities to direct P2P payments, B2B payments, and even disbursements to workers. In last year's annual report, as an example, CEO Alfred Kelly described ride-hailing drivers being able to get paid daily. Visa Direct can often take as little as 30 minutes to process; older and slower ACH (automated clearing house) or check-based systems can take several business days.
Visa Direct has actually been around for 10 years, but its speed and capabilities are just starting to catch on in the U.S. and other developed markets. The company believes the opportunity is huge, at roughly $10 trillion in the U.S. alone -- $1 trillion for P2P, and another $9 trillion for business disbursements. Management also believes the cross-border payments market available for Visa Direct is $6 trillion to $7 trillion.
Thus, the service could expand Visa's markets into many more types of transactions, although good old-fashioned credit and debit cards will continue to take share from cash as well.
One of the new direct payment offerings Visa just unveiled is B2B Connect, its cross-border B2B supplier payments network; it's based upon distributed ledger technology, better known asblockchain.
Though Visa is often pigeonholed as an "old" payments network, the company has fully embraced new technologies and forms of payment, including blockchain and even cryptocurrencies. Last quarter, Visa signed up Coinbase, one of the major brokerages for buying, selling, and holdingBitcoin(BTC-USD) and other cryptocurrencies. The new deal will allow a Visa cardholder to pay for goods and services from a Coinbase account using cryptocurrency, with a Visa credential linked to that account. More recently, Visa announced a partnership with theLibra Association, a governing body overseeing the newLibra digital currencyproposed byFacebook(NASDAQ: FB).
Though some may think of new payment technologies as a threat to Visa, the company is determined to partner with every form of payment out there, and open its world-class networks to those flows. In recent years, Visa has transformed its VisaNet networks to become more open-source, and has opened up its leading capabilities to third-party developers via APIs (application programming interfaces), making it simple for companies all over the world to link up with VisaNet.
Ease of use is helping Visa to expand more overseas, especially in Europe and India. Visa made a big move in acquiring Visa Europe back in 2016 for $23.4 billion, and just announced last quarter it had completed the full integration.
Though Visa has been in Europe for some time, its European business is still concentrated in the U.K. and Ireland. On the lastconference callwith analysts, management said: "[T]here were 12 other markets in Europe with over $200 billion in consumption expenditures. Of these markets, we are well positioned in some and have plenty of room to grow in others."
Management has also pointed to the long-term growth potential of India, where Visa grew its market share in 2018 to over 4.5 million acceptance points. New tech advancements such as card-linked tokens, in which a customer receives a one-time digital code instead of having to enter sensitive card information, are helping to boost security and authorization rates in these emerging markets.
Visa has a tremendouseconomic moatin its world-class payments network, and all of these new technological products and geographic expansion plans are really just ways to drive more and more traffic onto VisaNet. Last quarter, Visa grew payments volume and revenue 8%, operating income 9%, and net income an even higher 14%, thanks to the operating leverage generated on a relatively fixed network backbone.
Five years from now, Visa's consumer- and business-facing products might be faster, more digital, and more diverse. But the end goal will be the same: to drive traffic to VisaNet.
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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors.Billy Dubersteinowns shares of Facebook.He owns Bitcoin tokens. His clients may own shares of the companies mentioned.The Motley Fool owns shares of and recommends Facebook, Mastercard, and Visa. The Motley Fool has adisclosure policy. || The blockchain/crypto week in quotes: “It’s way too expensive to do domestic payments. It’s way too slow, and that hurts consumers and businesses. It stifles innovation, and it’s far too expensive to send money cross-border, and there are huge financial inclusion issues related to that and costs related to that. So, while we are trying to address all these issues, we have to absolutely acknowledge the problem that they’re (Facebook) trying to solve. And if it’s not this, we’d better have some answers for what else it is.” Bank of England Governor Mark Carney “PayPal is f****d!” BitMEX CEO Arthur Hayes “Facebook cannot go forward without there being broad satisfaction with the way the company has addressed money laundering, all of those things. The number of concerns that I list at the beginning, data protection, consumer privacy, all of those things will need to be addressed very thoroughly and carefully.” Federal Reserve Chairman Jerome Powell I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019 For the first time in history crypto twitter has finally been united with a common purpose. Thank you Mr. President. pic.twitter.com/gv3gmm3bU7 — Jared Tate (@jaredctate) July 12, 2019 “This is a reaction that anyone who believes in Bitcoin would expect – the highest government official on the planet in POTUS openly condemning cryptocurrencies as a vehicle for crime in order to protect the USD. There’s no hiding from the fact that cash and even gold and silver have been utilised for crime, completely untraceable, for thousands of years – yet cryptocurrencies are transparent in their very nature. Story continues Major banks are already integrating blockchain technologies to improve their processes and many are using forms for cryptocurrencies for cross border payments, increasing the speed and security, and reducing the cost of such transactions, which President Trump has not highlighted via Twitter. Bitcoin was created to provide anyone with a way to manage their own finances, make their own payments and store their own funds securely, all without central authorities or governments making huge profits, storing and selling data and being in complete control of our financial lives. The opinion of President Trump is no surprise as Bitcoin continues its strong position.” temtum Founder and CEO, Richard Dennis Trump tweets… BTC does nothing. Bitcoin is now less volatile than Donald Trump. — Erik Voorhees (@ErikVoorhees) July 12, 2019 “I want to give you my personal assurance that we are committed to taking the time to do this right” David Marcus, Head of Facebook’s crypto project, Libra I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself. — Peter Schiff (@PeterSchiff) July 10, 2019 “We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.” Charlie Lee, Creator of Litecoin and MD of the Litecoin Foundation Amazon was e-commerce, and now it’s just commerce. Today, Bitcoin is “digital gold,” but tomorrow it will be just Bitcoin. It won’t need to be analogized or require any qualifiers. — Cameron Winklevoss (@winklevoss) July 13, 2019 “London is – for the time being at least – the world’s largest and most important financial hub. But its dominance is fading as Brexit-Britain flounders in uncertainty. The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.” Nigel Green, CEO, deVere Group “The nature of distributed ledger technology, as well as the characteristics associated with digital asset securities, may make it difficult for a broker-dealer to evidence the existence of digital asset securities for the purposes of the broker-dealer’s regulatory books, records, and financial statements, including supporting schedules. The broker-dealer’s difficulties in evidencing the existence of these digital asset securities may in turn create challenges for the broker-dealer’s independent auditor seeking to obtain sufficient appropriate audit evidence when testing management’s assertions in the financial statements during the annual broker-dealer audit. We understand that some firms are considering the use of distributed ledger technology with features designed to enable firms to meet recordkeeping obligations and facilitate prompt verification of digital asset security positions (e.g., regulatory nodes or permissioned distributed ledger technologies). Broker-dealers should consider how the nature of the technology may impact their ability to comply with the broker-dealer recordkeeping and reporting rules.” The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) wow – this image of Deutsche Bank employees leaving the building with bitcoin emblazoned bags. i wonder if some day this image will be as iconic as the Lehman sign being taken off the building… h/t @coryklippsten https://t.co/7Asdxmmy2I pic.twitter.com/RQaOAN9gOH — Meltem Demirors (@Melt_Dem) July 8, 2019 “It’s out of the question to allow them (tech giants like Facebook) to develop in a regulatory void for their financial service activities, because it’s just too dangerous,. We have to move more quickly than we’ve been able to do up until now.” European Central Bank Executive Board member Benoit Coeure Working in the blockchain and crypto space it's so easy to take easy money from projects that are desperately in need of quality help. Your name will forever be attached to that project. Token holders will come for your blood when it goes south. #justdontdoit — Jon Walsh (@walshjonwalsh) July 8, 2019 “At the end of the day, there are many people who do believe in it (Bitcoin) and if it continues and grows, then I would probably have to be a buyer and be involved with this.” Mark Mobius, Co-founder and Partner, Mobius Capital Partners . @Nouriel was paid to be a punching bag. He behaved badly and looked like an ahole exactly as he was paid to do. Like @Frances_Coppola in the U.K., economists, in the age of #Bitcoin , can only survive by publicly humiliating themselves, hoping to sell a few pamphlets. https://t.co/Vf5Cl9xOdd — Max Keiser, tweet poet. (@maxkeiser) July 7, 2019 Visa works with the entire banking sector, but they – along with Paypal and Mastercard – are also major stakeholders in Facebook’s Libra payments project, which itself plugs into the banking system. These are not ‘competitors’. They are a quasi-cooperative oligopoly — Brett Scott (@Suitpossum) July 8, 2019 The post The blockchain/crypto week in quotes appeared first on Coin Rivet . || The blockchain/crypto week in quotes: “It’s way too expensive to do domestic payments. It’s way too slow, and that hurts consumers and businesses. It stifles innovation, and it’s far too expensive to send money cross-border, and there are huge financial inclusion issues related to that and costs related to that. So, while we are trying to address all these issues, we have to absolutely acknowledge the problem that they’re (Facebook) trying to solve. And if it’s not this, we’d better have some answers for what else it is.” Bank of England Governor Mark Carney “PayPal is f****d!” BitMEX CEO Arthur Hayes “Facebook cannot go forward without there being broad satisfaction with the way the company has addressed money laundering, all of those things. The number of concerns that I list at the beginning, data protection, consumer privacy, all of those things will need to be addressed very thoroughly and carefully.” Federal Reserve Chairman Jerome Powell I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019 For the first time in history crypto twitter has finally been united with a common purpose. Thank you Mr. President. pic.twitter.com/gv3gmm3bU7 — Jared Tate (@jaredctate) July 12, 2019 “This is a reaction that anyone who believes in Bitcoin would expect – the highest government official on the planet in POTUS openly condemning cryptocurrencies as a vehicle for crime in order to protect the USD. There’s no hiding from the fact that cash and even gold and silver have been utilised for crime, completely untraceable, for thousands of years – yet cryptocurrencies are transparent in their very nature. Story continues Major banks are already integrating blockchain technologies to improve their processes and many are using forms for cryptocurrencies for cross border payments, increasing the speed and security, and reducing the cost of such transactions, which President Trump has not highlighted via Twitter. Bitcoin was created to provide anyone with a way to manage their own finances, make their own payments and store their own funds securely, all without central authorities or governments making huge profits, storing and selling data and being in complete control of our financial lives. The opinion of President Trump is no surprise as Bitcoin continues its strong position.” temtum Founder and CEO, Richard Dennis Trump tweets… BTC does nothing. Bitcoin is now less volatile than Donald Trump. — Erik Voorhees (@ErikVoorhees) July 12, 2019 “I want to give you my personal assurance that we are committed to taking the time to do this right” David Marcus, Head of Facebook’s crypto project, Libra I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself. — Peter Schiff (@PeterSchiff) July 10, 2019 “We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.” Charlie Lee, Creator of Litecoin and MD of the Litecoin Foundation Amazon was e-commerce, and now it’s just commerce. Today, Bitcoin is “digital gold,” but tomorrow it will be just Bitcoin. It won’t need to be analogized or require any qualifiers. — Cameron Winklevoss (@winklevoss) July 13, 2019 “London is – for the time being at least – the world’s largest and most important financial hub. But its dominance is fading as Brexit-Britain flounders in uncertainty. The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.” Nigel Green, CEO, deVere Group “The nature of distributed ledger technology, as well as the characteristics associated with digital asset securities, may make it difficult for a broker-dealer to evidence the existence of digital asset securities for the purposes of the broker-dealer’s regulatory books, records, and financial statements, including supporting schedules. The broker-dealer’s difficulties in evidencing the existence of these digital asset securities may in turn create challenges for the broker-dealer’s independent auditor seeking to obtain sufficient appropriate audit evidence when testing management’s assertions in the financial statements during the annual broker-dealer audit. We understand that some firms are considering the use of distributed ledger technology with features designed to enable firms to meet recordkeeping obligations and facilitate prompt verification of digital asset security positions (e.g., regulatory nodes or permissioned distributed ledger technologies). Broker-dealers should consider how the nature of the technology may impact their ability to comply with the broker-dealer recordkeeping and reporting rules.” The US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) wow – this image of Deutsche Bank employees leaving the building with bitcoin emblazoned bags. i wonder if some day this image will be as iconic as the Lehman sign being taken off the building… h/t @coryklippsten https://t.co/7Asdxmmy2I pic.twitter.com/RQaOAN9gOH — Meltem Demirors (@Melt_Dem) July 8, 2019 “It’s out of the question to allow them (tech giants like Facebook) to develop in a regulatory void for their financial service activities, because it’s just too dangerous,. We have to move more quickly than we’ve been able to do up until now.” European Central Bank Executive Board member Benoit Coeure Working in the blockchain and crypto space it's so easy to take easy money from projects that are desperately in need of quality help. Your name will forever be attached to that project. Token holders will come for your blood when it goes south. #justdontdoit — Jon Walsh (@walshjonwalsh) July 8, 2019 “At the end of the day, there are many people who do believe in it (Bitcoin) and if it continues and grows, then I would probably have to be a buyer and be involved with this.” Mark Mobius, Co-founder and Partner, Mobius Capital Partners . @Nouriel was paid to be a punching bag. He behaved badly and looked like an ahole exactly as he was paid to do. Like @Frances_Coppola in the U.K., economists, in the age of #Bitcoin , can only survive by publicly humiliating themselves, hoping to sell a few pamphlets. https://t.co/Vf5Cl9xOdd — Max Keiser, tweet poet. (@maxkeiser) July 7, 2019 Visa works with the entire banking sector, but they – along with Paypal and Mastercard – are also major stakeholders in Facebook’s Libra payments project, which itself plugs into the banking system. These are not ‘competitors’. They are a quasi-cooperative oligopoly — Brett Scott (@Suitpossum) July 8, 2019 The post The blockchain/crypto week in quotes appeared first on Coin Rivet . || Police Bust Chinese Bitcoin Mining Farm After Surge in Power Usage: Police in eastern China busted a bitcoin mining operation following a surge in local electricity usage, according to a wire report fromAgence France-Press.
The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. The investigators learned of the theft from a local power provider.
“In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said to AFP.
Investigators allege more than 20 people participated in this particular mining operation.
Bitcoin mining is still popular in China. Coinshare, an investment platform, published areportthat found 50 percent of the global bitcoin computing power was located in southern China.
Recently, with bitcoin’s surge in price to around $12,000 the difficulty of the algorithm reachedrecord highs, as the bitcoin software automatically adjusts its mining difficulty, approximately every 14 days, based on the amount of computing power in the network.
As previously reported, the total hash rate this year could peak to a threshold of 70EH/s in August, meaning another 300,000 mining machines could be activated to meet the needed hashing power.
Chip mining image via Shutterstock || Police Bust Chinese Bitcoin Mining Farm After Surge in Power Usage: Police in eastern China busted a bitcoin mining operation following a surge in local electricity usage, according to a wire report from Agence France-Press . The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. The investigators learned of the theft from a local power provider. “In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said to AFP. Investigators allege more than 20 people participated in this particular mining operation. Bitcoin mining is still popular in China. Coinshare, an investment platform, published a report that found 50 percent of the global bitcoin computing power was located in southern China. Recently, with bitcoin’s surge in price to around $12,000 the difficulty of the algorithm reached record highs , as the bitcoin software automatically adjusts its mining difficulty, approximately every 14 days, based on the amount of computing power in the network. As previously reported, the total hash rate this year could peak to a threshold of 70EH/s in August, meaning another 300,000 mining machines could be activated to meet the needed hashing power. Chip mining image via Shutterstock || Police Bust Chinese Bitcoin Mining Farm After Surge in Power Usage: Police in eastern China busted a bitcoin mining operation following a surge in local electricity usage, according to a wire report fromAgence France-Press.
The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. The investigators learned of the theft from a local power provider.
“In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said to AFP.
Investigators allege more than 20 people participated in this particular mining operation.
Bitcoin mining is still popular in China. Coinshare, an investment platform, published areportthat found 50 percent of the global bitcoin computing power was located in southern China.
Recently, with bitcoin’s surge in price to around $12,000 the difficulty of the algorithm reachedrecord highs, as the bitcoin software automatically adjusts its mining difficulty, approximately every 14 days, based on the amount of computing power in the network.
As previously reported, the total hash rate this year could peak to a threshold of 70EH/s in August, meaning another 300,000 mining machines could be activated to meet the needed hashing power.
Chip mining image via Shutterstock || Donald Trump’s cryptocurrencies rant: Allow me to retort: Blow up a balloon, hold it tight in your fingertips and then let it go. See how it farts its way around the room in all directions? This is Donald Trump’s brain and this week his brain decided it would be a good idea to write about Bitcoin . In the words of the great Samual L Jackson…Well, allow me to retort. Trump is wrong about Bitcoin and cryptocurrencies not being money, because whether a thing is money or not depends on how we use it. It’s all about context. Cigarettes are money in prisons, bullets are money in war zones and Bitcoin is money in Venezuela. Bitcoin is in fact money in a myriad of different ways all over the world and it has a chance of becoming the best money we’ve ever created. Let your mind linger on the following: Bitcoin is borderless, it has a global price, it is permissionless, censorship resistant and truly native to the internet. Its issuance cannot be inflated, it isn’t owned or run by a central authority and its codebase is open source. This means it belongs to everyone, always. Think software for money with a free licence to use it how you wish in perpetuity. It’s not possible to win a fight against this kind of utility, and just like all the other software we’ve invented, in time it will eat the world. No wonder old men in suits are shaking their fists at it. Imagine giving Donald Trump a money printing machine and then asking him kindly not to use it. My thoughts exactly… This is why the US economy is 22 trillion in debt and why the average lifespan of a government backed fiat currency is 27 years. There will be a reckoning, and when it comes it will be something like Bitcoin that comes to the rescue. Bitcoin is based on mathematics, millions of participants with ‘skin in the game’ proving their participation by paying for the cost of energy (mining) and thereby creating the largest network of computational hashing power we’ve ever created. It is hugely robust in terms of its network, it’s as trustworthy as our best encryption affords and as strong as humanities collective fascination with the profit motive. Furthermore, Bitcoin does not require a banking charter, just an internet connection and no amount of blurting out random thoughts on Twitter can change this fact. Story continues At the end of his tweet thread Trump says the US dollar will always stay the most dominant currency in the world. Probably a good time to remember he has also said that he had the world’s biggest inauguration crowd, that he won the popular vote, that Kim Jong Un is a smart, great leader and that his father, Fred Trump was a German. Watch that balloon fly! The post Donald Trump’s cryptocurrencies rant: Allow me to retort appeared first on Coin Rivet . || Donald Trump’s cryptocurrencies rant: Allow me to retort: Blow up a balloon, hold it tight in your fingertips and then let it go. See how it farts its way around the room in all directions? This is Donald Trump’s brain and this week his brain decided it would be a good idea to write about Bitcoin . In the words of the great Samual L Jackson…Well, allow me to retort. Trump is wrong about Bitcoin and cryptocurrencies not being money, because whether a thing is money or not depends on how we use it. It’s all about context. Cigarettes are money in prisons, bullets are money in war zones and Bitcoin is money in Venezuela. Bitcoin is in fact money in a myriad of different ways all over the world and it has a chance of becoming the best money we’ve ever created. Let your mind linger on the following: Bitcoin is borderless, it has a global price, it is permissionless, censorship resistant and truly native to the internet. Its issuance cannot be inflated, it isn’t owned or run by a central authority and its codebase is open source. This means it belongs to everyone, always. Think software for money with a free licence to use it how you wish in perpetuity. It’s not possible to win a fight against this kind of utility, and just like all the other software we’ve invented, in time it will eat the world. No wonder old men in suits are shaking their fists at it. Imagine giving Donald Trump a money printing machine and then asking him kindly not to use it. My thoughts exactly… This is why the US economy is 22 trillion in debt and why the average lifespan of a government backed fiat currency is 27 years. There will be a reckoning, and when it comes it will be something like Bitcoin that comes to the rescue. Bitcoin is based on mathematics, millions of participants with ‘skin in the game’ proving their participation by paying for the cost of energy (mining) and thereby creating the largest network of computational hashing power we’ve ever created. It is hugely robust in terms of its network, it’s as trustworthy as our best encryption affords and as strong as humanities collective fascination with the profit motive. Furthermore, Bitcoin does not require a banking charter, just an internet connection and no amount of blurting out random thoughts on Twitter can change this fact. Story continues At the end of his tweet thread Trump says the US dollar will always stay the most dominant currency in the world. Probably a good time to remember he has also said that he had the world’s biggest inauguration crowd, that he won the popular vote, that Kim Jong Un is a smart, great leader and that his father, Fred Trump was a German. Watch that balloon fly! The post Donald Trump’s cryptocurrencies rant: Allow me to retort appeared first on Coin Rivet . || Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee: Donald Trump’s recent attack on the crypto space could push Bitcoin up to $40,000 by year-end, according to Fundstrat Global Advisors’ Head of Research Thomas Lee. In an interview with Yahoo Finance , he said: “On balance, it’s a positive because cryptocurrencies and Bitcoin really are in the main stage now, with the Congress, the Fed, the President weighing in.” Lee added: “It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and Bitcoin — it’s going to force the other 98% of the world to think about what it means.” Bitcoin is now trading at a rarely seen level, he noted. “If you go back to every milestone that that was achieved, Bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means it could be $20,000 to $40,000 sometime in the fourth quarter.” To get there, it would need to surpass the $13,400 level that has proven to be an issue so far this year. Facebook’s Libra project , meanwhile, has a role to play here in terms of bringing new users onboard, but won’t be as influential as many industry observers have been predicting. “In a world without Libra, is crypto going to be successful? Absolutely. So I don’t think it changes the long-term outlook for Bitcoin,” Lee concluded. The post Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee appeared first on Coin Rivet . || Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee: Donald Trump’s recent attack on the crypto space could push Bitcoin up to $40,000 by year-end, according to Fundstrat Global Advisors’ Head of Research Thomas Lee. In an interview with Yahoo Finance , he said: “On balance, it’s a positive because cryptocurrencies and Bitcoin really are in the main stage now, with the Congress, the Fed, the President weighing in.” Lee added: “It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and Bitcoin — it’s going to force the other 98% of the world to think about what it means.” Bitcoin is now trading at a rarely seen level, he noted. “If you go back to every milestone that that was achieved, Bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means it could be $20,000 to $40,000 sometime in the fourth quarter.” To get there, it would need to surpass the $13,400 level that has proven to be an issue so far this year. Facebook’s Libra project , meanwhile, has a role to play here in terms of bringing new users onboard, but won’t be as influential as many industry observers have been predicting. “In a world without Libra, is crypto going to be successful? Absolutely. So I don’t think it changes the long-term outlook for Bitcoin,” Lee concluded. The post Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee appeared first on Coin Rivet . || Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee: Donald Trump’s recent attack on the crypto space could push Bitcoin up to $40,000 by year-end, according to Fundstrat Global Advisors’ Head of Research Thomas Lee. In an interview with Yahoo Finance , he said: “On balance, it’s a positive because cryptocurrencies and Bitcoin really are in the main stage now, with the Congress, the Fed, the President weighing in.” Lee added: “It’s going to force everybody who is not involved — and remember a very small percentage actually cares about crypto and Bitcoin — it’s going to force the other 98% of the world to think about what it means.” Bitcoin is now trading at a rarely seen level, he noted. “If you go back to every milestone that that was achieved, Bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means it could be $20,000 to $40,000 sometime in the fourth quarter.” To get there, it would need to surpass the $13,400 level that has proven to be an issue so far this year. Facebook’s Libra project , meanwhile, has a role to play here in terms of bringing new users onboard, but won’t be as influential as many industry observers have been predicting. “In a world without Libra, is crypto going to be successful? Absolutely. So I don’t think it changes the long-term outlook for Bitcoin,” Lee concluded. The post Donald Trump’s Bitcoin roast is a positive thing, Thomas Lee appeared first on Coin Rivet . || Bitcoin Falls 10% In Selloff: Investing.com - Bitcoin was trading at $10,337.4 by 11:50 (15:50 GMT) on the Investing.com Index on Sunday, down 10.39% on the day. It was the largest one-day percentage loss since June 27.
The move downwards pushed Bitcoin's market cap down to $189.1B, or 65.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $10,337.1 to $11,448.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 6.55%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $22.7B or 32.46% of the total volume of all cryptocurrencies. It has traded in a range of $10,337.0527 to $13,134.3623 in the past 7 days.
At its current price, Bitcoin is still down 47.98% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $230.31 on the Investing.com Index, down 17.49% on the day.
XRP was trading at $0.30025 on the Investing.com Index, a loss of 11.75%.
Ethereum's market cap was last at $25.5B or 8.83% of the total cryptocurrency market cap, while XRP's market cap totaled $13.3B or 4.62% of the total cryptocurrency market value.
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EOS Falls 11% In Rout || Bitcoin Falls 10% In Selloff: Investing.com - Bitcoin was trading at $10,337.4 by 11:50 (15:50 GMT) on the Investing.com Index on Sunday, down 10.39% on the day. It was the largest one-day percentage loss since June 27.
The move downwards pushed Bitcoin's market cap down to $189.1B, or 65.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $10,337.1 to $11,448.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 6.55%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $22.7B or 32.46% of the total volume of all cryptocurrencies. It has traded in a range of $10,337.0527 to $13,134.3623 in the past 7 days.
At its current price, Bitcoin is still down 47.98% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $230.31 on the Investing.com Index, down 17.49% on the day.
XRP was trading at $0.30025 on the Investing.com Index, a loss of 11.75%.
Ethereum's market cap was last at $25.5B or 8.83% of the total cryptocurrency market cap, while XRP's market cap totaled $13.3B or 4.62% of the total cryptocurrency market value.
Related Articles
XRP Falls 11% In Selloff
Stellar Falls 10% In Bearish Trade
EOS Falls 11% In Rout || Bitcoin Falls 10% In Selloff: Investing.com - Bitcoin was trading at $10,337.4 by 11:50 (15:50 GMT) on the Investing.com Index on Sunday, down 10.39% on the day. It was the largest one-day percentage loss since June 27. The move downwards pushed Bitcoin's market cap down to $189.1B, or 65.48% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $10,337.1 to $11,448.7 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a drop in value, as it lost 6.55%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $22.7B or 32.46% of the total volume of all cryptocurrencies. It has traded in a range of $10,337.0527 to $13,134.3623 in the past 7 days. At its current price, Bitcoin is still down 47.98% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $230.31 on the Investing.com Index, down 17.49% on the day. XRP was trading at $0.30025 on the Investing.com Index, a loss of 11.75%. Ethereum's market cap was last at $25.5B or 8.83% of the total cryptocurrency market cap, while XRP's market cap totaled $13.3B or 4.62% of the total cryptocurrency market value. Related Articles XRP Falls 11% In Selloff Stellar Falls 10% In Bearish Trade EOS Falls 11% In Rout || BitMEX owner gives back to Bitcoin project with Michael Ford grant: HDR Global Trading, owner and operator of BitMEX, has awarded a $60,000 grant to Bitcoin Core contributor, Michael Ford (aka fanquake ). This recognises Fords contribution to the growth and maintenance of the Bitcoin ecosystem. In line with BitMEXs previous donation to the MIT Digital Currency initiative in May, the grant shows our commitment to improving FinTech innovation and giving back to the Bitcoin project, it said in a statement. The grant is non-exclusive and requires Ford to work on Bitcoin Core solely. Sam Reed, CTO and Co-founder of HDR Global Trading, says: Like all other companies in the cryptocurrency space, we rely heavily on the (mostly volunteer) work of coders dedicated to the mission and ideals of Bitcoin. This work is difficult, demanding, and often thankless. We believe it is the duty of corporations to give back to the projects from which they benefit and from which their very business model stems. He adds: Without the millions of free man-hours from dedicated OSS developers powering everything from our operating systems, to our web servers, to our ops tools and Bitcoin itself, the BitMEX trading platform could not have been built. We dont forget this gift. Therefore, HDR considers this grant, provided on a no-strings-attached basis, to be only a small part of an ongoing commitment to bolstering Bitcoin and other OSS projects for the benefit of all. The post BitMEX owner gives back to Bitcoin project with Michael Ford grant appeared first on Coin Rivet . || BitMEX owner gives back to Bitcoin project with Michael Ford grant: HDR Global Trading, owner and operator of BitMEX, has awarded a $60,000 grant to Bitcoin Core contributor, Michael Ford (aka fanquake ). This recognises Fords contribution to the growth and maintenance of the Bitcoin ecosystem. In line with BitMEXs previous donation to the MIT Digital Currency initiative in May, the grant shows our commitment to improving FinTech innovation and giving back to the Bitcoin project, it said in a statement. The grant is non-exclusive and requires Ford to work on Bitcoin Core solely. Sam Reed, CTO and Co-founder of HDR Global Trading, says: Like all other companies in the cryptocurrency space, we rely heavily on the (mostly volunteer) work of coders dedicated to the mission and ideals of Bitcoin. This work is difficult, demanding, and often thankless. We believe it is the duty of corporations to give back to the projects from which they benefit and from which their very business model stems. He adds: Without the millions of free man-hours from dedicated OSS developers powering everything from our operating systems, to our web servers, to our ops tools and Bitcoin itself, the BitMEX trading platform could not have been built. We dont forget this gift. Therefore, HDR considers this grant, provided on a no-strings-attached basis, to be only a small part of an ongoing commitment to bolstering Bitcoin and other OSS projects for the benefit of all. The post BitMEX owner gives back to Bitcoin project with Michael Ford grant appeared first on Coin Rivet . || BitMEX owner gives back to Bitcoin project with Michael Ford grant: HDR Global Trading, owner and operator of BitMEX, has awarded a $60,000 grant to Bitcoin Core contributor, Michael Ford (aka fanquake ). This recognises Fords contribution to the growth and maintenance of the Bitcoin ecosystem. In line with BitMEXs previous donation to the MIT Digital Currency initiative in May, the grant shows our commitment to improving FinTech innovation and giving back to the Bitcoin project, it said in a statement. The grant is non-exclusive and requires Ford to work on Bitcoin Core solely. Sam Reed, CTO and Co-founder of HDR Global Trading, says: Like all other companies in the cryptocurrency space, we rely heavily on the (mostly volunteer) work of coders dedicated to the mission and ideals of Bitcoin. This work is difficult, demanding, and often thankless. We believe it is the duty of corporations to give back to the projects from which they benefit and from which their very business model stems. He adds: Without the millions of free man-hours from dedicated OSS developers powering everything from our operating systems, to our web servers, to our ops tools and Bitcoin itself, the BitMEX trading platform could not have been built. We dont forget this gift. Therefore, HDR considers this grant, provided on a no-strings-attached basis, to be only a small part of an ongoing commitment to bolstering Bitcoin and other OSS projects for the benefit of all. The post BitMEX owner gives back to Bitcoin project with Michael Ford grant appeared first on Coin Rivet .
[Social Media Buzz]
$EPAZ's Bitcoin Sharing & Blockchain Social Media App Webbeeo Is In Alpha Testing Phase https://www.owltmarket || $EPAZ's Bitcoin Sharing & Blockchain Social Media App Webbeeo Is In Alpha Testing Phase https://www.owltmarket || $EPAZ's Bitcoin Sharing & Blockchain Social Media App Webbeeo Is In Alpha Testing Phase https://www.owltmarket || As it turns out, Satanic banking families have not protected the West’s values well at all. Nor our prosperity. Bitcoin is a vote against them ...
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9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16.
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[Bitcoin Technical Analysis for 2021-03-25]
Volume: 67999812841, RSI (14-day): 44.49, 50-day EMA: 50223.20, 200-day EMA: 32791.37
[Wider Market Context]
Gold Price: 1724.90, Gold RSI: 42.41
Oil Price: 58.56, Oil RSI: 43.48
[Recent News (last 7 days)]
Fidelity applies to launch a bitcoin ETF: (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency.
Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission.
"The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement.
Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.
Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.
Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.
(Reporting by Noel Randewich; Editing by David Gregorio) || Fidelity applies to launch a bitcoin ETF: (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency. Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission. "The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement. Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors. Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing. Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing. (Reporting by Noel Randewich; Editing by David Gregorio) || Fidelity applies to launch a bitcoin ETF: (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency.
Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission.
"The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement.
Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.
Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.
Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.
(Reporting by Noel Randewich; Editing by David Gregorio) || Fidelity applies to launch a bitcoin ETF: (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency. Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission. "The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement. Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors. Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing. Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing. (Reporting by Noel Randewich; Editing by David Gregorio) || Fidelity applies to launch a bitcoin ETF: March 24 (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency.
Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission.
"The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement.
Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.
Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.
Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing. (Reporting by Noel Randewich; Editing by David Gregorio) || Fidelity applies to launch a bitcoin ETF: March 24 (Reuters) - Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency. Fidelity's Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing https://www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm to the Securities and Exchange Commission. "The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement. Fidelity's filing follows bitcoin's surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors. Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing. Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing. (Reporting by Noel Randewich; Editing by David Gregorio) || Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure: Goldman Sachs dipped another toe into the cryptocurrency pool by filing to offer notes linked to the performance of an exchange-traded fund (ETF) that may have exposure to cryptos such as bitcoin . In a filing with the U.S. Securities and Exchange Commission, Goldman said it plans on offering $15.7 million of the “autocallable contingent coupon ETF-linked notes due 2026.” Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered by Cathie Wood ‘s ARK Investment Management. The ARK Innovation ETF’s strategy involves exposure to companies that are capitalizing on disruptive innovation and developing technologies, including blockchain. The ETF may also have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust, according to the filing. The filing continues a trend by Goldman of offering structured notes with payouts tied to the performance of other instruments or funds with possible bitcoin exposure and that trend seems to be accelerating. A keyword search of such filings yielded 81 results from 2021, with no results showing up for prior years. Of the 81 results from 2021, 15 were from January, 28 were from February and 38 were from March. The filing comes weeks after Goldman President and Chief Operating Officer John Waldron reportedly said the investment banking giant has been seeing more demand for bitcoin among its clients, and that while the bank was “regulated” on what it could do Goldman continues to “engage” with clients. It also comes after the bank recently relaunched its cryptocurrency trading desk with the intention of supporting futures trading for bitcoin, three years after shelving plans to do so. Meanwhile, the multinational investment bank has issued a request for information to explore digital asset custody, as CoinDesk previously reported . UPDATE (March 25, 00:33 UTC): Updates to note increasing trend of Goldman offering structured notes linked to instruments or funds with possible exposure to bitcoin. Related Stories Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure || Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure: Goldman Sachs dipped another toe into the cryptocurrency pool by filing to offer notes linked to the performance of an exchange-traded fund (ETF) that may have exposure to cryptos such asbitcoin.
• In a filing with the U.S. Securities and Exchange Commission, Goldman said it plans on offering $15.7 million of the “autocallable contingent coupon ETF-linked notes due 2026.”
• Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered byCathie Wood‘s ARK Investment Management.
• The ARK Innovation ETF’s strategy involves exposure to companies that are capitalizing on disruptive innovation and developing technologies, including blockchain.
• The ETF may also have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust, according to the filing.
• The filing continues a trend by Goldman of offering structured notes with payouts tied to the performance of other instruments or funds with possible bitcoin exposure and that trend seems to be accelerating. A keyword search of such filings yielded 81 results from 2021, with no results showing up for prior years. Of the 81 results from 2021, 15 were from January, 28 were from February and 38 were from March.
• The filing comes weeks after Goldman President and Chief Operating Officer John Waldronreportedly saidthe investment banking giant has been seeing more demand for bitcoin among its clients, and that while the bank was “regulated” on what it could do Goldman continues to “engage” with clients.
• It also comes after the bank recently relaunched its cryptocurrencytrading deskwith the intention of supporting futures trading for bitcoin, three years after shelving plans to do so.
• Meanwhile, the multinational investment bank has issued a request for information to explore digital asset custody, as CoinDeskpreviously reported.
UPDATE (March 25, 00:33 UTC):Updates to note increasing trend of Goldman offering structured notes linked to instruments or funds with possible exposure to bitcoin.
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure || Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure: Goldman Sachs dipped another toe into the cryptocurrency pool by filing to offer notes linked to the performance of an exchange-traded fund (ETF) that may have exposure to cryptos such asbitcoin.
• In a filing with the U.S. Securities and Exchange Commission, Goldman said it plans on offering $15.7 million of the “autocallable contingent coupon ETF-linked notes due 2026.”
• Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered byCathie Wood‘s ARK Investment Management.
• The ARK Innovation ETF’s strategy involves exposure to companies that are capitalizing on disruptive innovation and developing technologies, including blockchain.
• The ETF may also have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust, according to the filing.
• The filing continues a trend by Goldman of offering structured notes with payouts tied to the performance of other instruments or funds with possible bitcoin exposure and that trend seems to be accelerating. A keyword search of such filings yielded 81 results from 2021, with no results showing up for prior years. Of the 81 results from 2021, 15 were from January, 28 were from February and 38 were from March.
• The filing comes weeks after Goldman President and Chief Operating Officer John Waldronreportedly saidthe investment banking giant has been seeing more demand for bitcoin among its clients, and that while the bank was “regulated” on what it could do Goldman continues to “engage” with clients.
• It also comes after the bank recently relaunched its cryptocurrencytrading deskwith the intention of supporting futures trading for bitcoin, three years after shelving plans to do so.
• Meanwhile, the multinational investment bank has issued a request for information to explore digital asset custody, as CoinDeskpreviously reported.
UPDATE (March 25, 00:33 UTC):Updates to note increasing trend of Goldman offering structured notes linked to instruments or funds with possible exposure to bitcoin.
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
• Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure || Fidelity-Affiliated Fund Files for Bitcoin ETF: An affiliate of investment giant Fidelity is seeking to offer abitcoinexchange-traded fund in the U.S. market.
• A Wednesdayfilingwith the U.S. Securities and Exchange Commission (SEC) seeks approval for the“Wise Origin Bitcoin Trust,” an exchange-traded fund with multiple ties to Fidelity.
• Fidelity affiliates serve as the fund’s sponsor, administrator, custodian and trustee, the filing states. The fund would track the performance of Fidelity’s bitcoin index.
• Peter Jubber, the managing director of Fidelity Digital Funds, serves as president of the trust.
See also:Fidelity’s Chief Strategist Starts Bitcoin Index Fund
This is a developing story.
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF || Fidelity-Affiliated Fund Files for Bitcoin ETF: An affiliate of investment giant Fidelity is seeking to offer a bitcoin exchange-traded fund in the U.S. market. A Wednesday filing with the U.S. Securities and Exchange Commission (SEC) seeks approval for the “Wise Origin Bitcoin Trust ,” an exchange-traded fund with multiple ties to Fidelity. Fidelity affiliates serve as the fund’s sponsor, administrator, custodian and trustee, the filing states. The fund would track the performance of Fidelity’s bitcoin index. Peter Jubber, the managing director of Fidelity Digital Funds, serves as president of the trust. See also: Fidelity’s Chief Strategist Starts Bitcoin Index Fund This is a developing story. Related Stories Fidelity-Affiliated Fund Files for Bitcoin ETF Fidelity-Affiliated Fund Files for Bitcoin ETF Fidelity-Affiliated Fund Files for Bitcoin ETF Fidelity-Affiliated Fund Files for Bitcoin ETF || Fidelity-Affiliated Fund Files for Bitcoin ETF: An affiliate of investment giant Fidelity is seeking to offer abitcoinexchange-traded fund in the U.S. market.
• A Wednesdayfilingwith the U.S. Securities and Exchange Commission (SEC) seeks approval for the“Wise Origin Bitcoin Trust,” an exchange-traded fund with multiple ties to Fidelity.
• Fidelity affiliates serve as the fund’s sponsor, administrator, custodian and trustee, the filing states. The fund would track the performance of Fidelity’s bitcoin index.
• Peter Jubber, the managing director of Fidelity Digital Funds, serves as president of the trust.
See also:Fidelity’s Chief Strategist Starts Bitcoin Index Fund
This is a developing story.
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF
• Fidelity-Affiliated Fund Files for Bitcoin ETF || Billionaire Investor Ray Dalio Believes That Governments Are Likely To Outlaw Bitcoin: Ray Dalio, the billionaire investor behind the world’s largest hedge fund firm Bridgewater Associates, recently said that there is a “good probability” that Bitcoin will be banned.
What Happened:In an interview withYahoo Finance’seditor-in-chief, Dalio said, “Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control. So I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed.”
The investor went on to point out that the Indian government is currently considering banning cryptocurrencies entirely and said he would have to evaluate what that means for the asset class.
Why It Matters:Although Dalio does believe that the cryptocurrency could be outlawed, he was clear on the fact that Bitcoin has proven itself as an asset class over the past ten years.
“It hasn’t been hacked. It’s by and large, therefore, worked on an operational basis. It has built a significant following. It is an alternative, in a sense, store hold of wealth. It’s like digital cash. And those are the pluses,” he said.
The fact that he views the digital asset in a largely positive light isn’t news to many after he recently called Bitcoin “one hell of an investment” in a Januaryresearchpaper from Bridgewater.
Price Action:Bitcoin regained momentum today, reaching a 24-hour high of $57,262 after falling under $54,000 yesterday, according to data fromCoinMarketCap. At press time, the market-leading cryptocurrency was trading at $54,082.
Image: Web Summit via WikiCommons
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Billionaire Investor Ray Dalio Believes That Governments Are Likely To Outlaw Bitcoin: Ray Dalio, the billionaire investor behind the world’s largest hedge fund firm Bridgewater Associates, recently said that there is a “good probability” that Bitcoin will be banned.
What Happened:In an interview withYahoo Finance’seditor-in-chief, Dalio said, “Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing because things can get out of control. So I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed.”
The investor went on to point out that the Indian government is currently considering banning cryptocurrencies entirely and said he would have to evaluate what that means for the asset class.
Why It Matters:Although Dalio does believe that the cryptocurrency could be outlawed, he was clear on the fact that Bitcoin has proven itself as an asset class over the past ten years.
“It hasn’t been hacked. It’s by and large, therefore, worked on an operational basis. It has built a significant following. It is an alternative, in a sense, store hold of wealth. It’s like digital cash. And those are the pluses,” he said.
The fact that he views the digital asset in a largely positive light isn’t news to many after he recently called Bitcoin “one hell of an investment” in a Januaryresearchpaper from Bridgewater.
Price Action:Bitcoin regained momentum today, reaching a 24-hour high of $57,262 after falling under $54,000 yesterday, according to data fromCoinMarketCap. At press time, the market-leading cryptocurrency was trading at $54,082.
Image: Web Summit via WikiCommons
See more from Benzinga
• Click here for options trades from Benzinga
• Jim Cramer Says He Made More Money On Bitcoin Than Gold, Stocks
• Bitcoin Price Dips Under ,000 As Its Largest Holders Take Profits
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Billionaire Investor Ray Dalio Believes That Governments Are Likely To Outlaw Bitcoin: Ray Dalio, the billionaire investor behind the worlds largest hedge fund firm Bridgewater Associates, recently said that there is a good probability that Bitcoin will be banned. What Happened: In an interview with Yahoo Finances editor-in-chief, Dalio said, Every country treasures its monopoly on controlling the supply and demand. They dont want other monies to be operating or competing because things can get out of control. So I think that it would be very likely that you will have it, under a certain set of circumstances, outlawed the way gold was outlawed. The investor went on to point out that the Indian government is currently considering banning cryptocurrencies entirely and said he would have to evaluate what that means for the asset class. Why It Matters: Although Dalio does believe that the cryptocurrency could be outlawed, he was clear on the fact that Bitcoin has proven itself as an asset class over the past ten years. It hasnt been hacked. Its by and large, therefore, worked on an operational basis. It has built a significant following. It is an alternative, in a sense, store hold of wealth. Its like digital cash. And those are the pluses, he said. The fact that he views the digital asset in a largely positive light isnt news to many after he recently called Bitcoin one hell of an investment in a January research paper from Bridgewater. Price Action: Bitcoin regained momentum today, reaching a 24-hour high of $57,262 after falling under $54,000 yesterday, according to data from CoinMarketCap . At press time, the market-leading cryptocurrency was trading at $54,082. Image: Web Summit via WikiCommons See more from Benzinga Click here for options trades from Benzinga Jim Cramer Says He Made More Money On Bitcoin Than Gold, Stocks Bitcoin Price Dips Under ,000 As Its Largest Holders Take Profits © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Atari The Next Great NFT Company?: Atari SA(OTC:PONGF), the classic video game company that's the owner of brands such as Pong, Asteroids and Centipede, could be shaping up to have the next bignon-fungible token(NFTs) offerings with several items planned in thecryptocurrencyspace.
Metaverse Launch:Bondly Finance wasannouncedas a partner with Atari on a collection of NFTs that will be combined into a new gaming platform.
Bondly has helped launch NFTs for several well-known collaborators, including Logan Paul.
“Overall, NFTs and digital collectibles will be the core component of the Atari Metaverse experience,” the company said.
The NFTs will be available to buy using native tokens of Atari coin (CRYPTO: ATRI), Bondly coin and other major cryptocurrencies.
The Atari Metaverse will combine legacy gaming property aspects and current entertainment creators in music and gaming. Creators will be able to “mint their own NFT” inside the Atari Metaverse and “distribute to fans.”
Related Link:Is Funko The Next Big NFT Winner
Atari Coin:Atari launched its own cryptocurrency with the Atari Token. The coin is owned byAtari Chain, which is 50% owned by Atari. The token is based on theEthereum(CRYPTO: ETH) platform.
Atari could be successful in the NFT and cryptocurrency markets through the ownership of digital assets and its own currency.
Other NFT Platforms:Back in November, Atariannouncedit was launching NFTs on the Wax Blockchain using original Atari video game box art, thus capturing the golden age of classic video games. This launch came prior to the huge increase in popularity NFTs saw at the start of 2021.
Ataripartneredwith RTFKT Studios on a digital sneaker collection. The collaboration had six artists design digital shoes that users could virtually try on using Snapchat, owned bySnap Inc(NYSE:SNAP).
Ataripartneredwith Decentral Games, the owner of a crypto-based casino, with Atari part of “Vegas City,” an Ethereum-based Decentraland virtual world.Decentral Gamesis backed by Digital Currency Group, the parent company of theGrayscale Bitcoin Trust(OTC:GBTC).
Liquid Media Group Ltd(NASDAQ:YVR) CEO Ron Thomson recently discussed a partnership between his company and Atari onBenzinga’s “Power Hour.”
PONGF Price Action:Shares of Atari were down 0.85% to 81 cents at publication Wednesday.
Disclosure: Author is long shares of PONGF.
(Photo: Atari)
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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency: Canada’s tax authority, the Canada Revenue Agency (CRA), has prevailed in a court battle for access to a trove of high-value customer data held by cryptocurrency exchange Coinsquare. And the CRA seems to be coming for more. Under a federal judge’s March 19 order , Coinsquare must hand over detailed information on its Canadian customers, their crypto trading activity and identifying information to the Canada Revenue Agency (CRA). Coinsquare told CoinDesk it will disclose information on an estimated 5% to 10% of its 400,000 customers to the CRA, which had originally sought to secure the lot. Court documents indicate only high-value accounts will be caught in the sweep. Related: US Government Sees 'Cryptocurrency Spring Fever' as Great Time to Auction Bitcoin The first of its kind ruling hands CRA a win just seven months after it began pursuing Coinsquare’s customer data in court. CRA argued it needed the data to check if taxpayers were meeting their crypto reporting burdens and the federal court agreed. Today, CoinDesk also learned the tax authority is “currently in the process of serving” Coinsquare with a further request for customer information by means of an “Unnamed Persons Requirement” (UPR). According to a spokeswoman for the CRA, the agency needs Coinsquare’s customer information to verify compliance with Canada’s Income Tax Act (ITA) and Excise Tax Act (ETA). Coinsquare will have 15 days to comply with the order once it is received. Echoes of Coinbase vs. the IRS Five years ago, the Internal Revenue Service, CRA’s U.S. counterpart, launched a similar effort against Coinbase, using a parallel argument for access. Though Coinbase at first lambasted the IRS’ “fishing expedition” it ultimately acceded to a judge’s order, handing over records on some 13,000 customers . Related: Ethereum’s Transition Could Be Months, Not Years Away At the time, Coinbase called the outcome a “partial victory” because it said it had pared down the scope of the IRS’ demands to include only accounts trading more than C$20,000 (US$15,800). Story continues Coinsquare echoed that sentiment on Tuesday as it touted the pared-down order secured through negotiations with CRA as a win. Coinsquare’s final bargain will compel the crypto exchange to hand over at year’s end exhaustive data on accounts that held C$20,000 in crypto from 2014-2020 or cumulatively in their history, as well as the 16,500 largest accounts from each year. “Coinsquare negotiated to protect its clients’ privacy, and limit any disclosure to only what was absolutely required by the CRA under Canadian tax law,” Coinsquare told CoinDesk. “Instead of providing the CRA with all client data dating back to 2013 as was initially requested, Coinsquare and the CRA have agreed that information relating to 90%-95% of Coinsquare’s clients will not be disclosed.” The CRA spokeswoman said the agency “reserves the right” to mount future taxpayer data collection efforts against Coinsquare and “other sources.” However, she said the pared-down court order “appears sufficient to verify compliance with the ITA and/or the ETA.” Related Stories Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency || Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency: Canada’s tax authority, the Canada Revenue Agency (CRA), has prevailed in a court battle for access to a trove of high-value customer data held by cryptocurrency exchange Coinsquare. And the CRA seems to be coming for more.
Under a federal judge’s March 19order, Coinsquare must hand over detailed information on its Canadian customers, their crypto trading activity and identifying information to the Canada Revenue Agency (CRA).
Coinsquare told CoinDesk it will disclose information on an estimated 5% to 10% of its 400,000 customers to the CRA, which had originally sought to secure the lot. Court documents indicate only high-value accounts will be caught in the sweep.
Related:US Government Sees 'Cryptocurrency Spring Fever' as Great Time to Auction Bitcoin
The first of its kind ruling hands CRA a win just seven months after itbegan pursuing Coinsquare’s customer datain court. CRA argued it needed the data to check if taxpayers were meeting their crypto reporting burdens and the federal court agreed.
Today, CoinDesk also learned the tax authority is “currently in the process of serving” Coinsquare with a further request for customer information by means of an “Unnamed Persons Requirement” (UPR). According to a spokeswoman for the CRA, the agency needs Coinsquare’s customer information to verify compliance with Canada’s Income Tax Act (ITA) and Excise Tax Act (ETA).
Coinsquare will have 15 days to comply with the order once it is received.
Five years ago, the Internal Revenue Service, CRA’s U.S. counterpart, launched a similar effort against Coinbase, using a parallel argument for access. Though Coinbase at first lambasted the IRS’“fishing expedition”it ultimately acceded to a judge’s order, handing over records on some13,000 customers.
Related:Ethereum’s Transition Could Be Months, Not Years Away
At the time, Coinbase called the outcome a “partial victory” because it said it had pared down the scope of the IRS’ demands to include only accounts trading more than C$20,000 (US$15,800).
Coinsquare echoed that sentiment on Tuesday as it touted the pared-down order secured through negotiations with CRA as a win.
Coinsquare’s final bargain will compel the crypto exchange to hand over at year’s end exhaustive data on accounts that held C$20,000 in crypto from 2014-2020 or cumulatively in their history, as well as the 16,500 largest accounts from each year.
“Coinsquare negotiated to protect its clients’ privacy, and limit any disclosure to only what was absolutely required by the CRA under Canadian tax law,” Coinsquare told CoinDesk.
“Instead of providing the CRA with all client data dating back to 2013 as was initially requested, Coinsquare and the CRA have agreed that information relating to 90%-95% of Coinsquare’s clients will not be disclosed.”
The CRA spokeswoman said the agency “reserves the right” to mount future taxpayer data collection efforts against Coinsquare and “other sources.” However, she said the pared-down court order “appears sufficient to verify compliance with the ITA and/or the ETA.”
• Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency
• Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax Agency || Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan: China’s central bank and the U.S. Federal Reserve agree that a fully anonymous national digital currency is not feasible . But Fed Chair Jerome Powell believes when a digital dollar is developed it must provide users with more privacy than the People’s Bank of China’s (PBOC) planned digital yuan. “The lack of privacy in the Chinese system is just not something we could do here,” Powell said while testifying before the House Committee on Financial Services on Tuesday. “We’re only beginning to think carefully about these things and it’s going to be a careful, detailed and probably lengthy process of consideration.” Powell’s comments came after Changchun Mu, the head of PBOC’s digital currency arm, was reported as claiming the digital yuan will offer greater privacy protection than any other digital payment system. Related: US Government Sees 'Cryptocurrency Spring Fever' as Great Time to Auction Bitcoin Read more: People’s Bank of China Official Says Fully Anonymous Digital Yuan ‘Not Feasible’ The Chinese official said the digital yuan will have “ controllable anonymity ,” in which the most private account would only require a cell phone number. However, people need to register with a phone service carrier with their ID to have a phone number. Users would also have to disclose more personal information if their deposit amount hits a certain threshold. The Fed has not specified how much anonymity any digital dollar would allow users to have, in part because there is no concrete timetable for a digital dollar. While there will be detailed research on the proposed stablecoin coming out as early as July, Fed officials have yet to disclose whether the central bank would host customer accounts or enlist a trusted third party, and what privacy protections users would have in case of a breach. Read more: Fed Chairman Powell: We Will Engage the Public on the Digital Dollar This Year Related: The Node: Bitcoin Is 'Armageddon Insurance'? Story continues Powell said he agreed with Rep. Bill Foster (D-Ill.), who said during the hearing an anonymous, untraceable digital dollar “is not a viable option for our country or free world” because of the potential for money laundering or funding terrorism. Powell and Treasury Secretary Janet Yellen, who also testified before the committee, have voiced their concerns in recent months about how cryptocurrencies could be used for such illicit transactions because of their anonymous nature. Related Stories Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan || Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan: China’s central bank and the U.S. Federal Reserve agree that a fully anonymous national digital currency isnot feasible. But Fed Chair Jerome Powell believes when a digital dollar is developed it must provide users with more privacy than the People’s Bank of China’s (PBOC) planned digital yuan.
“The lack of privacy in the Chinese system is just not something we could do here,” Powell said whiletestifyingbefore the House Committee on Financial Services on Tuesday. “We’re only beginning to think carefully about these things and it’s going to be a careful, detailed and probably lengthy process of consideration.”
Powell’s comments came after Changchun Mu, the head of PBOC’s digital currency arm, was reported asclaimingthe digital yuan will offer greater privacy protection than any other digital payment system.
Related:US Government Sees 'Cryptocurrency Spring Fever' as Great Time to Auction Bitcoin
Read more:People’s Bank of China Official Says Fully Anonymous Digital Yuan ‘Not Feasible’
The Chinese official said the digital yuan will have “controllable anonymity,” in which the most private account would only require a cell phone number. However, people need to register with a phone service carrier with their ID to have a phone number. Users would also have to disclose more personal information if their deposit amount hits a certain threshold.
The Fed has not specified how much anonymity any digital dollar would allow users to have, in part because there isno concrete timetablefor a digital dollar. While there will bedetailed researchon the proposed stablecoin coming out as early as July, Fed officials have yet to disclose whether the central bank would host customer accounts or enlist a trusted third party, and what privacy protections users would have in case of a breach.
Read more:Fed Chairman Powell: We Will Engage the Public on the Digital Dollar This Year
Related:The Node: Bitcoin Is 'Armageddon Insurance'?
Powell said he agreed with Rep. Bill Foster (D-Ill.), who said during the hearing an anonymous, untraceable digital dollar “is not a viable option for our country or free world” because of the potential for money laundering or funding terrorism.
Powell and Treasury Secretary Janet Yellen, who also testified before the committee, havevoiced their concernsin recent months about how cryptocurrencies could be used for such illicit transactions because of their anonymous nature.
• Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan
• Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan
[Social Media Buzz]
None available.
|
55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64.
|
[Bitcoin Technical Analysis for 2021-06-27]
Volume: 35511640894, RSI (14-day): 46.10, 50-day EMA: 39397.50, 200-day EMA: 40244.32
[Wider Market Context]
None available.
[Recent News (last 7 days)]
DeFi Flash Loans Will Become The New Standard Of Financial Security | Opinion: This column does not necessarily reflect the opinion of the editorial board of Benzinga. Flash Loans Flash Loans has been around decentralized finance since last year – and made headlines due to the number of exploits in vulnerable decentralized finance protocols, including the margin trading protocol bZx . What Are Regular Loans? There are two types of loans that are typically disbursed in traditional finance, which include: Unsecured Loans Secured Loans It is important to know what these types of loans are different from flash loans. Unsecured loans are loans where collateral does not need to be put up to get a loan. In other words, this means that there is not an asset you need the lender to have if you do not pay back the loan. With unsecured loans, financial institutions rely on your financial trustworthiness – your credit score – to measure your ability to pay back the loan. If your credit score meets the required threshold, the institution will hand you the money, but with a catch. This catch is called an interest rate, where you will collect money today and pay back a high amount later. If your credit is not up to par with the lender’s standards, you may have no choice but to get a secured loan. In this case, you will need to put up collateral to mitigate risk on the lender's side. The idea behind this is that in case you do not pay back the loan, the lender is able to liquid the collateral to recover a portion of the value lost. What Are Flash Loans? With flash loans, there is no collateral needed to get the loan, like unsecured loans. Flash loans use smart contracts, and smart contracts keep funds immutable as the loan takes place. The goal is to take out a loan (when the transaction starts) and pay back the loan before the transaction ends – hence called “flash” loans. For most people, the use of flash loans would not make any sense since typically, people need a longer duration than a transaction hash to use the loan provided to them. Story continues In contrast, flash loans are usually used for sophisticated users who takes this loan and puts it into decentralized finance applications to make money with the loan. For example, many of these users take advantage of arbitrage scenarios – where users find price disparities across a multitude of platforms. The usual scenario would go like this: The user uses a flash loan and takes out $100,000 The user then takes the $100,000 and buys an asset/tokens on Decentralized X (i.e., Ethereum for $3,000) The user then takes these asset/tokens and sells them on Decentralized Y (i.e., Ethereum for $3,010) The users take the profit from this discrepancy, repay the loan, and keeps the profit. What Are the Risks? Traditional lenders have two types of risk: default risk and illiquidity risk. Default risk is the scenario where the borrower takes the money and is not able to pay back its loan. The illiquidity risk happens if a lender lends too much, they may not have enough liquid assets to meet their own obligations. Flash loans, on the other hand, detract both kinds of risk. Essentially, flash loans will allow someone to borrow as much as they want if it is paid back in a single transaction. In case the transaction cannot be paid, it will be rolled back. This means that flash loans have no risk and no opportunity cost. Flash Loan Hacks In 2017, during a DAO , decentralized autonomous organization, hack, multiple protocols were 51% attacked for the users profit. The 51% attack happens on the blockchain network when a user can get control of most of the hash rate (over 50%) and have enough power to modify or prevent transactions from happening. Since blockchains rely on nodes like PoW, or proof of work, it is important to disburse the nodes across as many different entities as possible to mitigate a 51% hack. Conclusion In the future, DeFi protocols will eventually start to comply with higher standard security testing leading to DeFi becoming standards of financial security. *This article is written by Victoria Arsenova (Vaughan) Victoria is a former CEO at Cointelegraph. She's also been a digital asset and blockchain expert since 2013. See more from Benzinga Click here for options trades from Benzinga Bitcoin Death Cross Today - June 20, 2021 | Opinion © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || DeFi Flash Loans Will Become The New Standard Of Financial Security | Opinion: This column does not necessarily reflect the opinion of the editorial board of Benzinga.
Flash Loans
Flash Loans has been around decentralized finance since last year – and made headlines due to the number of exploits in vulnerable decentralized finance protocols, including the margintrading protocol bZx.
What Are Regular Loans?
There are two types of loans that are typically disbursed in traditional finance, which include:
• Unsecured Loans
• Secured Loans
It is important to know what these types of loans are different from flash loans.
Unsecured loans are loans where collateral does not need to be put up to get a loan.
In other words, this means that there is not an asset you need the lender to have if you do not pay back the loan.
With unsecured loans, financial institutions rely on your financial trustworthiness – your credit score – to measure your ability to pay back the loan.
If your credit score meets the required threshold, the institution will hand you the money, but with a catch.
This catch is called an interest rate, where you will collect money today and pay back a high amount later.
If your credit is not up to par with the lender’s standards, you may have no choice but to get a secured loan.
In this case, you will need to put up collateral to mitigate risk on the lender's side.
The idea behind this is that in case you do not pay back the loan, the lender is able to liquid the collateral to recover a portion of the value lost.
What Are Flash Loans?
With flash loans, there is no collateral needed to get the loan, like unsecured loans.
Flash loans use smart contracts, and smart contracts keep funds immutable as the loan takes place. The goal is to take out a loan (when the transaction starts) and pay back the loan before the transaction ends – hence called “flash” loans.
For most people, the use of flash loans would not make any sense since typically, people need a longer duration than a transaction hash to use the loan provided to them.
In contrast, flash loans are usually used for sophisticated users who takes this loan and puts it into decentralized finance applications to make money with the loan.
For example, many of these users take advantage of arbitrage scenarios – where users find price disparities across a multitude of platforms. The usual scenario would go like this:
1. The user uses a flash loan and takes out $100,000
2. The user then takes the $100,000 and buys an asset/tokens on Decentralized X (i.e., Ethereum for $3,000)
3. The user then takes these asset/tokens and sells them on Decentralized Y (i.e., Ethereum for $3,010)
4. The users take the profit from this discrepancy, repay the loan, and keeps the profit.
What Are the Risks?
Traditional lenders have two types of risk: default risk and illiquidity risk. Default risk is the scenario where the borrower takes the money and is not able to pay back its loan.
The illiquidity risk happens if a lender lends too much, they may not have enough liquid assets to meet their own obligations.
Flash loans, on the other hand, detract both kinds of risk. Essentially, flash loans will allow someone to borrow as much as they want if it is paid back in a single transaction.
In case the transaction cannot be paid, it will be rolled back. This means that flash loans have no risk and no opportunity cost.
Flash Loan Hacks
In 2017, during aDAO, decentralized autonomous organization, hack, multiple protocols were 51% attacked for the users profit.
The 51% attack happens on the blockchain network when a user can get control of most of the hash rate (over 50%) and have enough power to modify or prevent transactions from happening.
Since blockchains rely on nodes like PoW, or proof of work, it is important to disburse the nodes across as many different entities as possible to mitigate a 51% hack.
Conclusion
In the future, DeFi protocols will eventually start to comply with higher standard security testing leading to DeFi becoming standards of financial security.
*This article is written by Victoria Arsenova (Vaughan)
Victoria is a former CEO at Cointelegraph. She's also been a digital asset and blockchain expert since 2013.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin Death Cross Today - June 20, 2021 | Opinion
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Wait for Space-Bound Virgin Galactic Stock to Return to Earth Before Buying: Virgin Galactic (NYSE: SPCE ) stock blasted off on Friday on news that the company announced it had landed Federal Aviation Administration (FAA) approval for full commercial space operations . Basically, Virgin Galactic can now fly paying customers into space, which is bullish for SPCE stock holders. Virgin Galactic (SPCE) billboard on the New York Stock Exchange, across from the Fearless Girl statue. aerospace stocks Source: Tun Pichitanon / Shutterstock.com This further bolsters SPCE stock’s current out-of-this-world run. SPCE Stock’s Meteoric Rise Five weeks ago, this was a $15 stock. InvestorPlace - Stock Market News, Stock Advice & Trading Tips And even after an initial boom into the $20 range, we still recommended SPCE stock. We said it would continue to rise and would soon hit $50 . And it did. Virgin Galactic flawlessly launched a successful test flight, announced tentative plans to fly Richard Branson into space over July 4th weekend and just now won FAA approval for full operations. As a result, we’ve hit that $50+ price point. Everything is firing on all cylinders at Virgin Galactic. We think this is the beginning of Virgin going from “cool concept” to “valuable business.” Over the next six months, Virgin will start flying people into space. Over the next five years, those few-and-far-between flights will become more regular. And over the next 10 years, Virgin Galactic will be operating multiple spaceports. They’ll be flying dozens of people into space from those spaceports every single month. And the company will be generating billions of dollars in high-margin revenue. It All Starts Now The future is here and very, very bright. We love Virgin Galactic SPCE stock in the long term. There is some concern with respect to valuation and short squeezing here, with SPCE stock pushing up against a historical barrier in terms of valuation. A lot of this recent rally can be attributed to short-sellers covering their positions. This cannot last forever. And as such, we expect a near-term pullback in SPCE stock. But that pullback will be a fantastic time to buy, because this stock is solid. Story continues SPCE is one of my top picks in the Space Race 2.0 megatrend. Long-term, this stock will score investors big returns. But it’s not the only high-growth, high-return stock on my radar today. In fact, I have more than 40 hypergrowth stocks that could score investors Amazon-like returns over the next months and years. These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more. Click here to watch my first-ever Exponential Growth Summit and to subscribe to Innovation Investor today. On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article. By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor . To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today . More From Hypergrowth Investing Silicon Valley Whiz Kid Reveals #1 Tech Stock in America Why $30 May Be the Floor for Plug Power Stock 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening An Explosive LiDAR Tech Stock for the Self-Driving Revolution The post Wait for Space-Bound Virgin Galactic Stock to Return to Earth Before Buying appeared first on InvestorPlace . || Wait for Space-Bound Virgin Galactic Stock to Return to Earth Before Buying: Virgin Galactic(NYSE:SPCE) stock blasted off on Friday on news that the company announced it had landed Federal Aviation Administration (FAA)approval for full commercial space operations. Basically, Virgin Galactic can now fly paying customers into space, which is bullish for SPCE stock holders.
Source: Tun Pichitanon / Shutterstock.com
This further bolsters SPCE stock’s current out-of-this-world run.
Five weeks ago, this was a $15 stock.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
And even after an initial boom into the $20 range, we still recommended SPCE stock.We said it would continue to rise and would soon hit $50. And it did.
Virgin Galactic flawlessly launched a successful test flight, announced tentative plans to fly Richard Branson into space over July 4th weekend and just now won FAA approval for full operations. As a result, we’ve hit that $50+ price point.
Everything is firing on all cylinders at Virgin Galactic.
We think this is the beginning of Virgin going from “cool concept” to “valuable business.”
Over the next six months, Virgin will start flying people into space. Over the next five years, those few-and-far-between flights will become more regular. And over the next 10 years, Virgin Galactic will be operating multiple spaceports. They’ll be flying dozens of people into space from those spaceports every single month.
And the company will be generating billions of dollars in high-margin revenue.
The future is here and very, very bright. We love Virgin Galactic SPCE stock in the long term.
There is some concern with respect to valuation and short squeezing here, with SPCE stock pushing up against a historical barrier in terms of valuation. A lot of this recent rally can be attributed to short-sellers covering their positions. This cannot last forever.
And as such, we expect a near-term pullback in SPCE stock. But that pullback will be a fantastic time to buy, because this stock is solid.
SPCE is one of my top picks in theSpace Race 2.0megatrend. Long-term, this stock will score investors big returns.
But it’s not the only high-growth, high-return stock on my radar today.
In fact, I have more than 40 hypergrowth stocks that could score investors Amazon-like returns over the next months and years.
These stocks include the world’s most exciting autonomous vehicle startup, a world-class “Digitainment” stock creating the building blocks of the metaverse, a company that we fully believe is a “Tesla-killer,” and many more.
Click hereto watch my first-everExponential Growth Summitand to subscribe toInnovation Investortoday.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service,Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks,become a subscriber of Innovation Investor today.
• Silicon Valley Whiz Kid Reveals #1 Tech Stock in America
• Why $30 May Be the Floor for Plug Power Stock
• 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening
• An Explosive LiDAR Tech Stock for the Self-Driving Revolution
The postWait for Space-Bound Virgin Galactic Stock to Return to Earth Before Buyingappeared first onInvestorPlace. || This Firm’s $489 Million Purchase Says a Lot About the Future of Bitcoin: Earlier this week,Bitcoin(CCC:BTC-USD) fell below $30,000 for the first time since January.
Source: Shutterstock
It actually traded below $29,000 and fell into negative territory for the year.
If you haven’t been following the world’s first and largest cryptocurrency, that’s a big drop of more than 50% in a little over two months.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The dip under $30K was brief, and the world’s largest cryptocurrency bounced back above in a matter of hours. But it was still enough to make many investors panic.
Not us. And not the big money either…
MicroStrategy(NASDAQ:MSTR) is a $5.4 billion software company that is a pioneer in corporations moving a portion of their cash into Bitcoin. Co-founder and CEO Michael Saylor saw the undeniable opportunity and sunk another$489 millioninto the company’s latest Bitcoin purchase.
• 9 Oil & Gas Stocks to Buy to Play Rising Energy Prices
In fact, it didn’t even wait for the bottom. MicroStrategy announced its purchase on Monday — a full day before the break below $30,000. It bought 13,005 Bitcoins at an average price of $37,617.
Sure, the company could have saved a couple bucks by waiting a few more days. But it’s impossible to time to market, especially cryptos. And when you understand the incredible wealth-building opportunity that Bitcoin holds, saving a few extra dollars — even when it’s more than 100milliondollars – ultimately doesn’t matter.
With its latest purchase, MicroStrategy owns more than 105,000 Bitcoins. At current prices, that’s worth $3.4 billion. And the company “only” paid about $2.7 billion to acquire them.
A gain of 26% already, even with Bitcoin well off its highs…
And way below where I expect it will be a year from now.
Michael Saylor said at the recent Bitcoin 2021 conference in Miami that he believes it is better to hold Bitcoin than cash, given the near certainty that a dollar today will be worth less a year from now.
Here’s what he said…
…I don’t want to decapitalize the company. I want to keep the capital or grow the capital… The big breakthrough is I can convert my cash from a liability to an asset… And then we realized that if that asset is going to go up by more than 10% a year and you can borrow money at 5% or 4%, or 3%, or 2%, then you should pretty much borrow as much money as you can and flip it into the asset.
Well, that’s exactly what he did. Days after Bitcoin 2021, MicroStrategy announced that it would issue $500 million more in debt to flip into Bitcoin. And earlier this week, it announced the completion of that process.
That’s how much Saylor believes in Bitcoin’s superiority to cash.
MicroStrategy may have been the first, but it’s not the only company diversifying its balance sheet away from cash.
Square(NYSE:SQ) helped kick off the corporate crypto movement last year.
And in February,Tesla(NASDAQ:TSLA) joined the club when it bought $1.5 billion worth of Bitcoin to “further diversify and maximize returns on our cash.”
I expect more companies will add Bitcoin and other top cryptocurrencies — known as altcoins — as alternatives to cash … andas strong investments in themselves.
We’re already seeing this on Wall Street. Paul Tudor Jones, one of the most successful and influential investors in history, is a big buyer of Bitcoin. JPMorgan CEO Jamie Dimon called anyone who owned Bitcoin “an idiot” in 2016. Today, it’s one of his firm’s largest holdings, and JPMorgan even has its own cryptocurrency.
ARK Invest, a firm I respect, bought one of Bitcoin’s recent dips. As did Ray Dalio, the co-chief investment officer of Bridgewater Associates — the world’s largest hedge fund. I believe that was his first Bitcoin purchase.
Businesses, consumers, big-money investors, and even governments and regulators are finally starting to realize what’s going on.Bitcoin and altcoins cannot be ignoredby large firms anymore.
We’ve seen money managers, hedge funds, large institutions, and publicly traded companies turn to cryptocurrencies and their underlying technology in force. And it’s kicked off a truly seismic shift in the industry.
The big money realizes that if they don’t adopt a plan, they will be left behind.
The same is true for smart investors. Not investing in cryptocurrencies and the blockchain today would be similar to not investing in the advent of the internet.
Regular readers know that I am a Bitcoin bull. AndI expect even bigger gains from lesser-known altcoinsthat haven’t gotten 1/100th the attention Bitcoin has.
They also know that I believe strongly that Bitcoin will hit $100,000. I suspect firms like MicroStrategy have a similar outlook.
Bitcoin $100K would be a 3X increase from current prices.And select altcoins should multiple their money even more.
That’s the nature of hypergrowth trends, stocks, and cryptocurrencies. As long as their potential to transform much of our world remains on track, I expect to see more big gains in the years ahead.
All of that makes now the time to be at the forefront of thenext big technology revolutionmoving into the mainstream in the Roaring 2020s.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
• It doesn’t matter if you have $500 in savings or $5 million. Do this now.
• Top Stock Picker Reveals His Next Potential 500% Winner
The postThis Firmâs $489 Million Purchase Says a Lot About the Future of Bitcoinappeared first onInvestorPlace. || This Firm’s $489 Million Purchase Says a Lot About the Future of Bitcoin: Earlier this week,Bitcoin(CCC:BTC-USD) fell below $30,000 for the first time since January.
Source: Shutterstock
It actually traded below $29,000 and fell into negative territory for the year.
If you haven’t been following the world’s first and largest cryptocurrency, that’s a big drop of more than 50% in a little over two months.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The dip under $30K was brief, and the world’s largest cryptocurrency bounced back above in a matter of hours. But it was still enough to make many investors panic.
Not us. And not the big money either…
MicroStrategy(NASDAQ:MSTR) is a $5.4 billion software company that is a pioneer in corporations moving a portion of their cash into Bitcoin. Co-founder and CEO Michael Saylor saw the undeniable opportunity and sunk another$489 millioninto the company’s latest Bitcoin purchase.
• 9 Oil & Gas Stocks to Buy to Play Rising Energy Prices
In fact, it didn’t even wait for the bottom. MicroStrategy announced its purchase on Monday — a full day before the break below $30,000. It bought 13,005 Bitcoins at an average price of $37,617.
Sure, the company could have saved a couple bucks by waiting a few more days. But it’s impossible to time to market, especially cryptos. And when you understand the incredible wealth-building opportunity that Bitcoin holds, saving a few extra dollars — even when it’s more than 100milliondollars – ultimately doesn’t matter.
With its latest purchase, MicroStrategy owns more than 105,000 Bitcoins. At current prices, that’s worth $3.4 billion. And the company “only” paid about $2.7 billion to acquire them.
A gain of 26% already, even with Bitcoin well off its highs…
And way below where I expect it will be a year from now.
Michael Saylor said at the recent Bitcoin 2021 conference in Miami that he believes it is better to hold Bitcoin than cash, given the near certainty that a dollar today will be worth less a year from now.
Here’s what he said…
…I don’t want to decapitalize the company. I want to keep the capital or grow the capital… The big breakthrough is I can convert my cash from a liability to an asset… And then we realized that if that asset is going to go up by more than 10% a year and you can borrow money at 5% or 4%, or 3%, or 2%, then you should pretty much borrow as much money as you can and flip it into the asset.
Well, that’s exactly what he did. Days after Bitcoin 2021, MicroStrategy announced that it would issue $500 million more in debt to flip into Bitcoin. And earlier this week, it announced the completion of that process.
That’s how much Saylor believes in Bitcoin’s superiority to cash.
MicroStrategy may have been the first, but it’s not the only company diversifying its balance sheet away from cash.
Square(NYSE:SQ) helped kick off the corporate crypto movement last year.
And in February,Tesla(NASDAQ:TSLA) joined the club when it bought $1.5 billion worth of Bitcoin to “further diversify and maximize returns on our cash.”
I expect more companies will add Bitcoin and other top cryptocurrencies — known as altcoins — as alternatives to cash … andas strong investments in themselves.
We’re already seeing this on Wall Street. Paul Tudor Jones, one of the most successful and influential investors in history, is a big buyer of Bitcoin. JPMorgan CEO Jamie Dimon called anyone who owned Bitcoin “an idiot” in 2016. Today, it’s one of his firm’s largest holdings, and JPMorgan even has its own cryptocurrency.
ARK Invest, a firm I respect, bought one of Bitcoin’s recent dips. As did Ray Dalio, the co-chief investment officer of Bridgewater Associates — the world’s largest hedge fund. I believe that was his first Bitcoin purchase.
Businesses, consumers, big-money investors, and even governments and regulators are finally starting to realize what’s going on.Bitcoin and altcoins cannot be ignoredby large firms anymore.
We’ve seen money managers, hedge funds, large institutions, and publicly traded companies turn to cryptocurrencies and their underlying technology in force. And it’s kicked off a truly seismic shift in the industry.
The big money realizes that if they don’t adopt a plan, they will be left behind.
The same is true for smart investors. Not investing in cryptocurrencies and the blockchain today would be similar to not investing in the advent of the internet.
Regular readers know that I am a Bitcoin bull. AndI expect even bigger gains from lesser-known altcoinsthat haven’t gotten 1/100th the attention Bitcoin has.
They also know that I believe strongly that Bitcoin will hit $100,000. I suspect firms like MicroStrategy have a similar outlook.
Bitcoin $100K would be a 3X increase from current prices.And select altcoins should multiple their money even more.
That’s the nature of hypergrowth trends, stocks, and cryptocurrencies. As long as their potential to transform much of our world remains on track, I expect to see more big gains in the years ahead.
All of that makes now the time to be at the forefront of thenext big technology revolutionmoving into the mainstream in the Roaring 2020s.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
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The postThis Firmâs $489 Million Purchase Says a Lot About the Future of Bitcoinappeared first onInvestorPlace. || This Firm’s $489 Million Purchase Says a Lot About the Future of Bitcoin: Earlier this week, Bitcoin (CCC: BTC-USD ) fell below $30,000 for the first time since January. image of bitcoin to represent cryptocurrency stocks Source: Shutterstock It actually traded below $29,000 and fell into negative territory for the year. If you haven’t been following the world’s first and largest cryptocurrency, that’s a big drop of more than 50% in a little over two months. InvestorPlace - Stock Market News, Stock Advice & Trading Tips The dip under $30K was brief, and the world’s largest cryptocurrency bounced back above in a matter of hours. But it was still enough to make many investors panic. Not us. And not the big money either… Beyond Bitcoin MicroStrategy (NASDAQ: MSTR ) is a $5.4 billion software company that is a pioneer in corporations moving a portion of their cash into Bitcoin. Co-founder and CEO Michael Saylor saw the undeniable opportunity and sunk another $489 million into the company’s latest Bitcoin purchase. 9 Oil & Gas Stocks to Buy to Play Rising Energy Prices In fact, it didn’t even wait for the bottom. MicroStrategy announced its purchase on Monday — a full day before the break below $30,000. It bought 13,005 Bitcoins at an average price of $37,617. Sure, the company could have saved a couple bucks by waiting a few more days. But it’s impossible to time to market, especially cryptos. And when you understand the incredible wealth-building opportunity that Bitcoin holds, saving a few extra dollars — even when it’s more than 100 million dollars – ultimately doesn’t matter. With its latest purchase, MicroStrategy owns more than 105,000 Bitcoins. At current prices, that’s worth $3.4 billion. And the company “only” paid about $2.7 billion to acquire them. A gain of 26% already, even with Bitcoin well off its highs… And way below where I expect it will be a year from now. Michael Saylor said at the recent Bitcoin 2021 conference in Miami that he believes it is better to hold Bitcoin than cash, given the near certainty that a dollar today will be worth less a year from now. Story continues Here’s what he said… …I don’t want to decapitalize the company. I want to keep the capital or grow the capital… The big breakthrough is I can convert my cash from a liability to an asset… And then we realized that if that asset is going to go up by more than 10% a year and you can borrow money at 5% or 4%, or 3%, or 2%, then you should pretty much borrow as much money as you can and flip it into the asset. Well, that’s exactly what he did. Days after Bitcoin 2021, MicroStrategy announced that it would issue $500 million more in debt to flip into Bitcoin. And earlier this week, it announced the completion of that process. That’s how much Saylor believes in Bitcoin’s superiority to cash. MicroStrategy may have been the first, but it’s not the only company diversifying its balance sheet away from cash. Square: An Early Mover Square (NYSE: SQ ) helped kick off the corporate crypto movement last year. And in February, Tesla (NASDAQ: TSLA ) joined the club when it bought $1.5 billion worth of Bitcoin to “further diversify and maximize returns on our cash.” I expect more companies will add Bitcoin and other top cryptocurrencies — known as altcoins — as alternatives to cash … and as strong investments in themselves . We’re already seeing this on Wall Street. Paul Tudor Jones, one of the most successful and influential investors in history, is a big buyer of Bitcoin. JPMorgan CEO Jamie Dimon called anyone who owned Bitcoin “an idiot” in 2016. Today, it’s one of his firm’s largest holdings, and JPMorgan even has its own cryptocurrency. ARK Invest, a firm I respect, bought one of Bitcoin’s recent dips. As did Ray Dalio, the co-chief investment officer of Bridgewater Associates — the world’s largest hedge fund. I believe that was his first Bitcoin purchase. Businesses, consumers, big-money investors, and even governments and regulators are finally starting to realize what’s going on. Bitcoin and altcoins cannot be ignored by large firms anymore. We’ve seen money managers, hedge funds, large institutions, and publicly traded companies turn to cryptocurrencies and their underlying technology in force. And it’s kicked off a truly seismic shift in the industry. The big money realizes that if they don’t adopt a plan, they will be left behind. The same is true for smart investors. Not investing in cryptocurrencies and the blockchain today would be similar to not investing in the advent of the internet. Regular readers know that I am a Bitcoin bull. And I expect even bigger gains from lesser-known altcoins that haven’t gotten 1/100th the attention Bitcoin has. They also know that I believe strongly that Bitcoin will hit $100,000. I suspect firms like MicroStrategy have a similar outlook. Bitcoin $100K would be a 3X increase from current prices. And select altcoins should multiple their money even more. That’s the nature of hypergrowth trends, stocks, and cryptocurrencies. As long as their potential to transform much of our world remains on track, I expect to see more big gains in the years ahead. All of that makes now the time to be at the forefront of the next big technology revolution moving into the mainstream in the Roaring 2020s. On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner The post This Firmâs $489 Million Purchase Says a Lot About the Future of Bitcoin appeared first on InvestorPlace . || State of Crypto: What’s Driving Its Meteoric Rise and Who’s Really Investing in Crypto Now: hocus-focus / Getty Images It seems like the world has been in a crypto state of mind in the past few months, and cryptocurrencies have become easier to access for the average investor via sleek trading apps. A new GOBankingRates survey found some unique insights into who is jumping into crypto, but first let’s look at some of the factors driving adoption. See: 10 Cheap Cryptocurrencies To Check Out Find: How Does Cryptocurrency Work — and Is It Safe? One of the most notable events in the space is the meteoric rise of Bitcoin, which broke the “emotional stage” of $50,000 in February and saw its valuation reaching $1 trillion. Quite a different place from where the coin kicked off 2020 at just over $7,000. While the crypto has been extremely volatile, its adoption has accelerated. Tesla, for example, announced in February that it had purchased $1.5 billion of Bitcoin and after waffling on their stance, it still looks like they may start accepting the crypto as a form of payment in the near future . See: How to Invest in Cryptocurrency: What You Should Know Before Investing There is also increasing institutional interest, as several investment banks expressed their Bitcoin engagement, including Morgan Stanley and Goldman Sachs. Morgan Stanley said in March it would offer Bitcoin to its wealthier clients, and Goldman Sachs announced the formation of a cryptocurrency trading team . See: 10 Best Cryptocurrencies to Invest in for 2021 Find: Morgan Stanley Will Offer Wealthy Clients Access to Bitcoin Funds Going even further, in a note to clients, Goldman Sachs Global Head of Digital Assets Mathew McDermott called Bitcoin an “investable asset class.” “ Bitcoin doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold ; to date, it’s tended to be more aligned with risk-on assets. But clients and beyond are largely treating it as a new asset class, which is notable-it’s not often that we get to witness the emergence of a new asset class.” Counterpoint: Is it Too Late to Invest in Crypto? Another watershed moment was the blockbuster Coinbase IPO , one of the most anticipated IPOs of the year so far. The stock appeals to investors who want to get involved in crypto, but without holding the assets and its wild swings. Upcoming IPOs for Robinhood and eToro are driving similar anticipation . Read: The Best Trading Apps for New Investors: Robinhood and Beyond But how do these factors translate in crypto adoption for retail investors? The new GOBankingRates survey finds that 41% of Americans who invest in the stock market are also investing in cryptocurrency. Another 25% wish they could but feel like they don’t know enough, and 16% wish they could invest in crypto, but don’t have the funds. Remarkably, only 14% of current investors say they have no desire to invest in cryptocurrency. Story continues Beginner’s Guide: Cryptocurrency Jargon: A Guide for the Crypto-Curious In terms of age groups, the survey found that the age group investing the most in cryptos is the 35- to 44-year-old group, with 50.55% of respondents saying they have money in cryptocurrency. According to Nishank Khanna, Clarify Capital CFO, it makes sense that we see individuals from ages 35 to 44 investing in cryptocurrency at higher-than-average rates than other age groups. “If you think about it, individuals 35-44 are generally earning high incomes, where they may have larger amounts of disposable income than they had in their 20s or early 30s,” Khanna tells GOBankingRates. Dogecoin (DOGE): What It Is, What It’s Worth and Should You Be Investing? “As a result, they may feel more comfortable investing in a speculative asset, knowing that the future of that asset is uncertain. Their specific age range also indicates that if the speculative assets end up imploding, they should still have enough time to recover financially.” This finding is in line with crypto exchange Gemini’s recent 2021 State of Crypto in the US report, which notes that the average crypto investor is a 38-year-old male. Breaking down the age groups further, the GOBankingRates survey notes that the second largest group of crypto investors is the 25- to 34-year-old, with 47.84% investing in cryptocurrencies; followed by 18- to 24-year-olds, with 38.91% putting money in the coins. Get Started: How to Invest in Cryptocurrency With Just $1 Marie Tatibouet, CMO at global blockchain asset exchange platform Gate.io, says that these figures are a “testament to how much the crypto space has grown and matured since at least 40% of the folks in the 25-34 and 35-44 age range own crypto.” “It is no surprise that nearly 48% of the 25-34 bracket own crypto. These guys were teenagers when bitcoin entered the scene. Most of these people have seen their peers get wealthy beyond measure due to crypto and now they want their slice of the pie,” Tatibouet tells GOBankingRates. See: Millennials Own More Crypto Than Any Other Generation Finally, another key finding of the survey is that there are more male investors than female in cryptocurrencies, with 47.2% of men saying they are investing in crypto versus only 32.55% of women. Andrew Murray, GOBankingRates content data researcher, says that this was “a bit surprising.” “I expected that number to be closer between the sexes and there may be a multitude of reasons why it is so large, from the still ever-present wage gap between men and women in the workforce to general attitudes towards risk,” Murray says. More: 10 of the Most Private Crypto to Invest In Ben Weiss, CEO of CoinFlip, the largest bitcoin ATM in the US, says that women are underrepresented in crypto, much like how they are in both finance and tech. Read: Bitcoin (BTC): Learn the Basics Behind the Coin “Many view cryptocurrency as complicated and overwhelming. This is especially true for women brought up in a more traditional setting where men make all financial decisions,” Weiss says. “We take pride in playing our part to lessen the gender disparity in crypto by making bitcoin as accessible as possible and providing an easy way to obtain the financial freedom that cryptocurrency offers. The key to expanding this inclusivity across the industry will be through more education targeted at women that demystifies cryptocurrency.” More on Crypto From GOBankingRates 3 Common Crypto Misconceptions Debunked Crypto Curious but Risk Averse? You Can Invest as Little as $1 — on Venmo Cryptocurrency Complicates Splitting Assets During a Divorce 3 Easy-To-Use Cryptocurrency Investing Apps for Beginners Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401(k)) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of “Yes.” GOBankingRates used PureSpectrum’s survey platform to conduct the poll. This article originally appeared on GOBankingRates.com : State of Crypto: What’s Driving Its Meteoric Rise and Who’s Really Investing in Crypto Now View comments || State of Crypto: What’s Driving Its Meteoric Rise and Who’s Really Investing in Crypto Now: hocus-focus / Getty Images It seems like the world has been in a crypto state of mind in the past few months, and cryptocurrencies have become easier to access for the average investor via sleek trading apps. A new GOBankingRates survey found some unique insights into who is jumping into crypto, but first let’s look at some of the factors driving adoption. See: 10 Cheap Cryptocurrencies To Check Out Find: How Does Cryptocurrency Work — and Is It Safe? One of the most notable events in the space is the meteoric rise of Bitcoin, which broke the “emotional stage” of $50,000 in February and saw its valuation reaching $1 trillion. Quite a different place from where the coin kicked off 2020 at just over $7,000. While the crypto has been extremely volatile, its adoption has accelerated. Tesla, for example, announced in February that it had purchased $1.5 billion of Bitcoin and after waffling on their stance, it still looks like they may start accepting the crypto as a form of payment in the near future . See: How to Invest in Cryptocurrency: What You Should Know Before Investing There is also increasing institutional interest, as several investment banks expressed their Bitcoin engagement, including Morgan Stanley and Goldman Sachs. Morgan Stanley said in March it would offer Bitcoin to its wealthier clients, and Goldman Sachs announced the formation of a cryptocurrency trading team . See: 10 Best Cryptocurrencies to Invest in for 2021 Find: Morgan Stanley Will Offer Wealthy Clients Access to Bitcoin Funds Going even further, in a note to clients, Goldman Sachs Global Head of Digital Assets Mathew McDermott called Bitcoin an “investable asset class.” “ Bitcoin doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold ; to date, it’s tended to be more aligned with risk-on assets. But clients and beyond are largely treating it as a new asset class, which is notable-it’s not often that we get to witness the emergence of a new asset class.” Counterpoint: Is it Too Late to Invest in Crypto? Another watershed moment was the blockbuster Coinbase IPO , one of the most anticipated IPOs of the year so far. The stock appeals to investors who want to get involved in crypto, but without holding the assets and its wild swings. Upcoming IPOs for Robinhood and eToro are driving similar anticipation . Read: The Best Trading Apps for New Investors: Robinhood and Beyond But how do these factors translate in crypto adoption for retail investors? The new GOBankingRates survey finds that 41% of Americans who invest in the stock market are also investing in cryptocurrency. Another 25% wish they could but feel like they don’t know enough, and 16% wish they could invest in crypto, but don’t have the funds. Remarkably, only 14% of current investors say they have no desire to invest in cryptocurrency. Story continues Beginner’s Guide: Cryptocurrency Jargon: A Guide for the Crypto-Curious In terms of age groups, the survey found that the age group investing the most in cryptos is the 35- to 44-year-old group, with 50.55% of respondents saying they have money in cryptocurrency. According to Nishank Khanna, Clarify Capital CFO, it makes sense that we see individuals from ages 35 to 44 investing in cryptocurrency at higher-than-average rates than other age groups. “If you think about it, individuals 35-44 are generally earning high incomes, where they may have larger amounts of disposable income than they had in their 20s or early 30s,” Khanna tells GOBankingRates. Dogecoin (DOGE): What It Is, What It’s Worth and Should You Be Investing? “As a result, they may feel more comfortable investing in a speculative asset, knowing that the future of that asset is uncertain. Their specific age range also indicates that if the speculative assets end up imploding, they should still have enough time to recover financially.” This finding is in line with crypto exchange Gemini’s recent 2021 State of Crypto in the US report, which notes that the average crypto investor is a 38-year-old male. Breaking down the age groups further, the GOBankingRates survey notes that the second largest group of crypto investors is the 25- to 34-year-old, with 47.84% investing in cryptocurrencies; followed by 18- to 24-year-olds, with 38.91% putting money in the coins. Get Started: How to Invest in Cryptocurrency With Just $1 Marie Tatibouet, CMO at global blockchain asset exchange platform Gate.io, says that these figures are a “testament to how much the crypto space has grown and matured since at least 40% of the folks in the 25-34 and 35-44 age range own crypto.” “It is no surprise that nearly 48% of the 25-34 bracket own crypto. These guys were teenagers when bitcoin entered the scene. Most of these people have seen their peers get wealthy beyond measure due to crypto and now they want their slice of the pie,” Tatibouet tells GOBankingRates. See: Millennials Own More Crypto Than Any Other Generation Finally, another key finding of the survey is that there are more male investors than female in cryptocurrencies, with 47.2% of men saying they are investing in crypto versus only 32.55% of women. Andrew Murray, GOBankingRates content data researcher, says that this was “a bit surprising.” “I expected that number to be closer between the sexes and there may be a multitude of reasons why it is so large, from the still ever-present wage gap between men and women in the workforce to general attitudes towards risk,” Murray says. More: 10 of the Most Private Crypto to Invest In Ben Weiss, CEO of CoinFlip, the largest bitcoin ATM in the US, says that women are underrepresented in crypto, much like how they are in both finance and tech. Read: Bitcoin (BTC): Learn the Basics Behind the Coin “Many view cryptocurrency as complicated and overwhelming. This is especially true for women brought up in a more traditional setting where men make all financial decisions,” Weiss says. “We take pride in playing our part to lessen the gender disparity in crypto by making bitcoin as accessible as possible and providing an easy way to obtain the financial freedom that cryptocurrency offers. The key to expanding this inclusivity across the industry will be through more education targeted at women that demystifies cryptocurrency.” More on Crypto From GOBankingRates 3 Common Crypto Misconceptions Debunked Crypto Curious but Risk Averse? You Can Invest as Little as $1 — on Venmo Cryptocurrency Complicates Splitting Assets During a Divorce 3 Easy-To-Use Cryptocurrency Investing Apps for Beginners Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401(k)) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of “Yes.” GOBankingRates used PureSpectrum’s survey platform to conduct the poll. This article originally appeared on GOBankingRates.com : State of Crypto: What’s Driving Its Meteoric Rise and Who’s Really Investing in Crypto Now View comments || Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency: sorbetto / Getty Images From Elon Musk to Russian cybercriminals, it seems that every single day brings yet another sensational story involving cryptocurrency . To say that investors are catching on would be an understatement. A new GOBankingRates poll of current investors reveals just how far into the mainstream cryptocurrency has moved. More than 40% of people with money in the stock market have already traded Bitcoin or one of the thousands of altcoin wannabes. Many, many more are interested but unable or unwilling to commit. The study dove into the subject in granular detail, exploring variables like age, investment level, and gender — and the results might surprise you. Check Out: 10 Best Cryptocurrencies To Invest in for 2021 Counterpoint: Is it Too Late to Invest in Crypto? The 999 interviewees who took part in the study came from all over the country. All were at least 18, but younger adults dominated the survey: 18-24: 23.92% 25-34: 23.22% 35-44: 27.33% 45-54: 12.41% 55-64: 6.91% 65+: 6.21% Along gender lines, 57.26% of the study’s respondents were men and 42.74% were women. Most importantly, the survey screened out anyone who didn’t already have money invested in the stock market. The largest plurality, about 24%, have been in the market for five years or more and about 40% have been invested for at least a year. The biggest group, about one in five, had investments of $20,000 or more, but a majority had less than $5,000 in play. Find: How To Invest In Cryptocurrency Investors Are Very Likely to Be Invested in Crypto — Or Wish They Were The big news to come out of the study was that more than four in 10 people invested in the stock market — 40.94% — are also investing in cryptocurrency. Only about 14% have no interest in crypto at all, but a whole bunch of potential crypto investors are riding the fence. Almost one in four wish they could buy a stake in cryptocurrency, but don’t know enough about it to put money down. Another 16% don’t have the funds, but would invest if they did. Story continues Find Out: Why Some Money Experts Believe In Bitcoin and Others Don’t The survey’s participants were also asked how they would invest $1,000 if it were given to them for free — but they could only invest it one way. One in three said they would put it in stocks — not a particular shock considering all respondents were already invested in the market. What was surprising was the No. 2 selection — 16% said they’d put the whole thousand in Bitcoin or some other cryptocurrency. Although the question wasn’t asked, it can be reasonably inferred that people are more willing to take risks if they were playing with house money. Discover: Beyond Bitcoin: Looking at Some Crypto Financial Jargon The Un-invested 60% Might Be Wise to Wait Although it’s certainly impressive that more than 40% of investors have at least dabbled in crypto, that still leaves a full 60% who are still keeping their money off the crypto table. Recent news provides some insight into their reluctance. In early June, it came out that federal authorities had seized and recovered nearly all the cryptocurrency-based ransom that an American energy company had paid Russian cybercriminals who had hijacked a major pipeline. Bitcoin crashed below $32,000 on the news — it had been trading above $60,000 in April — but that was nothing new. Stomach-churning volatility and an endless cycle of bubble-crash-repeat has been par for the course since the early 2010s. See: What Is Chainlink and Why Is It Important in the World of Cryptocurrency? The moment also reinforced the perception of cryptocurrency as a sketchy mechanism of an underground economy outside the mainstream. Also, investors were forced once again to question the security and anonymity that has long been touted by crypto advocates. While it was good that foreign criminals were denied their ransom, how was the FBI able to find and seize the account so quickly if crypto is so secure, anonymous, and decentralized? In the end, crypto is catching on — that fact is undeniable — but “mainstream” is still an adjective that’s just out of reach when debating cryptocurrency’s status as a legitimate investment. More From GOBankingRates: 3 Common Crypto Misconceptions Debunked Crypto Curious but Risk Averse? You Can Invest As Little As $1 – on Venmo Cryptocurrency Complicates Splitting Assets During a Divorce 3 Easy-To-Use Cryptocurrency Investing Apps For Beginners Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401k) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of “Yes”. GOBankingRates used PureSpectrum’s survey platform to conduct the poll. This article originally appeared on GOBankingRates.com : Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency || Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency: From Elon Musk to Russian cybercriminals, it seems that every single day brings yet another sensational story involvingcryptocurrency. To say that investors are catching on would be an understatement.
A new GOBankingRates poll of current investors reveals just how far into the mainstream cryptocurrency has moved. More than 40% of people with money in the stock market have already traded Bitcoin or one of the thousands of altcoin wannabes. Many, many more are interested but unable or unwilling to commit. The study dove into the subject in granular detail, exploring variables like age, investment level, and gender — and the results might surprise you.
Check Out:10 Best Cryptocurrencies To Invest in for 2021Counterpoint:Is it Too Late to Invest in Crypto?
The 999 interviewees who took part in the study came from all over the country. All were at least 18, but younger adults dominated the survey:
• 18-24:23.92%
• 25-34:23.22%
• 35-44:27.33%
• 45-54:12.41%
• 55-64:6.91%
• 65+:6.21%
Along gender lines, 57.26% of the study’s respondents were men and 42.74% were women. Most importantly, the survey screened out anyone who didn’t already have money invested in the stock market. The largest plurality, about 24%, have been in the market for five years or more and about 40% have been invested for at least a year. The biggest group, about one in five, had investments of $20,000 or more, but a majority had less than $5,000 in play.
Find:How To Invest In Cryptocurrency
The big news to come out of the study was that more than four in 10 people invested in the stock market — 40.94% — are also investing in cryptocurrency. Only about 14% have no interest in crypto at all, but a whole bunch of potential crypto investors are riding the fence.
Almost one in four wish they could buy a stake in cryptocurrency, but don’t know enough about it to put money down. Another 16% don’t have the funds, but would invest if they did.
Find Out:Why Some Money Experts Believe In Bitcoin and Others Don’t
The survey’s participants were also asked how they would invest $1,000 if it were given to them for free — but they could only invest it one way. One in three said they would put it in stocks — not a particular shock considering all respondents were already invested in the market. What was surprising was the No. 2 selection — 16% said they’d put the whole thousand in Bitcoin or some other cryptocurrency. Although the question wasn’t asked, it can be reasonably inferred that people are more willing to take risks if they were playing with house money.
Discover:Beyond Bitcoin: Looking at Some Crypto Financial Jargon
Although it’s certainly impressive that more than 40% of investors have at least dabbled in crypto, that still leaves a full 60% who are still keeping their money off the crypto table.
Recent news provides some insight into their reluctance.
In early June, it came out that federal authorities had seized and recovered nearly all the cryptocurrency-based ransom that an American energy company had paid Russian cybercriminals who had hijacked a major pipeline. Bitcoin crashed below $32,000 on the news — it had been trading above $60,000 in April — but that was nothing new. Stomach-churning volatility and an endless cycle of bubble-crash-repeat has been par for the course since the early 2010s.
See:What Is Chainlink and Why Is It Important in the World of Cryptocurrency?
The moment also reinforced the perception of cryptocurrency as a sketchy mechanism of an underground economy outside the mainstream. Also, investors were forced once again to question the security and anonymity that has long been touted by crypto advocates. While it was good that foreign criminals were denied their ransom, how was the FBI able to find and seize the account so quickly if crypto is so secure, anonymous, and decentralized?
In the end, crypto is catching on — that fact is undeniable — but “mainstream” is still an adjective that’s just out of reach when debating cryptocurrency’s status as a legitimate investment.
More From GOBankingRates:
• 3 Common Crypto Misconceptions Debunked
• Crypto Curious but Risk Averse? You Can Invest As Little As $1 – on Venmo
• Cryptocurrency Complicates Splitting Assets During a Divorce
• 3 Easy-To-Use Cryptocurrency Investing Apps For Beginners
Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401k) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of “Yes”. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
This article originally appeared onGOBankingRates.com:Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency || The Surge of Young Investors: Shocking Number Entered Market in Past 6 Months: Steve Debenport / iStock.com One of the most striking phenomena of the pandemic has been the rise of retail investors, who became savvier and more self-educated amidst economic uncertainties and market volatility. Whats even more surprising is the surge of younger investors who entered the financial market: A new GOBankingRates survey found that a whopping 71.96% of respondents in the 18-to-24-year age group who are currently invested in the stock market said they started investing in stocks and/or cryptocurrency within the last six months. More: How To Invest in Stocks: A Beginners Guide Andrew Murray, GOBankingRates content data researcher, says that the surge in young investors entering the market can be attributed to the introduction of easy-to-use investing apps such as Robinhood, as well as Coinbase for crypto , into the mainstream zeitgeist. When the news covers these apps, obviously you will see an influx of users of all ages, but I believe the investing community on Reddit really drove the bulk of new young investors to try their hand at the market and cryptos, Murray says. Read: Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency Simultaneously we saw the rise of meme stocks/coin like GameStop or AMC stocks and Dogecoin for crypto . These movements were almost entirely born online and led by young and even first-time investors, he adds. The sentiment is echoed by Peter Jensen, CEO of crypto payment processing company RocketFuel Blockchain, who tells GOBankingRates that digitally native financial services providers such as Robinhood know their audience well and are tailoring their offerings to attract younger investors. Check out: The Best Trading Apps for New Investors: Robinhood and Beyond They make investing easy and even fun through gamification, encouraging them with conversational information and intuitive or familiar interfaces. Their message of democratizing finance is appealing to younger generations and has driven millions of sign-ups, along with low barriers to entry, Jensen says. Story continues Learn: Investing Apps for Teens: Educational or Risky? In addition to the ease of use, apps such as Robinhood allow retail investors to buy fractional shares . Having the option to purchase a fraction of a share, rather than the full amount, makes investing possible for nearly anyone, says Nishank Khanna, Clarify Capital CFO. Other social platforms including Reddit and TikTok have also contributed to this massive influx of young investors in the financial markets. Financial influencers on TikTok and other platforms have gained a following among young people, says Ann Martin, Director of Operations of Credit Donkey Credit Card Processing. For better or for worse, their ability to synthesize information and advice has attracted the attention of young people who may otherwise not be interested in the potential of investments, she adds. Check Out: 5 Brands to Invest In, According to TikTok Reddit also played a massive role, notably via the subreddit /Wallstreetbets, which young investors have flocked to. Its set a new baseline for speculative investments, according to Alexander Voigt, founder of daytradingz.com. Young people go all in with every cent they have and speculate on massive gains in meme stocks, Voigt says. GME and AMC are gaining popularity for a few weeks again and climbing steadily. Even rumors of investing in NFT platforms and the potential of people returning to cinemas in case of AMC are enough to push the prices higher alongside the hold the line mentality from Reddit forums . See: Why Is AMC All Over the Place? What You Need to Know Before You Invest or Sell Find: Experts Weigh in on 10 Top Personal Finance Topics Redditors Love To Debate An additional factor to take into consideration is that a sense of belonging played a role in this surge. Participating in forums, YouTube comments and memes is what drives a lot of them as well, says Adrian Volenik, Chief Editor of TopMobileBanks.com. Another important factor is that these trading apps also enable younger users, or Gen Z people born after 1997, to make investing accessible with little amounts of money. Indeed, another key finding of the survey is that 51% of the respondents in the 18-24 age group say they are investing $2000 or less currently. The most popular tranche of investing amount for that age group is in the $1,000 to $1,999 range, with 22.18%, according to the survey. Learn: 25 Money Experts Share the Best Way to Invest $1,000 In comparison, the survey shows that 44.39% of respondents in the 25 to 34 age group say they have $2000 or less invested currently, with $1 $500 being the most popular investing tranche, at 21.12%. A recent Schwab survey corroborates these findings, noting that the pandemic gave birth to a new generation of investors, as 15% percent of all current U.S. stock market investors say they first began investing in 2020. Schwab refers to this new group of investors as Gen Investor, (Gen I) and says that with found time and unprecedented change, Gen I buckled down and started investing to build an emergency fund and gain an additional source of income. Weve seen tremendous growth and engagement among individual investors over the past year as a result of lower trading costs, new products and services aimed at greater ease and accessibility, and the investing opportunities presented by market volatility, Jonathan Craig, Charles Schwab senior executive vice president and head of Investor Services said in the study. Look: What $1,000 Invested In Stocks 10 Years Ago Would Be Worth Today Learn: Every Stock That Warren Buffett Owns, Ranked Another key finding of the GOBankingRates survey is that more than 50% in general of all survey respondents say they were driven to start investing and/or add crypto to their portfolio in the past six months. Steve Ehrlich, CEO of crypto trading platform Voyager Digital, told GOBankingRates recently that the rise of retail investors is an indication of how everyday people are taking control of their money, expanding their financial literacy, and looking for more ways to grow their wealth. It gives more people the chance to have access to financial systems that traditionally benefited accredited investors and institutions. Todays fintech platforms offer the retail investor easy-to-use investing platforms at a low cost . On top of that, crypto trading specifically opens up a whole new world of opportunity for the everyday investor with a new asset class of investment vehicles, Ehrlich told GOBankingRates. Check Out: 10 Best Cryptocurrencies To Invest in for 2021 Counterpoint: Is it Too Late to Invest in Crypto? However, some experts argue that while the democratization of investing and the influx of young participants is a positive development, distinguishing between speculation and investing is paramount. Robert R. Johnson, Professor of Finance, Heider College of Business, Creighton University says that the majority of these young participants are not investors they are speculators. Beware: 20 Worst Mistakes Rookie Investors Make Many speculators in GameStop or the other meme stocks are trying to convince themselves that they are investors and that apps like Robinhood have democratized investing, he says. What these apps have done is democratized speculation, as many of the investors in Bitcoin or GameStop have no fundamental basis for making their decisions, they simply are investing because the asset is going up in value. There are so many corners of the current financial markets that are rife with speculation. One potential good outcome of the current trend toward speculation is that one learns by doing. More: Why You Shouldnt Jump On Investing Bandwagons However, he warns that while the democratization of investing is a wonderful force, what we are witnessing is the democratization of speculating and that is a dangerous trend. They are not learning about how to value securities. They are not learning anything about investing. And my fear is that many will lose money, conclude that the markets are a game rigged against them and simply exit financial markets, he adds. Want to Educate Yourself About Investing? Here are Some Great Resources : How To Invest in Stocks: A Beginners Guide How to Buy Stocks Online in 4 Easy Steps The Complete Guide to ETFs Why Its Never a Bad Idea To Invest In Apple and These Other Companies Buy, Sell or Hold: How to Make the Right Stock Decisions Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401k) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of Yes. GOBankingRates used PureSpectrums survey platform to conduct the poll. This article originally appeared on GOBankingRates.com : The Surge of Young Investors: Shocking Number Entered Market in Past 6 Months || The Surge of Young Investors: Shocking Number Entered Market in Past 6 Months: One of the most striking phenomena of thepandemic has been the rise of retail investors,who became savvier and more self-educated amidst economic uncertainties and market volatility. What’s even more surprising is the surge of younger investors who entered the financial market: A new GOBankingRates survey found that a whopping 71.96% of respondents in the 18-to-24-year age group who are currently invested in the stock market said they started investing in stocks and/or cryptocurrency within the last six months.
More:How To Invest in Stocks: A Beginner’s Guide
Andrew Murray, GOBankingRates content data researcher, says that the surge in young investors entering the market can be attributed to the introduction of easy-to-use investing apps such as Robinhood, as well asCoinbase for crypto, into the mainstream zeitgeist.
“When the news covers these apps, obviously you will see an influx of users of all ages, but I believe the investing community on Reddit really drove the bulk of new young investors to try their hand at the market and cryptos,” Murray says.
Read:Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency
“Simultaneously we saw the rise of ‘meme stocks/coin’ like GameStop or AMC stocks andDogecoin for crypto. These movements were almost entirely born online and led by young and even first-time investors,” he adds.
The sentiment is echoed by Peter Jensen, CEO of crypto payment processing company RocketFuel Blockchain, who tells GOBankingRates that digitally native financial services providers such asRobinhoodknow their audience well and are tailoring their offerings to attract younger investors.
Check out:The Best Trading Apps for New Investors: Robinhood and Beyond
“They make investing easy and even fun through gamification, encouraging them with conversational information and intuitive or familiar interfaces. Their message of ‘democratizing finance’ is appealing to younger generations and has driven millions of sign-ups, along with low barriers to entry,” Jensen says.
Learn:Investing Apps for Teens: Educational or Risky?
In addition to the ease of use, apps such asRobinhood allow retail investors to buy fractional shares. “Having the option to purchase a fraction of a share, rather than the full amount, makes investing possible for nearly anyone,” says Nishank Khanna, Clarify Capital CFO.
Other social platforms including Reddit and TikTok have also contributed to this massive influx of young investors in the financial markets.
“Financial influencers on TikTok and other platforms have gained a following among young people,” says Ann Martin, Director of Operations of Credit Donkey Credit Card Processing. “For better or for worse, their ability to synthesize information and advice has attracted the attention of young people who may otherwise not be interested in the potential of investments,” she adds.
Check Out:5 Brands to Invest In, According to TikTok
Reddit also played a massive role, notably via the subreddit /Wallstreetbets, which young investors have flocked to. It’s set a new baseline for speculative investments, according to Alexander Voigt, founder of daytradingz.com. “Young people go all in with every cent they have and speculate on massive gains in meme stocks,” Voigt says. “GME and AMC are gaining popularity for a few weeks again and climbing steadily. Even rumors of investing in NFT platforms and the potential of people returning to cinemas in case of AMC are enough to push the prices higher alongside the‘hold the line’ mentality from Reddit forums.”
See:Why Is AMC All Over the Place? What You Need to Know Before You Invest — or SellFind:Experts Weigh in on 10 Top Personal Finance Topics Redditors Love To Debate
An additional factor to take into consideration is that a sense of belonging played a role in this surge.
“Participating in forums, YouTube comments and memes is what drives a lot of them as well,” says Adrian Volenik, Chief Editor of TopMobileBanks.com.
Another important factor is that these trading apps also enable younger users, or Gen Z – people born after 1997, to make investing accessible with little amounts of money.
Indeed, another key finding of the survey is that 51% of the respondents in the 18-24 age group say they are investing $2000 or less currently. The most popular tranche of investing amount for that age group is in the $1,000 to $1,999 range, with 22.18%, according to the survey.
Learn:25 Money Experts Share the Best Way to Invest $1,000
In comparison, the survey shows that 44.39% of respondents in the 25 to 34 age group say they have $2000 or less invested currently, with $1 – $500 being the most popular investing tranche, at 21.12%.
A recent Schwab survey corroborates these findings, noting that the pandemic gave birth to a new generation of investors, as 15% percent of all current U.S. stock market investors say they first began investing in 2020.Schwab refers to this new group of investors as “Gen Investor,” (Gen I)and says that with found time and unprecedented change, “Gen I buckled down and started investing to build an emergency fund and gain an additional source of income.”
“We’ve seen tremendous growth and engagement among individual investors over the past year as a result of lower trading costs, new products and services aimed at greater ease and accessibility, and the investing opportunities presented by market volatility,” Jonathan Craig, Charles Schwab senior executive vice president and head of Investor Services said in the study.
Look:What $1,000 Invested In Stocks 10 Years Ago Would Be Worth TodayLearn:Every Stock That Warren Buffett Owns, Ranked
Another key finding of the GOBankingRates survey is that more than 50% in general of all survey respondents say they were driven to start investing and/or add crypto to their portfolio in the past six months. Steve Ehrlich, CEO of crypto trading platform Voyager Digital, told GOBankingRates recently that the rise of retail investors is an indication of how everyday people are taking control of their money, expanding their financial literacy, and looking for more ways to grow their wealth.
“It gives more people the chance to have access to financial systems that traditionally benefited accredited investors and institutions. Today’sfintech platforms offer the retail investor easy-to-use investing platforms at a low cost. On top of that, crypto trading specifically opens up a whole new world of opportunity for the everyday investor with a new asset class of investment vehicles,” Ehrlich told GOBankingRates.
Check Out:10 Best Cryptocurrencies To Invest in for 2021Counterpoint:Is it Too Late to Invest in Crypto?
However, some experts argue that while the democratization of investing and the influx of young participants is a positive development, distinguishing between speculation and investing is paramount. Robert R. Johnson, Professor of Finance, Heider College of Business, Creighton University says that the majority of these young participants are not investors — they are speculators.
Beware:20 Worst Mistakes Rookie Investors Make
“Many speculators in GameStop or the other meme stocks are trying to convince themselves that they are investors and that apps like Robinhood have democratized investing,” he says. “What these apps have done is democratized speculation, as many of the investors in Bitcoin or GameStop have no fundamental basis for making their decisions, they simply are investing because the asset is going up in value. There are so many corners of the current financial markets that are rife with speculation. One potential good outcome of the current trend toward speculation is that one learns by doing.”
More:Why You Shouldn’t Jump On Investing Bandwagons
However, he warns that while the democratization of investing is a “wonderful force,” what we are witnessing is the democratization of “speculating” and that is a dangerous trend. “They are not learning about how to value securities. They are not learning anything about investing. And my fear is that many will lose money, conclude that the markets are a game rigged against them and simply exit financial markets,” he adds.
Want to Educate Yourself About Investing? Here are Some GreatResources:
• How To Invest in Stocks: A Beginner’s Guide
• How to Buy Stocks Online in 4 Easy Steps
• The Complete Guide to ETFs
• Why It’s Never a Bad Idea To Invest In Apple and These Other Companies
• Buy, Sell or Hold: How to Make the Right Stock Decisions
Methodology: GOBankingRates surveyed 999 Americans aged 18 and older from across the country on May 10, 2021, asking six different questions: (1) Where are you currently investing and/or saving your money? Select all that apply; (2) Which of the following most closely matches your investing goals?; (3) If you received an extra $1,000, which ONE of the following do you think is the best way to invest it?; (4) Do any of the following statements about investing in cryptocurrencies apply to you? Select all that apply; (5) When did you first start investing your money in the stock market (not including retirement accounts like an IRA or 401k) and/or cryptocurrencies?; and (6) How much money do you currently have invested in stocks or cryptocurrency?. All respondents had to pass a screener question of: Are you currently investing/have money in the stock market?, with an answer of “Yes”. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
This article originally appeared onGOBankingRates.com:The Surge of Young Investors: Shocking Number Entered Market in Past 6 Months || Raw material costs rising for automotive industry: BofA report: Widespread inflation has led to the highest raw material cost per U.S. vehicle since 2011, a new Bank of America (BAC) Global Research report found.
The report examines the recent bout of US inflation and examines its consequences for the automotive industry.
One key takeaway from the report is that the cost of raw materials has risen sharply since mid-2020. “In the past year, the raw material cost in an average U.S. vehicle has been steadily rising, increasing ~87% from a low point of approximately $2,200/unit in Apr '20 to now roughly $4,125/unit in May '21,” the report found. “During this raw material cost inflation, average transaction prices seem to have stalled, although [they] still remain elevated at record high levels.”
The compressing spread between rising raw material prices and stagnating average transaction prices is expected to increase pressure on automakers and suppliers’ respective financial bottom lines.
The average vehicle is composed of 39% steel and 11% aluminum. The increase in raw materials cost has been concentrated heavily in high steel prices; the Bank of America report estimated that the average cost per pound for steel used in automotive manufacturing has increased 106% year over year as of last month. This is “relatively alarming,” according to the report, given the high makeup of steel in the average vehicle.
Suppliers and original equipment managers (OEMs) are expected to bear the brunt of rising material costs, with the latter facing even greater exposure to indirect costs from the former.
Rising inflation costs, plus pre-existing damage to supply chains caused by the pandemic present problems for both groups. “The automotive value chain is already facing significant headwinds from supply chain disruptions and production stoppages,” the report noted, “which continue to pressure margins in addition to rising raw material costs.”
The costs of raw materials have risen so greatly that they now make up a significantly larger percentage of the price of a vehicle. “The cost of raw materials in an average vehicle as a % of the average transaction price (ATP) in the U.S. reached historical lows around 6% (5.9% in April '20) at the beginning of the COVID-19 pandemic, driven by historically low raw material costs and all-time high average transaction prices,” the report found. “However, this cost ratio has since increased, now reaching ~11%, as commodity prices have bounced materially off of lows and ATPs have remained near peak levels.”
By the end of spring, raw material costs had approached post-2000 historical levels, while average transaction prices remained essentially unchanged, posing “significant headwind for companies at the front end of the value chain,” according to the report.
Rising inflation has been an issue of concern for several months now, withthe Bureau of Economic Analysis reporting Fridaythat the price index tracking personal consumption expenditure (PEC) rose 3.9% year over year as of May 2021. This is the index'shighest level since April of 2008.
The automotive industryhas faced a shortage of new vehicles as well as higher demand since the relaxing of lockdown procedures occurred, driving up inflation. Imbalances in supply and demand in the automotive industry have accordinglyaccounted for a large proportion of recent increases in inflation measureslike the Consumer Price Index.
Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter@IFanusie.
More from Ihsaan:
'Huge demand' to vaccinate the world amid COVID variant concerns: Doctor
Electric aircraft company Vertical Aerospace plans to go public
Bitcoin to tumble further: oddsmakers bet on drop to $10K
Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit || Raw material costs rising for automotive industry: BofA report: Widespread inflation has led to the highest raw material cost per U.S. vehicle since 2011, a new Bank of America ( BAC ) Global Research report found. The report examines the recent bout of US inflation and examines its consequences for the automotive industry. One key takeaway from the report is that the cost of raw materials has risen sharply since mid-2020. “In the past year, the raw material cost in an average U.S. vehicle has been steadily rising, increasing ~87% from a low point of approximately $2,200/unit in Apr '20 to now roughly $4,125/unit in May '21,” the report found. “During this raw material cost inflation, average transaction prices seem to have stalled, although [they] still remain elevated at record high levels.” The compressing spread between rising raw material prices and stagnating average transaction prices is expected to increase pressure on automakers and suppliers’ respective financial bottom lines. The average vehicle is composed of 39% steel and 11% aluminum. The increase in raw materials cost has been concentrated heavily in high steel prices; the Bank of America report estimated that the average cost per pound for steel used in automotive manufacturing has increased 106% year over year as of last month. This is “relatively alarming,” according to the report, given the high makeup of steel in the average vehicle. North England (Monty Rakusen via Getty Images) Suppliers and original equipment managers (OEMs) are expected to bear the brunt of rising material costs, with the latter facing even greater exposure to indirect costs from the former. Rising inflation costs, plus pre-existing damage to supply chains caused by the pandemic present problems for both groups. “The automotive value chain is already facing significant headwinds from supply chain disruptions and production stoppages,” the report noted, “which continue to pressure margins in addition to rising raw material costs.” The costs of raw materials have risen so greatly that they now make up a significantly larger percentage of the price of a vehicle. “The cost of raw materials in an average vehicle as a % of the average transaction price (ATP) in the U.S. reached historical lows around 6% (5.9% in April '20) at the beginning of the COVID-19 pandemic, driven by historically low raw material costs and all-time high average transaction prices,” the report found. “However, this cost ratio has since increased, now reaching ~11%, as commodity prices have bounced materially off of lows and ATPs have remained near peak levels.” By the end of spring, raw material costs had approached post-2000 historical levels, while average transaction prices remained essentially unchanged, posing “significant headwind for companies at the front end of the value chain,” according to the report. Story continues Rising inflation has been an issue of concern for several months now, with the Bureau of Economic Analysis reporting Friday that the price index tracking personal consumption expenditure (PEC) rose 3.9% year over year as of May 2021. This is the index's highest level since April of 2008 . The automotive industry has faced a shortage of new vehicles as well as higher demand since the relaxing of lockdown procedures occurred, driving up inflation. Imbalances in supply and demand in the automotive industry have accordingly accounted for a large proportion of recent increases in inflation measures like the Consumer Price Index. Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter @IFanusie . More from Ihsaan: 'Huge demand' to vaccinate the world amid COVID variant concerns: Doctor Electric aircraft company Vertical Aerospace plans to go public Bitcoin to tumble further: oddsmakers bet on drop to $10K Read the latest cryptocurrency and bitcoin news from Yahoo Finance Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit View comments || What the ETF: Kryptoin’s Bitcoin ETF Three Year Wait: In this series of articles, BeinCrypto explores the state of various cryptocurrency ETFs in the United States. This particular article will focus on the Kryptoin bitcoin ETF, which was first introduced in 2019.
Kryptoin’s bitcoin ETF has been in the news since 2019 and may find approval alongside the cryptocurrency market’s success in 2021.
Institutional involvement in bitcoin and other cryptocurrencies has ramped up in recent years. The turning point for this change was introducing the world’s first bitcoin derivative products by Cboe and CME in late 2017.
In the years between then and now, several other reputable names in finance have also joined the cryptocurrency bandwagon. These include Intercontinental Exchange, the company that operates the New York Stock Exchange (NYSE).
Several crypto-oriented hedge funds have also emerged of late. The most notable being Grayscale Investments. A recent forecast estimated that hedge funds would increase its exposure to cryptocurrency to 7% within the next five years.
However, the average individual isn’t likely to approach a hedge fund or similar high-profile investment offerings.
Instead, they’re much more likely to invest in a retail or consumer-focused product, similar to how index funds work in the world of traditional finance.
To that end, a handful of North American companies have been trying to launch their own Exchange Traded Funds (ETFs) that track bitcoin or ethereum’s price instead of a stock market index.
The Kryptoin Bitcoin ETF is a financial product sponsored and launched by Kryptoin Investment Advisors LLC — a Delaware-based company.
The firm is headed by Jason Toussaint, who was once the CEO of World Gold Trust Services. Most notably, the firm is the sponsor of the world’s largest Gold ETF, the SPDR Gold Shares (GLD).
Toussaint has also taken up ETF and investment roles at Morgan Stanley and JP Morgan Asset Management in the past.
If approved, Kryptoin’s ETF would be listed on the CBOE BZX exchange, according to the firm’s S-1 filing with the SEC on April 9.
Notably, prior applications indicated that the firm was initially looking to be listed on the NYSE instead.
According to a filing published by the United States Securities and Exchange Commission (SEC), the ETF will trade under the KBTC ticker symbol.
In addition, the firm has stated that Gemini, the cryptocurrency exchange owned by the Winklevoss twins, will act as its custodian for any BTC acquired for the ETF. The Bank of Mellon New York, meanwhile, will serve as Kryptoin’s transfer agent.
On April 23,the SEC acknowledgedthat it had received Kryptoin’s ETF application and said it would begin the review process.
At that point, the commission had 45 days to either approve, deny or extend the review time for the application. Thus, in total, the agency cannot take longer than 240 days to make a decision.
Since the cryptocurrency market trades 24/7 and across many exchanges worldwide, fund operators need to settle on an accurate and acceptable rate to their investors.
In its S-1 filing with the SEC, Kryptoin disclosed that it had been licensed to use CME’s Bitcoin Reference Rate (BRR) to measure bitcoin’s price.
Using CME’s BTC Reference Rate means that Kryptoin’s ETF will update its prices once a day. This instead of tracking the cryptocurrency market in real-time.
The metric considers several factors, including the prevailing trading price at large cryptocurrency exchanges over the preceding time period.
More specifically, a volume-weighted median trade price is calculated across Bitstamp, Coinbase Pro, itBit, Kraken, and Gemini to determine the true price of bitcoin.
As a result of this diversification, CME’s Bitcoin price considers billions of dollars worth of trading volume rather than just the spot price on any one cryptocurrency exchange.
Having said that, a daily snapshot of bitcoin’s price is a double-edged sword.
On the one hand, it shields retail investors from sudden changes in bitcoin prices. This solves the common complaint of volatility.
On the other hand, however, it also prevents investors from buying or selling at opportune moments. Still, given the passive nature of most ETF investors, it’s likely that Kryptoin’s market research has found that this approach is the best middle ground.
As of June 2021, the SEC iscurrently evaluatingthree separate ETF applications. Namely those from VanEck, WisdomTree, and Kryptoin.
A total of nine applications are sitting with the SEC, including a growing appetite for regulated financial products in the United States.
While Kryptoin had first submitted its bitcoin ETF application in October 2019, it failed to convince the SEC at the time.
This was consistent with all other applications as well. The leadership said that operators did not sufficiently prove they could combat fraud and market manipulation in the cryptocurrency market.
Whether the SEC will approve Kryptoin’s ETF remains to be seen. However, many believe that the fund will be approved alongside others to ensure that one company does not get a head start.
In fact, this is exactly what happened with Grayscale Investments. The aforementioned hedge fund that first began accepting clients in 2019.
The Grayscale Bitcoin Trust (GBTC)routinely tradesat a significantly higher price than the underlying asset, bitcoin.
While the difference is often around the 5% to 10% mark, it hasexceeded 30%on occasion as well. This is because Grayscale dominated the regulated financial offerings market and had a limited number of competitors.
Today, Grayscale’s GBTC premium is much lower. This indicates that the market has finally caught up with the demand.
But, the same will eventually happen in the ETF space. Especially now with the increasing interest from multiple firms.
As for Kryptoin in particular, it is notably among the few ETFs that have listed all service providers in its application to the SEC.
However, the SEC has not declined any ETF for lack of credibility in the past. Instead, it alleges that the crypto market’s overall lack of transparency is a bigger issue.
A lot has changed since the SEC’s string of bitcoin ETF rejections in 2019 and 2020, though.
A member of the SEC, Hester Peirce, has stated that approval is long overdue. In an interview earlier in 2021,Peirce said,
“It’s well past time that we approve an exchange-traded product in Bitcoin. We have a lot more information now than we did. I’m hopeful that because we have a new chairman and one that’s interested in this space, we’ll have a chance to take a fresh look.”
On June 9, 2021, the SEC posted a notice stating that it would need additional time to review Kryptoin’s ETF. This is a strategy the agency has used several times, with WisdomTree’s ETF being delayed in the same month.
Nevertheless, the decision to approve or deny these applications will be made by the end of this year. For now, the SEC has invited public discourse on the ETF applications. Kryptoin’s ETF has received two such comments.
One individual has submitteda lengthy rebuttalagainst the growing demand for cryptocurrency ETFs. They ended with, “There is something more liquid than bitcoin, and it is the dollar. You can never pay tax with bitcoin.”
Meanwhile, the other comment speaks favorably of bitcoin ETFs. It pointed out that the general public deserves a low-cost and risk-free adoption method. After all, large firms and hedge funds can already hold cryptocurrency without restrictions.
With this much contention in public view, the SEC’s decision will be a landmark and historic moment in bitcoin history. || What the ETF: Kryptoin’s Bitcoin ETF Three Year Wait: In this series of articles, BeinCrypto explores the state of various cryptocurrency ETFs in the United States. This particular article will focus on the Kryptoin bitcoin ETF, which was first introduced in 2019.
Kryptoin’s bitcoin ETF has been in the news since 2019 and may find approval alongside the cryptocurrency market’s success in 2021.
Institutional involvement in bitcoin and other cryptocurrencies has ramped up in recent years. The turning point for this change was introducing the world’s first bitcoin derivative products by Cboe and CME in late 2017.
In the years between then and now, several other reputable names in finance have also joined the cryptocurrency bandwagon. These include Intercontinental Exchange, the company that operates the New York Stock Exchange (NYSE).
Several crypto-oriented hedge funds have also emerged of late. The most notable being Grayscale Investments. A recent forecast estimated that hedge funds would increase its exposure to cryptocurrency to 7% within the next five years.
However, the average individual isn’t likely to approach a hedge fund or similar high-profile investment offerings.
Instead, they’re much more likely to invest in a retail or consumer-focused product, similar to how index funds work in the world of traditional finance.
To that end, a handful of North American companies have been trying to launch their own Exchange Traded Funds (ETFs) that track bitcoin or ethereum’s price instead of a stock market index.
The Kryptoin Bitcoin ETF is a financial product sponsored and launched by Kryptoin Investment Advisors LLC — a Delaware-based company.
The firm is headed by Jason Toussaint, who was once the CEO of World Gold Trust Services. Most notably, the firm is the sponsor of the world’s largest Gold ETF, the SPDR Gold Shares (GLD).
Toussaint has also taken up ETF and investment roles at Morgan Stanley and JP Morgan Asset Management in the past.
If approved, Kryptoin’s ETF would be listed on the CBOE BZX exchange, according to the firm’s S-1 filing with the SEC on April 9.
Notably, prior applications indicated that the firm was initially looking to be listed on the NYSE instead.
According to a filing published by the United States Securities and Exchange Commission (SEC), the ETF will trade under the KBTC ticker symbol.
In addition, the firm has stated that Gemini, the cryptocurrency exchange owned by the Winklevoss twins, will act as its custodian for any BTC acquired for the ETF. The Bank of Mellon New York, meanwhile, will serve as Kryptoin’s transfer agent.
On April 23,the SEC acknowledgedthat it had received Kryptoin’s ETF application and said it would begin the review process.
At that point, the commission had 45 days to either approve, deny or extend the review time for the application. Thus, in total, the agency cannot take longer than 240 days to make a decision.
Since the cryptocurrency market trades 24/7 and across many exchanges worldwide, fund operators need to settle on an accurate and acceptable rate to their investors.
In its S-1 filing with the SEC, Kryptoin disclosed that it had been licensed to use CME’s Bitcoin Reference Rate (BRR) to measure bitcoin’s price.
Using CME’s BTC Reference Rate means that Kryptoin’s ETF will update its prices once a day. This instead of tracking the cryptocurrency market in real-time.
The metric considers several factors, including the prevailing trading price at large cryptocurrency exchanges over the preceding time period.
More specifically, a volume-weighted median trade price is calculated across Bitstamp, Coinbase Pro, itBit, Kraken, and Gemini to determine the true price of bitcoin.
As a result of this diversification, CME’s Bitcoin price considers billions of dollars worth of trading volume rather than just the spot price on any one cryptocurrency exchange.
Having said that, a daily snapshot of bitcoin’s price is a double-edged sword.
On the one hand, it shields retail investors from sudden changes in bitcoin prices. This solves the common complaint of volatility.
On the other hand, however, it also prevents investors from buying or selling at opportune moments. Still, given the passive nature of most ETF investors, it’s likely that Kryptoin’s market research has found that this approach is the best middle ground.
As of June 2021, the SEC iscurrently evaluatingthree separate ETF applications. Namely those from VanEck, WisdomTree, and Kryptoin.
A total of nine applications are sitting with the SEC, including a growing appetite for regulated financial products in the United States.
While Kryptoin had first submitted its bitcoin ETF application in October 2019, it failed to convince the SEC at the time.
This was consistent with all other applications as well. The leadership said that operators did not sufficiently prove they could combat fraud and market manipulation in the cryptocurrency market.
Whether the SEC will approve Kryptoin’s ETF remains to be seen. However, many believe that the fund will be approved alongside others to ensure that one company does not get a head start.
In fact, this is exactly what happened with Grayscale Investments. The aforementioned hedge fund that first began accepting clients in 2019.
The Grayscale Bitcoin Trust (GBTC)routinely tradesat a significantly higher price than the underlying asset, bitcoin.
While the difference is often around the 5% to 10% mark, it hasexceeded 30%on occasion as well. This is because Grayscale dominated the regulated financial offerings market and had a limited number of competitors.
Today, Grayscale’s GBTC premium is much lower. This indicates that the market has finally caught up with the demand.
But, the same will eventually happen in the ETF space. Especially now with the increasing interest from multiple firms.
As for Kryptoin in particular, it is notably among the few ETFs that have listed all service providers in its application to the SEC.
However, the SEC has not declined any ETF for lack of credibility in the past. Instead, it alleges that the crypto market’s overall lack of transparency is a bigger issue.
A lot has changed since the SEC’s string of bitcoin ETF rejections in 2019 and 2020, though.
A member of the SEC, Hester Peirce, has stated that approval is long overdue. In an interview earlier in 2021,Peirce said,
“It’s well past time that we approve an exchange-traded product in Bitcoin. We have a lot more information now than we did. I’m hopeful that because we have a new chairman and one that’s interested in this space, we’ll have a chance to take a fresh look.”
On June 9, 2021, the SEC posted a notice stating that it would need additional time to review Kryptoin’s ETF. This is a strategy the agency has used several times, with WisdomTree’s ETF being delayed in the same month.
Nevertheless, the decision to approve or deny these applications will be made by the end of this year. For now, the SEC has invited public discourse on the ETF applications. Kryptoin’s ETF has received two such comments.
One individual has submitteda lengthy rebuttalagainst the growing demand for cryptocurrency ETFs. They ended with, “There is something more liquid than bitcoin, and it is the dollar. You can never pay tax with bitcoin.”
Meanwhile, the other comment speaks favorably of bitcoin ETFs. It pointed out that the general public deserves a low-cost and risk-free adoption method. After all, large firms and hedge funds can already hold cryptocurrency without restrictions.
With this much contention in public view, the SEC’s decision will be a landmark and historic moment in bitcoin history. || What the ETF: Kryptoins Bitcoin ETF Three Year Wait: In this series of articles, BeinCrypto explores the state of various cryptocurrency ETFs in the United States. This particular article will focus on the Kryptoin bitcoin ETF, which was first introduced in 2019. Kryptoins bitcoin ETF has been in the news since 2019 and may find approval alongside the cryptocurrency markets success in 2021. Institutional involvement in bitcoin and other cryptocurrencies has ramped up in recent years. The turning point for this change was introducing the worlds first bitcoin derivative products by Cboe and CME in late 2017. In the years between then and now, several other reputable names in finance have also joined the cryptocurrency bandwagon. These include Intercontinental Exchange, the company that operates the New York Stock Exchange (NYSE). Several crypto-oriented hedge funds have also emerged of late. The most notable being Grayscale Investments. A recent forecast estimated that hedge funds would increase its exposure to cryptocurrency to 7% within the next five years. However, the average individual isnt likely to approach a hedge fund or similar high-profile investment offerings. Instead, theyre much more likely to invest in a retail or consumer-focused product, similar to how index funds work in the world of traditional finance. To that end, a handful of North American companies have been trying to launch their own Exchange Traded Funds (ETFs) that track bitcoin or ethereums price instead of a stock market index. Exploring Kryptoins bitcoin ETF The Kryptoin Bitcoin ETF is a financial product sponsored and launched by Kryptoin Investment Advisors LLC a Delaware-based company. The firm is headed by Jason Toussaint, who was once the CEO of World Gold Trust Services. Most notably, the firm is the sponsor of the worlds largest Gold ETF, the SPDR Gold Shares (GLD). Toussaint has also taken up ETF and investment roles at Morgan Stanley and JP Morgan Asset Management in the past. If approved, Kryptoins ETF would be listed on the CBOE BZX exchange, according to the firms S-1 filing with the SEC on April 9. Story continues Notably, prior applications indicated that the firm was initially looking to be listed on the NYSE instead. According to a filing published by the United States Securities and Exchange Commission (SEC), the ETF will trade under the KBTC ticker symbol. In addition, the firm has stated that Gemini, the cryptocurrency exchange owned by the Winklevoss twins, will act as its custodian for any BTC acquired for the ETF. The Bank of Mellon New York, meanwhile, will serve as Kryptoins transfer agent. On April 23, the SEC acknowledged that it had received Kryptoins ETF application and said it would begin the review process. At that point, the commission had 45 days to either approve, deny or extend the review time for the application. Thus, in total, the agency cannot take longer than 240 days to make a decision. How does Kryptoin intend to operate the ETF? CME CF Bitcoin Reference Rate Since the cryptocurrency market trades 24/7 and across many exchanges worldwide, fund operators need to settle on an accurate and acceptable rate to their investors. In its S-1 filing with the SEC, Kryptoin disclosed that it had been licensed to use CMEs Bitcoin Reference Rate (BRR) to measure bitcoins price. Using CMEs BTC Reference Rate means that Kryptoins ETF will update its prices once a day. This instead of tracking the cryptocurrency market in real-time. The metric considers several factors, including the prevailing trading price at large cryptocurrency exchanges over the preceding time period. More specifically, a volume-weighted median trade price is calculated across Bitstamp, Coinbase Pro, itBit, Kraken, and Gemini to determine the true price of bitcoin. As a result of this diversification, CMEs Bitcoin price considers billions of dollars worth of trading volume rather than just the spot price on any one cryptocurrency exchange. Having said that, a daily snapshot of bitcoins price is a double-edged sword. On the one hand, it shields retail investors from sudden changes in bitcoin prices. This solves the common complaint of volatility. On the other hand, however, it also prevents investors from buying or selling at opportune moments. Still, given the passive nature of most ETF investors, its likely that Kryptoins market research has found that this approach is the best middle ground. Will the SEC approve Kryptoins bitcoin ETF? As of June 2021, the SEC is currently evaluating three separate ETF applications. Namely those from VanEck, WisdomTree, and Kryptoin. A total of nine applications are sitting with the SEC, including a growing appetite for regulated financial products in the United States. While Kryptoin had first submitted its bitcoin ETF application in October 2019, it failed to convince the SEC at the time. This was consistent with all other applications as well. The leadership said that operators did not sufficiently prove they could combat fraud and market manipulation in the cryptocurrency market. Whether the SEC will approve Kryptoins ETF remains to be seen. However, many believe that the fund will be approved alongside others to ensure that one company does not get a head start. In fact, this is exactly what happened with Grayscale Investments. The aforementioned hedge fund that first began accepting clients in 2019. Greyscale, Kryptoin and the SEC The Grayscale Bitcoin Trust (GBTC) routinely trades at a significantly higher price than the underlying asset, bitcoin. While the difference is often around the 5% to 10% mark, it has exceeded 30% on occasion as well. This is because Grayscale dominated the regulated financial offerings market and had a limited number of competitors. Today, Grayscales GBTC premium is much lower. This indicates that the market has finally caught up with the demand. But, the same will eventually happen in the ETF space. Especially now with the increasing interest from multiple firms. As for Kryptoin in particular, it is notably among the few ETFs that have listed all service providers in its application to the SEC. However, the SEC has not declined any ETF for lack of credibility in the past. Instead, it alleges that the crypto markets overall lack of transparency is a bigger issue. A lot has changed since the SECs string of bitcoin ETF rejections in 2019 and 2020, though. A member of the SEC, Hester Peirce, has stated that approval is long overdue. In an interview earlier in 2021, Peirce said , Its well past time that we approve an exchange-traded product in Bitcoin. We have a lot more information now than we did. Im hopeful that because we have a new chairman and one thats interested in this space, well have a chance to take a fresh look. The future of Kryptoins bitcoin ETF On June 9, 2021, the SEC posted a notice stating that it would need additional time to review Kryptoins ETF. This is a strategy the agency has used several times, with WisdomTrees ETF being delayed in the same month. Nevertheless, the decision to approve or deny these applications will be made by the end of this year. For now, the SEC has invited public discourse on the ETF applications. Kryptoins ETF has received two such comments. One individual has submitted a lengthy rebuttal against the growing demand for cryptocurrency ETFs. They ended with, There is something more liquid than bitcoin, and it is the dollar. You can never pay tax with bitcoin. Meanwhile, the other comment speaks favorably of bitcoin ETFs. It pointed out that the general public deserves a low-cost and risk-free adoption method. After all, large firms and hedge funds can already hold cryptocurrency without restrictions. With this much contention in public view, the SECs decision will be a landmark and historic moment in bitcoin history. || Swiss National Bank Has No Plans for a Digital Currency: Report: The Swiss National Bank (SNB) is not planning to introduce a central bank digital currency (CBDC), according to a report in the Swiss weekly business publication Handelszeitung. At a recent press conference hosted by the Swiss Bankers Association, SNB’s chief economist, Carlos Lenz, announced there is no need for a digital franc because the current payment system works well without one. Lenz also criticized blockchain technology, calling it “very inefficient.” “I don’t think a decentralized solution is ideal,” he said. Switzerland has been researching central bank digital currencies since at least 2019, when the Swiss parliament asked the government to examine the potential of creating a CBDC. In December 2019, the government concluded that a digital franc would be too risky. The country has created a friendly environment for blockchain startups with the Zug Valley among the world’s hotbeds of innovation. Diem, the Facebook-backed stablecoin project formerly known as Libra, is also based in Switzerland. Related: Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions Despite the Swiss government’s negative stance on central bank digital currencies, Swiss CBDC research has continued. In 2020, the Bank of International Settlements (BIS) wrapped a trial testing the feasibility of a CBDC used among financial institutions, and earlier this month the SNB and the Bank of France started a cross-border bank-to-bank CBDC experiment called “Project Jura.” But during the press comments, Lenz emphasized that these studies are just that – studies, not implementations. “This is not about implementation on a productive level,” Lenz stated. “There are currently no plans to introduce digital bank money. This also applies to the wholesale area.” Lenz compared the ongoing scramble to develop a CBDC to the fear that many in Switzerland felt when the euro was introduced. Story continues Related: Palestine’s Central Bank Reportedly Mulling a CBDC Launch “We had such discussions when the euro was introduced,” Lenz said. “There was also fear that payments would suddenly be made in euros.” Related Stories BIS Says Bitcoin Has Few Redeeming Attributes Bank of Israel Has Already Tested a Digital Shekel || Swiss National Bank Has No Plans for a Digital Currency: Report: The Swiss National Bank (SNB) is not planning to introduce a central bank digital currency (CBDC), according to areportin the Swiss weekly business publication Handelszeitung.
At a recent press conference hosted by the Swiss Bankers Association, SNB’s chief economist, Carlos Lenz, announced there is no need for a digital franc because the current payment system works well without one. Lenz also criticized blockchain technology, calling it “very inefficient.” “I don’t think a decentralized solution is ideal,” he said.
Switzerland has been researching central bank digital currencies since at least 2019, when the Swiss parliament asked the government to examine the potential of creating a CBDC. In December 2019, the governmentconcludedthat a digital franc would be too risky. The country has created a friendly environment for blockchain startups with the Zug Valley among the world’s hotbeds of innovation. Diem, the Facebook-backed stablecoin project formerly known as Libra, is also based in Switzerland.
Related:Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions
Despite the Swiss government’s negative stance on central bank digital currencies, Swiss CBDC research has continued. In 2020, the Bank of International Settlements (BIS) wrappeda trialtesting the feasibility of a CBDC used among financial institutions, and earlier this month the SNB and the Bank of France started a cross-border bank-to-bank CBDC experiment called “Project Jura.”
But during the press comments, Lenz emphasized that these studies are just that – studies, not implementations.
“This is not about implementation on a productive level,” Lenz stated. “There are currently no plans to introduce digital bank money. This also applies to the wholesale area.”
Lenz compared the ongoingscrambleto develop a CBDC to the fear that many in Switzerland felt when the euro was introduced.
Related:Palestine’s Central Bank Reportedly Mulling a CBDC Launch
“We had such discussions when the euro was introduced,” Lenz said. “There was also fear that payments would suddenly be made in euros.”
• BIS Says Bitcoin Has Few Redeeming Attributes
• Bank of Israel Has Already Tested a Digital Shekel
[Social Media Buzz]
None available.
|
34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23.
|
[Bitcoin Technical Analysis for 2020-07-16]
Volume: 15713967523, RSI (14-day): 44.44, 50-day EMA: 9218.88, 200-day EMA: 8677.34
[Wider Market Context]
Gold Price: 1798.70, Gold RSI: 58.93
Oil Price: 40.75, Oil RSI: 59.38
[Recent News (last 7 days)]
Twitter Breach Reactions: Security Professionals Offer an Early Assessment: @jack’s been pwned.
All of Twitter went ablaze Wednesday afternoon as major crypto accounts started tweeting they had partnered with a phony site called “Crypto For Health” on a giveaway of 5,000BTC.
It was a scam, but one that was able to reach the biggest accounts on Twitter, including that of former President Barack Obama, the most followed account in the world.
Related:Twitter Hacker Is a BitMEX Trader, On-Chain Data Suggests
Read more:Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts
Security pros contacted by CoinDesk had a wide array of opinions on the breach, but they all agreed the fault did not lie with each hacked account’s owner. They said the breach was likely from either third-party apps plugged into people’s Twitter accounts or from within the social mediagiant itself.
“Whatever the root cause will end up being, this amount of total pwnage would say to me that this is something novel and mass exploitable, not something well known and targeted,” Erik Cabetas, managing partner atInclude Security, told CoinDesk in an email.
Cabetas and Frans Rosén, another security professional from a firm in Europe calledDetectify, pointed CoinDesk tothis tweet, which detailed the following:
Related:Blockchain Bites: Twitter Hack Fallout, A New Way to 'Yield Farm' and a Hurricane-Proof CBDC
(OTP stands for “one-time password,” a security method commonly used as part of 2FA, or “two-factor identification.”) The account @6 is for Adrian Lamo, a journalist with 163,000 followers, who has now put his account on private.
Jessy Irwin, a security professional formerly of AgileBits (maker of 1Password) andCosmosmaker Tendermint, said there are a lot of ways to hack into big accounts.
“There are endless OAuth integrations, the APIs that allow third-party services to access the platform, and some of the SMS features,” she wrote. “[Twitter has] done some work to improve authorization and authentication, but if you are a super-user or you have a team posting for you, it’s still extremely difficult to secure the service.”
Parham Eftekhari, of the Cybersecurity Collaborative, a forum for security pros, cautioned that all security professionals could do is speculate. The scale of the attack and Twitter’s frustratedresponseindicated the problem could be a deep one:
Many security-adjacent accounts are sharing rumors that the breach is actually from inside Twitter, which would suggest all kinds of data could be compromised.
Richard Ma, founder of smart-contract auditing firm Quantstamp, told CoinDesk his team believed the problem was at Twitter’s San Francisco HQ.
“Based on what we’ve gathered so far, this is an internal Twitter security breach. The hacker was able to breach Twitter and gain access to internal admin functionality,” he told CoinDesk.
Irwin added:
“It is a ‘silly’ hack, but it’s also important to look at why people are motivated to hack things. Some hackers like to watch the world burn – that’s just how it is. It could be a campaign to make Twitter look silly or ill-prepared for the role it has in public discourse.”
Eftekhari agreed, noting it’s important to remember we are in a U.S. presidential election year, and that Twitter is a de facto communications institution for the United States, which could be an appealing target to rival nation-states.
After all, he noted, the payout ($106,200 so far) was small.
Read more:Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account
Irwin said associates in the security community have already noticed the domains being used by the cybercriminals have been active since April. “That suggests this is a known issue or an older vulnerability that was not recently introduced,” she said.
Yonathan Klijnsma, a threat researcher at the cybersecurity company RiskIQ, said that while he can’t be sure, there is speculation a Twitter support member account was hijacked.
“While we do not know if this is the cause, it might explain how they hijacked so many accounts,” Klijnsma told CoinDesk in an email. “Twitter support is able to help users who are locked out of their account by (normally) verifying information and then helping them get back into their account. Gaining access to a support member’s account could lead to the massive and seemingly effortless hijacking we observed today.”
He said the scale of the ongoing scam through these Twitter accounts with massive followings seems to be the whole story.
“But RiskIQ has been able to track much more of the bad guys’ infrastructure used in their scam operations,” said Klijnsma. “We’veidentified around 400 domainsso far that are all tied to these scams.”
Rosén emphasized to CoinDesk that he could only speculate, but noted the origin of the tweets has been “Twitter Web App” and that Twitter Support noted people might expect trouble with resets.
This suggested to Rosén that the “service used to send out password resets was breached somehow,” and that “some specific flow when resetting password made it possible to gain access to the web app.”
Which, he cautioned, might mean the attacker could do more than tweet, such as accessing direct messages (DMs). Dan Guido, ofTrail of Bits, a security firm widely relied on in crypto, pointed CoinDesk toa threadhe wrote on the incident on one of his firm’s secondary accounts. In that, he noted:
“Twitter has never been great at securing their own data. After getting their backend hacked in 2009 (very similar to today!), the FTC barred Twitter from making claims about their security for 20 years.”
Quantstamp’s Ma said this event could cement a key belief of the crypto faithful.
“Overall, I think this reinforces many people’s preference for self-custody of data in the crypto community,” Ma said. “Many Twitter users are not aware of the full control they are providing when using a third-party platform with special privileges over their accounts.”
• Twitter Breach Reactions: Security Professionals Offer an Early Assessment
• Twitter Breach Reactions: Security Professionals Offer an Early Assessment || Twitter Breach Reactions: Security Professionals Offer an Early Assessment: @jack’s been pwned. All of Twitter went ablaze Wednesday afternoon as major crypto accounts started tweeting they had partnered with a phony site called “Crypto For Health” on a giveaway of 5,000 BTC . It was a scam , but one that was able to reach the biggest accounts on Twitter, including that of former President Barack Obama, the most followed account in the world. Related: Twitter Hacker Is a BitMEX Trader, On-Chain Data Suggests Read more: Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts Security pros contacted by CoinDesk had a wide array of opinions on the breach, but they all agreed the fault did not lie with each hacked account’s owner. They said the breach was likely from either third-party apps plugged into people’s Twitter accounts or from within the social media giant itself . “Whatever the root cause will end up being, this amount of total pwnage would say to me that this is something novel and mass exploitable, not something well known and targeted,” Erik Cabetas, managing partner at Include Security , told CoinDesk in an email. Cabetas and Frans Rosén, another security professional from a firm in Europe called Detectify , pointed CoinDesk to this tweet , which detailed the following: Related: Blockchain Bites: Twitter Hack Fallout, A New Way to 'Yield Farm' and a Hurricane-Proof CBDC (OTP stands for “one-time password,” a security method commonly used as part of 2FA, or “two-factor identification.”) The account @6 is for Adrian Lamo, a journalist with 163,000 followers, who has now put his account on private. Jessy Irwin , a security professional formerly of AgileBits (maker of 1Password) and Cosmos maker Tendermint, said there are a lot of ways to hack into big accounts. “There are endless OAuth integrations, the APIs that allow third-party services to access the platform, and some of the SMS features,” she wrote. “[Twitter has] done some work to improve authorization and authentication, but if you are a super-user or you have a team posting for you, it’s still extremely difficult to secure the service.” Story continues Parham Eftekhari, of the Cybersecurity Collaborative, a forum for security pros, cautioned that all security professionals could do is speculate. The scale of the attack and Twitter’s frustrated response indicated the problem could be a deep one: Inside the birdhouse Many security-adjacent accounts are sharing rumors that the breach is actually from inside Twitter, which would suggest all kinds of data could be compromised. Richard Ma, founder of smart-contract auditing firm Quantstamp, told CoinDesk his team believed the problem was at Twitter’s San Francisco HQ. “Based on what we’ve gathered so far, this is an internal Twitter security breach. The hacker was able to breach Twitter and gain access to internal admin functionality,” he told CoinDesk. Irwin added: “It is a ‘silly’ hack, but it’s also important to look at why people are motivated to hack things. Some hackers like to watch the world burn – that’s just how it is. It could be a campaign to make Twitter look silly or ill-prepared for the role it has in public discourse.” Eftekhari agreed, noting it’s important to remember we are in a U.S. presidential election year, and that Twitter is a de facto communications institution for the United States, which could be an appealing target to rival nation-states. After all, he noted, the payout ( $106,200 so far ) was small. Read more: Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account Irwin said associates in the security community have already noticed the domains being used by the cybercriminals have been active since April. “That suggests this is a known issue or an older vulnerability that was not recently introduced,” she said. Yonathan Klijnsma, a threat researcher at the cybersecurity company RiskIQ, said that while he can’t be sure, there is speculation a Twitter support member account was hijacked. “While we do not know if this is the cause, it might explain how they hijacked so many accounts,” Klijnsma told CoinDesk in an email. “Twitter support is able to help users who are locked out of their account by (normally) verifying information and then helping them get back into their account. Gaining access to a support member’s account could lead to the massive and seemingly effortless hijacking we observed today.” He said the scale of the ongoing scam through these Twitter accounts with massive followings seems to be the whole story. “But RiskIQ has been able to track much more of the bad guys’ infrastructure used in their scam operations,” said Klijnsma. “We’ve identified around 400 domains so far that are all tied to these scams.” Scam’s source Rosén emphasized to CoinDesk that he could only speculate, but noted the origin of the tweets has been “Twitter Web App” and that Twitter Support noted people might expect trouble with resets. This suggested to Rosén that the “service used to send out password resets was breached somehow,” and that “some specific flow when resetting password made it possible to gain access to the web app.” Which, he cautioned, might mean the attacker could do more than tweet, such as accessing direct messages (DMs). Dan Guido, of Trail of Bits , a security firm widely relied on in crypto, pointed CoinDesk to a thread he wrote on the incident on one of his firm’s secondary accounts. In that, he noted: “Twitter has never been great at securing their own data. After getting their backend hacked in 2009 (very similar to today!), the FTC barred Twitter from making claims about their security for 20 years.” Quantstamp’s Ma said this event could cement a key belief of the crypto faithful. “Overall, I think this reinforces many people’s preference for self-custody of data in the crypto community,” Ma said. “Many Twitter users are not aware of the full control they are providing when using a third-party platform with special privileges over their accounts.” Related Stories Twitter Breach Reactions: Security Professionals Offer an Early Assessment Twitter Breach Reactions: Security Professionals Offer an Early Assessment || Obama, Biden, Netanyahu, Musk: Heres a List of Every Hacked Twitter Account: Twitter melted down Wednesday as the accounts of former President Barack Obama, presidential candidate and former Vice President Joe Biden, Kanye West, Elon Musk, prominent crypto Twitter figures, exchanges and others with verified accounts were hacked. Heres a growing list of the victims: People Barack Obama Joe Biden Elon Musk Benjamin Netanyahu Floyd Mayweather Kanye West Changpeng Zhao Charlie Lee Justin Sun Michael Bloomberg Jeff Bezos Warren Buffett Wiz Khalifa Bill Gates XXXTentacion Kim Kardashian West MrBeast Numerous other minor and unverified Twitter accounts Follow our coverage: Everything We Know About the Bitcoin Scam Rocking Twitters Most Prominent Accounts Exchanges and other crypto firms Binance Coinbase KuCoin Gemini Bitfinex Bitcoin Ripple CoinDesk Corporates Cash App Apple Uber This is a developing story. Related Stories Obama, Biden, Netanyahu, Musk: Heres a List of Every Hacked Twitter Account Obama, Biden, Netanyahu, Musk: Heres a List of Every Hacked Twitter Account Obama, Biden, Netanyahu, Musk: Heres a List of Every Hacked Twitter Account Obama, Biden, Netanyahu, Musk: Heres a List of Every Hacked Twitter Account View comments || Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account: Twitter melted down Wednesday as the accounts of former President Barack Obama, presidential candidate and former Vice President Joe Biden, Kanye West, Elon Musk, prominent crypto Twitter figures, exchanges and others with verified accounts were hacked. Here’s a growing list of the victims:
• Barack Obama
• Joe Biden
• Elon Musk
• Benjamin Netanyahu
• Floyd Mayweather
• Kanye West
• Changpeng Zhao
• Charlie Lee
• Justin Sun
• Michael Bloomberg
• Jeff Bezos
• Warren Buffett
• Wiz Khalifa
• Bill Gates
• XXXTentacion
• Kim Kardashian West
• MrBeast
• Numerous other minor and unverified Twitter accounts
Follow our coverage:Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts
• Binance
• Coinbase
• KuCoin
• Gemini
• Bitfinex
• Bitcoin
• Ripple
• CoinDesk
• Cash App
• Apple
• Uber
This is a developing story.
• Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account
• Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account
• Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account
• Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account || 2020 Daily Trail Markers: Could Election Day become "Election Week"?: Election officials across the country and in key battleground states say there could be a delay in reporting election night results in November given the likely surge in mail-in absentee ballots due to the coronavirus pandemic, reports CBSN politics reporter Caitlin Huey-Burns. Citing data from recent primaries, officials and election experts anticipate that more voters will cast their ballots by mail in this election than in years past and say the public should prepare now for the possibility of delays, so as not to undermine the integrity of the election results. "We need to be talking about "Election Week," not Election Day," former Homeland Security secretary and Republican Pennsylvania Governor Tom Ridge told CBS News. "We've seen an unprecedented request for absentee ballots and it may take a little longer." Ridge is the co-chair of the new bipartisan group, VoteSafe. While five states conduct their elections entirely by mail and 29 states don't require an excuse to vote absentee, not all states are equipped to process the huge uptick in ballots as quickly. New York City election officials are still in the process of counting ballots from the June 23 primary, which took place three weeks ago. One major issue is that many states aren't allowed to even begin opening returned ballots before Election Day on November 3, putting extra burdens on Election Day workers. In Wisconsin, Michigan, and Pennsylvania — all states that flipped from Democratic to Republican in 2016 by thin margins, fueling Donald Trump's win — officials are urging their state legislatures to pass bills that would allow them to open and process ballots before Election Day. Without it, they say campaigns could be waiting awhile for results. Read more here . FROM THE CANDIDATES JOE BIDEN Joe Biden's Twitter account Tuesday evening was one of several accounts apparently hacked, with each account sent out a tweet linking to a donation page for Bitcoin. This message was tweeted to Biden's 6.9 million followers. Former President Obama's account — with more than 120 million followers — also sent out a similar message, as did giant companies like Apple. Biden's campaign tells CBS News campaign reporter Bo Erickson: "Twitter locked down the account immediately following the breach and removed the related tweet. We remain in touch with Twitter on the matter." Story continues Biden indicated he is making some administrative progress in choosing his running mate, Erickson reports. "We're getting closer. The background checks that have been done are coming to a conclusion within the next week to ten days," Biden told KPNX in Phoenix. The campaign vetting committee has been thumbing through personal, employment and business records of the approximately 10 women under consideration. CBS News has been told there have not been any candidates cut, beyond previous contenders like Minnesota Sen. Amy Klobuchar and Nevada Sen. Catherine Cortez Masto, who took themselves out of consideration. But Biden said he expected to potentially narrow the list this month before one-on-one interviews. An announcement is expected in early August. DONALD TRUMP The Trump campaign pushed out a new 30-second advertisement billing Joe Biden and his campaign platform as "unsafe for America." T he video copy reads in part , "Eliminating cash bail. Letting criminals back on the street. Violent crime exploding. Innocent children fatally shot. Who will be there to answer the call when your children aren't safe?" And while public polling shows Mr. Trump trailing former Vice President Joe Biden , Trump aides insist campaign internal numbers show Mr. Trump in competitive standing against a "defined Joe Biden." CBS News campaign reporter Nicole Sganga reports Wednesday's ad aims to shape public perception of the presumptive Democratic nominee. According to Kantar/CMAG tracking, the ad first aired Wednesday morning in Dayton. To date, the Trump campaign has already spent more than $2.2 million on TV ads in Ohio, reports CBS News associate producer Sarah-Ewall Wice. He also has another nearly $18.5 million in TV ads already reserved in Ohio through the fall. The Trump campaign has currently spent more on ad reservations in Ohio than in any state except Florida. The Trump campaign also has more than $10 million in TV ad reservations in North Carolina, Pennsylvania, Minnesota and Michigan leading up to the election so far. Vice President Pence weighed in on Republicans' ever-evolving plans for its nominating convention, Wednesday. "I can tell you it is a work in progress," Pence remarked in a Trump campaign call with reporters. "The president has indicated we will be flexible. We will continue to consult with Mayor Curry and other local health officials and Governor DeSantis, as we move forward. There's consideration being given of having the convention in an outdoor setting. And also, putting the kind of measures in place that put the health of all of those participating – our delegates, visitors and anyone else that's present – We'll put the health of everyone participating first." Pence told CBS News correspondent Nikole Killion to expect more GOP convention announcements from the Trump campaign in "forthcoming days." STATE-BY-STATE GEORGIA President Trump visited Atlanta, Georgia Wednesday for a non-campaign event, but like recent official trips to Arizona, Michigan and Wisconsin, this visit happens to be to a battleground state his reelection campaign is eager to keep in the "win" column in November, reports CBS News associate producer Eleanor Watson. The latest CBS News Battleground Tracker poll rates Georgia as a toss-up for the presidential election; currently, Biden leads Mr. Trump by two points. Georgia voters have not picked a Democrat to be president since 1992, but the gains Democrats have made in recent elections with key groups have turned it into a state to watch. In addition to the presidential race, there are two Senate races this fall. Republican Senator David Perdue is facing reelection, and Senator Kelly Loeffler is facing a slew of candidates including Rep. Doug Collins, an ally of the president, in a special election. Perdue, Loeffler, and Collins all attended the event with the president in Atlanta this afternoon. CBS News Campaign Reporter Tim Perry reports some Georgia Democrats had low expectations before Mr. Trump began his trip to the state. During an interview Tuesday night, Atlanta Mayor Keisha Lance Bottoms said she would be "shocked," if the president kept to his infrastructure message, and challenged the president to put in place federal guidelines to help combat COVID-19. "We are lacking leadership. Now, what I would say to President Trump is please allow the experts to speak, to give us sound information without you countering their information and allow this country an opportunity to get to the other side." Others, including Stacey Abrams, a 2018 Georgia gubernatorial candidate and the Founder of the voting rights organization Fair Fight, Savannah Mayor Van Johnson and the Georgia Democratic Party Chair Woman Nikema Williams hosted a virtual press conference and blasted the president for his response to the coronavirus crisis in Georgia. "We know that the health impacts of coronavirus are only the first of the challenges in the midst of this public health crisis," Abrams said. "We are also watching an economic collapse and Trump's corrupt recovery has repeatedly favored a very few well connected friends at the expense of working families and small businesses, particularly leaving Black Americans to bear the worst of his cratering economy." To date, Georgia has had over 100,000 cases of coronavirus and more than 3,000 coronavirus deaths. OHIO Ohio Secretary of State Frank LaRose announced a partnership with Ohio craft breweries for a voter registration campaign, reports CBS News campaign reporter Jack Turman. He said over 30 craft breweries have joined the partnership, called "Raise a Glass to Democracy." Beer bottle labels will include the voter registration deadline, which is October 5. LaRose noted that in addition to voter registration campaigns, he has been focused on poll worker recruitment. "If we don't have 35,000 Ohioans to staff our polling locations, we won't be able to open them all," LaRose said. "That could result in inconveniences for voters. That's something we don't want to see." Four Ohio state House Democratic lawmakers sent a letter to LaRose pushing him to include pre-paid postage for absentee ballot application forms and for absentee ballots. "With cases of COVID-19 rising, continued inadequate testing, protective gear shortages, and slowdowns at the Post Office, voters are fearful," the letter says. "We are in a crisis and the window to solve it is closing. You must act." LaRose said he "would love to provide postage paid on absentee ballot return envelopes in the state of Ohio," but that requires approval from the legislature. Democratic state lawmakers say LaRose already has the authority to enact this reform. PENNSYLVANIA Joe Biden leads President Donald Trump by 13 points in the crucial battleground state of Pennsylvania, according to a Monmouth University poll released Wednesday. CBS News campaign reporter Zak Hudak reports the survey found that 53% of registered voters support Biden while 40% support Trump in the state. In the 10 counties where the count was closest in the 2016 presidential election, Biden holds an even greater lead, the poll found. But over half of the voters who participated said they think their communities have "secret voters" who plan to vote for Mr. Trump, but don't talk about it. Only a quarter said they believed Biden has similarly silent supporters. A Monmouth poll in August 2016 put Mr. Trump 8 points behind Hillary Clinton in Pennsylvania. Mr. Trump ended up winning there by fewer than 50,000 votes. "The media consistently reports that Biden is in the lead, but voters remember what happened in 2016. The specter of a secret Trump vote looms large in 2020," said Patrick Murray, director of the independent Monmouth University Polling Institute, in a report on the poll. This latest poll found that voters in the state are split on who they expect to win the presidential contest there. BY THE NUMBERS POLLS, POLLS, POLLS A new Quinnipiac Poll shows Joe Biden with a widening lead nationally in his head-to-head matchup with President Trump, reports CBS News associate producer Sarah Ewall-Wice. The former vice president is polling at 52% among registered voters to Trump's 37%. That's up from his 49% to 41% lead over the president in the same poll in mid-June. Biden's lead is aided by independent voters who support him 51% to Trump's 34% according to the new poll. Biden is also gaining ground in terms of how registered voters view him on the issues. The poll found him leading Trump on handling a crisis 57% to 38%, on health care 58% to 35%, on a coronavirus response 59% to 35%, and addressing racial inequality 62% to 30%. The polling also nearly reversed where voters viewed Biden versus Trump on handling the economy. In June, Trump was ahead 51% to 46%, but now Biden is up on that issue, 50% to 45%. AD WARS PAC ATTACK Priorities USA announced Wednesday it's investing $24 million in a mobilization and vote-by-mail effort targeting Black and Latino voters in battleground states, reports CBS News associate producer Sarah Ewall-Wice. Ahead of the November election, the pro-Democrat group has set its sights on Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin. According to Chairman Guy Cecil, this is the largest effort Priorities USA has undertaken since it was founded, and vote-by-mail is taking particular importance as voters could still be facing coronavirus related health concerns later this year. "We want to make sure that that access to the ballot, especially in the context of an outbreak in the fall, is available to every single American and in particular those that are typically underrepresented in civic life," Cecil said. Priorities USA stated that its polling as well as the recent primaries across the country have indicated high interest in vote-by-mail. As part of its effort, Priorities USA plans to use its digital infrastructure for a combination of education on vote-by-mail and mobilization to get voters to fill out applications and then follow up with them digitally. "Our role in this, in terms of vote-by-mail will be building out a large, aggressive digital operation that can drive people to fill out their ballot, but also to inform them and to deal with any misinformation from the Republican side," Cecil said. CONGRESSIONAL COVERAGE IN THE SENATE In Tuesday's primaries, former Auburn Football Coach Tommy Tuberville beat former Attorney General Jeff Sessions in the Republican Senate primary runoff in Alabama. Tuberville will go on to face Democrat Senator Doug Jones, considered the most vulnerable Democrat on the map in 2020. In Texas, Air Force veteran MJ Hegar beat State Senator Royce West and will face GOP Senator John Cornyn in November, reports CBS News associate producer Eleanor Watson. And in Maine, House Speaker Sara Gideon won the Democratic primary and will face GOP Senator Susan Collins in the general election. IN THE HOUSE Texas Texas had fifteen U.S. House runoffs on Tuesday, and unlike recent primaries, almost all of them had a winner by Wednesday morning. CBS News political unit broadcast associate Aaron Navarro reports the outlier is the GOP runoff in Texas' 23rd, where the gap between the two candidates is only 7 votes. Tony Gonzales, backed by Mr. Trump and the district's outgoing Congressman Will Hurd, holds the advantage so far over Raul Reyes Jr. and declared victory on Twitter Wednesday. Reyes Jr. wrote on a Facebook post the "race is far from over" and that there are still absentee, overseas and military ballots to be counted. Both Gonzales (Navy) and Reyes Jr. (Air Force) are veterans. Absentee ballots postmarked by 7 p.m. election day are accepted until 5 p.m. Wednesday, while military and overseas ballots have to be received by July 20. Notable winners from Tuesday include former White House physician Ronny Jackson, who won his Republican runoff in Texas' 13th District, a safely Republican district. Congressman Mac Thornberry, who holds the seat and is retiring, had endorsed Jackson's opponent Josh Winegarner. Former Congressman Pete Sessions, who lost in 2018 to Democrat Colin Allred in the 32nd District, won the runoff for the 17th District against Renee Swann. Sheriff Troy Nehls won the Texas 22nd Republican runoff against Kathaleen Wall, who spent more than $8 million on the race. He'll face Democrat Sri Preston Kulkarni for this Houston-area seat. Among Democrats, Candace Valenzuela won against retired Air Force Colonel Kim Olson in Texas' 24th, and if she wins in November against Republican Beth Van Duyne in this competitive Dallas-metro seat, would be the first Afro-Latina to serve in Congress. Progressive Mike Siegel won against a more moderate candidate in Texas' 10th, and will face Republican Michael McCaul in the general. The Texas Democratic Party says Tuesday's turnout set a record high for Democratic runoffs in the state, with 955,735 in total showing up. The previous record was in 1994, where 746,000 showed up. Kansas On Tuesday night, Republican Congressman Steve Watkins was charged with voter fraud related to the state's November 2019 elections. Watkins, who represents Kansas' 2nd District, faces three felony charges and a misdemeanor. The charges stem from a December 2019 investigation over Watkins using the address of a UPS Store in Topeka, Kansas, as his residential address on a voter registration form. Watkins' charges were announced less than an hour before his Republican primary debate, and less than a month before the state's August 4 congressional primaries. At the debate, Navarro reports that he called the charges "clearly hyper-political" and "very suspicious." He also said he hasn't yet seen the specific charges and that he looks "forward to setting the record straight." Democrats running include Topeka Mayor Michelle De La Isla, and University of Kansas graduate teaching assistant James Windholz. Republicans LaTurner and former county commissioner Dennis Taylor are challenging Watkins for the primary. GOVERNOR'S MANSION A Gallup poll found that Republican governors are seeing a slight decline in approval ratings over their handling of COVID-19, while levels for Democratic governors remain steady. Forty-three percent of respondents to its early July poll thought their Republican governor "communicated a clear plan of action," down from 54% in early June. The rating for Democrats dropped from 66% in early June to 65% in this newest poll. The slight drop comes as several Sun Belt states (Florida, Texas and Arizona) ran by Republican Governors are seeing high spikes in COVID-19 cases. In Oklahoma, Governor Kevin Stitt revealed he has tested positive for COVID-19 on Tuesday. CBS News digital reporter Melissa Quinn reports Stitt said it wasn't likely caused by attending the Trump campaign rally in Tulsa on June 20. "It's too long ago for it to be dormant based on the science," he said during a virtual press conference. Meanwhile in Missouri, Navarro says the race between Republican Governor Mike Parson and Democrat State Auditor Nicole Galloway is heating up. A poll showed Galloway down two points, and Galloway's campaign announced she raised $1.1 million, compared to Parson's $481,641.07 in Q2 Trump talks coronavirus and policing in exclusive interview Ghislaine Maxwell denied bail after pleading not guilty Hospitals overwhelmed as Florida reports record virus deaths || 2020 Daily Trail Markers: Could Election Day become "Election Week"?: Election officials across the country and in key battleground states say there could be a delay in reporting election night results in November given the likely surge in mail-in absentee ballots due to the coronavirus pandemic, reports CBSN politics reporter Caitlin Huey-Burns. Citing data from recent primaries, officials and election experts anticipate that more voters will cast their ballots by mail in this election than in years past and say the public should prepare now for the possibility of delays, so as not to undermine the integrity of the election results. "We need to be talking about "Election Week," not Election Day," former Homeland Security secretary and Republican Pennsylvania Governor Tom Ridge told CBS News. "We've seen an unprecedented request for absentee ballots and it may take a little longer." Ridge is the co-chair of the new bipartisan group, VoteSafe. While five states conduct their elections entirely by mail and 29 states don't require an excuse to vote absentee, not all states are equipped to process the huge uptick in ballots as quickly. New York City election officials are still in the process of counting ballots from the June 23 primary, which took place three weeks ago. One major issue is that many states aren't allowed to even begin opening returned ballots before Election Day on November 3, putting extra burdens on Election Day workers. In Wisconsin, Michigan, and Pennsylvania — all states that flipped from Democratic to Republican in 2016 by thin margins, fueling Donald Trump's win — officials are urging their state legislatures to pass bills that would allow them to open and process ballots before Election Day. Without it, they say campaigns could be waiting awhile for results. Read more here . FROM THE CANDIDATES JOE BIDEN Joe Biden's Twitter account Tuesday evening was one of several accounts apparently hacked, with each account sent out a tweet linking to a donation page for Bitcoin. This message was tweeted to Biden's 6.9 million followers. Former President Obama's account — with more than 120 million followers — also sent out a similar message, as did giant companies like Apple. Biden's campaign tells CBS News campaign reporter Bo Erickson: "Twitter locked down the account immediately following the breach and removed the related tweet. We remain in touch with Twitter on the matter." Story continues Biden indicated he is making some administrative progress in choosing his running mate, Erickson reports. "We're getting closer. The background checks that have been done are coming to a conclusion within the next week to ten days," Biden told KPNX in Phoenix. The campaign vetting committee has been thumbing through personal, employment and business records of the approximately 10 women under consideration. CBS News has been told there have not been any candidates cut, beyond previous contenders like Minnesota Sen. Amy Klobuchar and Nevada Sen. Catherine Cortez Masto, who took themselves out of consideration. But Biden said he expected to potentially narrow the list this month before one-on-one interviews. An announcement is expected in early August. DONALD TRUMP The Trump campaign pushed out a new 30-second advertisement billing Joe Biden and his campaign platform as "unsafe for America." T he video copy reads in part , "Eliminating cash bail. Letting criminals back on the street. Violent crime exploding. Innocent children fatally shot. Who will be there to answer the call when your children aren't safe?" And while public polling shows Mr. Trump trailing former Vice President Joe Biden , Trump aides insist campaign internal numbers show Mr. Trump in competitive standing against a "defined Joe Biden." CBS News campaign reporter Nicole Sganga reports Wednesday's ad aims to shape public perception of the presumptive Democratic nominee. According to Kantar/CMAG tracking, the ad first aired Wednesday morning in Dayton. To date, the Trump campaign has already spent more than $2.2 million on TV ads in Ohio, reports CBS News associate producer Sarah-Ewall Wice. He also has another nearly $18.5 million in TV ads already reserved in Ohio through the fall. The Trump campaign has currently spent more on ad reservations in Ohio than in any state except Florida. The Trump campaign also has more than $10 million in TV ad reservations in North Carolina, Pennsylvania, Minnesota and Michigan leading up to the election so far. Vice President Pence weighed in on Republicans' ever-evolving plans for its nominating convention, Wednesday. "I can tell you it is a work in progress," Pence remarked in a Trump campaign call with reporters. "The president has indicated we will be flexible. We will continue to consult with Mayor Curry and other local health officials and Governor DeSantis, as we move forward. There's consideration being given of having the convention in an outdoor setting. And also, putting the kind of measures in place that put the health of all of those participating – our delegates, visitors and anyone else that's present – We'll put the health of everyone participating first." Pence told CBS News correspondent Nikole Killion to expect more GOP convention announcements from the Trump campaign in "forthcoming days." STATE-BY-STATE GEORGIA President Trump visited Atlanta, Georgia Wednesday for a non-campaign event, but like recent official trips to Arizona, Michigan and Wisconsin, this visit happens to be to a battleground state his reelection campaign is eager to keep in the "win" column in November, reports CBS News associate producer Eleanor Watson. The latest CBS News Battleground Tracker poll rates Georgia as a toss-up for the presidential election; currently, Biden leads Mr. Trump by two points. Georgia voters have not picked a Democrat to be president since 1992, but the gains Democrats have made in recent elections with key groups have turned it into a state to watch. In addition to the presidential race, there are two Senate races this fall. Republican Senator David Perdue is facing reelection, and Senator Kelly Loeffler is facing a slew of candidates including Rep. Doug Collins, an ally of the president, in a special election. Perdue, Loeffler, and Collins all attended the event with the president in Atlanta this afternoon. CBS News Campaign Reporter Tim Perry reports some Georgia Democrats had low expectations before Mr. Trump began his trip to the state. During an interview Tuesday night, Atlanta Mayor Keisha Lance Bottoms said she would be "shocked," if the president kept to his infrastructure message, and challenged the president to put in place federal guidelines to help combat COVID-19. "We are lacking leadership. Now, what I would say to President Trump is please allow the experts to speak, to give us sound information without you countering their information and allow this country an opportunity to get to the other side." Others, including Stacey Abrams, a 2018 Georgia gubernatorial candidate and the Founder of the voting rights organization Fair Fight, Savannah Mayor Van Johnson and the Georgia Democratic Party Chair Woman Nikema Williams hosted a virtual press conference and blasted the president for his response to the coronavirus crisis in Georgia. "We know that the health impacts of coronavirus are only the first of the challenges in the midst of this public health crisis," Abrams said. "We are also watching an economic collapse and Trump's corrupt recovery has repeatedly favored a very few well connected friends at the expense of working families and small businesses, particularly leaving Black Americans to bear the worst of his cratering economy." To date, Georgia has had over 100,000 cases of coronavirus and more than 3,000 coronavirus deaths. OHIO Ohio Secretary of State Frank LaRose announced a partnership with Ohio craft breweries for a voter registration campaign, reports CBS News campaign reporter Jack Turman. He said over 30 craft breweries have joined the partnership, called "Raise a Glass to Democracy." Beer bottle labels will include the voter registration deadline, which is October 5. LaRose noted that in addition to voter registration campaigns, he has been focused on poll worker recruitment. "If we don't have 35,000 Ohioans to staff our polling locations, we won't be able to open them all," LaRose said. "That could result in inconveniences for voters. That's something we don't want to see." Four Ohio state House Democratic lawmakers sent a letter to LaRose pushing him to include pre-paid postage for absentee ballot application forms and for absentee ballots. "With cases of COVID-19 rising, continued inadequate testing, protective gear shortages, and slowdowns at the Post Office, voters are fearful," the letter says. "We are in a crisis and the window to solve it is closing. You must act." LaRose said he "would love to provide postage paid on absentee ballot return envelopes in the state of Ohio," but that requires approval from the legislature. Democratic state lawmakers say LaRose already has the authority to enact this reform. PENNSYLVANIA Joe Biden leads President Donald Trump by 13 points in the crucial battleground state of Pennsylvania, according to a Monmouth University poll released Wednesday. CBS News campaign reporter Zak Hudak reports the survey found that 53% of registered voters support Biden while 40% support Trump in the state. In the 10 counties where the count was closest in the 2016 presidential election, Biden holds an even greater lead, the poll found. But over half of the voters who participated said they think their communities have "secret voters" who plan to vote for Mr. Trump, but don't talk about it. Only a quarter said they believed Biden has similarly silent supporters. A Monmouth poll in August 2016 put Mr. Trump 8 points behind Hillary Clinton in Pennsylvania. Mr. Trump ended up winning there by fewer than 50,000 votes. "The media consistently reports that Biden is in the lead, but voters remember what happened in 2016. The specter of a secret Trump vote looms large in 2020," said Patrick Murray, director of the independent Monmouth University Polling Institute, in a report on the poll. This latest poll found that voters in the state are split on who they expect to win the presidential contest there. BY THE NUMBERS POLLS, POLLS, POLLS A new Quinnipiac Poll shows Joe Biden with a widening lead nationally in his head-to-head matchup with President Trump, reports CBS News associate producer Sarah Ewall-Wice. The former vice president is polling at 52% among registered voters to Trump's 37%. That's up from his 49% to 41% lead over the president in the same poll in mid-June. Biden's lead is aided by independent voters who support him 51% to Trump's 34% according to the new poll. Biden is also gaining ground in terms of how registered voters view him on the issues. The poll found him leading Trump on handling a crisis 57% to 38%, on health care 58% to 35%, on a coronavirus response 59% to 35%, and addressing racial inequality 62% to 30%. The polling also nearly reversed where voters viewed Biden versus Trump on handling the economy. In June, Trump was ahead 51% to 46%, but now Biden is up on that issue, 50% to 45%. AD WARS PAC ATTACK Priorities USA announced Wednesday it's investing $24 million in a mobilization and vote-by-mail effort targeting Black and Latino voters in battleground states, reports CBS News associate producer Sarah Ewall-Wice. Ahead of the November election, the pro-Democrat group has set its sights on Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin. According to Chairman Guy Cecil, this is the largest effort Priorities USA has undertaken since it was founded, and vote-by-mail is taking particular importance as voters could still be facing coronavirus related health concerns later this year. "We want to make sure that that access to the ballot, especially in the context of an outbreak in the fall, is available to every single American and in particular those that are typically underrepresented in civic life," Cecil said. Priorities USA stated that its polling as well as the recent primaries across the country have indicated high interest in vote-by-mail. As part of its effort, Priorities USA plans to use its digital infrastructure for a combination of education on vote-by-mail and mobilization to get voters to fill out applications and then follow up with them digitally. "Our role in this, in terms of vote-by-mail will be building out a large, aggressive digital operation that can drive people to fill out their ballot, but also to inform them and to deal with any misinformation from the Republican side," Cecil said. CONGRESSIONAL COVERAGE IN THE SENATE In Tuesday's primaries, former Auburn Football Coach Tommy Tuberville beat former Attorney General Jeff Sessions in the Republican Senate primary runoff in Alabama. Tuberville will go on to face Democrat Senator Doug Jones, considered the most vulnerable Democrat on the map in 2020. In Texas, Air Force veteran MJ Hegar beat State Senator Royce West and will face GOP Senator John Cornyn in November, reports CBS News associate producer Eleanor Watson. And in Maine, House Speaker Sara Gideon won the Democratic primary and will face GOP Senator Susan Collins in the general election. IN THE HOUSE Texas Texas had fifteen U.S. House runoffs on Tuesday, and unlike recent primaries, almost all of them had a winner by Wednesday morning. CBS News political unit broadcast associate Aaron Navarro reports the outlier is the GOP runoff in Texas' 23rd, where the gap between the two candidates is only 7 votes. Tony Gonzales, backed by Mr. Trump and the district's outgoing Congressman Will Hurd, holds the advantage so far over Raul Reyes Jr. and declared victory on Twitter Wednesday. Reyes Jr. wrote on a Facebook post the "race is far from over" and that there are still absentee, overseas and military ballots to be counted. Both Gonzales (Navy) and Reyes Jr. (Air Force) are veterans. Absentee ballots postmarked by 7 p.m. election day are accepted until 5 p.m. Wednesday, while military and overseas ballots have to be received by July 20. Notable winners from Tuesday include former White House physician Ronny Jackson, who won his Republican runoff in Texas' 13th District, a safely Republican district. Congressman Mac Thornberry, who holds the seat and is retiring, had endorsed Jackson's opponent Josh Winegarner. Former Congressman Pete Sessions, who lost in 2018 to Democrat Colin Allred in the 32nd District, won the runoff for the 17th District against Renee Swann. Sheriff Troy Nehls won the Texas 22nd Republican runoff against Kathaleen Wall, who spent more than $8 million on the race. He'll face Democrat Sri Preston Kulkarni for this Houston-area seat. Among Democrats, Candace Valenzuela won against retired Air Force Colonel Kim Olson in Texas' 24th, and if she wins in November against Republican Beth Van Duyne in this competitive Dallas-metro seat, would be the first Afro-Latina to serve in Congress. Progressive Mike Siegel won against a more moderate candidate in Texas' 10th, and will face Republican Michael McCaul in the general. The Texas Democratic Party says Tuesday's turnout set a record high for Democratic runoffs in the state, with 955,735 in total showing up. The previous record was in 1994, where 746,000 showed up. Kansas On Tuesday night, Republican Congressman Steve Watkins was charged with voter fraud related to the state's November 2019 elections. Watkins, who represents Kansas' 2nd District, faces three felony charges and a misdemeanor. The charges stem from a December 2019 investigation over Watkins using the address of a UPS Store in Topeka, Kansas, as his residential address on a voter registration form. Watkins' charges were announced less than an hour before his Republican primary debate, and less than a month before the state's August 4 congressional primaries. At the debate, Navarro reports that he called the charges "clearly hyper-political" and "very suspicious." He also said he hasn't yet seen the specific charges and that he looks "forward to setting the record straight." Democrats running include Topeka Mayor Michelle De La Isla, and University of Kansas graduate teaching assistant James Windholz. Republicans LaTurner and former county commissioner Dennis Taylor are challenging Watkins for the primary. GOVERNOR'S MANSION A Gallup poll found that Republican governors are seeing a slight decline in approval ratings over their handling of COVID-19, while levels for Democratic governors remain steady. Forty-three percent of respondents to its early July poll thought their Republican governor "communicated a clear plan of action," down from 54% in early June. The rating for Democrats dropped from 66% in early June to 65% in this newest poll. The slight drop comes as several Sun Belt states (Florida, Texas and Arizona) ran by Republican Governors are seeing high spikes in COVID-19 cases. In Oklahoma, Governor Kevin Stitt revealed he has tested positive for COVID-19 on Tuesday. CBS News digital reporter Melissa Quinn reports Stitt said it wasn't likely caused by attending the Trump campaign rally in Tulsa on June 20. "It's too long ago for it to be dormant based on the science," he said during a virtual press conference. Meanwhile in Missouri, Navarro says the race between Republican Governor Mike Parson and Democrat State Auditor Nicole Galloway is heating up. A poll showed Galloway down two points, and Galloway's campaign announced she raised $1.1 million, compared to Parson's $481,641.07 in Q2 Trump talks coronavirus and policing in exclusive interview Ghislaine Maxwell denied bail after pleading not guilty Hospitals overwhelmed as Florida reports record virus deaths || High-Profile Twitter Accounts Including Obama, Biden Targeted in Bitcoin Scam: Several high-profile Twitter accounts, including those of Democratic presidential candidate Joe Biden and former president Barack Obama appeared to be hacked simultaneously on Wednesday with a message soliciting participation in a Bitcoin scam. The hacking effort also targeted Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Microsoft founder Bill Gates, former New York City Mayor Michael Bloomberg, Kanye West, Warren Buffett, and the corporate accounts of Uber and Apple. A tweet from Musk read, “Feeling greatful, doubling all payments sent to my BTC address! You send $1,000, I send back $2,000! Only doing this for the next 30 minutes.” Many of the tweets included a link to a Bitcoin wallet address. Close to 300 people reportedly fell for the scam and contributed more than $100,000 to the fake wallet. Biden and Obama’s accounts posted a similar message, promising to double the money of participants who contributed to the Bitcoin wallet over the following 30 minutes. Uber posted a similar tweet that said, “Due to Covid-19, we are giving back over $10,000,000 in Bitcoin! All payments sent to our address below will be sent back doubled.” The ride-hailing company confirmed in a subsequent tweet that its account had been hacked. “Like many others, our @Uber account was hit by a scammer today. The tweet has been deleted and we’re working directly with @Twitter to figure out what happened,” Uber said. Hours after the first tweets appeared, Twitter said at 5:45 p.m. EST that the social media company is aware of the breach and is working on resolving it. “We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. We will update everyone shortly,” Twitter Support wrote in a tweet. More from National Review Twitter CEO Jack Dorsey’s Account Hacked Twitter CEO Announces Platform Will Halt All Political Advertising Twitter Locks Two Pro-Life Accounts, Citing ‘Abusive Behavior’ || High-Profile Twitter Accounts Including Obama, Biden Targeted in Bitcoin Scam: Several high-profile Twitter accounts, including those of Democratic presidential candidate Joe Biden and former president Barack Obama appeared to be hacked simultaneously on Wednesday with a message soliciting participation in a Bitcoin scam. The hacking effort also targeted Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Microsoft founder Bill Gates, former New York City Mayor Michael Bloomberg, Kanye West, Warren Buffett, and the corporate accounts of Uber and Apple. A tweet from Musk read, “Feeling greatful, doubling all payments sent to my BTC address! You send $1,000, I send back $2,000! Only doing this for the next 30 minutes.” Many of the tweets included a link to a Bitcoin wallet address. Close to 300 people reportedly fell for the scam and contributed more than $100,000 to the fake wallet. Biden and Obama’s accounts posted a similar message, promising to double the money of participants who contributed to the Bitcoin wallet over the following 30 minutes. Uber posted a similar tweet that said, “Due to Covid-19, we are giving back over $10,000,000 in Bitcoin! All payments sent to our address below will be sent back doubled.” The ride-hailing company confirmed in a subsequent tweet that its account had been hacked. “Like many others, our @Uber account was hit by a scammer today. The tweet has been deleted and we’re working directly with @Twitter to figure out what happened,” Uber said. Hours after the first tweets appeared, Twitter said at 5:45 p.m. EST that the social media company is aware of the breach and is working on resolving it. “We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. We will update everyone shortly,” Twitter Support wrote in a tweet. More from National Review Twitter CEO Jack Dorsey’s Account Hacked Twitter CEO Announces Platform Will Halt All Political Advertising Twitter Locks Two Pro-Life Accounts, Citing ‘Abusive Behavior’ || High-Profile Twitter Accounts Including Obama, Biden Targeted in Bitcoin Scam: Several high-profile Twitter accounts, including those of Democratic presidential candidate Joe Biden and former president Barack Obama appeared to be hacked simultaneously on Wednesday with a message soliciting participation in a Bitcoin scam. The hacking effort also targeted Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Microsoft founder Bill Gates, former New York City Mayor Michael Bloomberg, Kanye West, Warren Buffett, and the corporate accounts of Uber and Apple. A tweet from Musk read, “Feeling greatful, doubling all payments sent to my BTC address! You send $1,000, I send back $2,000! Only doing this for the next 30 minutes.” Many of the tweets included a link to a Bitcoin wallet address. Close to 300 people reportedly fell for the scam and contributed more than $100,000 to the fake wallet. Biden and Obama’s accounts posted a similar message, promising to double the money of participants who contributed to the Bitcoin wallet over the following 30 minutes. Uber posted a similar tweet that said, “Due to Covid-19, we are giving back over $10,000,000 in Bitcoin! All payments sent to our address below will be sent back doubled.” The ride-hailing company confirmed in a subsequent tweet that its account had been hacked. “Like many others, our @Uber account was hit by a scammer today. The tweet has been deleted and we’re working directly with @Twitter to figure out what happened,” Uber said. Hours after the first tweets appeared, Twitter said at 5:45 p.m. EST that the social media company is aware of the breach and is working on resolving it. “We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. We will update everyone shortly,” Twitter Support wrote in a tweet. More from National Review Twitter CEO Jack Dorsey’s Account Hacked Twitter CEO Announces Platform Will Halt All Political Advertising Twitter Locks Two Pro-Life Accounts, Citing ‘Abusive Behavior’ || Twitter bitcoin hack: List of affected accounts includes Elon Musk, Bill Gates: Hackers took control ofTwitteraccounts belonging to top companies and leaders throughout the business, tech and political landscape on Wednesday in an apparent scheme to stealBitcoinfrom their unsuspecting followers.
The hacked accounts sent out tweets soliciting the public to send bitcoin to a specific address. Tyler and Cameron Winklevoss, co-founders of cryptocurrency exchange Gemini, first raised alarms about the hack, tweeting “ALL MAJOR CRYPTO TWITTER ACCOUNTS HAVE BEEN COMPROMISED.”
CORONAVIRUS PROMPTS SONY TO BOOST PLAYSTATION5 PRODUCTION BY 50 PERCENT
“We are aware of a security incident impacting accounts on Twitter," the social media platform said in a statement. "We are investigating and taking steps to fix it. We will update everyone shortly.”
JOE BIDEN, JEFF BEZOS AMONG APPARENT HACKING VICTIMS IN BITCOIN TWEET SCAM
Bitcoin transactions are irreversible. Anyone who deposits cryptocurrency in a bitcoin wallet would be unable to recover their money unless the recipient opted to return it.
FOX Business breaks down all public figures affected by the Twitter hack below:
• Apple
• Binance
• Coinbase
• Coindesk
• Gemini
• Uber
• Jeff Bezos, Amazon CEO
• Kanye West, music mogul
• Bill Gates, Microsoft CEO
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• Elon Musk, Tesla and SpaceX CEO
• Joe Biden, 2020 Democratic presidential nominee
• Barack Obama, former U.S. president
• Warren Buffett, billionaire investor
• Michael Bloomberg, billionaire and former democratic presidential candidate
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• Khloe Kardashian promotes Biohaven's new migraine medication
• Coronavirus prompts Sony to boost PlayStation 5 production by 50%: Report || Twitter bitcoin hack: List of affected accounts includes Elon Musk, Bill Gates: Hackers took control of Twitter accounts belonging to top companies and leaders throughout the business, tech and political landscape on Wednesday in an apparent scheme to steal Bitcoin from their unsuspecting followers. The hacked accounts sent out tweets soliciting the public to send bitcoin to a specific address. Tyler and Cameron Winklevoss, co-founders of cryptocurrency exchange Gemini, first raised alarms about the hack, tweeting “ALL MAJOR CRYPTO TWITTER ACCOUNTS HAVE BEEN COMPROMISED.” CORONAVIRUS PROMPTS SONY TO BOOST PLAYSTATION5 PRODUCTION BY 50 PERCENT “We are aware of a security incident impacting accounts on Twitter," the social media platform said in a statement. "We are investigating and taking steps to fix it. We will update everyone shortly.” JOE BIDEN, JEFF BEZOS AMONG APPARENT HACKING VICTIMS IN BITCOIN TWEET SCAM Bitcoin transactions are irreversible. Anyone who deposits cryptocurrency in a bitcoin wallet would be unable to recover their money unless the recipient opted to return it. FOX Business breaks down all public figures affected by the Twitter hack below: Apple Binance Coinbase Coindesk Gemini Uber Jeff Bezos, Amazon CEO Kanye West, music mogul Bill Gates, Microsoft CEO GET FOX BUSINESS ON THE GO BY CLICKING HERE Elon Musk, Tesla and SpaceX CEO Joe Biden, 2020 Democratic presidential nominee Barack Obama, former U.S. president Warren Buffett, billionaire investor Michael Bloomberg, billionaire and former democratic presidential candidate READ MORE ON FOX BUSINESS BY CLICKING HERE Related Articles Biden, Bezos among hacking victims in Bitcoin tweet 'scam' Khloe Kardashian promotes Biohaven's new migraine medication Coronavirus prompts Sony to boost PlayStation 5 production by 50%: Report || Scammer behind massive Twitter hack has made only $109,000so far: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today . Twitter fell victim to the largest hacking incident in its history on Tuesday as scammers hijacked the accounts of Elon Musk, Bill Gates, Kanye West, and Joe Biden, as well as those belonging to companies like Uber and Apple . The scam began around 3 p.m. ET when hackers infiltrated the accounts of prominent cryptocurrency companies, including Coinbase and Binance. The hackers encouraged Twitter users to visit a suspicious health website and, later on Wednesday, used the celebrity accounts to send Bitcoin in promise of a reward. Its unclear who is behind the incidents, but early reports suggest the massive hacking operation occurred as a result of someone gaining access to Twitters internal security operations. The attack, which was still underway as of late Wednesday afternoon, effectively gave the hackers control over one of the most influential media platforms in the world. But ironically, the payoff appears to have been relatively meager. As of 6 p.m. ET on Wednesday, the Bitcoin addressloosely akin to a bank account numberbroadcast by the hackers had received just under 12 Bitcoins, the total worth around $109,000 based on current prices. Some of the transactions could have been made by the scammers themselves. The hackers have since moved half of that amount to another Bitcoin address. It is possible to view the movement of the funds because of Bitcoins design, which creates a public ledger of transactions known as a blockchain. A popular service called Blockchain Explorer lets anyone view such activityincluding that tied to the scam address (which is bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh ). Coinbase, the cryptocurrency company that was among the first targets of the scam, has been blocking any attempted payments to the scammers addresspossibly undercutting the scams effectiveness. Story continues Update: The scammers created a new Bitcoin address after 6pm ET, tweeting it out from the Twitter account of Squares Cash App. Appears the hackers may have moved to a new bitcoin address, after Coinbase blocked bitcoin being sent to the original address. pic.twitter.com/Ue0wBPAM38 William Turton (@WilliamTurton) July 15, 2020 More must-read finance coverage from Fortune : Meet the one-branch bank that did more PPP lending than Citi Are we seeing a reverse square root symbol economic recovery ? A real bind: Banks that carry out Trumps new sanctions could violate Hong Kong security law Safelites CEO on steering the company through crisisand getting sales back to pre-pandemic levels Why slashing product prices is usually a terrible idea This story was originally featured on Fortune.com || Scammer behind massive Twitter hack has made only $109,000so far: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today . Twitter fell victim to the largest hacking incident in its history on Tuesday as scammers hijacked the accounts of Elon Musk, Bill Gates, Kanye West, and Joe Biden, as well as those belonging to companies like Uber and Apple . The scam began around 3 p.m. ET when hackers infiltrated the accounts of prominent cryptocurrency companies, including Coinbase and Binance. The hackers encouraged Twitter users to visit a suspicious health website and, later on Wednesday, used the celebrity accounts to send Bitcoin in promise of a reward. Its unclear who is behind the incidents, but early reports suggest the massive hacking operation occurred as a result of someone gaining access to Twitters internal security operations. The attack, which was still underway as of late Wednesday afternoon, effectively gave the hackers control over one of the most influential media platforms in the world. But ironically, the payoff appears to have been relatively meager. As of 6 p.m. ET on Wednesday, the Bitcoin addressloosely akin to a bank account numberbroadcast by the hackers had received just under 12 Bitcoins, the total worth around $109,000 based on current prices. Some of the transactions could have been made by the scammers themselves. The hackers have since moved half of that amount to another Bitcoin address. It is possible to view the movement of the funds because of Bitcoins design, which creates a public ledger of transactions known as a blockchain. A popular service called Blockchain Explorer lets anyone view such activityincluding that tied to the scam address (which is bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh ). Coinbase, the cryptocurrency company that was among the first targets of the scam, has been blocking any attempted payments to the scammers addresspossibly undercutting the scams effectiveness. Story continues Update: The scammers created a new Bitcoin address after 6pm ET, tweeting it out from the Twitter account of Squares Cash App. Appears the hackers may have moved to a new bitcoin address, after Coinbase blocked bitcoin being sent to the original address. pic.twitter.com/Ue0wBPAM38 William Turton (@WilliamTurton) July 15, 2020 More must-read finance coverage from Fortune : Meet the one-branch bank that did more PPP lending than Citi Are we seeing a reverse square root symbol economic recovery ? A real bind: Banks that carry out Trumps new sanctions could violate Hong Kong security law Safelites CEO on steering the company through crisisand getting sales back to pre-pandemic levels Why slashing product prices is usually a terrible idea This story was originally featured on Fortune.com || Biden, Gates, other Twitter accounts hacked in Bitcoin scam: Unidentified hackers broke into the Twitter accounts of technology moguls, politicians, celebrities and major companies Wednesday in an apparent Bitcoin scam.
The ruse included bogus tweets from former President Barack Obama, Democratic presidential front-runner Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also hacked. The fake tweets tweets offered to send $2,000 for every $1,000 sent to an anonymous Bitcoin address.
There is no evidence that the owners of these accounts were targeted themselves. Instead, the hacks appeared designed to lure their Twitter followers into sending money to an anonymous Bitcoin account. The Biden campaign, for instance, said that Twitter's integrity team “locked down the account within a few minutes of the breach and removed the related tweet.”
Obama's office had no immediate comment. The FBI said it was aware of Twitter's security breach, but declined further comment.
The apparently fake tweets were all quickly deleted, although the Associated Press was able to capture screenshots of several before they disappeared.
In several tweets, Twitter said it believes the incident was a “coordinated social engineering attack” that targeted some of its employees with access to internal systems and tools. They were then used to take control of many high-profile and verified accounts and tweet from them.
The company said it immediately locked down the affected accounts and removed the tweets posted by the attackers. It also temporarily blocked verified users from tweeting while the company investigated the issue.
Among the political figures targeted, the hack mostly appeared to target Democrats or other figures on the left, drawing comparisons to the 2016 campaign. U.S. intelligence agencies established that Russia engaged in coordinated attempts to interfere in those U.S. elections through social media tampering and various hacks, including targeting the various campaigns and major party organizations.
The hack might also be a simple demonstration of Twitter’s weak security controls as the U.S. heads into the 2020 presidential election, a contest in which the service is likely to play an influential role.
TheBitcoin accountmentioned in the fake tweets appears to have been created on Wednesday. By the end of the day, it had received almost 12.9 bitcoins, an amount currently valued at slightly more than $114,000. At some point during the day, roughly half that sum in bitcoin was withdrawn from the account.
Bezos, Gates and Musk are among the 10 richest people in the world, with tens of millions of followers on Twitter. The three men are worth a combined $362 billion, according to the latest calculations by Forbes magazine.
The same bogus offer cropped up a second time on Musk's account, which has a history of sometimes befuddling tweets from the eccentric billionaire. Tesla didn't immediately respond to a request for comment.
Gates, who has become one of the world's leading philanthropists since stepping down as Microsoft CEO, confirmed the tweet wasn't from him. “This appears to be part of a larger issue that Twitter is facing," a spokesperson for the billionaire said in a statement.
This is hardly the first time hackers have created mischief on Twitter. Just last year, the account of Twitter CEO Jack Dorseywas broken into and used to tweet racist and vulgar comments.
The latest security breach prompted Sen. Josh Hawley, a Missouri Republican, to send aletterto Dorsey urging him to work with the FBI and the Justice Department on ways to improve Twitter's security.
“A successful attack on your system’s servers represents a threat to all of your users’ privacy and data security," Hawley wrote.
Investors also appeared to be concerned about potential fallout from the hack affecting Twitter's usage. Twitter's shares fell 3% in extended trading after news of the hack broke.
___
AP political reporter Bill Barrow contributed to this article from Washington. AP Technology Writers Matt O'Brien in Providence, Rhode Island, Barbara Ortutay in Oakland, California, and Zen Soo in Hong Kong also contributed. || Biden, Gates, other Twitter accounts hacked in Bitcoin scam: Unidentified hackers broke into the Twitter accounts of technology moguls, politicians, celebrities and major companies Wednesday in an apparent Bitcoin scam. The ruse included bogus tweets from former President Barack Obama, Democratic presidential front-runner Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also hacked. The fake tweets tweets offered to send $2,000 for every $1,000 sent to an anonymous Bitcoin address. There is no evidence that the owners of these accounts were targeted themselves. Instead, the hacks appeared designed to lure their Twitter followers into sending money to an anonymous Bitcoin account. The Biden campaign, for instance, said that Twitter's integrity team locked down the account within a few minutes of the breach and removed the related tweet. Obama's office had no immediate comment. The FBI said it was aware of Twitter's security breach, but declined further comment. The apparently fake tweets were all quickly deleted, although the Associated Press was able to capture screenshots of several before they disappeared. In several tweets, Twitter said it believes the incident was a coordinated social engineering attack that targeted some of its employees with access to internal systems and tools. They were then used to take control of many high-profile and verified accounts and tweet from them. The company said it immediately locked down the affected accounts and removed the tweets posted by the attackers. It also temporarily blocked verified users from tweeting while the company investigated the issue. Among the political figures targeted, the hack mostly appeared to target Democrats or other figures on the left, drawing comparisons to the 2016 campaign. U.S. intelligence agencies established that Russia engaged in coordinated attempts to interfere in those U.S. elections through social media tampering and various hacks, including targeting the various campaigns and major party organizations. Story continues The hack might also be a simple demonstration of Twitters weak security controls as the U.S. heads into the 2020 presidential election, a contest in which the service is likely to play an influential role. The Bitcoin account mentioned in the fake tweets appears to have been created on Wednesday. By the end of the day, it had received almost 12.9 bitcoins, an amount currently valued at slightly more than $114,000. At some point during the day, roughly half that sum in bitcoin was withdrawn from the account. Bezos, Gates and Musk are among the 10 richest people in the world, with tens of millions of followers on Twitter. The three men are worth a combined $362 billion, according to the latest calculations by Forbes magazine. The same bogus offer cropped up a second time on Musk's account, which has a history of sometimes befuddling tweets from the eccentric billionaire. Tesla didn't immediately respond to a request for comment. Gates, who has become one of the world's leading philanthropists since stepping down as Microsoft CEO, confirmed the tweet wasn't from him. This appears to be part of a larger issue that Twitter is facing," a spokesperson for the billionaire said in a statement. This is hardly the first time hackers have created mischief on Twitter. Just last year, the account of Twitter CEO Jack Dorsey was broken into a nd used to tweet racist and vulgar comments. The latest security breach prompted Sen. Josh Hawley, a Missouri Republican, to send a letter to Dorsey urging him to work with the FBI and the Justice Department on ways to improve Twitter's security. A successful attack on your systems servers represents a threat to all of your users privacy and data security," Hawley wrote. Investors also appeared to be concerned about potential fallout from the hack affecting Twitter's usage. Twitter's shares fell 3% in extended trading after news of the hack broke. ___ AP political reporter Bill Barrow contributed to this article from Washington. AP Technology Writers Matt O'Brien in Providence, Rhode Island, Barbara Ortutay in Oakland, California, and Zen Soo in Hong Kong also contributed. || Biden, Gates, other Twitter accounts hacked in Bitcoin scam: Unidentified hackers broke into the Twitter accounts of technology moguls, politicians, celebrities and major companies Wednesday in an apparent Bitcoin scam.
The ruse included bogus tweets from former President Barack Obama, Democratic presidential front-runner Joe Biden, Mike Bloomberg and a number of tech billionaires including Amazon CEO Jeff Bezos, Microsoft co-founder Bill Gates and Tesla CEO Elon Musk. Celebrities Kanye West and his wife, Kim Kardashian West, were also hacked. The fake tweets tweets offered to send $2,000 for every $1,000 sent to an anonymous Bitcoin address.
There is no evidence that the owners of these accounts were targeted themselves. Instead, the hacks appeared designed to lure their Twitter followers into sending money to an anonymous Bitcoin account. The Biden campaign, for instance, said that Twitter's integrity team “locked down the account within a few minutes of the breach and removed the related tweet.”
Obama's office had no immediate comment. The FBI said it was aware of Twitter's security breach, but declined further comment.
The apparently fake tweets were all quickly deleted, although the Associated Press was able to capture screenshots of several before they disappeared.
In several tweets, Twitter said it believes the incident was a “coordinated social engineering attack” that targeted some of its employees with access to internal systems and tools. They were then used to take control of many high-profile and verified accounts and tweet from them.
The company said it immediately locked down the affected accounts and removed the tweets posted by the attackers. It also temporarily blocked verified users from tweeting while the company investigated the issue.
Among the political figures targeted, the hack mostly appeared to target Democrats or other figures on the left, drawing comparisons to the 2016 campaign. U.S. intelligence agencies established that Russia engaged in coordinated attempts to interfere in those U.S. elections through social media tampering and various hacks, including targeting the various campaigns and major party organizations.
The hack might also be a simple demonstration of Twitter’s weak security controls as the U.S. heads into the 2020 presidential election, a contest in which the service is likely to play an influential role.
TheBitcoin accountmentioned in the fake tweets appears to have been created on Wednesday. By the end of the day, it had received almost 12.9 bitcoins, an amount currently valued at slightly more than $114,000. At some point during the day, roughly half that sum in bitcoin was withdrawn from the account.
Bezos, Gates and Musk are among the 10 richest people in the world, with tens of millions of followers on Twitter. The three men are worth a combined $362 billion, according to the latest calculations by Forbes magazine.
The same bogus offer cropped up a second time on Musk's account, which has a history of sometimes befuddling tweets from the eccentric billionaire. Tesla didn't immediately respond to a request for comment.
Gates, who has become one of the world's leading philanthropists since stepping down as Microsoft CEO, confirmed the tweet wasn't from him. “This appears to be part of a larger issue that Twitter is facing," a spokesperson for the billionaire said in a statement.
This is hardly the first time hackers have created mischief on Twitter. Just last year, the account of Twitter CEO Jack Dorseywas broken into and used to tweet racist and vulgar comments.
The latest security breach prompted Sen. Josh Hawley, a Missouri Republican, to send aletterto Dorsey urging him to work with the FBI and the Justice Department on ways to improve Twitter's security.
“A successful attack on your system’s servers represents a threat to all of your users’ privacy and data security," Hawley wrote.
Investors also appeared to be concerned about potential fallout from the hack affecting Twitter's usage. Twitter's shares fell 3% in extended trading after news of the hack broke.
___
AP political reporter Bill Barrow contributed to this article from Washington. AP Technology Writers Matt O'Brien in Providence, Rhode Island, Barbara Ortutay in Oakland, California, and Zen Soo in Hong Kong also contributed. || Biden, Bezos among hacking victims in Bitcoin tweet 'scam': From a former head of state to current heads of companies, several prominentTwitteraccounts appeared to behackedWednesday with tweets soliciting donations inBitcoin.
“I am giving back to the community,” the tweets state. “All Bitcoin sent to the address below will be sent back doubled! If you send $1,000, I will send back $2,000. Only doing this for 30 minutes.” They are then followed by a code for a Bitcoin wallet.
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Business leaders including Bill Gates, Elon Musk, Jeff Bezos and Mike Bloomberg shared the tweets, which were later deleted. Presumptive Democratic presidential nominee Joe Biden and former President Barack Obama tweeted it too.
Twitter accounts for companies like Apple and Uber also shared the tweets, as did reality TV star Kim Kardashian West, boxer Floyd Mayweather and rapper Wiz Khalifa.
A spokesperson for Bill Gates confirmed to FOX Business that he had not sent the tweet.
"We can confirm that this tweet was not sent by Bill Gates," the spokesperson said. "This appears to be part of a larger issue that Twitter is facing. Twitter is aware and working to restore the account."
Twitter said it was investigating a security incident.
"We are investigating and taking steps to fix it," the company wrote in a tweet.
Cryptocurrency-related accounts including Gemini, Coinbase, Binance and Coindesk were also hacked and sent scam-related tweets, according to Tyler Winklevoss, the CEO of Gemini and tech investor known for the legal battle he and his brother fought against Mark Zuckerberg over the creation of Facebook.
“DO NOT CLICK THE LINK,” Winklevoss warned.
Bitcoin-tracking websiteBlockchain.comindicated the Bitcoin wallet linked in the tweets had been involved in more than 300 transactions, though it wasn't immediately clear how many, if any, were donations from people who saw the "scam" tweets. The account had received Bitcoin valued at more than $100,000, according to the website.
Due to the nature of Bitcoin, the transactions are irreversible.
Check back for more on this developing story.
READ MORE ON FOX BUSINESS BY CLICKING HERE
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• Amazon fulfillment center features robots working alongside employees || Biden, Bezos among hacking victims in Bitcoin tweet 'scam': From a former head of state to current heads of companies, several prominent Twitter accounts appeared to be hacked Wednesday with tweets soliciting donations in Bitcoin . I am giving back to the community, the tweets state. All Bitcoin sent to the address below will be sent back doubled! If you send $1,000, I will send back $2,000. Only doing this for 30 minutes. They are then followed by a code for a Bitcoin wallet. GET FOX BUSINESS ON THE GO BY CLICKING HERE Business leaders including Bill Gates, Elon Musk, Jeff Bezos and Mike Bloomberg shared the tweets, which were later deleted. Presumptive Democratic presidential nominee Joe Biden and former President Barack Obama tweeted it too. Twitter accounts for companies like Apple and Uber also shared the tweets, as did reality TV star Kim Kardashian West, boxer Floyd Mayweather and rapper Wiz Khalifa. A spokesperson for Bill Gates confirmed to FOX Business that he had not sent the tweet. "We can confirm that this tweet was not sent by Bill Gates," the spokesperson said. "This appears to be part of a larger issue that Twitter is facing. Twitter is aware and working to restore the account." Twitter said it was investigating a security incident. "We are investigating and taking steps to fix it," the company wrote in a tweet. Cryptocurrency-related accounts including Gemini, Coinbase, Binance and Coindesk were also hacked and sent scam-related tweets, according to Tyler Winklevoss, the CEO of Gemini and tech investor known for the legal battle he and his brother fought against Mark Zuckerberg over the creation of Facebook. DO NOT CLICK THE LINK, Winklevoss warned. Bitcoin-tracking website Blockchain.com indicated the Bitcoin wallet linked in the tweets had been involved in more than 300 transactions, though it wasn't immediately clear how many, if any, were donations from people who saw the "scam" tweets. The account had received Bitcoin valued at more than $100,000, according to the website. Story continues Due to the nature of Bitcoin, the transactions are irreversible. Check back for more on this developing story. READ MORE ON FOX BUSINESS BY CLICKING HERE Related Articles Khloe Kardashian promotes Biohaven's new migraine medication Coronavirus prompts Sony to boost PlayStation 5 production by 50%: Report Amazon fulfillment center features robots working alongside employees || Biden, Bezos among hacking victims in Bitcoin tweet 'scam': From a former head of state to current heads of companies, several prominentTwitteraccounts appeared to behackedWednesday with tweets soliciting donations inBitcoin.
“I am giving back to the community,” the tweets state. “All Bitcoin sent to the address below will be sent back doubled! If you send $1,000, I will send back $2,000. Only doing this for 30 minutes.” They are then followed by a code for a Bitcoin wallet.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Business leaders including Bill Gates, Elon Musk, Jeff Bezos and Mike Bloomberg shared the tweets, which were later deleted. Presumptive Democratic presidential nominee Joe Biden and former President Barack Obama tweeted it too.
Twitter accounts for companies like Apple and Uber also shared the tweets, as did reality TV star Kim Kardashian West, boxer Floyd Mayweather and rapper Wiz Khalifa.
A spokesperson for Bill Gates confirmed to FOX Business that he had not sent the tweet.
"We can confirm that this tweet was not sent by Bill Gates," the spokesperson said. "This appears to be part of a larger issue that Twitter is facing. Twitter is aware and working to restore the account."
Twitter said it was investigating a security incident.
"We are investigating and taking steps to fix it," the company wrote in a tweet.
Cryptocurrency-related accounts including Gemini, Coinbase, Binance and Coindesk were also hacked and sent scam-related tweets, according to Tyler Winklevoss, the CEO of Gemini and tech investor known for the legal battle he and his brother fought against Mark Zuckerberg over the creation of Facebook.
“DO NOT CLICK THE LINK,” Winklevoss warned.
Bitcoin-tracking websiteBlockchain.comindicated the Bitcoin wallet linked in the tweets had been involved in more than 300 transactions, though it wasn't immediately clear how many, if any, were donations from people who saw the "scam" tweets. The account had received Bitcoin valued at more than $100,000, according to the website.
Due to the nature of Bitcoin, the transactions are irreversible.
Check back for more on this developing story.
READ MORE ON FOX BUSINESS BY CLICKING HERE
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• Amazon fulfillment center features robots working alongside employees || Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts: Twitter’s thin veil of security went into full meltdown at 19:00 UTC on Wednesday. Within minutes, an apparently coordinated hack began: A mass takeover of the most prominent names in crypto. Within hours, even Barack Obama’s account was compromised. Click here for CoinDesk’s full coverage of the Twitter hack . Related: Blockchain Bites: Twitter Hack Fallout, A New Way to 'Yield Farm' and a Hurricane-Proof CBDC The messages pumped a bitcoin giveaway scam associated with an organization called “Crypto For Health.” First, they came for Binance’s account. Gemini was next. Then Coinbase. CoinDesk. Justin Sun. Charlie Lee. Bitcoin.org. Kucoin. Bitfinex. The Tron Foundation. Ripple. Millions of collective followers began seeing the same, cloying message: “I am giving back to my fans. All Bitcoin sent to my address below will be sent back doubled.” About one hour in, the hack ditched its “Crypto For Health” tagline and went mainstream. Elon Musk’s account led the charge. Then Bill Gates. Then Elon Musk’s account came back for more. Kanye showed up an hour later. Jeff Bezos promised $50 million. Michael Bloomberg. Joe Biden. Barack Obama. Related: After the Twitter Hack, We Need a User-Owned Internet More Than Ever “I’m feeling generous because of Covid-19. I’ll double any BTC payment sent to my BTC address for the next hour. Good luck, and stay safe out there!” Musk’s account tweeted out. That post, like many of them, has since been deleted. (The hacker returned to Musk’s account for a second (and third) round, however.) Read More: Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account Apple, Uber get hit By 21:00 UTC the hack had moved on to the tech giants. Apple’s account promised to double your bitcoin. Uber’s said it would return $10 million to users. Hackers all linked to or directly promoted a single bitcoin wallet address. Some fell for it. By press time the wallet had received 11.5 BTC worth $106,200 and sent out 5.8 BTC worth $53,600 in 278 transactions. Story continues The hacked accounts collectively had at least 139.6 million followers. What was so perplexing about this hack was that some of these accounts had two-factor authentication. At least CoinDesk’s did. With no easy explanation for how a single hack could target so many prominent Twitter accounts from such a broad spectrum – technology, entertainment, philanthropy, politics – Twitter users began to grasp for rumors. In the end, crypto was just once again ahead of the curve. As news of the hack began to creep into the mainstream media, Twitter’s stock plunged 4% in after-hours trading. This is a developing story. Related Stories Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts
[Social Media Buzz]
None available.
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9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41.
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[Bitcoin Technical Analysis for 2021-09-05]
Volume: 30322676319, RSI (14-day): 66.62, 50-day EMA: 44747.19, 200-day EMA: 41036.47
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Letters: Let’s go back to work, throw away the masks and start living again: A woman walks down the street wearing a face mask in London - Getty SIR – Zero Covid is an illusion. New Zealand is finding that out. The impact of the highly transmissible delta variant suggests that, given time, everyone will be exposed to and/or contract the disease, but double vaccination will prevent serious illness and reduce morbidity. We will have to just live with Covid, and the Government’s strategy for getting out of the current muddle must recognise this. Measures should include: throwing the masks away except in hospitals and extremely crowded places; lifting the travel bans for fully vaccinated people; aiming to bring hospital backlogs under control in two years; reinstating face-to-face GP consultations; and making civil servants go back to work in their offices. We need to reclaim our lives. Dr James Hiddleston Ballywalter, Co Down SIR – Having yet again postponed a transatlantic flight due to uncertainty and airport queues, I wonder what the devil the Government is playing at in making international travel so unattractive. Is there a green plot to make air travel so inconvenient that people stop doing it? With tickets and travel documents in order, a flight used to be straightforward and almost a pleasure, with time for a snack before boarding. Now, even with limited passenger numbers, it is considered normal to queue for hours. Covid can no longer be the excuse. John Pritchard Ingatestone, Essex SIR – On June 15 2020, Transport for London “temporarily” changed the hours during which the Freedom Pass could be used; it would only be accepted between 9am and 4.30pm on buses, and from 9.30am on the Tube. The purpose of this was to “conserve space on public transport for people who have to use it to return to work”. The general rules for how we live with Covid changed back in July, yet it appears that hardly anyone is returning to work, and near-empty buses continue to go past before 9am. I cannot contact TfL by phone or email, nor my MP after three weeks. It makes one wonder whether the delay in restoring the original Freedom Pass hours is in fact another stealth tax. Story continues Pauline Craggs London SW19 SIR – When I received my second shot of vaccine I was told that I would get a booster of the same type this autumn. I also get the flu vaccine every year. Now it seems there is dithering over distributing the boosters while other countries are already starting their programmes. The effectiveness of the earlier vaccines is known to decline over time. Millions have been relying on getting the extra protection and will now be worried that their risk of infection will increase. Is there anything that this Government and its “experts” cannot mess up? Roll out the boosters. James Kent Northallerton, North Yorkshire Paying for care SIR – I am no socialist, but nor am I enamoured of the selfish belief, held by the largely Tory-voting middle classes, that they have a God-given right to hand their mostly unearned capital assets to their children. Rampant house-price inflation has left my wife and me with a grotesquely over-valued home, in addition to our pensions and other assets – a situation common among our generation. It cannot be right that the young, hard-working generations – who will never see such asset appreciation (even if they can get on to the housing ladder) and are unlikely to receive pensions as generous as ours – should have to fork out increased National Insurance contributions , which we pensioners don’t pay, just so we can keep our homes. If we require long-term care, I see no logical reason why we should not be expected to use our capital assets to pay for it when our cash assets have been exhausted. The state should only step in when there are no such assets to be utilised. There is no reason why it (and by inference the working population) should pay for my care just so that I can leave my house to my adult children after my death – and the state can seize a substantial portion of my estate in inheritance tax. Brian Gedalla London N3 Speedy probate SIR – My experience of the probate office (Letters, August 29) was quite remarkable. After my wife’s death last year I submitted an application for probate online. Ten days later, on a Sunday afternoon, I had an email confirming that all documents had been received. Two minutes later another email came saying that probate had been granted. Anthony Pyne Bedford SIR – Following my father’s death in December 2020 I encountered numerous delays while attempting to obtain an amended lasting power of attorney for my mother, who lives with Alzheimer’s Disease and for whom I am attorney. It has taken a total of seven months – from the first of numerous telephone calls, followed by several recorded delivery letters and a complaint to the chief executive – to resolve the matter so that I may now use the power of attorney to access my mother’s bank account and reimburse myself for paying her care-home fees in this time. The final straw was when they agreed to reimburse me a modest £30 for my time and postage – only for me to have to chase it up after 30 days as they managed to mess up that too. I’m still waiting. W J Wilson Northampton SIR – As well as dealing with my mother’s probate, I have also had to deal with National Savings and Investments. If the probate office is in chaos, NS&I is worse. It is in chaos and denial. Andrew Wauchope London SE11 Road to riches SIR – Like Geoff Pringle (Letters, August 29) I completed a thin sandwich course. However, whereas he had a cool Mini, my wheels consisted of, first, an ancient two-stroke motorcycle, and then a Ford Thames van. Perhaps the shoe industry paid better than engineering. But I did eventually graduate to a Mini. David Jensen Heswall, Wirral An EU army SIR – The recent suggestions that the EU should set up a rapid defence force, made up of 20,000 personnel, provoked a rueful smile. With 27 nations having to agree before action could take place, the response in any situation would be far from rapid. Indeed, I doubt full approval would ever be achieved. Denis Kearney Lostwithiel, Cornwall Help for Tibet SIR – I note that the Chinese have been celebrating the 70th anniversary of their invasion of Tibet – which they refer to as the “peaceful liberation” – by forcing the adoption of Chinese language and culture (report, August 18). Chinese policies have already turned Tibet into an open-air prison, and the process of Sinicisation aims to eliminate completely Tibet’s unique religious, linguistic and cultural identity. Time is running out. What is there to celebrate for the Tibetans? Zara Fleming Ruthin, Denbighshire Dirty money SIR – How many of those investing in cryptocurrencies such as Bitcoin are aware of their gargantuan carbon footprint? The internet-based “blockchain mining” method employed is exceptionally high on energy consumption. Each transaction produces over 800kg of carbon dioxide, equivalent to the emissions produced from viewing tens of thousands of hours of YouTube videos. This processing happens mainly in eastern countries that are heavily reliant on fossil fuels for power generation. The use of cryptocurrencies is rocketing: in June there were reportedly 2.3 million investors, up from 400,000 one year previously. There has also been an explosive growth in the ownership of digital art, purchased online by a similar blockchain process through cryptocurrencies. Are those who participate in these activities aware of their excessive contribution to carbon emissions, undermining the reductions that some of us are trying to make by changing our behaviour? Peter Hale Darlington, Co Durham HS2’s aim has always been to boost rail capacity To Brighton and Back for Three and Sixpence (1859) by Charles Rossiter - Bridgeman SIR – Terry Lloyd (Letters, August 29) suggests that HS2 will not reach the North West within a previous correspondent’s lifetime. This seems rather pessimistic, since at the current rate of construction it is expected to open in around 2030. HS2 is one project, planned to be constructed in phases. A half-built railway is neither economically viable nor desirable in transport terms. Freight traffic will not be the main user of HS2, but HS2 will enable many more freight trains to run on the existing system. Contrary to what Mr Lloyd suggests, capacity has always been the main driver of the project. Meanwhile, Eric Gibbons (Letters, August 29) calls for the replacement of the Victorian Absolute Block signalling system to increase capacity on existing lines, apparently unaware that all the main lines in this country (with one or two very short exceptions) are controlled by the much more efficient Track Circuit Block. The developing digital signalling system only provides a 30 per cent increase in capacity at best, and less on a mixed-traffic railway. John H Brook High Peak, Derbyshire Why heat pump costs can quickly spiral SIR – In Parliament, Boris Johnson said of heat pumps (Letters, August 29) : “These things cost about £10,000 a pop.” In a sense he’s correct, but the overall cost is at least twice and maybe three times that, once insulation upgrades, radiator replacement, hot-water cylinder replacement, and installation labour costs are included. And make sure there is a south-facing wall for the pump to butt against. In our own case, a heat pump would save £700 per year in heating oil costs, but the entire system would cost £21,000 to acquire, after the deduction of Renewable Heat Incentive payments. That’s a payback period of 30 years, during which time the pump and cylinder would probably have to be replaced at least twice. Peter M Hills Andover, Hampshire SIR – Paul McGoldrick (Letters, August 29) is wrong when he states that “for hot water a heat pump is useless”. I have a ground-source heat pump in my house, and it is perfectly capable of heating domestic hot water to 50C or 55C. This is more than sufficient for bathing and washing up. The key thing is to have a correctly sized hot water tank to meet the anticipated demand from the occupants. A supplementary immersion heater is used every two weeks to heat the water to 70C, in order to eliminate the risk of Legionella. However, the most important benefit of using a heat pump is that, for every 1 kW we consume to run it, it extracts 4 kW from the ground. Peter Gilbert Ross-on-Wye, Herefordshire || Letters: Let’s go back to work, throw away the masks and start living again: A woman walks down the street wearing a face mask in London - Getty SIR – Zero Covid is an illusion. New Zealand is finding that out. The impact of the highly transmissible delta variant suggests that, given time, everyone will be exposed to and/or contract the disease, but double vaccination will prevent serious illness and reduce morbidity. We will have to just live with Covid, and the Government’s strategy for getting out of the current muddle must recognise this. Measures should include: throwing the masks away except in hospitals and extremely crowded places; lifting the travel bans for fully vaccinated people; aiming to bring hospital backlogs under control in two years; reinstating face-to-face GP consultations; and making civil servants go back to work in their offices. We need to reclaim our lives. Dr James Hiddleston Ballywalter, Co Down SIR – Having yet again postponed a transatlantic flight due to uncertainty and airport queues, I wonder what the devil the Government is playing at in making international travel so unattractive. Is there a green plot to make air travel so inconvenient that people stop doing it? With tickets and travel documents in order, a flight used to be straightforward and almost a pleasure, with time for a snack before boarding. Now, even with limited passenger numbers, it is considered normal to queue for hours. Covid can no longer be the excuse. John Pritchard Ingatestone, Essex SIR – On June 15 2020, Transport for London “temporarily” changed the hours during which the Freedom Pass could be used; it would only be accepted between 9am and 4.30pm on buses, and from 9.30am on the Tube. The purpose of this was to “conserve space on public transport for people who have to use it to return to work”. The general rules for how we live with Covid changed back in July, yet it appears that hardly anyone is returning to work, and near-empty buses continue to go past before 9am. I cannot contact TfL by phone or email, nor my MP after three weeks. It makes one wonder whether the delay in restoring the original Freedom Pass hours is in fact another stealth tax. Story continues Pauline Craggs London SW19 SIR – When I received my second shot of vaccine I was told that I would get a booster of the same type this autumn. I also get the flu vaccine every year. Now it seems there is dithering over distributing the boosters while other countries are already starting their programmes. The effectiveness of the earlier vaccines is known to decline over time. Millions have been relying on getting the extra protection and will now be worried that their risk of infection will increase. Is there anything that this Government and its “experts” cannot mess up? Roll out the boosters. James Kent Northallerton, North Yorkshire Paying for care SIR – I am no socialist, but nor am I enamoured of the selfish belief, held by the largely Tory-voting middle classes, that they have a God-given right to hand their mostly unearned capital assets to their children. Rampant house-price inflation has left my wife and me with a grotesquely over-valued home, in addition to our pensions and other assets – a situation common among our generation. It cannot be right that the young, hard-working generations – who will never see such asset appreciation (even if they can get on to the housing ladder) and are unlikely to receive pensions as generous as ours – should have to fork out increased National Insurance contributions , which we pensioners don’t pay, just so we can keep our homes. If we require long-term care, I see no logical reason why we should not be expected to use our capital assets to pay for it when our cash assets have been exhausted. The state should only step in when there are no such assets to be utilised. There is no reason why it (and by inference the working population) should pay for my care just so that I can leave my house to my adult children after my death – and the state can seize a substantial portion of my estate in inheritance tax. Brian Gedalla London N3 Speedy probate SIR – My experience of the probate office (Letters, August 29) was quite remarkable. After my wife’s death last year I submitted an application for probate online. Ten days later, on a Sunday afternoon, I had an email confirming that all documents had been received. Two minutes later another email came saying that probate had been granted. Anthony Pyne Bedford SIR – Following my father’s death in December 2020 I encountered numerous delays while attempting to obtain an amended lasting power of attorney for my mother, who lives with Alzheimer’s Disease and for whom I am attorney. It has taken a total of seven months – from the first of numerous telephone calls, followed by several recorded delivery letters and a complaint to the chief executive – to resolve the matter so that I may now use the power of attorney to access my mother’s bank account and reimburse myself for paying her care-home fees in this time. The final straw was when they agreed to reimburse me a modest £30 for my time and postage – only for me to have to chase it up after 30 days as they managed to mess up that too. I’m still waiting. W J Wilson Northampton SIR – As well as dealing with my mother’s probate, I have also had to deal with National Savings and Investments. If the probate office is in chaos, NS&I is worse. It is in chaos and denial. Andrew Wauchope London SE11 Road to riches SIR – Like Geoff Pringle (Letters, August 29) I completed a thin sandwich course. However, whereas he had a cool Mini, my wheels consisted of, first, an ancient two-stroke motorcycle, and then a Ford Thames van. Perhaps the shoe industry paid better than engineering. But I did eventually graduate to a Mini. David Jensen Heswall, Wirral An EU army SIR – The recent suggestions that the EU should set up a rapid defence force, made up of 20,000 personnel, provoked a rueful smile. With 27 nations having to agree before action could take place, the response in any situation would be far from rapid. Indeed, I doubt full approval would ever be achieved. Denis Kearney Lostwithiel, Cornwall Help for Tibet SIR – I note that the Chinese have been celebrating the 70th anniversary of their invasion of Tibet – which they refer to as the “peaceful liberation” – by forcing the adoption of Chinese language and culture (report, August 18). Chinese policies have already turned Tibet into an open-air prison, and the process of Sinicisation aims to eliminate completely Tibet’s unique religious, linguistic and cultural identity. Time is running out. What is there to celebrate for the Tibetans? Zara Fleming Ruthin, Denbighshire Dirty money SIR – How many of those investing in cryptocurrencies such as Bitcoin are aware of their gargantuan carbon footprint? The internet-based “blockchain mining” method employed is exceptionally high on energy consumption. Each transaction produces over 800kg of carbon dioxide, equivalent to the emissions produced from viewing tens of thousands of hours of YouTube videos. This processing happens mainly in eastern countries that are heavily reliant on fossil fuels for power generation. The use of cryptocurrencies is rocketing: in June there were reportedly 2.3 million investors, up from 400,000 one year previously. There has also been an explosive growth in the ownership of digital art, purchased online by a similar blockchain process through cryptocurrencies. Are those who participate in these activities aware of their excessive contribution to carbon emissions, undermining the reductions that some of us are trying to make by changing our behaviour? Peter Hale Darlington, Co Durham HS2’s aim has always been to boost rail capacity To Brighton and Back for Three and Sixpence (1859) by Charles Rossiter - Bridgeman SIR – Terry Lloyd (Letters, August 29) suggests that HS2 will not reach the North West within a previous correspondent’s lifetime. This seems rather pessimistic, since at the current rate of construction it is expected to open in around 2030. HS2 is one project, planned to be constructed in phases. A half-built railway is neither economically viable nor desirable in transport terms. Freight traffic will not be the main user of HS2, but HS2 will enable many more freight trains to run on the existing system. Contrary to what Mr Lloyd suggests, capacity has always been the main driver of the project. Meanwhile, Eric Gibbons (Letters, August 29) calls for the replacement of the Victorian Absolute Block signalling system to increase capacity on existing lines, apparently unaware that all the main lines in this country (with one or two very short exceptions) are controlled by the much more efficient Track Circuit Block. The developing digital signalling system only provides a 30 per cent increase in capacity at best, and less on a mixed-traffic railway. John H Brook High Peak, Derbyshire Why heat pump costs can quickly spiral SIR – In Parliament, Boris Johnson said of heat pumps (Letters, August 29) : “These things cost about £10,000 a pop.” In a sense he’s correct, but the overall cost is at least twice and maybe three times that, once insulation upgrades, radiator replacement, hot-water cylinder replacement, and installation labour costs are included. And make sure there is a south-facing wall for the pump to butt against. In our own case, a heat pump would save £700 per year in heating oil costs, but the entire system would cost £21,000 to acquire, after the deduction of Renewable Heat Incentive payments. That’s a payback period of 30 years, during which time the pump and cylinder would probably have to be replaced at least twice. Peter M Hills Andover, Hampshire SIR – Paul McGoldrick (Letters, August 29) is wrong when he states that “for hot water a heat pump is useless”. I have a ground-source heat pump in my house, and it is perfectly capable of heating domestic hot water to 50C or 55C. This is more than sufficient for bathing and washing up. The key thing is to have a correctly sized hot water tank to meet the anticipated demand from the occupants. A supplementary immersion heater is used every two weeks to heat the water to 70C, in order to eliminate the risk of Legionella. However, the most important benefit of using a heat pump is that, for every 1 kW we consume to run it, it extracts 4 kW from the ground. Peter Gilbert Ross-on-Wye, Herefordshire || Apes, Rocks & the Future of Finance: Value vs. Utility in NFTs: This article was originally published on ETFTrends.com. Well, it's labor day weekend, so I was going to write about labor. But as soon as I started thinking about labor, I started thinking about value, and, well, Ethereum-based smart contracts with a URL pointing to a rock thats all NFTs are are trading for millions of dollars, leaving most advisors scratching their heads and figuring out how to get off the grid and source local food. I wrote quite a bit about NFTs in a more "what the heck are they" vein back in March, so if this is all complete gobbledygook, perhaps start with " How to talk to your clients about NFTs ." But moving on: How do we think about the value of something that lacks really clear utility? That's really the essence of the NFT debate. And without getting too deep into the Buddhist concepts of Suchness or scientific research on why we value certain objects , I'll start from the premise that "things are as we decide them to be." A chair is only a chair to a human being. To an alien, it's a piece of wood. That we all agree a chair is a chair is a combination of actual utility (you can sit on it) and a collection of features we societally agree make "chairness" unique from "place to sitness" (Seats, backs, legs). So here's this "thing": [caption id="attachment_432001" align="aligncenter" width="170"] An Ether Rock[/caption] -- an NFT -- which has no actual utility (I cannot sit on it), but might have some societally agreed on non-utile value. So how do we assess the boundaries of this if we're actually in the business of growing Value -- it's philosophical sense -- for our clients? NFT-as-Art: Public Display & Derivative Works "NFTs are Art man ... People value art!" [caption id="attachment_432004" align="aligncenter" width="456"] Fraction of Beeple's "Everydays"[/caption] Story continues The core argument here is that NFTs are just another kind of collectible that lacks the physical component of a baseball card or a Picasso. This is pretty obvious, since many of the early NFTs were artworks like Beeple's (an artist I quite like) and Grimes (I dug Art Angels). And sure, I can understand this, but even if we make the 1-1 connection between Art and NFT, there are still some pretty big holes in this argument that need to be patched. Owning a piece of artwork does not automatically give you universal rights to display it publicly or do anything else with it. If the art you own is now in the public domain a Picasso for instance its like anything else in the public domain: make a print, put it in your yard, charge people to come see it if you can. Make a Picasso your home page or your twitter icon. People track every year what great art is aging into public domain just for those reasons. This isn't the case when the copyright is still active usually because the person is alive and as far as I can tell this would cover pretty much every NFT in existence. Since copyright quite clearly doesn't go anywhere when you buy the NFT (and as far as I've been able to discern, you have zero legal rights if the NFT issuer just issues more NFTs featuring the same pointer to the same artwork) what you can actually DO with an NFT is quite limited. One thing I'm pretty sure you can't do is buy a bunch of NFTs and then put them on display in your corporate lobby. I get that people are already doing this. There are lots of blogs about all the cool ways to display your NFT, but by my read, these are all technically illegal. Unless you, as a legal actor, were assigned copyright by the copyright owner explicitly (which, to my knowledge, no NFTs of any note do), then public display is explicitly something only allowed by the copyright holder . I am not a lawyer, this is not my original idea, and I have no skin in the game on either side, and there are a lot of articles covering this from Copyright lawyers since the spring, because lawyers love money, and there are a whole lotta new things to charge for here. I'm just pointing out this use case for NFTs as art has huge problems if its going to be real in a meaningful, legal way. And if it's not real in any meaningful, legal way, than a whole lotta theft, copying and fraud is going to start chasing these large dollars with zero recourse because you can't sue someone for violating rights you never had. I could change my avatar to the most expensive NFT, take out a billboard declaring my ownership of it, and reproduce it all over the internet, and the only person who would have a claim on me would be the guy who did the art in the first place, not the NFT holder. And if you chase that through, it means you technically don't even have the right to use your CryptoPunk as your twitter avatar. I get that this has become a universal, global expectation. The irony is if you actually read the entirety of the CryptoPunk contract and related docs (which, yes , I have), the only thing the issuer asserts copyright on is the software text of the contract itself. The individual tokens? Nada. So NFT as Art? Yes, but with all the rather draconian restrictions any other piece of artwork you buy has. NFT as MetaVerse Swag "NFTs are objects for the Metaverse man!" [caption id="attachment_432005" align="aligncenter" width="702"] An Axie[/caption] While you may not legally be able to display your NFT publicly or make any derivative works from it, the second argument about why NFTs are cool is that, when we think of the purely digital set of interactions and assets we as humans participate in (sadly, being called 'the MetaVerse' which conjures up unnecessarily science fiction/ReadyPlayerOne type images), you still have a unique, identifiable, probably unhackable digital object which is easy to verify and transfer. That's cool! The issue I have around the various metaverse descriptions is that most of them devolve into some expression of Virtual Reality. I get it, I'm a VR and virtual world nut (go get a Quest 2, it's baller), from World of Warcraft to Minecraft to Second Life to Valheim. The interaction between real-money and virtual-objects is really well understood territory it's the basis for countless Video Games from Eve Online (where real money impacts abound) to the World of Warcraft gold mines. So while I really dig virtual worlds, and I really dig games, and I really dig weird economic models, I think the inversion here the asset coming before the world so to speak is a bit off kilter (or, I suppose, super exciting if you believe in some unknowable end-state!) That doesn't mean NFTs aren't going to radically transform digital worlds they absolutely will and are already starting to -- the Axie above is a character you can buy and sell but also use in a very real game world. But ultimately it will be the entertainment value (or other utility) of those virtual worlds which will determine how much time people want to spend in them. The Free-to-Play game developers figured this out a long time ago, honed it on Kim Kardashian , and are now booking literal billions of cold hard dollars manipulating the value of in-world scarcity and swag. Everything the NFT folks have figured out about rarity tables and whale-buyers is Econ 101 for anyone in that industry, and I suspect the big-budget world builders are the ultimate winners here. NFT as Social (Identity) Token "NFT's are Social Tokens man! You're part of a club of like-minded crypto folks!" The next idea I keep seeing floated around is that somehow we'll use the ownership of, say, a CryptoPunk, as our membership card to a club of fellow CryptoPunk owners, and an ecosystem will develop in which that's really awesome. I have several reasons why I, personally, am deeply uninterested in this. As it stands, the ONLY thing you need to join ANY "NFT Club" is capital. While there are all sorts of very cool things one can do because of that, I find it a deeply uncompelling social reason to care about NFTs. I have zero interest in joining any club where "being rich and wanting to" are the only criteria for membership. Send the hate mail, but I believe most meaningful social interactions require identity. That identity can absolutely be pseudonymous I know dozens of writers people would be surprised to learn don't use their legal names in their work to avoid harassment. But identity is built up from the actions of the individual in a way that accrues to some form of individuation. If I buy a CryptoPunk to use as an avatar I am EXPLICITLY abandoning the anonymity which is one of the big features of both NFTs and Crypto in general. I am asking the world to connect "Dave Nadig" with "Punk 1234" or whatever. It's not that you couldn't make a fun club. Heck, the guys at Bored Ape Yacht Club literally put "Club" in the name, and unlike most NFTs, they at least claim on their website that holders have commercial rights to their tokens (the actual contract has no language whatsoever about this, so good luck trying to "prove" that if something goes hinky!). [caption id="attachment_432003" align="aligncenter" width="170"] A Bored Ape[/caption] To me the big missing piece of the "social token" version of NFT value remains identity. Social networks aren't built just on cash, they're built on mutual interests, shared intelligence, common goals and desires, belief systems and values. Great users of social leverage (say, Howard Lindzon ) don't just have big bankrolls, they have charisma and communicate well, and more often than not, have shown themselves to be decent people as interested in their fellow humans as humans as they are in themselves. Howard can buy an NFT and prove it's his today - just like proving who you are with a picture for a Reddit AMA. But you have no way of knowing if that token is still under his control the next time a piece of software reads the token. Solvable? Sure, and plenty of folks working on it. But also counter to a lot of the Crypto-ethos. NFT as Ecosystem Anchor "NFT's are the base-block of a whole new digital asset ecosystem man!" By far the most interesting NFT project I've seen this year is Loot ( Great overview here ). Loot started as a goofy idea (by the original guy behind Vine) to just mint literal lists of items on black backgrounds for a text adventure he was working on (yes, like Zork). He randomly generated 8,000 lists and then let people just pay the gas fees to mint them. He made nothing, really. [caption id="" align="aligncenter" width="680"] A Loot Token[/caption] But then people took these Loot tokens and started building other tokens, websites, systems and so on that required you to have a loot token. In some cases, you could use your list-of-items to mint a pretty looking bag or even a faux-D&D character who might, say, need that Necklace of Enlightenment (Lord knows I do). Again, this is incredibly cool as an experiment in generative storytelling and worldbuilding. And I am down for those kinds of experiments. I love immersive theater environments like Then She Fell where participants feel like collaborators. I love hippy role playing games like Fiasco where you're building a whole world together. And I think Loot's incredibly exciting as an experiment. But, right now, because the ecosystem is built of 8,000 tokens has a floor price (the cheapest NFT in the set) of $30,000, it's hardly going to be "mainstream." It's going to be an experiment amongst crypto natives with trapped value in crypto. (and yes, I know there are solutions to this that involve " renting " the NFT from someone to go do a thing. That's how Axie works, but to my tastes it just embeds a kind of perverse, exchange-seat capitalism into something that's supposed to be a game). Conclusions? Trapped Value, The Money Multiplier & Procyclicality If all of that makes you think I'm super negative on NFTs, I'm not. I'm actually pretty excited for almost everything I read, every day, in the crypto ecosystem. But I do have concerns that because the way Crypto has developed is deeply financial in nature (as opposed to, say, designed for a social or artistic purpose inherently) we're going in odd directions. In the real economy, value naturally expands through work, and money naturally expands through banking. If I'm a farmer and I take my labor to grow carrots, and you buy my carrots for a dollar. I have a dollar and you have a socially agreed upon dollar's worth of carrots. If you now sell those carrots again for, say, $2, because you did the work of driving to my farm, then I have a dollar, you have 2 dollars, and someone has a socially agreed upon $2 of carrots. Quick, how much money is in the system? No new dollars were printed, but the system has $5 in value, where before it had $3. This is precisely what's happening in the Crypto ecosystem. I buy $1 worth of ETH. I then buy an NFT for a dollar. I have an NFT worth $1 dollar based on social convention, you own $1 worth of ETH, but when we read about "value trapped" in the ecosystem, $2 is what will get registered, even though only one dollar entered the system. And the person who sold me that original ETH has my original dollar ... they might have turned around and bought something else in the ecosystem, but the dollar I put in isn't destroyed -- its exchanged for something I believe has the same value. As long as value is being created somewhere, the system works fine. If there's no actual socially agreed upon value, however, it's just a game of "last one out's a rotten egg." This is the subject of the shortest paper ever published on SSRN on "Bubble Wealth," and honestly, I'll be shocked if it's at all controversial, even though it seems surprising to a lot of folks I talk to about NFTs. It's baked into everything from the barter system to the fractional reserve banking system. Note: This value transfer and expansion is is quite different than this experiment where twitter user @RealNatashaChe bought and then destroyed a diamond in order to make the point that the value storage of the diamond could transfer into an NFT. [caption id="attachment_432006" align="aligncenter" width="200"] Destroyed Diamond[/caption] In that case the initial object, the diamond, is gone. The dollars are in the hands of the diamond dealer, and she's trying to get someone to give her that much money for the JPG of the diamond. (The auction closes in a week, but at the current bid , she's succeeded.) In that case, value has actually been destroyed -- a thing there's pretty broad agreement on the value of literally no longer exists. So if someone gives her ETH, and she then cashes that out, then she has *extracted* that much value from the ecosystem, so she gets a pass on the whole "money multiplier" thing. Put another way because of the rapidly expanding nature of both NFTs and DeFi, all of which rely on similar entry points to the ecosystem (ETH, SOL, BTC, a few others), than by definition, we have a hugely procyclical function to deal with. If, say, some exogenous event made the next few trades of ETH price at half their current price of $3,800, that would imply the "trapped" value dropping from $450B to $225B, even though not a single U.S. dollar has changed hands. That would also make the value of all the Cryptopunks every minted drop from $1.2B to $600 million, without a trade happening in Cryptopunks. Given the importance of leverage, staking and momentum in crypto trading, a handful of trades can cannonball quite quickly. It works, of course, exactly the same in the opposite direction. Any fun and exciting new project attracts folks who will trade their ETH (or whatever is already in-system) for NewNFT or NewCoin, and at the point of issuance, we've doubled the value trapped in the system long before any true social or real-economy value has actually been created -- there are no carrots on minting. Wash, rinse, repeat. It's just Fear vs. FOMO. All that means is that we need to see these giant numbers for the ecosystem with clear eyes: they are implied psychological commodity values, not utility values (mostly). My Point (And I Do Have One) I'm actually super bullish non Crypto and NFTs and particularly, the kind of tokenized asset management being done in the DeFi space, which you'll hear lots more from me about over the coming months. But at the same time, I talk to advisors and high net worth folks and teenagers nearly every day who are completely enthralled by what's going on here. There's an enormous sense that "this is the internet!" and people don't want to miss it. And people are throwing large arounds of fungible digital assets ETH or BTC they could turn into dollars at seemingly random and worthless collections of ones and zeros. It's innovators trading against themselves, essentially, each actor hoping, believing or trying to build the thing that ultimately lasts and has long term value to the global economy. To people. It's exciting. It's cool. But here's the thing: it's also OK to miss it. I believe the Crypto sandbox is going to revolutionize how we move value around the global economy in countless ways, the same way the internet revolutionized how we move information around the global brain. But big, big global change happens much more slowly then technology itself. in the mid 1990s when I bought " Nadig.com " I paid way too much money to register it, because it was obvious to me it was real estate. It was a corner of something explosive that I could own for the cost of a good dinner every year (now, the cost of a cup of good coffee). But domain names only really work in their modern application because ICANN was formed in 1998 to figure it all out and standardize things. Right now, there's no ICANN for Crypto, and I'm not suggesting someone has to be the central authority or we need to regulate everything to the hilt. What I am saying is that it's OK to let an ecosystem evolve. Advisors didn't buy ETFs in 1993 when they launched. It took a decade of refinement and institutionalization for them to become mainstream. While it may not take a decade this time around, I don't think anyone's going to lose their shirt simply staying informed and watching the show for a bit. Wanna toss some money around just to have skin in the game? Awesome. It's the best way to learn. Just be careful out there. POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs How the sale of a Sting CD sparked an entire industry The Economics of Rudeness Silver ETFs Surge As Precious Metals React To Disheartening Jobs Report Ford Auto Sales Fall But Auto ETFs Remain Largely Unaffected ETFs To Explore As S&P 500 Targets 7th Consecutive Monthly Gain READ MORE AT ETFTRENDS.COM > || Apes, Rocks & the Future of Finance: Value vs. Utility in NFTs: This article was originally published onETFTrends.com.
Well, it's labor day weekend, so I was going to write about labor. But as soon as I started thinking about labor, I started thinking about value, and, well, Ethereum-based smart contracts with a URL pointing to arock— that’s all NFTs are — are trading for millions of dollars, leaving most advisors scratching their heads and figuring out how to get off the grid and source local food.
I wrote quite a bit about NFTs in a more "what the heck are they" vein back in March, so if this is all complete gobbledygook, perhaps start with "How to talk to your clients about NFTs." But moving on:
How do we think about the value of something that lacks really clear utility? That's really the essence of the NFT debate. And without getting too deep into theBuddhist concepts of Suchnessor scientific research onwhy we value certain objects, I'll start from the premise that "things are as we decide them to be." A chair is only a chair to a human being. To an alien, it's a piece of wood. That we all agree a chair is a chair is a combination of actual utility (you can sit on it) and a collection of features we societally agree make "chairness" unique from "place to sitness" (Seats, backs, legs). So here's this "thing":
[caption id="attachment_432001" align="aligncenter" width="170"]
An Ether Rock[/caption]
-- an NFT -- which has no actual utility (I cannot sit on it), but might have some societally agreed on non-utile value. So how do we assess the boundaries of this if we're actually in the business of growing Value -- it's philosophical sense -- for our clients?
"NFTs are Art man ... People value art!"
[caption id="attachment_432004" align="aligncenter" width="456"]
Fraction of Beeple's "Everydays"[/caption]
The core argument here is that NFTs are just another kind of collectible that lacks the physical component of a baseball card or a Picasso. This is pretty obvious, since many of the early NFTs were artworks like Beeple's (an artist I quite like) and Grimes (I dug Art Angels). And sure, I can understand this, but even if we make the 1-1 connection between Art and NFT, there are still some pretty big holes in this argument that need to be patched.
Owning a piece of artwork does not automatically give you universal rights to display it publicly or do anything else with it. If the art you own is now in the public domain — a Picasso for instance — it’s like anything else in the public domain: make a print, put it in your yard, charge people to come see it if you can. Make a Picasso your home page or your twitter icon.People trackevery year what great art is aging into public domain just for those reasons.
This isn't the case when the copyright is still active — usually because the person is alive — and as far as I can tell this would cover pretty much every NFT in existence. Since copyright quite clearly doesn't go anywhere when you buy the NFT (and as far as I've been able to discern, you have zero legal rights if the NFT issuer just issues more NFTs featuring the same pointer to the same artwork) what you can actually DO with an NFT is quite limited.
One thing I'm pretty sure you can't do is buy a bunch of NFTs and then put them on display in your corporate lobby. I get that people are already doing this. There arelots of blogsabout all the cool ways to display your NFT, but by my read, these are alltechnically illegal.Unless you, as a legal actor, were assigned copyright by the copyright owner explicitly (which, to my knowledge, no NFTs of any note do), then public display isexplicitly something only allowed by the copyright holder.
I am not a lawyer, this is not my original idea, and I have no skin in the game on either side, and there are alotof articles covering this from Copyright lawyers since the spring, because lawyers love money, and there are a whole lotta new things to charge for here. I'm just pointing out this use case for NFTs as art has huge problems if it’s going to be real in a meaningful, legal way. And if it's not real in any meaningful, legal way, than a whole lotta theft, copying and fraud is going to start chasing these large dollars with zero recourse — because you can't sue someone for violating rights you never had. I could change my avatar to the most expensive NFT, take out a billboard declaring my ownership of it, and reproduce it all over the internet, and the only person who would have a claim on me would be the guy who did the art in the first place, not the NFT holder.
And if you chase that through, it means you technically don't even have the right to use your CryptoPunk as your twitter avatar. I get that this has become a universal, global expectation. The irony is if you actually read the entirety of the CryptoPunk contract and related docs (which,yes, I have), the only thing the issuer asserts copyright on is the software text of the contract itself. The individual tokens? Nada.
So NFT as Art? Yes, but with all the rather draconian restrictions any other piece of artwork you buy has.
"NFTs are objects for the Metaverse man!"
[caption id="attachment_432005" align="aligncenter" width="702"]
An Axie[/caption]
While you may not legally be able to display your NFT publicly or make any derivative works from it, the second argument about why NFTs are cool is that, when we think of the purely digital set of interactions and assets we as humans participate in (sadly, being called 'the MetaVerse' which conjures up unnecessarily science fiction/ReadyPlayerOne type images), you still have a unique, identifiable, probably unhackable digital object which is easy to verify and transfer. That's cool!
The issue I have around the various metaverse descriptions is that most of them devolve into some expression of Virtual Reality. I get it, I'm a VR and virtual world nut (go get a Quest 2, it's baller), from World of Warcraft to Minecraft toSecond Lifeto Valheim. The interaction between real-money and virtual-objects is really well understood territory — it's the basis for countless Video Games from Eve Online (wherereal money impactsabound) to the World of Warcraft gold mines. So while I really dig virtual worlds, and I really dig games, and I really dig weird economic models, I think the inversion here — the asset coming before the world so to speak — is a bit off kilter (or, I suppose, super exciting if you believe in some unknowable end-state!)
That doesn't mean NFTs aren't going to radically transform digital worlds — they absolutely will and are already starting to -- the Axie above is a character you can buy and sell but also use in a very real game world. But ultimately it will be the entertainment value (or other utility) of those virtual worlds which will determine how much time people want to spend in them. The Free-to-Play game developers figured this out a long time ago, honed it onKim Kardashian, and are nowbooking literal billionsof cold hard dollars manipulating the value of in-world scarcity and swag. Everything the NFT folks have figured out about rarity tables and whale-buyers is Econ 101 for anyone in that industry, and I suspect the big-budget world builders are the ultimate winners here.
"NFT's are Social Tokens man! You're part of a club of like-minded crypto folks!"
The next idea I keep seeing floated around is that somehow we'll use the ownership of, say, a CryptoPunk, as our membership card to a club of fellow CryptoPunk owners, and an ecosystem will develop in which that's really awesome.
I have several reasons why I, personally, am deeply uninterested in this.
• As it stands, the ONLY thing you need to join ANY "NFT Club" is capital. While there are all sorts of very cool things one can do because of that, I find it a deeply uncompellingsocialreason to care about NFTs. I have zero interest in joining any club where "being rich and wanting to" are the only criteria for membership.
• Send the hate mail, but I believe most meaningful social interactions require identity. That identity can absolutely be pseudonymous — I know dozens of writers people would be surprised to learn don't use their legal names in their work to avoid harassment. But identity is built up from the actions of the individual in a way that accrues tosomeform of individuation. If I buy a CryptoPunk to use as an avatar I am EXPLICITLY abandoning the anonymity which is one of the big features of both NFTs and Crypto in general. I am asking the world to connect "Dave Nadig" with "Punk 1234" or whatever.
It's not that you couldn't make a fun club. Heck, the guys atBored Ape Yacht Clubliterally put "Club" in the name, and unlike most NFTs, they at least claim on their website that holders have commercial rights to their tokens (theactual contract has no language whatsoeverabout this, so good luck trying to "prove" that if something goes hinky!).
[caption id="attachment_432003" align="aligncenter" width="170"]
A Bored Ape[/caption]
To me the big missing piece of the "social token" version of NFT value remains identity. Social networks aren't built just on cash, they're built on mutual interests, shared intelligence, common goals and desires, belief systems and values. Great users of social leverage (say,Howard Lindzon) don't just have big bankrolls, they have charisma and communicate well, and more often than not, have shown themselves to be decent people as interested in their fellow humans as humans as they are in themselves. Howard can buy an NFT and prove it's his today - just like proving who you are with a picture for a Reddit AMA. But you have no way of knowing if that token is still under his control the next time a piece of software reads the token. Solvable? Sure, and plenty of folks working on it. But also counter to a lot of the Crypto-ethos.
"NFT's are the base-block of a whole new digital asset ecosystem man!"
By far the most interesting NFT project I've seen this year is Loot (Great overview here). Loot started as a goofy idea (by the original guy behind Vine) to just mint literal lists of items on black backgrounds for a text adventure he was working on (yes, like Zork). He randomly generated 8,000 lists and then let people just pay the gas fees to mint them. He made nothing, really.
[caption id="" align="aligncenter" width="680"]
A Loot Token[/caption]
But then people took these Loot tokens and started building other tokens, websites, systems and so on that required you to have a loot token. In some cases, you could use your list-of-items to mint a pretty looking bag or even a faux-D&D character who might, say, need that Necklace of Enlightenment (Lord knows I do).
Again, this is incredibly cool as an experiment in generative storytelling and worldbuilding. And I am down for those kinds of experiments. I love immersive theater environments likeThen She Fellwhere participants feel like collaborators. I love hippy role playing games likeFiascowhere you're building a whole world together. And I think Loot's incredibly exciting as an experiment.
But, right now, because the ecosystem is built of 8,000 tokens has a floor price (the cheapest NFT in the set) of $30,000, it's hardly going to be "mainstream." It's going to be an experiment amongst crypto natives with trapped value in crypto. (and yes, I know there are solutions to this that involve "renting" the NFT from someone to go do a thing. That's howAxieworks, but to my tastes it just embeds a kind of perverse, exchange-seat capitalism into something that's supposed to be a game).
If all of that makes you think I'm super negative on NFTs, I'm not. I'm actually pretty excited for almost everything I read, every day, in the crypto ecosystem. But I do have concerns that because the way Crypto has developed is deeply financial in nature (as opposed to, say, designed for a social or artistic purpose inherently) we're going in odd directions.
In the real economy, value naturally expands through work, and money naturally expands through banking. If I'm a farmer and I take my labor to grow carrots, and you buy my carrots for a dollar. I have a dollar and you have a socially agreed upon dollar's worth of carrots. If you now sell those carrots again for, say, $2, because you did the work of driving to my farm, then I have a dollar, you have 2 dollars, and someone has a socially agreed upon $2 of carrots. Quick, how much money is in the system? No new dollars were printed, but the system has $5 in value, where before it had $3.
This is precisely what's happening in the Crypto ecosystem. I buy $1 worth of ETH. I then buy an NFT for a dollar. I have an NFT worth $1 dollar based on social convention, you own $1 worth of ETH, but when we read about "value trapped" in the ecosystem, $2 is what will get registered, even though only one dollar entered the system. And the person who sold me that original ETH has my original dollar ... they might have turned around and bought something else in the ecosystem, but the dollar I put in isn't destroyed -- its exchanged for something I believe has the same value. As long as value is being created somewhere, the system works fine. If there's no actual socially agreed upon value, however, it's just a game of "last one out's a rotten egg."
This is the subject of theshortest paper ever published on SSRNon "Bubble Wealth," and honestly, I'll be shocked if it's at all controversial, even though it seems surprising to a lot of folks I talk to about NFTs. It's baked into everything from the barter system to the fractional reserve banking system.
Note:This value transfer and expansion is is quite different than this experiment where twitter user @RealNatashaChe bought and then destroyed a diamond in order to make the point that the value storage of the diamond could transfer into an NFT.
Put another way — because of the rapidly expanding nature of both NFTs and DeFi, all of which rely on similar entry points to the ecosystem (ETH, SOL, BTC, a few others), than by definition, we have a hugely procyclical function to deal with. If, say, some exogenous event made the next few trades of ETH price at half their current price of $3,800, that would imply the "trapped" value dropping from $450B to $225B, even though not a single U.S. dollar has changed hands. That would also make the value of all the Cryptopunks every minted drop from $1.2B to $600 million, without a trade happening in Cryptopunks. Given the importance of leverage, staking and momentum in crypto trading, a handful of trades can cannonball quite quickly.
It works, of course, exactly the same in the opposite direction. Any fun and exciting new project attracts folks who will trade their ETH (or whatever is already in-system) for NewNFT or NewCoin, and at the point of issuance, we've doubled the value trapped in the system long before any true social or real-economy value has actually been created -- there are no carrots on minting. Wash, rinse, repeat. It's just Fear vs. FOMO.All that means is that we need to see these giant numbers for the ecosystem with clear eyes: they are implied psychological commodity values, not utility values (mostly).
My Point (And I Do Have One)
I'm actually super bullish non Crypto and NFTs and particularly, the kind of tokenized asset management being done in the DeFi space, which you'll hear lots more from me about over the coming months.
But at the same time, I talk to advisors and high net worth folks and teenagers nearly every day who are completely enthralled by what's going on here. There's an enormous sense that "this is the internet!" and people don't want to miss it. And people are throwing large arounds of fungible digital assets — ETH or BTC they could turn into dollars — at seemingly random and worthless collections of ones and zeros. It's innovators trading against themselves, essentially, each actor hoping, believing or trying to build the thing that ultimately lasts and has long term value to the global economy. To people. It's exciting. It's cool.
But here's the thing: it's also OK to miss it. I believe the Crypto sandbox is going to revolutionize how we move value around the global economy in countless ways, the same way the internet revolutionized how we move information around the global brain. But big, big global change happens much more slowly then technology itself. in the mid 1990s when I bought "Nadig.com" I paid way too much money to register it, because it was obvious to me it was real estate. It was a corner of something explosive that I could own for the cost of a good dinner every year (now, the cost of a cup of good coffee). But domain names only really work in their modern application because ICANN was formed in 1998 to figure it all out and standardize things.
Right now, there's no ICANN for Crypto, and I'm not suggesting someone has to be the central authority or we need to regulate everything to the hilt. What I am saying is that it's OK to let an ecosystem evolve. Advisors didn't buy ETFs in 1993 when they launched. It took a decade of refinement and institutionalization for them to become mainstream. While it may not take a decade this time around, I don't think anyone's going to lose their shirt simply staying informed and watching the show for a bit. Wanna toss some money around just to have skin in the game? Awesome. It's the best way to learn. Just be careful out there.
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READ MORE AT ETFTRENDS.COM > || Ark Invest's Cathie Wood touts Tesla and Zoom, dismisses bubble fears, and responds to John Paulson's bitcoin critique in a new interview. Here are the 8 best quotes.: • Cathie Wood trumpeted Tesla's growth prospects and predicted Zoom will usurp Cisco.
• The Ark invest chief also praised Robinhood and brushed off concerns of a market bubble.
• Wood responded to John Paulson's dismissal of crypto, arguing bitcoin is more than digital gold.
• See more stories on Insider's business page.
Cathie Wood predicted Tesla's stock price will quadruple in about four years, suggested Zoom could replace legacy companies like Cisco in enterprise communications, and praised Robinhood for attracting young people to investing in aYahoo Finance interviewthis week.
The Ark Invest chief and popular stock picker also responded to billionaire investor John Paulson's recentdismissal of cryptocurrencies, brushed off concerns about market bubbles, andreiterated her viewthat a technological revolution is coming.
1. "Our base case for Tesla is $3,000." -Wood expects Elon Musk's electric-vehicle company to quadruple its market capitalization to nearly $3 trillion by 2025, partly because its global market share has increased "fairly dramatically" in the past five years.
2. "Many people think of Zoom as nothing more than these video sessions. We think it's going to start taking more share of the communications stack in technology. Zoom is on its way to usurping the role of players like Cisco. It's not just about video and stay-at-home or even hybrid, it's much bigger than that."
3. "Robinhood has introduced a whole new generation to investing, thinking about their future, and learning the hard way. Some have experimented with options - it doesn't take long to lose a lot of money with options, and they learn quickly. I actually think Robinhood has done a great service to the investment community."
4. "John Paulson made an incredible call during the mortgage crisis. What we think he's missing about cryptocurrencies is they're much more than a store of value or digital gold. Bitcoin is a new, global monetary system that is completely decentralized and not subject to the whims of policymakers."
5. "If regulators get together and agree what exactly these cryptocurrencies are, how to define them, that will be a good thing. Certainty will be a good thing for this ecosystem."
6. "This is the echo of the baby boom. I lived through the baby-boom years and that equity-market move, it was magnificent. I do feel we are in the same place now." -predicting the bull market will continue for another decade.
7. "We have never been in a period in history where we've had five major innovation platforms, involving 14 different technologies, all moving into "S" curves, the curves feeding one another. We're in a period of explosive innovation. "
8. "Are we in a bubble? We couldn't be further from it. The average investor doesn't understand how provocative these next five to 15 years are going to be, as these S curves feed one another and enter exponential growth trajectories that we have never seen before."
Read the original article onBusiness Insider || Ark Invest's Cathie Wood touts Tesla and Zoom, dismisses bubble fears, and responds to John Paulson's bitcoin critique in a new interview. Here are the 8 best quotes.: Cathie Wood. ARK Investment Management Cathie Wood trumpeted Tesla's growth prospects and predicted Zoom will usurp Cisco. The Ark invest chief also praised Robinhood and brushed off concerns of a market bubble. Wood responded to John Paulson's dismissal of crypto, arguing bitcoin is more than digital gold. See more stories on Insider's business page . Cathie Wood predicted Tesla's stock price will quadruple in about four years, suggested Zoom could replace legacy companies like Cisco in enterprise communications, and praised Robinhood for attracting young people to investing in a Yahoo Finance interview this week. The Ark Invest chief and popular stock picker also responded to billionaire investor John Paulson's recent dismissal of cryptocurrencies , brushed off concerns about market bubbles, and reiterated her view that a technological revolution is coming. Here are Wood's 8 best quotes from the interview, lightly edited and condensed for clarity: 1. "Our base case for Tesla is $3,000." - Wood expects Elon Musk's electric-vehicle company to quadruple its market capitalization to nearly $3 trillion by 2025, partly because its global market share has increased "fairly dramatically" in the past five years. 2. "Many people think of Zoom as nothing more than these video sessions. We think it's going to start taking more share of the communications stack in technology. Zoom is on its way to usurping the role of players like Cisco. It's not just about video and stay-at-home or even hybrid, it's much bigger than that." 3. "Robinhood has introduced a whole new generation to investing, thinking about their future, and learning the hard way. Some have experimented with options - it doesn't take long to lose a lot of money with options, and they learn quickly. I actually think Robinhood has done a great service to the investment community." 4. "John Paulson made an incredible call during the mortgage crisis. What we think he's missing about cryptocurrencies is they're much more than a store of value or digital gold. Bitcoin is a new, global monetary system that is completely decentralized and not subject to the whims of policymakers." Story continues 5. "If regulators get together and agree what exactly these cryptocurrencies are, how to define them, that will be a good thing. Certainty will be a good thing for this ecosystem." 6. "This is the echo of the baby boom. I lived through the baby-boom years and that equity-market move, it was magnificent. I do feel we are in the same place now." - predicting the bull market will continue for another decade. 7. "We have never been in a period in history where we've had five major innovation platforms, involving 14 different technologies, all moving into "S" curves, the curves feeding one another. We're in a period of explosive innovation. " 8. "Are we in a bubble? We couldn't be further from it. The average investor doesn't understand how provocative these next five to 15 years are going to be, as these S curves feed one another and enter exponential growth trajectories that we have never seen before." Read the original article on Business Insider || A father and son who help clients find forgotten crypto passwords estimate billions of dollars worth of lost bitcoin is recoverable: • A father and son team of computer programmers help people find lost passwords to their crypto wallets.
• Chris and Charlie Brooks conducted an analysis that led them to estimate between 68,110 and 92,855 seemingly lost bitcoins are recoverable.
• At current prices, the high end of the recoverable bitcoin estimate amounts to $4.7 billion.
• See more stories on Insider's business page.
For Chris and Charlie Brooks, finding lost passwords to cryptocurrency wallets requires figuring out how their clients' minds work - and that effort can help their customers retrieve a slice of what the pair estimates is about $4.7 billion worth of recoverable bitcoin stranded in locked wallets.
"We get a really broad spectrum of clients. We have a client who is an early-stage miner in bitcoin who lost all of his information and he knows he's got some bitcoins somewhere … We get clients who were told in 2017 to buy into the hype-bubble and they bought $1,000 [worth] and they are looking for something to cover the rent," Charlie, a 20-year-old computer programmer who joined his father in runningCrypto Asset Recoverybased in New Hampshire, told Insider in a video interview.
"One of our most recent cracks had about $250,000," in a blockchain wallet, said Charlie, who majored in computer science in college. He's put school aside for now to work at the business. "This is something I've always liked. I would follow along with my dad ... Online treasure hunting, it seemed really cool."
Nearly 40% of 1,000 US crypto owners in a recentsurvey from Cryptovantagesaid they had lost wallet passwords and, on average, those unable to find their passwords lost $2,134.
The jumping-off point of the duo's estimate of what can be recovered was a Chainalysis estimate that up to 20% of 18.5 million existing bitcoin appear to be lost or stranded in locked wallets. The figures were cited in January byThe New York Times in a story about a San Francisco-based programmerwho couldn't find the password to the hard drive that stored his 7,002 bitcoin.After eight wrong guesses, he had two leftto figure out the password before the virtual currency was likely lost forever.
The Chainalysis figure sparked a question for the Brookses.
"Yes, that bitcoin is lost but if the owner of that bitcoin were motivated, what percentage of those do we think is reasonable to assume could be recovered?," said Chris, a 50-year-old computer programmer who started his business in 2017 and, after some time retooling, ramped up operations late last year when his son came on board.
Nakamoto's forum
To find a sample of lost bitcoin for their analysis, Chris said they turned to a thread on BitcoinTalk, a forum whose creation is credited to bitcoin inventor Satoshi Nakamoto. A thread started in 2011 called "Let's add up the KNOWN lost bitcoins" is filled with posts by people with the amount of bitcoin they lost and how it happened. The Brookses filtered and set parameters on the information, such as excluding losses of less than half of a bitcoin, to make an estimate on the sample population of the bitcoin reported lost.
The Brookses narrowed it all down to 72 posts that described the loss of at least half of a bitcoin. They determined that 14% are potentially recoverable cases and that from their own work in recovering wallets for clients, they can decrypt about 35% of passwords. That led to their conclusion that about 2.45% of lost bitcoin is retrievable. With a range between 68,110 and 92,855 bitcoins, that would make up to $4.7 billion in bitcoin recoverable based on the asset's price of about $50,372 on Friday.
Good guesses
"We get as good a list of passwords as we can from a client and then we put our heads together and spend some time extrapolating the way that they make their passwords and try to get in their mind when they are actually creating a password," said Charlie. "That's the most helpful thing, just seeing their practice," he said. "That's the cornerstone of our business, essentially."
The duo will run "hundreds of millions or billions of variations" of password patterns and test those against the encrypted version of the wallet, said Chris.
"If you don't have a very good [password] guess, there are more possible passwords than there are atoms in the universe, and I'm not being facetious when I say that," Chris said.
The Brookses said decrypting times vary but occasionally can take as little as five seconds. That happened with a client whose list of nine potential passwords contained the correct one. Charlie said they worked for roughly a month and a half with the client who turned out to have about $250,000 in his wallet.
Security measures they take include having clients sign a contract stating they are the owner of the blockchain wallet being worked on. The two get paid on a sliding scale. Starting with wallets containing between zero and 10 bitcoins, or an equivalent value, the team will earn a 20% commission. There's no charge to clients if they can't recover any funds.
Chris said a number of their clients live in countries where people are largely unbanked.
"They may have a wallet with a couple of hundreds of dollars in it and that is their life savings. If they lose the password to it, they have no access to it anymore," said Chris. "In some sense, it can be a heartbreaking piece of the business … we do crack some of [the wallets]. It's a balancing act to be helpful without going too far down a rabbit hole."
Read the original article onBusiness Insider || A father and son who help clients find forgotten crypto passwords estimate billions of dollars worth of lost bitcoin is recoverable: Charlie and Chris Brooks run Crypto Asset Recovery, a small business in New Hampshire. Crypto Asset Recovery A father and son team of computer programmers help people find lost passwords to their crypto wallets. Chris and Charlie Brooks conducted an analysis that led them to estimate between 68,110 and 92,855 seemingly lost bitcoins are recoverable. At current prices, the high end of the recoverable bitcoin estimate amounts to $4.7 billion. See more stories on Insider's business page . For Chris and Charlie Brooks, finding lost passwords to cryptocurrency wallets requires figuring out how their clients' minds work - and that effort can help their customers retrieve a slice of what the pair estimates is about $4.7 billion worth of recoverable bitcoin stranded in locked wallets. "We get a really broad spectrum of clients. We have a client who is an early-stage miner in bitcoin who lost all of his information and he knows he's got some bitcoins somewhere … We get clients who were told in 2017 to buy into the hype-bubble and they bought $1,000 [worth] and they are looking for something to cover the rent," Charlie, a 20-year-old computer programmer who joined his father in running Crypto Asset Recovery based in New Hampshire, told Insider in a video interview. "One of our most recent cracks had about $250,000," in a blockchain wallet, said Charlie, who majored in computer science in college. He's put school aside for now to work at the business. "This is something I've always liked. I would follow along with my dad ... Online treasure hunting, it seemed really cool." Nearly 40% of 1,000 US crypto owners in a recent survey from Cryptovantage said they had lost wallet passwords and, on average, those unable to find their passwords lost $2,134. The jumping-off point of the duo's estimate of what can be recovered was a Chainalysis estimate that up to 20% of 18.5 million existing bitcoin appear to be lost or stranded in locked wallets. The figures were cited in January by The New York Times in a story about a San Francisco-based programmer who couldn't find the password to the hard drive that stored his 7,002 bitcoin. After eight wrong guesses, he had two left to figure out the password before the virtual currency was likely lost forever. Story continues The Chainalysis figure sparked a question for the Brookses. "Yes, that bitcoin is lost but if the owner of that bitcoin were motivated, what percentage of those do we think is reasonable to assume could be recovered?," said Chris, a 50-year-old computer programmer who started his business in 2017 and, after some time retooling, ramped up operations late last year when his son came on board. Nakamoto's forum To find a sample of lost bitcoin for their analysis, Chris said they turned to a thread on BitcoinTalk, a forum whose creation is credited to bitcoin inventor Satoshi Nakamoto. A thread started in 2011 called " Let's add up the KNOWN lost bitcoins " is filled with posts by people with the amount of bitcoin they lost and how it happened. The Brookses filtered and set parameters on the information, such as excluding losses of less than half of a bitcoin, to make an estimate on the sample population of the bitcoin reported lost. The Brookses narrowed it all down to 72 posts that described the loss of at least half of a bitcoin. They determined that 14% are potentially recoverable cases and that from their own work in recovering wallets for clients, they can decrypt about 35% of passwords. That led to their conclusion that about 2.45% of lost bitcoin is retrievable. With a range between 68,110 and 92,855 bitcoins, that would make up to $4.7 billion in bitcoin recoverable based on the asset's price of about $50,372 on Friday. Good guesses "We get as good a list of passwords as we can from a client and then we put our heads together and spend some time extrapolating the way that they make their passwords and try to get in their mind when they are actually creating a password," said Charlie. "That's the most helpful thing, just seeing their practice," he said. "That's the cornerstone of our business, essentially." The duo will run "hundreds of millions or billions of variations" of password patterns and test those against the encrypted version of the wallet, said Chris. "If you don't have a very good [password] guess, there are more possible passwords than there are atoms in the universe, and I'm not being facetious when I say that," Chris said. The Brookses said decrypting times vary but occasionally can take as little as five seconds. That happened with a client whose list of nine potential passwords contained the correct one. Charlie said they worked for roughly a month and a half with the client who turned out to have about $250,000 in his wallet. Security measures they take include having clients sign a contract stating they are the owner of the blockchain wallet being worked on. The two get paid on a sliding scale. Starting with wallets containing between zero and 10 bitcoins, or an equivalent value, the team will earn a 20% commission. There's no charge to clients if they can't recover any funds. Chris said a number of their clients live in countries where people are largely unbanked. "They may have a wallet with a couple of hundreds of dollars in it and that is their life savings. If they lose the password to it, they have no access to it anymore," said Chris. "In some sense, it can be a heartbreaking piece of the business … we do crack some of [the wallets]. It's a balancing act to be helpful without going too far down a rabbit hole." Read the original article on Business Insider || The Crypto Daily – Movers and Shakers – September 4th, 2021: Bitcoin , BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0. A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move. Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0. Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473. Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100. The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level. The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a bullish day on Friday Litecoin led the way, surging by 16.25%. Bitcoin Cash SV (+6.26%), Crypto.com Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support. Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) trailed the front runners, however. In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn. Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%. This Morning At the time of writing, Bitcoin was down by 0.16% to $49,921.0. A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Ripple’s XRP bucked the early trend, rising by 0.16%. It was a bearish start for the rest of the majors, however. Story continues At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play. Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more. Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside. In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635. A fall through the $49,825 pivot would bring the first major support level at $48,508 into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Weekly Price Forecast – Natural Gas Markets Jump Higher Again for the Week Silver Weekly Price Forecast – Silver Markets Reach Towards $25 Gold Forecast – Gold Signals Potential Bottom Over Dismal August Jobs Report Natural Gas Price Fundamental Daily Forecast – Producers, Refiners Facing Delays in Restart of Facilities E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 15477.00 – 15424.75 to Sustain Rally The Crypto Daily – Movers and Shakers – September 4th, 2021 || The Crypto Daily – Movers and Shakers – September 4th, 2021: Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.
Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.
Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.
Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.
The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.
The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Friday
Litecoinled the way, surging by 16.25%.
Bitcoin Cash SV(+6.26%),Crypto.com Coin(+4.78%),Ethereum(+4.01%), and Polkadot (+4.04%) also found relatively strong support.
Binance Coin(+1.03%),Cardano’s ADA(+0.20%),Chainlink(+2.72%), andRipple’s XRP(+2.91%) trailed the front runners, however.
In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.
Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.
At the time of writing, Bitcoin was down by 0.16% to $49,921.0. A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP bucked the early trend, rising by 0.16%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down.
Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.
Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.
A fall through the $49,825 pivot would bring the first major support level at $48,508 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015.
Thisarticlewas originally posted on FX Empire
• Natural Gas Weekly Price Forecast – Natural Gas Markets Jump Higher Again for the Week
• Silver Weekly Price Forecast – Silver Markets Reach Towards $25
• Gold Forecast – Gold Signals Potential Bottom Over Dismal August Jobs Report
• Natural Gas Price Fundamental Daily Forecast – Producers, Refiners Facing Delays in Restart of Facilities
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 15477.00 – 15424.75 to Sustain Rally
• The Crypto Daily – Movers and Shakers – September 4th, 2021 || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Richard Gauthier, an insider of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the " Company ") today announced that he has filed an early warning report (the " Early Warning Report ") under National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the closing of the previously announced Qualifying Transaction (the Qualifying Transaction ) (as defined by Policy 2.4 of the TSX Venture Exchange (the TSXV )). The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the Common Shares ) to the shareholders of 1739001 Alberta Ltd. ( Old Bitcoin Well ), at a deemed price of $0.25 per Common Share. Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 Common shares issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV Tier 2 Value Escrow Agreement. As part of the Qualifying Transaction, Mr. Gauthier acquired ownership and direction or control over an aggregate of 25,567,413 Common Shares. As a result of the Qualifying Transaction, Mr. Gauthier has ownership and control over 15.7% of the issued and outstanding Common Shares. Prior to the completion of the Qualifying Transaction, Mr. Gauthier did not, directly or indirectly, own any securities of the Company. Mr. Gauthier does not have any plans to acquire or dispose of additional securities of the Company. However, both Mr. Gauthier may acquire additional securities of the Company, dispose of some or all of the existing or additional securities they he holds or will hold, or may continue to hold his current positions, depending on market conditions, reformulations, and / or other relevant factors. Story continues The Companys head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4. A copy of the Early Warning Report filed by Mr. Gauthier will be available under the Company's profile on SEDAR at www.sedar.com . Contact Information For investor information, please contact: Bitcoin Well 10142 82 Avenue NW Edmonton, AB T6E 1Z4 bitcoinwell.com Adam OBrien , Founder & CEO Mandy Johnston , CFO Tel: 1 888 711 3866 [email protected] For media queries and further information, please contact: Karen Smola , Director of Marketing Tel: 587-735-1570 [email protected] || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Richard Gauthier, an insider of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the "Company") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 –The Early Warning System and Related Take-Over Bid and Insider Reporting Issuesin connection with the closing of the previously announced Qualifying Transaction (the “Qualifying Transaction”) (as defined by Policy 2.4 of the TSX Venture Exchange (the “TSXV”)).
The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the “Common Shares”) to the shareholders of 1739001 Alberta Ltd. (“Old Bitcoin Well”), at a deemed price of $0.25 per Common Share.
Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 Common shares issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV – Tier 2 Value Escrow Agreement.
As part of the Qualifying Transaction, Mr. Gauthier acquired ownership and direction or control over an aggregate of 25,567,413 Common Shares.
As a result of the Qualifying Transaction, Mr. Gauthier has ownership and control over 15.7% of the issued and outstanding Common Shares.
Prior to the completion of the Qualifying Transaction, Mr. Gauthier did not, directly or indirectly, own any securities of the Company. Mr. Gauthier does not have any plans to acquire or dispose of additional securities of the Company. However, both Mr. Gauthier may acquire additional securities of the Company, dispose of some or all of the existing or additional securities they he holds or will hold, or may continue to hold his current positions, depending on market conditions, reformulations, and / or other relevant factors.
The Company’s head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4.
A copy of the Early Warning Report filed by Mr. Gauthier will be available under the Company's profile on SEDAR atwww.sedar.com.
Contact InformationFor investor information, please contact:
Bitcoin Well10142 82 Avenue NWEdmonton, AB T6E 1Z4bitcoinwell.com
Adam O’Brien, Founder & CEOMandy Johnston, CFOTel: 1 888 711 [email protected]
For media queries and further information, please contact:
Karen Smola, Director of MarketingTel: [email protected] || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Richard Gauthier, an insider of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the "Company") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 –The Early Warning System and Related Take-Over Bid and Insider Reporting Issuesin connection with the closing of the previously announced Qualifying Transaction (the “Qualifying Transaction”) (as defined by Policy 2.4 of the TSX Venture Exchange (the “TSXV”)).
The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the “Common Shares”) to the shareholders of 1739001 Alberta Ltd. (“Old Bitcoin Well”), at a deemed price of $0.25 per Common Share.
Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 Common shares issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV – Tier 2 Value Escrow Agreement.
As part of the Qualifying Transaction, Mr. Gauthier acquired ownership and direction or control over an aggregate of 25,567,413 Common Shares.
As a result of the Qualifying Transaction, Mr. Gauthier has ownership and control over 15.7% of the issued and outstanding Common Shares.
Prior to the completion of the Qualifying Transaction, Mr. Gauthier did not, directly or indirectly, own any securities of the Company. Mr. Gauthier does not have any plans to acquire or dispose of additional securities of the Company. However, both Mr. Gauthier may acquire additional securities of the Company, dispose of some or all of the existing or additional securities they he holds or will hold, or may continue to hold his current positions, depending on market conditions, reformulations, and / or other relevant factors.
The Company’s head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4.
A copy of the Early Warning Report filed by Mr. Gauthier will be available under the Company's profile on SEDAR atwww.sedar.com.
Contact InformationFor investor information, please contact:
Bitcoin Well10142 82 Avenue NWEdmonton, AB T6E 1Z4bitcoinwell.com
Adam O’Brien, Founder & CEOMandy Johnston, CFOTel: 1 888 711 [email protected]
For media queries and further information, please contact:
Karen Smola, Director of MarketingTel: [email protected] || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Adam O’Brien, a director of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the "Company") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 –The Early Warning System and Related Take-Over Bid and Insider Reporting Issuesin connection with the closing of the previously announced Qualifying Transaction (the “Qualifying Transaction”) (as defined by Policy 2.4 of the TSX Venture Exchange (the “TSXV”)).
The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the “Common Shares”) to the shareholders of 1739001 Alberta Ltd. (“Old Bitcoin Well”), at a deemed price of $0.25 per Common Share.
Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 common shares (the “Common Shares”) issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV – Tier 2 Value Escrow Agreement.
As part of the Qualifying Transaction, Mr. O’Brien acquired ownership and direction or control over an aggregate of 73,242,815 Common Shares.
As a result of the Qualifying Transaction, Mr. O’Brien has ownership and control over 44.97% of the issued and outstanding Common Shares
Prior to the completion of the Qualifying Transaction, Mr. O’Brien did not, directly or indirectly, own any securities of the Company. Mr. O’Brien does not currently have any plans to acquire or dispose of additional securities of the Company. However, Mr. O’Brien may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulations, and / or other relevant factors.
The Company’s head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4.
A copy of the Early Warning Report filed by Mr. O’Brien will be available under the Company's profile on SEDAR atwww.sedar.com.
Contact InformationFor investor information, please contact:
Bitcoin Well10142 82 Avenue NWEdmonton, AB T6E 1Z4bitcoinwell.com
Adam O’Brien, Founder & CEOMandy Johnston, CFOTel: 1 888 711 [email protected]
For media queries and further information, please contact:
Karen Smola, Director of MarketingTel: [email protected] || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Adam OBrien, a director of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the " Company ") today announced that he has filed an early warning report (the " Early Warning Report ") under National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the closing of the previously announced Qualifying Transaction (the Qualifying Transaction ) (as defined by Policy 2.4 of the TSX Venture Exchange (the TSXV )). The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the Common Shares ) to the shareholders of 1739001 Alberta Ltd. ( Old Bitcoin Well ), at a deemed price of $0.25 per Common Share. Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 common shares (the Common Shares) issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV Tier 2 Value Escrow Agreement. As part of the Qualifying Transaction, Mr. OBrien acquired ownership and direction or control over an aggregate of 73,242,815 Common Shares. As a result of the Qualifying Transaction, Mr. OBrien has ownership and control over 44.97% of the issued and outstanding Common Shares Prior to the completion of the Qualifying Transaction, Mr. OBrien did not, directly or indirectly, own any securities of the Company. Mr. OBrien does not currently have any plans to acquire or dispose of additional securities of the Company. However, Mr. OBrien may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulations, and / or other relevant factors. Story continues The Companys head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4. A copy of the Early Warning Report filed by Mr. OBrien will be available under the Company's profile on SEDAR at www.sedar.com . Contact Information For investor information, please contact: Bitcoin Well 10142 82 Avenue NW Edmonton, AB T6E 1Z4 bitcoinwell.com Adam OBrien , Founder & CEO Mandy Johnston , CFO Tel: 1 888 711 3866 [email protected] For media queries and further information, please contact: Karen Smola , Director of Marketing Tel: 587-735-1570 [email protected] || Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Qualifying Transaction of Bitcoin Well Inc.: EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Adam O’Brien, a director of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the "Company") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 –The Early Warning System and Related Take-Over Bid and Insider Reporting Issuesin connection with the closing of the previously announced Qualifying Transaction (the “Qualifying Transaction”) (as defined by Policy 2.4 of the TSX Venture Exchange (the “TSXV”)).
The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the “Common Shares”) to the shareholders of 1739001 Alberta Ltd. (“Old Bitcoin Well”), at a deemed price of $0.25 per Common Share.
Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 common shares (the “Common Shares”) issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV – Tier 2 Value Escrow Agreement.
As part of the Qualifying Transaction, Mr. O’Brien acquired ownership and direction or control over an aggregate of 73,242,815 Common Shares.
As a result of the Qualifying Transaction, Mr. O’Brien has ownership and control over 44.97% of the issued and outstanding Common Shares
Prior to the completion of the Qualifying Transaction, Mr. O’Brien did not, directly or indirectly, own any securities of the Company. Mr. O’Brien does not currently have any plans to acquire or dispose of additional securities of the Company. However, Mr. O’Brien may acquire additional securities of the Company, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position, depending on market conditions, reformulations, and / or other relevant factors.
The Company’s head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4.
A copy of the Early Warning Report filed by Mr. O’Brien will be available under the Company's profile on SEDAR atwww.sedar.com.
Contact InformationFor investor information, please contact:
Bitcoin Well10142 82 Avenue NWEdmonton, AB T6E 1Z4bitcoinwell.com
Adam O’Brien, Founder & CEOMandy Johnston, CFOTel: 1 888 711 [email protected]
For media queries and further information, please contact:
Karen Smola, Director of MarketingTel: [email protected] || What is the Wifedoge? Meet the cryptocurrency 'wife' of Dogecoin that grew more than 3,000% in one day and Elon Musk already 'liked' it: Last July they launched thecryptocurrency Wifedoge, which is presented as the'wife' of Dogecoin, but in essence it is acloneof it. In addition to being a curiosity of the 'crypto' world and having the 'like' ofElon Musk, the token surprised everyone this week with agrowth of more than 3,000%inmarket capitalizationin just one day, according to data fromCoinMarketCap.
This Tuesday, August 31, theWifedogeexceeded2.32 million dollars in market capitalization, a figure3,294.29% higherthan the68,350 dollarswith which it began on Monday morning.
• It may interest you:The Dogecoin increased its value by 4,600% in one year and Elon Musk gives it another push
However, the'wife' of the Dogecoinfailed to sustain the streak and for this Thursday, September 2, its capitalizationfell to $ 301,406.
Source:CoinMarketCap.com
Wifecoinrepresents the'inception' of cryptocurrencies, as it emerged as a parody of a digital currency (theDogecoin), which in turn was inspired by a meme to parodyBitcoin, so surreal!
• Also read:Two boys put an Ethereum mining operation in their garage and earn $ 32,000 a month
The creators ensure that the value ofeach Wifecoin token will be equivalent to one Dogecoin. Excellent news, considering that theDOGE increased its value by 4.600% in one yearand bothElon MuskandMark Cubansee it as the“strongest”cryptocurrency.
In addition, they announced that they would reserve5% of the Wifedoge units for Elon Musk.
"We will give them to you at the right time, otherwise 5% of the tokens will be forever blocked,"reads a tweet from theWifecoinaccount.
In fact, the developers of the newcryptocurrency 'meme of the meme'are so sure they have the endorsement ofElon Musk, that they thanked him for his support on Twitter.
Thank you Elon Musk. I am Wifedoge. Doge's wife! Now is the fourth launch day on Pancakeswap! Thanks for tweeting to cheer on Wifedoge. Trust us, we will soon surprise global investors even more. Our team is working hard, ”reads another tweet.
• We recommend:5 steps to generate profits with investments in cryptocurrencies: VIDEO
Should you invest in Wifedoge?
Experts assure that these vertiginous 'ups and downs' are caused by fraudulent manipulations of the crypto market, which generates multiple victims.
"The sharp ups and downs in the price of low liquidity assets are often the result of fraudulent manipulations known as 'pump and dump' and that consist of inflating their value and then selling it at overstated prices. The lack of regulations in the crypto market causes many investors become victims of this scheme, "saidRT en Español.
The decision toinvest or not in Wifedogeis like with any othercryptocurrency: if you have extra money that you are willing to lose in case things go wrong, then go for it. It neverhurts to havesome tokensin your cryptocurrency portfolio that could skyrocket more than 3,000% in 24 hours.
• See also:You can now pay with Dogecoin in Coinbase Commerce, we tell you how it works || What is the Wifedoge? Meet the cryptocurrency 'wife' of Dogecoin that grew more than 3,000% in one day and Elon Musk already 'liked' it: Last July they launched the cryptocurrency Wifedoge , which is presented as the 'wife' of Dogecoin , but in essence it is a clone of it. In addition to being a curiosity of the 'crypto' world and having the 'like' of Elon Musk , the token surprised everyone this week with a growth of more than 3,000% in market capitalization in just one day, according to data from CoinMarketCap . This Tuesday, August 31, the Wifedoge exceeded 2.32 million dollars in market capitalization , a figure 3,294.29% higher than the 68,350 dollars with which it began on Monday morning. It may interest you: The Dogecoin increased its value by 4,600% in one year and Elon Musk gives it another push However, the 'wife' of the Dogecoin failed to sustain the streak and for this Thursday, September 2, its capitalization fell to $ 301,406 . Source: CoinMarketCap.com What is the Wifedoge? Wifecoin represents the 'inception' of cryptocurrencies , as it emerged as a parody of a digital currency (the Dogecoin ), which in turn was inspired by a meme to parody Bitcoin , so surreal! Also read: Two boys put an Ethereum mining operation in their garage and earn $ 32,000 a month The creators ensure that the value of each Wifecoin token will be equivalent to one Dogecoin . Excellent news, considering that the DOGE increased its value by 4.600% in one year and both Elon Musk and Mark Cuban see it as the strongest cryptocurrency. 1 WIFEDOGE = 1 DOGECOIN #wifedoge #dogecoin https://t.co/5SMfgSy02P pic.twitter.com/zrxqxfsvqr - WIFEDOGE (@wifedoge) August 3, 2021 In addition, they announced that they would reserve 5% of the Wifedoge units for Elon Musk . Story continues "We will give them to you at the right time, otherwise 5% of the tokens will be forever blocked," reads a tweet from the Wifecoin account. WIFEDOGE PRESALE START ON DXSALE https://t.co/6g7nlv8sll Reserve 5% of the tokens for Elon Musk. Give it to him at the right time, otherwise the 5% of the tokens will be forever. Locked #bsc #wifedoge #dogecoin pic.twitter.com/oX1IHFcMpC - WIFEDOGE (@wifedoge) July 11, 2021 In fact, the developers of the new cryptocurrency 'meme of the meme' are so sure they have the endorsement of Elon Musk , that they thanked him for his support on Twitter. Thank you Elon Musk. I am Wifedoge. Doge's wife! Now is the fourth launch day on Pancakeswap! Thanks for tweeting to cheer on Wifedoge. Trust us, we will soon surprise global investors even more. Our team is working hard, reads another tweet. Thank you Elon Musk I'm Wifedoge. Doge's wife! Now is the fourth day of launch at Pancakeswap! Thank you for tweeting to encourage Wifedoge Believe us, we will soon surprise global investors even more. Our project team is working hard #wfiedoge #dogecoin #doge #PancakeSwap pic.twitter.com/HAwvYKDjA7 - WIFEDOGE (@wifedoge) July 25, 2021 We recommend: 5 steps to generate profits with investments in cryptocurrencies: VIDEO Should you invest in Wifedoge? Experts assure that these vertiginous 'ups and downs' are caused by fraudulent manipulations of the crypto market, which generates multiple victims. "The sharp ups and downs in the price of low liquidity assets are often the result of fraudulent manipulations known as 'pump and dump' and that consist of inflating their value and then selling it at overstated prices. The lack of regulations in the crypto market causes many investors become victims of this scheme, " said RT en Español . The decision to invest or not in Wifedoge is like with any other cryptocurrency : if you have extra money that you are willing to lose in case things go wrong, then go for it. It never hurts to have some tokens in your cryptocurrency portfolio that could skyrocket more than 3,000% in 24 hours . See also: You can now pay with Dogecoin in Coinbase Commerce, we tell you how it works || Most El Salvador's Citizens Oppose Bitcoin Adoption: Survey: Most Salvadorans oppose the government's decision to makeBitcoin(CRYPTO: BTC) a legal tender in the country alongside the United States dollar.
What Happened:According to a Reutersreport, a poll by the local university Central American University showed that at least 67.9% of 1,281 people disagree or strongly disagree with the use of Bitcoin as a legal tender.
Only over 32% of the survey participant said that they agree with the decision, at least to some extent.
The study was issued just days before El Salvador's Bitcoin adoption becomes effective on Sept 7.
The poll was carried out in August and also showed that nine out of 10 people did not have a clear understanding of Bitcoin, and eight out of 10 had little to no confidence in its use.
Lastly, seven out of 10 said that they believe lawmakers should repeal the law making Bitcoin a legal tender.
Read Also:As Bitcoin Law Kicks Off In Less Than A Week, Anti-Bitcoin Protests Break Out In El Salvador
Central American University dean Andreu Oliva said that the survey highlights a "broad rejection of the implementation of Bitcoin as legal tender" but also that the population significantly disagrees with the decision made by the Legislative Assembly and the president.
Why It's Important:Most of the survey participants also think that the measure will mostly impact positively the wealthy, foreign investors, the government, and business leaders. Oliva also noted that "there is a lot of concern about the possible negative effects of using Bitcoin."
The International Monetary Fund recentlyheavily criticizedEl Salvador's decision to adopt Bitcoin, describing it as "an inadvisable shortcut" compared to developing its own digital currency.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin Regains The ,000 Level, Eyes ,000
• Better Late Than Never: SEC Finally Sues BitConnect Over B Ponzi
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Most El Salvador's Citizens Oppose Bitcoin Adoption: Survey: Most Salvadorans oppose the government's decision to make Bitcoin (CRYPTO: BTC) a legal tender in the country alongside the United States dollar. What Happened: According to a Reuters report , a poll by the local university Central American University showed that at least 67.9% of 1,281 people disagree or strongly disagree with the use of Bitcoin as a legal tender. Only over 32% of the survey participant said that they agree with the decision, at least to some extent. The study was issued just days before El Salvador's Bitcoin adoption becomes effective on Sept 7. The poll was carried out in August and also showed that nine out of 10 people did not have a clear understanding of Bitcoin, and eight out of 10 had little to no confidence in its use. Lastly, seven out of 10 said that they believe lawmakers should repeal the law making Bitcoin a legal tender. Read Also: As Bitcoin Law Kicks Off In Less Than A Week, Anti-Bitcoin Protests Break Out In El Salvador Central American University dean Andreu Oliva said that the survey highlights a "broad rejection of the implementation of Bitcoin as legal tender" but also that the population significantly disagrees with the decision made by the Legislative Assembly and the president. Why It's Important: Most of the survey participants also think that the measure will mostly impact positively the wealthy, foreign investors, the government, and business leaders. Oliva also noted that "there is a lot of concern about the possible negative effects of using Bitcoin." The International Monetary Fund recently heavily criticized El Salvador's decision to adopt Bitcoin, describing it as "an inadvisable shortcut" compared to developing its own digital currency. See more from Benzinga Click here for options trades from Benzinga Bitcoin Regains The ,000 Level, Eyes ,000 Better Late Than Never: SEC Finally Sues BitConnect Over B Ponzi © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
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52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54.
|
[Bitcoin Technical Analysis for 2021-09-06]
Volume: 38884105426, RSI (14-day): 68.65, 50-day EMA: 45056.46, 200-day EMA: 41151.86
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Why bitcoin, ethereum prices are climbing higher: Major crypto tokens are trading at their highest level since May. Bitcoin was changing hands at more than $50,000 on Sept. 4, an increase of 20% from a month ago, according to CoinDesk data. Ethereum has risen around 40% to more than $3,900 during that span. The world’s biggest carbon-sucking machine is switching on in Iceland The hard part is explaining why prices are so high. Crypto assets tend to be highly volatile, with prices that pingpong around on the latest speculation. Here are some developments that may have given the popular digital tokens a recent boost. Facebook could add features for NFTs to its wallet Facebook executive David Marcus told Bloomberg in late August that the social network could provide support for non-fungible tokens on its digital wallet, known as Novi. (Facebook is also developing its own crypto asset, known as Diem.) NFTs are kind of a digital version of one-of-a-kind artworks or trading cards typically built on the ethereum blockchain. If Facebook helps make NFTs more popular, that could drive up demand for ether, which is used to pay for computations on the ethereum network. Visa also says it's exploring NFTs . The last country on Earth using leaded gasoline just finished its supply El Salvador will make bitcoin legal tender on Sept. 7 The Central American nation will become the first country in the world to make the original crypto asset a national currency (alongside the US dollar). Some think this will spur further bitcoin adoption. The International Monetary Fund, on the other hand, thinks this type of thing could destabilize the economy and expose the government and regular citizens to additional exchange-rate risk. Bitcoin mining is bouncing back Crypto miners, who power fleets of energy-intensive computers to process bitcoin transactions, are powering back up after getting banned in China. As the backbone for crypto computing capacity rebounds and is redistributed around the world , from Texas to Kazakhstan, some may see this as a sign of robustness for bitcoin and the broader world of digital assets. Story continues Elon Musk still likes crypto Sometimes it seems like bitcoin is worth whatever Tesla founder Elon Musk says it is. Crypto hit the skids in May when Musk said the electric car company would stop accepting bitcoin as payment until it is produced using more sustainable sources of energy. Lately he's made nice noises about crypto, though, and he pointed out on Twitter that he owns bitcoin and some other digital assets and would like for them to flourish. Not all the news is necessarily bullish. An item for the bears includes: The head of the US Securities and Exchange Commission fired a warning shot Gary Gensler told the Financial Times that crypto executives have to heed regulations if they want to be around in the coming years. He also suggested that so-called DeFi, or decentralized finance based on software that allows users to transact directly with each other, is still rather centralized , and perhaps not that different from the peer-to-peer platforms that sprung up years go. Last month, the SEC brought charges against two men who sold $30 million of securities using DeFi technology. Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: What part of the US is safest from climate change? Why employees should always come first || Why bitcoin, ethereum prices are climbing higher: Major crypto tokens are trading at their highest level since May. Bitcoin was changing hands at more than $50,000 on Sept. 4, an increase of 20% from a month ago, according to CoinDesk data. Ethereum has risen around 40% to more than $3,900 during that span. The world’s biggest carbon-sucking machine is switching on in Iceland The hard part is explaining why prices are so high. Crypto assets tend to be highly volatile, with prices that pingpong around on the latest speculation. Here are some developments that may have given the popular digital tokens a recent boost. Facebook could add features for NFTs to its wallet Facebook executive David Marcus told Bloomberg in late August that the social network could provide support for non-fungible tokens on its digital wallet, known as Novi. (Facebook is also developing its own crypto asset, known as Diem.) NFTs are kind of a digital version of one-of-a-kind artworks or trading cards typically built on the ethereum blockchain. If Facebook helps make NFTs more popular, that could drive up demand for ether, which is used to pay for computations on the ethereum network. Visa also says it's exploring NFTs . The last country on Earth using leaded gasoline just finished its supply El Salvador will make bitcoin legal tender on Sept. 7 The Central American nation will become the first country in the world to make the original crypto asset a national currency (alongside the US dollar). Some think this will spur further bitcoin adoption. The International Monetary Fund, on the other hand, thinks this type of thing could destabilize the economy and expose the government and regular citizens to additional exchange-rate risk. Bitcoin mining is bouncing back Crypto miners, who power fleets of energy-intensive computers to process bitcoin transactions, are powering back up after getting banned in China. As the backbone for crypto computing capacity rebounds and is redistributed around the world , from Texas to Kazakhstan, some may see this as a sign of robustness for bitcoin and the broader world of digital assets. Story continues Elon Musk still likes crypto Sometimes it seems like bitcoin is worth whatever Tesla founder Elon Musk says it is. Crypto hit the skids in May when Musk said the electric car company would stop accepting bitcoin as payment until it is produced using more sustainable sources of energy. Lately he's made nice noises about crypto, though, and he pointed out on Twitter that he owns bitcoin and some other digital assets and would like for them to flourish. Not all the news is necessarily bullish. An item for the bears includes: The head of the US Securities and Exchange Commission fired a warning shot Gary Gensler told the Financial Times that crypto executives have to heed regulations if they want to be around in the coming years. He also suggested that so-called DeFi, or decentralized finance based on software that allows users to transact directly with each other, is still rather centralized , and perhaps not that different from the peer-to-peer platforms that sprung up years go. Last month, the SEC brought charges against two men who sold $30 million of securities using DeFi technology. Sign up for the Quartz Daily Brief , our free daily newsletter with the world’s most important and interesting news. More stories from Quartz: What part of the US is safest from climate change? Why employees should always come first || These Are The Ten Worst Performing Cryptocurrencies In August: The first half of 2021 has been a breakthrough year for the crypto market. Now, the crypto industry is carrying forward the same performance in the second half as well. The market performed well in July, as well as in August, and there were a few coins that touched their all-time high in August. As always, there were a few coins that rewarded investors with massive returns and there were also those that provided negative or negligible returns last month. Lets take a look at the ten worst performing cryptocurrencies in August. Q2 2021 hedge fund letters, conferences and more Ten Worst Performing Cryptocurrencies In August We have referred to the return data from coinmarketcap.com to rank the ten worst performing cryptocurrencies in August. We have considered only the top 100 cryptocurrencies on the basis of the market cap. These are the ten worst performing cryptocurrencies in August: Stacks (STX, 5%) Formerly known as Blockstack, it was rebranded to Stacks in Q4 2020. Stacks aims to bring smart contracts and decentralized applications (DApps) to Bitcoin. Stacks is trading over $1.50, and has a market cap of more than $1,845 million. It is up more than 250% YTD. Stacks has an all-time high of $2.82 (April 2021) and an all-time low of $0.04501 (March 2020). Celsius (CEL, 4%) Launched in 2018, it is a one-stop banking and financial services platform for cryptocurrency users. It allows users to deposit cryptocurrencies, as well as offer services such as loans and wallet-style payments. Celsius is trading over $5.90, and has a market cap of more than $1,395 million. It is up more than 6% YTD. Celsius has an all-time high of $8.02 (June 2021) and an all-time low of $0.02235 (October 2018). Tether (USDT, 0.01%) Launched in 2014, it is a stablecoin that mirrors the price of the U.S. dollar. Its objective is to combine the usefulness of cryptocurrencies with the stable value of the U.S. dollar. Tether is trading at $1, and has a market cap of more than $65,786 million. Tether has an all-time high of $1.21 (May 2017) and an all-time low of $0.0001018 (June 2021). Story continues Binance USD (BUSD, -0.02%) Launched in 2019, it is a 1:1 USD-backed stable coin. It is issued by Binance and is approved and regulated by the NYDFS (New York State Department of Financial Services). Binance USD is trading at $1, and has a market cap of more than $12,542 million. Binance USD has an all-time high of $6.29 (June 2021) and an all-time low of $0.8861 (March 2020). Dai (DAI, -0.03%) Launched in 2019, it is an Ethereum-based stablecoin, whose value is soft-pegged to the U.S. dollar and is collateralized by a mix of other cryptocurrencies. Dai is trading at $1, and has a market cap of more than $6,175 million. It is down almost 1% YTD. Dai has an all-time high of $1.14 (September 2020) and an all-time low of $0.8935 (June 2021). USD Coin (USDC, -0.04%) Launched in 2018, it is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Transparency is what makes this coin different from others. Users get assurance that they can easily withdraw 1 USDC for $1. USD Coin is trading at $1, and has a market cap of more than $27,406 million. It is up almost 1% YTD. USD Coin has an all-time high of $1.11 (October 2018) and an all-time low of $0.9292 (March 2020). TrueUSD (TUSD, -0.04%) Launched in 2018, it is a U.S. dollar stablecoin that is pegged to USD at 1:1. Like any other stablecoin, this coin also aims to balance stability and utility. TrueUSD is trading at $1, and has a market cap of more than $1,380 million. It is down almost 1% YTD. TrueUSD has an all-time high of $1.36 (May 2018) and an all-time low of $0.9179 (March 2020). TerraUSD (UST, -0.07%) Launched in 2020, it is a decentralized and algorithmic stablecoin of the Terra blockchain that is value-pegged to the U.S. Dollar. TerraUSD is trading at $1, and has a market cap of more than $2,426 million. It is down almost 1% YTD. TerraUSD has an all-time high of $1.05 (Jan 2021) and an all-time low of $0.7929 (December 2020). UNUS SED LEO (LEO, -2%) Launched in 2019, it is a utility token that is usable on the iFinex ecosystem. It basically allows users to save money on trading fees. UNUS SED LEO is presently trading over $2.90, and has a market cap of more than $2,807 million. It is up more than 116% YTD. UNUS SED LEO has an all-time high of $3.92 (May 2021) and an all-time low of $0.8036 (December 2019). Amp (AMP, -6%) Amp is a new digital collateral token that offers instant, verifiable assurances for any kind of value transfer. It supports a wide variety of use cases for collateralization. Amp is presently trading over $0.057, and has a market cap of more than $2,473 million. It is up more than 780% YTD. Amp has an all-time high of $0.1211 (June 2021) and an all-time low of $0.0007946 (Nov 2020). || These Are The Ten Worst Performing Cryptocurrencies In August: The first half of 2021 has been a breakthrough year for the crypto market. Now, thecrypto industryis carrying forward the same performance in the second half as well. The market performed well in July, as well as in August, and there were a few coins that touched their all-time high in August. As always, there were a few coins that rewarded investors with massive returns and there were also those that provided negative or negligible returns last month. Let’s take a look at the ten worst performing cryptocurrencies in August.
Q2 2021 hedge fund letters, conferences and more
We have referred to the return data fromcoinmarketcap.comto rank the ten worst performing cryptocurrencies in August. We have considered only the top 100 cryptocurrencies on the basis of the market cap. These are the ten worst performing cryptocurrencies in August:
1. Stacks (STX, 5%)
Formerly known as Blockstack, it was rebranded toStacksin Q4 2020. Stacks aims to bring smart contracts and decentralized applications (DApps) to Bitcoin. Stacks is trading over $1.50, and has a market cap of more than $1,845 million. It is up more than 250% YTD. Stacks has an all-time high of $2.82 (April 2021) and an all-time low of $0.04501 (March 2020).
1. Celsius (CEL, 4%)
Launched in 2018, it is a one-stop banking and financial services platform for cryptocurrency users. It allows users to deposit cryptocurrencies, as well as offer services such as loans and wallet-style payments.Celsiusis trading over $5.90, and has a market cap of more than $1,395 million. It is up more than 6% YTD. Celsius has an all-time high of $8.02 (June 2021) and an all-time low of $0.02235 (October 2018).
1. Tether (USDT, 0.01%)
Launched in 2014, it is a stablecoin that mirrors the price of the U.S. dollar. Its objective is to combine the usefulness of cryptocurrencies with the stable value of the U.S. dollar.Tetheris trading at $1, and has a market cap of more than $65,786 million. Tether has an all-time high of $1.21 (May 2017) and an all-time low of $0.0001018 (June 2021).
1. Binance USD (BUSD, -0.02%)
Launched in 2019, it is a 1:1 USD-backed stable coin. It is issued by Binance and is approved and regulated by the NYDFS (New York State Department of Financial Services).Binance USDis trading at $1, and has a market cap of more than $12,542 million. Binance USD has an all-time high of $6.29 (June 2021) and an all-time low of $0.8861 (March 2020).
1. Dai (DAI, -0.03%)
Launched in 2019, it is an Ethereum-based stablecoin, whose value is soft-pegged to the U.S. dollar and is collateralized by a mix of other cryptocurrencies.Daiis trading at $1, and has a market cap of more than $6,175 million. It is down almost 1% YTD. Dai has an all-time high of $1.14 (September 2020) and an all-time low of $0.8935 (June 2021).
1. USD Coin (USDC, -0.04%)
Launched in 2018, it is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. Transparency is what makes this coin different from others. Users get assurance that they can easily withdraw 1 USDC for $1.USD Coinis trading at $1, and has a market cap of more than $27,406 million. It is up almost 1% YTD. USD Coin has an all-time high of $1.11 (October 2018) and an all-time low of $0.9292 (March 2020).
1. TrueUSD (TUSD, -0.04%)
Launched in 2018, it is a U.S. dollar stablecoin that is pegged to USD at 1:1. Like any other stablecoin, this coin also aims to balance stability and utility.TrueUSDis trading at $1, and has a market cap of more than $1,380 million. It is down almost 1% YTD. TrueUSD has an all-time high of $1.36 (May 2018) and an all-time low of $0.9179 (March 2020).
1. TerraUSD (UST, -0.07%)
Launched in 2020, it is a decentralized and algorithmic stablecoin of the Terrablockchainthat is value-pegged to the U.S. Dollar.TerraUSDis trading at $1, and has a market cap of more than $2,426 million. It is down almost 1% YTD. TerraUSD has an all-time high of $1.05 (Jan 2021) and an all-time low of $0.7929 (December 2020).
1. UNUS SED LEO (LEO, -2%)
Launched in 2019, it is a utility token that is usable on the iFinex ecosystem. It basically allows users to save money on trading fees.UNUS SED LEOis presently trading over $2.90, and has a market cap of more than $2,807 million. It is up more than 116% YTD. UNUS SED LEO has an all-time high of $3.92 (May 2021) and an all-time low of $0.8036 (December 2019).
1. Amp (AMP, -6%)
Ampis a new digital collateral token that offers instant, verifiable assurances for any kind of value transfer. It supports a wide variety of use cases for collateralization. Amp is presently trading over $0.057, and has a market cap of more than $2,473 million. It is up more than 780% YTD. Amp has an all-time high of $0.1211 (June 2021) and an all-time low of $0.0007946 (Nov 2020). || Bitcoin Miners Convene with Texan Oil and Gas Executives to Talk Energy: BeInCrypto –
At a recent meeting of 200 oil and gas executives and bitcoin miners in Texas, flared, vented and stranded gas assets were discussed as a way forward for bitcoin miners to deal with their ever-increasing electricity and energy requirements.
One Texas native described in areport by CNBCon the topic named Hayden Griffin Haby III, formerly a surface landman, has been exclusively mining bitcoins for the last nine months. Haby co-founded a company that powers bitcoin mining setups with flared, vented, and stranded natural gas assets.
An interesting confluence of events occurred, with the Chinese governmentbanning crypto miningrigs this past spring. This could potentially result in aninflux of Chinese crypto-miners into Houston, to make use of the novel energy resource provided.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Bitcoin Miners Convene with Texan Oil and Gas Executives to Talk Energy: BeInCrypto –
At a recent meeting of 200 oil and gas executives and bitcoin miners in Texas, flared, vented and stranded gas assets were discussed as a way forward for bitcoin miners to deal with their ever-increasing electricity and energy requirements.
One Texas native described in areport by CNBCon the topic named Hayden Griffin Haby III, formerly a surface landman, has been exclusively mining bitcoins for the last nine months. Haby co-founded a company that powers bitcoin mining setups with flared, vented, and stranded natural gas assets.
An interesting confluence of events occurred, with the Chinese governmentbanning crypto miningrigs this past spring. This could potentially result in aninflux of Chinese crypto-miners into Houston, to make use of the novel energy resource provided.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Bitcoin Miners Convene with Texan Oil and Gas Executives to Talk Energy: BeInCrypto At a recent meeting of 200 oil and gas executives and bitcoin miners in Texas, flared, vented and stranded gas assets were discussed as a way forward for bitcoin miners to deal with their ever-increasing electricity and energy requirements. One Texas native described in a report by CNBC on the topic named Hayden Griffin Haby III, formerly a surface landman, has been exclusively mining bitcoins for the last nine months. Haby co-founded a company that powers bitcoin mining setups with flared, vented, and stranded natural gas assets. An interesting confluence of events occurred, with the Chinese government banning crypto mining rigs this past spring. This could potentially result in an influx of Chinese crypto-miners into Houston , to make use of the novel energy resource provided. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto || El Salvador is set to make bitcoin an official currency next week. But a messy rollout has marred the process amid anti-bitcoin protests in the country's capital.: El Salvador's President Nayib Bukele on June 24 addressing the nation about his bitcoin legal tender plan. Secretaria de Prensa de La Presidencia/Handout via Reuters On September 7, El Salvador's bitcoin law will come into force. The law, revealed at a Miami convention on June 5, will transform El Salvador's economy. But the breakneck rollout has been marred by local protests, global outcry, and general confusion. See more stories on Insider's business page . El Salvador's bold experiment in making bitcoin official currency has moved in just three months' time from concept to execution. This coming Tuesday, the bitcoin legal tender law will come into force. Then, the real experiment will begin. The law, revealed at a Miami convention on June 5, will transform El Salvador's economy, nearly a quarter of which came from remittances in 2020. It will affect local business, global investment, and daily life for Salvadorans. Yet it was passed by congress three days after being announced with just a few hours of debate. Preparation and rollout of the law has been messy. Salvadorans complain they have no idea what the law will mean for them, saying they have received little official communication. Global finance from big banks to rating agencies say the law could jeopardize much-needed IMF lending talks, hurt local insurers , and even weaken the bitcoin network . As the law's implementation date - which some call " B-day " - looms, opposition has mounted. Protests erupted in San Salvador , the capital, as pensioners feared their payouts could be forcibly denominated in the highly volatile crypto-asset. Other protesters said the law could exacerbate money laundering in a country where corruption is endemic . The protests appear to be speaking for a broader public sentiment, too. A poll taken in July found that 75% of Salvadorans have reservations about the law . About half said they knew nothing about it. The government has still yet to finish creating rules for how the move to bitcoin will work. The original bill - revealed to the world via president Nayib Bukele's prolific Twitter account - will require businesses to accept bitcoin, but contains a possibly massive carve-out for businesses that don't have the technological know-how. Story continues Bukele has shrugged all this off - and has hit back at the law's critics. In a Twitter thread , the 40-year-old president denounced the opposition as "clumsy," saying they were "liars" that would be exposed as soon as the law comes into effect. For those Salvadorans worried about their pension or business, Bukele insists everyone will be able to keep dealing in dollars as usual. Bitcoin use isn't mandatory, he says. Some parts of the president's rollout are starting to coming together. Alongside an American bitcoin firm called Strike , the government has set up hundreds of bitcoin ATMs to go with a new digital wallet called Chivo, Spanish for "cool." It is starting to run TV infomercials to educate the public. And the central bank in late August put out preliminary banking rules governing the move to bitcoin. But banks have only until this coming Monday to comment on the new regulations - one day before the law takes effect. The ATMs, too, come with a bit of a catch. While Bukele has pitched bitcoin as a way for Salvadorans to dodge pricey fees at remittance companies like Western Union, some ATMs appear to charge withdrawal fees of their own. One used by an Economist journalist in San Salvador charged 5%. Many crypto enthusiasts are still standing squarely behind Bukele. Mario Gomez Lozada, CEO of crypto trading platform PowerTrade and himself a Salvadoran citizen, told Insider that bitcoin was bringing hope to El Salvador. "There are so many people getting eaten alive by remittance fees. Bitcoin provides a fee-free path to send money home," said Gomez Lozada. "I think all the countries in Latin America will follow: Paraguay, Argentina, and so on." "I never thought I would witness my home country filled with so much hope for the future, let alone leading the way for others," he said. Read the original article on Business Insider || El Salvador is set to make bitcoin an official currency next week. But a messy rollout has marred the process amid anti-bitcoin protests in the country's capital.: • On September 7, El Salvador's bitcoin law will come into force.
• The law, revealed at a Miami convention on June 5, will transform El Salvador's economy.
• But the breakneck rollout has been marred by local protests, global outcry, and general confusion.
• See more stories on Insider's business page.
El Salvador's bold experiment in makingbitcoinofficial currency has moved in just three months' time from concept to execution. This coming Tuesday, the bitcoin legal tender law will come into force. Then, the real experiment will begin.
The law, revealed at a Miami convention on June 5, will transform El Salvador's economy, nearly a quarter of which came from remittances in 2020. It will affect local business, global investment, and daily life for Salvadorans.
Yet it was passed by congress three days after being announced with just a few hours of debate.
Preparation and rollout of the law has been messy. Salvadoranscomplainthey have no idea what the law will mean for them, saying they have received little official communication. Global finance from big banks to rating agencies say the law could jeopardize much-needed IMF lending talks, hurtlocal insurers, andeven weaken the bitcoin network.
As the law's implementation date - which some call "B-day" - looms, opposition has mounted. Protestserupted in San Salvador, the capital, as pensioners feared their payouts could be forcibly denominated in the highly volatile crypto-asset.
Other protesters said the law could exacerbate money laundering in a country wherecorruption is endemic. The protests appear to be speaking for a broader public sentiment, too. A poll taken in July found that75% of Salvadorans have reservations about the law. About half said they knew nothing about it.
The government has still yet to finish creating rules for how the move to bitcoin will work. The original bill - revealed to the world via president Nayib Bukele's prolificTwitter account- will require businesses to accept bitcoin, but contains a possibly massive carve-out for businesses that don't have the technological know-how.
Bukele has shrugged all this off - and has hit back at the law's critics. In a Twitterthread, the 40-year-old president denounced the opposition as "clumsy," saying they were "liars" that would be exposed as soon as the law comes into effect. For those Salvadorans worried about their pension or business, Bukele insists everyone will be able to keep dealing in dollars as usual. Bitcoin use isn't mandatory, he says.
Some parts of the president's rollout are starting to coming together. Alongside an American bitcoin firm calledStrike, the government has set up hundreds of bitcoin ATMs to go with a new digital wallet called Chivo, Spanish for "cool." It is starting to runTV infomercialsto educate the public. And the central bank in late Augustput out preliminary banking rulesgoverning the move to bitcoin.
But banks have only until this coming Monday to comment on the new regulations - one day before the law takes effect.
The ATMs, too, come with a bit of a catch. While Bukele has pitched bitcoin as a way for Salvadorans to dodge pricey fees at remittance companies like Western Union, some ATMs appear to charge withdrawal fees of their own. One used by anEconomistjournalist in San Salvador charged 5%.
Many crypto enthusiasts are still standing squarely behind Bukele. Mario Gomez Lozada, CEO of crypto trading platform PowerTrade and himself a Salvadoran citizen, told Insider that bitcoin was bringing hope to El Salvador.
"There are so many people getting eaten alive by remittance fees. Bitcoin provides a fee-free path to send money home," said Gomez Lozada. "I think all the countries in Latin America will follow: Paraguay, Argentina, and so on."
"I never thought I would witness my home country filled with so much hope for the future, let alone leading the way for others," he said.
Read the original article onBusiness Insider || What Happens to Social Security When You Die?: Zinkevych / Getty Images/iStockphoto The end of a persons life doesnt necessarily mean the end of their social security payments. Depending on factors like income and dependents, social security checks will still be issued to someone else even after the original recipient passes away. See: The Biggest Problems Facing Social Security Find: Can You Afford To Die in Your State? According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings. Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died as long as the deceased worked long enough to qualify for benefits. If you have no survivors or dependents, the payments simply cease. Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director. If that doesnt happen, youll have to call the SSA you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday. Youll need to provide the deceased persons social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported. Here are some things to remember for those getting benefits on a spouses or parents record, according to the SSA: Social Security will automatically change any monthly benefits received to survivors benefits after it receives the report of death. The agency might be able to pay a Special Lump-Sum Death Payment automatically. One thing to keep in mind is that no social security benefits are due for the month of a persons death. Story continues Any benefit thats paid after the month of the persons death needs to be refunded, Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC. See: What Happens to Your Bitcoin When You Die? Find: Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death. If the surviving spouse has already reached their own full retirement age, they can get their deceased spouses full benefit. You can apply for reduced benefits as early as age 60 or age 50 if disabled which is a couple of years earlier than the standard earliest claiming age of 62 . More From GOBankingRates Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment? 5 Things Most Americans Dont Know About Social Security Heres How Much You Need To Earn To Be Rich in Every State 5 Cities Around the World Experiencing a Housing Market Boom This article originally appeared on GOBankingRates.com : What Happens to Social Security When You Die? || What Happens to Social Security When You Die?: The end of a person’s life doesn’t necessarily mean the end of their social security payments. Depending on factors like income and dependents,social security checks will still be issuedto someone else even after the original recipient passes away.
See:The Biggest Problems Facing Social SecurityFind:Can You Afford To Die in Your State?
According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings.
Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died — as long as the deceased worked long enough to qualify for benefits.
If you have no survivors or dependents, the payments simply cease.
Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director.
If that doesn’t happen, you’ll have to call the SSA — you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday.
You’ll need to provide the deceased person’s social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported.
Here are some things to remember for those getting benefits on a spouse’s or parent’s record, according to the SSA:
• Social Security will automatically change any monthly benefits received to survivors’ benefits after it receives the report of death.
• The agency might be able to pay a Special Lump-Sum Death Payment automatically.
• One thing to keep in mind is that no social security benefits are due for the month of a person’s death.
“Any benefit that’s paid after the month of the person’s death needs to be refunded,” Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC.
See:What Happens to Your Bitcoin When You Die?Find:Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security
Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death.
If the surviving spouse has already reached their own full retirement age, they can get their deceased spouse’s full benefit. You can apply for reduced benefits as early as age 60 — or age 50 if disabled —which is a couple of years earlier than the standard earliest claiming age of 62.
More From GOBankingRates
• Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment?
• 5 Things Most Americans Don’t Know About Social Security
• Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
• 5 Cities Around the World Experiencing a Housing Market Boom
This article originally appeared onGOBankingRates.com:What Happens to Social Security When You Die? || Why the NFT Market Could Really Grow by 1,000X: Let me start this Sunday issue by stating the obvious: Blockchain technology will change the world . Please note the use of the word “ world .” I didn’t say that blockchain technology will change financial markets, or currencies, or banks. I said blockchain technology will change the world – and the world is much more than just those things. InvestorPlace - Stock Market News, Stock Advice & Trading Tips If you want to make a lot of money in the crypto markets, it is critical that you understand this distinction. Right now, everyone is obsessed with how blockchain technology will radically change the financial sector and give birth to a new era of decentralized finance – or DeFi, as it is called by insiders. Make no mistake… that will happen. But because everyone is already talking about DeFi, a lot of the biggest money in DeFi tokens has already been made. Sure, these tokens will keep going higher. But the days of 10-bagger gains in a 12-month-stretch are over. That’s why, if you’re serious about making big money in the crypto markets, you need to focus your attention outside of the DeFi sector – to other areas of the global economy that will be radically transformed by blockchain technology. One of those areas is non-fungible tokens , or NFTs . In its simplest definition, an NFT is a blockchain-based digital asset that acts, looks, feels, and operates just like a physical asset. The big breakthrough here, of course, is the blockchain aspect. Previously, digital assets were largely worthless because they could be replicated and distributed, without anyone knowing what the “original” digital asset was, thereby rendering the original worthless… But with the blockchain and its signature immutable digital ledger, artists can now create digital assets that can be validated as originals, thereby giving those originals the same value as, say, an original art piece. This authentication lays the groundwork for the NFT market to boom over the next decade. We’re not just talking digital art. We’re talking digital real estate. Digital toys. Digital trading cards. Digital assets in general. Story continues We firmly believe that this digital asset market will be as big as or even bigger than the physical asset market in the long run . It’s a bold claim. Sure. But think about it. We have multiple precedents here. As soon as digital shopping became just as “good” as physical shopping, everyone started shopping online, and now, the e-commerce industry is on the cusp of becoming bigger than the physical retail market. As soon as digital entertainment became just as “good” as physical entertainment, everyone started streaming Netflix, Disney+, and HBO Max, and now, the digital entertainment industry is on the cusp of being bigger than the physical entertainment market. Same with digital advertising. It’s better than physical advertising. Within the next few years, digital ad spend will comprise more than 50% of total ad budgets. Folks… the precedent has already been set ! As soon as digital replicas of physical industries become “good,” those digital replicas will take over. Why won’t the same happen with the digital asset, or NFT, market? Spoiler alert: It will . The same thing will happen, and at scale, the NFT market will be bigger than the physical asset market. The investment opportunity, of course, is that the digital asset market today is a fraction of a fraction of the size of the physical asset market. In 2020, the global NFT market did about $338 million in transaction volume. The global collectibles market – including physical trading cards, games, toys, cars, and more – is a $370 BILLION market. That’s more than 1,000X bigger . By our logic, then, the global NFT market can (and will) grow by 1,000-fold over the next 10-plus years… The time to invest in this booming market is now. Alas, the million-dollar-question is: How? How do you invest in the booming NFT industry ? For that, we turn to our ultra-exclusive investment research advisory dedicated entirely to cryptocurrencies: Crypto Investor Network . At Crypto Investor Network , I’ve teamed up with legendary Bitcoin investor Charlie Shrem and a team of crypto experts to deliver to you the highest-quality crypto picks in the market. We’re talking coins with triple-digit, even quadruple-digit, upside potential over the next few years. And I’m not blowing hot air here. This product has delivered just that for subscribers. The average gain in the portfolio is well over 150% ! Today, our attention is turning to the NFT market. We’re zeroing in on opportunities in this space with the biggest upside potential, and we’re doing this research right now. Literally, right now. So, no, you’re not too late to the party. Rather, you’re early. Now is your opportunity to capitalize – before the NFT market goes parabolic. Click here to find out more . On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article. The post Why the NFT Market Could Really Grow by 1,000X appeared first on InvestorPlace . || Why the NFT Market Could Really Grow by 1,000X: Let me start this Sunday issue by stating the obvious:Blockchain technology will change the world.
Please note the use of the word “world.”
I didn’t say that blockchain technology will change financial markets, or currencies, or banks. I said blockchain technology will change the world –and the world is much more than just those things.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
If you want to make a lot of money in the crypto markets, it is critical that you understand this distinction. Right now, everyone is obsessed with how blockchain technology will radically change the financial sector and give birth to a new era of decentralized finance – or DeFi, as it is called by insiders.
Make no mistake… thatwillhappen. But because everyone is already talking about DeFi, a lot of the biggest money in DeFi tokens has already been made. Sure, these tokens will keep going higher. But the days of 10-bagger gains in a 12-month-stretch are over.
That’s why, if you’re serious about making big money in the crypto markets, you need to focus your attention outside of the DeFi sector – to other areas of the global economy that will be radically transformed by blockchain technology.
One of those areas isnon-fungible tokens, orNFTs.
In its simplest definition, an NFT is a blockchain-based digital asset that acts, looks, feels, and operates just like a physical asset.
The big breakthrough here, of course, is the blockchain aspect.
Previously, digital assets were largely worthless because they could be replicated and distributed, without anyone knowing what the “original” digital asset was, thereby rendering the original worthless…
But with the blockchain and its signature immutable digital ledger, artists can now create digital assets that can be validated as originals, thereby giving those originals the same value as, say, an original art piece.
This authentication lays the groundwork for the NFT market to boom over the next decade. We’re not just talking digital art. We’re talking digital real estate. Digital toys. Digital trading cards. Digital assets in general.
We firmly believe that this digital asset market will beas big as or even bigger thanthe physical asset market in the long run.
It’s a bold claim. Sure. But think about it. We have multiple precedents here.
As soon as digital shopping became just as “good” as physical shopping, everyone started shopping online, and now, the e-commerce industry is on the cusp of becoming bigger than the physical retail market.
As soon as digital entertainment became just as “good” as physical entertainment, everyone started streaming Netflix, Disney+, and HBO Max, and now, the digital entertainment industry is on the cusp of being bigger than the physical entertainment market.
Same with digital advertising. It’s better than physical advertising. Within the next few years, digital ad spend will comprise more than 50% of total ad budgets.
Folks…the precedent has already been set!
As soon as digital replicas of physical industries become “good,” those digital replicas will take over.
Why won’t the same happen with the digital asset, or NFT, market? Spoiler alert:It will. The same thing will happen, and at scale, the NFT market will be bigger than the physical asset market.
The investment opportunity, of course, is that the digital asset market today is afraction of a fractionof the size of the physical asset market.
In 2020, the global NFT market did about $338 million in transaction volume.
The global collectibles market – including physical trading cards, games, toys, cars, and more – is a $370 BILLION market.
That’s more than 1,000X bigger.
By our logic, then, the global NFT market can (and will) grow by 1,000-fold over the next 10-plus years…
The time to invest in this booming market is now.
Alas, the million-dollar-question is:How? How do you invest in the booming NFT industry?
For that, we turn to our ultra-exclusive investment research advisory dedicated entirely to cryptocurrencies:Crypto Investor Network.
AtCrypto Investor Network, I’ve teamed up with legendary Bitcoin investor Charlie Shrem and a team of crypto experts to deliver to you the highest-quality crypto picks in the market.
We’re talking coins withtriple-digit, even quadruple-digit, upside potentialover the next few years.
And I’m not blowing hot air here. This product has delivered just that for subscribers.The average gain in the portfolio is well over 150%!
Today, our attention is turning to the NFT market. We’re zeroing in on opportunities in this space with the biggest upside potential, and we’re doing this research right now.
Literally, right now.
So, no, you’re not too late to the party. Rather, you’re early. Now is your opportunity to capitalize – before the NFT market goes parabolic.
Click here to find out more.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
The postWhy the NFT Market Could Really Grow by 1,000Xappeared first onInvestorPlace. || Where Does Cryptocurrency Come From?: Jirapong Manustrong / iStock.com It’s fairly common knowledge that cryptocurrency is a decentralized digital medium of exchange that isn’t issued by a government or bank. Most people are probably familiar with Bitcoin by now, and you might have heard of Ethereum, too. But those are just two of the more than 5,000 cryptocurrencies vying to be the next big thing. Beyond Bitcoin: Looking at Some Crypto Financial Jargon See: 10 Cheap Cryptocurrencies To Check Out With that many out there, you might be wondering where they all come from? No bank and no government means no printing and no minting — but none is needed. Although you can spend it like regular money, cryptocurrency is born from an entirely different process altogether. Find Out: What Is Chainlink and Why Is It Important in the World of Cryptocurrency? All Cryptocurrency Is Software Many cryptocurrencies, like Bitcoin and Ethereum, are “mined.” Others are not. More on that in a moment. Read More: Millennials Own More Crypto Than Any Other Generation No matter the origination process, all cryptocurrency is software that is created by code. That code determines absolutely every function associated with the cryptocurrency, from the way data are stored and how transactions are recorded to the distribution of mining rewards and the maximum supply of tokens to be produced. Take a Look: The 10 Wildest Things Selling as NFTs In almost all cases, the code is public and the software used to generate a given cryptocurrency is decentralized, just like the cryptocurrency itself. That public, decentralized software is hosted on individual computers all over the world instead of on a central server. Algorithms, Cryptography and Blockchain Are at the Heart of It All When cryptocurrencies are designed to be used as money, transactions are stored on a special kind of secure database called a blockchain, which serves as a ledger of all coded transactions. Think of it as a checkbook for cryptocurrency. Discover: Should Crypto and NFTs Be Part of Your Retirement Plan? Story continues Once entered into the blockchain, no one can ever change an entry in the database without meeting specific conditions. Everyone involved can see the public record of all transitions. Blockchain technology, therefore, allows cryptocurrency to achieve its three most important defining features: Transparency Decentralization Immutability The part of the code that represents what end-users know as “tokens” or “coins” is just a string of numbers stored on a blockchain. Cryptocurrencies are generated by algorithms, and those algorithms rely on cryptography — hence the name cryptocurrency. More Economy Explained: Ethereum: All You Need To Know To Decide If This Crypto Is Worth the Investment Most Cryptocurrency Is Mined In most cases, the algorithms that fuel the cryptocurrency factory are written to award tokens to computers that add transactions to the blockchain. That process is known as mining. Miners use special hardware and the cryptocurrency’s public, decentralized software to add transactions to blockchains. Read: What Are Altcoins — and Are the Potential Rewards Worth the Risks? In exchange for providing that critical blockchain maintenance, miners get paid in new cryptocurrency tokens. Most cryptocurrency coins or tokens are created this way. Technically, anyone can be a miner, but it’s a largely fruitless endeavor for most. It’s complicated, competitive, expensive if you fail — which is highly likely — and it gobbles up an enormous amount of power. But Some Is Not Some cryptocurrency was never designed to replace fiat currency like the dollar. In other words, it was never meant to be used as money. This kind of non-mineable, unspendable cryptocurrency is usually generated to reward early investors in a new cryptocurrency launch, called an ICO (initial coin offering). The Economy and Your Money: All You Need To Know In other cases, a new cryptocurrency can be created through a deviation in a blockchain called a hard fork. Hard forks occur when blockchain protocols change so significantly that a new, unique branch is formed on the chain that is incompatible with the old chain. Bitcoin Cash, for example, was formed through a hard fork on the original Bitcoin blockchain. Proof of Work and Proof of Stake Verification is at the core of crypto. Unlike fiat currency, the value of cryptocurrency is not based on trust. It’s based on one of two verification techniques: proof of work and proof of stake. Bitcoin Cash (BCH): The Most Important Things You Need To Know About It Most transactions are verified through proof of work. Algorithms create complex math problems that miners race to solve using special hardware. By solving the puzzle, a miner verifies a group of transactions called a block, which is then added to the larger blockchain ledger. The miner who pulls it off first is rewarded with cryptocurrency. Proof of stake was developed to reduce the amount of power needed to verify transactions. With this method, someone has to prove they have skin in the game in order to check transactions and compete for rewards. Users have to “stake” their own existing cryptocurrency by locking it up in a communal vault to be allowed to verify transactions. The more you stake, the more transactions you’re allowed to verify and the more cryptocurrency you can earn. This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system. More From GOBankingRates What Money Topics Do You Want Covered: Ask the Financially Savvy Female 5 Things Most Americans Don’t Know About Social Security Nominate Your Favorite Small Business To Be Featured on GOBankingRates 5 Cities Around the World Experiencing a Housing Market Boom Last updated: June 7, 2021 This article originally appeared on GOBankingRates.com : Where Does Cryptocurrency Come From? || Where Does Cryptocurrency Come From?: It’s fairly common knowledge thatcryptocurrencyis a decentralized digital medium of exchange that isn’t issued by a government or bank. Most people are probably familiar with Bitcoin by now, and you might have heard of Ethereum, too. But those are just two of the more than 5,000 cryptocurrencies vying to be the next big thing.
Beyond Bitcoin:Looking at Some Crypto Financial JargonSee:10 Cheap Cryptocurrencies To Check Out
With that many out there, you might be wondering where they all come from?
No bank and no government means no printing and no minting — but none is needed. Although you can spend it like regular money, cryptocurrency is born from an entirely different process altogether.
Find Out:What Is Chainlink and Why Is It Important in the World of Cryptocurrency?
Many cryptocurrencies, like Bitcoin and Ethereum, are “mined.” Others are not. More on that in a moment.
Read More:Millennials Own More Crypto Than Any Other Generation
No matter the origination process, all cryptocurrency is software that is created by code.That code determines absolutely every function associated with the cryptocurrency, from the way data are stored and how transactions are recorded to the distribution of mining rewards and the maximum supply of tokens to be produced.
Take a Look:The 10 Wildest Things Selling as NFTs
In almost all cases, the code is public and the software used to generate a given cryptocurrency is decentralized, just like the cryptocurrency itself. That public, decentralized software is hosted on individual computers all over the world instead of on a central server.
When cryptocurrencies are designed to be used as money, transactions are stored on a special kind of secure database called a blockchain, which serves as a ledger of all coded transactions. Think of it as a checkbook for cryptocurrency.
Discover:Should Crypto and NFTs Be Part of Your Retirement Plan?
Once entered into the blockchain, no one can ever change an entry in the database without meeting specific conditions. Everyone involved can see the public record of all transitions.
Blockchain technology, therefore, allows cryptocurrency to achieve its three most important defining features:
• Transparency
• Decentralization
• Immutability
The part of the code that represents what end-users know as “tokens” or “coins” is just a string of numbers stored on a blockchain. Cryptocurrencies are generated by algorithms, and those algorithms rely on cryptography — hence the name cryptocurrency.
More Economy Explained:Ethereum: All You Need To Know To Decide If This Crypto Is Worth the Investment
In most cases, the algorithms that fuel the cryptocurrency factory are written to award tokens to computers that add transactions to the blockchain. That process is known as mining. Miners use special hardware and the cryptocurrency’s public, decentralized software to add transactions to blockchains.
Read:What Are Altcoins — and Are the Potential Rewards Worth the Risks?
In exchange for providing that critical blockchain maintenance, miners get paid in new cryptocurrency tokens. Most cryptocurrency coins or tokens are created this way.
Technically, anyone can be a miner, but it’s a largely fruitless endeavor for most. It’s complicated, competitive, expensive if you fail — which is highly likely — and it gobbles up an enormous amount of power.
Some cryptocurrency was never designed to replace fiat currency like the dollar. In other words, it was never meant to be used as money. This kind of non-mineable, unspendable cryptocurrency is usually generated to reward early investors in a new cryptocurrency launch, called an ICO (initial coin offering).
The Economy and Your Money:All You Need To Know
In other cases, a new cryptocurrency can be created through a deviation in a blockchain called a hard fork. Hard forks occur when blockchain protocols change so significantly that a new, unique branch is formed on the chain that is incompatible with the old chain. Bitcoin Cash, for example, was formed through a hard fork on the original Bitcoin blockchain.
Verification is at the core of crypto. Unlike fiat currency, the value of cryptocurrency is not based on trust. It’s based on one of two verification techniques: proof of work and proof of stake.
Bitcoin Cash (BCH):The Most Important Things You Need To Know About It
Most transactions are verified through proof of work. Algorithms create complex math problems that miners race to solve using special hardware. By solving the puzzle, a miner verifies a group of transactions called a block, which is then added to the larger blockchain ledger. The miner who pulls it off first is rewarded with cryptocurrency.
Proof of stake was developed to reduce the amount of power needed to verify transactions. With this method, someone has to prove they have skin in the game in order to check transactions and compete for rewards. Users have to “stake” their own existing cryptocurrency by locking it up in a communal vault to be allowed to verify transactions. The more you stake, the more transactions you’re allowed to verify and the more cryptocurrency you can earn.
This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.
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Last updated: June 7, 2021
This article originally appeared onGOBankingRates.com:Where Does Cryptocurrency Come From? || Bitcoin rises back above $50,000: (Reuters) - Bitcoin rose 0.49% to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close. The world's biggest and best-known cryptocurrency is up 81% from this year's low of $27,734 on Jan. 4. Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by David Goodman) || Bitcoin rises back above $50,000: (Reuters) - Bitcoin rose 0.49% to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close.
The world's biggest and best-known cryptocurrency is up 81% from this year's low of $27,734 on Jan. 4.
Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close.
(Reporting by Bhargav Acharya in Bengaluru; Editing by David Goodman) || Bitcoin rises back above $50,000: (Reuters) - Bitcoin rose 0.49% to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close.
The world's biggest and best-known cryptocurrency is up 81% from this year's low of $27,734 on Jan. 4.
Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close.
(Reporting by Bhargav Acharya in Bengaluru; Editing by David Goodman) || The Crypto Daily – Movers and Shakers – September 5th, 2021: Bitcoin , BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0. After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse. While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473. The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0. Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red. The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Saturday Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day. It was a bearish day for the rest of the majors, however. Cardano’s ADA slid by 4.53% to lead the way down. Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled. Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however. In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn. Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%. This Morning At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend. It was a bearish start for the rest of the majors, however. Story continues At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play. Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473. Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside. In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091. Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – Movers and Shakers – September 4th, 2021 The Crypto Daily – Movers and Shakers – September 5th, 2021 E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 15477.00 – 15424.75 to Sustain Rally Match Shares Jump on S&P 500 Addition Silver Price Prediction – Prices Rise on Dollar Weakness Investors grow wary as stocks hit new highs || The Crypto Daily – Movers and Shakers – September 5th, 2021: Bitcoin , BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0. After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse. While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473. The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0. Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red. The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Saturday Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day. It was a bearish day for the rest of the majors, however. Cardano’s ADA slid by 4.53% to lead the way down. Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled. Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however. In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn. Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%. This Morning At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend. It was a bearish start for the rest of the majors, however. Story continues At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play. Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473. Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside. In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091. Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play. Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – Movers and Shakers – September 4th, 2021 The Crypto Daily – Movers and Shakers – September 5th, 2021 E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 15477.00 – 15424.75 to Sustain Rally Match Shares Jump on S&P 500 Addition Silver Price Prediction – Prices Rise on Dollar Weakness Investors grow wary as stocks hit new highs
[Social Media Buzz]
None available.
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46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94, 3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67.
|
[Bitcoin Technical Analysis for 2017-09-27]
Volume: 1686880000, RSI (14-day): 55.79, 50-day EMA: 3849.58, 200-day EMA: 2784.11
[Wider Market Context]
Gold Price: 1283.40, Gold RSI: 40.38
Oil Price: 52.14, Oil RSI: 67.99
[Recent News (last 7 days)]
Investors can now make trades on Yahoo Finance: It's no longer just a place to look up stock market data and company news. Yahoo Finance is now introducing trading directly via its app. With 75 million monthly active users, Yahoo Finance (our sister brand) has become a popular home for all things investing, other than investing itself. Now the group is introducing a partnership with TradeIt, which allows users to sync their brokerage portfolios so they can buy and sell stocks without leaving the app. The new feature will work for clients of Fidelity, Scottrade, E-Trade and other services. Users just have to select the "link broker accounts" tab on the app to get started. " We are trying to make sure that we’re always as effective as possible," said YF's head of product, Michael La Guardia. He said they're hoping to " provide for more value for the people that are using the app." La Guardia says that they are not planning to make any money directly off the users, but that they hope the integration will encourage people to remain active on Yahoo Finance platforms. Advertising will remain one of the primary drivers of revenue. While Yahoo Finance has long been one of the standout Yahoo brands, there's a competitive landscape for financial data. There's some overlap between its offerings and that found on Google Finance or Morningstar. But Yahoo Finance believes some of its added value comes from its news team, which provides breaking news alerts and also context behind the numbers. And the new integration will help it take on Robinhood, a popular stock-trading app. They're also moving beyond equities. You can now follow categories like values investing or keep tabs on cryptocurrencies like Ethereum and Bitcoin. " You’re going to be seeing more coming from us," said La Guardia. || Investors can now make trades on Yahoo Finance: It's no longer just a place to look up stock market data and company news.Yahoo Financeis now introducing trading directly via its app.
With 75 million monthly active users, Yahoo Finance (our sister brand) has become a popular home for all things investing, other than investing itself. Now the group is introducing a partnership withTradeIt,which allows users to sync their brokerage portfolios so they can buy and sell stocks without leaving the app.
The new feature will work for clients of Fidelity, Scottrade, E-Trade and other services. Users just have to select the "link broker accounts" tab on the app to get started.
"We are trying to make sure that we’re always as effective as possible," said YF's head of product, Michael La Guardia. He said they're hoping to "provide for more value for the people that are using the app."
La Guardia says that they are not planning to make any money directly off the users, but that they hope the integration will encourage people to remain active on Yahoo Finance platforms. Advertising will remain one of the primary drivers of revenue.
While Yahoo Finance has long been one of the standout Yahoo brands, there's a competitive landscape for financial data. There's some overlap between its offerings and that found onGoogle FinanceorMorningstar.
But Yahoo Finance believes some of its added value comes from its news team, which provides breaking news alerts and also context behind the numbers. And the new integration will help it take onRobinhood, a popular stock-trading app.
They're also moving beyond equities. You can now follow categories like values investing or keep tabs on cryptocurrencies like Ethereum and Bitcoin.
"You’re going to be seeing more coming from us," said La Guardia. || KAPU, the First Archaeological Blockchain Launched Its Token Exchange Campaign: The KAPU Project Aims to Make Immutable the Human History Through the Creation of the First World Archaeological Blockchain of the Modern Era and Also Aims to Enhance it Thanks to Today's Technology
NEW YORK, NY / ACCESSWIRE / September 25, 2017 /KAPU, The first blockchain project to enter the science of archaeology, recently launched their TEC - which is their Token Exchange Campaign. At the time of writing there has been $355,609.00 raised by the project. Early supporters can participate until October 16, 2017. Participate using Bitcoin, Ethereum and a few select cryptocurrencies and keep track of track the funds being raised in real time by visitingThe KAPU Token Exchange Site.
The KAPU project, named after ancient Roman coins called Capua, has plans to create the first decentralized, unchangeable record of humanity's heritage.
There are numerous problems with traditional heritage data storage, access and dissemination. A major flaw in historical accounting is the potential for data to be lost, altered, or not being accessible - which would leave valuable historical and archaeological information completely out of our collective record of humanity. The Whitepaper describes this problem of imperfect records this way:
"Unfortunately, although well conserved, the preservation is constantly threatened by losses and alterations as well as by the time that implicate a progressive and inexorable decay of the find with inevitable loss of historical information."
The proposed blockchain will use Delegates Proof Of Stake or DPoS to validate transactions, store data and to maintain a more reliable, uneditable historical account of archaeological findings. DPoS has several benefits for its users such as less network Exchange downloads for the KAPU appointed delegates and more efficient use of energy when compared to the more resource gluttonous methods of transacting, like in Bitcoin's proof of work.
KAPU is running its testnet already, and the mainnet will launch on October 21st. The project creation is underway and the final launch is expected early next year. The KAPU team is forecasting the integration of its blockchain into the workflow of practicing archaeologists and potential partner projects by 2019 according toThe KAPU Whitepaper.
"The KAPU project aims to make immutable the human history through the creation of the first world archaeological blockchain of the modern era and also aims to enhance it thanks to today's technology (multimedia, augmented reality, virtual reality).
Our history is today our greatest asset that future history can not afford to lose, so it's important to preserve it for us and for our children, who are our future. This is our purpose." As Seen In The KAPU Whitepaper
Website:https://kapu.oneBonus:https://kapu.one/bonus.htmlToken Exchange:https://tec.kapu.oneKapu Block Explorer:https://explorer.kapu.oneSlack:https://slack.kapu.oneTelegram:http://t.me/joinchat/AAAAAEO9aD3Zve2u0uxbsgGithub:https://github.com/kapucoin
Contact Info:
Name: Martino MerolaEmail:[email protected]: Kapu ProjectAddress: Via Marconi 22 Santa Maria Capua Vetere - Caserta - 81055 ItalyPhone: 00393209623061
Source URL:https://marketersmedia.com/kapu-the-first-archaeological-blockchain-launched-its-token-exchange-campaign/242497
For more information, please visithttps://kapu.one
SOURCE:Kapu Project || KAPU, the First Archaeological Blockchain Launched Its Token Exchange Campaign: The KAPU Project Aims to Make Immutable the Human History Through the Creation of the First World Archaeological Blockchain of the Modern Era and Also Aims to Enhance it Thanks to Today's Technology NEW YORK, NY / ACCESSWIRE / September 25, 2017 / KAPU, The first blockchain project to enter the science of archaeology, recently launched their TEC - which is their Token Exchange Campaign. At the time of writing there has been $355,609.00 raised by the project. Early supporters can participate until October 16, 2017. Participate using Bitcoin, Ethereum and a few select cryptocurrencies and keep track of track the funds being raised in real time by visiting The KAPU Token Exchange Site . The KAPU project, named after ancient Roman coins called Capua, has plans to create the first decentralized, unchangeable record of humanity's heritage. There are numerous problems with traditional heritage data storage, access and dissemination. A major flaw in historical accounting is the potential for data to be lost, altered, or not being accessible - which would leave valuable historical and archaeological information completely out of our collective record of humanity. The Whitepaper describes this problem of imperfect records this way: "Unfortunately, although well conserved, the preservation is constantly threatened by losses and alterations as well as by the time that implicate a progressive and inexorable decay of the find with inevitable loss of historical information." The proposed blockchain will use Delegates Proof Of Stake or DPoS to validate transactions, store data and to maintain a more reliable, uneditable historical account of archaeological findings. DPoS has several benefits for its users such as less network Exchange downloads for the KAPU appointed delegates and more efficient use of energy when compared to the more resource gluttonous methods of transacting, like in Bitcoin's proof of work. KAPU is running its testnet already, and the mainnet will launch on October 21st. The project creation is underway and the final launch is expected early next year. The KAPU team is forecasting the integration of its blockchain into the workflow of practicing archaeologists and potential partner projects by 2019 according to The KAPU Whitepaper . Story continues "The KAPU project aims to make immutable the human history through the creation of the first world archaeological blockchain of the modern era and also aims to enhance it thanks to today's technology (multimedia, augmented reality, virtual reality). Our history is today our greatest asset that future history can not afford to lose, so it's important to preserve it for us and for our children, who are our future. This is our purpose." As Seen In The KAPU Whitepaper Website: https://kapu.one Bonus: https://kapu.one/bonus.html Token Exchange: https://tec.kapu.one Kapu Block Explorer: https://explorer.kapu.one Slack: https://slack.kapu.one Telegram: http://t.me/joinchat/AAAAAEO9aD3Zve2u0uxbsg Github: https://github.com/kapucoin Contact Info: Name: Martino Merola Email: [email protected] Organization: Kapu Project Address: Via Marconi 22 Santa Maria Capua Vetere - Caserta - 81055 Italy Phone: 00393209623061 Source URL: https://marketersmedia.com/kapu-the-first-archaeological-blockchain-launched-its-token-exchange-campaign/242497 For more information, please visit https://kapu.one SOURCE: Kapu Project || STOCKS SLIP: Here's what you need to know: (Taking a slide.Chung Sung-Jun/Getty Images)
All three major US stock indexes fell in trading on Monday as a number of geopolitical events grabbed the headlines.
The biggest loser was the tech-heavy Nasdaq, which fell nearly 1%. The Dow Jones industrial average and S&P 500 also declined, but by a smaller percentage.
We've got all the headlines, but first, the scoreboard:
• Dow:22,294.53, -55.06, (-0.25%)
• S&P 500:2,496.68, -5.59, (-0.22%)
• Nasdaq:6,371.59, -55.33, (-0.86%)
1. General Electric sold its Industrial Solutions business for $2.6 billion. The unit was sold in a deal with ABB, a power-grids maker, and the transaction includes an agreement for long-term use of GE's brand and a strategic partnership.
2. Allergan announced a $2 billion stock buyback. The maker of Botox authorized the buyback after the FDA issued a(RTF) letter on Friday. It came with regard to Allergan's application for Vraylar, a drug intended to treat negative symptoms in adult schizophrenic patients.
3. Texas business owners are struggling with a qualified worker shortage. ThelatestTexas Manufacturing Outlook Surveyreleased monthly by the Dallas Federal Reserve showed that many executives are worried about finding workers and rebuilding their state after Hurricane Harvey.
4. Bitcoin surged higher. The digital coin, which has been sliding the past couple days amid uncertainty about the future of cryptocurrencies in China, was trading up nearly 7% at $3,920 per coin.
5. Republicans have one week to pass their final Obamacare repeal attempt. The Graham-Cassidy bill, the latest and likely last GOP healthcare bill for some time, must be passed by September 30. It faces, however, hold-out Republican senators from both ideological sides of the conference and tough funding math.
Additionally:
The big question for Apple is how many people are waiting for the iPhone X
Aldi is fixing a major weakness and coming straight for Whole Foods
Part of Eminem's music catalog will go public, and give you a chance to own shares
Inequality is getting so bad it's threatening the very foundation of economic growth
A pair of investing startups are in a public spat about the future of real-estate investing
LARRY SUMMERS: 'Mnuchin may be the greatest sycophant in Cabinet history'
GOLDMAN SACHS: The future of the bull market hinges on one key driver
NOW WATCH:Watch billionaire CEO Jack Ma dance to Michael Jackson in full costume
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• STOCKS HITS ALL-TIME HIGH: Here's what you need to know || STOCKS SLIP: Here's what you need to know: slide water slide (Taking a slide.Chung Sung-Jun/Getty Images) All three major US stock indexes fell in trading on Monday as a number of geopolitical events grabbed the headlines. The biggest loser was the tech-heavy Nasdaq, which fell nearly 1%. The Dow Jones industrial average and S&P 500 also declined, but by a smaller percentage. We've got all the headlines, but first, the scoreboard: Dow: 22,294.53, -55.06, (-0.25%) S&P 500: 2,496.68, -5.59, (-0.22%) Nasdaq: 6,371.59, -55.33, (-0.86%) General Electric sold its Industrial Solutions business for $2.6 billion . The unit was sold in a deal with ABB, a power-grids maker, and the transaction includes an agreement for long-term use of GE's brand and a strategic partnership. Allergan announced a $2 billion stock buyback . The maker of Botox authorized the buyback after the FDA issued a (RTF) letter on Friday. It came with regard to Allergan's application for Vraylar, a drug intended to treat negative symptoms in adult schizophrenic patients. Texas business owners are struggling with a qualified worker shortage . The latest Texas Manufacturing Outlook Survey released monthly by the Dallas Federal Reserve showed that many executives are worried about finding workers and rebuilding their state after Hurricane Harvey. Bitcoin surged higher . The digital coin, which has been sliding the past couple days amid uncertainty about the future of cryptocurrencies in China, was trading up nearly 7% at $3,920 per coin. Republicans have one week to pass their final Obamacare repeal attempt . The Graham-Cassidy bill, the latest and likely last GOP healthcare bill for some time, must be passed by September 30. It faces, however, hold-out Republican senators from both ideological sides of the conference and tough funding math. Additionally: The big question for Apple is how many people are waiting for the iPhone X Aldi is fixing a major weakness and coming straight for Whole Foods Part of Eminem's music catalog will go public, and give you a chance to own shares Story continues Inequality is getting so bad it's threatening the very foundation of economic growth A pair of investing startups are in a public spat about the future of real-estate investing LARRY SUMMERS: 'Mnuchin may be the greatest sycophant in Cabinet history' GOLDMAN SACHS: The future of the bull market hinges on one key driver NOW WATCH: Watch billionaire CEO Jack Ma dance to Michael Jackson in full costume More From Business Insider STOCKS FALL: Here's what you need to know STOCKS GO NOWHERE AFTER THE FED: Here's what you need to know STOCKS HITS ALL-TIME HIGH: Here's what you need to know || Mark Cuban Slams Donald Trump Over NFL Protest Controversy: Tech mogul Mark Cuban, owner of the Dallas Mavericks , thinks President Donald Trump should not have said anything about NFL players protesting during the national anthem. “Why even comment before you know what you’re talking about?” Cuban told CNBC on Monday . The billionaire was responding to Trump’s criticism of players who kneel during the national anthem as an act of protest. “Just because you have a Twitter account doesn’t mean you have to use it,” Cuban told CNBC. “Just because you can say something, doesn’t mean you should.” Trump first spoke about the NFL protests on Friday. “Wouldn’t you love to see one of these NFL owners, when somebody disrespects our flag, to say, ‘Get that son of a bitch off the field right now, out, he’s fired,'” Trump said at a political rally. “The President is not going to apologize,” Cuban said. “Are you kidding me? The President should read a book.” See original article on Fortune.com More from Fortune.com How to Finally Leave a Job You Hate Jamie Dimon Wants College Kids to Play in Downtown Detroit Microsoft Will Again Tout Azure and Apps in Battle With Amazon and Google Why Venezuela Is On President Trump's New Travel Ban Japan's Regulators Are Putting Bitcoin Exchanges Under Heavy Surveillance || Mark Cuban Slams Donald Trump Over NFL Protest Controversy: Tech mogul Mark Cuban, owner of theDallas Mavericks, thinksPresident Donald Trumpshould not have said anything about NFL players protesting during the national anthem.
“Why even comment before you know what you’re talking about?” Cuban toldCNBC on Monday. The billionaire was responding toTrump’s criticism of playerswho kneel during the national anthem as an act of protest. “Just because you have a Twitter account doesn’t mean you have to use it,” Cuban told CNBC. “Just because you can say something, doesn’t mean you should.”
Trump first spoke about the NFL protests on Friday. “Wouldn’t you love to see one of these NFL owners, when somebody disrespects our flag, to say, ‘Get that son of a bitch off the field right now, out, he’s fired,'” Trump said at a political rally.
“The President is not going to apologize,” Cuban said. “Are you kidding me? The President should read a book.”
See original article on Fortune.com
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• Japan's Regulators Are Putting Bitcoin Exchanges Under Heavy Surveillance || Barron's Picks And Pans: Spark Therapeutics, Six Flags, Oracle And More: "Gene Therapy Is Nearing a Major Breakthrough," the latest cover story by Andrew Bary, points out therapies that replace faulty genes with healthy ones to cure deadly diseases are generating exciting lab results. How can investors play this trend? Three featured stocks have a stake in this medical breakthrough. See the outlook forSpark Therapeutics Inc(NASDAQ:ONCE) and the others.
Bill Alpert's "Will Investors' Six Flags Thrill Ride End" suggests that the stock of this theme-park operator may have seen a peak.Six Flags Entertainment Corp(NYSE:SIX) has enjoyed rising shares, big payouts and stock buybacks, but the company now faces more competition and slower growth. See what Barron's feels are the prospects as Six Flags and its competitors as they look abroad for growth.
In "Oracle Turns Its Sights on the Cloud–at Last," Jack Hough makes a case that this database giant has been slow to build a cloud business, butOracle Corporation(NYSE:ORCL) has picked up the pace now. And a retreat in the shares offers a buying opportunity for investors, says Barron's, as the company's transformation continues apace, even as its lucrative legacy business is stabilizing.
See also:September Is Called The 'Banana Peel' Month For Stocks; Here's Why
As everyday items get "smart," the technology around artificial intelligence gets more real, according to "The Natural Evolution of Artificial Intelligence" by Tiernan Ray. The rising stars in this drama include programmable chip makerXilinx, Inc.(NASDAQ:XLNX) and chip design software providerCadence Design Systems Inc(NASDAQ:CDNS), as well as many others.
In Lawrence C. Strauss', "Beware, Income Investors," see why Barron's claims that consumer discretionary stocks are more volatile and lower-yielding than staples shares, but they often have stronger rebounds. Among those with yields more generous than average are automakersFord Motor Company(NYSE:F) andGeneral Motors Company(NYSE:GM).
Also In This Week's Barron's
• Barron's Penta monthly.
• Warren Buffett predicts Dow 1,000,000.
• Aircraft makers and suppliers face off.
• The coming of Bitcoin exchange-traded funds.
• The credibility of the Republican tax cut plan.
• Puerto Rico bonds after Hurricane Maria.
• WhetherFacebook Inc(NASDAQ:FB) faces a government crackdown.
• Charts that could signal the end of the stock rally.
• The Greta Garbo of private banking.
Related Link:This App Is Trying To Make Saving As Easy As Spending
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• Barron's Ponders The Future Of Netflix
• Barron's Picks And Pans: Citigroup, Honeywell, Twitter And More
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barron's Picks And Pans: Spark Therapeutics, Six Flags, Oracle And More: "Gene Therapy Is Nearing a Major Breakthrough," the latest cover story by Andrew Bary, points out therapies that replace faulty genes with healthy ones to cure deadly diseases are generating exciting lab results. How can investors play this trend? Three featured stocks have a stake in this medical breakthrough. See the outlook for Spark Therapeutics Inc (NASDAQ: ONCE ) and the others. Bill Alpert's "Will Investors' Six Flags Thrill Ride End" suggests that the stock of this theme-park operator may have seen a peak. Six Flags Entertainment Corp (NYSE: SIX ) has enjoyed rising shares, big payouts and stock buybacks, but the company now faces more competition and slower growth. See what Barron's feels are the prospects as Six Flags and its competitors as they look abroad for growth. In "Oracle Turns Its Sights on the Cloud–at Last," Jack Hough makes a case that this database giant has been slow to build a cloud business, but Oracle Corporation (NYSE: ORCL ) has picked up the pace now. And a retreat in the shares offers a buying opportunity for investors, says Barron's, as the company's transformation continues apace, even as its lucrative legacy business is stabilizing. See also: September Is Called The 'Banana Peel' Month For Stocks; Here's Why As everyday items get "smart," the technology around artificial intelligence gets more real, according to "The Natural Evolution of Artificial Intelligence" by Tiernan Ray. The rising stars in this drama include programmable chip maker Xilinx, Inc. (NASDAQ: XLNX ) and chip design software provider Cadence Design Systems Inc (NASDAQ: CDNS ), as well as many others. In Lawrence C. Strauss', "Beware, Income Investors," see why Barron's claims that consumer discretionary stocks are more volatile and lower-yielding than staples shares, but they often have stronger rebounds. Among those with yields more generous than average are automakers Ford Motor Company (NYSE: F ) and General Motors Company (NYSE: GM ). Also In This Week's Barron's Barron's Penta monthly. Warren Buffett predicts Dow 1,000,000. Aircraft makers and suppliers face off. The coming of Bitcoin exchange-traded funds. The credibility of the Republican tax cut plan. Puerto Rico bonds after Hurricane Maria. Whether Facebook Inc (NASDAQ: FB ) faces a government crackdown. Charts that could signal the end of the stock rally. The Greta Garbo of private banking. Related Link: This App Is Trying To Make Saving As Easy As Spending See more from Benzinga Barron's Picks And Pans: Harvey Stocks, Nathan's Famous And The End Of The Bull Barron's Ponders The Future Of Netflix Barron's Picks And Pans: Citigroup, Honeywell, Twitter And More © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Why Cash is Still King in Africa: In a world where bitcoin and cryptocurrencies capture newspaper headlines, it might be hard to believe that cash is still king—but in most of the world, it is. From Africa to Germany, the majority of transactions are done in cash. Ninety-four percent of retail transactions in Africa are still conducted in hard currency and nearly 80 percent of all transactions in Germany are also carried out in cash. Uber launched with 100 percent digital payments in the United States, but had to change its strategy in India, where Hyderabad drivers were the first to accept cash . As the company expanded to Kenya and Nigeria, they added a cash option but went even further by accepting “digital cash”, or payments made outside the app using mobile money. To scale in markets with low digital payment penetration, they had to mix online and offline transactions to offer consumers an option they were used to—cash payments. Ultimately, what drives how people to choose to pay for everyday purchases is not defined not by one thing—like what form it takes, or who accepts it—but by how well it succeeds in bringing together two very basic human needs: faith and flexibility. 0922_Africa_cash A shopkeeper counts out change above her cash box at her shop in Hillcrest, west of Durban, South Africa, January 11, 2016. Rogan Ward/Reuters Africa’s reputation as a leader in the adoption of financial technology is not because the region pioneered a new technology. Mobile-money operators have succeeded because they have blended technology into an existing culture and ecosystem that was “offline” and engendered trust of consumers. Read more: How mobile banking brought water back to Nairobi's slums Mobile money operators leverage small retailers called agents, who offer cash-in and cash-out services to consumers. In some countries, operators allow the agents to perform transactions on behalf of the consumer. While these services are technology-based, cash is still at their core: customer pay agents in cash and funds are transferred to other users, who withdraw the cash from another agent. Story continues Today, mobile money is a strong competitor to cash transactions in Kenya . With more than 35 million subscribers across multiple operators, nearly 50 percent of the country’s GDP passes through these networks. By introducing local retailers, who consumers trust, into the digital payments ecosystem, mobile-money operations across the region have witnessed strong growth. Trust is established because of the face-to-face engagement, which currently outweighs faith in machines. 0922_Africa_cash A man waits for M-Pesa customers at his shop in Kibera in Kenya's capital Nairobi December 31, 2014. M-Pesa is a popular mobile money transfer service. Noor Khamis/Reuters Digital payments are a convenient way to quickly send and receive money, and create transaction histories that demonstrate eligibility for credit. But to transition to a fully digital payments world, we need to leverage human interaction to build faith in the system in emerging and developed markets alike. BNP Paribas, one of France’s largest banks, recently acquired Compte-Nickel, a fintech start-up. Compte-Nickel’s innovation was simple—bring banking and digital payments to communities through the neighbourhood newsstand. Consumers visit the newsstand, open a bank account, and receive a debit card in less than five minutes. At the time of acquisition, Compte-Nickel had 2,500 agents, which made it the largest network for financial services in France. The success of Compete-Nickel is based on leveraging a trusted agent—similar to the mobile-money networks pioneered across Africa. Fully digital services like Venmo, America’s largest P2P money transfer network, are also learning that the convenience of digital services cannot escape customer’s faith that comes from human interaction. When the company launched, it had just a dozen representatives shooting off emails. After a chorus of complaints, the service not only now offers a 24/7 phone number to call, but employs over 130 full-time employees to manage the 4,000-5,000 time-sensitive inquiries it receives every day. Venmo’s shift is a sign that complete automation won’t be achieved soon. Even as innovative mobile platforms become popular, human connections play an integral role in ensuring that users trust the service. The digital payments technology landscape is evolving at a rapid pace, but adoption has not yet caught up. For cash to stop being king, we need to embrace methods that build consumer faith in digital systems. Trust and currency go hand in hand. Rather than resist cash, it’s time to work with the grain of society by embracing a human touch, and a mix of cash and digital, to eventually drive a cashless society. Tayo Oviosu is the founder and CEO of Paga, Nigeria’s leading mobile payment service. He tweets at @oviosu . Related Articles How Mobile Banking Brought Water Back to Nairobi's Slums How to Tackle Nigeria's Expensive E-Banking Fraud Problem Will China's Alipay Be Able to Compete With Apple Pay? The Future of Money: Bitcoin and Other Cryptocurrency Technologies Are a Way of Life in This Small Swiss Town || Why Cash is Still King in Africa: In a world where bitcoin and cryptocurrencies capture newspaper headlines, it might be hard to believe that cash is still king—but in most of the world, it is. From Africa to Germany, the majority of transactions are done in cash. Ninety-four percent of retail transactions in Africa are still conducted in hard currency and nearly 80 percent of all transactions in Germany are also carried out in cash. Uber launched with 100 percent digital payments in the United States, but had to change its strategy in India, where Hyderabad drivers were the first to accept cash . As the company expanded to Kenya and Nigeria, they added a cash option but went even further by accepting “digital cash”, or payments made outside the app using mobile money. To scale in markets with low digital payment penetration, they had to mix online and offline transactions to offer consumers an option they were used to—cash payments. Ultimately, what drives how people to choose to pay for everyday purchases is not defined not by one thing—like what form it takes, or who accepts it—but by how well it succeeds in bringing together two very basic human needs: faith and flexibility. 0922_Africa_cash A shopkeeper counts out change above her cash box at her shop in Hillcrest, west of Durban, South Africa, January 11, 2016. Rogan Ward/Reuters Africa’s reputation as a leader in the adoption of financial technology is not because the region pioneered a new technology. Mobile-money operators have succeeded because they have blended technology into an existing culture and ecosystem that was “offline” and engendered trust of consumers. Read more: How mobile banking brought water back to Nairobi's slums Mobile money operators leverage small retailers called agents, who offer cash-in and cash-out services to consumers. In some countries, operators allow the agents to perform transactions on behalf of the consumer. While these services are technology-based, cash is still at their core: customer pay agents in cash and funds are transferred to other users, who withdraw the cash from another agent. Story continues Today, mobile money is a strong competitor to cash transactions in Kenya . With more than 35 million subscribers across multiple operators, nearly 50 percent of the country’s GDP passes through these networks. By introducing local retailers, who consumers trust, into the digital payments ecosystem, mobile-money operations across the region have witnessed strong growth. Trust is established because of the face-to-face engagement, which currently outweighs faith in machines. 0922_Africa_cash A man waits for M-Pesa customers at his shop in Kibera in Kenya's capital Nairobi December 31, 2014. M-Pesa is a popular mobile money transfer service. Noor Khamis/Reuters Digital payments are a convenient way to quickly send and receive money, and create transaction histories that demonstrate eligibility for credit. But to transition to a fully digital payments world, we need to leverage human interaction to build faith in the system in emerging and developed markets alike. BNP Paribas, one of France’s largest banks, recently acquired Compte-Nickel, a fintech start-up. Compte-Nickel’s innovation was simple—bring banking and digital payments to communities through the neighbourhood newsstand. Consumers visit the newsstand, open a bank account, and receive a debit card in less than five minutes. At the time of acquisition, Compte-Nickel had 2,500 agents, which made it the largest network for financial services in France. The success of Compete-Nickel is based on leveraging a trusted agent—similar to the mobile-money networks pioneered across Africa. Fully digital services like Venmo, America’s largest P2P money transfer network, are also learning that the convenience of digital services cannot escape customer’s faith that comes from human interaction. When the company launched, it had just a dozen representatives shooting off emails. After a chorus of complaints, the service not only now offers a 24/7 phone number to call, but employs over 130 full-time employees to manage the 4,000-5,000 time-sensitive inquiries it receives every day. Venmo’s shift is a sign that complete automation won’t be achieved soon. Even as innovative mobile platforms become popular, human connections play an integral role in ensuring that users trust the service. The digital payments technology landscape is evolving at a rapid pace, but adoption has not yet caught up. For cash to stop being king, we need to embrace methods that build consumer faith in digital systems. Trust and currency go hand in hand. Rather than resist cash, it’s time to work with the grain of society by embracing a human touch, and a mix of cash and digital, to eventually drive a cashless society. Tayo Oviosu is the founder and CEO of Paga, Nigeria’s leading mobile payment service. He tweets at @oviosu . Related Articles How Mobile Banking Brought Water Back to Nairobi's Slums How to Tackle Nigeria's Expensive E-Banking Fraud Problem Will China's Alipay Be Able to Compete With Apple Pay? The Future of Money: Bitcoin and Other Cryptocurrency Technologies Are a Way of Life in This Small Swiss Town || SEC Breached, Billionaires Bash Bitcoin, Facebook Shares Russia Ads: An insidious attack trend has been catching my eye lately. It’s called the software supply chain attack.
The scheme goes like this: Hackers compromise a trusted software vendor, subvert its products with their own malicious versions, and then use the tainted formulation to infect customers — thereby bypassing internal security controls and easily spreading malware far and wide. Customers, careful to keep their software up to date, don’t think twice about downloading the latest iterations. That’s good digital hygiene, after all.
At least that’s what we’ve been trained to think.Ciscoresearchers exposed one of these sneaky incursions earlier this week. The hacking operationsabotaged CCleaner, a popular piece of computer cleaning software distributed by Avast, a Czech antivirus firm. (Morphisec, an Israeli cybersecurity startup, had discovered the compromise too.)
Here’s what happened: In August, some unknown hacking group inserted a backdoor into the CCleaner software, which was then dutifully installed on more than 700,000 machines. With that foothold, the attackers then attempted to drill down deeper into the networks of at least 18 big tech company targets, includingGoogle,Intel,Microsoft, Samsung, HTC, and Cisco. Presumably, the intruders sought trade secrets.
This is only the most recent example of such an attack. Earlier this year hackers compromisedMeDoc, a piece of accounting software developed by a Ukrainian tech firm, in order to spread adestructivestrain of ransomware, dubbedNotPetya, through its update mechanism. The attack crippled operations at big companies, ranging from Danish shipping giantMaerskto U.S. pharma companyMerck. Similarly, Kaspersky Labs, thelately besiegedRussian cybersecurity firm,found a backdoorin server management software from the U.S. and South Korean tech firm NetSarang that infected hundreds of banks and other companies over the summer.
These supply-chain attacks fly in the face of commonly accepted principles of computer security — i.e., patch your systems early and often — and they undermine everyone’s trust in the software ecosystem. As the Cisco researchersnote in their analysis, a product from an established vendor “rarely receives the same level of scrutiny” as one from an untrusted source. And as theywarn in a follow-up post, these types of attacks now “seem to be increasing in velocity and complexity.”
The proliferation is cause for alarm. It’s hard to see how the situation will improve until everyone — even small-fry software vendors — takes responsibility and ups their digital defenses.
Robert Hackett
@rhhackett
[email protected]
Welcome to the Cyber Saturday edition of Data Sheet,Fortune’sdaily tech newsletter.Fortunereporter Robert Hackett here. You may reach me viaTwitter,Cryptocat,Jabber(see OTR fingerprint on myabout.me), PGP encrypted email (see public key on myKeybase.io),Wickr,Signal, or however you (securely) prefer.Feedback welcome.
SEC hacked.The top market regulator in the U.S.just disclosed a 2016 data breachthat may have allowed hackers to obtain andtrade on inside information. The SEC’s financial filing database, called Edgar, had avulnerabilitythat the agency said it fixed “promptly,” but not before attackers used it to gain access to sensitive corporate information. The breach has officialsworried about the securityof other government computer systems.
Equifax’s ongoing fallout.The state ofMassachusetts is suingthe big-three credit bureau for failing to safeguard more than 140 million people’s personal information. Officials expect the Consumer Financial Protection Bureau, a federal watchdog agency created in the wake of the 2008 financial crisis, also topunish the company. (By the way, Equifax’s customer support team has been sending prospective victims to afake phishing website.)
Facebook to clean up act.Facebook said it would share more than 3,000Russia-linked political adswith congressional committees that are investigating Moscow’s interference in the 2016 presidential election. CEO Mark Zuckerbergpromised to improve the platformto prevent its technology from being abused in the future. Marc Rotenburg, president of the Electronic Privacy Information Center,argues in an op-edforFortunethat Facebook should operate under the same laws that govern other media companies that sell political ads.
Nest flies the nest.Alphabet’s connected home unit Nest debuted the Cam IQ Camera Outdoor, arugged security camerathat can recognize visitors’ faces. The product, which costs $350, joins Nest’s indoor camera as another sentinel to keep watch over customers’ living quarters. Nest also introduced a connected doorbell that comes with a mini app-linked video camera.
Microsoft to add hack recovery.Microsoft isbeefing up Windows 10for businesses with tech that will automate certain tasks involved in recovering from security breaches. The addition should give companies a leg up in responding to digital intrusions, freeing security teams to focus on higher level strategy. Rob Lefferts, head of security for Windows, previewed the news exclusively withFortunethis week.
Bitcoin battered by billionaires.Ray Dalio, the world’s most successful hedge funder (whose new bookFortunerecentlyexcerpted in the magazine), voiced his skepticism about so-called digital gold, calling the mania for it a “bubble.” JPMorgan Chase CEO Jamie Dimon echoed this view, reiterating hislongtimedistrustin a Friday interview in which he said the craze for cryptocurrencies will “end badly” (customer ordersnotwithstanding). In the face of the trash talk, Bitcoin’s price brieflyshot above $4,000, but has since fallen by about $500 (as it hasmany times before).
North Korean dictator Kim Jong-un may have an impressive vocabulary (he recently called President Donald Trump a “dotard“), but his regime’s record ofpaying off parking ticketsleaves much to be desired.
Share today’s Data Sheet with a friend:
http://fortune.com/newsletter/datasheet/
Looking for previous Data Sheets? Clickhere.
The toymaker wasn’t recording or saving Dreamhouse owners’ voice commands — much less combining them into a system that could learn and evolve, otherwise known as natural language processing. “You want to know, how many times did she [the owner] talk to it, what questions does she ask that you don’t answer?” says [Mattel CEO Margo] Georgiadis. For an executive schooled at Google, whose parent company Alphabet makes $90 billion a year primarily by pumping data into algorithms and using it to serve up ads, this lapse was unfathomable.
—An excerpt fromFortunesenior writerMichal Lev-Ram’s latest feature detailing the digitaltransformation of toymaker Mattelunder the reign of ex-Googler Margo Georgiadis. The new chief is interested in collecting more voice data from its playthings, raising privacy and security concerns.
Mark Zuckerberg Outlines Facebook’s Plan to Fight Russian Election Hacking,by John Patrick Pullen
Is the New Apple iPhone Designed for Cyber-Safety?,byThe Conversation’sArun Vishwanath
Inside RT, Russia’s Kremlin-Controlled Propaganda Network,by David Z. Morris
California Planned on Strengthening Internet Privacy. It Didn’t.,by Chris Morris
OkCupid and SparkNotes Founders Take on Slack With Encrypted Chat,by Robert Hackett
Cryptocurrencies May Be a Dream Come True for Cyber Extortionists,byThe Conversation’sNir Kshetri
Whoops: ISIS Backers Reveal Location on Instagram,by Jeff John Roberts
How to write about the future.When crafting a narrative about centuries to come, perhaps the best place to start is not with what will change, but what remains the same. That was sci-fi author Annalee Newitz’s approach inlaying out her new novelAutonomous, set in 2144. By looking into the past, Newitz gleaned human universals. “We’re still arguing over evolution; we still ride in trains and take photographs; we still have radical youth rebellions focused on free love, weird technology, and vegetarianism,” she says. Her vision of the future has differences, of course. In it, nation states have fallen and AI has risen up, for instance. || SEC Breached, Billionaires Bash Bitcoin, Facebook Shares Russia Ads: An insidious attack trend has been catching my eye lately. It’s called the software supply chain attack. The scheme goes like this: Hackers compromise a trusted software vendor, subvert its products with their own malicious versions, and then use the tainted formulation to infect customers — thereby bypassing internal security controls and easily spreading malware far and wide. Customers, careful to keep their software up to date, don’t think twice about downloading the latest iterations. That’s good digital hygiene, after all. At least that’s what we’ve been trained to think. Cisco researchers exposed one of these sneaky incursions earlier this week. The hacking operation sabotaged CCleaner , a popular piece of computer cleaning software distributed by Avast, a Czech antivirus firm. (Morphisec, an Israeli cybersecurity startup, had discovered the compromise too.) Here’s what happened: In August, some unknown hacking group inserted a backdoor into the CCleaner software, which was then dutifully installed on more than 700,000 machines. With that foothold, the attackers then attempted to drill down deeper into the networks of at least 18 big tech company targets, including Google , Intel , Microsoft , Samsung, HTC, and Cisco. Presumably, the intruders sought trade secrets. This is only the most recent example of such an attack. Earlier this year hackers compromised MeDoc , a piece of accounting software developed by a Ukrainian tech firm, in order to spread a destructive strain of ransomware, dubbed NotPetya , through its update mechanism. The attack crippled operations at big companies, ranging from Danish shipping giant Maersk to U.S. pharma company Merck . Similarly, Kaspersky Labs, the lately besieged Russian cybersecurity firm, found a backdoor in server management software from the U.S. and South Korean tech firm NetSarang that infected hundreds of banks and other companies over the summer. These supply-chain attacks fly in the face of commonly accepted principles of computer security — i.e., patch your systems early and often — and they undermine everyone’s trust in the software ecosystem. As the Cisco researchers note in their analysis , a product from an established vendor “rarely receives the same level of scrutiny” as one from an untrusted source. And as they warn in a follow-up post , these types of attacks now “seem to be increasing in velocity and complexity.” Story continues The proliferation is cause for alarm. It’s hard to see how the situation will improve until everyone — even small-fry software vendors — takes responsibility and ups their digital defenses. Robert Hackett @rhhackett [email protected] Welcome to the Cyber Saturday edition of Data Sheet, Fortune’ s daily tech newsletter. Fortune reporter Robert Hackett here. You may reach me via Twitter , Cryptocat , Jabber (see OTR fingerprint on my about.me ), PGP encrypted email (see public key on my Keybase.io ), Wickr , Signal , or however you (securely) prefer. Feedback welcome. THREATS SEC hacked. The top market regulator in the U.S. just disclosed a 2016 data breach that may have allowed hackers to obtain and trade on inside information . The SEC’s financial filing database, called Edgar, had a vulnerability that the agency said it fixed “promptly,” but not before attackers used it to gain access to sensitive corporate information. The breach has officials worried about the security of other government computer systems. Equifax’s ongoing fallout. The state of Massachusetts is suing the big-three credit bureau for failing to safeguard more than 140 million people’s personal information. Officials expect the Consumer Financial Protection Bureau, a federal watchdog agency created in the wake of the 2008 financial crisis, also to punish the company . (By the way, Equifax’s customer support team has been sending prospective victims to a fake phishing website .) Facebook to clean up act. Facebook said it would share more than 3,000 Russia-linked political ads with congressional committees that are investigating Moscow’s interference in the 2016 presidential election. CEO Mark Zuckerberg promised to improve the platform to prevent its technology from being abused in the future. Marc Rotenburg, president of the Electronic Privacy Information Center, argues in an op-ed for Fortune that Facebook should operate under the same laws that govern other media companies that sell political ads. Nest flies the nest. Alphabet’s connected home unit Nest debuted the Cam IQ Camera Outdoor, a rugged security camera that can recognize visitors’ faces. The product, which costs $350, joins Nest’s indoor camera as another sentinel to keep watch over customers’ living quarters. Nest also introduced a connected doorbell that comes with a mini app-linked video camera. Microsoft to add hack recovery. Microsoft is beefing up Windows 10 for businesses with tech that will automate certain tasks involved in recovering from security breaches. The addition should give companies a leg up in responding to digital intrusions, freeing security teams to focus on higher level strategy. Rob Lefferts, head of security for Windows, previewed the news exclusively with Fortune this week. Bitcoin battered by billionaires. Ray Dalio, the world’s most successful hedge funder (whose new book Fortune recently excerpted in the magazine ), voiced his skepticism about so-called digital gold, calling the mania for it a “ bubble .” JPMorgan Chase CEO Jamie Dimon echoed this view, reiterating his longtime distrust in a Friday interview in which he said the craze for cryptocurrencies will “ end badly ” ( customer orders notwithstanding). In the face of the trash talk, Bitcoin’s price briefly shot above $4,000 , but has since fallen by about $500 (as it has many times before ). North Korean dictator Kim Jong-un may have an impressive vocabulary (he recently called President Donald Trump a “ dotard “), but his regime’s record of paying off parking tickets leaves much to be desired. Share today’s Data Sheet with a friend: http://fortune.com/newsletter/datasheet/ Looking for previous Data Sheets? Click here . ACCESS GRANTED The toymaker wasn’t recording or saving Dreamhouse owners’ voice commands — much less combining them into a system that could learn and evolve, otherwise known as natural language processing. “You want to know, how many times did she [the owner] talk to it, what questions does she ask that you don’t answer?” says [Mattel CEO Margo] Georgiadis. For an executive schooled at Google, whose parent company Alphabet makes $90 billion a year primarily by pumping data into algorithms and using it to serve up ads, this lapse was unfathomable. — An excerpt from Fortune senior writer Michal Lev-Ram’s latest feature detailing the digital transformation of toymaker Mattel under the reign of ex-Googler Margo Georgiadis. The new chief is interested in collecting more voice data from its playthings, raising privacy and security concerns. FORTUNE RECON Mark Zuckerberg Outlines Facebook’s Plan to Fight Russian Election Hacking , by John Patrick Pullen Is the New Apple iPhone Designed for Cyber-Safety? , by The Conversation’s Arun Vishwanath Inside RT, Russia’s Kremlin-Controlled Propaganda Network , by David Z. Morris California Planned on Strengthening Internet Privacy. It Didn’t. , by Chris Morris OkCupid and SparkNotes Founders Take on Slack With Encrypted Chat , by Robert Hackett Cryptocurrencies May Be a Dream Come True for Cyber Extortionists , by The Conversation’s Nir Kshetri Whoops: ISIS Backers Reveal Location on Instagram , by Jeff John Roberts ONE MORE THING How to write about the future. When crafting a narrative about centuries to come, perhaps the best place to start is not with what will change, but what remains the same. That was sci-fi author Annalee Newitz’s approach in laying out her new novel Autonomous , set in 2144. By looking into the past, Newitz gleaned human universals. “We’re still arguing over evolution; we still ride in trains and take photographs; we still have radical youth rebellions focused on free love, weird technology, and vegetarianism,” she says. Her vision of the future has differences, of course. In it, nation states have fallen and AI has risen up, for instance. || SEC Breached, Billionaires Bash Bitcoin, Facebook Shares Russia Ads: An insidious attack trend has been catching my eye lately. It’s called the software supply chain attack.
The scheme goes like this: Hackers compromise a trusted software vendor, subvert its products with their own malicious versions, and then use the tainted formulation to infect customers — thereby bypassing internal security controls and easily spreading malware far and wide. Customers, careful to keep their software up to date, don’t think twice about downloading the latest iterations. That’s good digital hygiene, after all.
At least that’s what we’ve been trained to think.Ciscoresearchers exposed one of these sneaky incursions earlier this week. The hacking operationsabotaged CCleaner, a popular piece of computer cleaning software distributed by Avast, a Czech antivirus firm. (Morphisec, an Israeli cybersecurity startup, had discovered the compromise too.)
Here’s what happened: In August, some unknown hacking group inserted a backdoor into the CCleaner software, which was then dutifully installed on more than 700,000 machines. With that foothold, the attackers then attempted to drill down deeper into the networks of at least 18 big tech company targets, includingGoogle,Intel,Microsoft, Samsung, HTC, and Cisco. Presumably, the intruders sought trade secrets.
This is only the most recent example of such an attack. Earlier this year hackers compromisedMeDoc, a piece of accounting software developed by a Ukrainian tech firm, in order to spread adestructivestrain of ransomware, dubbedNotPetya, through its update mechanism. The attack crippled operations at big companies, ranging from Danish shipping giantMaerskto U.S. pharma companyMerck. Similarly, Kaspersky Labs, thelately besiegedRussian cybersecurity firm,found a backdoorin server management software from the U.S. and South Korean tech firm NetSarang that infected hundreds of banks and other companies over the summer.
These supply-chain attacks fly in the face of commonly accepted principles of computer security — i.e., patch your systems early and often — and they undermine everyone’s trust in the software ecosystem. As the Cisco researchersnote in their analysis, a product from an established vendor “rarely receives the same level of scrutiny” as one from an untrusted source. And as theywarn in a follow-up post, these types of attacks now “seem to be increasing in velocity and complexity.”
The proliferation is cause for alarm. It’s hard to see how the situation will improve until everyone — even small-fry software vendors — takes responsibility and ups their digital defenses.
Robert Hackett
@rhhackett
[email protected]
Welcome to the Cyber Saturday edition of Data Sheet,Fortune’sdaily tech newsletter.Fortunereporter Robert Hackett here. You may reach me viaTwitter,Cryptocat,Jabber(see OTR fingerprint on myabout.me), PGP encrypted email (see public key on myKeybase.io),Wickr,Signal, or however you (securely) prefer.Feedback welcome.
SEC hacked.The top market regulator in the U.S.just disclosed a 2016 data breachthat may have allowed hackers to obtain andtrade on inside information. The SEC’s financial filing database, called Edgar, had avulnerabilitythat the agency said it fixed “promptly,” but not before attackers used it to gain access to sensitive corporate information. The breach has officialsworried about the securityof other government computer systems.
Equifax’s ongoing fallout.The state ofMassachusetts is suingthe big-three credit bureau for failing to safeguard more than 140 million people’s personal information. Officials expect the Consumer Financial Protection Bureau, a federal watchdog agency created in the wake of the 2008 financial crisis, also topunish the company. (By the way, Equifax’s customer support team has been sending prospective victims to afake phishing website.)
Facebook to clean up act.Facebook said it would share more than 3,000Russia-linked political adswith congressional committees that are investigating Moscow’s interference in the 2016 presidential election. CEO Mark Zuckerbergpromised to improve the platformto prevent its technology from being abused in the future. Marc Rotenburg, president of the Electronic Privacy Information Center,argues in an op-edforFortunethat Facebook should operate under the same laws that govern other media companies that sell political ads.
Nest flies the nest.Alphabet’s connected home unit Nest debuted the Cam IQ Camera Outdoor, arugged security camerathat can recognize visitors’ faces. The product, which costs $350, joins Nest’s indoor camera as another sentinel to keep watch over customers’ living quarters. Nest also introduced a connected doorbell that comes with a mini app-linked video camera.
Microsoft to add hack recovery.Microsoft isbeefing up Windows 10for businesses with tech that will automate certain tasks involved in recovering from security breaches. The addition should give companies a leg up in responding to digital intrusions, freeing security teams to focus on higher level strategy. Rob Lefferts, head of security for Windows, previewed the news exclusively withFortunethis week.
Bitcoin battered by billionaires.Ray Dalio, the world’s most successful hedge funder (whose new bookFortunerecentlyexcerpted in the magazine), voiced his skepticism about so-called digital gold, calling the mania for it a “bubble.” JPMorgan Chase CEO Jamie Dimon echoed this view, reiterating hislongtimedistrustin a Friday interview in which he said the craze for cryptocurrencies will “end badly” (customer ordersnotwithstanding). In the face of the trash talk, Bitcoin’s price brieflyshot above $4,000, but has since fallen by about $500 (as it hasmany times before).
North Korean dictator Kim Jong-un may have an impressive vocabulary (he recently called President Donald Trump a “dotard“), but his regime’s record ofpaying off parking ticketsleaves much to be desired.
Share today’s Data Sheet with a friend:
http://fortune.com/newsletter/datasheet/
Looking for previous Data Sheets? Clickhere.
The toymaker wasn’t recording or saving Dreamhouse owners’ voice commands — much less combining them into a system that could learn and evolve, otherwise known as natural language processing. “You want to know, how many times did she [the owner] talk to it, what questions does she ask that you don’t answer?” says [Mattel CEO Margo] Georgiadis. For an executive schooled at Google, whose parent company Alphabet makes $90 billion a year primarily by pumping data into algorithms and using it to serve up ads, this lapse was unfathomable.
—An excerpt fromFortunesenior writerMichal Lev-Ram’s latest feature detailing the digitaltransformation of toymaker Mattelunder the reign of ex-Googler Margo Georgiadis. The new chief is interested in collecting more voice data from its playthings, raising privacy and security concerns.
Mark Zuckerberg Outlines Facebook’s Plan to Fight Russian Election Hacking,by John Patrick Pullen
Is the New Apple iPhone Designed for Cyber-Safety?,byThe Conversation’sArun Vishwanath
Inside RT, Russia’s Kremlin-Controlled Propaganda Network,by David Z. Morris
California Planned on Strengthening Internet Privacy. It Didn’t.,by Chris Morris
OkCupid and SparkNotes Founders Take on Slack With Encrypted Chat,by Robert Hackett
Cryptocurrencies May Be a Dream Come True for Cyber Extortionists,byThe Conversation’sNir Kshetri
Whoops: ISIS Backers Reveal Location on Instagram,by Jeff John Roberts
How to write about the future.When crafting a narrative about centuries to come, perhaps the best place to start is not with what will change, but what remains the same. That was sci-fi author Annalee Newitz’s approach inlaying out her new novelAutonomous, set in 2144. By looking into the past, Newitz gleaned human universals. “We’re still arguing over evolution; we still ride in trains and take photographs; we still have radical youth rebellions focused on free love, weird technology, and vegetarianism,” she says. Her vision of the future has differences, of course. In it, nation states have fallen and AI has risen up, for instance. || Mark Zuckerberg Will Sell Up to $12.8 Billion Worth of Facebook Shares Over the Next 18 Months: CEO Mark Zuckerberg announced that he will sell between 35 and 75 million of his shares over the next 18 months. At its current stock price, the sale would be worth between $6 billion and $12.8 billion. Zuckerberg said in a Facebook post Friday that proceeds of the sale will go to fund his and wife Priscilla Chan’s “work in education, science, and advocacy.” He noted that the new plans did not deter him and Chan from their pledge to give away 99% of their Facebook shares over their lifetime. Facebook also announced that it would nix its current plan to reclassify its stock to allow Zuckerberg to keep control even after selling off shares. “Over the past year and a half, Facebook’s business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more,” Zuckerberg said in the post. “As a result, I’ve asked our board to withdraw the proposal to reclassify our stock -- and the board has agreed.” See original article on Fortune.com More from Fortune.com SEC Breached, Billionaires Bash Bitcoin, Facebook Shares Russia Ads Facebook's Privacy Hokey-Pokey Data Sheet: Uber Loses London, Apple iPhone 8 Lags Sales, HPE Cuts Jobs Trump Questions Facebook's Decision to Turn Over 3,000 Ads to the Committee Investigating Russian Interference Whoops: ISIS Backers Reveal Location on Instagram || Mark Zuckerberg Will Sell Up to $12.8 Billion Worth of Facebook Shares Over the Next 18 Months: CEO Mark Zuckerberg announced that he will sell between 35 and 75 million of his shares over the next 18 months. At its current stock price, the sale would be worth between $6 billion and $12.8 billion. Zuckerberg said in a Facebook post Friday that proceeds of the sale will go to fund his and wife Priscilla Chan’s “work in education, science, and advocacy.” He noted that the new plans did not deter him and Chan from their pledge to give away 99% of their Facebook shares over their lifetime. Facebook also announced that it would nix its current plan to reclassify its stock to allow Zuckerberg to keep control even after selling off shares. “Over the past year and a half, Facebook’s business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more,” Zuckerberg said in the post. “As a result, I’ve asked our board to withdraw the proposal to reclassify our stock -- and the board has agreed.” See original article on Fortune.com More from Fortune.com SEC Breached, Billionaires Bash Bitcoin, Facebook Shares Russia Ads Facebook's Privacy Hokey-Pokey Data Sheet: Uber Loses London, Apple iPhone 8 Lags Sales, HPE Cuts Jobs Trump Questions Facebook's Decision to Turn Over 3,000 Ads to the Committee Investigating Russian Interference Whoops: ISIS Backers Reveal Location on Instagram || ECB's Constancio compares Bitcoin to Dutch tulip mania: By Francesco Canepa FRANKFURT (Reuters) - Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands. The dollar value of the Bitcoin has nearly trebled this year and, while its adoption has yet to pick up in a significant way, the rise of this cryptocurrency is worrying central bankers across the world. But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the 'Tulip mania' seen three-hundred years ago. "Bitcoin is a sort of tulip," Constancio said at an ECB conference. "It's an instrument of speculation ... but certainly not a currency and we don't see it as a threat to central bank policy." The ECB said year last year digital currencies, which are generally issued by private companies and only exist in electronic form, could in principle erode its power over the supply of money, inviting European Union lawmakers to tighten proposed rules on the matter. Earlier this month, President Mario Draghi quashed an Estonian proposal to launch a government-backed cyrptocurrency, saying the only valid money in the euro zone was the euro. Last week, Chinese authorities ordered Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks. (Reporting By Francesco Canepa; Editing by Toby Chopra) || ECB's Constancio compares Bitcoin to Dutch tulip mania: By Francesco Canepa FRANKFURT (Reuters) - Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands. The dollar value of the Bitcoin has nearly trebled this year and, while its adoption has yet to pick up in a significant way, the rise of this cryptocurrency is worrying central bankers across the world. But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the 'Tulip mania' seen three-hundred years ago. "Bitcoin is a sort of tulip," Constancio said at an ECB conference. "It's an instrument of speculation ... but certainly not a currency and we don't see it as a threat to central bank policy." The ECB said year last year digital currencies, which are generally issued by private companies and only exist in electronic form, could in principle erode its power over the supply of money, inviting European Union lawmakers to tighten proposed rules on the matter. Earlier this month, President Mario Draghi quashed an Estonian proposal to launch a government-backed cyrptocurrency, saying the only valid money in the euro zone was the euro. Last week, Chinese authorities ordered Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks. (Reporting By Francesco Canepa; Editing by Toby Chopra) || ECB's Constancio compares Bitcoin to Dutch tulip mania: By Francesco Canepa
FRANKFURT (Reuters) - Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands.
The dollar value of the Bitcoin has nearly trebled this year and, while its adoption has yet to pick up in a significant way, the rise of this cryptocurrency is worrying central bankers across the world.
But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the 'Tulip mania' seen three-hundred years ago.
"Bitcoin is a sort of tulip," Constancio said at an ECB conference. "It's an instrument of speculation ... but certainly not a currency and we don't see it as a threat to central bank policy."
The ECB said year last year digital currencies, which are generally issued by private companies and only exist in electronic form, could in principle erode its power over the supply of money, inviting European Union lawmakers to tighten proposed rules on the matter.
Earlier this month, President Mario Draghi quashed an Estonian proposal to launch a government-backed cyrptocurrency, saying the only valid money in the euro zone was the euro.
Last week, Chinese authorities ordered Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks.
(Reporting By Francesco Canepa; Editing by Toby Chopra)
[Social Media Buzz]
One Bitcoin now worth $4169.99@bitstamp. High $4180.00. Low $3870.00. Market Cap $69.175 Billion #bitcoin || $350.00 Butterfly Labs ASIC 60 GH Bitcoiner Miner #Bitcoin #Mining #Cryptocurrency http://bit.ly/2yqxmhe pic.twitter.com/53guM04DON || Gana $45,00 Usd Por Afiliar, Quieres ganarte dólares con Bitcoin sin tanto esfuerzo? Es solo dedicar ··· https://goo.gl/Cdo6SQ * # || Sentiment Bot @digi_cash_chart
09/27 18:00 Crypto currency sentiment analysis.
BTC : Positive
BCC : Positive
ETH : Pos...
|
4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45.
|
[Bitcoin Technical Analysis for 2017-06-27]
Volume: 1489789952, RSI (14-day): 50.35, 50-day EMA: 2340.49, 200-day EMA: 1565.74
[Wider Market Context]
Gold Price: 1246.40, Gold RSI: 44.23
Oil Price: 44.24, Oil RSI: 40.69
[Recent News (last 7 days)]
Bitcoin and Ethereum fall amid profit taking: Investing.com – Prices of both bitcoin and ethereum sank on Monday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,288.1, down $192.5 or 7.76%.
Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2,200-level.
Bitcoin has struggled to recover after falling from its peak of $3,000 earlier in June, however, the digital currency is up more 150% for the year.
Fresh off its weekly first loss in three weeks, Ether, a currency transacted through the Ethereum platform, lost 21.63% to $214.70.
Ethereum’s move lower comes amid worries that high demand for ethereum-based projects could overloaded the network, causing flash crashes to occur more frequently.
Some digital currency investors. however, downplayed last week’s flash crash, which saw Ehtereum plunge from $300 to 10 cents on Coinbase’s GDAX exchange, as a reason for the selloff and remained confident about the future prospect of cryptocurrencies.
"My gut says we are headed for a selloff in the crypto sector," Digital currency investor Fred Wilson said in a blog post, adding that he remains optimistic about the future of cryptocurrencies over the next five to 10 years.
At current prices, Ethereum's market cap has dropped to around $24 billion, way below that of Bitcoin's nearly $40 billion, dashing investor hopes that Ethereum would be the alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain – a phenomenon referred to as “the flippening”.
Ethereum’s popularity has soared in a short space of time and boasts large corporate backers such as JPMorgan and Microsoft that share investors’ belief that ethereum empowers its users to “codify, decentralize, secure and trade just about anything.”
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Forex - Dollar lower as central bank speakers eyed || Bitcoin and Ethereum fall amid profit taking: Investing.com – Prices of both bitcoin and ethereum sank on Monday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs.
On the U.S.-based GDAX exchange, BTC/USD fell to $2,288.1, down $192.5 or 7.76%.
Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2,200-level.
Bitcoin has struggled to recover after falling from its peak of $3,000 earlier in June, however, the digital currency is up more 150% for the year.
Fresh off its weekly first loss in three weeks, Ether, a currency transacted through the Ethereum platform, lost 21.63% to $214.70.
Ethereum’s move lower comes amid worries that high demand for ethereum-based projects could overloaded the network, causing flash crashes to occur more frequently.
Some digital currency investors. however, downplayed last week’s flash crash, which saw Ehtereum plunge from $300 to 10 cents on Coinbase’s GDAX exchange, as a reason for the selloff and remained confident about the future prospect of cryptocurrencies.
"My gut says we are headed for a selloff in the crypto sector," Digital currency investor Fred Wilson said in a blog post, adding that he remains optimistic about the future of cryptocurrencies over the next five to 10 years.
At current prices, Ethereum's market cap has dropped to around $24 billion, way below that of Bitcoin's nearly $40 billion, dashing investor hopes that Ethereum would be the alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain – a phenomenon referred to as “the flippening”.
Ethereum’s popularity has soared in a short space of time and boasts large corporate backers such as JPMorgan and Microsoft that share investors’ belief that ethereum empowers its users to “codify, decentralize, secure and trade just about anything.”
Related Articles
Dollar turns positive despite downbeat economic data
Dollar dips after weak U.S. data; Yellen, Draghi speeches awaited
Forex - Dollar lower as central bank speakers eyed || Bitcoin and Ethereum fall amid profit taking: Investing.com Prices of both bitcoin and ethereum sank on Monday, as investors appeared to take profit on the recent rally that has seen both cryptocurrencies touch record highs. On the U.S.-based GDAX exchange, BTC/USD fell to $2,288.1, down $192.5 or 7.76%. Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency trading around the $2,200-level. Bitcoin has struggled to recover after falling from its peak of $3,000 earlier in June, however, the digital currency is up more 150% for the year. Fresh off its weekly first loss in three weeks, Ether, a currency transacted through the Ethereum platform, lost 21.63% to $214.70. Ethereums move lower comes amid worries that high demand for ethereum-based projects could overloaded the network, causing flash crashes to occur more frequently. Some digital currency investors. however, downplayed last weeks flash crash, which saw Ehtereum plunge from $300 to 10 cents on Coinbases GDAX exchange, as a reason for the selloff and remained confident about the future prospect of cryptocurrencies. "My gut says we are headed for a selloff in the crypto sector," Digital currency investor Fred Wilson said in a blog post, adding that he remains optimistic about the future of cryptocurrencies over the next five to 10 years. At current prices, Ethereum's market cap has dropped to around $24 billion, way below that of Bitcoin's nearly $40 billion, dashing investor hopes that Ethereum would be the alternative cryptocurrency that usurps bitcoin as the largest and best capitalized blockchain a phenomenon referred to as the flippening. Ethereums popularity has soared in a short space of time and boasts large corporate backers such as JPMorgan and Microsoft that share investors belief that ethereum empowers its users to codify, decentralize, secure and trade just about anything. Related Articles Dollar turns positive despite downbeat economic data Dollar dips after weak U.S. data; Yellen, Draghi speeches awaited Forex - Dollar lower as central bank speakers eyed || Here's our first look at iOS 11, which will bring massive changes to your iPhone and iPad: Apple(NASDAQ: AAPL)just released thepublic preview of iOS 11for the iPhone and iPad.
That means you can test an early version of Apple's next major software release, which will launch this fall.
We've been playing with the public preview on an iPad, which Apple says is the "biggest release for iPad ever," for the past couple of days. Let's take a look at the biggest changes coming to the iPad.
You know how you can only keep a few of your favorite apps in the dock at the bottom of your iPad screen? That's completely changing. Apple lets you store up to 13 apps (on my 10.5-inch iPad Pro, in any case), plus 3 more apps, including recommendations from Siri and recently opened apps. This is my favorite new feature in iOS 11.
Multitasking is being revamped. You can run two apps side by side like in iOS 10, but now also drag out another app, such as Messages, which hovers in its own separate window. This is perfect for when you want to drag a link or an image from one app right into another, and allows you to use your iPad more like a real laptop.
If you find yourself taking notes all day long, you'll love this one. The Notes application, for example, knows when the pencil tip touches the screen and automatically makes room for jotting down notes. If you take a screenshot, you'll be able to mark up the page and share it or save it as a PDF. Apple also added a new document scanner, which means signing documents is easier than ever before.
Control Center, which you might know as that small area on your iPhone where you turn on the flashlight, is entirely revamped. You can now add many more of your own shortcuts, from Home controls to a screen recording function and even Apple TV controls. Tap and hold most of these apps and you'll see even more information (if you tap and hold the music player, for example, you can scrub through the song and view album art).
The iPad and iPhone finally have an accessible file storage system. You can see various folders you've created on your iPad or iPhone and access cloud-based storage options such as iCloud, Box, Dropbox and Google Drive. iOS 11 even lets you search for a specific file across any service. I love this feature for quickly accessing documents I've been working on on my computer from either my iPhone or my iPad.
I mentioned this briefly in the multitasking section, but I'll explain further here.
You can now drag and drop content, such as photos, across applications. Maybe you want to send five photos to a family member, for example. Start tapping them inside the Photos app and then drag them right into your email application and send them off. Or, if you have Notes and Safari open, just drag links, images and more right from one app into another.
The App Store is yet another place you'll see major changes. Apple employees are curating apps they think you'll like. The focus is now on quality apps, not just list upon list of items to download.
Apple still highlights the top paid apps and separates those from games in a new list. Apple told CNBC it made this change because the top paid lists were often loaded with games, and this now helps highlight apps from other developers.
There's also a much cleaner look and feel, but I kind of miss seeing the wide array of apps front and center, so it'll take some getting used to.
More From CNBC
• How to buy Bitcoin in seconds from your smartphone
• Snapchat has a new feature called 'Snap Map'—here's how it works
• Here’s how to add Sirius XM to your Amazon Echo || Here's our first look at iOS 11, which will bring massive changes to your iPhone and iPad: Apple (NASDAQ: AAPL) just released the public preview of iOS 11 for the iPhone and iPad. That means you can test an early version of Apple's next major software release, which will launch this fall. We've been playing with the public preview on an iPad, which Apple says is the "biggest release for iPad ever," for the past couple of days. Let's take a look at the biggest changes coming to the iPad. A completely redesigned app dock You know how you can only keep a few of your favorite apps in the dock at the bottom of your iPad screen? That's completely changing. Apple lets you store up to 13 apps (on my 10.5-inch iPad Pro, in any case), plus 3 more apps, including recommendations from Siri and recently opened apps. This is my favorite new feature in iOS 11. You can multitask like never before Multitasking is being revamped. You can run two apps side by side like in iOS 10, but now also drag out another app, such as Messages, which hovers in its own separate window. This is perfect for when you want to drag a link or an image from one app right into another, and allows you to use your iPad more like a real laptop. The Apple Pencil is more useful If you find yourself taking notes all day long, you'll love this one. The Notes application, for example, knows when the pencil tip touches the screen and automatically makes room for jotting down notes. If you take a screenshot, you'll be able to mark up the page and share it or save it as a PDF. Apple also added a new document scanner, which means signing documents is easier than ever before. The Control Center can be fully customized Control Center, which you might know as that small area on your iPhone where you turn on the flashlight, is entirely revamped. You can now add many more of your own shortcuts, from Home controls to a screen recording function and even Apple TV controls. Tap and hold most of these apps and you'll see even more information (if you tap and hold the music player, for example, you can scrub through the song and view album art). Story continues An easier way to see files and move them around The iPad and iPhone finally have an accessible file storage system. You can see various folders you've created on your iPad or iPhone and access cloud-based storage options such as iCloud, Box, Dropbox and Google Drive. iOS 11 even lets you search for a specific file across any service. I love this feature for quickly accessing documents I've been working on on my computer from either my iPhone or my iPad. Drag and drop is supported across apps I mentioned this briefly in the multitasking section, but I'll explain further here. You can now drag and drop content, such as photos, across applications. Maybe you want to send five photos to a family member, for example. Start tapping them inside the Photos app and then drag them right into your email application and send them off. Or, if you have Notes and Safari open, just drag links, images and more right from one app into another. There's a brand new App Store The App Store is yet another place you'll see major changes. Apple employees are curating apps they think you'll like. The focus is now on quality apps, not just list upon list of items to download. Apple still highlights the top paid apps and separates those from games in a new list. Apple told CNBC it made this change because the top paid lists were often loaded with games, and this now helps highlight apps from other developers. There's also a much cleaner look and feel, but I kind of miss seeing the wide array of apps front and center, so it'll take some getting used to. More From CNBC How to buy Bitcoin in seconds from your smartphone Snapchat has a new feature called 'Snap Map'here's how it works Heres how to add Sirius XM to your Amazon Echo || Bitcoin is tumbling: It's a rough start to the week forbitcoin. The cryptocurrency trades down 10.11% on Monday, at $2,275 a coin, a one-week low.
The action seems to be a continuation of the selling that developed on Wednesday, when rivalEthereum flash-crashedfrom $296 to 10 cents before recovering its losses.
Bitcoin is down about 16.6% since Wednesday's opening print.
The recent weakness in bitcoin follows a run-up of more than 200% to start the year. Bitcoin's 2017 gains have been propelled byheavy buying from China and Japan.
Recent strength has come on the heels of China's three biggest exchangesresuming withdrawalsfor the first time since February, and Japan naming bitcoina legal payment methodin early April. Additionally, Russia's largest online retailerbegan accepting bitcoin, even though Russia has said it wouldn't consider the use of the cryptocurrency until 2018.
But the gains have created some skepticism as of late. The billionaire Mark Cubancalled bitcoin a "bubble"as the cryptocurrency hit its then-all-time high on June 6.
"I think it's in a bubble. I just don't know when or how much it corrects,"Cuban tweeted. "When everyone is bragging about how easy they are making $=bubble."
About a week later, Goldman Sachs' head of technical strategy, Sheba Jafari, said bitcoin waslooking "heavy"and could drop as low as $1,915 before seeing a rally. It put in a low of $2,076 before rallying to almost $2,800.
There remains one big unknown. In March, the US Securities and Exchange Commissionrejected two bitcoin exchange-traded funds. It has since taken public comment on its decision about an ETF proposed by the Winklevoss twins, but it has not made an additional ruling.
Bitcoin is up 136% in 2017.
(Investing.com)
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• John McAfee's latest gambit is mining Ethereum — the cryptocurrency that's up nearly 4,000% this year || Bitcoin is tumbling: It's a rough start to the week for bitcoin . The cryptocurrency trades down 10.11% on Monday, at $2,275 a coin, a one-week low. The action seems to be a continuation of the selling that developed on Wednesday, when rival Ethereum flash-crashed from $296 to 10 cents before recovering its losses. Bitcoin is down about 16.6% since Wednesday's opening print. The recent weakness in bitcoin follows a run-up of more than 200% to start the year. Bitcoin's 2017 gains have been propelled by heavy buying from China and Japan . Recent strength has come on the heels of China's three biggest exchanges resuming withdrawals for the first time since February, and Japan naming bitcoin a legal payment method in early April. Additionally, Russia's largest online retailer began accepting bitcoin , even though Russia has said it wouldn't consider the use of the cryptocurrency until 2018. But the gains have created some skepticism as of late. The billionaire Mark Cuban called bitcoin a "bubble" as the cryptocurrency hit its then-all-time high on June 6. "I think it's in a bubble. I just don't know when or how much it corrects," Cuban tweeted . "When everyone is bragging about how easy they are making $=bubble." About a week later, Goldman Sachs' head of technical strategy, Sheba Jafari, said bitcoin was looking "heavy" and could drop as low as $1,915 before seeing a rally. It put in a low of $2,076 before rallying to almost $2,800. There remains one big unknown. In March, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds . It has since taken public comment on its decision about an ETF proposed by the Winklevoss twins, but it has not made an additional ruling. Bitcoin is up 136% in 2017. Bitcoin (Investing.com) NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy More From Business Insider The New York Times used a full page to print 'Trump's lies' since taking office The Galaxy S8 can do 8 things the new OnePlus 5 can't, but I'd still get the OnePlus 5 John McAfee's latest gambit is mining Ethereum the cryptocurrency that's up nearly 4,000% this year || Bitcoin is tumbling: It's a rough start to the week forbitcoin. The cryptocurrency trades down 10.11% on Monday, at $2,275 a coin, a one-week low.
The action seems to be a continuation of the selling that developed on Wednesday, when rivalEthereum flash-crashedfrom $296 to 10 cents before recovering its losses.
Bitcoin is down about 16.6% since Wednesday's opening print.
The recent weakness in bitcoin follows a run-up of more than 200% to start the year. Bitcoin's 2017 gains have been propelled byheavy buying from China and Japan.
Recent strength has come on the heels of China's three biggest exchangesresuming withdrawalsfor the first time since February, and Japan naming bitcoina legal payment methodin early April. Additionally, Russia's largest online retailerbegan accepting bitcoin, even though Russia has said it wouldn't consider the use of the cryptocurrency until 2018.
But the gains have created some skepticism as of late. The billionaire Mark Cubancalled bitcoin a "bubble"as the cryptocurrency hit its then-all-time high on June 6.
"I think it's in a bubble. I just don't know when or how much it corrects,"Cuban tweeted. "When everyone is bragging about how easy they are making $=bubble."
About a week later, Goldman Sachs' head of technical strategy, Sheba Jafari, said bitcoin waslooking "heavy"and could drop as low as $1,915 before seeing a rally. It put in a low of $2,076 before rallying to almost $2,800.
There remains one big unknown. In March, the US Securities and Exchange Commissionrejected two bitcoin exchange-traded funds. It has since taken public comment on its decision about an ETF proposed by the Winklevoss twins, but it has not made an additional ruling.
Bitcoin is up 136% in 2017.
(Investing.com)
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More From Business Insider
• The New York Times used a full page to print 'Trump's lies' since taking office
• The Galaxy S8 can do 8 things the new OnePlus 5 can't, but I'd still get the OnePlus 5
• John McAfee's latest gambit is mining Ethereum — the cryptocurrency that's up nearly 4,000% this year || Hoax Over Dead Ethereum Founder Spurs $4 Billion Wipe Out: The creator of the digital currency Ethereum, Vitalik Buterin, died in a car crash and insiders are selling like crazy--or so said the headline. It soon became clear the news, posted to notorious troll site 4Chan, was fake but it still gave the price of the currency quite a jolt. As Quartz reports, the hoax coincided with the overall market value of Ethereum falling by around $4 billion after the news was posted on Sunday night. Here is a chart from Coindesk that shows what happened to the currency after that: Buterin himself took steps to quell the false rumors on Sunday night, posting a tongue-in-cheek picture on Twitter. The picture refers to a new use case for blockchain (the technology that underlies Ethereum) and cites a new piece of data from Ethereum to show he is still alive--its like a geeks version of holding up todays newspaper. Another day, another blockchain use case. pic.twitter.com/OyHzdhEeGR Vitalik Buterin (@VitalikButerin) June 26, 2017 Buterins posting appears to have helped quell the sell-off that followed the fake headline about his death. But the whole episode shows how digital currencies like Ethereum and Bitcoin, which are already volatile, can be subject to market manipulation. (Its possible of course that someone posted the fake death headline as a mere prank--but the more likely explanation is the stunt was intended to move the market). Get Data Sheet , Fortune's technology newsletter The death hoax came amid a rocky few days for Ethereum. Last week, a so-called flash crash saw the crypto-currency briefly plummet to ten cents on a major exchange, before bouncing back up to a price of over $300. Ethereum, which has emerged this year as a serious rival to bitcoin, has been on a tear since early this year when it sold for only $10. (To get a better idea on what Ethereum is all about, check out my colleague Robert Hacketts magazine profile of Buterin from last summer.) Story continues See original article on Fortune.com More from Fortune.com Coinbase to Pay Back Ethereum Flash Crash Losses Russia Says Terrorists Use Telegram in Heightened Push Against the App Facebook Rejected Search Warrant After Philando Castile Shooting CIA Director Praises Trump's Love of Facts, Slams Leakers Windows 10 Source Code Leaked || Hoax Over ‘Dead’ Ethereum Founder Spurs $4 Billion Wipe Out: The creator of the digital currency Ethereum, Vitalik Buterin, died in a car crash and insiders are selling like crazy--or so said the headline. It soon became clear the news, posted to notorious troll site 4Chan, was fake but it still gave the price of the currency quite a jolt.
As Quartz reports, the hoax coincided with the overall market value of Ethereum falling by around $4 billion after the news was posted on Sunday night. Here is a chart fromCoindeskthat shows what happened to the currency after that:
Buterin himself took steps to quell the false rumors on Sunday night, posting a tongue-in-cheek picture on Twitter. The picture refers to a new use case for blockchain (the technology that underlies Ethereum) and cites a new piece of data from Ethereum to show he is still alive--it’s like a geek’s version of holding up today’s newspaper.
Buterin’s posting appears to have helped quell the sell-off that followed the fake headline about his death. But the whole episode shows how digital currencies like Ethereum and Bitcoin, which are already volatile, can be subject to market manipulation. (It’s possible of course that someone posted the fake death headline as a mere prank--but the more likely explanation is the stunt was intended to move the market).
Get Data Sheet, Fortune's technology newsletter
The death hoax came amid a rocky few days for Ethereum. Last week, a so-called “flash crash” saw the crypto-currency briefly plummet to ten cents on a major exchange, before bouncing back up to a price of over $300.
Ethereum, which has emerged this year as a serious rival to bitcoin, has been on a tear since early this year when it sold for only $10. (To get a better idea on what Ethereum is all about, check out my colleague Robert Hackett’smagazine profileof Buterin from last summer.)
See original article on Fortune.com
More from Fortune.com
• Coinbase to Pay Back Ethereum Flash Crash Losses
• Russia Says Terrorists Use Telegram in Heightened Push Against the App
• Facebook Rejected Search Warrant After Philando Castile Shooting
• CIA Director Praises Trump's Love of Facts, Slams Leakers
• Windows 10 Source Code Leaked || Barclays has spoken to regulators about bringing bitcoin 'into play': Barclays (London Stock Exchange: BARC-GB) has been in discussions with regulators and financial technology – or fintech – firms about bringing cryptocurrencies like bitcoin "into play", the bank's U.K. chief executive told CNBC on Monday. Ashok Vaswani revealed that the banking giant has met with Britain's Financial Conduct Authority (FCA) watchdog to talk about how to make bitcoin safe in response to a question about whether Barclays could support bitcoin. "We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play," Vaswani told CNBC at the Money 20/20 fintech conference in Copenhagen, Denmark. "Obviously (it's) a new area, obviously an area we've got to be careful with. We are working our way through it." Vaswani did not expand on to what extent Barclays could be involved with bitcoin. Barclays has recently been involved in the digital currency space. Last year the bank partnered with social payments app Circle. The start-up, which received a license from the FCA last year, allows users to send money to each other in messages, and supports bitcoin. Barclays provided Circle with an account to store sterling, as well as the payments network to transfer money. Banks have typically been very cautious of being associated with any companies involved with bitcoin due to the cryptocurrencies bad reputation as being used to buy illegal items on the so-called "dark web". But the world's largest cryptocurrency by market cap has seen rising retail investor interest, as well as a major rally since the start of the year that has seen its price hit record highs. Even though the price has pulled back in recent days and there is still volatility, regulators are becoming interested in bitcoin, which is lending legitimacy to the digital currency. For example, Japan made it legal for merchants to begin accepting bitcoin as payments and Russia is also looking at ways to regulate it. The FCA in the U.K. has been cautious on bitcoin, however. Story continues Chris Woolard, the FCA's executive director of strategy, said that there needs to caution from institutions dealing with bitcoin. "We don't prohibit regulated firms from engaging in digital currency trading, nor do we prohibit banks from offering banking services to deal with currency firms that use [blockchain]. I am not saying that we view digital currencies as an inherently bad thing… but we do have to exercise a degree of caution," Woolard said at a recent event, according to website Financial News. While bitcoin has garnered plenty of interest recently, the banking industry is focused on using the technology that underpins it called blockchain. This is a distributed public ledger of activity on the bitcoin network. Banks see blockchain-like technology being applied to areas of their businesses from trading to money transfers. The promise is cost savings and faster processes. Barclays and a number of other banks have been trialing different use cases for blockchain technology. Last year, the U.K. bank tested derivative trading using blockchain technology. Still, the industry admits it is early days and more work needs to be done to integrate this into everyday processes in banks. "(We're) working on it, (it's) not ready for prime time, we'll get there soon," Vaswani told CNBC. More From CNBC India's digital payments giant Paytm to offer credit card and lending services Ethereum crashed from $319 to 10 cents in seconds on one exchange after huge trade Bitcoin start-up Blockchain raises $40 million from Google, Richard Branson || Barclays has spoken to regulators about bringing bitcoin 'into play': Barclays(London Stock Exchange: BARC-GB)has been in discussions with regulators and financial technology – or fintech – firms about bringing cryptocurrencies like bitcoin "into play", the bank's U.K. chief executive told CNBC on Monday.
Ashok Vaswani revealed that the banking giant has met with Britain's Financial Conduct Authority (FCA) watchdog to talk about how to make bitcoin safe in response to a question about whether Barclays could support bitcoin.
"We have been talking to a couple of fintechs and have actually gone with the fintechs to the FCA to talk about how we could bring, the equivalent of bitcoin, not necessarily bitcoin, but cryptocurrencies into play," Vaswani told CNBC at the Money 20/20 fintech conference in Copenhagen, Denmark.
"Obviously (it's) a new area, obviously an area we've got to be careful with. We are working our way through it."
Vaswani did not expand on to what extent Barclays could be involved with bitcoin. Barclays has recently been involved in the digital currency space. Last year the bank partnered with social payments app Circle. The start-up, which received a license from the FCA last year, allows users to send money to each other in messages, and supports bitcoin. Barclays provided Circle with an account to store sterling, as well as the payments network to transfer money.
Banks have typically been very cautious of being associated with any companies involved with bitcoin due to the cryptocurrencies bad reputation as being used to buy illegal items on the so-called "dark web".
But the world's largest cryptocurrency by market cap has seen rising retail investor interest, as well as a major rally since the start of the year that has seen its price hit record highs. Even though the price has pulled back in recent days and there is still volatility, regulators are becoming interested in bitcoin, which is lending legitimacy to the digital currency.
For example, Japan made it legal for merchants to begin accepting bitcoin as payments and Russia is also looking at ways to regulate it. The FCA in the U.K. has been cautious on bitcoin, however.
Chris Woolard, the FCA's executive director of strategy, said that there needs to caution from institutions dealing with bitcoin.
"We don't prohibit regulated firms from engaging in digital currency trading, nor do we prohibit banks from offering banking services to deal with currency firms that use [blockchain]. I am not saying that we view digital currencies as an inherently bad thing… but we do have to exercise a degree of caution," Woolard said at a recent event, according to website Financial News.
While bitcoin has garnered plenty of interest recently, the banking industry is focused on using the technology that underpins it called blockchain. This is a distributed public ledger of activity on the bitcoin network. Banks see blockchain-like technology being applied to areas of their businesses from trading to money transfers. The promise is cost savings and faster processes.
Barclays and a number of other banks have been trialing different use cases for blockchain technology. Last year, the U.K. banktested derivative tradingusing blockchain technology. Still, the industry admits it is early days and more work needs to be done to integrate this into everyday processes in banks.
"(We're) working on it, (it's) not ready for prime time, we'll get there soon," Vaswani told CNBC.
More From CNBC
• India's digital payments giant Paytm to offer credit card and lending services
• Ethereum crashed from $319 to 10 cents in seconds on one exchange after huge trade
• Bitcoin start-up Blockchain raises $40 million from Google, Richard Branson || Daily Market Forecast, June 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD: GBP/USD: Pound Rebound Continue The Pound has continued to get stronger in early trading against the U.S Dollar as the week has begun. The U.K government has announced it will pursue trade talks with emerging markets globally. The Pound is above the 1.27 mark handily, and the 1.28 mark may be interpreted as resistance. Traders may look for short-term reversals today, but the Pound’s rebound should be taken seriously. Gold: Central Bank Shadows Gold has sold off slightly this morning. The precious metal made solid gains last week and was able to hold onto its value. The 1250.00 U.S Dollars an ounce price could be viewed as support. Gold will be affected by central bank leaders who will be speaking this week almost on a daily basis. The precious metal is likely to see heavy speculation in the coming days. EUR/USD: Test of Values Coming The Euro continues to trade near the 1.12 level against the U.S Dollar. The European currency has been in a tight range the past week, but has maintained the upper realm of its value nicely. However, the Euro may be ready to break the consolidated mode it has idled within and test higher prices. The European Central Bank holds its forum this week and will certainly provide trading impetus. Crude Oil: Traders Speculating on Reversal Crude Oil has gained early. The commodity has shown support around the 43.00 U.S Dollars a barrel level holding. Traders may be tempted to continue to test for upward momentum, based on the hope a reversal is developing after the rather strong downward trend Crude Oil has experienced the past few weeks. USD/JPY: Scalpers Market The Yen has experienced a tight range against the U.S Dollar and its consolidated band continues to be seen today. Traders may find the opportunity to take advantage of small movements scalping, if they are patient enough to let momentary price action take its natural path. The 111.00 mark between the Yen and U.S Dollar remains a talking point. Yaron Mazor is a senior analyst at SuperTraderTV. Story continues SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter. This article was originally posted on FX Empire More From FXEMPIRE: Choice Act Reduces Regulatory Burdens, but Makes System Less Safe Big Data and Big Speculation will set the Tone for the Week The EUR and the GBP on the Offensive, while the USD Shifts to Defense Gold Prices Correct As Expected Daily Economic Calendar – June 26, 2017 Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption || Daily Market Forecast, June 26, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD: The Pound has continued to get stronger in early trading against the U.S Dollar as the week has begun. The U.K government has announced it will pursue trade talks with emerging markets globally. The Pound is above the 1.27 mark handily, and the 1.28 mark may be interpreted as resistance. Traders may look for short-term reversals today, but the Pound’s rebound should be taken seriously.
Gold has sold off slightly this morning. The precious metal made solid gains last week and was able to hold onto its value. The 1250.00 U.S Dollars an ounce price could be viewed as support. Gold will be affected by central bank leaders who will be speaking this week almost on a daily basis. The precious metal is likely to see heavy speculation in the coming days.
The Euro continues to trade near the 1.12 level against the U.S Dollar. The European currency has been in a tight range the past week, but has maintained the upper realm of its value nicely. However, the Euro may be ready to break the consolidated mode it has idled within and test higher prices. The European Central Bank holds its forum this week and will certainly provide trading impetus.
Crude Oil has gained early. The commodity has shown support around the 43.00 U.S Dollars a barrel level holding. Traders may be tempted to continue to test for upward momentum, based on the hope a reversal is developing after the rather strong downward trend Crude Oil has experienced the past few weeks.
The Yen has experienced a tight range against the U.S Dollar and its consolidated band continues to be seen today. Traders may find the opportunity to take advantage of small movements scalping, if they are patient enough to let momentary price action take its natural path. The 111.00 mark between the Yen and U.S Dollar remains a talking point.
Yaron Mazor is a senior analyst atSuperTraderTV.
SuperTraderTV Academy is a leader in investing and stock trading education.Sign upfor a class today to learn proven strategies on how to trade smarter.
Thisarticlewas originally posted on FX Empire
• Choice Act Reduces Regulatory Burdens, but Makes System Less Safe
• Big Data and Big Speculation will set the Tone for the Week
• The EUR and the GBP on the Offensive, while the USD Shifts to Defense
• Gold Prices Correct As Expected
• Daily Economic Calendar – June 26, 2017
• Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption || Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption: The price of Bitcoin is set to end the week below the week’s highest level as investors in the virtual currency remained reluctant to place their funds into it in the wake of a recent $900 crash. Rumors of a possible adoption of Bitcoin in India resulted in little to no effect on the price of the digital currency today, but is expected to have a wider effect in the weeks to come.
After almost touching $3,000, the Bitcoin price crashed to $2,120 last week. The digital currency then quickly recovered to $2,789 by Wednesday, but volatility remained high as the price moved in a range of almost $150 over the past two days. This volatility prompted experts to reiterate warnings of the bubble behavior that Bitcoin has been displaying in recent months, which is attributed to a frenzy of speculations that pushed the Bitcoin price more than 200% this year.
Among those wary of Bitcoin’s rapid gains is Peter Denious, one of the main venture capitalists inAberdeen Asset Management.In a recent interview, Denious said that Bitcoin is pushed higher by a gold rush mentality that took over the market, which is likely to lead to huge losses of investments.
His concerns along with others have worked against allowing Bitcoin to break the $2,800 level this week, despite easily storming past it last week. Reports that pointed to a possible legalization of the virtual currency in India failed to lead it higher as investors preferred to remain cautious.
India has seen a huge rise in demand for Bitcoin over the last year, but the country continues to offer no legal framework for digital currencies to operate within. However, lawmakers in India might be in talks of changing the government’s stance on Bitcoin to with the goal of regulating the currency. The Ministry of Finance formed a committee in April to examine the existing framework surrounding virtual currencies and provide suggestions for how to improve consumer protection and limit money laundering.
The committee’s findings and recommendations will be submitted to the ministry by the end of July. This has stoked anticipation of a possible adoption of Bitcoin in India, especially after the Indian government opened a public discussion of the issue on its official online forum.
A government official said that the probability of banning Bitcoin is low, however he also added that legalizing the virtual currency remains unlikely. Speculations on the committee’s recommendations are expected to influence the Bitcoin price in the coming weeks.
BTC/USD closed the week at 2,579 on theBitstamp exchangeafter moving within a range between 2,688.9 and 2,743.9. BTC/USD started the day at 2,708.3, while for the week the pair began trading at 2,633.9.
This post was originally published byEarnForex
Thisarticlewas originally posted on FX Empire
• Fed Treating Inflation Data Like “Fake News”
• Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption
• Hawkish Monetary Policy Outlook Doesn’t Help Sterling
• U.S. Dollar Ekes Out Small Gain, but Investors Worried About Falling Treasury Yields
• Crude Rebound Underpins S&P 500 Index; NASDAQ Boosted by Health Care Stocks
• Market Snapshot – Markets Move Towards Tepid Close || Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption: The price of Bitcoin is set to end the week below the week’s highest level as investors in the virtual currency remained reluctant to place their funds into it in the wake of a recent $900 crash. Rumors of a possible adoption of Bitcoin in India resulted in little to no effect on the price of the digital currency today, but is expected to have a wider effect in the weeks to come.
After almost touching $3,000, the Bitcoin price crashed to $2,120 last week. The digital currency then quickly recovered to $2,789 by Wednesday, but volatility remained high as the price moved in a range of almost $150 over the past two days. This volatility prompted experts to reiterate warnings of the bubble behavior that Bitcoin has been displaying in recent months, which is attributed to a frenzy of speculations that pushed the Bitcoin price more than 200% this year.
Among those wary of Bitcoin’s rapid gains is Peter Denious, one of the main venture capitalists inAberdeen Asset Management.In a recent interview, Denious said that Bitcoin is pushed higher by a gold rush mentality that took over the market, which is likely to lead to huge losses of investments.
His concerns along with others have worked against allowing Bitcoin to break the $2,800 level this week, despite easily storming past it last week. Reports that pointed to a possible legalization of the virtual currency in India failed to lead it higher as investors preferred to remain cautious.
India has seen a huge rise in demand for Bitcoin over the last year, but the country continues to offer no legal framework for digital currencies to operate within. However, lawmakers in India might be in talks of changing the government’s stance on Bitcoin to with the goal of regulating the currency. The Ministry of Finance formed a committee in April to examine the existing framework surrounding virtual currencies and provide suggestions for how to improve consumer protection and limit money laundering.
The committee’s findings and recommendations will be submitted to the ministry by the end of July. This has stoked anticipation of a possible adoption of Bitcoin in India, especially after the Indian government opened a public discussion of the issue on its official online forum.
A government official said that the probability of banning Bitcoin is low, however he also added that legalizing the virtual currency remains unlikely. Speculations on the committee’s recommendations are expected to influence the Bitcoin price in the coming weeks.
BTC/USD closed the week at 2,579 on theBitstamp exchangeafter moving within a range between 2,688.9 and 2,743.9. BTC/USD started the day at 2,708.3, while for the week the pair began trading at 2,633.9.
This post was originally published byEarnForex
Thisarticlewas originally posted on FX Empire
• Fed Treating Inflation Data Like “Fake News”
• Bitcoin Poised to End Week off Weekly Highs Despite Expectations of Indian Adoption
• Hawkish Monetary Policy Outlook Doesn’t Help Sterling
• U.S. Dollar Ekes Out Small Gain, but Investors Worried About Falling Treasury Yields
• Crude Rebound Underpins S&P 500 Index; NASDAQ Boosted by Health Care Stocks
• Market Snapshot – Markets Move Towards Tepid Close || Mark Zuckerberg Visits Local Ice Cream Shop in Small Iowa Town: founder and CEOMark Zuckerbergvisited a small town in Iowa, stopping by a local ice cream shop and marking another stop on his tour of the United States.
Zuckerberg arrived in the small town ofWilton, Iowa,on Friday.
Heposted about his trip on Facebookwriting, “In the last generation, there has been a real divergence between opportunity available in small towns and big cities. I’ve seen many struggling small towns this year, but I’ve also seen small towns like Wilton that are growing.”
Zuckerberg also visited Detroit back in April,The Hill reported. While visiting Detroit, he toured a assembly plant just outside of the city.
The country-wide tour is part of aNew Year’s resolutionhe made this year.
See original article on Fortune.com
More from Fortune.com
• The Elephant in Trump's Brainstorming Room
• Inside Odyssey: The Decline of a College Media Empire
• Why Bitcoin Needs Washington to Go Mainstream
• Tesla's Autopilot Tech Is a Danger to Cyclists, Robotics Expert Says
• Why the World's Best Consumer Drones Aren't Just "Made in China," They're Designed and Developed There Too || Mark Zuckerberg Visits Local Ice Cream Shop in Small Iowa Town: founder and CEO Mark Zuckerberg visited a small town in Iowa, stopping by a local ice cream shop and marking another stop on his tour of the United States. Zuckerberg arrived in the small town of Wilton, Iowa, on Friday. He posted about his trip on Facebook writing, “In the last generation, there has been a real divergence between opportunity available in small towns and big cities. I’ve seen many struggling small towns this year, but I’ve also seen small towns like Wilton that are growing.” Zuckerberg also visited Detroit back in April, The Hill reported . While visiting Detroit, he toured a assembly plant just outside of the city. The country-wide tour is part of a New Year’s resolution he made this year. See original article on Fortune.com More from Fortune.com The Elephant in Trump's Brainstorming Room Inside Odyssey: The Decline of a College Media Empire Why Bitcoin Needs Washington to Go Mainstream Tesla's Autopilot Tech Is a Danger to Cyclists, Robotics Expert Says Why the World's Best Consumer Drones Aren't Just "Made in China," They're Designed and Developed There Too View comments || Yes, Bitcoin is a bubble and it’s about to burst: The popularity of trading Bitcoin has now reached the point where none other than the New York Times sees fit to declare cryptocurrencies, or more specifically initial coin offerings, “ The Easiest Path To Riches On The Web .” Not to be left out, CNBC published a brief tutorial on trading crypto with your smartphone and MarketWatch featured a teenage bitcoin millionaire who now forecasts a $1 million price target. These are exactly the sort of headlines and stories that characterize a speculative mania otherwise known as a “bubble.” For anyone who was around during the dotcom mania this should quickly bring back memories of all the folks who flocked to day-trading tech stocks. But to really understand the mania you need to look no further than the primary argument in buying crypto in the first place. Investors here claim the value comes from the limited supply. The trouble is there is an unlimited number of types of coins that can be created! What makes the “initial coin offering” craze that much crazier than the day-trading mania is that these are essentially nothing more than very thinly-veiled ponzi schemes. In fact, someone saw fit to to actually create a PonziCoin (at least they’re up front about it). Now some will make the argument that it can’t be a bubble when so many are calling it a bubble. These folks should have learned this lesson during the housing bubble. The fact is it’s only a bubble once everyone acknowledges it’s a bubble. And by the time they do the game is up. We’re seeing the very same thing in Bitcoin today. Crypto traders know it’s a bubble. Like every bubble (or ponzi scheme) they’re counting on a greater fool paying an even more insane price so they can realize a profit. But it looks like we may have already reached the point of maximum foolishness. Time will tell. Header image via Bitcoin.org || Yes, Bitcoin is a bubble and it’s about to burst: The popularity of trading Bitcoin has now reached the point where none other than the New York Times sees fit to declare cryptocurrencies, or more specifically initial coin offerings, “The Easiest Path To Riches On The Web.” Not to be left out, CNBC published abrief tutorialon trading crypto with your smartphone and MarketWatch featured ateenage bitcoin millionairewho now forecasts a $1 million price target.
These are exactly the sort of headlines and stories that characterize a speculative mania otherwise known as a “bubble.” For anyone who was around during the dotcom mania this should quickly bring back memories of all the folks who flocked to day-trading tech stocks. But to really understand the mania you need to look no further than the primary argument in buying crypto in the first place. Investors here claim the value comes from the limited supply. The trouble is there is an unlimited number of types of coins that can be created!
What makes the “initial coin offering” craze that much crazier than the day-trading mania is that these are essentially nothing more than very thinly-veiled ponzi schemes. In fact, someone saw fit to to actually create aPonziCoin(at least they’re up front about it).
Now some will make the argument that it can’t be a bubble when so many are calling it a bubble. These folks should have learned this lesson during the housing bubble. The fact is it’s only a bubble once everyone acknowledges it’s a bubble. And by the time they do the game is up.
We’re seeing the very same thing in Bitcoin today. Crypto traders know it’s a bubble. Like every bubble (or ponzi scheme) they’re counting on a greater fool paying an even more insane price so they can realize a profit. But it looks like we may have already reached the point of maximum foolishness. Time will tell.
Header image via Bitcoin.org
[Social Media Buzz]
One Bitcoin now worth $2374.99@bitstamp. High $2465.00. Low $2291.00. Market Cap $38.980 Billion #bitcoin pic.twitter.com/36XMmv018O || One Bitcoin now worth $2415.11@bitstamp. High $2541.00. Low $2315.01. Market Cap $39.639 Billion #bitcoin pic.twitter.com/12FJZFqVEz || #Monacoin 76.6円↑[Zaif] -円↓[もなとれ]
#NEM #XEM 18.1012円↑[Zaif]
#Bitcoin 282,280円↑[Zaif]
06/28 06:00
口座開設はこちらで！ https://goo.gl/31dyoO || $2352.51 at 14:45 UTC [24h Range: $2307.00 - $2479.07 Volume: 20603 BTC] || BTC Real Time Price...
|
2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94.
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[Bitcoin Technical Analysis for 2021-11-12]
Volume: 36084893887, RSI (14-day): 57.06, 50-day EMA: 58364.52, 200-day EMA: 48238.96
[Wider Market Context]
Gold Price: 1867.90, Gold RSI: 69.83
Oil Price: 80.79, Oil RSI: 49.69
[Recent News (last 7 days)]
First Mover Asia: Bitcoin in $65K Range as Trading Volume Slows: Good morning, Here’s what’s happening this morning:
Market moves:Bitcoin recovered from Wednesday’s dip to near $64K as trading slowed from earlier in the week.
Technician’s take:Upside momentum is starting to slow, especially given recent overbought signals on the charts.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $65,140
Ether (ETH): $4,741
Bitcoinspent most of Thursday ranging around $65,000 during U.S. trading hours as the markets slowly digested a highly volatile trading day on Wednesday, when bitcoin dropped to near $64,000. At the time of publication, bitcoin was up slightly over the past 24 hours. Ether was above $4,700, a nearly 3% gain.
Bitcoin’s spot trading volume across centralized exchanges tracked by CoinDesk was much lower on Thursday compared with Wednesday, as bitcoin slowly recovered to above $65,000.
Markets have remained bullish, despite the centralized exchanges that offer bitcoin futures liquidating roughly $133 million in long positions when bitcoin started dropping from a record high of $68,990.90 on Wednesday, according to data from trading data site Coinglass.
“The general upwards trend isn’t broken, so we will probably climb back up to the all-time high again,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk, citing bullish technical analysis.
Others pointed outTaproot, the most significant upgrade to the Bitcoin blockchain’s protocol in years, could further push up the underlying currency’s price. The Taproot upgrade is likely to take place this coming weekend or early next week.
Bitcoin’s “price has no doubt been supported by the upcoming Taproot upgrade,” Singapore-based trading firm QCP Capital, wrote in its Telegram channel on Wednesday. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions. ... We are keeping long bitcoin into this major event.”
Bitcoin Could Find Support at $56K-$60K
Bitcoin (BTC) buyers took some profits after the cryptocurrency reached an all-time price high near $68,950 on Wednesday. The cryptocurrency is roughly flat over the past 24 hours and could find lowersupportaround the $56,000-$60,000 price range.
Upside momentum is starting to slow, especially given recent overbought signals on the charts. This suggests BTC’s pullback could extend into Asian trading hours, although buyers will likely return around $60,000.
The relative strength index (RSI) on the daily chart is at the highest level since Oct. 20, which preceded a near-10% drop in BTC’s price.
Further, BTC’s recent all-time price high occurred on lower trading volume and a weaker RSI reading, which means additional buying activity could be limited over the short term.
3 p.m. HK/SGT (7 a.m. UTC): Meeting of the European Economic and Financial Affairs Council (EcoFin)
4 p.m. HKT/SGT (8 a.m. UTC): Spain’s Consumer Price Index (Oct.)
6 p.m. HKT/SGT (10 a.m. UTC): Eurostat Industrial Production
In case you missed it,here are the most recent episodes of“First Mover”onCoinDesk TV:
What’s Behind the Market Pullback? Miami Mayor Francis Suarez on the Race to Become the Next Bitcoin Hub as New York City Gets Its Own Coin and More
“First Mover” hosts spoke with Miami Mayor Francis Suarez for details on his plan to take his next paycheck in bitcoin, as well as the city’s plan to become the next bitcoin hub. Community Lead for CityCoins Patrick Stanley shared the newly launched NYCcoin, which many see as a rival to the Miamicoin. Plus, market insights from co-founder and President of GSR Markets Rich Rosenblum.
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Most Influential 2021: Vote Now || First Mover Asia: Bitcoin in $65K Range as Trading Volume Slows: Good morning, Here’s what’s happening this morning:
Market moves:Bitcoin recovered from Wednesday’s dip to near $64K as trading slowed from earlier in the week.
Technician’s take:Upside momentum is starting to slow, especially given recent overbought signals on the charts.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $65,140
Ether (ETH): $4,741
Bitcoinspent most of Thursday ranging around $65,000 during U.S. trading hours as the markets slowly digested a highly volatile trading day on Wednesday, when bitcoin dropped to near $64,000. At the time of publication, bitcoin was up slightly over the past 24 hours. Ether was above $4,700, a nearly 3% gain.
Bitcoin’s spot trading volume across centralized exchanges tracked by CoinDesk was much lower on Thursday compared with Wednesday, as bitcoin slowly recovered to above $65,000.
Markets have remained bullish, despite the centralized exchanges that offer bitcoin futures liquidating roughly $133 million in long positions when bitcoin started dropping from a record high of $68,990.90 on Wednesday, according to data from trading data site Coinglass.
“The general upwards trend isn’t broken, so we will probably climb back up to the all-time high again,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk, citing bullish technical analysis.
Others pointed outTaproot, the most significant upgrade to the Bitcoin blockchain’s protocol in years, could further push up the underlying currency’s price. The Taproot upgrade is likely to take place this coming weekend or early next week.
Bitcoin’s “price has no doubt been supported by the upcoming Taproot upgrade,” Singapore-based trading firm QCP Capital, wrote in its Telegram channel on Wednesday. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions. ... We are keeping long bitcoin into this major event.”
Bitcoin Could Find Support at $56K-$60K
Bitcoin (BTC) buyers took some profits after the cryptocurrency reached an all-time price high near $68,950 on Wednesday. The cryptocurrency is roughly flat over the past 24 hours and could find lowersupportaround the $56,000-$60,000 price range.
Upside momentum is starting to slow, especially given recent overbought signals on the charts. This suggests BTC’s pullback could extend into Asian trading hours, although buyers will likely return around $60,000.
The relative strength index (RSI) on the daily chart is at the highest level since Oct. 20, which preceded a near-10% drop in BTC’s price.
Further, BTC’s recent all-time price high occurred on lower trading volume and a weaker RSI reading, which means additional buying activity could be limited over the short term.
3 p.m. HK/SGT (7 a.m. UTC): Meeting of the European Economic and Financial Affairs Council (EcoFin)
4 p.m. HKT/SGT (8 a.m. UTC): Spain’s Consumer Price Index (Oct.)
6 p.m. HKT/SGT (10 a.m. UTC): Eurostat Industrial Production
In case you missed it,here are the most recent episodes of“First Mover”onCoinDesk TV:
What’s Behind the Market Pullback? Miami Mayor Francis Suarez on the Race to Become the Next Bitcoin Hub as New York City Gets Its Own Coin and More
“First Mover” hosts spoke with Miami Mayor Francis Suarez for details on his plan to take his next paycheck in bitcoin, as well as the city’s plan to become the next bitcoin hub. Community Lead for CityCoins Patrick Stanley shared the newly launched NYCcoin, which many see as a rival to the Miamicoin. Plus, market insights from co-founder and President of GSR Markets Rich Rosenblum.
Investing in Bitcoin Directly May Be Better Bet Than Coinbase: Mizuho
Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims: Report
European Commission Urges Members to Agree on Crypto Regulations
Twitter Is Launching a Dedicated Crypto Team
LUNA Hits All-Time High as Terra Community Passes Popular Burn Proposal
Bitcoin Politics From Left to Right and Off the Map
What FATF’s Latest Guidance Means for DeFi, Stablecoins and Self-Hosted Wallets
Most Influential 2021: Vote Now || First Mover Asia: Bitcoin in $65K Range as Trading Volume Slows: Good morning, Here’s what’s happening this morning: Market moves: Bitcoin recovered from Wednesday’s dip to near $64K as trading slowed from earlier in the week. Technician’s take: Upside momentum is starting to slow, especially given recent overbought signals on the charts. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $65,140 Ether ( ETH ): $4,741 Market moves Bitcoin spent most of Thursday ranging around $65,000 during U.S. trading hours as the markets slowly digested a highly volatile trading day on Wednesday, when bitcoin dropped to near $64,000. At the time of publication, bitcoin was up slightly over the past 24 hours. Ether was above $4,700, a nearly 3% gain. Bitcoin’s spot trading volume across centralized exchanges tracked by CoinDesk was much lower on Thursday compared with Wednesday, as bitcoin slowly recovered to above $65,000. Credit: CoinDesk/CryptoCompare Markets have remained bullish, despite the centralized exchanges that offer bitcoin futures liquidating roughly $133 million in long positions when bitcoin started dropping from a record high of $68,990.90 on Wednesday, according to data from trading data site Coinglass. Credit: coinglass “The general upwards trend isn’t broken, so we will probably climb back up to the all-time high again,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk, citing bullish technical analysis. Others pointed out Taproot , the most significant upgrade to the Bitcoin blockchain’s protocol in years, could further push up the underlying currency’s price. The Taproot upgrade is likely to take place this coming weekend or early next week. Bitcoin’s “price has no doubt been supported by the upcoming Taproot upgrade,” Singapore-based trading firm QCP Capital, wrote in its Telegram channel on Wednesday. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions. ... We are keeping long bitcoin into this major event.” Story continues Technician’s take Bitcoin Could Find Support at $56K-$60K Bitcoin (BTC) buyers took some profits after the cryptocurrency reached an all-time price high near $68,950 on Wednesday. The cryptocurrency is roughly flat over the past 24 hours and could find lower support around the $56,000-$60,000 price range. Upside momentum is starting to slow, especially given recent overbought signals on the charts. This suggests BTC’s pullback could extend into Asian trading hours, although buyers will likely return around $60,000. The relative strength index ( RSI ) on the daily chart is at the highest level since Oct. 20, which preceded a near-10% drop in BTC’s price. Further, BTC’s recent all-time price high occurred on lower trading volume and a weaker RSI reading, which means additional buying activity could be limited over the short term. Important events 3 p.m. HK/SGT (7 a.m. UTC): Meeting of the European Economic and Financial Affairs Council (EcoFin) 4 p.m. HKT/SGT (8 a.m. UTC): Spain’s Consumer Price Index (Oct.) 6 p.m. HKT/SGT (10 a.m. UTC): Eurostat Industrial Production On CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV : What’s Behind the Market Pullback? Miami Mayor Francis Suarez on the Race to Become the Next Bitcoin Hub as New York City Gets Its Own Coin and More “First Mover” hosts spoke with Miami Mayor Francis Suarez for details on his plan to take his next paycheck in bitcoin, as well as the city’s plan to become the next bitcoin hub. Community Lead for CityCoins Patrick Stanley shared the newly launched NYCcoin, which many see as a rival to the Miamicoin. Plus, market insights from co-founder and President of GSR Markets Rich Rosenblum. Latest headlines Investing in Bitcoin Directly May Be Better Bet Than Coinbase: Mizuho Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims: Report European Commission Urges Members to Agree on Crypto Regulations Twitter Is Launching a Dedicated Crypto Team LUNA Hits All-Time High as Terra Community Passes Popular Burn Proposal Longer reads Bitcoin Politics From Left to Right and Off the Map What FATF’s Latest Guidance Means for DeFi, Stablecoins and Self-Hosted Wallets Most Influential 2021: Vote Now || 4 Top Stock Trades for Friday: MSFT, MQ, AFRM, RIDE: After a morning rally, the markets failed to gain traction on Thursday. Perhaps it was the bank and bond market holiday, which were closed for Veterans Day. Either way, it was a sluggish and choppy session. With all of that in mind, let’s look at a few top stock trades. Top Stock Trades for Tomorrow No. 1: Microsoft (MSFT) Top stock trades for MSFT Click to Enlarge Source: Chart courtesy of TrendSpider Early in the week, we were cautioning readers of a potential decline or pause in the broader market. That came to fruition, and it hit market-leaders like Microsoft (NASDAQ: MSFT ). Microsoft was one of the few stocks I was watching this morning, as it pulled back right into its 10-day moving average. Now after an inside day, bulls have something to prove going into the weekend. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Aggressive buyers can be long now against this week’s low. Conservative bulls may wait for a potential inside-and-up day, where Microsoft stock rotates above today’s high and triggers a long position. 7 F-Rated Stocks to Sell Before We Reach Christmas On the upside, $338.75 to $339 would be our first target, followed by the $345 to $346 area. Top Stock Trades for Tomorrow No. 2: Marqeta (MQ) Top stock trades for MQ Click to Enlarge Source: Chart courtesy of TrendSpider Man, what an ugly day we have here in Marqeta (NASDAQ: MQ ). The stock is giving us a bearish engulfing candle, as the stock opened significantly higher on earnings but faded hard and even moved below Wednesday’s low. We had a nice little falling wedge going in this one too (blue lines), followed by the upside breakout. It would have been a beautiful pattern had shares maintained above $30. From here, bulls need to see the stock hold above $23.75. A move below could trigger a drop back down to the $20 area. On the upside, however, a move back over the 50-day moving average is the first step. That’s followed by a move over $30 and Thursday’s high, putting $32.50-plus in play. Top Stock Trades for Tomorrow No. 3: Affirm (AFRM) Top stock trades for AFRM Click to Enlarge Story continues Source: Chart courtesy of TrendSpider Affirm Holdings (NASDAQ: AFRM ) has been incredibly volatile lately, but finished higher by about 13.7% on Thursday. That follows a four-day skid where shares fell 20% from the recent high. However, that drop landed the stock at the key $133 level and the 50-day moving average, where it found support before today’s rally. Unfortunately, AFRM stock faded hard from the $165 level. Furthermore, the stock failed to close back above uptrend support (blue line) and the 10-day moving average. That said, though, Affirm was able to close back above its prior high at $146.90. Above this level, and bulls remain in some form of control, although their grip would become much stronger back above $157.50. 7 Top Cryptocurrencies to Catch as Bitcoin Hits All-Time Highs However, below $147 keeps the 50-day in play. Top Trades for Tomorrow No. 4: Lordstown Motors (RIDE) Daily chart of RIDE stock Click to Enlarge Source: Chart courtesy of TrendSpider Lordstown Motors (NASDAQ: RIDE ) had a great day, closing higher by nearly 24%. The move launched RIDE stock over the 10-day and 50-day moving averages. Bulls must see the stock hold above these moving averages should shares pull back. More impressive would be for the stock to stay above the 21-week moving average. If the stock can do that and clear $7.50, the $9 level would be in play. Above that opens the door to $10 and the 200-day moving average. However, below the 50-day, and bulls must be aware of the risk that RIDE stock retests $4.77. On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Man Who Called Black Monday: “Prepare Now.” #1 EV Stock Still Flying Under the Radar Interested in Crypto? Read This First... The post 4 Top Stock Trades for Friday: MSFT, MQ, AFRM, RIDE appeared first on InvestorPlace . || 4 Top Stock Trades for Friday: MSFT, MQ, AFRM, RIDE: After a morning rally, the markets failed to gain traction on Thursday. Perhaps it was the bank and bond market holiday, which were closed for Veterans Day. Either way, it was a sluggish and choppy session. With all of that in mind, let’s look at a few top stock trades.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Early in the week, we were cautioning readers of a potential decline or pause in the broader market. That came to fruition, and it hit market-leaders likeMicrosoft(NASDAQ:MSFT).
Microsoft wasone of the few stocks I was watchingthis morning, as it pulled back right into its 10-day moving average. Now after an inside day, bulls have something to prove going into the weekend.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Aggressive buyers can be long now against this week’s low. Conservative bulls may wait for a potential inside-and-up day, where Microsoft stock rotates above today’s high and triggers a long position.
• 7 F-Rated Stocks to Sell Before We Reach Christmas
On the upside, $338.75 to $339 would be our first target, followed by the $345 to $346 area.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Man, what an ugly day we have here inMarqeta(NASDAQ:MQ). The stock is giving us a bearish engulfing candle, as the stock opened significantly higher on earnings but faded hard and even moved below Wednesday’s low.
We had a nice little falling wedge going in this one too (blue lines), followed by the upside breakout. It would have been a beautiful pattern had shares maintained above $30.
From here, bullsneedto see the stock hold above $23.75. A move below could trigger a drop back down to the $20 area.
On the upside, however, a move back over the 50-day moving average is the first step. That’s followed by a move over $30 and Thursday’s high, putting $32.50-plus in play.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Affirm Holdings(NASDAQ:AFRM) has been incredibly volatile lately, but finished higher by about 13.7% on Thursday. That follows a four-day skid where shares fell 20% from the recent high.
However, that drop landed the stock at the key $133 level and the 50-day moving average, where it found support before today’s rally.
Unfortunately, AFRM stock faded hard from the $165 level. Furthermore, the stock failed to close back above uptrend support (blue line) and the 10-day moving average.
That said, though, Affirm was able to close back above its prior high at $146.90. Above this level, and bulls remain in some form of control, although their grip would become much stronger back above $157.50.
• 7 Top Cryptocurrencies to Catch as Bitcoin Hits All-Time Highs
However, below $147 keeps the 50-day in play.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Lordstown Motors(NASDAQ:RIDE) had a great day, closing higher by nearly 24%.
The move launched RIDE stock over the 10-day and 50-day moving averages. Bullsmustsee the stock hold above these moving averages should shares pull back.
More impressive would be for the stock to stay above the 21-week moving average. If the stock can do that and clear $7.50, the $9 level would be in play. Above that opens the door to $10 and the 200-day moving average.
However, below the 50-day, and bulls must be aware of the risk that RIDE stock retests $4.77.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell.
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The post4 Top Stock Trades for Friday: MSFT, MQ, AFRM, RIDEappeared first onInvestorPlace. || This Bitcoin And Ethereum Mining Stock Looks Like It's About To Break Out: Riot Blockchain Inc.(NASDAQ:RIOT) shares traded higher Thursday after the cryptocurrency mining stock is likely moving higher asBitcoin(CRYPTO:BTC) andEthereum(CRYPTO:ETH) are both making gains today. Investors Business Daily also added the stock to its watchlist.
Riot Blockchain closed up 8.3% at $39.53.
Riot Blockchain Daily Chart Analysis
• The stock has been pushing higher and now has reached resistance in what technical traders call an ascending triangle pattern.
• The $40 price level is an area the price has found resistance near and been unable to cross above in the past. The higher low trendline is an area where the stock has been able to find support in the past. These levels may continue to hold until one of them is broken.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been climbing the past couple of months and now sits at 67 on the indicator. This shows there is more buying pressure in the stock than selling pressure and the stock is now nearing the overbought range.
What’s Next For Riot Blockchain?
Bullish traders are looking to see the stock trade above the resistance line and begin to hold it as a place of support. This could let the stock continue on its bullish run if the stock is able to consolidate above the $40 level.
Bears are looking to see the stock get rejected at the $40 level and begin to fall back lower. Bears would then like to see the stock fall below the higher low trendline for the stock to possibly see a change in trend and begin downtrending.
See more from Benzinga
• Click here for options trades from Benzinga
• This Bitcoin And Ethereum Mining Stock Just Saw A Nice Bounce Off Support
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || This Bitcoin And Ethereum Mining Stock Looks Like It's About To Break Out: Riot Blockchain Inc.(NASDAQ:RIOT) shares traded higher Thursday after the cryptocurrency mining stock is likely moving higher asBitcoin(CRYPTO:BTC) andEthereum(CRYPTO:ETH) are both making gains today. Investors Business Daily also added the stock to its watchlist.
Riot Blockchain closed up 8.3% at $39.53.
Riot Blockchain Daily Chart Analysis
• The stock has been pushing higher and now has reached resistance in what technical traders call an ascending triangle pattern.
• The $40 price level is an area the price has found resistance near and been unable to cross above in the past. The higher low trendline is an area where the stock has been able to find support in the past. These levels may continue to hold until one of them is broken.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a potential area of support in the future.
• The Relative Strength Index (RSI) has been climbing the past couple of months and now sits at 67 on the indicator. This shows there is more buying pressure in the stock than selling pressure and the stock is now nearing the overbought range.
What’s Next For Riot Blockchain?
Bullish traders are looking to see the stock trade above the resistance line and begin to hold it as a place of support. This could let the stock continue on its bullish run if the stock is able to consolidate above the $40 level.
Bears are looking to see the stock get rejected at the $40 level and begin to fall back lower. Bears would then like to see the stock fall below the higher low trendline for the stock to possibly see a change in trend and begin downtrending.
See more from Benzinga
• Click here for options trades from Benzinga
• This Bitcoin And Ethereum Mining Stock Just Saw A Nice Bounce Off Support
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || This Bitcoin And Ethereum Mining Stock Looks Like It's About To Break Out: Riot Blockchain Inc. (NASDAQ: RIOT ) shares traded higher Thursday after the cryptocurrency mining stock is likely moving higher as Bitcoin (CRYPTO: BTC ) and Ethereum (CRYPTO: ETH ) are both making gains today. Investors Business Daily also added the stock to its watchlist. Riot Blockchain closed up 8.3% at $39.53. Riot Blockchain Daily Chart Analysis The stock has been pushing higher and now has reached resistance in what technical traders call an ascending triangle pattern. The $40 price level is an area the price has found resistance near and been unable to cross above in the past. The higher low trendline is an area where the stock has been able to find support in the past. These levels may continue to hold until one of them is broken. The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish. Each of these moving averages may hold as a potential area of support in the future. The Relative Strength Index (RSI) has been climbing the past couple of months and now sits at 67 on the indicator. This shows there is more buying pressure in the stock than selling pressure and the stock is now nearing the overbought range. riotdaily11-11-21.jpg Whats Next For Riot Blockchain? Bullish traders are looking to see the stock trade above the resistance line and begin to hold it as a place of support. This could let the stock continue on its bullish run if the stock is able to consolidate above the $40 level. Bears are looking to see the stock get rejected at the $40 level and begin to fall back lower. Bears would then like to see the stock fall below the higher low trendline for the stock to possibly see a change in trend and begin downtrending. See more from Benzinga Click here for options trades from Benzinga This Bitcoin And Ethereum Mining Stock Just Saw A Nice Bounce Off Support © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market Wrap: Bitcoin Stabilizes as Traders Prepare for Taproot Upgrade: Bitcoin (BTC) is stabilizing after yesterday’s pullback from an all-time high near $68,950. Analysts continue to expect further upside for cryptocurrencies despite short-term price swings. “Volatile price moves are always around the corner,” Nicholas Cawley, an analyst at DailyFX , wrote in an email to CoinDesk. “Longer-term traders in BTC and [ether] ETH may use this recent sell-off to build their positions as sentiment going forward remains positive,” Cawley wrote. Other analysts pointed to the upcoming Bitcoin blockchain Taproot upgrade as a bullish event for BTC’s price. “The Taproot upgrade will likely be activated by the end of this week or early next week,” crypto trading firm QCP Capital wrote in a Telegram announcement. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions,” QCP wrote. The firm is holding onto long BTC positions into the network upgrade event. Latest prices Bitcoin (BTC): $65,845, -1.66% Ether (ETH): $4,737, +2.07% S&P 500: $4,649, +0.05% Gold: $1,863, +0.77% 10-year Treasury yield closed at 1.57% Meanwhile, at Coinbase , the exchange’s trading desk continues to have higher volumes. “Although this behavior is quite common each time we approach [cryptocurrency] record highs, the current rally feels less mania driven and more supported by fundamentals, such as the Taproot upgrade, and genuine demand from investors,” the exchange wrote in a newsletter to institutional clients this week. SHIB continues to dominate Coinbase exchange volume market share at 18.16%, while ETH and BTC are at 12.7% and 10.85%, respectively. Bitcoin long liquidations Approximately $64 million of long BTC positions were liquidated within two hours of bitcoin’s all-time price high near $69,000 on Wednesday, according to data compiled by Glassnode . As traders began to take some profits, BTC’s price dropped toward the $63,000 price level. The sell-off appeared to be fueled by a reduction in leveraged positions. Story continues Bitcoin long liquidations (Glassnode) Ether bullish option activity Options traders are overwhelmingly bullish on ether after the cryptocurrency reached an all-time price high around $4,800 on Wednesday. The chart below shows the largest amount of open interest at the $5,000 ETH strike price, followed by $10,000 and $15,000. Some analysts maintain high price targets for ether this year. “We continue to expect ETH to outperform and to reach our price target of $10,500,” FundStrat, a global advisory firm, wrote in a newsletter this week. Open interest is the total amount of outstanding contracts that have not been settled. Call options provide the holder with the right to buy the underlying asset at a predetermined price until a defined expiration date. Currently, ETH call options significantly outweigh put options (a bearish position providing the right to sell) across higher expiries. Ether open interest (Skew) Altcoin roundup More firms embrace the metaverse: A report by Morgan Stanley described the metaverse as a “virtual world for immersive co-experiences that is persistently available and where users can explore vast numbers of experiences concurrently.” It is a medium through which we socialize with others, and/or speculate on digital assets such as non-fungible tokens (NFT). Smart contract platform Agoric launches Public Chain: Agoric hopes to attract JavaScript developers to decentralized finance (DeFi) apps with a development environment providing reusable governance, lending and trading components, CoinDesk’s Brandy Betz reported . The private token sale had participation from early investors including MetaStable, Polychain, Rockaway and Gumi Ventures. Decentralized search engine Presearch integrates with NFT marketplace OpenSea: Presearch aspires to be a kind of “Google ... for the Web 3 era of decentralization, CoinDesk’s Jamie Crawley reported . The company’s aim for the integration with the world’s largest NFT marketplace is to streamline the way in which users can search for NFTs. Sotheby’s to allow live bidding in ether for works by Banksy: Auctioneer Oliver Barker will be fielding real-time bids for the famed street artist’s “Trolley Hunters” and “Love Is In The Air.” The upcoming virtual exhibition on Nov. 18 will be held at Sotheby’s “headquarters” in Decentraland, CoinDesk’s Tanzeel Akhtar reported . Relevant news Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims FTX US Trading Volumes Soared 512% During Q3 Other markets Most digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): The Graph (GRT), +2.48% Polygon (MATIC), +1.72% Polkadot (DOT), +1.54% Notable losers: Algorand (ALGO), -4.85% Litecoin (LTC), -4.27% Filecoin (FIL), -3.11% || Market Wrap: Bitcoin Stabilizes as Traders Prepare for Taproot Upgrade: Bitcoin (BTC) is stabilizing after yesterday’s pullback from an all-time high near $68,950. Analysts continue to expect further upside for cryptocurrencies despite short-term price swings. “Volatile price moves are always around the corner,” Nicholas Cawley, an analyst at DailyFX , wrote in an email to CoinDesk. “Longer-term traders in BTC and [ether] ETH may use this recent sell-off to build their positions as sentiment going forward remains positive,” Cawley wrote. Other analysts pointed to the upcoming Bitcoin blockchain Taproot upgrade as a bullish event for BTC’s price. “The Taproot upgrade will likely be activated by the end of this week or early next week,” crypto trading firm QCP Capital wrote in a Telegram announcement. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions,” QCP wrote. The firm is holding onto long BTC positions into the network upgrade event. Latest prices Bitcoin (BTC): $65,845, -1.66% Ether (ETH): $4,737, +2.07% S&P 500: $4,649, +0.05% Gold: $1,863, +0.77% 10-year Treasury yield closed at 1.57% Meanwhile, at Coinbase , the exchange’s trading desk continues to have higher volumes. “Although this behavior is quite common each time we approach [cryptocurrency] record highs, the current rally feels less mania driven and more supported by fundamentals, such as the Taproot upgrade, and genuine demand from investors,” the exchange wrote in a newsletter to institutional clients this week. SHIB continues to dominate Coinbase exchange volume market share at 18.16%, while ETH and BTC are at 12.7% and 10.85%, respectively. Bitcoin long liquidations Approximately $64 million of long BTC positions were liquidated within two hours of bitcoin’s all-time price high near $69,000 on Wednesday, according to data compiled by Glassnode . As traders began to take some profits, BTC’s price dropped toward the $63,000 price level. The sell-off appeared to be fueled by a reduction in leveraged positions. Story continues Bitcoin long liquidations (Glassnode) Ether bullish option activity Options traders are overwhelmingly bullish on ether after the cryptocurrency reached an all-time price high around $4,800 on Wednesday. The chart below shows the largest amount of open interest at the $5,000 ETH strike price, followed by $10,000 and $15,000. Some analysts maintain high price targets for ether this year. “We continue to expect ETH to outperform and to reach our price target of $10,500,” FundStrat, a global advisory firm, wrote in a newsletter this week. Open interest is the total amount of outstanding contracts that have not been settled. Call options provide the holder with the right to buy the underlying asset at a predetermined price until a defined expiration date. Currently, ETH call options significantly outweigh put options (a bearish position providing the right to sell) across higher expiries. Ether open interest (Skew) Altcoin roundup More firms embrace the metaverse: A report by Morgan Stanley described the metaverse as a “virtual world for immersive co-experiences that is persistently available and where users can explore vast numbers of experiences concurrently.” It is a medium through which we socialize with others, and/or speculate on digital assets such as non-fungible tokens (NFT). Smart contract platform Agoric launches Public Chain: Agoric hopes to attract JavaScript developers to decentralized finance (DeFi) apps with a development environment providing reusable governance, lending and trading components, CoinDesk’s Brandy Betz reported . The private token sale had participation from early investors including MetaStable, Polychain, Rockaway and Gumi Ventures. Decentralized search engine Presearch integrates with NFT marketplace OpenSea: Presearch aspires to be a kind of “Google ... for the Web 3 era of decentralization, CoinDesk’s Jamie Crawley reported . The company’s aim for the integration with the world’s largest NFT marketplace is to streamline the way in which users can search for NFTs. Sotheby’s to allow live bidding in ether for works by Banksy: Auctioneer Oliver Barker will be fielding real-time bids for the famed street artist’s “Trolley Hunters” and “Love Is In The Air.” The upcoming virtual exhibition on Nov. 18 will be held at Sotheby’s “headquarters” in Decentraland, CoinDesk’s Tanzeel Akhtar reported . Relevant news Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims FTX US Trading Volumes Soared 512% During Q3 Other markets Most digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): The Graph (GRT), +2.48% Polygon (MATIC), +1.72% Polkadot (DOT), +1.54% Notable losers: Algorand (ALGO), -4.85% Litecoin (LTC), -4.27% Filecoin (FIL), -3.11% || Market Wrap: Bitcoin Stabilizes as Traders Prepare for Taproot Upgrade: Bitcoin (BTC) is stabilizing after yesterday’s pullback from an all-time high near $68,950. Analysts continue to expect further upside for cryptocurrencies despite short-term price swings. “Volatile price moves are always around the corner,” Nicholas Cawley, an analyst at DailyFX , wrote in an email to CoinDesk. “Longer-term traders in BTC and [ether] ETH may use this recent sell-off to build their positions as sentiment going forward remains positive,” Cawley wrote. Other analysts pointed to the upcoming Bitcoin blockchain Taproot upgrade as a bullish event for BTC’s price. “The Taproot upgrade will likely be activated by the end of this week or early next week,” crypto trading firm QCP Capital wrote in a Telegram announcement. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions,” QCP wrote. The firm is holding onto long BTC positions into the network upgrade event. Latest prices Bitcoin (BTC): $65,845, -1.66% Ether (ETH): $4,737, +2.07% S&P 500: $4,649, +0.05% Gold: $1,863, +0.77% 10-year Treasury yield closed at 1.57% Meanwhile, at Coinbase , the exchange’s trading desk continues to have higher volumes. “Although this behavior is quite common each time we approach [cryptocurrency] record highs, the current rally feels less mania driven and more supported by fundamentals, such as the Taproot upgrade, and genuine demand from investors,” the exchange wrote in a newsletter to institutional clients this week. SHIB continues to dominate Coinbase exchange volume market share at 18.16%, while ETH and BTC are at 12.7% and 10.85%, respectively. Bitcoin long liquidations Approximately $64 million of long BTC positions were liquidated within two hours of bitcoin’s all-time price high near $69,000 on Wednesday, according to data compiled by Glassnode . As traders began to take some profits, BTC’s price dropped toward the $63,000 price level. The sell-off appeared to be fueled by a reduction in leveraged positions. Story continues Bitcoin long liquidations (Glassnode) Ether bullish option activity Options traders are overwhelmingly bullish on ether after the cryptocurrency reached an all-time price high around $4,800 on Wednesday. The chart below shows the largest amount of open interest at the $5,000 ETH strike price, followed by $10,000 and $15,000. Some analysts maintain high price targets for ether this year. “We continue to expect ETH to outperform and to reach our price target of $10,500,” FundStrat, a global advisory firm, wrote in a newsletter this week. Open interest is the total amount of outstanding contracts that have not been settled. Call options provide the holder with the right to buy the underlying asset at a predetermined price until a defined expiration date. Currently, ETH call options significantly outweigh put options (a bearish position providing the right to sell) across higher expiries. Ether open interest (Skew) Altcoin roundup More firms embrace the metaverse: A report by Morgan Stanley described the metaverse as a “virtual world for immersive co-experiences that is persistently available and where users can explore vast numbers of experiences concurrently.” It is a medium through which we socialize with others, and/or speculate on digital assets such as non-fungible tokens (NFT). Smart contract platform Agoric launches Public Chain: Agoric hopes to attract JavaScript developers to decentralized finance (DeFi) apps with a development environment providing reusable governance, lending and trading components, CoinDesk’s Brandy Betz reported . The private token sale had participation from early investors including MetaStable, Polychain, Rockaway and Gumi Ventures. Decentralized search engine Presearch integrates with NFT marketplace OpenSea: Presearch aspires to be a kind of “Google ... for the Web 3 era of decentralization, CoinDesk’s Jamie Crawley reported . The company’s aim for the integration with the world’s largest NFT marketplace is to streamline the way in which users can search for NFTs. Sotheby’s to allow live bidding in ether for works by Banksy: Auctioneer Oliver Barker will be fielding real-time bids for the famed street artist’s “Trolley Hunters” and “Love Is In The Air.” The upcoming virtual exhibition on Nov. 18 will be held at Sotheby’s “headquarters” in Decentraland, CoinDesk’s Tanzeel Akhtar reported . Relevant news Bitwise Withdraws Bitcoin Futures ETF Filing, Citing Cost, Complexity Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims FTX US Trading Volumes Soared 512% During Q3 Other markets Most digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): The Graph (GRT), +2.48% Polygon (MATIC), +1.72% Polkadot (DOT), +1.54% Notable losers: Algorand (ALGO), -4.85% Litecoin (LTC), -4.27% Filecoin (FIL), -3.11% || A Quiet Economic Calendar Leaves the EUR and the Greenback in Focus: Earlier in the Day: It was a quiet start to the day on the economic calendar this morning. The Kiwi Dollar was back in action, however. For the Kiwi Dollar In October, the Business PMI increased from 51.4 to 54.3. According to the latest survey , The Production sub-index rose from 49.8 to 54.0, returning to positive territory for the first time since July. Back in August, the Production sub-index had stood at 27.1. Deliveries led the way, however, jumping from 47.9 to 59.9. New Orders held relatively steady, with the sub-index falling from 54.1 to 53.9. The pace of hiring also slowed, with the Employment sub-index falling from 54.2 to 52.1. In spite of the decline, the sub-index remained above its long-run average, however. The Kiwi Dollar moved from $0.70197 to $0.70208 upon release of the figures. At the time of writing, the Kiwi Dollar was down by 0.03% to $0.70185. Elsewhere At the time of writing, the Japanese Yen was flat at ¥114.060 against the U.S Dollar, while the Aussie Dollar was up by 0.01% to $0.72896. The Day Ahead For the EUR It’s a relatively quiet day ahead on the economic calendar. Industrial production figures for the Eurozone will be in focus in the early part of the European session. With little else for the markets to consider, expect the numbers to influence. Finalized October inflation figures for France and Spain are also due out. Barring marked revisions from prelim numbers, however, the stats should have a muted impact on the EUR. At the time of writing, the EUR was down by 0.03% to $1.1448. For the Pound It’s a particularly quiet day ahead on the economic calendar . There are no material stats due out of the UK to provide the Pound with direction. At the time of writing, the Pound was down by 0.01% to $1.3371. Across the Pond It’s a relatively busy day ahead on the economic calendar. JOLT’s job openings will be in focus ahead of consumer sentiment figures later in the day. While the job openings will influence, consumer sentiment will likely have the greater impact. Story continues On Thursday, the U.S Dollar Spot Index rose by 0.32% to 95.1570. For the Loonie It’s another quiet day ahead. There are no material stats due out of Canada to provide the Loonie with direction. The lack of stats will leave the Loonie in the hands of crude oil prices and market risk sentiment. At the time of writing, the Loonie was down by 0.02% to C$1.2581 against the U.S Dollar. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: City of Miami to Pay Bitcoin Dividends to Locals A Quiet Economic Calendar Leaves the EUR and the Greenback in Focus Natural Gas Price Prediction – Prices Rebound at Trend Line Support USD/CAD Exchange Rate Prediction – The Dollar Breaks Out Polkadot (DOT) Picking Up Momentum To Go Towards $55 Indonesia’s Religious Leaders Say Crypto is Illegal for Muslims || A Quiet Economic Calendar Leaves the EUR and the Greenback in Focus: It was a quiet start to the day on theeconomic calendarthis morning. The Kiwi Dollar was back in action, however.
In October, the Business PMI increased from 51.4 to 54.3.
According to thelatest survey,
• The Production sub-index rose from 49.8 to 54.0, returning to positive territory for the first time since July. Back in August, the Production sub-index had stood at 27.1.
• Deliveries led the way, however, jumping from 47.9 to 59.9.
• New Orders held relatively steady, with the sub-index falling from 54.1 to 53.9.
• The pace of hiring also slowed, with the Employment sub-index falling from 54.2 to 52.1. In spite of the decline, the sub-index remained above its long-run average, however.
The Kiwi Dollar moved from $0.70197 to $0.70208 upon release of the figures. At the time of writing, theKiwi Dollarwas down by 0.03% to $0.70185.
At the time of writing, theJapanese Yenwas flat at ¥114.060 against the U.S Dollar, while theAussie Dollarwas up by 0.01% to $0.72896.
It’s a relatively quiet day ahead on the economic calendar. Industrial production figures for the Eurozone will be in focus in the early part of the European session.
With little else for the markets to consider, expect the numbers to influence.
Finalized October inflation figures for France and Spain are also due out. Barring marked revisions from prelim numbers, however, the stats should have a muted impact on the EUR.
At the time of writing, theEURwas down by 0.03% to $1.1448.
It’s a particularly quiet day ahead on theeconomic calendar.
There are no material stats due out of the UK to provide the Pound with direction.
At the time of writing, thePoundwas down by 0.01% to $1.3371.
It’s a relatively busy day ahead on the economic calendar.
JOLT’s job openings will be in focus ahead of consumer sentiment figures later in the day.
While the job openings will influence, consumer sentiment will likely have the greater impact.
On Thursday, the U.S Dollar Spot Index rose by 0.32% to 95.1570.
It’s another quiet day ahead. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of crude oil prices and market risk sentiment.
At the time of writing, theLooniewas down by 0.02% to C$1.2581 against the U.S Dollar.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
• City of Miami to Pay Bitcoin Dividends to Locals
• A Quiet Economic Calendar Leaves the EUR and the Greenback in Focus
• Natural Gas Price Prediction – Prices Rebound at Trend Line Support
• USD/CAD Exchange Rate Prediction – The Dollar Breaks Out
• Polkadot (DOT) Picking Up Momentum To Go Towards $55
• Indonesia’s Religious Leaders Say Crypto is Illegal for Muslims || What’s Bitcoin? A beginner’s guide to the world’s first cryptocurrency: Bitcoin ( BTC-USD ) — the world's first digital currency — has been a hot topic in financial circles for at least the last few years, and arguably needs no introduction. Surveys suggest a majority of Americans have at least heard of it . In layman’s terms, Bitcoin is a virtual currency (aka cryptocurrency) which can be exchanged through online transactions, and is stored on a digital ledger. Once trading for pennies on the dollar, one unit now costs nearly $40,000 with a market capitalization of nearly $750 billion. Although outlets that accept cryptocurrency are still limited, Bitcoin is arguably the most easily exchangeable of all the cryptocurrencies. A small but growing number of service providers accept the virtual currency, which can be used to buy goods in video games, exchanged for U.S. dollars or other fiat currencies — and even pay for goods and services at a few places. Cloudy beginnings Bitcoin was founded in 2008 by an unknown individual or group going by the name Satoshi Nakamoto. Though feverish speculation has surrounded Nakamoto's true identity — and some have claimed to be Nakamoto — it remains unconfirmed. Nakamoto began work on the code that would eventually serve as the backbone of Bitcoin in 2007. In 2008, a whitepaper for the cryptocurrency was first published, which created the original software reference implementation (the program which set forth the technical standards for Bitcoin), and served as an effective starting point for the cryptocurrency. Bitcoin was then created as open-source code, meaning effectively anyone could use it. To date, there are an estimated 11,000+ cryptocurrencies on the market today. Somewhat appropriately given its libertarian beginnings, Bitcoin’s chief distinctive feature is its decentralized nature. Unlike other forms of payments, no one centralized organization or entity controls the currency or has the power to regulate the creation of more Bitcoin nor transactions occurring with it. Story continues Transactions are secured using blockchain technology (more on that below), but no authority has the power to reverse transactions and there is no clearing period before funds can be dispersed. Those very characteristics have raised concerns among regulators about the potential for theft, fraud and illicit transactions. How it works Bitcoin mining computer servers are seen in Bitminer Factory in Florence, Italy, April 6, 2018. Picture taken April 6, 2018. REUTERS/Alessandro Bianchi (Alessandro Bianchi / reuters) The process of creating bitcoin is known as mining . Miners engage in intense computer operations to verify transactions on the Bitcoin network. Mining rewards users for solving complex mathematical problems. Bitcoin uses a ‘proof-of-work’ network , which confirms transactions by proving that a certain amount of a specific computational effort has occurred. Mining requires a significant amount of computing power, which has led to Bitcoin receiving criticism that the energy-intensive process is bad for the environment — a point recently raise by Tesla ( TSLA ) CEO Elon Musk, who sparked a firestorm in crypto markets . Bitcoin utilizes blockchain technology, a 21st century innovation that allows for transactions to be linked together through a digital ledger. The cryptocurrency was the first application of this technology, but it has since been expanded and utilized in other finance and technology applications. Price bubbles & volatility Bitcoin's price action is not for the faint of heart, one reason why critics argue it's not stable enough to be a successor to fiat money. And whether or not bitcoin has intrinsic value has been a subject of intense debate. “Bitcoin is not a currency — it's an asset," Pavan Sukhdev, the president of environmental advocacy group WWF International and a former managing director at Deutsche Bank, told Yahoo Finance in a recent interview . He pointed to the extreme volatility and lack of backing value as reasons for its illegitimacy. Eswar Prasad, professor at Cornell University, was even more blunt. “Bitcoin was designed as a digitally anonymous medium of exchange that did not involve a trusted third party, such as a central bank, but Bitcoin has failed abjectly at its stated objective,” he recently told Yahoo Finance . For example, during the spring of 2011, the price soared from $1 to $32 in a period of three months. In November of that same year, Bitcoin experienced a sharp drop back to around $2 per coin. This was but the first of many price bubbles that saw Bitcoin rise and fall — both quickly and sharply. And by December of 2017, the price of one unit had reached a new all-time high of over $20,000. It was during this time that Bitcoin vaulted to the mainstream, minting the first wave of “Bitcoin millionaires'' (and, later, Bitcoin billionaires ). Yet once again, the bull market proved volatile and dragged the currency below $7,200 within two years. Bitcoin virtual cryptocurrency price is displayed on a phone screen in this photo taken on April 13, 2021 in Kyiv, Ukraine. Bitcoin cryptocurrency experienced a surge of over $60,000 US dollars, as media reported on April 13, 2021 in Kyiv, Ukraine. (Photo Illustration by STR/NurPhoto via Getty Images) (NurPhoto via Getty Images) However, with Bitcoin now finding its sea legs, its gained more widespread mainstream acceptance and benefited off of investments from big-name corporations and banks. Bitcoin reached an all-time high of over $60k in April before falling back down to just under $40k by the end of July. Tesla, Black Rock, Inc. ( BLK ), Square ( SQ ), and BNY Mellon ( BK ) are just a few of the growing number of big companies that have found a way to gain a toehold in a whipsaw yet broadening market. With more legitimate backing, more people than ever before invested into the cryptocurrency. Investment opportunity or legitimate currency? The roller-coaster of Bitcoin's price are complex and varied, and are becoming increasingly subject to government policy. China has initiated a crackdown on cryptocurrencies and crypto mining , expressing displeasure at the subversive nature of a decentralized currency. Since the great majority of bitcoin mining occurs there, restrictions on activity in the region can impact the price and contribute to wild fluctuations . Yet the continued fervor surrounding cryptocurrencies in general, as well as a strong fanbase, make it likely that Bitcoin will continue to gain more public acceptance. The 2021 annual Bitcoin conference in Miami attracted 12,000 attendees to discuss cryptocurrency and network with each other. And some of its most devoted fans have even gone as far as to declare it a religion . Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter @IFanusie . Read the latest financial and business news from Yahoo Finance Read the latest cryptocurrency and bitcoin news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || What’s Bitcoin? A beginner’s guide to the world’s first cryptocurrency: Bitcoin (BTC-USD) — the world's first digital currency — has been a hot topic in financial circles for at least the last few years, and arguably needs no introduction.
Surveys suggesta majority of Americans have at least heard of it. In layman’s terms, Bitcoin is a virtual currency (aka cryptocurrency) which can be exchanged through online transactions, and is stored on a digital ledger. Once trading for pennies on the dollar, one unit now costs nearly $40,000 with a market capitalization of nearly $750 billion.
Although outlets that accept cryptocurrency are still limited, Bitcoin is arguably the most easily exchangeable of all the cryptocurrencies. A small but growing number of service providers accept the virtual currency, which can be used to buy goods in video games, exchanged for U.S. dollars or other fiat currencies — and even pay for goods and services at a few places.
Bitcoin was founded in 2008 by an unknown individual or group going by the name Satoshi Nakamoto. Though feverish speculation has surrounded Nakamoto's true identity — and some have claimed to be Nakamoto — it remains unconfirmed.
Nakamoto began work on the code that would eventually serve as the backbone of Bitcoin in 2007. In 2008, a whitepaper for the cryptocurrency was first published, which created the original software reference implementation (the program which set forth the technical standards for Bitcoin), and served as an effective starting point for the cryptocurrency.
Bitcoin was then created as open-source code, meaning effectively anyone could use it. To date, there are an estimated11,000+ cryptocurrencieson the market today.
Somewhat appropriately given its libertarian beginnings, Bitcoin’s chief distinctive feature is its decentralized nature. Unlike other forms of payments, no one centralized organization or entity controls the currency or has the power to regulate the creation of more Bitcoin nor transactions occurring with it.
Transactions are secured using blockchain technology (more on that below), but no authority has the power to reverse transactions and there is no clearing period before funds can be dispersed. Those very characteristics have raised concerns among regulators about the potential for theft, fraud and illicit transactions.
The process of creatingbitcoin is known as mining. Miners engage in intense computer operations to verify transactions on the Bitcoin network. Mining rewards users for solving complex mathematical problems. Bitcoin usesa ‘proof-of-work’ network, which confirms transactions by proving that a certain amount of a specific computational effort has occurred.
Mining requires a significant amount of computing power, which has led to Bitcoin receiving criticism that the energy-intensive process is bad for the environment — a point recently raise by Tesla (TSLA) CEO Elon Musk,who sparked a firestorm in crypto markets.
Bitcoin utilizes blockchain technology, a 21st century innovation that allows for transactions to be linked together through a digital ledger. The cryptocurrency was the first application of this technology, but it has since been expanded and utilized in other finance and technology applications.
Bitcoin's price action is not for the faint of heart, one reason why critics argue it's not stable enough to be a successor to fiat money. And whether or not bitcoin has intrinsic value has been a subject of intense debate.
“Bitcoin is not a currency — it's an asset," Pavan Sukhdev, the president of environmental advocacy group WWF International and a former managing director at Deutsche Bank, toldYahoo Finance in a recent interview. He pointed to the extreme volatility and lack of backing value as reasons for its illegitimacy.
Eswar Prasad, professor at Cornell University, was even more blunt. “Bitcoin was designed as a digitally anonymous medium of exchange that did not involve a trusted third party, such as a central bank, but Bitcoin has failed abjectly at its stated objective,”he recently told Yahoo Finance.
For example, during the spring of 2011, the price soared from $1 to $32 in a period of three months. In November of that same year, Bitcoin experienced a sharp drop back to around $2 per coin. This was but the first of many price bubbles that saw Bitcoin rise and fall — both quickly and sharply. And by December of 2017, the price of one unit had reached a new all-time high of over $20,000.
It was during this time that Bitcoin vaulted to the mainstream, minting the first wave of “Bitcoin millionaires'' (and, later,Bitcoin billionaires). Yet once again, the bull market proved volatile and dragged the currency below $7,200 within two years.
However, with Bitcoin now finding its sea legs, its gained more widespread mainstream acceptance and benefited off of investments from big-name corporations and banks. Bitcoin reached anall-time high of over $60kin April before falling back down to just under $40k by the end of July.
Tesla, Black Rock, Inc. (BLK), Square (SQ), and BNY Mellon (BK) are just a few of the growing number of big companies that have found a way to gain a toehold in a whipsaw yet broadening market. With more legitimate backing, more people than ever before invested into the cryptocurrency.
The roller-coaster of Bitcoin's price are complex and varied, and are becoming increasingly subject to government policy.China has initiated a crackdown on cryptocurrencies and crypto mining, expressing displeasure at the subversive nature of a decentralized currency. Since the great majority of bitcoin mining occurs there, restrictions on activity in the region can impact the price andcontribute to wild fluctuations.
Yet the continued fervor surrounding cryptocurrencies in general, as well as a strong fanbase, make it likely that Bitcoin will continue to gain more public acceptance. The2021 annual Bitcoin conference in Miamiattracted 12,000 attendees to discuss cryptocurrency and network with each other. And some of its most devoted fans have even gone as far asto declare it a religion.
Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter@IFanusie.
• Read the latest financial and business news from Yahoo Finance
• Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit || What’s Bitcoin? A beginner’s guide to the world’s first cryptocurrency: Bitcoin (BTC-USD) — the world's first digital currency — has been a hot topic in financial circles for at least the last few years, and arguably needs no introduction.
Surveys suggesta majority of Americans have at least heard of it. In layman’s terms, Bitcoin is a virtual currency (aka cryptocurrency) which can be exchanged through online transactions, and is stored on a digital ledger. Once trading for pennies on the dollar, one unit now costs nearly $40,000 with a market capitalization of nearly $750 billion.
Although outlets that accept cryptocurrency are still limited, Bitcoin is arguably the most easily exchangeable of all the cryptocurrencies. A small but growing number of service providers accept the virtual currency, which can be used to buy goods in video games, exchanged for U.S. dollars or other fiat currencies — and even pay for goods and services at a few places.
Bitcoin was founded in 2008 by an unknown individual or group going by the name Satoshi Nakamoto. Though feverish speculation has surrounded Nakamoto's true identity — and some have claimed to be Nakamoto — it remains unconfirmed.
Nakamoto began work on the code that would eventually serve as the backbone of Bitcoin in 2007. In 2008, a whitepaper for the cryptocurrency was first published, which created the original software reference implementation (the program which set forth the technical standards for Bitcoin), and served as an effective starting point for the cryptocurrency.
Bitcoin was then created as open-source code, meaning effectively anyone could use it. To date, there are an estimated11,000+ cryptocurrencieson the market today.
Somewhat appropriately given its libertarian beginnings, Bitcoin’s chief distinctive feature is its decentralized nature. Unlike other forms of payments, no one centralized organization or entity controls the currency or has the power to regulate the creation of more Bitcoin nor transactions occurring with it.
Transactions are secured using blockchain technology (more on that below), but no authority has the power to reverse transactions and there is no clearing period before funds can be dispersed. Those very characteristics have raised concerns among regulators about the potential for theft, fraud and illicit transactions.
The process of creatingbitcoin is known as mining. Miners engage in intense computer operations to verify transactions on the Bitcoin network. Mining rewards users for solving complex mathematical problems. Bitcoin usesa ‘proof-of-work’ network, which confirms transactions by proving that a certain amount of a specific computational effort has occurred.
Mining requires a significant amount of computing power, which has led to Bitcoin receiving criticism that the energy-intensive process is bad for the environment — a point recently raise by Tesla (TSLA) CEO Elon Musk,who sparked a firestorm in crypto markets.
Bitcoin utilizes blockchain technology, a 21st century innovation that allows for transactions to be linked together through a digital ledger. The cryptocurrency was the first application of this technology, but it has since been expanded and utilized in other finance and technology applications.
Bitcoin's price action is not for the faint of heart, one reason why critics argue it's not stable enough to be a successor to fiat money. And whether or not bitcoin has intrinsic value has been a subject of intense debate.
“Bitcoin is not a currency — it's an asset," Pavan Sukhdev, the president of environmental advocacy group WWF International and a former managing director at Deutsche Bank, toldYahoo Finance in a recent interview. He pointed to the extreme volatility and lack of backing value as reasons for its illegitimacy.
Eswar Prasad, professor at Cornell University, was even more blunt. “Bitcoin was designed as a digitally anonymous medium of exchange that did not involve a trusted third party, such as a central bank, but Bitcoin has failed abjectly at its stated objective,”he recently told Yahoo Finance.
For example, during the spring of 2011, the price soared from $1 to $32 in a period of three months. In November of that same year, Bitcoin experienced a sharp drop back to around $2 per coin. This was but the first of many price bubbles that saw Bitcoin rise and fall — both quickly and sharply. And by December of 2017, the price of one unit had reached a new all-time high of over $20,000.
It was during this time that Bitcoin vaulted to the mainstream, minting the first wave of “Bitcoin millionaires'' (and, later,Bitcoin billionaires). Yet once again, the bull market proved volatile and dragged the currency below $7,200 within two years.
However, with Bitcoin now finding its sea legs, its gained more widespread mainstream acceptance and benefited off of investments from big-name corporations and banks. Bitcoin reached anall-time high of over $60kin April before falling back down to just under $40k by the end of July.
Tesla, Black Rock, Inc. (BLK), Square (SQ), and BNY Mellon (BK) are just a few of the growing number of big companies that have found a way to gain a toehold in a whipsaw yet broadening market. With more legitimate backing, more people than ever before invested into the cryptocurrency.
The roller-coaster of Bitcoin's price are complex and varied, and are becoming increasingly subject to government policy.China has initiated a crackdown on cryptocurrencies and crypto mining, expressing displeasure at the subversive nature of a decentralized currency. Since the great majority of bitcoin mining occurs there, restrictions on activity in the region can impact the price andcontribute to wild fluctuations.
Yet the continued fervor surrounding cryptocurrencies in general, as well as a strong fanbase, make it likely that Bitcoin will continue to gain more public acceptance. The2021 annual Bitcoin conference in Miamiattracted 12,000 attendees to discuss cryptocurrency and network with each other. And some of its most devoted fans have even gone as far asto declare it a religion.
Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on Twitter@IFanusie.
• Read the latest financial and business news from Yahoo Finance
• Read the latest cryptocurrency and bitcoin news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit || ASX200: Futures Point Northwards with No Major Stats to Consider Today: It was a 4thconsecutive day in the red for the ASX200 on Thursday.
Following a 0.14% decline on Wednesday, the ASX200 fell by 0.57% to end the day at 7,381.95.
Inflation figures from the U.S weighed ahead of disappointing Australian employment figures for October.
Adding to the downside was talk of the U.S administration looking at ways to cut energy costs to ease inflationary pressures.
Sliding oil prices and tech stocks weighed heavily on the day.
According toABS,
• The unemployment rate increased to 5.2% from 4.8% in October.
• Employment fell by 46.3k to leave it 160.3k lower than in March 2020.
• Full-time employment declined by 40.4k, with part-time employment down 5.9k.
• The participation rate increased by 0.1 pts to 64.7%.
Consumer prices rose by 0.9% in October following a 0.4% increase in September.
More significantly, the core annual rate of inflation accelerated from 4.0% to 4.6. Economists had forecast an annual core inflation rate of 4.3%.
Month-on-month, core consumer prices increased by 0.6% following a 0.2% rise in the month prior.
It was a mixed day for the banks.NABandCBAslid by 1.63% and by 1.60% respectively, withMacquarie Groupfalling by 0.73%.ANZandWestpacsaw relatively modest losses of 0.18% and 0.13% respectively.
Commodity stocks had a bullish session.Fortescue Metals Group Ltdsurged by 8.19%, withNewcrest Miningrallying by 2.39%.
BHP GroupandRio Tintoended the up by 2.57% and by 1.86% respectively.
Notable others on the day included Xero Ltd., which slid by 6.22% and Novonix Ltd, which led the way, rallying by 10.53%.
Elsewhere, it was a bullish session. The CSI300 and the Hang Seng Index rallied by 1.61% and by 1.01% respectively, with the Nikkei 225 ending the day up 0.59%.
It’s a particularly quiet day ahead on the Asianeconomic calendar. There are no material stats due out of Australia or China to provide direction.
The lack of stats will leave the ASX200 to take its cues from the U.S futures and commodity prices. Corporate earnings will need continued monitoring, however.
In the futures markets, at the time of writing, the ASX200 was up by 32 points.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
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• Gold Price Prediction – Prices Continue to Rally Despite a Strong Greenback || ASX200: Futures Point Northwards with No Major Stats to Consider Today: It was a 4 th consecutive day in the red for the ASX200 on Thursday. Following a 0.14% decline on Wednesday, the ASX200 fell by 0.57% to end the day at 7,381.95. Inflation figures from the U.S weighed ahead of disappointing Australian employment figures for October. Adding to the downside was talk of the U.S administration looking at ways to cut energy costs to ease inflationary pressures. Sliding oil prices and tech stocks weighed heavily on the day. The Stats According to ABS , The unemployment rate increased to 5.2% from 4.8% in October. Employment fell by 46.3k to leave it 160.3k lower than in March 2020. Full-time employment declined by 40.4k, with part-time employment down 5.9k. The participation rate increased by 0.1 pts to 64.7%. U.S Inflation from Wednesday Consumer prices rose by 0.9% in October following a 0.4% increase in September. More significantly, the core annual rate of inflation accelerated from 4.0% to 4.6. Economists had forecast an annual core inflation rate of 4.3%. Month-on-month, core consumer prices increased by 0.6% following a 0.2% rise in the month prior. The Market Movers It was a mixed day for the banks. NAB and CBA slid by 1.63% and by 1.60% respectively, with Macquarie Group falling by 0.73%. ANZ and Westpac saw relatively modest losses of 0.18% and 0.13% respectively. Commodity stocks had a bullish session. Fortescue Metals Group Ltd surged by 8.19%, with Newcrest Mining rallying by 2.39%. BHP Group and Rio Tinto ended the up by 2.57% and by 1.86% respectively. Notable others on the day included Xero Ltd., which slid by 6.22% and Novonix Ltd, which led the way, rallying by 10.53%. Other Asian Markets Elsewhere, it was a bullish session. The CSI300 and the Hang Seng Index rallied by 1.61% and by 1.01% respectively, with the Nikkei 225 ending the day up 0.59%. The Day Ahead It’s a particularly quiet day ahead on the Asian economic calendar . There are no material stats due out of Australia or China to provide direction. Story continues The lack of stats will leave the ASX200 to take its cues from the U.S futures and commodity prices. Corporate earnings will need continued monitoring, however. The Futures In the futures markets, at the time of writing, the ASX200 was up by 32 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Up but Traders Struggling with Low Volume City of Miami to Pay Bitcoin Dividends to Locals Silver Price Forecast – Silver Markets Break Out Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 12th, 2021 Indonesia’s Religious Leaders Say Crypto is Illegal for Muslims Gold Price Prediction – Prices Continue to Rally Despite a Strong Greenback || Twitter Launches Crypto Dedicated Team — A Move That Could Make Digital Assets The Currency of the Internet: Twitter announced it launched a dedicated crypto team, which will focus on everythingblockchain, crypto and decentralized technologies, “including and going beyond cryptocurrencies.” The move comes amid a rapidly changing social media landscape, which is embracing the metaverse at lightning speed.
See:Decentralized Social Media on Solana’s Blockchain Could Change How Fast We Enter the MetaverseFind:The Rise of the Metaverse: NFT-Focused Investment Firm Sfermion Raises $100 Million
It also comes two months after the company launched Twitter Tips, a method to tip content creators with Bitcoin via the Lightning network.
Twitter said it hired crypto engineer Tess Rinearson to lead the effort.
“As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly ‘gets’ crypto (hello bitcoin tipping & NFTs!) but there’s so much more to explore here.” Rinearson tweeted.
According to her subsequent tweets, she said that the team will be exploring how it can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies and to support their work and communities.
“Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more,” she tweeted. “Twitter Crypto will underpin all of this work, and serve as a ‘center of excellence’ for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product. If this sounds exciting, please get in touch! My DMs, as always, are open.”
Anthony Georgiades, co-founder and COO of NFT marketplace Pastel Network, told GOBankingRates that Twitter’s move is a “massive watershed moment for the crypto ecosystem — like was the Meta announcement.”
“It is basically saying: ‘Cryptocurrency, blockchain, NFTs, and the metaverse are here to stay. How can we aid in their progress and advancement?’ Having these technology giants officially ‘backing’ crypto will definitely help attract more people to this still very novel world and will help most definitely to increase the adoption and development of the metaverse. I also hope Twitter will dedicate resources not only to exploring the various applications of crypto in the social media sphere and the metaverse but also to education and making crypto more approachable to the layperson,” he said.
“For users, they are part of a modern-day Renaissance. There is a whole new world being built and with companies like Twitter and Meta prioritizing its development, it is closer than ever previously imagined.”
Speaking at the B Word Conference, a Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, Twitter CEO Jack Dorsey had said that his hope for Bitcoin, “is that it creates world peace or helps create world peace.”
“We have all these monopolies of balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems […] You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace,” he said at the time.
Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, told GOBankingRates that by pursuing greater integration with crypto, Twitter seems to be willing to bet on the idea that digital assets — and Bitcoin in particular — could become the native global currency of the internet.
See:Facebook Name Change Boosts Metaverse-Focused Cryptos Such as ManaFind:Musk Briefly Changes His Twitter Name to Lorde Edge, Sparks New Crypto
“It is remarkable to seea mainstream company choose the direction for its future growth based on such a premise– a premise that still may have seemed impossible just a year ago,” Morch said. “Whether we actually achieve such global adoption levels of Bitcoin remains to be seen but there’s no doubt that the future of the internet – and finance alike — will be increasingly decentralized.”
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This article originally appeared onGOBankingRates.com:Twitter Launches Crypto Dedicated Team — A Move That Could Make Digital Assets The Currency of the Internet || Twitter Launches Crypto Dedicated Team — A Move That Could Make Digital Assets The Currency of the Internet: imaginima / Getty Images/iStockphoto Twitter announced it launched a dedicated crypto team, which will focus on everything blockchain, crypto and decentralized technologies , “including and going beyond cryptocurrencies.” The move comes amid a rapidly changing social media landscape, which is embracing the metaverse at lightning speed. See: Decentralized Social Media on Solana’s Blockchain Could Change How Fast We Enter the Metaverse Find: The Rise of the Metaverse: NFT-Focused Investment Firm Sfermion Raises $100 Million It also comes two months after the company launched Twitter Tips, a method to tip content creators with Bitcoin via the Lightning network. Twitter said it hired crypto engineer Tess Rinearson to lead the effort. I’m thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchains, and other decentralized technologies—including and going beyond cryptocurrencies. pic.twitter.com/HaP0k5hUOq — Tess Rinearson (@_tessr) November 10, 2021 “As I build out the team, we’ll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly ‘gets’ crypto (hello bitcoin tipping & NFTs!) but there’s so much more to explore here.” Rinearson tweeted. According to her subsequent tweets, she said that the team will be exploring how it can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies and to support their work and communities. “Looking farther ahead, we’ll be exploring how ideas from crypto communities can help us push the boundaries of what’s possible with identity, community, ownership and more,” she tweeted. “Twitter Crypto will underpin all of this work, and serve as a ‘center of excellence’ for all things blockchain at Twitter. We’ll be hiring for roles in engineering and product. If this sounds exciting, please get in touch! My DMs, as always, are open.” Anthony Georgiades, co-founder and COO of NFT marketplace Pastel Network, told GOBankingRates that Twitter’s move is a “massive watershed moment for the crypto ecosystem — like was the Meta announcement.” “It is basically saying: ‘Cryptocurrency, blockchain, NFTs, and the metaverse are here to stay. How can we aid in their progress and advancement?’ Having these technology giants officially ‘backing’ crypto will definitely help attract more people to this still very novel world and will help most definitely to increase the adoption and development of the metaverse. I also hope Twitter will dedicate resources not only to exploring the various applications of crypto in the social media sphere and the metaverse but also to education and making crypto more approachable to the layperson,” he said. Story continues “For users, they are part of a modern-day Renaissance. There is a whole new world being built and with companies like Twitter and Meta prioritizing its development, it is closer than ever previously imagined.” Speaking at the B Word Conference, a Bitcoin-focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, Twitter CEO Jack Dorsey had said that his hope for Bitcoin, “is that it creates world peace or helps create world peace.” “We have all these monopolies of balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems […] You fix that foundational level and everything above it improves in such a dramatic way. It’s going to be long-term but my hope is definitely peace,” he said at the time. Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, told GOBankingRates that by pursuing greater integration with crypto, Twitter seems to be willing to bet on the idea that digital assets — and Bitcoin in particular — could become the native global currency of the internet. See: Facebook Name Change Boosts Metaverse-Focused Cryptos Such as Mana Find: Musk Briefly Changes His Twitter Name to Lorde Edge, Sparks New Crypto “It is remarkable to see a mainstream company choose the direction for its future growth based on such a premise – a premise that still may have seemed impossible just a year ago,” Morch said. “Whether we actually achieve such global adoption levels of Bitcoin remains to be seen but there’s no doubt that the future of the internet – and finance alike — will be increasingly decentralized.” More From GOBankingRates Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips Social Security Benefits Might Get Cut Early — What Does It Mean for You? How To Use a Credit Card Like a Pro This Holiday Season 15 Mortgage Questions To Ask Your Lender This article originally appeared on GOBankingRates.com : Twitter Launches Crypto Dedicated Team — A Move That Could Make Digital Assets The Currency of the Internet View comments
[Social Media Buzz]
None available.
|
64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78.
|
[Bitcoin Technical Analysis for 2021-05-08]
Volume: 65382980634, RSI (14-day): 55.80, 50-day EMA: 55538.48, 200-day EMA: 41409.78
[Wider Market Context]
None available.
[Recent News (last 7 days)]
JPM's Dimon Calls For Crypto Regulation: JPMorgan Chase Chairman and CEO Jamie Dimon told the Investment Company Institute today there should be a legal and regulatory framework around crypto. Speaking remotely to the audience of ICI’s annual meeting, he said the reasons there isn’t such a structure are regulators are fighting the last war, and they want to show they are supporting new technology. Dimon cautioned that complaints by retail investors about bad experiences with the digital assets could force their hands. “When grandmothers start buying it, you are going to have an uproar about what happened,” he said. Dimon also cautioned against Biden Administration financial regulators achieving their stated goals of imposing more climate change regulation. Dilution Issue If they impose rule after rule, the efforts are not going to do anything—and at a huge cost, he predicted. Dimon said instead that a carbon tax and industrial policy were the best ways of moving toward lower carbon intensity. Commenting on the decline in the number of public companies from 8,000 to around 4,000, he listed two contributing factors: the distaste of entrepreneurs and early investors for litigation against public firms, and special interest groups hijacking shareholder meetings. Dimon praised the Dodd-Frank Act for accomplishing its aims: more liquidity, more capital. The American International Group meltdown wouldn’t have happened if the law was in effect before the financial crisis, the J.P. Morgan leader said. Contact Ted Knutson at [email protected] Recommended Stories Hot Reads: Bitcoin Falls Even More Hot Reads: Fixing ESG’s Blind Spot Bitcoin Loses Store Of Value Virtue Hot Reads: Pluses Of Canada Bitcoin ETF’s Slump Permalink | © Copyright 2021 ETF.com. All rights reserved View comments || JPM's Dimon Calls For Crypto Regulation: JPMorgan Chase Chairman and CEO Jamie Dimon told the Investment Company Institute today there should be a legal and regulatory framework around crypto.
Speaking remotely to the audience of ICI’s annual meeting, he said the reasons there isn’t such a structure are regulators are fighting the last war, and they want to show they are supporting new technology.
Dimon cautioned that complaints by retail investors about bad experiences with the digital assets could force their hands.
“When grandmothers start buying it, you are going to have an uproar about what happened,” he said.
Dimon also cautioned against Biden Administration financial regulators achieving their stated goals of imposing more climate change regulation.
Dilution Issue
If they impose rule after rule, the efforts are not going to do anything—and at a huge cost, he predicted.
Dimon said instead that a carbon tax and industrial policy were the best ways of moving toward lower carbon intensity.
Commenting on the decline in the number of public companies from 8,000 to around 4,000, he listed two contributing factors: the distaste of entrepreneurs and early investors for litigation against public firms, and special interest groups hijacking shareholder meetings.
Dimon praised the Dodd-Frank Act for accomplishing its aims: more liquidity, more capital.
The American International Group meltdown wouldn’t have happened if the law was in effect before the financial crisis, the J.P. Morgan leader said.
Contact Ted Knutson [email protected]
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Permalink| © Copyright 2021ETF.com.All rights reserved || 4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKT: The market ended the week on a high note. While growth stocks squirm in a bear market, the overall market continues to stand strong. That said, let’s look at a few top stock trades for next week.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
While altcoins continue to soar,Bitcoin(CCC:BTC-USD) has had trouble advancing.
Although Bitcoin isn’t under as much pressure as it was in April, it’s far from soaring. Could that change with a breakout?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The cryptocurrency looks like it’s trying to set up for a move higher, although the $58,000 level continues to act as resistance. If Bitcoin can clear this level we could see a move over $60,000 in quick fashion.
Over $60,000 puts the $65,000 area in play, then $67,600. On the downside, though, Bitcoin has a lot of notable moving averages close by. However, if it loses the 10-week moving average — thus losing all the others — we could see a retest of the $47,000 to $50,000 area.
• 7 Stocks to Buy Right Now With All Eyes on Crypto
Below that, and the 21-week moving average may be in play, followed by $43,000.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Square(NYSE:SQ) reported solid earnings, but like I said at the top, growth stocks remain under pressure. As a result, we’re not seeing a robust move to the upside.
In fact, Square is having a very difficult time reclaiming some of key moving averages, like the 10-day, 50-day, 10-week and 21-week moving averages.
With these acting as resistance, it’s hard to be overly bullish on the stock in the short term, regardless of how good it is or how many investors love it.
However, over the key $244 mark and that outlook changes. Above that level, and $250 is possible, along with a test of the 21-day moving average. Above those measures and $275 resistance could be on the table.
On the downside, however, if Square takes out this week’s low at $216.70, then $200 and the 200-day moving average is possible.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Cummins(NYSE:CMI) is not the most exciting stock out there. After hearing it trigger on my alerts though,I couldn’t ignore it. And besides, if a stock is making us money, who cares what it is.
This stock is a good lesson too. We didn’t just buy CMI stock over the last few weeks thinking it’s consolidating nicely and set for more gains. We want some form of upside rotation. Notice five straight weeks of Cummins riding the 10-week moving average butnot rotating higher.
Then last week it closed at the lows and gave us a five-times weekly-downand monthly-downrotation. Ugly!
But we weren’t in it, because there wasn’t an upside rotation.
Now, buying the retest of the 21-week moving average and $250 breakout level was great. But now we’re seeing a six-times weekly-up and monthly-up rotation. A close over $266.50 puts $275 to $277 in play.
• 7 Hot Stocks to Consider for a Greener Future
Let’s see if CMI stock can gain some momentum here.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Last but not least, let’s look atRocket Companies(NYSE:RKT). This stock has been creamed, down more than 50% from the highs. In just the last two days, shares are down more than 20%.
Breaking below $19.37 was an issue, as it opened the door to the $17.50 to $17.78 area.
I want to see one of two things here. First, does RKT stock even test this area at all? Second, if it does and it breaks below it, can RKT stock reclaim these levels and/or the current low?
If so, a reversal could be brewing and at least give longs a low to measure against. After all, there is amassivegap to fill on the upside.
On the downside, a close below $17.50 with no reversal will thrust RKT stock into no man’s land.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell.
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The post4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKTappeared first onInvestorPlace. || 4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKT: The market ended the week on a high note. While growth stocks squirm in a bear market, the overall market continues to stand strong. That said, let’s look at a few top stock trades for next week. Top Stock Trades for Monday No. 1: Bitcoin (BTC-USD) Top stock trades for Bitcoin Click to Enlarge Source: Chart courtesy of TrendSpider While altcoins continue to soar, Bitcoin (CCC: BTC-USD ) has had trouble advancing. Although Bitcoin isn’t under as much pressure as it was in April, it’s far from soaring. Could that change with a breakout? InvestorPlace - Stock Market News, Stock Advice & Trading Tips The cryptocurrency looks like it’s trying to set up for a move higher, although the $58,000 level continues to act as resistance. If Bitcoin can clear this level we could see a move over $60,000 in quick fashion. Over $60,000 puts the $65,000 area in play, then $67,600. On the downside, though, Bitcoin has a lot of notable moving averages close by. However, if it loses the 10-week moving average — thus losing all the others — we could see a retest of the $47,000 to $50,000 area. 7 Stocks to Buy Right Now With All Eyes on Crypto Below that, and the 21-week moving average may be in play, followed by $43,000. Top Stock Trades for Monday No. 2: Square (SQ) Top stock trades for SQ Click to Enlarge Source: Chart courtesy of TrendSpider Square (NYSE: SQ ) reported solid earnings, but like I said at the top, growth stocks remain under pressure. As a result, we’re not seeing a robust move to the upside. In fact, Square is having a very difficult time reclaiming some of key moving averages, like the 10-day, 50-day, 10-week and 21-week moving averages. With these acting as resistance, it’s hard to be overly bullish on the stock in the short term, regardless of how good it is or how many investors love it. However, over the key $244 mark and that outlook changes. Above that level, and $250 is possible, along with a test of the 21-day moving average. Above those measures and $275 resistance could be on the table. Story continues On the downside, however, if Square takes out this week’s low at $216.70, then $200 and the 200-day moving average is possible. Top Stock Trades for Monday No. 3: Cummins (CMI) Top stock trades for CMI Click to Enlarge Source: Chart courtesy of TrendSpider Cummins (NYSE: CMI ) is not the most exciting stock out there. After hearing it trigger on my alerts though, I couldn’t ignore it . And besides, if a stock is making us money, who cares what it is. This stock is a good lesson too. We didn’t just buy CMI stock over the last few weeks thinking it’s consolidating nicely and set for more gains. We want some form of upside rotation. Notice five straight weeks of Cummins riding the 10-week moving average but not rotating higher . Then last week it closed at the lows and gave us a five-times weekly- down and monthly- down rotation. Ugly! But we weren’t in it, because there wasn’t an upside rotation. Now, buying the retest of the 21-week moving average and $250 breakout level was great. But now we’re seeing a six-times weekly-up and monthly-up rotation. A close over $266.50 puts $275 to $277 in play. 7 Hot Stocks to Consider for a Greener Future Let’s see if CMI stock can gain some momentum here. Top Trades for Monday No. 4: Rocket Companies (RKT) Top stock trades for RKT Click to Enlarge Source: Chart courtesy of TrendSpider Last but not least, let’s look at Rocket Companies (NYSE: RKT ). This stock has been creamed, down more than 50% from the highs. In just the last two days, shares are down more than 20%. Breaking below $19.37 was an issue, as it opened the door to the $17.50 to $17.78 area. I want to see one of two things here. First, does RKT stock even test this area at all? Second, if it does and it breaks below it, can RKT stock reclaim these levels and/or the current low? If so, a reversal could be brewing and at least give longs a low to measure against. After all, there is a massive gap to fill on the upside. On the downside, a close below $17.50 with no reversal will thrust RKT stock into no man’s land. On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post 4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKT appeared first on InvestorPlace . || 4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKT: The market ended the week on a high note. While growth stocks squirm in a bear market, the overall market continues to stand strong. That said, let’s look at a few top stock trades for next week.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
While altcoins continue to soar,Bitcoin(CCC:BTC-USD) has had trouble advancing.
Although Bitcoin isn’t under as much pressure as it was in April, it’s far from soaring. Could that change with a breakout?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The cryptocurrency looks like it’s trying to set up for a move higher, although the $58,000 level continues to act as resistance. If Bitcoin can clear this level we could see a move over $60,000 in quick fashion.
Over $60,000 puts the $65,000 area in play, then $67,600. On the downside, though, Bitcoin has a lot of notable moving averages close by. However, if it loses the 10-week moving average — thus losing all the others — we could see a retest of the $47,000 to $50,000 area.
• 7 Stocks to Buy Right Now With All Eyes on Crypto
Below that, and the 21-week moving average may be in play, followed by $43,000.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Square(NYSE:SQ) reported solid earnings, but like I said at the top, growth stocks remain under pressure. As a result, we’re not seeing a robust move to the upside.
In fact, Square is having a very difficult time reclaiming some of key moving averages, like the 10-day, 50-day, 10-week and 21-week moving averages.
With these acting as resistance, it’s hard to be overly bullish on the stock in the short term, regardless of how good it is or how many investors love it.
However, over the key $244 mark and that outlook changes. Above that level, and $250 is possible, along with a test of the 21-day moving average. Above those measures and $275 resistance could be on the table.
On the downside, however, if Square takes out this week’s low at $216.70, then $200 and the 200-day moving average is possible.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Cummins(NYSE:CMI) is not the most exciting stock out there. After hearing it trigger on my alerts though,I couldn’t ignore it. And besides, if a stock is making us money, who cares what it is.
This stock is a good lesson too. We didn’t just buy CMI stock over the last few weeks thinking it’s consolidating nicely and set for more gains. We want some form of upside rotation. Notice five straight weeks of Cummins riding the 10-week moving average butnot rotating higher.
Then last week it closed at the lows and gave us a five-times weekly-downand monthly-downrotation. Ugly!
But we weren’t in it, because there wasn’t an upside rotation.
Now, buying the retest of the 21-week moving average and $250 breakout level was great. But now we’re seeing a six-times weekly-up and monthly-up rotation. A close over $266.50 puts $275 to $277 in play.
• 7 Hot Stocks to Consider for a Greener Future
Let’s see if CMI stock can gain some momentum here.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Last but not least, let’s look atRocket Companies(NYSE:RKT). This stock has been creamed, down more than 50% from the highs. In just the last two days, shares are down more than 20%.
Breaking below $19.37 was an issue, as it opened the door to the $17.50 to $17.78 area.
I want to see one of two things here. First, does RKT stock even test this area at all? Second, if it does and it breaks below it, can RKT stock reclaim these levels and/or the current low?
If so, a reversal could be brewing and at least give longs a low to measure against. After all, there is amassivegap to fill on the upside.
On the downside, a close below $17.50 with no reversal will thrust RKT stock into no man’s land.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell.
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The post4 Top Stock Trades for Monday: Bitcoin, SQ, CMI, RKTappeared first onInvestorPlace. || Roku’s Business Is on Fire. Buy ROKU Stock Before It Flies to $500.: What Happened to the Roku Stock Price Today? Roku (NASDAQ: ROKU ) stock popped about 10% after the streaming ecosystem operator reported outstanding first quarter numbers that crushed analyst expectations on revenues and profits, and which included a way above-consensus second quarter guide. Source: Fozan Ns / Shutterstock.com ROKU stock is now up more than 130% over the past year. But shares are still about 35% below their early 2021 highs. Why It Happened Roku’s first quarter earnings report was an absolute killer. Usage was strong. Roku added 2.4 million accounts in the quarter, grew the number of accounts on the platform by 35% year-over-year, and got those folks to collectively watch 18.3 billion hours of content through Roku in the quarter (up 49% year-over-year). Roku monetized that increased usage better than it ever has, thanks to rebounding ad spend, new ad targeting products, and big growth from The Roku Channel. ARPU rose 32% year-over-year. Revenues surged 79%. All of this growth happened at the same time that the company’s profitability profile improved. Platform gross margins expanded 1,070 basis points. Player gross margins expanded 190 basis points. Total gross margins rose 1,290 basis points. Meanwhile, big revenue growth is driving positive operating leverage. While revenues rose 79% in the quarter, opex dollars rose just 28%, leading to 1,750 basis points of positive opex leverage. Adjusted EBITDA margins clocked in at a record-high 21.9%. All of these favorable trends are expected to persist next quarter. No wonder ROKU stock is surging. Does It Matter This blockbuster earnings report absolutely matters to ROKU stock. Shares have been stuck in a downtrend for a few months, mostly driven by fear among investors that Roku would follow in Netflix ‘s (NASDAQ: NFLX ) footsteps and report a slowdown in user growth in early 2021 as consumers left their homes more. But Roku reported no such slowdown. User growth remains as robust as ever. The only difference? Roku is monetizing those users better than ever through a series of new ad products and solutions. Slowing growth concerns should be calmed over the next few weeks. They will be replaced by optimism surrounding Roku’s continued usage dominance in the secular growth streaming TV market, as well as Roku’s ever-increasing ability to monetize its users. ROKU stock has great potential from here. Story continues ROKU Stock Price Forecast Thanks to the recent sell-off, ROKU stock is grossly undervalued today. Analysts think shares are worth closer to $500. We agree, based on our 10-year model on Roku. Once this massive growth sector meltdown eases, ROKU stock should rebound in a swift manner to the $500 level. ROKU stock is a great play on the fact that the world is pivoting from linear TV to streaming TV. This pivot encompasses Netflix, Disney (NYSE: DIS ), AT&T (NYSE: T ), and so many more. By the end of the decade, everything we watch will be through the internet. Cable boxes will be as obsolete as CD players are today. Netflix stock is the blue-chip stock to buy to play this streaming revolution. Roku stock is a higher-upside but still relatively safe bet. However, these stocks do not represent the highest upside picks in this space. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Instead, the highest upside picks in the streaming TV revolution — stocks that could soar 10X in value over the next decade — are lesser-known streaming companies that have an opportunity to turn into household ubiquities like Netflix one day. Buying those stocks today, could be like buying Netflix stock a decade ago. To get the names, ticker symbols, and key business details of those potential 10X stock picks, click here . On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this video. By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the focus of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative next-generation mobility stocks, become a subscriber of Innovation Investor today . More From Hypergrowth Investing Silicon Valley Whiz Kid Reveals #1 Tech Stock in America Why $30 May Be the Floor for Plug Power Stock 7 Explosive Cryptocurrencies to Buy After the Bitcoin Halvening An Explosive LiDAR Tech Stock for the Self-Driving Revolution The post Roku’s Business Is on Fire. Buy ROKU Stock Before It Flies to $500. appeared first on InvestorPlace . || Roku’s Business Is on Fire. Buy ROKU Stock Before It Flies to $500.: 1. Roku(NASDAQ:ROKU) stock popped about 10% after the streaming ecosystem operator reported outstanding first quarter numbers that crushed analyst expectations on revenues and profits, and which included a way above-consensus second quarter guide.Source: Fozan Ns / Shutterstock.com
2. ROKU stock is now up more than 130% over the past year. But shares are still about 35% below their early 2021 highs.
• Roku’s first quarter earnings report was an absolute killer.
• Usage was strong. Roku added 2.4 million accounts in the quarter, grew the number of accounts on the platform by 35% year-over-year, and got those folks to collectively watch 18.3 billion hours of content through Roku in the quarter (up 49% year-over-year).
• Roku monetized that increased usage better than it ever has, thanks to rebounding ad spend, new ad targeting products, and big growth from The Roku Channel.
• ARPU rose 32% year-over-year. Revenues surged 79%.
• All of this growth happened at the same time that the company’s profitability profile improved.
• Platform gross margins expanded 1,070 basis points. Player gross margins expanded 190 basis points. Total gross margins rose 1,290 basis points.
• Meanwhile, big revenue growth is driving positive operating leverage. While revenues rose 79% in the quarter, opex dollars rose just 28%, leading to 1,750 basis points of positive opex leverage.
• Adjusted EBITDA margins clocked in at a record-high 21.9%.
• All of these favorable trends are expected to persist next quarter.
• No wonder ROKU stock is surging.
• This blockbuster earnings report absolutely matters to ROKU stock.
• Shares have been stuck in a downtrend for a few months, mostly driven by fear among investors that Roku would follow inNetflix‘s (NASDAQ:NFLX) footsteps and report a slowdown in user growth in early 2021 as consumers left their homes more.
• But Roku reported no such slowdown. User growth remains as robust as ever. The only difference? Roku is monetizing those users better than ever through a series of new ad products and solutions.
• Slowing growth concerns should be calmed over the next few weeks.
• They will be replaced by optimism surrounding Roku’s continued usage dominance in the secular growth streaming TV market, as well as Roku’s ever-increasing ability to monetize its users.
• ROKU stock has great potential from here.
• Thanks to the recent sell-off, ROKU stock is grossly undervalued today.
• Analysts think shares are worth closer to $500. We agree, based on our 10-year model on Roku.
• Once this massive growth sector meltdown eases, ROKU stock should rebound in a swift manner to the $500 level.
ROKU stock is a great play on the fact that the world is pivoting from linear TV to streaming TV. This pivot encompasses Netflix,Disney(NYSE:DIS),AT&T(NYSE:T), and so many more. By the end of the decade, everything we watch will be through the internet. Cable boxes will be as obsolete as CD players are today.
Netflix stock is the blue-chip stock to buy to play this streaming revolution. Roku stock is a higher-upside but still relatively safe bet. However, these stocks do not represent the highest upside picks in this space.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Instead, the highest upside picks in the streaming TV revolution — stocks that could soar 10X in value over the next decade — are lesser-known streaming companies that have an opportunity to turn into household ubiquities like Netflix one day.
Buying those stocks today, could be like buying Netflix stock a decade ago.
To get the names, ticker symbols, and key business details of those potential 10X stock picks,click here.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this video.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the focus of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative next-generation mobility stocks,become a subscriber of Innovation Investor today.
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The postRoku’s Business Is on Fire. Buy ROKU Stock Before It Flies to $500.appeared first onInvestorPlace. || Binance Smart Chain Grows Stronger with Safe Projects like SAFERmoon: NEW YORK CITY, NY / ACCESSWIRE / May 7, 2021 /Bitcoin led the charge in bringing cryptocurrency knowledge to the broader public. Ethereum followed, and now the Binance Smart Chain (BSC) is making significant strides towards becoming the chain around which the next mainstream cryptocurrency market will be based.
BSC GROWTH
From February to March of 2021, unique BSC addresses (which can be very roughly equated with number of investors) jumped from ~1.4 million to 57 million. Daily transactions jumped from 650,000 in February to 9+ million in May.
With this growth came a dramatic increase in projects. One such project, called SafeMoon, promised safe rewards for investors, who drove SafeMoon's market cap (MC) over $4.5b in April 2021. However, SafeMoon's market cap has since lost half its value after reports related to its lack of security for its users and apoorly-received live-stream.
THE PROBLEM
The Twitter user@WarOnRugs, who keeps an eye on the security and "ruggability" of different crypto projects, commented, "[The SafeMoon creator] could pull LP and sell tokens, creating a rug pull." This has led some users to wonder how safe they really are with SafeMoon. BSC's rapid growth has opened the doors for myriad scams. Investors are eager to grow their portfolios, and nefarious individuals are just as eager to take advantage. Every time a project is manipulated by its creator, it hurts the entire BSC ecosystem.
THE SOLUTION
So now, recognizing SafeMoon's shortfalls and the risks in the BSC ecosystem as a whole, a group of longtime crypto investors and developers came together to launch a new token that aims to chart a secure path that other projects can follow. So enters SAFERmoon, the tagline of which is: "it's like SafeMoon, but actually safe."
"We decided to launchSAFERmoonas a direct response to SafeMoon's fatal shortcomings," said SAFERmoon's lead developer, who is choosing to remain anonymous out of concerns for their personal safety. "More than that, we want to define the roadmap for securely launching a project. This means helping creators audit their code and launch their projects with honest marketing while ensuring investor safety by teaching the BSC community what questions to ask of new projects.
The SAFERmoon token offers the same benefits of SafeMoon but with less risk. For example, the developers wrote the smart contract to ensure that all liquidity, which is generated via a 5% transaction fee, is sent to dead wallet. No one can access or remove it. All contract functions that can change the contract's state variables are timelocked so no one can make changes without warning, and max limits prevent transaction fees from being arbitrarily raised.
An audit, which can be found onSAFERmoon's website, discusses many more changes that increase SAFERmoon's security.
"Our goal isn't to compete with SafeMoon, but to offer a fundamentally different investment opportunity. Utility beyond quick gains for investors will benefit the BSC community over the coming months and years," said the lead developer.
The SAFERmoon contract allows for the addition of pools, which will enable SAFERmoon holders to stake their tokens to earn 3rd-party tokens. A launchpad feature will also allow other tokens to launch using the SAFERmoon team's security technology. These are expanded upon in theSAFERmoon Roadmap.
Another developer at SAFERmoon gave his opinion of the situation: "SafeMoon is a fad that will be a blip in the beginning of BSC's history. On the other hand, SAFERmoon will help evolve BSC by offering a more mature product that investors can trust. We can't wait to prove ourselves over the course of 2021, into 2022, and beyond."
SAFERmoon does not provide investment advice. Do your own research, and never invest more than you can afford into any project.
USEFUL LINKS:
Website:https://SaferMoon.netTwitter:https://twitter.com/safermoonrealTelegram:https://t.me/safermoonofficialMedium:https://safermoon.medium.comYoutube:https://www.youtube.com/channel/UCBdSQG8muJj5L9aX6cmHicgBuy link:PancakeSwap Purchase Link
For inquiries, contact Daniel Farson 646-844-1295 &[email protected]
SOURCE:SAFERmoon
View source version on accesswire.com:https://www.accesswire.com/645858/Binance-Smart-Chain-Grows-Stronger-with-Safe-Projects-like-SAFERmoon || Binance Smart Chain Grows Stronger with Safe Projects like SAFERmoon: NEW YORK CITY, NY / ACCESSWIRE / May 7, 2021 / Bitcoin led the charge in bringing cryptocurrency knowledge to the broader public. Ethereum followed, and now the Binance Smart Chain (BSC) is making significant strides towards becoming the chain around which the next mainstream cryptocurrency market will be based. BSC GROWTH From February to March of 2021, unique BSC addresses (which can be very roughly equated with number of investors) jumped from ~1.4 million to 57 million. Daily transactions jumped from 650,000 in February to 9+ million in May. With this growth came a dramatic increase in projects. One such project, called SafeMoon, promised safe rewards for investors, who drove SafeMoon's market cap (MC) over $4.5b in April 2021. However, SafeMoon's market cap has since lost half its value after reports related to its lack of security for its users and a poorly-received live-stream . THE PROBLEM The Twitter user @WarOnRugs , who keeps an eye on the security and "ruggability" of different crypto projects, commented, "[The SafeMoon creator] could pull LP and sell tokens, creating a rug pull." This has led some users to wonder how safe they really are with SafeMoon. BSC's rapid growth has opened the doors for myriad scams. Investors are eager to grow their portfolios, and nefarious individuals are just as eager to take advantage. Every time a project is manipulated by its creator, it hurts the entire BSC ecosystem. THE SOLUTION So now, recognizing SafeMoon's shortfalls and the risks in the BSC ecosystem as a whole, a group of longtime crypto investors and developers came together to launch a new token that aims to chart a secure path that other projects can follow. So enters SAFERmoon, the tagline of which is: "it's like SafeMoon, but actually safe." "We decided to launch SAFERmoon as a direct response to SafeMoon's fatal shortcomings," said SAFERmoon's lead developer, who is choosing to remain anonymous out of concerns for their personal safety. "More than that, we want to define the roadmap for securely launching a project. This means helping creators audit their code and launch their projects with honest marketing while ensuring investor safety by teaching the BSC community what questions to ask of new projects. Story continues The SAFERmoon token offers the same benefits of SafeMoon but with less risk. For example, the developers wrote the smart contract to ensure that all liquidity, which is generated via a 5% transaction fee, is sent to dead wallet. No one can access or remove it. All contract functions that can change the contract's state variables are timelocked so no one can make changes without warning, and max limits prevent transaction fees from being arbitrarily raised. An audit, which can be found on SAFERmoon's website , discusses many more changes that increase SAFERmoon's security. "Our goal isn't to compete with SafeMoon, but to offer a fundamentally different investment opportunity. Utility beyond quick gains for investors will benefit the BSC community over the coming months and years," said the lead developer. The SAFERmoon contract allows for the addition of pools, which will enable SAFERmoon holders to stake their tokens to earn 3rd-party tokens. A launchpad feature will also allow other tokens to launch using the SAFERmoon team's security technology. These are expanded upon in the SAFERmoon Roadmap . Another developer at SAFERmoon gave his opinion of the situation: "SafeMoon is a fad that will be a blip in the beginning of BSC's history. On the other hand, SAFERmoon will help evolve BSC by offering a more mature product that investors can trust. We can't wait to prove ourselves over the course of 2021, into 2022, and beyond." SAFERmoon does not provide investment advice. Do your own research, and never invest more than you can afford into any project. USEFUL LINKS: Website: https://SaferMoon.net Twitter: https://twitter.com/safermoonreal Telegram: https://t.me/safermoonofficial Medium: https://safermoon.medium.com Youtube: https://www.youtube.com/channel/UCBdSQG8muJj5L9aX6cmHicg Buy link: PancakeSwap Purchase Link For inquiries, contact Daniel Farson 646-844-1295 & [email protected] SOURCE: SAFERmoon View source version on accesswire.com: https://www.accesswire.com/645858/Binance-Smart-Chain-Grows-Stronger-with-Safe-Projects-like-SAFERmoon || Crypto analyst who nailed ethereum's climb to $3,400 says $10,000 is next: Back in January, when the world's second-largest cryptocurrency by market cap, ethereum, was trading at just over $1,200, one investor made thebold call of predicting a spike to the mid-$3,000 level, claiming it was being "overlooked" by investors.
Just under five months later,that predictionhas already hit with ethereum (ETH-USD) up roughly 400% on the year to cross the $3,500 mark as of Friday afternoon. Now, that same investor, Megan Kaspar, co-founder of the digital asset investment company Magnetic, is upping her price target to the $8,000 to $10,000 price range by year's end.
Kaspar explained her thesis Friday onYahoo Finance Live, citing new updates coming to the cryptocurrency's network later this year. The network is planning a shift away from the same method used by bitcoin (BTC-USD) to confirm transactions to one that is far less energy intensive. Unlike bitcoin's so-calledproof of work, which rewards miners who are competing against each other to use computers and energy to record and confirm transactions on its blockchain, ethereum plans to adopt the more efficientproof of stakemodel, which chooses a block validator at random based on how much ether it controls.
"The shift to proof of stake for block validation reduces carbon emissions by 99.9%, making ethereum a green technology," Kaspar explained. "So these two updates on the network alone could push ethereum to a trillion dollar market cap which is where bitcoin is at today — that would make ethereum around $8,000 to $10,000 a coin.”
As high as Kaspar's price target sounds, which implies about 300% upside from current levels, it matches the $10,500 price target that came fromFundstrat Global Advisors earlier this year. Analysts there calculated their price target from rising activity on the ethereum network as more and more decentralized applications continue to be built on it. Decentralized finance applications, which allow users to earn yield on their crypto assets similar to the way they would at a traditional bank, have seen usage on the network explode from $10 billion in September 2020 to more than $65 billion as of April.
After the network changes are implemented, Kaspar also believes a greener ethereum will begin to attract more institutional attention relative to bitcoin. Miners in China account for well over half of all the mining power on the network and investors like Kevin O'Leary of "Shark Tank" have increasingly taken issue with that connection. Kaspar says as more investors take note in the years to come, institutional dollars could propel ethereum to $100,000.
"Institutions are mandating that they invest in clean green technologies and that’s what ethereum is becoming," she said. "Unfortunately, bitcoin’s proof of work network will not be that unless they choose to shift as well."
Nonetheless, Kaspar still sees upside for bitcoin, predicting the world's largest cryptocurrency could hit $200,000 by the end of the year. On Friday, bitcoin was trading at over $57,700 a coin. Pantera Capital CEO Dan Morehead expressed a similar level of confidence for bitcoin's upside with his $115,000 price target by August, citing his model that tracks bitcoin like a commodity.
As he explained toYahoo Finance earlier this week, "stock-to-flow" models measure existing supplies, usually of commodities, against the flow at which new inventory is produced. In the case of bitcoin mining, that flow in the form of mining rewards is cut in half roughly every four years. When applying the measure to bitcoin over the last year, Morehead has shown bitcoin's price has moved in lockstep with projections.
"When people say, 'Oh this is crazy,' I push back. I don't think this is crazy. I've been doing this for 10 years, it's actually very predictable," he said.
Zack Guzmanis an anchor for Yahoo Finance Live as well as a senior writer covering entrepreneurship, crypto, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter@zGuz.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit.
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For tutorials and information on investing and trading stocks, check outCashay || Crypto analyst who nailed ether's climb to $3400 says $10,000 is next: Back in January, when the world's second-largest cryptocurrency by market cap, ethereum, was trading at just over $1,200, one investor made the bold call of predicting a spike to the mid-$3,000 level , claiming it was being "overlooked" by investors. Just under five months later, that prediction has already hit with ethereum ( ETH-USD ) up roughly 400% on the year to cross the $3,500 mark as of Friday afternoon. Now, that same investor, Megan Kaspar, co-founder of the digital asset investment company Magnetic, is upping her price target to the $8,000 to $10,000 price range by year's end. Kaspar explained her thesis Friday on Yahoo Finance Live , citing new updates coming to the cryptocurrency's network later this year. The network is planning a shift away from the same method used by bitcoin ( BTC-USD ) to confirm transactions to one that is far less energy intensive. Unlike bitcoin's so-called proof of work , which rewards miners who are competing against each other to use computers and energy to record and confirm transactions on its blockchain, ethereum plans to adopt the more efficient proof of stake model, which chooses a block validator at random based on how much ether it controls. "The shift to proof of stake for block validation reduces carbon emissions by 99.9%, making ethereum a green technology," Kaspar explained. "So these two updates on the network alone could push ethereum to a trillion dollar market cap which is where bitcoin is at today — that would make ethereum around $8,000 to $10,000 a coin.” Ether has outperformed bitcoin year-to-date. The former is up nearly 380%, while bitcoin is up about 90% over the same time period. As high as Kaspar's price target sounds, which implies about 300% upside from current levels, it matches the $10,500 price target that came from Fundstrat Global Advisors earlier this year . Analysts there calculated their price target from rising activity on the ethereum network as more and more decentralized applications continue to be built on it. Decentralized finance applications, which allow users to earn yield on their crypto assets similar to the way they would at a traditional bank, have seen usage on the network explode from $10 billion in September 2020 to more than $65 billion as of April. Story continues After the network changes are implemented, Kaspar also believes a greener ethereum will begin to attract more institutional attention relative to bitcoin. Miners in China account for well over half of all the mining power on the network and investors like Kevin O'Leary of "Shark Tank" have increasingly taken issue with that connection. Kaspar says as more investors take note in the years to come, institutional dollars could propel ethereum to $100,000. "Institutions are mandating that they invest in clean green technologies and that’s what ethereum is becoming," she said. "Unfortunately, bitcoin’s proof of work network will not be that unless they choose to shift as well." Nonetheless, Kaspar still sees upside for bitcoin, predicting the world's largest cryptocurrency could hit $200,000 by the end of the year. On Friday, bitcoin was trading at over $57,700 a coin. Pantera Capital CEO Dan Morehead expressed a similar level of confidence for bitcoin's upside with his $115,000 price target by August, citing his model that tracks bitcoin like a commodity. As he explained to Yahoo Finance earlier this week , "stock-to-flow" models measure existing supplies, usually of commodities, against the flow at which new inventory is produced. In the case of bitcoin mining, that flow in the form of mining rewards is cut in half roughly every four years. When applying the measure to bitcoin over the last year, Morehead has shown bitcoin's price has moved in lockstep with projections. This is getting ridiculous. A year ago we predicted Bitcoin hitting $62,968 this week. It just did. This Bitcoin rally is EXACTLY like previous halvings. Likely to reach $115k by August. April 2020 Investor Letter: https://t.co/RMwSbqlS8m pic.twitter.com/2vwuDb91qQ — Dan Morehead (@dan_pantera) April 13, 2021 "When people say, 'Oh this is crazy,' I push back. I don't think this is crazy. I've been doing this for 10 years, it's actually very predictable," he said. Zack Guzman is an anchor for Yahoo Finance Live as well as a senior writer covering entrepreneurship, crypto, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz . Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . Find live stock market quotes and the latest business and finance news For tutorials and information on investing and trading stocks, check out Cashay || Cosmos (ATOM) Price Predictions: Where Will the ATOM Crypto Go After Its Record High?: Cosmos(CCC:ATOM-USD) surged 25% in trading today to a new all-time high just over $32. ATOM-USD has since retreated slightly from the peak of $32.05 to $29.22 at the time of writing.
Source: Stanslavs via Shutterstock
Cosmos is a platform for streamlining transactions between different blockchains, such asBitcoin(CCC:BTC-USD) andEthereum(CCC:ETH-USD). Dubbed the“Internet of blockchains”by its founders, Cosmos usesa proof of stake blockchain with Byzantine Fault Tolerance. ATOM is the coin that powers it all.
Cosmos solves theinteroperability challenge for digital currencies, i.e. the need for two digital currencies to have compatible technologies and protocols in order to interact. Its Inter-Blockchain Communication protocol lets users exchange assets from one blockchain to another. Cosmos also provides tools for developers to easily build their own blockchain applications on the Cosmos network.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
ATOM is the blockchain’s native coin and is primarily used to reward validators and for staking. There is no specific limit on the supply of ATOM. The number of tokens created is based on the number of ATOM being staked, which leads to“an annual inflation rate of anywhere between 7% and 20%.”
• 7 Stocks to Buy Right Now With All Eyes on Crypto
With Cosmos currently trading around $29, where does ATOM-USD go from here?
• Back on April 18,FXStreetsaid a “decisive close” above $22.62 would forecast a rally that wouldpush ATOM to $41.66.
• Gov Capitalhas aCosmos (ATOM) price prediction of $46.58 by the end of the year and a five-year price target of $191.90.
• Coinpediahas an optimistic Cosmos (Atom) price prediction, saying the coin couldsurpass $30 and even reach $50 before the end of 2021. They go on to say ATOM-USD will likely reach $40 by the end of 2022 and $63 to $67 by 2025.
• Wallet Investorhasa one-year forecast of $56.90 and a five-year forecast of $191.24 for Cosmos.
• Trading BeastspredictsCosmos will end the year at $22.77 and reach $39.18 by the end of 2024.
• Digital Coin Pricehas aCosmos (ATOM) price prediction of $43.67 by the end of 2021and $90.08 by the end of 2025.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
The postCosmos (ATOM) Price Predictions: Where Will the ATOM Crypto Go After Its Record High?appeared first onInvestorPlace. || Cosmos (ATOM) Price Predictions: Where Will the ATOM Crypto Go After Its Record High?: Cosmos (CCC: ATOM-USD ) surged 25% in trading today to a new all-time high just over $32. ATOM-USD has since retreated slightly from the peak of $32.05 to $29.22 at the time of writing. coin cryptocurrency Cosmos atom against the main alitcoins the Ethereum, dash, monero, litecoin Source: Stanslavs via Shutterstock Cosmos is a platform for streamlining transactions between different blockchains, such as Bitcoin (CCC: BTC-USD ) and Ethereum (CCC: ETH-USD ). Dubbed the “Internet of blockchains” by its founders, Cosmos uses a proof of stake blockchain with Byzantine Fault Tolerance . ATOM is the coin that powers it all. Cosmos solves the interoperability challenge for digital currencies , i.e. the need for two digital currencies to have compatible technologies and protocols in order to interact. Its Inter-Blockchain Communication protocol lets users exchange assets from one blockchain to another. Cosmos also provides tools for developers to easily build their own blockchain applications on the Cosmos network. InvestorPlace - Stock Market News, Stock Advice & Trading Tips ATOM is the blockchain’s native coin and is primarily used to reward validators and for staking. There is no specific limit on the supply of ATOM. The number of tokens created is based on the number of ATOM being staked, which leads to “an annual inflation rate of anywhere between 7% and 20%.” 7 Stocks to Buy Right Now With All Eyes on Crypto With Cosmos currently trading around $29, where does ATOM-USD go from here? Cosmos (ATOM) Price Predictions Back on April 18, FXStreet said a “decisive close” above $22.62 would forecast a rally that would push ATOM to $41.66 . Gov Capital has a Cosmos (ATOM) price prediction of $46.58 by the end of the year and a five-year price target of $191.90 . Coinpedia has an optimistic Cosmos (Atom) price prediction, saying the coin could surpass $30 and even reach $50 before the end of 2021 . They go on to say ATOM-USD will likely reach $40 by the end of 2022 and $63 to $67 by 2025. Wallet Investor has a one-year forecast of $56.90 and a five-year forecast of $191.24 for Cosmos . Trading Beasts predicts Cosmos will end the year at $22.77 and reach $39.18 by the end of 2024 . Digital Coin Price has a Cosmos (ATOM) price prediction of $43.67 by the end of 2021 and $90.08 by the end of 2025. Story continues On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Cosmos (ATOM) Price Predictions: Where Will the ATOM Crypto Go After Its Record High? appeared first on InvestorPlace . || Analysis: Cryptocurrency ethereum is flourishing but risks linger: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Ethereum has outperformed major digital currency rivals this year, bolstered by the surge in decentralized finance (DeFi) and the anticipation of a technical adjustment this summer, but it faces hurdles that could stall its rise.
With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival.
In the crypto world, the terms "ethereum" and "ether" have become synonymous. Technically, ethereum is the blockchain network in which decentralized applications are embedded, while ether is the token or currency that enables or drives the use of these applications.
Ethereum's market cap on Friday was $410 billion, second to bitcoin's at more than $1 trillion, according to data tracker CoinGecko.com. It hit a record high of $3,610.04 on Thursday and was last up 1% at $3,524.
Bitcoin, meanwhile, has risen a more modest 97% this year. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has actually fallen roughly 18%.
Graphic-Major cryptos in 2021 - https://fingfx.thomsonreuters.com/gfx/mkt/rlgpdywrwvo/Pasted%20image%201620292105900.png
A rise in institutional interest has increased ethereum demand, but supply has been limited. The token's supply in exchanges in April hit its lowest in nearly 2-1/2 years, according to Kraken Intelligence, a research blog from cryptocurrency exchange Kraken.
"It's more than just a coin. It's a whole ecosystem that allows other applications to be built," said Bradley Kam, chief executive officer of blockchain domain provider, Unstoppable Domains.
At the heart of ethereum's ascendancy is DeFi, which refers to peer-to-peer cryptocurrency platforms that facilitate lending outside traditional banking institutions. Many sites run on the ethereum network, using an open-source code with algorithms that set rates in real time based on supply and demand.
The value locked - the total number of loans on DeFi platforms - was $79 billion as of Friday, DeFi Pulse data showed, up nearly 600% from $11 billion in October.
DeFi, however, has its problems. Dune Analytics research showed 2%-5% of transactions on ethereum-based decentralized exchanges failed due to complications such as slippage or insufficient "gas" prices, which are the fees required to successfully conduct a transaction on the ethereum blockchain.
Between April 15 and April 21, for instance, roughly 1.1 million transactions were made on Uniswap, a DeFi protocol used for exchanging cryptocurrencies. Of those, 241,262 failed, representing the largest number of transaction failures across the entire ethereum network, data from analytics platform Etherscan and Dune Analytics showed.
"DeFi is destined for meteoric growth, but that growth inherently comes with risk," said Alex Wearn, chief executive officer at crypto exchange IDEX.
"Issues such as failed transactions and front-running are not subtle, costing users millions of dollars every day," he said, referring to the practice of getting a transaction first in line in the execution queue right before a known future contract. "These major ... problems limit the appeal of these products for a wider audience and ultimately hinder the ecosystem's growth."
Wearn estimates that more than $285 million were lost in DeFi hacks so far this year.
Proponents say DeFi sites represent the future of financial services, providing a cheaper, more efficient and accessible way for people and companies to access and offer credit.
TECHNOLOGY BUMPS
Ethereum has also been plagued by the network's inability to scale to meet demand without incurring high transaction fees as well as slow execution of transactions, market participants said.
The first phase of an upgrade called Ethereum 2.0 launched last year is aimed at addressing the network's tech issues on speed, efficiency, and scalability.
However, John Wu, president of AVA Labs, an open-source platform for financial applications, pointed out that the planned migration to Ethereum 2.0 has been in the works for years.
"The timelines have consistently been delayed, so it's hard to feel comfortable with that unknown," he said.
Ethereum also faces stiff competition from networks such as AVA Labs' Avalanche and Binance Smart Chain, which are also compatible with ethereum's assets and applications.
Data from AVA Labs showed users have transferred more than $170 million to Avalanche from ethereum since February.
ANOTHER TECHNICAL ENHANCEMENT
Still, hopes of a technical adjustment called EIP (ethereum improvement proposal) 1559, which is expected to go live in July and is seen reducing the supply of ethereum, has provided a lift for the digital currency.
EIP-1559 aims to reduce the volatility of ethereum's fees by introducing a mechanism to burn some of those transaction fees, which should slow the token's issuance, analysts said.
The impact on ethereum's price could be similar to a bitcoin halving event, in which an adjustment cut bitcoin's supply and propelled its price to record highs, analysts said.
"There's a lot of numbers going around the market about the potential impact that has like a halving-type magnitude with bitcoin," said Richard Galvin, co-founder and chief executive officer of crypto fund Digital Asset Capital Management.
"They're all pretty positive drivers that have, I guess, seen a pretty strong revaluing."
(Reporting by Gertrude Chavez-Dreyfuss in New York; Additional reporting by Tom Wilson in London; Editing by Alden Bentley and Matthew Lewis) || The SafeMoon Saga Means More Crypto Chaos: With additional reporting by Brenden Rearick On April 20, SafeMoon (CCC: SAFEMOON-USD ) overtook Dogecoin (CCC: DOGE-USD ) as the top-searched cryptocurrency in the world. The one-month-old DeFi token had all the makings of a breakout success: a large social media following, a function that penalizes sellers, and a rapid return to satisfy even the most demanding moonshot investor. $10,000 invested in SafeMoon in March would have turned into over $2 million by mid-April. a digital graph overlayed over hands typing and a pile of crypto coins Source: Shutterstock But as the old saying goes, “up like a rocket, down like a stick.” As more Twitter (NYSE: TWTR )-fueled investors piled in, prices inexplicably collapsed. In just two weeks, $8 billion of investor money has vanished. InvestorPlace - Stock Market News, Stock Advice & Trading Tips That hasn’t stopped investors from doubling down. The token still adds almost 20,000 new holders daily, and current stakeholders are strident as ever. To these believers, SafeMoon has “more potential than Dogecoin.” Skeptics are derided as “FUD” mongers — sowers of fear, uncertainty and doubt. It’s easy to dismiss these SafeMoon bulls as one-off fanatics. The community almost seems to have a life of its own . Yet, SafeMoon investors only reflect a broader acceptance of “cult stock” investing — a notion popularized by Tesla (NASDAQ: TSLA ) and GameStop (NYSE: GME ). Much like conspiracy theorists , many investors join exclusively for the community. Profits are seen as a vindication of one’s beliefs rather than the outcome of any logical investment strategy. 7 A-Rated Dividend Stocks to Buy for Long-Term Gains As social media influence continues to grow, investors can expect to see more hustles like SafeMoon. Because in a world where 1.5 million investors can believe in a cryptocurrency that is “solely built to gain attention,” smart operators will have no trouble finding their next marks. Investors beware. The SafeMoon crypto hustle of 2021 is only the start of things to come. The Rise of SafeMoon SafeMoon started with an intriguing principle. Rather than allow investors to sell their tokens freely, the protocol instituted a 10% “exit tax” on would-be sellers. Not only would that reduce the chance of people selling when prices declined — an issue that long troubled the Dogecoin community . It would also redistribute half of the exit tax to existing holders. In theory, the system would reward long-term SafeMoon holders at the expense of disbelievers (i.e., sellers). Cryptocurrencies like Dogecoin turn over their entire market capitalization every few days. At that rate, SafeMoon investors would theoretically double their tokens each month. Story continues Concurrently, the DeFi token launched a slick marketing campaign on Twitter and other social media platforms. These increasingly elaborate posts were aimed at garnering grass-roots interest. With some luck, SafeMoon’s marketing team could get their investment community to do their work for them. The plan worked. Within six weeks of its March 8 launch, the token had amassed 100,000 Twitter followers. By late April, SafeMoon would reach an all-time high, driven by influencers from YouTube star Jake Paul to DJ Afrojack. NFL players Damarious Randall and Sidney Jones IV also weighed in. The Dark Side of the (Safe)Moon Yet, SafeMoon’s rise also raised eyebrows. On April 21, cryptocurrency influencer Lark Davis called the new token a Ponzi Scheme. “SafeMoon is worth almost 7 billion fully diluted,” Mr. Davis noted. “…Seems that scams always pump the hardest.” A day later, controversial cryptocurrency watchdog War on Rugs issued its first warning on the currency . “Scam Advisory #115 – SafeMoon. Reason: Owner owns more than 50% of the liquidity and refuses to fix it. He could pull LP and sell tokens, creating a rug pull. Likeliness of losing all funds: Absolute” Central to these accusations were allegations of fraud and misdirection – claims that third-party audits of SafeMoon’s code have since justified. Self-Dealing. Since March, the official SafeMoon Deployer account has sent trillions of SafeMoon tokens to about three dozen private accounts . Many of these accounts have gone on to cash these tokens out for millions worth on Binance . Centralized Control. While half of SafeMoon’s 10% “exit tax” tokens are sent to existing holders, the other half goes directly to the contract owner, an unknown entity with total control over the token’s protocol. The owner also “has the permission to 1. change the address that can receive LP tokens, 2. Lock the contract, 3. exclude/include addresses from rewards/fees,” among others“ without obtaining the consensus of the community” according to a third-party audit . Deficient Technology. The SafeMoon codebase is 96% based on an earlier contract, RFILIQ. SafeMoon also includes the spelling errors and questionable functions that prominently feature in the parent contract . Virtually Unlimited Supply. DeFi exchange Binance has long warned investors that “An overwhelming large max supply, or, one address with an overwhelmingly large percentage of the supply … is a large red flag.” SafeMoon has both. Its maximum supply of 1000000000000000000000000000000000000000000000000000000000000000000000000000 tokens is roughly equal to the number of atoms in a hundred million galaxies, and its largest accounts are those funded at initial deployment. (note: even ignoring the “burned” wallet, many of the tokens still seem to be in the developer’s control ) Inadequate Token Burn. SafeMoon’s management team has long touted their “burn” ability to reduce supply and maintain prices. But since the token started trading, only 0.4% of coins were burned after March 15 . SafeMoon’s definition of “current owners” for the 5% exit tax also seems arbitrarily assigned. The SafeMoon team has largely brushed aside these concerns. Instead, they have offered reasons to trust them with the “keys to the kingdom.” “Risks in regard to ‘rug-pulls’ or anything else is mitigated due to the fact that every member of SafeMoon would be subject to litigation and likely a swift prison sentence,” the team said to third-party cryptocurrency certifier CertiK . “Additionally, outside of the law, our social lives would be in ruin, and we would not be able to show our faces in public again, let alone get another job.” SafeMoon investors, meanwhile, have remained committed. Twitter users continue to attack short-sellers as “desperate,” looking for a project to hate on and targeting SafeMoon. Same Same, But Different. It’s not the first time that investors have trusted the keys to the kingdom to a self-ruling party. Tech investors have long grudgingly bought shares in firms like Facebook and Snap , where founders maintain a controlling interest. Foreign exchange investors, too, implicitly put their faith in foreign government every time they swap for a currency. These investors essentially trust these self-governing parties to do the right thing. But the rise of cryptocurrencies like SafeMoon has taken this to a new level. Not only does the token’s developer have absolute control over the cryptocurrency, this individual is also entirely anonymous: a fact SafeMoon advertised on their website before quietly removing it earlier this month. The anonymity of SafeMoon’s keyholder should trouble even the most impressionable cryptocurrency investor. When then-anonymous Satoshi Nakamoto created Bitcoin, he (or she) left the protocol open to the community to manage and edit . Nakamoto has zero control over your Bitcoin wallet today. SafeMoon governance, on the other hand, resembles Big Brother of George Orwell’s Nineteen Eighty-Four — a totalitarian leader who remains virtually unknown. The management team maintains a high profile, but the token’s ringleader remains a complete mystery. It’s a narrative that should remind people of conspiracy theories made possible by identity politics. Identity Politics Spills into Cult Stocks It was only a matter of time before identity politics spilled into investing. For years, partisan media has made it easier for people to seek self-confirming evidence. Not only can internet users find alternative opinions online. They can also find alternative facts. The same forces are now at work with investing. While early cult stocks like Solyndra and Wonga struggled to move beyond their core fanatical bases, today’s companies can use social media to reach millions. Today, SafeMoon has almost a half-million Twitter followers and 170 thousand Reddit subscribers to buttress their 1.5 million account holders. On a trailing-30-day basis, the token beats out both Dogecoin and Bitcoin as the most searched-for cryptocurrency on CoinMarketCap. The SafeMoon community has grown a life of its own — an echo chamber of investors encouraging each other to invest more . However, there are reasons mainstream investors should remain concerned. Firstly, these cult investments can quickly disrupt the broader market. When Reddit investors banded together for GameStop’s January short squeeze, they brought at least two multi-billion-dollar hedge funds to their knees. Quick-thinking investors earned millions, while laggards lost out. Secondly, the success of poorly governed investments can set an example for subsequent players. Investors should expect more centralized-control coins to rise on SafeMoon’s coattails. And finally, the acceptance of cult stocks signals a broader shift in investor risk-taking. Today, the long-term price-to-earnings ratio of 37.8 , only 15% lower than the dot-com peak in 2000. Taken together, SafeMoon’s issues aren’t just an isolated incident of rapid investors looking for a home. Instead, it’s a broader shift of investor mentality where stocks become an identity. SafeMoon to the Moon? For current SafeMoon investors, no amount of arguing will ever convince them to sell. The mysterious developer’s “rake” is more like a membership fee than outright theft to these individuals. That means SafeMoon’s price will remain elevated for far longer than people expect. But for new investors, SafeMoon has profound lessons. Those looking to find the next SafeMoon have no shortage of options: SafeXI. “Autonomous yield and liquidity generation protocol” FairLunar. “Community-driven meme token” Safeicarus. “Forever deflationary supply. We burned 97% of the total supply after launch” Triforce Protocol. “Rewards to token holders” using its “deflationary token.” The commonalities? CoinMarketCap listed them on the same day . Investors looking for other alternatives have PinkMoon, SafeMars, SafeEarth, Secured MoonRat, MoonShot, MoonStar, MoonToken and hundreds of other look-alikes. But want to get genuinely wealthy? Then create a coin yourself. Why waste time trying to find the next SafeMoon when you can create a quadrillion-coin cryptocurrency yourself with a zero-dollar entry price? All you need is copy-paste an existing token’s code (as SafeMoon did), find yourself a snappy name, and start promoting it on social media. Because in a year where “Scamcoin,” a joke coin made by a TikToker , can reach a $70 million valuation within an hour (and then become an almost $1 billion coin before getting shut down by its creator), there’s no limit to the profits crypto barons can make. On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post The SafeMoon Saga Means More Crypto Chaos appeared first on InvestorPlace . View comments || The SafeMoon Saga Means More Crypto Chaos: With additional reporting byBrenden Rearick
On April 20,SafeMoon(CCC:SAFEMOON-USD) overtookDogecoin(CCC:DOGE-USD) as the top-searched cryptocurrency in the world. The one-month-old DeFi token had all the makings of a breakout success: a large social media following, a function that penalizes sellers, and a rapid return to satisfy even the most demanding moonshot investor. $10,000 invested in SafeMoon in March would have turned into over $2 million by mid-April.
Source: Shutterstock
But as the old saying goes, “up like a rocket, down like a stick.” As moreTwitter(NYSE:TWTR)-fueled investors piled in, prices inexplicably collapsed. In just two weeks, $8 billion of investor money has vanished.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
That hasn’t stopped investors from doubling down. The token still adds almost 20,000 new holders daily, and current stakeholders are strident as ever. To these believers, SafeMoon has“more potential than Dogecoin.”Skeptics are derided as “FUD” mongers — sowers of fear, uncertainty and doubt.
It’s easy to dismiss these SafeMoon bulls as one-off fanatics. The community almost seems to have alife of its own.
Yet, SafeMoon investors only reflect a broader acceptance of “cult stock” investing — a notion popularized byTesla(NASDAQ:TSLA) andGameStop(NYSE:GME). Muchlike conspiracy theorists, many investors join exclusively for the community. Profits are seen as a vindication of one’s beliefs rather than the outcome of any logical investment strategy.
• 7 A-Rated Dividend Stocks to Buy for Long-Term Gains
As social media influence continues to grow, investors can expect to see more hustles like SafeMoon. Because in a world where 1.5 million investors can believe in a cryptocurrency that is“solely built to gain attention,”smart operators will have no trouble finding their next marks.
Investors beware. The SafeMoon crypto hustle of 2021 is only the start of things to come.
SafeMoon started with an intriguing principle. Rather than allow investors to sell their tokens freely, the protocol instituted a 10% “exit tax” on would-be sellers. Not only would that reduce the chance of people selling when prices declined — an issue thatlong troubled the Dogecoin community. It would also redistribute half of the exit tax to existing holders.
In theory, the system would reward long-term SafeMoon holders at the expense of disbelievers (i.e., sellers). Cryptocurrencies like Dogecoin turn over their entire market capitalization every few days. At that rate, SafeMoon investors would theoretically double their tokens each month.
Concurrently, the DeFi token launched a slick marketing campaign on Twitter and other social media platforms. These increasingly elaborate posts were aimed at garnering grass-roots interest. With some luck, SafeMoon’s marketing team could get their investment community to do their work for them.
The plan worked. Within six weeks of its March 8 launch, the token had amassed 100,000 Twitter followers. By late April, SafeMoon would reach an all-time high, driven by influencers from YouTube starJake Paulto DJ Afrojack. NFL players Damarious Randall and Sidney Jones IV also weighed in.
Yet, SafeMoon’s rise also raised eyebrows. On April 21, cryptocurrency influencer Lark Davis called the new token a Ponzi Scheme.
“SafeMoon is worth almost 7 billion fully diluted,” Mr. Davis noted. “…Seems that scams always pump the hardest.”
A day later, controversial cryptocurrency watchdog War on Rugsissued its first warning on the currency.
“Scam Advisory #115 – SafeMoon. Reason: Owner owns more than 50% of the liquidity and refuses to fix it. He could pull LP and sell tokens, creating a rug pull. Likeliness of losing all funds: Absolute”
Central to these accusations were allegations of fraud and misdirection – claims that third-party audits of SafeMoon’s code have since justified.
Self-Dealing.Since March, the official SafeMoon Deployer account has sent trillions of SafeMoon tokens to aboutthree dozen private accounts. Many of these accounts have gone on to cash these tokens out formillions worth on Binance.Centralized Control.While half of SafeMoon’s 10% “exit tax” tokens are sent to existing holders, the other half goes directly to the contract owner, an unknown entity with total control over the token’s protocol. The owner also “has the permission to 1. change the address that can receive LP tokens, 2. Lock the contract, 3. exclude/include addresses from rewards/fees,” among others“ without obtaining the consensus of the community” according toa third-party audit.Deficient Technology.The SafeMoon codebase is 96% based on an earlier contract, RFILIQ. SafeMoon also includes the spelling errors and questionable functions that prominently feature inthe parent contract.Virtually Unlimited Supply.DeFi exchangeBinancehaslong warned investorsthat “An overwhelming large max supply, or, one address with an overwhelmingly large percentage of the supply … is a large red flag.” SafeMoon has both. Its maximum supply of1000000000000000000000000000000000000000000000000000000000000000000000000000tokens is roughly equal to the number of atoms in a hundred million galaxies, and its largest accounts are those funded at initial deployment. (note: even ignoring the “burned” wallet, many of the tokens stillseem to be in the developer’s control)Inadequate Token Burn.SafeMoon’s management team has long touted their “burn” ability to reduce supply and maintain prices. But since the token started trading, only 0.4% of coinswere burned after March 15. SafeMoon’s definition of “current owners” for the 5% exit tax also seems arbitrarily assigned.
The SafeMoon team has largely brushed aside these concerns. Instead, they have offered reasons to trust them with the “keys to the kingdom.”
“Risks in regard to ‘rug-pulls’ or anything else is mitigated due to the fact that every member of SafeMoon would be subject to litigation and likely a swift prison sentence,” the team said tothird-party cryptocurrency certifier CertiK. “Additionally, outside of the law, our social lives would be in ruin, and we would not be able to show our faces in public again, let alone get another job.”
SafeMoon investors, meanwhile, have remained committed. Twitter users continue to attack short-sellers as “desperate,” looking for a project to hate on and targeting SafeMoon.
It’s not the first time that investors have trusted the keys to the kingdom to a self-ruling party. Tech investors have long grudgingly bought shares in firms likeFacebookandSnap, where founders maintain a controlling interest. Foreign exchange investors, too, implicitly put their faith in foreign government every time they swap for a currency. These investors essentially trust these self-governing parties to do the right thing.
But the rise of cryptocurrencies like SafeMoon has taken this to a new level. Not only does the token’s developer have absolute control over the cryptocurrency, this individual is also entirely anonymous: a fact SafeMoonadvertised on their websitebefore quietly removing it earlier this month.
The anonymity of SafeMoon’s keyholder should trouble even the most impressionable cryptocurrency investor. When then-anonymous Satoshi Nakamoto created Bitcoin, he (or she) left the protocolopen to the community to manage and edit. Nakamoto has zero control over your Bitcoin wallet today.
SafeMoon governance, on the other hand, resembles Big Brother of George Orwell’s Nineteen Eighty-Four — a totalitarian leader who remains virtually unknown. The management team maintains a high profile, but the token’s ringleader remains a complete mystery. It’s a narrative that should remind people ofconspiracy theoriesmade possible by identity politics.
It was only a matter of time before identity politics spilled into investing. For years, partisan media has made it easier for people to seek self-confirming evidence. Not only can internet users find alternative opinions online. They can also find alternative facts.
The same forces are now at work with investing. While early cult stocks like Solyndra and Wonga struggled to move beyond their core fanatical bases, today’s companies can use social media to reach millions.
Today, SafeMoon has almost a half-million Twitter followers and 170 thousand Reddit subscribers to buttress their 1.5 million account holders. On a trailing-30-day basis, the token beats out both Dogecoin and Bitcoin as the most searched-for cryptocurrency on CoinMarketCap. The SafeMoon community has grown a life of its own — an echo chamber of investors encouraging each other toinvest more.
However, there are reasons mainstream investors should remain concerned.
Firstly, these cult investments can quickly disrupt the broader market. When Reddit investors banded together for GameStop’s January short squeeze, they brought at least two multi-billion-dollar hedge funds to their knees. Quick-thinking investors earned millions, while laggards lost out.
Secondly, the success of poorly governed investments can set an example for subsequent players. Investors should expect more centralized-control coins to rise on SafeMoon’s coattails.
And finally, the acceptance of cult stocks signals a broader shift in investor risk-taking. Today, the long-term price-to-earnings ratio of37.8, only 15% lower than the dot-com peak in 2000.
Taken together, SafeMoon’s issues aren’t just an isolated incident of rapid investors looking for a home. Instead, it’s a broader shift of investor mentality where stocks become an identity.
For current SafeMoon investors, no amount of arguing will ever convince them to sell. The mysterious developer’s “rake” is more like a membership fee than outright theft to these individuals. That means SafeMoon’s price will remain elevated for far longer than people expect.
But for new investors, SafeMoon has profound lessons. Those looking to find the next SafeMoon have no shortage of options:
• SafeXI.“Autonomous yield and liquidity generation protocol”
• FairLunar.“Community-driven meme token”
• Safeicarus.“Forever deflationary supply. We burned 97% of the total supply after launch”
• Triforce Protocol.“Rewards to token holders” using its “deflationary token.”
The commonalities? CoinMarketCap listed themon the same day. Investors looking for other alternatives have PinkMoon, SafeMars, SafeEarth, Secured MoonRat, MoonShot, MoonStar, MoonToken and hundreds of other look-alikes.
But want to get genuinely wealthy? Then create a coin yourself.
Why waste time trying to find the next SafeMoon when you can create a quadrillion-coin cryptocurrency yourself with a zero-dollar entry price? All you need is copy-paste an existing token’s code (as SafeMoon did), find yourself a snappy name, and start promoting it on social media. Because in a year where “Scamcoin,” ajoke coin made by a TikToker, can reach a $70 million valuation within an hour (and then become an almost $1 billion coin before getting shut down by its creator), there’s no limit to the profits crypto barons can make.
On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing.
• Why Everyone Is Investing in 5G All WRONG
• It doesn’t matter if you have $500 in savings or $5 million. Do this now.
• Top Stock Picker Reveals His Next Potential 500% Winner
• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
The postThe SafeMoon Saga Means More Crypto Chaosappeared first onInvestorPlace. || Don’t Look Now, but Bionano Genomics May Be a Buy: What’s left to say about Bionano Genomics (NASDAQ: BNGO ) that hasn’t been said before? Not much. But if we let the price chart of BNGO stock do the talking, it could be a double bottom that’s worthy of consideration from today’s investors. A close-up concept image of a tiny glass vial with a strand of DNA in it. Source: Shutterstock Look out below! That’s what some might see if they bothered to pull up BNGO on their trading platform these days. It wasn’t always that way, of course. In the months immediately surrounding a kick off to the trading year, shares of BNGO surged more than 3,000 %. It was part of what’s become a phenomenon in 2021. It was classic unhinged stock activity with retail-powered Reddit and the Wallstreetbets chatroom at the center. InvestorPlace - Stock Market News, Stock Advice & Trading Tips BNGO Stock Gets Noticed But from Bionano’s humble or nearly lifeless start of about 50 cents in mid-December to February’s high of $15.69, the well-watched rise in stock price was also doing more than just getting noticed by just the Reddit crowd. Last year’s wunderkind fund manager Cathie Wood of Ark Investments was mulling Bionano’s Saphyr optical genome mapping (OGM) system for a stake in the outfit’s Ark Genomic Revolution ETF (NYSEARCA: ARKG ). And it’s easy to understand why. The Mayo Clinic. Duke University and Penn State College of Medicine. They’re among medical research’s elite and they’re using Saphyr. BNGO’s technology fills a critical gap between long and short-read sequencing technologies. And in layman’s terms, Saphyr’s OMG system helps target cancer treatments and prenatal screening. It even the ability to help unlock novel coronavirus secrets. Is Saphyr a Game Changer? Bionano’s Saphyr has the type of stuff to become a game changer. And as many of today’s investors are aware, that promise is the kind of wager ARK loves to bet aggressively on and won big with. Think Tesla (NASDAQ: TSLA ), Square (NYSE: SQ ) or Grayscale Bitcoin Trust (OTCMKTS: GBTC ). But in the here and now most aren’t on board BNGO stock. And some never were. Story continues Stock-trading chatrooms are focused on hot spots like Grayscale Ethereum Classic Trust’s (OTCMKTS: ETCG ) spectacularly silly price surge or meme alt coin play Dogecoin (CCC: DOGE-USD ) fetching and comedic attention-getting $80 billion valuation. BNGO stock has suffered at the hands of a Ritalin-using pump and dump scheme making waves in 2021. Then there’s Cathie Wood. It turns out Ark’s interest in Bionano Genomics never became anything more than simply a case of window shopping. Amid commited stakes in Regeneron (NASDAQ: RGEN ), Teladoc (NYSE: TDOC ) and 58 other genomics and healthcare-related stocks, BNGO is still nowhere to be found. Fragile Momentum As it stands, after being kneecapped, BNGO shares trade for around $5.50 a share and off roughly 65% from its peak valuation. To be sure, a multiple decompression trade out of higher-octane growth stories nearing three months in duration is a choice spot for blameful fingers to point at. Say hello to Virgin Galactic (NYSE: SPCE ) or Churchill Capital (NYSE: CCIV ) for further confirmation of that reality. BNGO stock’s other related malady is a much longer timeline for Saphyr’s widespread adoption as a healthcare tool. Patience for that kind of outcome doesn’t mix well with yesterday’s fragile momentum sponsorship. Lastly and to be fair, even if Ark Invest did purchase millions of shares of Bionano, it probably wouldn’t have mattered. Amid today’s more dearly held appreciation for cyclical and value-based risk assets, Ark’s spectacular fall is certain evidence of why boilerplate language of past results being no guarantee of future returns exists. BNGO Stock Daily Price Chart Bionano Genomics (BNGO) undercut and well-supported double bottom for contrarian purchase Source: Charts by TradingView What goes around, comes around. And today, with BNGO stock determinedly out-of-favor, a bullish contrarian style purchase has set up on the price chart. In Friday’s session, shares of Bionano have confirmed a small double bottom formation that’s undercut the stock’s March low. With the corrective pattern also centered at the 62% retracement level and sporting a bullish stochastics divergence on the cusp of crossing over, the situation makes for an interesting-looking buy. Bottom line, BNGO is no core holding like Apple (NASDAQ: AAPL ) or Home Depot (NYSE: HD ). That’s regardless of Wall Street’s flavor of the day. But given the pattern’s downside risk, a triple-bagger or greater in profit potential on a second challenge of apex resistance looks reasonable. And maybe, with help from traders ready to turn their attention elsewhere, buying BNGO stock today looks even better. On the date of publication, Chris Tyler holds, directly or indirectly Greyscale Bitcoin (OTCMKTS:GBTC), Ark Innovation ETF (ARKK) and Genomics ETF (ARKG), but no other securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100% the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Don’t Look Now, but Bionano Genomics May Be a Buy appeared first on InvestorPlace . || Don’t Look Now, but Bionano Genomics May Be a Buy: What’s left to say about Bionano Genomics (NASDAQ: BNGO ) that hasn’t been said before? Not much. But if we let the price chart of BNGO stock do the talking, it could be a double bottom that’s worthy of consideration from today’s investors. A close-up concept image of a tiny glass vial with a strand of DNA in it. Source: Shutterstock Look out below! That’s what some might see if they bothered to pull up BNGO on their trading platform these days. It wasn’t always that way, of course. In the months immediately surrounding a kick off to the trading year, shares of BNGO surged more than 3,000 %. It was part of what’s become a phenomenon in 2021. It was classic unhinged stock activity with retail-powered Reddit and the Wallstreetbets chatroom at the center. InvestorPlace - Stock Market News, Stock Advice & Trading Tips BNGO Stock Gets Noticed But from Bionano’s humble or nearly lifeless start of about 50 cents in mid-December to February’s high of $15.69, the well-watched rise in stock price was also doing more than just getting noticed by just the Reddit crowd. Last year’s wunderkind fund manager Cathie Wood of Ark Investments was mulling Bionano’s Saphyr optical genome mapping (OGM) system for a stake in the outfit’s Ark Genomic Revolution ETF (NYSEARCA: ARKG ). And it’s easy to understand why. The Mayo Clinic. Duke University and Penn State College of Medicine. They’re among medical research’s elite and they’re using Saphyr. BNGO’s technology fills a critical gap between long and short-read sequencing technologies. And in layman’s terms, Saphyr’s OMG system helps target cancer treatments and prenatal screening. It even the ability to help unlock novel coronavirus secrets. Is Saphyr a Game Changer? Bionano’s Saphyr has the type of stuff to become a game changer. And as many of today’s investors are aware, that promise is the kind of wager ARK loves to bet aggressively on and won big with. Think Tesla (NASDAQ: TSLA ), Square (NYSE: SQ ) or Grayscale Bitcoin Trust (OTCMKTS: GBTC ). But in the here and now most aren’t on board BNGO stock. And some never were. Story continues Stock-trading chatrooms are focused on hot spots like Grayscale Ethereum Classic Trust’s (OTCMKTS: ETCG ) spectacularly silly price surge or meme alt coin play Dogecoin (CCC: DOGE-USD ) fetching and comedic attention-getting $80 billion valuation. BNGO stock has suffered at the hands of a Ritalin-using pump and dump scheme making waves in 2021. Then there’s Cathie Wood. It turns out Ark’s interest in Bionano Genomics never became anything more than simply a case of window shopping. Amid commited stakes in Regeneron (NASDAQ: RGEN ), Teladoc (NYSE: TDOC ) and 58 other genomics and healthcare-related stocks, BNGO is still nowhere to be found. Fragile Momentum As it stands, after being kneecapped, BNGO shares trade for around $5.50 a share and off roughly 65% from its peak valuation. To be sure, a multiple decompression trade out of higher-octane growth stories nearing three months in duration is a choice spot for blameful fingers to point at. Say hello to Virgin Galactic (NYSE: SPCE ) or Churchill Capital (NYSE: CCIV ) for further confirmation of that reality. BNGO stock’s other related malady is a much longer timeline for Saphyr’s widespread adoption as a healthcare tool. Patience for that kind of outcome doesn’t mix well with yesterday’s fragile momentum sponsorship. Lastly and to be fair, even if Ark Invest did purchase millions of shares of Bionano, it probably wouldn’t have mattered. Amid today’s more dearly held appreciation for cyclical and value-based risk assets, Ark’s spectacular fall is certain evidence of why boilerplate language of past results being no guarantee of future returns exists. BNGO Stock Daily Price Chart Bionano Genomics (BNGO) undercut and well-supported double bottom for contrarian purchase Source: Charts by TradingView What goes around, comes around. And today, with BNGO stock determinedly out-of-favor, a bullish contrarian style purchase has set up on the price chart. In Friday’s session, shares of Bionano have confirmed a small double bottom formation that’s undercut the stock’s March low. With the corrective pattern also centered at the 62% retracement level and sporting a bullish stochastics divergence on the cusp of crossing over, the situation makes for an interesting-looking buy. Bottom line, BNGO is no core holding like Apple (NASDAQ: AAPL ) or Home Depot (NYSE: HD ). That’s regardless of Wall Street’s flavor of the day. But given the pattern’s downside risk, a triple-bagger or greater in profit potential on a second challenge of apex resistance looks reasonable. And maybe, with help from traders ready to turn their attention elsewhere, buying BNGO stock today looks even better. On the date of publication, Chris Tyler holds, directly or indirectly Greyscale Bitcoin (OTCMKTS:GBTC), Ark Innovation ETF (ARKK) and Genomics ETF (ARKG), but no other securities mentioned in this article. Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. The information offered is based on his professional experience but strictly intended for educational purposes only. Any use of this information is 100% the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Don’t Look Now, but Bionano Genomics May Be a Buy appeared first on InvestorPlace . || U.S. Global Investors Announces Third-Quarter Results Webcast, with an Update on HIVE Blockchain Technologies: SAN ANTONIO, May 07, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. ( Nasdaq : GROW ) (the Company) will host a webcast on Monday, May 10, 2021, at 7:30 a.m. Central time to discuss the Companys results for the third quarter 2021. An update on HIVE Blockchain Technologies (HIVE), the Companys strategic exposure to the crypto asset boom, will also be discussed. Financial data for the quarter will be released prior to the webcast. Frank Holmes, CEO and chief investment officer, will provide an update on the Companys profitability and strong performance of its investment products. Lisa Callicotte, chief financial officer, will give an overview of financial highlights for quarter ended March 31, 2021. Lastly, Holly Schoenfeldt, marketing and public relations manager, will detail the Companys media and marketing strategy. Click here to register for the webcast. For more information about U.S. Global Investors, visit www.usfunds.com . For more information about HIVE, visit www.hiveblockch a in.com . About U.S. Global Investors, Inc. The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. ( www.usfunds.com ) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides money management and other services to U.S. Global Investors Funds and U.S. Global ETFs. About HIVE Blockchain Technologies, Ltd. HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. HIVEs deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. Contact: Holly Schoenfeldt Marketing and Public Relations Manager 210.308.1268 [email protected] View comments || U.S. Global Investors Announces Third-Quarter Results Webcast, with an Update on HIVE Blockchain Technologies: SAN ANTONIO, May 07, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (Nasdaq:GROW) (the “Company”) will host a webcast on Monday, May 10, 2021, at 7:30 a.m. Central time to discuss the Company’s results for the third quarter 2021. An update on HIVE Blockchain Technologies (“HIVE”), the Company’s strategic exposure to the crypto asset boom, will also be discussed.
Financial data for the quarter will be released prior to the webcast.
Frank Holmes, CEO and chief investment officer, will provide an update on the Company’s profitability and strong performance of its investment products. Lisa Callicotte, chief financial officer, will give an overview of financial highlights for quarter ended March 31, 2021. Lastly, Holly Schoenfeldt, marketing and public relations manager, will detail the Company’s media and marketing strategy.
Click hereto register for the webcast.
For more information about U.S. Global Investors, visitwww.usfunds.com. For more information about HIVE, visitwww.hiveblockchain.com.
About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides money management and other services to U.S. Global Investors Funds and U.S. Global ETFs.
About HIVE Blockchain Technologies, Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. HIVE’s deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins.
Contact:Holly SchoenfeldtMarketing and Public Relations [email protected]
[Social Media Buzz]
None available.
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58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77.
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[Bitcoin Technical Analysis for 2019-07-23]
Volume: 17851916995, RSI (14-day): 44.45, 50-day EMA: 10121.97, 200-day EMA: 7449.39
[Wider Market Context]
Gold Price: 1420.10, Gold RSI: 64.29
Oil Price: 56.77, Oil RSI: 47.59
[Recent News (last 7 days)]
How FAANG stocks fuel real estate demand: Markets are widely expecting the Federal Reserve to cut rates next month, and that’s a positive sign for the housing market. But the Fed is not the only factor impacting real estate demand.
FAANG stocks — Facebook (FB), Amazon (AMZN), Apple (AAPL), Netflix (NFLX) and Google (GOOGL) owner Alphabet — are making a direct impact on real estate demand, says Hessam Nadji, CEO of Marcus & Millichap (MMI).
“The five companies have absorbed something like over 14 million square feet of office space in the last 12 months alone and have become major tenants in a number of markets around the country,”Nadij told Yahoo Finance onThe Ticker.
While e-commerce is killing brick-and-mortar stores, Nadji says the other side of the story is how the growth of these companies is changing retail and creating jobs to support it.
“If you look back at the last 12 months, almost half a million jobs were created in professional business services and technology jobs,” said Nadji. “On top of that, it became a very big factor in office space demand, and in warehousing demand as related to e-commerce.”
FAANGs move beyond the Bay area
Nadji said the impact of technology companies is not only limited to typical locations such as San Francisco Bay area, Austin, or Seattle where tech firms are known for having headquarters.
“It’s everywhere,” Nadji said. “Atlanta, Dallas are great example of job leaders, New York, where over 100 thousand jobs are being created last month, are seeing influence of technology jobs coming into the economy more and more.”
But real estate demand isn’t just fueled by any one particular FAANG company. The growth of all of these giants are dispersing its reach to other markets.
“If you look across the spectrum of technology firms, you see the demand basically show up in markets even like Chicago or Detroit, where you’re seeing a little rebirth of different industries coming in,” said Nadji. “Technology is a big part of that.”
Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter:@GreteSuarez
Read more:
• Bigger than the Kardashians: Bitcoin searches top Kim K, study says
• 'Canopy is playing the long game': MGO-ELLO CEO
• Wyndham Destinations preps for record summer as US vacationers eye local travel
• Amazon drone delivery is still ‘a couple years out,’ drone CEO says
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || How FAANG stocks fuel real estate demand: Markets are widely expecting the Federal Reserve to cut rates next month, and thats a positive sign for the housing market. But the Fed is not the only factor impacting real estate demand. FAANG stocks Facebook ( FB ), Amazon ( AMZN ), Apple ( AAPL ), Netflix ( NFLX ) and Google ( GOOGL ) owner Alphabet are making a direct impact on real estate demand, says Hessam Nadji, CEO of Marcus & Millichap ( MMI ). The five companies have absorbed something like over 14 million square feet of office space in the last 12 months alone and have become major tenants in a number of markets around the country,Nadij told Yahoo Finance on The Ticker . While e-commerce is killing brick-and-mortar stores, Nadji says the other side of the story is how the growth of these companies is changing retail and creating jobs to support it. If you look back at the last 12 months, almost half a million jobs were created in professional business services and technology jobs, said Nadji. On top of that, it became a very big factor in office space demand, and in warehousing demand as related to e-commerce. NEW YORK, NY - JUNE 3: The Google logo adorns the outside of their NYC office Google Building 8510 at 85 10th Ave on June 3, 2019 in New York City. (Photo by Drew Angerer/Getty Images) FAANGs move beyond the Bay area Nadji said the impact of technology companies is not only limited to typical locations such as San Francisco Bay area, Austin, or Seattle where tech firms are known for having headquarters. Its everywhere, Nadji said. Atlanta, Dallas are great example of job leaders, New York, where over 100 thousand jobs are being created last month, are seeing influence of technology jobs coming into the economy more and more. But real estate demand isnt just fueled by any one particular FAANG company. The growth of all of these giants are dispersing its reach to other markets. If you look across the spectrum of technology firms, you see the demand basically show up in markets even like Chicago or Detroit, where youre seeing a little rebirth of different industries coming in, said Nadji. Technology is a big part of that. Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter : @GreteSuarez Story continues Read more : Bigger than the Kardashians: Bitcoin searches top Kim K, study says 'Canopy is playing the long game': MGO-ELLO CEO Wyndham Destinations preps for record summer as US vacationers eye local travel Amazon drone delivery is still a couple years out, drone CEO says Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . || Facebook Libra Update: Regulation Takes Center Stage: Regulators the world over are gearing up to create a framework that could monitor, direct and control the way cryptocurrencies like bitcoin and Facebook’s FB Libra operate. Cryptocurrencies have been around for a while, but Facebook’s June 18 announcement that Libra would hit markets in 2020 has created the urgency.
That’s because Facebook has a huge network of 2 billion people that could make the kind of difference to economies and governments that can’t be dreamed of by other fiat/crypto coin systems. And Facebook has a spotty history of maintaining users’ privacy and security.
Facebook’s David Marcus, who joined the company from PayPal PYPL, back when it was still a part of eBay EBAY, is co-creator of Libra and the head of Switzerland-based Facebook company responsible for Libra. So in that capacity, he faced questions from the Senate Banking Committee and the House Committee on Financial Services last week.
At the House Committee on Financial Services
Chairwoman Maxine Waters has been sharply critical of Libra since its launch. So at the meeting on Wednesday, she said that Libra would allow the company "to wield immense power that could disrupt” governments and central banks.
Given the repercussions for people, banks and governments all over the world, Democratic Representative Carolyn Maloney, strongly opposed the launch of Libra. She suggested that the company at least do a pilot program with a million users overseen by U.S. financial regulators, including the Federal Reserve. "I don't think you should launch Libra at all…At the very least you should agree to do this small pilot program," she said.
Democratic U.S. Representative Alma Adams pointed to privacy and security issues for users: "You expect us to believe that you're going to start collecting financial data and not share it because you promised not to do that?" she said.
There were also concerns regarding consumer protection and prevention of use for illegal activities like money laundering or terrorist financing.
Republican U.S. Representative Ann Wagner mentioned every other concern while saying that the launch seemed hurried. "I'm concerned a 2020 launch date represents deep insensitivities about how Libra could impact U.S. financial security, the global financial system, the privacy of people across the globe, criminal activity and international human rights."
Marcus explained that the company viewed Libra as a payment tool rather than a security or an exchange-traded fund (an indication that it was not subject to oversight by the SEC. The company hasn’t spoken to SEC Chairman Jay Clayton yet, although representatives have reportedly reached out to others in the organization). He said that it could be treated as a commodity under current law. While remaining noncommittal about a pilot program, he promised to do whatever was necessary to satisfy regulators and “get this right”.
At the Senate Banking Committee
On Tuesday, the senate committee had similar concerns and Marcus went about explaining what Libra was, how it could change the way people do personal finance, etc. He also mentioned consumer protections like making mandatory a valid photo ID. In addition, Marcus tried to push the idea that the U.S. should take a leading role in developing a new global currency before others did (interesting that the company didn’t choose the U.S. as its headquarters though).
Others Are Also Concerned
Treasury Secretary Steven Mnuchin, for one, is concerned about national security money laundering and other illicit activities. “We will not allow digital asset service providers to operate in the shadows.” “Bitcoin is highly volatile and based on thin air,” Mnuchin said. “We are concerned about the speculative nature of Bitcoin and will make sure that the U.S. financial system is protected from fraud.”
Federal Reserve Chairman Jerome Powell thinks the broad adoption of digital currencies like Libra could be risky on multiple counts.
President Donald Trump said that Libra and other cryptocurrencies should face banking regulations. He also said that the U.S. regulatory system may not be adequately equipped to handle the broad adoption of the huge digital payment system that Facebook envisaged.
The Group of Seven (G7) Are Concerned
Much the same concerns were raised at the G7 meeting in Chantilly, France. Country leaders were also concerned about the safeguards to withstand a run on reserves and users' privacy and ownership rights.
Benoit Coeure, the European Central Bank board member said his G7 working group on stablecoins would work on the matter until the International Monetary Fund's annual meeting in October, after which it will hand over the matter to the Financial Stability Board of global financial regulators. He also outlined the broad risks-
"A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion. However ... they give rise to a number of risks related to public policy priorities including anti-money laundering and countering the financing of terrorism, consumer and data protection, cyber resilience, fair competition and tax compliance…Market discipline is useful but I wouldn't see it as progress to shift monetary sovereignty from governments to private multinationals."
Finance Minister Bruno Le Maire of France, which holds the rotating presidency of the G7 top world economies, told a news conference, "We cannot accept private companies issuing their own currencies without democratic control." He spoke for the ministers and governors to say that "stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns."
The G7 also agreed to tax large tech companies for money they made in a country even if they weren’t physically present. They agreed to fix a minimum taxation to eliminate competition between themselves for foreign investments. France, Italy, Britain and Spain already have a plan in force that could be replaced with the new tax.
What the Market's Saying
Coin Center Executive Director Jerry Brito says that Libra is a company-issued asset whereas a true cryptocurrency has decentralized control and wasn’t issued by any central authority. For instance, no company issues bitcoin.
Blockchain Association Director Kristin Smith seemed to welcome the publicity Libra brought while remaining wary about Facebook’s past. It’s mixed,” she said. “We certainly don’t want the whole industry to become associated with some of the issues that Facebook has had as a company in the past.’’
Cryptocurrencies were appreciating after the announcement of Libra, but lost some value in the last week as regulators pressed down on Facebook. All the major currencies including bitcoin, ethereum and ripple responded.
Conclusion
A few weeks into the debate and it does look like Facebook has bitten off more than it can chew. To convince regulators the world over about the efficacy of broadly adopting a stable coin is going to be neither easy, nor cheap.
No doubt the idea was innovative and something governments might pursue in the future (as the People’s Bank of China has apparently said it’s doing), especially given the growing digitization of services. But there doesn’t seem to be a good reason they would turn over control to a private multinational company.
And then of course there’s the question of how Facebook has reacted to its mistakes/transgressions in the past. None of that inspires a lot of confidence. As Senator Sherrod Brown said, it is like the “toddler” with the book of matches. “Facebook has burned down the house over and over and called every arson a learning experience.”
That said, if the government wants to really block the company, it has to come up with some legislation or designate the regulator.
Facebook has a Zacks Rank #2 (Buy). Other buy-ranked companies include Yirendai YRD, Dropbox DBX and and Healthstream HSTM. Or you can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just releasedCentury of Biology: 7 Biotech Stocks to Buy Right Nowto help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of+98%,+119%and+164%in as little as 1 month. The stocks in this report could perform even better.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reporteBay Inc. (EBAY) : Free Stock Analysis ReportFacebook, Inc. (FB) : Free Stock Analysis ReportYirendai Ltd. (YRD) : Free Stock Analysis ReportHealthStream, Inc. (HSTM) : Free Stock Analysis ReportPayPal Holdings, Inc. (PYPL) : Free Stock Analysis ReportDropbox, Inc. (DBX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Facebook Libra Update: Regulation Takes Center Stage: Regulators the world over are gearing up to create a framework that could monitor, direct and control the way cryptocurrencies like bitcoin and Facebook’s FB Libra operate. Cryptocurrencies have been around for a while, but Facebook’s June 18 announcement that Libra would hit markets in 2020 has created the urgency. That’s because Facebook has a huge network of 2 billion people that could make the kind of difference to economies and governments that can’t be dreamed of by other fiat/crypto coin systems. And Facebook has a spotty history of maintaining users’ privacy and security. Facebook’s David Marcus, who joined the company from PayPal PYPL, back when it was still a part of eBay EBAY, is co-creator of Libra and the head of Switzerland-based Facebook company responsible for Libra. So in that capacity, he faced questions from the Senate Banking Committee and the House Committee on Financial Services last week. At the House Committee on Financial Services Chairwoman Maxine Waters has been sharply critical of Libra since its launch. So at the meeting on Wednesday, she said that Libra would allow the company "to wield immense power that could disrupt” governments and central banks. Given the repercussions for people, banks and governments all over the world, Democratic Representative Carolyn Maloney, strongly opposed the launch of Libra. She suggested that the company at least do a pilot program with a million users overseen by U.S. financial regulators, including the Federal Reserve. "I don't think you should launch Libra at all…At the very least you should agree to do this small pilot program," she said. Democratic U.S. Representative Alma Adams pointed to privacy and security issues for users: "You expect us to believe that you're going to start collecting financial data and not share it because you promised not to do that?" she said. There were also concerns regarding consumer protection and prevention of use for illegal activities like money laundering or terrorist financing. Story continues Republican U.S. Representative Ann Wagner mentioned every other concern while saying that the launch seemed hurried. "I'm concerned a 2020 launch date represents deep insensitivities about how Libra could impact U.S. financial security, the global financial system, the privacy of people across the globe, criminal activity and international human rights." Marcus explained that the company viewed Libra as a payment tool rather than a security or an exchange-traded fund (an indication that it was not subject to oversight by the SEC. The company hasn’t spoken to SEC Chairman Jay Clayton yet, although representatives have reportedly reached out to others in the organization). He said that it could be treated as a commodity under current law. While remaining noncommittal about a pilot program, he promised to do whatever was necessary to satisfy regulators and “get this right”. At the Senate Banking Committee On Tuesday, the senate committee had similar concerns and Marcus went about explaining what Libra was, how it could change the way people do personal finance, etc. He also mentioned consumer protections like making mandatory a valid photo ID. In addition, Marcus tried to push the idea that the U.S. should take a leading role in developing a new global currency before others did (interesting that the company didn’t choose the U.S. as its headquarters though). Others Are Also Concerned Treasury Secretary Steven Mnuchin, for one, is concerned about national security money laundering and other illicit activities. “We will not allow digital asset service providers to operate in the shadows.” “Bitcoin is highly volatile and based on thin air,” Mnuchin said. “We are concerned about the speculative nature of Bitcoin and will make sure that the U.S. financial system is protected from fraud.” Federal Reserve Chairman Jerome Powell thinks the broad adoption of digital currencies like Libra could be risky on multiple counts. President Donald Trump said that Libra and other cryptocurrencies should face banking regulations. He also said that the U.S. regulatory system may not be adequately equipped to handle the broad adoption of the huge digital payment system that Facebook envisaged. The Group of Seven (G7) Are Concerned Much the same concerns were raised at the G7 meeting in Chantilly, France. Country leaders were also concerned about the safeguards to withstand a run on reserves and users' privacy and ownership rights. Benoit Coeure, the European Central Bank board member said his G7 working group on stablecoins would work on the matter until the International Monetary Fund's annual meeting in October, after which it will hand over the matter to the Financial Stability Board of global financial regulators. He also outlined the broad risks- "A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion. However ... they give rise to a number of risks related to public policy priorities including anti-money laundering and countering the financing of terrorism, consumer and data protection, cyber resilience, fair competition and tax compliance…Market discipline is useful but I wouldn't see it as progress to shift monetary sovereignty from governments to private multinationals." Finance Minister Bruno Le Maire of France, which holds the rotating presidency of the G7 top world economies, told a news conference, "We cannot accept private companies issuing their own currencies without democratic control." He spoke for the ministers and governors to say that "stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns." The G7 also agreed to tax large tech companies for money they made in a country even if they weren’t physically present. They agreed to fix a minimum taxation to eliminate competition between themselves for foreign investments. France, Italy, Britain and Spain already have a plan in force that could be replaced with the new tax. What the Market's Saying Coin Center Executive Director Jerry Brito says that Libra is a company-issued asset whereas a true cryptocurrency has decentralized control and wasn’t issued by any central authority. For instance, no company issues bitcoin. Blockchain Association Director Kristin Smith seemed to welcome the publicity Libra brought while remaining wary about Facebook’s past. It’s mixed,” she said. “We certainly don’t want the whole industry to become associated with some of the issues that Facebook has had as a company in the past.’’ Cryptocurrencies were appreciating after the announcement of Libra, but lost some value in the last week as regulators pressed down on Facebook. All the major currencies including bitcoin, ethereum and ripple responded. Conclusion A few weeks into the debate and it does look like Facebook has bitten off more than it can chew. To convince regulators the world over about the efficacy of broadly adopting a stable coin is going to be neither easy, nor cheap. No doubt the idea was innovative and something governments might pursue in the future (as the People’s Bank of China has apparently said it’s doing), especially given the growing digitization of services. But there doesn’t seem to be a good reason they would turn over control to a private multinational company. And then of course there’s the question of how Facebook has reacted to its mistakes/transgressions in the past. None of that inspires a lot of confidence. As Senator Sherrod Brown said, it is like the “toddler” with the book of matches. “Facebook has burned down the house over and over and called every arson a learning experience.” That said, if the government wants to really block the company, it has to come up with some legislation or designate the regulator. Facebook has a Zacks Rank #2 (Buy). Other buy-ranked companies include Yirendai YRD, Dropbox DBX and and Healthstream HSTM. Or you can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here . Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98% , +119% and +164% in as little as 1 month. The stocks in this report could perform even better. See these 7 breakthrough stocks now>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report eBay Inc. (EBAY) : Free Stock Analysis Report Facebook, Inc. (FB) : Free Stock Analysis Report Yirendai Ltd. (YRD) : Free Stock Analysis Report HealthStream, Inc. (HSTM) : Free Stock Analysis Report PayPal Holdings, Inc. (PYPL) : Free Stock Analysis Report Dropbox, Inc. (DBX) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Iran Legalizes Crypto Mining: Iran is officially recognizing cryptocurrency mining as an industry within its borders.
According to the IranChamber of Commerce, Industries, Mines and Agriculture, a government economic commission approved crypto mining on Sunday, with the government now looking for ways to regulate this activity within its existing legal structure.
“A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting,” Central Bank of Iran governor Abdolnaser Hemmati said in a statement.
Related:Iranian Authorities Shut Down Two Crypto Mining Farms Amid Power Spike
Similarly, deputy minister energy for electricity and energy Homayun Haeri said government ministers will vote on a measure to approve an electricity rate for mining farms.
The Iranian government has been vacillating on whether to approve of mining as an industry or not. Last month, two mining farms wereseized and shut down by authorities.
Haeri has also been quoted in the past as saying that the governmentshould not subsidizecrypto mining efforts
However, the region haslong been attractive to minersdue to cheap electricity rates available.
Related:Crypto Miners’ Electricity Shouldn’t Be Subsidized: Iranian Energy Minister
While crypto mining appears to have been given a tentative green light in Iran, it is unclear whether officials are changing their stance on using cryptocurrencies for domestic payments, and if so, how.
The central bank recommended barringcrypto usage for domestic paymentsat the end of January, though local industry stakeholders are pushing back against such a ban.
Two Iranian nationals remain the only individuals to be placed onto the U.S. State Department Office of Foreign Asset Control (OFAC)’s sanctions list for bitcoin activities specifically.
Last year, OFAC sanctioned Ali Khorashadizadeh and Mohammad Ghorbaniyan for their alleged roles infacilitating paymentsfor the SamSam ransomware.
While Ghorbaniyan admits to facilitating these payments, he claimshe was not awareof the funds’ origins.
Correction (July 23, 2019, 13:15 UTC):This article previously identified the Iran Chamber of Commerce, Industries, Mines and Agriculture as a government entity. It is actually reporting on the actions of a government commission.
Iranimage via Shutterstock
• LocalBitcoins Bans Bitcoin Buying in Iran in Blow to Rising Crypto Commerce
• Iran’s Crypto Regulations: What’s Happening Behind Closed Doors || Iran Legalizes Crypto Mining: Iran is officially recognizing cryptocurrency mining as an industry within its borders. According to the Iran Chamber of Commerce, Industries, Mines and Agriculture , a government economic commission approved crypto mining on Sunday, with the government now looking for ways to regulate this activity within its existing legal structure. “A mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting,” Central Bank of Iran governor Abdolnaser Hemmati said in a statement. Related: Iranian Authorities Shut Down Two Crypto Mining Farms Amid Power Spike Similarly, deputy minister energy for electricity and energy Homayun Haeri said government ministers will vote on a measure to approve an electricity rate for mining farms. The Iranian government has been vacillating on whether to approve of mining as an industry or not. Last month, two mining farms were seized and shut down by authorities . Haeri has also been quoted in the past as saying that the government should not subsidize crypto mining efforts However, the region has long been attractive to miners due to cheap electricity rates available. Crypto usage Related: Crypto Miners’ Electricity Shouldn’t Be Subsidized: Iranian Energy Minister While crypto mining appears to have been given a tentative green light in Iran, it is unclear whether officials are changing their stance on using cryptocurrencies for domestic payments, and if so, how. The central bank recommended barring crypto usage for domestic payments at the end of January, though local industry stakeholders are pushing back against such a ban. Two Iranian nationals remain the only individuals to be placed onto the U.S. State Department Office of Foreign Asset Control (OFAC)’s sanctions list for bitcoin activities specifically. Last year, OFAC sanctioned Ali Khorashadizadeh and Mohammad Ghorbaniyan for their alleged roles in facilitating payments for the SamSam ransomware. Story continues While Ghorbaniyan admits to facilitating these payments, he claims he was not aware of the funds’ origins. Correction (July 23, 2019, 13:15 UTC): This article previously identified the Iran Chamber of Commerce, Industries, Mines and Agriculture as a government entity. It is actually reporting on the actions of a government commission. Iran image via Shutterstock Related Stories LocalBitcoins Bans Bitcoin Buying in Iran in Blow to Rising Crypto Commerce Iran’s Crypto Regulations: What’s Happening Behind Closed Doors || U.S. foes are weaponizing cryptocurrency says new report: A new study from the Foundation for Defense of Democracies (FDD) claimscryptocurrenciesare being used byU.S.adversaries to circumvent the nation’s geopolitical supremacy.
Thereport—published the same day thatPresident Trump slammed Bitcoinon Twitter—focuses on Venezuela, China, Iran, and Russia, the four countries that are either subject to or most at risk of U.S. sanctions.
Venezuelahas already launched a national crypto and China recentlyacceleratedits plans to do the same. Russia, meanwhile, is piloting multiple blockchain projects, seeking to develop a strategic advantage, and—on Saturday—Iranunveiledplans for a gold-backed cryptocurrency.
The FDD study warns that a national digital currency issued by any these nations—particularly one tied to a major commodity, such as oil—may make sanctions much harder to enforce. Washington, it said, needs to “cultivate the expertise and influence to lead in what is becoming an international crypto race.”
China, says the report—while locked in a trade war with America, is currently not subject to sanctions—poses the biggest threat. It’s the most technologically advanced of the U.S. adversaries, has the biggest economy and influence on world trade. It’s piloting blockchain technology, and a national cryptocurrency could compete with the dollar-based financial system.
“China’s buy-in, if it involved moving its trade onto a blockchain platform outside the conventional system, would be a game-changer,” said the report.
But the study also cautions against other—more clandestine—approaches U.S. foes could adopt.
These include creating a digital currency wallet infrastructure that allows residents to hold and trade crypto and use it for local transactions, or building significant reserves in a widely adopted cryptocurrency, and using these to gain more influence in the global financial system.
While Russia’s plans for its own crypto are purelyunder consideration, or so it claims, there are already suggestions that Russia is sidestepping U.S. sanctions byinvestingin bitcoin.
Statements made by Vladimir Putin, while not referencing bitcoin directly, suggest that, as Russian dollar assets decrease as a result of U.S. sanctions,“the world will look for alternative savings and transaction methods.” And analysts have highlighted an increase in over-the-counter trading of Bitcoin in Russia—where large quantities are traded, bypassing official exchanges.
Meanwhile, the freshdetailsabout Iran’s plans for a gold-backed cryptocurrency reveal that it will be mined by a small consortium of private Iranian tech companies. Shahab Javanmardi, CEO of FANAP, an Iranian IT firm, also revealed that the new crypto will utilize Iran’s supplies of cheap electricity to “ease optimal use of Iranian banks’ frozen resources.”
The acting head of Iran’s Trade Promotion Organization has also claimed that “Iran is negotiating the use of cryptocurrency in its financial transactions with Austria, Bosnia, Britain, France, Germany, Russia, South Africa, and Switzerland to “circumvent U.S.-led sanctions.”
Venezuela is, to date, the only country to have issued a cryptocurrency, albeit one that has been derided by both the country’s citizens and international trading partners. However the report warned that the experiment is being used as “a valuable case study for other regimes to learn what not to do in deploying a blockchain sanctions resistance plan.”
The U.S., says the report, is at risk of being blindsided as the American financial sector has fewer short-term plans to build out the new types of money transfer systems that are being developed by its adversaries.
“Technology has created a potential pathway to alternative financial value transfer systems outside of U.S. control,” said the report. “The target timeline may be two to three decades, but these actors are developing the building blocks now.” || U.S. foes are weaponizing cryptocurrency says new report: A new study from the Foundation for Defense of Democracies (FDD) claims cryptocurrencies are being used by U.S. adversaries to circumvent the nations geopolitical supremacy. The report published the same day that President Trump slammed Bitcoin on Twitterfocuses on Venezuela, China, Iran, and Russia, the four countries that are either subject to or most at risk of U.S. sanctions. Venezuela has already launched a national crypto and China recently accelerated its plans to do the same. Russia, meanwhile, is piloting multiple blockchain projects, seeking to develop a strategic advantage, andon SaturdayIran unveiled plans for a gold-backed cryptocurrency. The FDD study warns that a national digital currency issued by any these nationsparticularly one tied to a major commodity, such as oilmay make sanctions much harder to enforce. Washington, it said, needs to cultivate the expertise and influence to lead in what is becoming an international crypto race. China, says the reportwhile locked in a trade war with America, is currently not subject to sanctionsposes the biggest threat. Its the most technologically advanced of the U.S. adversaries, has the biggest economy and influence on world trade. Its piloting blockchain technology, and a national cryptocurrency could compete with the dollar-based financial system. Chinas buy-in, if it involved moving its trade onto a blockchain platform outside the conventional system, would be a game-changer, said the report. But the study also cautions against othermore clandestineapproaches U.S. foes could adopt. These include creating a digital currency wallet infrastructure that allows residents to hold and trade crypto and use it for local transactions, or building significant reserves in a widely adopted cryptocurrency, and using these to gain more influence in the global financial system. Telegram fever: the crypto messenger shaking up the world While Russias plans for its own crypto are purely under consideration , or so it claims, there are already suggestions that Russia is sidestepping U.S. sanctions by investing in bitcoin. Story continues Statements made by Vladimir Putin, while not referencing bitcoin directly, suggest that, as Russian dollar assets decrease as a result of U.S. sanctions,the world will look for alternative savings and transaction methods. And analysts have highlighted an increase in over-the-counter trading of Bitcoin in Russiawhere large quantities are traded, bypassing official exchanges. Meanwhile, the fresh details about Irans plans for a gold-backed cryptocurrency reveal that it will be mined by a small consortium of private Iranian tech companies. Shahab Javanmardi, CEO of FANAP, an Iranian IT firm, also revealed that the new crypto will utilize Irans supplies of cheap electricity to ease optimal use of Iranian banks frozen resources. The acting head of Irans Trade Promotion Organization has also claimed that Iran is negotiating the use of cryptocurrency in its financial transactions with Austria, Bosnia, Britain, France, Germany, Russia, South Africa, and Switzerland to circumvent U.S.-led sanctions. Venezuela is, to date, the only country to have issued a cryptocurrency, albeit one that has been derided by both the countrys citizens and international trading partners. However the report warned that the experiment is being used as a valuable case study for other regimes to learn what not to do in deploying a blockchain sanctions resistance plan. The U.S., says the report, is at risk of being blindsided as the American financial sector has fewer short-term plans to build out the new types of money transfer systems that are being developed by its adversaries. Technology has created a potential pathway to alternative financial value transfer systems outside of U.S. control, said the report. The target timeline may be two to three decades, but these actors are developing the building blocks now. || Bakkt Is Scheduled to Start Testing Its Bitcoin Futures Contracts Today: UPDATE (July 22, 2019, 19:35 UTC):Bakkttweeted Monday afternoonthat “Testing is proceeding as planned with participants from around the world,” with user acceptance testing including both its daily and its monthly contracts.
Bitcoin futures platform Bakkt is scheduled to begin testing its new contracts Monday.
Nearly a year since revealingits ambitious vision, Intercontinental Exchange (ICE) is still waiting on regulatory approvals to take the platform live. Still, despite having to delay its new market multiple times, the parent of the New York Stock Exchange is moving forward with plans to offer potentially the first physically-settled bitcoin futures in the U.S.
Related:TD Ameritrade-Backed ErisX Gets Green Light to Settle Futures in Bitcoin
Bakkt announced in May that it wouldbegin testingits bitcoin futures contracts in July, later firming upa July 22 test date.
It will apparently be testing two different types of contracts Monday:a daily and a monthly contract. Bakkt aims to list the futures, which would be traded through ICE Futures U.S. and cleared through ICE Clear U.S., the parent company’s clearinghouse.
It is unclear what specifically will be involved in the testing process. Bakkt did not reply to multiple requests for comment.
The company plans to offer U.S. traders access to physically-settled bitcoin futures contracts, which differ from the cash-settled futures contracts that Chicago exchanges CME and Cboe offered starting at the end of 2017. With cash-settled contracts, traders receive the cash equivalent to the contract’s value when it expires, while with a physically-settled contract they receive the actual underlying commodity – in this case, bitcoin.
Related:CFTC Approves LedgerX to Settle Futures in Real Bitcoin
Bakkt hopes to draw fresh institutional funding to the bitcoin ecosystem with its regulated product, which may attract investors wary of the broader market.
Bakkt initially announceda December 2018 launch date, beforedelaying to January 2019. The company announced another,indefinite delay lateras it continued working with regulators to secure the necessary approvals to launch.
While Bakkt was initially said to have asked the Commodity Futures Trading Commission (CFTC) to approve its new product, Bakkt announced in May that it had filed to self-certify the contracts instead.
Under a self-certification process, a company essentially verifies for the CFTC that its futures contracts fulfill all legal requirements. The CFTC can review this certification, but unless there are any legal or regulatory violations, it cannot stop the product from moving forward.
While Bakkt has self-certified its contracts, it cannot launch the product until it secures a trust company charter through the New York Department of Financial Services. It is unclear if Bakkt has also applied for one of New York’s signature BitLicenses.
Bakkt isn’t alone in trying to launch the first physically-settled bitcoin futures contracts in the U.S.:LedgerXandErisXhave both recently received CFTC approvals to offer their own such product. Neither company has yet announced a firm timeline for when they might launch.
Separately, Seed CX wants tolaunch forwards contracts, though it is waiting on regulatory approval.
CoinDesk’s Michael Casey, Bakkt CEO Kelly Loeffler and ICE CEO Jeff Sprecher at Consensus: Invest 2018, image via CoinDesk archives
• Bakkt Reveals Bitcoin Futures Contract Details Ahead of July Test Date
• Bakkt Sets July Test Date for Bitcoin Futures || Bakkt Is Scheduled to Start Testing Its Bitcoin Futures Contracts Today: UPDATE (July 22, 2019, 19:35 UTC): Bakkt tweeted Monday afternoon that “Testing is proceeding as planned with participants from around the world,” with user acceptance testing including both its daily and its monthly contracts. Bitcoin futures platform Bakkt is scheduled to begin testing its new contracts Monday. Nearly a year since revealing its ambitious vision , Intercontinental Exchange (ICE) is still waiting on regulatory approvals to take the platform live. Still, despite having to delay its new market multiple times, the parent of the New York Stock Exchange is moving forward with plans to offer potentially the first physically-settled bitcoin futures in the U.S. Related: TD Ameritrade-Backed ErisX Gets Green Light to Settle Futures in Bitcoin Bakkt announced in May that it would begin testing its bitcoin futures contracts in July, later firming up a July 22 test date . It will apparently be testing two different types of contracts Monday: a daily and a monthly contract . Bakkt aims to list the futures, which would be traded through ICE Futures U.S. and cleared through ICE Clear U.S., the parent company’s clearinghouse. It is unclear what specifically will be involved in the testing process. Bakkt did not reply to multiple requests for comment. The company plans to offer U.S. traders access to physically-settled bitcoin futures contracts, which differ from the cash-settled futures contracts that Chicago exchanges CME and Cboe offered starting at the end of 2017. With cash-settled contracts, traders receive the cash equivalent to the contract’s value when it expires, while with a physically-settled contract they receive the actual underlying commodity – in this case, bitcoin. Related: CFTC Approves LedgerX to Settle Futures in Real Bitcoin Bakkt hopes to draw fresh institutional funding to the bitcoin ecosystem with its regulated product, which may attract investors wary of the broader market. Launch delays Bakkt initially announced a December 2018 launch date , before delaying to January 2019 . The company announced another, indefinite delay later as it continued working with regulators to secure the necessary approvals to launch. Story continues While Bakkt was initially said to have asked the Commodity Futures Trading Commission (CFTC) to approve its new product, Bakkt announced in May that it had filed to self-certify the contracts instead. Under a self-certification process, a company essentially verifies for the CFTC that its futures contracts fulfill all legal requirements. The CFTC can review this certification, but unless there are any legal or regulatory violations, it cannot stop the product from moving forward. While Bakkt has self-certified its contracts, it cannot launch the product until it secures a trust company charter through the New York Department of Financial Services. It is unclear if Bakkt has also applied for one of New York’s signature BitLicenses. Bakkt isn’t alone in trying to launch the first physically-settled bitcoin futures contracts in the U.S.: LedgerX and ErisX have both recently received CFTC approvals to offer their own such product. Neither company has yet announced a firm timeline for when they might launch. Separately, Seed CX wants to launch forwards contracts , though it is waiting on regulatory approval. CoinDesk’s Michael Casey, Bakkt CEO Kelly Loeffler and ICE CEO Jeff Sprecher at Consensus: Invest 2018, image via CoinDesk archives Related Stories Bakkt Reveals Bitcoin Futures Contract Details Ahead of July Test Date Bakkt Sets July Test Date for Bitcoin Futures || Bakkt Is Scheduled to Start Testing Its Bitcoin Futures Contracts Today: UPDATE (July 22, 2019, 19:35 UTC):Bakkttweeted Monday afternoonthat “Testing is proceeding as planned with participants from around the world,” with user acceptance testing including both its daily and its monthly contracts.
Bitcoin futures platform Bakkt is scheduled to begin testing its new contracts Monday.
Nearly a year since revealingits ambitious vision, Intercontinental Exchange (ICE) is still waiting on regulatory approvals to take the platform live. Still, despite having to delay its new market multiple times, the parent of the New York Stock Exchange is moving forward with plans to offer potentially the first physically-settled bitcoin futures in the U.S.
Related:TD Ameritrade-Backed ErisX Gets Green Light to Settle Futures in Bitcoin
Bakkt announced in May that it wouldbegin testingits bitcoin futures contracts in July, later firming upa July 22 test date.
It will apparently be testing two different types of contracts Monday:a daily and a monthly contract. Bakkt aims to list the futures, which would be traded through ICE Futures U.S. and cleared through ICE Clear U.S., the parent company’s clearinghouse.
It is unclear what specifically will be involved in the testing process. Bakkt did not reply to multiple requests for comment.
The company plans to offer U.S. traders access to physically-settled bitcoin futures contracts, which differ from the cash-settled futures contracts that Chicago exchanges CME and Cboe offered starting at the end of 2017. With cash-settled contracts, traders receive the cash equivalent to the contract’s value when it expires, while with a physically-settled contract they receive the actual underlying commodity – in this case, bitcoin.
Related:CFTC Approves LedgerX to Settle Futures in Real Bitcoin
Bakkt hopes to draw fresh institutional funding to the bitcoin ecosystem with its regulated product, which may attract investors wary of the broader market.
Bakkt initially announceda December 2018 launch date, beforedelaying to January 2019. The company announced another,indefinite delay lateras it continued working with regulators to secure the necessary approvals to launch.
While Bakkt was initially said to have asked the Commodity Futures Trading Commission (CFTC) to approve its new product, Bakkt announced in May that it had filed to self-certify the contracts instead.
Under a self-certification process, a company essentially verifies for the CFTC that its futures contracts fulfill all legal requirements. The CFTC can review this certification, but unless there are any legal or regulatory violations, it cannot stop the product from moving forward.
While Bakkt has self-certified its contracts, it cannot launch the product until it secures a trust company charter through the New York Department of Financial Services. It is unclear if Bakkt has also applied for one of New York’s signature BitLicenses.
Bakkt isn’t alone in trying to launch the first physically-settled bitcoin futures contracts in the U.S.:LedgerXandErisXhave both recently received CFTC approvals to offer their own such product. Neither company has yet announced a firm timeline for when they might launch.
Separately, Seed CX wants tolaunch forwards contracts, though it is waiting on regulatory approval.
CoinDesk’s Michael Casey, Bakkt CEO Kelly Loeffler and ICE CEO Jeff Sprecher at Consensus: Invest 2018, image via CoinDesk archives
• Bakkt Reveals Bitcoin Futures Contract Details Ahead of July Test Date
• Bakkt Sets July Test Date for Bitcoin Futures || Aurora Cannabis Stock Is the Bitcoin of Equity Markets: In terms of volatility, Aurora Cannabis (NYSE: ACB ) stock seems like the bitcoin of equity markets. Aurora Cannabis Stock Is the Bitcoin of Equity Markets Source: Shutterstock ACB stock was trading at $6.19 on Jan. 24, 2019. It subsequently surged by 61% to $9.96 by the third week of March 2019. Renewed selling pressure has pushed Aurora Cannabis stock lower by 32% to current levels of $6.77. Consider the following points about the company and industry the estimated global market size for cannabis is $200 billion and Aurora Cannabis plans to go global. Aurora will ramp-up production to 625,000Kg/year in 2020 from production of 150,000Kg/year in early 2019. InvestorPlace - Stock Market News, Stock Advice & Trading Tips It leaves me wondering why Aurora Cannabis stock has failed to trend higher. ACB shares trade at almost the same level as it was in July 2018. 7 Cloud Computing Stocks to Buy for 2019 Well, there are undercurrents of concern amidst bright headline factors. This article will discuss some factors that make Aurora Cannabis stock less attractive than it seems. The Inventory Build-Up The cannabis demand and supply report by the Government of Canada clearly indicates significant build-up of dried cannabis. Unfinished inventory has increased from 96,822Kg in October 2018 to 183,785Kg in April 2019. It is also important to note that sales have grown at a relatively moderate pace. From the companys perspective, the trend in selling price of dried cannabis is indicative of the inventory build-up. The average selling price of dried cannabis was $8.02/Kg for 4Q18. After increasing to $8.39/Kg in 1Q19, the price declined to $6.23/Kg in 2Q19 and $5.86/Kg in 3Q19. Clearly, the trend is downward and I expect prices to trend lower as inventory remains robust. Even at company level, the biological inventory was C$28.4 million in 3Q18 and it has increased to C$118.0 million in 3Q19. The following point from the Government of Canada might also provide some insight on the sales and inventory build-up trend: On October 17, 2018, the Government launched a national Cannabis Tracking System to prevent legal cannabis from being diverted to the illegal market and to keep illegal cannabis out of the legal market. Federal license holders and provincial and territorial public bodies are required to report information to Health Canada on a monthly basis through a web-based application. The point I am trying to make here is that cannabis is potentially sold in illegal markets at a lower price and this adds to the pricing pressure for listed companies. Positives Discounted In Valuations Aurora Cannabis commands a market capitalization of $6.8 billion and I believe that current valuations have discounted potential positive triggers. Story continues The reason for this view is the fact that Aurora Cannabis has not even generated profits at operating level (adjusted EBITDA level). It is also worth noting that the companys debt is increasing and operating cash flow remains negative. With likely pressure on margins (reduced selling price of dry cannabis), the EBITDA and cash flow will remain negative. The question: Where exactly the $6.8 billion valuation coming from? The answer is the potential market size of $200 billion that I mentioned earlier. In addition, the companys focus on the medical industry has driven valuations higher. The company expects to garner higher margin from medical as well as other premium consumer products. While industry growth can gain traction in the coming years, the following points are worth noting First, Aurora Cannabis reported medical division revenue of C$25.1 million for 3Q19 , which was 8% higher than 2Q19 revenue of C$23.1 million. Sequential revenue growth has therefore been moderate. Second, international medical revenue was C$4.0 million in 3Q19 as compared to C$2.9 million in 2Q19. Therefore, international revenue from the medical segment is small. Importantly, regulatory headwinds are likely to be significant. It remains to be seen if international markets gain traction in the coming years. The key point: The medical division can possibly prop margins. But it is unlikely that the scale-up will happen soon. Whats more, cash burn is likely to sustain. Bottom Line on Aurora Cannabis Stock Medical products and other value-added edible products provide scope for EBITDA margin expansion. Growth in international markets can help Aurora Cannabis sustain revenue growth. In addition to the current focus on Europe, Asia also provides immense opportunity in the long term. However, uncertainties prevail in the near term. The big surge in unfinished inventory of dry cannabis in Canada is already an indication of intense competition in a market that promises to deliver value in the coming years. For the coming quarters, I remain bearish on Aurora Cannabis stock, as the valuations still appear stretched. Further, ACB needs to justify its valuation through sustained growth and show a profit at EBITDA level. As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities. More From InvestorPlace 2 Toxic Pot Stocks You Should Avoid 7 Defense Stocks to Buy to Fortify Your Portfolio 10 High-Flying, Overvalued Stocks in Danger of Crashing 8 Stocks to Buy That Are Growing Faster Than Amazon The post Aurora Cannabis Stock Is the Bitcoin of Equity Markets appeared first on InvestorPlace . View comments || Aurora Cannabis Stock Is the Bitcoin of Equity Markets: In terms of volatility,Aurora Cannabis(NYSE:ACB) stock seems like the bitcoin of equity markets.
Source: Shutterstock
ACB stock was trading at $6.19 on Jan. 24, 2019. It subsequently surged by 61% to $9.96 by the third week of March 2019. Renewed selling pressure has pushed Aurora Cannabis stock lower by 32% to current levels of $6.77.
Consider the following points about the company and industry — the estimatedglobal market sizefor cannabis is $200 billion and Aurora Cannabis plans to go global. Aurora will ramp-up production to 625,000Kg/year in 2020 from production of 150,000Kg/year in early 2019.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
It leaves me wondering why Aurora Cannabis stock has failed to trend higher. ACB shares trade at almost the same level as it was in July 2018.
• 7 Cloud Computing Stocks to Buy for 2019
Well, there are undercurrents of concern amidst bright headline factors. This article will discuss some factors that make Aurora Cannabis stock less attractive than it seems.
The cannabis demand and supply report by theGovernment of Canadaclearly indicates significant build-up of dried cannabis. Unfinished inventory has increased from 96,822Kg in October 2018 to 183,785Kg in April 2019. It is also important to note that sales have grown at a relatively moderate pace.
From the company’s perspective, the trend in selling price of dried cannabis is indicative of the inventory build-up. The average selling price of dried cannabis was $8.02/Kg for 4Q18. After increasing to $8.39/Kg in 1Q19, the price declined to $6.23/Kg in 2Q19 and $5.86/Kg in 3Q19.
Clearly, the trend is downward and I expect prices to trend lower as inventory remains robust. Even at company level, the biological inventory was C$28.4 million in 3Q18 and it has increased to C$118.0 million in 3Q19.
The following point from the Government of Canada might also provide some insight on the sales and inventory build-up trend:
“On October 17, 2018, the Government launched a national Cannabis Tracking System to prevent legal cannabis from being diverted to the illegal market and to keep illegal cannabis out of the legal market. Federal license holders and provincial and territorial public bodies are required to report information to Health Canada on a monthly basis through a web-based application.”
The point I am trying to make here is that cannabis is potentially sold in illegal markets at a lower price and this adds to the pricing pressure for listed companies.
Aurora Cannabis commands a market capitalization of $6.8 billion and I believe that current valuations have discounted potential positive triggers.
The reason for this view is the fact that Aurora Cannabis has not even generated profits at operating level (adjusted EBITDA level). It is also worth noting that the company’s debt is increasing and operating cash flow remains negative. With likely pressure on margins (reduced selling price of dry cannabis), the EBITDA and cash flow will remain negative.
The question: Where exactly the $6.8 billion valuation coming from?
The answer is the potential market size of $200 billion that I mentioned earlier.
In addition, the company’s focus on the medical industry has driven valuations higher. The company expects to garner higher margin from medical as well as other premium consumer products.
While industry growth can gain traction in the coming years, the following points are worth noting –
First, Aurora Cannabis reported medical division revenue of C$25.1 million for3Q19, which was 8% higher than 2Q19 revenue of C$23.1 million. Sequential revenue growth has therefore been moderate.
Second, international medical revenue was C$4.0 million in 3Q19 as compared to C$2.9 million in 2Q19. Therefore, international revenue from the medical segment is small. Importantly, regulatory headwinds are likely to be significant. It remains to be seen if international markets gain traction in the coming years.
The key point: The medical division can possibly prop margins. But it is unlikely that the scale-up will happen soon. What’s more, cash burn is likely to sustain.
Medical products and other value-added edible products provide scope for EBITDA margin expansion. Growth in international markets can help Aurora Cannabis sustain revenue growth. In addition to the current focus on Europe, Asia also providesimmense opportunityin the long term.
However, uncertainties prevail in the near term. The big surge in unfinished inventory of dry cannabis in Canada is already an indication of intense competition in a market that promises to deliver value in the coming years.
For the coming quarters, I remain bearish on Aurora Cannabis stock, as the valuations still appear stretched. Further, ACB needs to justify its valuation through sustained growth and show a profit at EBITDA level.
As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities.
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• 8 Stocks to Buy That Are Growing Faster Than Amazon
The postAurora Cannabis Stock Is the Bitcoin of Equity Marketsappeared first onInvestorPlace. || Aurora Cannabis Stock Is the Bitcoin of Equity Markets: In terms of volatility,Aurora Cannabis(NYSE:ACB) stock seems like the bitcoin of equity markets.
Source: Shutterstock
ACB stock was trading at $6.19 on Jan. 24, 2019. It subsequently surged by 61% to $9.96 by the third week of March 2019. Renewed selling pressure has pushed Aurora Cannabis stock lower by 32% to current levels of $6.77.
Consider the following points about the company and industry — the estimatedglobal market sizefor cannabis is $200 billion and Aurora Cannabis plans to go global. Aurora will ramp-up production to 625,000Kg/year in 2020 from production of 150,000Kg/year in early 2019.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
It leaves me wondering why Aurora Cannabis stock has failed to trend higher. ACB shares trade at almost the same level as it was in July 2018.
• 7 Cloud Computing Stocks to Buy for 2019
Well, there are undercurrents of concern amidst bright headline factors. This article will discuss some factors that make Aurora Cannabis stock less attractive than it seems.
The cannabis demand and supply report by theGovernment of Canadaclearly indicates significant build-up of dried cannabis. Unfinished inventory has increased from 96,822Kg in October 2018 to 183,785Kg in April 2019. It is also important to note that sales have grown at a relatively moderate pace.
From the company’s perspective, the trend in selling price of dried cannabis is indicative of the inventory build-up. The average selling price of dried cannabis was $8.02/Kg for 4Q18. After increasing to $8.39/Kg in 1Q19, the price declined to $6.23/Kg in 2Q19 and $5.86/Kg in 3Q19.
Clearly, the trend is downward and I expect prices to trend lower as inventory remains robust. Even at company level, the biological inventory was C$28.4 million in 3Q18 and it has increased to C$118.0 million in 3Q19.
The following point from the Government of Canada might also provide some insight on the sales and inventory build-up trend:
“On October 17, 2018, the Government launched a national Cannabis Tracking System to prevent legal cannabis from being diverted to the illegal market and to keep illegal cannabis out of the legal market. Federal license holders and provincial and territorial public bodies are required to report information to Health Canada on a monthly basis through a web-based application.”
The point I am trying to make here is that cannabis is potentially sold in illegal markets at a lower price and this adds to the pricing pressure for listed companies.
Aurora Cannabis commands a market capitalization of $6.8 billion and I believe that current valuations have discounted potential positive triggers.
The reason for this view is the fact that Aurora Cannabis has not even generated profits at operating level (adjusted EBITDA level). It is also worth noting that the company’s debt is increasing and operating cash flow remains negative. With likely pressure on margins (reduced selling price of dry cannabis), the EBITDA and cash flow will remain negative.
The question: Where exactly the $6.8 billion valuation coming from?
The answer is the potential market size of $200 billion that I mentioned earlier.
In addition, the company’s focus on the medical industry has driven valuations higher. The company expects to garner higher margin from medical as well as other premium consumer products.
While industry growth can gain traction in the coming years, the following points are worth noting –
First, Aurora Cannabis reported medical division revenue of C$25.1 million for3Q19, which was 8% higher than 2Q19 revenue of C$23.1 million. Sequential revenue growth has therefore been moderate.
Second, international medical revenue was C$4.0 million in 3Q19 as compared to C$2.9 million in 2Q19. Therefore, international revenue from the medical segment is small. Importantly, regulatory headwinds are likely to be significant. It remains to be seen if international markets gain traction in the coming years.
The key point: The medical division can possibly prop margins. But it is unlikely that the scale-up will happen soon. What’s more, cash burn is likely to sustain.
Medical products and other value-added edible products provide scope for EBITDA margin expansion. Growth in international markets can help Aurora Cannabis sustain revenue growth. In addition to the current focus on Europe, Asia also providesimmense opportunityin the long term.
However, uncertainties prevail in the near term. The big surge in unfinished inventory of dry cannabis in Canada is already an indication of intense competition in a market that promises to deliver value in the coming years.
For the coming quarters, I remain bearish on Aurora Cannabis stock, as the valuations still appear stretched. Further, ACB needs to justify its valuation through sustained growth and show a profit at EBITDA level.
As of this writing, Faisal Humayun did not hold a position in any of the aforementioned securities.
• 2 Toxic Pot Stocks You Should Avoid
• 7 Defense Stocks to Buy to Fortify Your Portfolio
• 10 High-Flying, Overvalued Stocks in Danger of Crashing
• 8 Stocks to Buy That Are Growing Faster Than Amazon
The postAurora Cannabis Stock Is the Bitcoin of Equity Marketsappeared first onInvestorPlace. || Marijuana Stocks: How to Start Investing in Pot’s Explosive Growth: YOLO. marijuana leaf Source: Shutterstock That acronym for “you only live once” is now an official word in the English language. Texters and social media posters used it so much that it was added to the Oxford English Dictionary three years ago. I must say, I got a chuckle out of the definition. According to the dictionary, YOLO expresses “the view that one should make the most of the present moment without worrying about the future, and [is] often used as a rationale for impulsive or reckless behavior.” InvestorPlace - Stock Market News, Stock Advice & Trading Tips Leave it to the dictionary to take all the fun out of it. Believe me, I’m all for making the most of the present, but I don’t believe we should have a carefree attitude about the future. Especially when it comes to retirement. We need to prepare for it. And when it comes to your financial future, you definitely do not want impulsive or reckless behavior. That’s especially true when investing in marijuana stocks, which are unquestionably one of the best investment opportunities of our lifetimes . You can get really burned if you’re impulsive or reckless. I bring this up because YOLO is actually a ticker symbol for a recent marijuana-related exchange-traded fund (ETF) called the AdvisorShares Pure Cannabis ETF , which debuted in April. As legalization spreads and the industry grows, cannabis ETFs are in the midst of their own marijuana craze. In just the last couple of weeks, three new funds have started trading or announced that they are about to: The Cannabis ETF (THCX), Amplify Seymour Cannabis ETF (CNBS), and Cambria Marijuana ETF (TOKE). I must say, YOLO and TOKE win the best symbols award … at least for now. These new funds have a long way to go to catch up with the leaders. ETFMG Alternative Harvest ETF (MJ) has $1.15 billion in net assets, while Horizons Marijuana Life Sciences Index ETF (HMMJ) is next with $788 million. Story continues I get asked all of the time about marijuana ETFs, especially from people who are new to investing. Marijuana’s huge potential has attracted folks with less investing experience, so I created a special five-part video series “masterclass” on marijuana investing to show them how to get started and answer a lot of these kinds of questions. So are ETFs good for marijuana investing? Yes. And no. I know that doesn’t sound very helpful, so let me explain what I mean. Get the Best of Both Worlds Investing in a marijuana ETF is better than not investing in marijuana at all. If that’s what makes you comfortable, you should do it. I’d rather see you get at least some exposure to this incredible opportunity. At the moment, I like both the established Alternative Harvest ETF and YOLO, but the others are worth watching. On the other hand, there is a better way to get all of the benefits of an ETF but make more money. You basically build your own smart ETF, a strategy we use often in my investing services . Most ETFs hold dozens or even hundreds of different companies. They can give you diversified exposure to a sector or country, and they can be very useful investment vehicles. However, because ETFs hold so many stocks, a buyer is virtually guaranteed to end up owning a lot of average companies — and even some crappy ones. You have to take the bad with the good. You can’t separate them. But you can with your own ETF. By purchasing a handful of the best companies, you avoid owning the weak players. This gives you big upside potential while still providing you with diversification. It’s a smart way to invest in big themes like marijuana. You get an excellent balance of risk and reward. It’s not always possible to buy a basket in a sector. Sometimes, there aren’t many good individual companies trading at good prices in a sector at the same time. That’s not the case with marijuana. The exploding industry is perfect for creating your own ETF. There are bigger companies and smaller companies. Companies that grow marijuana. Companies that extract oils. Companies that own retail shops. Companies that recently went public. Companies jumping from small stock exchanges to big stock exchanges. Medical marijuana companies. Even marijuana software companies. There are so many good cannabis opportunities that you should own enough stocks to build your own ETF anyway. I find this approach helps investors who are leery of investing in marijuana or new to investing. Do me a favor and think about it. Legal marijuana is slated to skyrocket from less than $10 billion today, into a $100 BILLION juggernaut. That makes it easily the biggest investment opportunity over the next few years. If you learn nothing else from me, I hope you will at least look into this once-in-a-generation opportunity. And if you need help getting started, just let me know . Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else, click here to learn more about Matt McCall and his investments strategy today . More From InvestorPlace 2 Toxic Pot Stocks You Should Avoid 10 Stocks to Buy From This Superstar Fund 7 Stocks to Buy This Summer Earnings Season 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post Marijuana Stocks: How to Start Investing in Pot’s Explosive Growth appeared first on InvestorPlace . || Marijuana Stocks: How to Start Investing in Pot’s Explosive Growth: YOLO.
Source: Shutterstock
That acronym for “you only live once” is now an official word in the English language. Texters and social media posters used it so much that it was added to the Oxford English Dictionary three years ago.
I must say, I got a chuckle out of the definition. According to the dictionary, YOLO expresses “the view that one should make the most of the present moment without worrying about the future, and [is] often used as a rationale for impulsive or reckless behavior.”
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Leave it to the dictionary to take all the fun out of it.
Believe me, I’m all for making the most of the present, but I don’t believe we should have a carefree attitude about the future. Especially when it comes to retirement. We need to prepare for it. And when it comes to your financial future, you definitely donotwant impulsive or reckless behavior.
That’s especially true when investing in marijuana stocks, which are unquestionablyone of the best investment opportunities of our lifetimes. You can get really burned if you’re impulsive or reckless.
I bring this up because YOLO is actually a ticker symbol for a recent marijuana-related exchange-traded fund (ETF) called theAdvisorShares Pure Cannabis ETF, which debuted in April.
As legalization spreads and the industry grows, cannabis ETFs are in the midst of their own marijuana craze. In just the last couple of weeks, three new funds have started trading or announced that they are about to:The Cannabis ETF(THCX),Amplify Seymour Cannabis ETF(CNBS), andCambria Marijuana ETF(TOKE).
I must say, YOLO and TOKE win the best symbols award … at least for now.
These new funds have a long way to go to catch up with the leaders.ETFMG Alternative Harvest ETF(MJ) has $1.15 billion in net assets, whileHorizons Marijuana Life Sciences Index ETF(HMMJ) is next with $788 million.
I get asked all of the time about marijuana ETFs, especially from people who are new to investing. Marijuana’s huge potential has attracted folks with less investing experience, so I created a specialfive-part video series “masterclass” on marijuana investingto show them how to get started and answer a lot of these kinds of questions.
So are ETFs good for marijuana investing?
Yes.
And no.
I know that doesn’t sound very helpful, so let me explain what I mean.
Investing in a marijuana ETF is better than not investing in marijuana at all. If that’s what makes you comfortable, you should do it. I’d rather see you get at least some exposure to this incredible opportunity. At the moment, I like both the established Alternative Harvest ETF and YOLO, but the others are worth watching.
On the other hand, there is a better way to get all of the benefits of an ETF but make more money. You basically build your own smart ETF, a strategy we use often in myinvesting services.
Most ETFs hold dozens or even hundreds of different companies. They can give you diversified exposure to a sector or country, and they can be very useful investment vehicles.
However, because ETFs hold so many stocks, a buyer is virtually guaranteed to end up owning a lot of average companies — and even some crappy ones. You have to take the bad with the good. You can’t separate them.
But you can with your own ETF. By purchasing a handful of the best companies, you avoid owning the weak players. This gives you big upside potential while still providing you with diversification.
It’s a smart way to invest in big themes like marijuana. You get an excellent balance of risk and reward.
It’s not always possible to buy a basket in a sector. Sometimes, there aren’t many good individual companies trading at good prices in a sector at the same time.
That’s not the case with marijuana. The exploding industry is perfect for creating your own ETF.
There are bigger companies and smaller companies. Companies that grow marijuana. Companies that extract oils. Companies that own retail shops. Companies that recently went public. Companies jumping from small stock exchanges to big stock exchanges. Medical marijuana companies. Even marijuana software companies.
There are so many good cannabis opportunities that you should own enough stocks to build your own ETF anyway.
I find this approach helps investors who are leery of investing in marijuana or new to investing. Do me a favor and think about it.
Legal marijuana is slated to skyrocket from less than $10 billion today, into a $100 BILLION juggernaut. That makes it easily the biggest investment opportunity over the next few years. If you learn nothing else from me, I hope you will at least look into this once-in-a-generation opportunity. And if you need help getting started,just let me know.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
• 2 Toxic Pot Stocks You Should Avoid
• 10 Stocks to Buy From This Superstar Fund
• 7 Stocks to Buy This Summer Earnings Season
• 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk
The postMarijuana Stocks: How to Start Investing in Pot’s Explosive Growthappeared first onInvestorPlace. || Monday's Market Minute: Keep an Eye On Crude Products Today: Crude oil products are trading higher this morning ahead of the cash open for U.S. stocks. The move up is on increased tensions in the Persian Gulf – on Friday, both /BZ and /CL broke a multi-day decline that had the WTI lower by 7% on the week.
Today, the U.K. will meet to discuss how to move forward and how to resolve the situation involving one of their tankers that’s been seized by Iranian forces. The aggressive actions on behalf of Iran is just the latest in an ongoing series of confrontations near the Strait of Hormuz, where last week, the U.S. shot down an Iranian drone. Surprisingly, the recent activity has had little impact on energy price prior to the end of last week. Crude’s limited reaction to the increased tensions have many looking to China’s demand concerns as the main force behind the recent price decay, as ongoing trade talks have stalled.
Further pointing to China demand concerns, last week the EIA reported the fifth weekly decline in crude inventories, and even that was unable to excite the bulls.
Information fromTDAis not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.
Image Sourced by Pixabay
See more from Benzinga
• Friday's Market Minute: Oil Roiled By Fundamental Factors
• Thursday's Market Minute: Netflix Continues To Take A Bite Out Of The FANG Index
• Wednesday's Market Minute: The Utility Of Bitcoin
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Monday's Market Minute: Keep an Eye On Crude Products Today: Crude oil products are trading higher this morning ahead of the cash open for U.S. stocks. The move up is on increased tensions in the Persian Gulf – on Friday, both /BZ and /CL broke a multi-day decline that had the WTI lower by 7% on the week. Today, the U.K. will meet to discuss how to move forward and how to resolve the situation involving one of their tankers that’s been seized by Iranian forces. The aggressive actions on behalf of Iran is just the latest in an ongoing series of confrontations near the Strait of Hormuz, where last week, the U.S. shot down an Iranian drone. Surprisingly, the recent activity has had little impact on energy price prior to the end of last week. Crude’s limited reaction to the increased tensions have many looking to China’s demand concerns as the main force behind the recent price decay, as ongoing trade talks have stalled. Further pointing to China demand concerns, last week the EIA reported the fifth weekly decline in crude inventories, and even that was unable to excite the bulls. Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade. Image Sourced by Pixabay See more from Benzinga Friday's Market Minute: Oil Roiled By Fundamental Factors Thursday's Market Minute: Netflix Continues To Take A Bite Out Of The FANG Index Wednesday's Market Minute: The Utility Of Bitcoin © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Number (almost) go up: Tether inadvertently prints five billion unbacked tethers: Tether unwittingly printed $5 billion worth of its supposedly dollar-backed cryptocurrency, USDT, on Sunday, citing human error. Tether had supposedly been assisting cryptocurrency exchange Poloniex in transferring a mere $50 million USDT from the Bitcoin-based Omni blockchain to the Tron blockchain. To do this, Tether had to “print” a set amount to be transferred. Though Tether insists that each new tether minted represents a dollar in an offshore bank account, it can print—that is, create—the tokens out of thin air, before the payments come through. In this case, it printed some $4.95 billion too many. “While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals,” Paolo Ardoino, the CTO of Tether sister company Bitfinex, wrote on Twitter. Nevertheless, Poloniex says the matter has now been “resolved.” The churning of the money printer got traders briefly excited. Large USDT prints are often generated in response to “rough, projected demand” from large investors , which often leads to an increase in Bitcoin’s price. (Bitcoin’s price did in fact spike three percent when the excess tethers were minted.) Elsewhere, USDT continues to be minted at a steady clip. Over the past two weeks, some $400 million have been created on the Ethereum blockchain— another platform many from the OMNI platform are “migrating” to. Last week, the New York Attorney General submitted a court filing alleging that USDT is sometimes “loaned” to investors without being paid for upfront. There was no immediate response from Bitfinex. || Number (almost) go up: Tether inadvertently prints five billion unbacked tethers: Tetherunwittingly printed $5 billion worth of its supposedly dollar-backed cryptocurrency, USDT, on Sunday, citing human error.
Tether had supposedly been assisting cryptocurrency exchange Poloniex in transferring a mere$50 millionUSDT from the Bitcoin-based Omni blockchain to the Tron blockchain. To do this, Tether had to “print” a set amount to be transferred.
Though Tether insists that each new tether minted represents a dollar in an offshore bank account, it can print—that is, create—the tokens out of thin air, before the payments come through.
In this case, it printed some $4.95 billion too many. “While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals,” Paolo Ardoino, the CTO of Tether sister company Bitfinex,wroteon Twitter.
Nevertheless, Poloniexsaysthe matter has now been “resolved.”
The churning of the money printer got traders briefly excited. Large USDT prints are often generatedin response to “rough, projected demand” from large investors, which often leads to an increase in Bitcoin’s price. (Bitcoin’s price did in fact spikethree percentwhen the excess tethers were minted.)
Elsewhere, USDT continues to be minted at a steady clip. Over the past two weeks, some $400 million have beencreatedon the Ethereum blockchain—anotherplatform many from the OMNI platform are “migrating” to.
Last week, the New York Attorney General submitted a court filingallegingthat USDT is sometimes “loaned” to investors without being paid for upfront.
There was no immediate response from Bitfinex.
[Social Media Buzz]
Bitcoin за три недели подешевел на 30% https://t.co/UApGVIAeTK || HEREISTITLE https://t.co/8RCml5sL6c #cryptocurrency #bitcoin #cryptonews #btcnews || UK watchdog warns financial advisors of fake Bitcoin email campaign https://t.co/2G8IlO2rpW || Arbistar 2.0, the Spanish version of bitcoin arbitrage -Have your own bot- or invest your bitcoins at +0.7% daily buy sell exchange change save withdrawals balances deposit trade
Sing-up: https://t.co/0b3rA7M1IO
nDEX ZenswapNetwork Natmin TheCurrency...
|
9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3666.78, 3671.20, 3690.19, 3648.43, 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84, 3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94, 3911.48, 3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46.
|
[Bitcoin Technical Analysis for 2019-05-08]
Volume: 15320605300, RSI (14-day): 74.82, 50-day EMA: 5088.60, 200-day EMA: 4869.70
[Wider Market Context]
Gold Price: 1279.40, Gold RSI: 46.65
Oil Price: 62.12, Oil RSI: 47.48
[Recent News (last 7 days)]
Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance: Hackers stole more than 7,000 bitcoin from crypto exchange Binance, the world’s largest by volume, the startup reported Tuesday.
Binance announcedthat a “large scale security breach” was discovered earlier on May 7, finding that malicious actors were able to access user API keys, two-factor authentication codes and “potentially other info,” the exchange’s CEO, Changpeng Zhao, said in a letter. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange, accordingto a transactionpublished in the security notice.
The disclosure comes hours after Zhao tweeted that the exchange was undertaking “some unscheduled server maintenance,” writing that “funds are #safu.” After the disclosure announcement, Zhao tweeted that the exchange would “provide a more detailed update shortly.”
A Visual Guide to the Hot, New Crypto Fundraising Mechanism – the IEO
The exchange may not yet have identified all impacted accounts, he said. And according to Binance’s statement, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings.
“All of our other wallets are secure and unharmed,” he said, adding:
“The hackers had the patience to wait, and execute well-prepared actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed.”
The withdrawal triggered internal alarms after it was executed, and Zhao said the exchange froze withdrawals following the discovery. While deposits and withdrawals will remain suspended for the next week, trading will be re-enabled, though he cautioned that “the hackers may still control certain user accounts.”
Binance, OKEx and KuCoin Are Using IEOs to Command the Spotlight
Binance will conduct “a thorough security review” encompassing its systems and data during the next week.
The exchange will use itsSecure Asset Fund for Users(SAFU fund) to cover the loss, which won’t impact users, according to the notice.
The fund consists of 10 percent of all trading fees absorbed by the exchange, and was initially launched to protect Binance’s users “in extreme cases,” according to a previous notice. It is stored in its own cold wallet.
“In this difficult time, we strive to maintain transparency and would be appreciative of your support,” Zhao said Tuesday.
He concluded the note by saying he would participate in a previously scheduled Twitter “ask-me-anything.”
CZ image courtesy Binance
• Binance’s Compliance Drive Continues With New Elliptic Partnership
• Crypto Crime May Have Cost Sector $1.2 Billion in Q1, Says Report || Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance: Hackers stole more than 7,000 bitcoin from crypto exchange Binance, the world’s largest by volume, the startup reported Tuesday.
Binance announcedthat a “large scale security breach” was discovered earlier on May 7, finding that malicious actors were able to access user API keys, two-factor authentication codes and “potentially other info,” the exchange’s CEO, Changpeng Zhao, said in a letter. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange, accordingto a transactionpublished in the security notice.
The disclosure comes hours after Zhao tweeted that the exchange was undertaking “some unscheduled server maintenance,” writing that “funds are #safu.” After the disclosure announcement, Zhao tweeted that the exchange would “provide a more detailed update shortly.”
A Visual Guide to the Hot, New Crypto Fundraising Mechanism – the IEO
The exchange may not yet have identified all impacted accounts, he said. And according to Binance’s statement, the breach only impacted Binance’s hot wallet, which contains roughly 2 percent of the exchange’s total bitcoin holdings.
“All of our other wallets are secure and unharmed,” he said, adding:
“The hackers had the patience to wait, and execute well-prepared actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed.”
The withdrawal triggered internal alarms after it was executed, and Zhao said the exchange froze withdrawals following the discovery. While deposits and withdrawals will remain suspended for the next week, trading will be re-enabled, though he cautioned that “the hackers may still control certain user accounts.”
Binance, OKEx and KuCoin Are Using IEOs to Command the Spotlight
Binance will conduct “a thorough security review” encompassing its systems and data during the next week.
The exchange will use itsSecure Asset Fund for Users(SAFU fund) to cover the loss, which won’t impact users, according to the notice.
The fund consists of 10 percent of all trading fees absorbed by the exchange, and was initially launched to protect Binance’s users “in extreme cases,” according to a previous notice. It is stored in its own cold wallet.
“In this difficult time, we strive to maintain transparency and would be appreciative of your support,” Zhao said Tuesday.
He concluded the note by saying he would participate in a previously scheduled Twitter “ask-me-anything.”
CZ image courtesy Binance
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• Crypto Crime May Have Cost Sector $1.2 Billion in Q1, Says Report || Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance: Hackers stole more than 7,000 bitcoin from crypto exchange Binance, the worlds largest by volume, the startup reported Tuesday. Binance announced that a large scale security breach was discovered earlier on May 7, finding that malicious actors were able to access user API keys, two-factor authentication codes and potentially other info, the exchanges CEO, Changpeng Zhao, said in a letter. As a result, they were able to withdraw roughly $41 million in bitcoin from the exchange, according to a transaction published in the security notice. The disclosure comes hours after Zhao tweeted that the exchange was undertaking some unscheduled server maintenance , writing that funds are #safu. After the disclosure announcement, Zhao tweeted that the exchange would provide a more detailed update shortly . A Visual Guide to the Hot, New Crypto Fundraising Mechanism the IEO The exchange may not yet have identified all impacted accounts, he said. And according to Binances statement, the breach only impacted Binances hot wallet, which contains roughly 2 percent of the exchanges total bitcoin holdings. All of our other wallets are secure and unharmed, he said, adding: The hackers had the patience to wait, and execute well-prepared actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. The withdrawal triggered internal alarms after it was executed, and Zhao said the exchange froze withdrawals following the discovery. While deposits and withdrawals will remain suspended for the next week, trading will be re-enabled, though he cautioned that the hackers may still control certain user accounts. Binance, OKEx and KuCoin Are Using IEOs to Command the Spotlight Binance will conduct a thorough security review encompassing its systems and data during the next week. Story continues The exchange will use its Secure Asset Fund for Users (SAFU fund) to cover the loss, which wont impact users, according to the notice. The fund consists of 10 percent of all trading fees absorbed by the exchange, and was initially launched to protect Binances users in extreme cases, according to a previous notice. It is stored in its own cold wallet. In this difficult time, we strive to maintain transparency and would be appreciative of your support, Zhao said Tuesday. He concluded the note by saying he would participate in a previously scheduled Twitter ask-me-anything. CZ image courtesy Binance Related Stories Binances Compliance Drive Continues With New Elliptic Partnership Crypto Crime May Have Cost Sector $1.2 Billion in Q1, Says Report || Turkish University Opens Blockchain Center at Boston's Northeastern University: Turkish Bahçeşehir University (BAU) has reportedly opened a blockchain center at Boston's Northeastern University (NEU) to provide informational support on blockchain technology, Daily Sabah reports on May 7. Apart from informational support, the BAU–NEU Blockchain Laboratory's objective is to apply for funds in the United States , the European Union and Turkey, thus boosting Turkey's presence in the blockchain market and attract specialists in the field. Commenting on the cooperation, Chair of the BAU Board of Trustees Enver Yücel said that he would also like to start blockchain-related master and doctoral education programs in partnership with the Turkish Exporter's Assembly. Bora Erdamar, director of BAU’s BlockchainIST Center, added: "[Blockchain] will directly change all sectors from logistics to trade, from education to health, from energy to agriculture where we need to keep our products and people's information in a safe environment." Blockchain technology has been gaining traction in the educational space. Recently, two South Korean universities, Yonsei University and Pohang University of Science and Technology, collaborated to develop an entire Blockchain Campus with its own cryptocurrency . Within the initiative, a student-centered project aims to increase day-to-day cryptocurrency usage. The Indian Institute of Management (IIM) Calcutta and training platform TalentSpirit began jointly offering an advanced program in fintech and blockchain technology in February. The program is reportedly targeted at management and finance professionals aiming to educate participants on financial technology growth and its potential impact on the banking and financial ecosystem. Related Articles: Four Leading US Drug Companies Join Blockchain Project to Manage Chargebacks Singapore Gov’t Leads Project ‘OpenCerts’ to Issue Graduate Certificates on Blockchain 11% of Americans Own Bitcoin, Major Awareness Increased Since 2017 Ohio State Legislature Introduces Bill to Allow Gov’t to Implement Blockchain Solutions || Turkish University Opens Blockchain Center at Boston's Northeastern University: TurkishBahçeşehir University (BAU) has reportedly opened ablockchaincenter at Boston's Northeastern University (NEU) to provide informational support on blockchain technology, Daily Sabahreportson May 7.
Apart from informational support, the BAU–NEU Blockchain Laboratory's objective is to apply for funds in theUnited States, theEuropean Unionand Turkey, thus boosting Turkey's presence in the blockchain market and attract specialists in the field.
Commenting on the cooperation, Chair of the BAU Board of Trustees Enver Yücel said that he would also like to start blockchain-related master and doctoral education programs in partnership with the Turkish Exporter's Assembly. Bora Erdamar, director of BAU’s BlockchainIST Center, added:
"[Blockchain] will directly change all sectors from logistics to trade, from education to health, from energy to agriculture where we need to keep our products and people's information in a safe environment."
Blockchain technology has been gaining traction in theeducationalspace. Recently, twoSouth Koreanuniversities, Yonsei University and Pohang University of Science and Technology,collaboratedto develop an entire Blockchain Campus with its owncryptocurrency. Within the initiative, a student-centered project aims to increase day-to-day cryptocurrency usage.
The Indian Institute of Management (IIM) Calcutta and training platform TalentSpiritbeganjointly offering an advanced program infintechand blockchain technology in February. The program is reportedly targeted at management and finance professionals aiming to educate participants on financial technology growth and its potential impact on the banking and financial ecosystem.
• Four Leading US Drug Companies Join Blockchain Project to Manage Chargebacks
• Singapore Gov’t Leads Project ‘OpenCerts’ to Issue Graduate Certificates on Blockchain
• 11% of Americans Own Bitcoin, Major Awareness Increased Since 2017
• Ohio State Legislature Introduces Bill to Allow Gov’t to Implement Blockchain Solutions || Square's Bitcoin Platform Remains Surprisingly Profitable: Square (NYSE: SQ) added bitcoin trading to its Cash App in early 2018. The company buys bitcoin and adds a slight margin to the purchase price, but doesn't charge additional transaction fees. Users can buy up to $10,000 in bitcoins weekly, but there aren't any limits on selling. By the end of 2018, Cash App overtook Coindesk as the top app for bitcoin purchases. Buying bitcoin through Cash, which was linked to a user's bank or credit card accounts, was more efficient than using other exchanges that still required individual wire transfers. A pile of bitcoin tokens on top of a smartphone. Image source: Getty Images. The volatile price of bitcoin, which soared above $13,000 in late 2017 and plunged to about $3,000 earlier this year, made Square's bitcoin bet seem risky. Yet the business remained profitable, and generated $65.5 million in revenue last quarter -- marking its strongest quarter to date. Why Square's bitcoin platform is a low-risk operation Square isn't buying large amounts of bitcoin and hoping the price rises. Instead, it only buys bitcoin to fulfill users' orders, making it a middleman between users and exchanges. The only profit Square generates is the small margin it adds to bitcoin's market price. That conservative strategy has kept the business consistently profitable since its inception: Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Bitcoin revenues $34.10 million $37.02 million $42.96 million $52.44 million $65.52 million Bitcoin costs $33.87 million $36.60 million $42.41 million $51.95 million $64.70 million Bitcoin profits $223,000 $420,000 $555,000 $492,000 $832,000 Source: Square quarterly reports. Square's bitcoin revenue accounted for 6.8% of its net revenue during the first quarter, compared to 5.1% in the prior year quarter. However, Square's bitcoin profits only accounted for about 0.2% of its gross profit during the quarter, versus less than 0.1% a year earlier. Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher. Story continues Another piece of Square's Cash strategy Instead of viewing Square's bitcoin platform as a separate business, investors should see it as part of the company's long-term plan to lock users into its Cash App. Cash is one of the top peer-to-peer payment apps in the U.S. alongside PayPal 's (NASDAQ: PYPL) Venmo and the bank-based Zelle, and it's still growing rapidly. A woman sends bitcoin from a phone to a man's PC. Image source: Getty Images. Last quarter Square stated that its Cash App payment volume rose nearly 2.5 times annually. For comparison, PayPal stated that Venmo's payment volume rose 73% annually in its most recent quarter. During the conference call , CFO Amrita Ahuja noted that Cash consistently ranked as a top 20 iOS app in the U.S., and that the Cash Card -- a physical debit card linked to the app -- "drove higher engagement" with "increasing attach rates and an increase in the frequency of usage per card active." Square stated that the growth of Cash, its Caviar food delivery service, its Instant Deposit service for merchants, and its financing arm Square Capital all boosted its subscription and services revenue, which surged 126% annually during the quarter and accounted for 23% of its net revenue -- compared to 14% a year earlier. The growth of that business is essential to Square for three reasons: It locks in merchants and consumers, boosts its higher-margin revenue per merchant, and widens its moat against rivals like PayPal. Adding bitcoin trades complements that strategy since PayPal still doesn't offer bitcoin purchases on its core platform or Venmo. Other rivals on the horizon PayPal might not be interested in bitcoin purchases yet, but other rivals are on the horizon. E*Trade (NASDAQ: ETFC) and TD Ameritrade (NASDAQ: AMTD) , which already let customers trade bitcoin futures, are reportedly testing out bitcoin purchases. Customers might prefer buying bitcoin on those brokerage platforms, where they can monitor their bitcoin purchases alongside their other investments. However, Square's Cash App might still be an attractive bitcoin option for buyers who don't hold big portfolios of stocks and bonds. The bottom line Square's decision to sell bitcoin on its Cash App was a smart move. It definitely won't become a major growth engine anytime soon, but it will likely stay profitable, lock more users into its Cash ecosystem, and differentiate it from rivals like Venmo and Zelle. More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market Leo Sun owns shares of Square. The Motley Fool owns shares of and recommends PayPal Holdings and Square. The Motley Fool has a disclosure policy . || Square's Bitcoin Platform Remains Surprisingly Profitable: Square(NYSE: SQ)added bitcoin trading to its Cash App in early 2018. The company buys bitcoin and adds a slight margin to the purchase price, but doesn't charge additional transaction fees. Users can buy up to $10,000 in bitcoins weekly, but there aren't any limits on selling.
By the end of 2018, Cash App overtook Coindesk as the top app for bitcoin purchases. Buying bitcoin through Cash, which was linked to a user's bank or credit card accounts, was more efficient than using other exchanges that still required individual wire transfers.
Image source: Getty Images.
The volatile price of bitcoin, which soared above $13,000 in late 2017 and plunged to about $3,000 earlier this year, made Square's bitcoin bet seem risky. Yet the business remained profitable, and generated $65.5 million in revenuelast quarter-- marking its strongest quarter to date.
Square isn't buying large amounts of bitcoin and hoping the price rises. Instead, it only buys bitcoin to fulfill users' orders, making it a middleman between users and exchanges.
The only profit Square generates is the small margin it adds to bitcoin's market price. That conservative strategy has kept the business consistently profitable since its inception:
[{"": "Bitcoin revenues", "Q1 2018": "$34.10 million", "Q2 2018": "$37.02 million", "Q3 2018": "$42.96 million", "Q4 2018": "$52.44 million", "Q1 2019": "$65.52 million"}, {"": "Bitcoin costs", "Q1 2018": "$33.87 million", "Q2 2018": "$36.60 million", "Q3 2018": "$42.41 million", "Q4 2018": "$51.95 million", "Q1 2019": "$64.70 million"}, {"": "Bitcoin profits", "Q1 2018": "$223,000", "Q2 2018": "$420,000", "Q3 2018": "$555,000", "Q4 2018": "$492,000", "Q1 2019": "$832,000"}]
Source: Square quarterly reports.
Square's bitcoin revenue accounted for 6.8% of its net revenue during the first quarter, compared to 5.1% in the prior year quarter. However, Square's bitcoin profits only accounted for about 0.2% of its gross profit during the quarter, versus less than 0.1% a year earlier.
Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher.
Instead of viewing Square's bitcoin platform as a separate business, investors should see it as part of the company's long-term plan to lock users into its Cash App. Cash isone of the toppeer-to-peer payment apps in the U.S. alongsidePayPal's(NASDAQ: PYPL)Venmo and the bank-based Zelle, and it's still growing rapidly.
Image source: Getty Images.
Last quarter Square stated that its Cash App payment volume rose nearly 2.5 times annually. For comparison, PayPal stated that Venmo's payment volume rose 73% annually in its most recent quarter.
During theconference call, CFO Amrita Ahuja noted that Cash consistently ranked as a top 20 iOS app in the U.S., and that the Cash Card -- a physical debit card linked to the app -- "drove higher engagement" with "increasing attach rates and an increase in the frequency of usage per card active."
Square stated that the growth of Cash, its Caviar food delivery service, its Instant Deposit service for merchants, and its financing arm Square Capital all boosted its subscription and services revenue, which surged 126% annually during the quarter and accounted for 23% of its net revenue -- compared to 14% a year earlier.
The growth of that business is essential to Square for three reasons: It locks in merchants and consumers, boosts its higher-margin revenue per merchant, and widens its moat against rivals like PayPal. Adding bitcoin trades complements that strategy since PayPal still doesn't offer bitcoin purchases on its core platform or Venmo.
PayPal might not be interested in bitcoin purchases yet, but other rivals are on the horizon.E*Trade(NASDAQ: ETFC)andTD Ameritrade(NASDAQ: AMTD), which already let customers trade bitcoin futures, are reportedly testing out bitcoin purchases.
Customers might prefer buying bitcoin on those brokerage platforms, where they can monitor their bitcoin purchases alongside their other investments. However, Square's Cash App might still be an attractive bitcoin option for buyers who don't hold big portfolios of stocks and bonds.
Square's decision to sell bitcoin on its Cash App was a smart move. It definitely won't become a major growth engine anytime soon, but it will likely stay profitable, lock more users into its Cash ecosystem, and differentiate it from rivals like Venmo and Zelle.
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Leo Sunowns shares of Square. The Motley Fool owns shares of and recommends PayPal Holdings and Square. The Motley Fool has adisclosure policy. || Square's Bitcoin Platform Remains Surprisingly Profitable: Square(NYSE: SQ)added bitcoin trading to its Cash App in early 2018. The company buys bitcoin and adds a slight margin to the purchase price, but doesn't charge additional transaction fees. Users can buy up to $10,000 in bitcoins weekly, but there aren't any limits on selling.
By the end of 2018, Cash App overtook Coindesk as the top app for bitcoin purchases. Buying bitcoin through Cash, which was linked to a user's bank or credit card accounts, was more efficient than using other exchanges that still required individual wire transfers.
Image source: Getty Images.
The volatile price of bitcoin, which soared above $13,000 in late 2017 and plunged to about $3,000 earlier this year, made Square's bitcoin bet seem risky. Yet the business remained profitable, and generated $65.5 million in revenuelast quarter-- marking its strongest quarter to date.
Square isn't buying large amounts of bitcoin and hoping the price rises. Instead, it only buys bitcoin to fulfill users' orders, making it a middleman between users and exchanges.
The only profit Square generates is the small margin it adds to bitcoin's market price. That conservative strategy has kept the business consistently profitable since its inception:
[{"": "Bitcoin revenues", "Q1 2018": "$34.10 million", "Q2 2018": "$37.02 million", "Q3 2018": "$42.96 million", "Q4 2018": "$52.44 million", "Q1 2019": "$65.52 million"}, {"": "Bitcoin costs", "Q1 2018": "$33.87 million", "Q2 2018": "$36.60 million", "Q3 2018": "$42.41 million", "Q4 2018": "$51.95 million", "Q1 2019": "$64.70 million"}, {"": "Bitcoin profits", "Q1 2018": "$223,000", "Q2 2018": "$420,000", "Q3 2018": "$555,000", "Q4 2018": "$492,000", "Q1 2019": "$832,000"}]
Source: Square quarterly reports.
Square's bitcoin revenue accounted for 6.8% of its net revenue during the first quarter, compared to 5.1% in the prior year quarter. However, Square's bitcoin profits only accounted for about 0.2% of its gross profit during the quarter, versus less than 0.1% a year earlier.
Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher.
Instead of viewing Square's bitcoin platform as a separate business, investors should see it as part of the company's long-term plan to lock users into its Cash App. Cash isone of the toppeer-to-peer payment apps in the U.S. alongsidePayPal's(NASDAQ: PYPL)Venmo and the bank-based Zelle, and it's still growing rapidly.
Image source: Getty Images.
Last quarter Square stated that its Cash App payment volume rose nearly 2.5 times annually. For comparison, PayPal stated that Venmo's payment volume rose 73% annually in its most recent quarter.
During theconference call, CFO Amrita Ahuja noted that Cash consistently ranked as a top 20 iOS app in the U.S., and that the Cash Card -- a physical debit card linked to the app -- "drove higher engagement" with "increasing attach rates and an increase in the frequency of usage per card active."
Square stated that the growth of Cash, its Caviar food delivery service, its Instant Deposit service for merchants, and its financing arm Square Capital all boosted its subscription and services revenue, which surged 126% annually during the quarter and accounted for 23% of its net revenue -- compared to 14% a year earlier.
The growth of that business is essential to Square for three reasons: It locks in merchants and consumers, boosts its higher-margin revenue per merchant, and widens its moat against rivals like PayPal. Adding bitcoin trades complements that strategy since PayPal still doesn't offer bitcoin purchases on its core platform or Venmo.
PayPal might not be interested in bitcoin purchases yet, but other rivals are on the horizon.E*Trade(NASDAQ: ETFC)andTD Ameritrade(NASDAQ: AMTD), which already let customers trade bitcoin futures, are reportedly testing out bitcoin purchases.
Customers might prefer buying bitcoin on those brokerage platforms, where they can monitor their bitcoin purchases alongside their other investments. However, Square's Cash App might still be an attractive bitcoin option for buyers who don't hold big portfolios of stocks and bonds.
Square's decision to sell bitcoin on its Cash App was a smart move. It definitely won't become a major growth engine anytime soon, but it will likely stay profitable, lock more users into its Cash ecosystem, and differentiate it from rivals like Venmo and Zelle.
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Leo Sunowns shares of Square. The Motley Fool owns shares of and recommends PayPal Holdings and Square. The Motley Fool has adisclosure policy. || Bitcoin Price Analysis: Bull Trend Continues as Market Marches To $6K Level: Summary:
1. Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone.
2. Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
3. On a macro scale, we are in the process of beginning to test daily resistance, but we haven’t truly encountered the weekly resistance just yet. Weekly resistance lies at $6,150 — this is a level that will likely encounter a perfect storm of early bulls (individuals who bought in 2018 and might be looking to break even by selling their bitcoin) combined with profit-taking bulls who rode the trend from the $3,000s, as well as eager bears who are looking to open short positions.
4. At the moment, the market is finding support on our current 4-hour level, but in the event we see a pullback, we can expect to see the stair-stepping support levels we created to stifle any impulsive moves to the downside.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information onBitcoin MagazineandBTC Incsites do not necessarily reflect the opinion ofBTC Incand should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Bull Trend Continues as Market Marches To $6K Level: Summary:
1. Bitcoin’s strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone.
2. Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame.
3. On a macro scale, we are in the process of beginning to test daily resistance, but we haven’t truly encountered the weekly resistance just yet. Weekly resistance lies at $6,150 — this is a level that will likely encounter a perfect storm of early bulls (individuals who bought in 2018 and might be looking to break even by selling their bitcoin) combined with profit-taking bulls who rode the trend from the $3,000s, as well as eager bears who are looking to open short positions.
4. At the moment, the market is finding support on our current 4-hour level, but in the event we see a pullback, we can expect to see the stair-stepping support levels we created to stifle any impulsive moves to the downside.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information onBitcoin MagazineandBTC Incsites do not necessarily reflect the opinion ofBTC Incand should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Bull Trend Continues as Market Marches To $6K Level: Price Analysis Video.jpg Summary: Bitcoins strong uptrend resumes as, once again, the market has claimed new highs in the $5,900 zone. Our market structure remains bullish as we have consistently created higher highs and higher lows. Specifically, the market structure has progressed in a sort of stair-stepping fashion that has created multiple zones of support that have been tested several times on the 4-hour time frame. On a macro scale, we are in the process of beginning to test daily resistance, but we havent truly encountered the weekly resistance just yet. Weekly resistance lies at $6,150 this is a level that will likely encounter a perfect storm of early bulls (individuals who bought in 2018 and might be looking to break even by selling their bitcoin) combined with profit-taking bulls who rode the trend from the $3,000s, as well as eager bears who are looking to open short positions. At the moment, the market is finding support on our current 4-hour level, but in the event we see a pullback, we can expect to see the stair-stepping support levels we created to stifle any impulsive moves to the downside. Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine . || Sprott CEO Predicts Bullish Future for Blockchain-Based Digital Gold: Peter Grosskopf, CEO of the global asset managerSprott, has posited thatblockchaintechnology will makegolda more valuable and practical asset, according to aninterviewwith Kitco News on May 7.
Regarding the day-to-day usability of gold — and how blockchain improves the situation — Grosskopf remarks:
“I think it was quite realistic to criticize gold because you weren’t gonna go to a gas station and pay for your fill-up with gold coins. But now, when gold can be digitized, put on the blockchain — moved around very easily, quickly, low cost between financial accounts, and it will even be used as a payment metric. There’s gonna be cards coming out where you can use your gold to pay for things, including foreign purchases when you’re traveling.”
He added that, in order for gold to be effective as a form of “monetary replacement” it needs to be used by a wider base of people. The ability to use gold as an everyday payment method would purportedly help realize this goal.
Grosskopf also distinguishes “digital gold” from bitcoin (BTC) due to the fact that the former — unlike the latter — is pegged to a physical asset (gold); essentially, he argues that digital gold is a type ofstablecoin.
However, both bitcoin and Grosskopf’s hypothetical digital gold are similar in that they use blockchain technology to provide a secure means of tracking online transactions. Grosskopf goes so far as to say that, due to operating on a tracked ledger, digital gold “can’t be hacked.”
Bitcoin itself has been called a form of “digital gold” in that it will purportedly provide a stable store of value at some point in future. In February,Mike Novogratz, the founder of crypto merchant bankGalaxy Digital,arguedthat bitcoin provides a sort of “sovereign money,” independent from government controls.
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• English Premier League Soccer Club West Ham to Launch Fan Token in Partnership With Socios || Sprott CEO Predicts Bullish Future for Blockchain-Based Digital Gold: Peter Grosskopf, CEO of the global asset manager Sprott , has posited that blockchain technology will make gold a more valuable and practical asset, according to an interview with Kitco News on May 7. Regarding the day-to-day usability of gold — and how blockchain improves the situation — Grosskopf remarks: “I think it was quite realistic to criticize gold because you weren’t gonna go to a gas station and pay for your fill-up with gold coins. But now, when gold can be digitized, put on the blockchain — moved around very easily, quickly, low cost between financial accounts, and it will even be used as a payment metric. There’s gonna be cards coming out where you can use your gold to pay for things, including foreign purchases when you’re traveling.” He added that, in order for gold to be effective as a form of “monetary replacement” it needs to be used by a wider base of people. The ability to use gold as an everyday payment method would purportedly help realize this goal. Grosskopf also distinguishes “digital gold” from bitcoin ( BTC ) due to the fact that the former — unlike the latter — is pegged to a physical asset (gold); essentially, he argues that digital gold is a type of stablecoin . However, both bitcoin and Grosskopf’s hypothetical digital gold are similar in that they use blockchain technology to provide a secure means of tracking online transactions. Grosskopf goes so far as to say that, due to operating on a tracked ledger, digital gold “can’t be hacked.” Bitcoin itself has been called a form of “digital gold” in that it will purportedly provide a stable store of value at some point in future. In February, Mike Novogratz , the founder of crypto merchant bank Galaxy Digital , argued that bitcoin provides a sort of “sovereign money,” independent from government controls. Related Articles: Former Worldpay US Executive Joins Crypto Payments Firm BitPay as Its New CFO Swiss Exchange SIX Top Exec Reveals Plans to Launch Tokens on Blockchain-Powered Exchange Dutch Central Bank Will Keep Embracing DLT, But To-Date Findings Are Not All Positive English Premier League Soccer Club West Ham to Launch Fan Token in Partnership With Socios || New App Lets You Create Instant Crypto Collectables: Whether youre a crypto cat person or a doge fan, at some point youre going to want to give crypto collectables a try. A new app called Editional by former Facebook employees John Egan and Zac Morris wants to create a place where you can create and even sell your first one. The app basically allows you to create and distribute non-fungible token-based crypto collectibles. To use the app you create a work of art like this picture of a picture and set a limited number. Users can grab and keep your art and even resell it. One recent work sold for $300. Each NFT exists can only be passed from user to user and cannot be copied. In short, when you grab a piece of art you own it. Bolivars to Bitcoin: Activists Take Down Venezuelas Maduro in Crypto Art Exhibit Every collectible created, traded, or owned on Editional is written to a custom, self-funded NFT contract on the Ethereum blockchain, guaranteeing provable ownership, provenance, and portability, said Egan. Were by far the easiest experience out there for NFTs today. Other solutions are web based, require you to have a third party browser extension installed, and require you to purchase cryptocurrency first to be part of the community. The company raised $1.5 million from ConsenSys, FirstMark, DCG, CoinFund, Unusual, and Raptor. Egan and his team saw that the market was still wide open for crypto collectables. Bitcoin Payments Arent Dead, Theyve Just Gone Niche We had previously built a mobile wallet called Vault that had basic support for NFTs purchased from dApps and from that we quickly learned that people were really excited about these collectible things, said Egan. They were fun to own and trade and all our friends who were creators wanted to make some themselves but the barrier to entry was too high for most of them to get involved. Given the ease with which I created and gave away my art, its clear that this might be a better way to manage these sorts of collectables. Egan envisions a time when artists can sell their art online and require gallery visitors to own a piece in order to visit a show. And, since the art is registered on the ethereum blockchain everyone will know you own this dog and baby forever. Story continues With Editional, anyone can create long-term relationships with creators and their work, and they dont have to be a blockchain engineer to do it, he said. Images courtesy of Editional Related Stories Bitcoin Puzzle Artists Crypto Gaming Startup Now Valued at $13 Million The Giant Bitcoin Rat Is Back And This Time Its After Alan Greenspan || New App Lets You Create Instant Crypto Collectables: Whether you’re a crypto cat person or a doge fan, at some point you’re going to want to give crypto collectables a try. A new app calledEditionalby former Facebook employees John Egan and Zac Morris wants to create a place where you can create – and even sell – your first one.
The app basically allows you to create and distribute non-fungible token-based crypto collectibles. To use the app you create a work of art –like thispicture of a picture – and set a limited number. Users can grab and keep your art and even resell it. One recent work sold for $300.
Each NFT exists can only be passed from user to user and cannot be copied. In short, when you grab a piece of art you own it.
Bolivars to Bitcoin: Activists Take Down Venezuela’s Maduro in Crypto Art Exhibit
“Every collectible created, traded, or owned on Editional is written to a custom, self-funded NFT contract on the Ethereum blockchain, guaranteeing provable ownership, provenance, and portability,” said Egan. “We’re by far the easiest experience out there for NFTs today. Other solutions are web based, require you to have a third party browser extension installed, and require you to purchase cryptocurrency first to be part of the community.”
The company raised $1.5 million from ConsenSys, FirstMark, DCG, CoinFund, Unusual, and Raptor.
Egan and his team saw that the market was still wide open for crypto collectables.
Bitcoin Payments Aren’t Dead, They’ve Just Gone Niche
“We had previously built a mobile wallet called Vault that had basic support for NFTs purchased from dApps and from that we quickly learned that people were really excited about these collectible things,” said Egan. “They were fun to own and trade and all our friends who were creators wanted to make some themselves but the barrier to entry was too high for most of them to get involved.”
Given the ease with which I created and gave away my art, it’s clear that this might be a better way to manage these sorts of collectables. Egan envisions a time when artists can sell their art online and require gallery visitors to own a piece in order to visit a show. And, since the art is registered on the ethereum blockchain everyone will know you own this dog and baby forever.
“With Editional, anyone can create long-term relationships with creators and their work, and they don’t have to be a blockchain engineer to do it,” he said.
Images courtesy of Editional
• Bitcoin Puzzle Artist’s Crypto Gaming Startup Now Valued at $13 Million
• The Giant Bitcoin Rat Is Back And This Time It’s After Alan Greenspan || US Stock Market Overview – Stocks Tumble and Volatility Surges as China-US Trade Dispute Continues: US stock prices tumbled and volatility surged, as a trade war with China became more of a reality. The Dow Jones Industrial Average had its worst day since the first trading day in January. While the Chinese trade team is scheduled to meet with the US on Wednesday, a revised draft sent to the US over the weekend, generated the tweets from President Donald Trump on Tuesday. The word is that there are many vested Chinese companies that do not want to see a deal with the US that puts a hard line on penalties for intellectual property. It also appears that last the first quarter growth numbers in the US have hardened President Trump as he believes he has the upper hand following a 3.2% growth number.
All three major average were lower on Tuesday. Crude oil also declined, All sectors were lower, led down by Healthcare and Technology. Utilities were the best performing sector. The worst performer in the S&P 500 index was Mylan Labs which tumbled 23.8%.
Despite Trump’s tweets and threats, China is sending its top trade envoy to Washington to resume negotiations and confront US demands that Beijing detail the laws it would change as a part of a trade deal, ahead of a deadline set by President Trump to raise tariffs on Chinese goods. After two days of uncertainty in which President Trump called for the higher tariffs and Chinese officials considered pulling out of the talks.
No quick deal is likely in the short-term and that trade tensions between the two largest economies are likely to continue into the second half of the year. This translates into heightened economic uncertainty just as these two economies were showing signs of stability and resilience.
Implied volatilty hit its highest levels since early January of 2019 and appears to be head to test the highs seen in December of 2018. The VIX volatility index which measures the “at the money” strike prices for the S&P 500 index, surged higher rising 28%. As the VIX rises the cost to purchase options that protect against an adverse move in stock prices rose. With the VIX rising to levels near 20, the time to purchase protection has likely passed. Many believe that a deal between the US and China will likely occur and with President Trump watching the stock market, the pressure will be placed on the US to make a deal.
Lyft, tthe ride-hailing company reported revenue of $776 million in the Q1, up 95% from a year earlier and better than many analysts expected. Lyft’s loss ballooned to $1.1 billion, largely due to $859 million of stock-based compensation, an expense related to the company’s initial public offering in March.
Thisarticlewas originally posted on FX Empire
• EUR/USD Price Forecast – Euro rolls over
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Next Major Support 7577.75 to 7506.50 Retracement Zone
• Crude Oil Price Forecast – Crude oil markets fall again
• E-mini S&P 500 Index (ES) Futures Technical Analysis – May 7, 2019 Forecast
• Bitcoin Risks to Stuck Above $6000
• Gold Price Forecast – Gold markets continue to go back and forth || US Stock Market Overview – Stocks Tumble and Volatility Surges as China-US Trade Dispute Continues: US stock prices tumbled and volatility surged, as a trade war with China became more of a reality. The Dow Jones Industrial Average had its worst day since the first trading day in January. While the Chinese trade team is scheduled to meet with the US on Wednesday, a revised draft sent to the US over the weekend, generated the tweets from President Donald Trump on Tuesday. The word is that there are many vested Chinese companies that do not want to see a deal with the US that puts a hard line on penalties for intellectual property. It also appears that last the first quarter growth numbers in the US have hardened President Trump as he believes he has the upper hand following a 3.2% growth number. All three major average were lower on Tuesday. Crude oil also declined, All sectors were lower, led down by Healthcare and Technology. Utilities were the best performing sector. The worst performer in the S&P 500 index was Mylan Labs which tumbled 23.8%. A Deal Could Take a While Despite Trump’s tweets and threats, China is sending its top trade envoy to Washington to resume negotiations and confront US demands that Beijing detail the laws it would change as a part of a trade deal, ahead of a deadline set by President Trump to raise tariffs on Chinese goods. After two days of uncertainty in which President Trump called for the higher tariffs and Chinese officials considered pulling out of the talks. No quick deal is likely in the short-term and that trade tensions between the two largest economies are likely to continue into the second half of the year. This translates into heightened economic uncertainty just as these two economies were showing signs of stability and resilience. Volatility Surges Implied volatilty hit its highest levels since early January of 2019 and appears to be head to test the highs seen in December of 2018. The VIX volatility index which measures the “at the money” strike prices for the S&P 500 index, surged higher rising 28%. As the VIX rises the cost to purchase options that protect against an adverse move in stock prices rose. With the VIX rising to levels near 20, the time to purchase protection has likely passed. Many believe that a deal between the US and China will likely occur and with President Trump watching the stock market, the pressure will be placed on the US to make a deal. Story continues Lyft Reports Strong Financial Results Lyft, tthe ride-hailing company reported revenue of $776 million in the Q1, up 95% from a year earlier and better than many analysts expected. Lyft’s loss ballooned to $1.1 billion, largely due to $859 million of stock-based compensation, an expense related to the company’s initial public offering in March. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast – Euro rolls over E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Next Major Support 7577.75 to 7506.50 Retracement Zone Crude Oil Price Forecast – Crude oil markets fall again E-mini S&P 500 Index (ES) Futures Technical Analysis – May 7, 2019 Forecast Bitcoin Risks to Stuck Above $6000 Gold Price Forecast – Gold markets continue to go back and forth || Amid Market Volatility, Precious Metal Miner ETFs Look Golden: This article was originally published on ETFTrends.com. Gold-related ETFs have been gaining ground as risk-off sentiment reignited in response to another round of trade concerns between the U.S. and China. Among the better performing non-leveraged ETFs of Tuesday, the VanEck Vectors Gold Miners ETF ( GDXJ ) and VanEck Gold Miners ETF ( GDX ) gained 2.0%. Meanwhile, Comex gold futures were 0.1% higher to $1285.5 per ounce. “The poor seasonal time for gold is over as we move into May and June and…increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future before challenging $1,400 later in the year,” Mark O’Byrne, research director at GoldCore, told MarketWatch . The renewed interest for gold may also be supported by the turn in riskier equities with many focused on trade talks. U.S. Trade Representative Robert Lighthizer said that the Trump administration will hike tariffs on $200 billion in Chinese goods on Friday after President Donald Trump first hinted at the potential increase on Chinese goods over the weekend. As the risk-off sentiment intensifies, investors may look to more safe-haven bets or better stores of wealth, such as physical precious metals. “Gold and silver markets bulls have been disappointed their safe-haven metals” haven’t seen more demand “amid the heightened geopolitical uncertainty that includes the potential U.S.-China trade war escalation, but also increased U.S.-Iran tensions,” Jim Wyckoff, senior analyst at Kitco.com, said in a daily note. “However, reports say demand from major gold-consuming country India is expected to be significantly higher on the geopolitical tensions, especially as this is the time of stronger seasonal demand for gold.” The precious metals mining industry has also been on the road to improved efficiency as they cut costs, increase production and raise more money. In the last quarter of 2018, gold production continued to increase and global average all-in sustaining costs continued to go down, Mining reports. Story continues The trends reveal a very positive indication that overall, gold miners are continuing to monitor costs closely while mining out more gold. The stabilized Q4 operating income is also partially attributed to the improving market conditions. Investors’ confidence in the gold mining industry, which was at a low in the third quarter, has been improving alongside gold prices since the last months of 2018. For more information on the precious metals market, visit our precious metals category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Bitcoin Rallies to $6K Above 6-Month High Annual Morningstar Conference Unites Financial Industry’s Top Minds ‘Heartbeat’ Bill Creates Controversy TD Ameritrade Expands Commission-Free on Nearly 570 ETFs Silver Market May See A Boost If China Pulls Back READ MORE AT ETFTRENDS.COM > || Amid Market Volatility, Precious Metal Miner ETFs Look Golden: This article was originally published onETFTrends.com.
Gold-related ETFs have been gaining ground as risk-off sentiment reignited in response to another round of trade concerns between the U.S. and China.
Among the better performing non-leveraged ETFs of Tuesday, theVanEck Vectors Gold Miners ETF (GDXJ) andVanEck Gold Miners ETF (GDX) gained 2.0%.
Meanwhile, Comex gold futures were 0.1% higher to $1285.5 per ounce.
“The poor seasonal time for gold is over as we move into May and June and…increasing volatility and risk-off sentiment in the wider financial markets should support gold and see it trade back above $1,300 in the near future before challenging $1,400 later in the year,” Mark O’Byrne, research director at GoldCore, toldMarketWatch.
The renewed interest for gold may also be supported by the turn in riskier equities with many focused on trade talks. U.S. Trade Representative Robert Lighthizer said that the Trump administration will hike tariffs on $200 billion in Chinese goods on Friday after President Donald Trump first hinted at the potential increase on Chinese goods over the weekend.
As the risk-off sentiment intensifies, investors may look to more safe-haven bets or better stores of wealth, such as physical precious metals.
“Gold and silver markets bulls have been disappointed their safe-haven metals” haven’t seen more demand “amid the heightened geopolitical uncertainty that includes the potential U.S.-China trade war escalation, but also increased U.S.-Iran tensions,” Jim Wyckoff, senior analyst at Kitco.com, said in a daily note. “However, reports say demand from major gold-consuming country India is expected to be significantly higher on the geopolitical tensions, especially as this is the time of stronger seasonal demand for gold.”
The precious metals mining industry has also been on the road to improved efficiency as they cut costs, increase production and raise more money.
In the last quarter of 2018, gold production continued to increase and global average all-in sustaining costs continued to go down,Miningreports.
The trends reveal a very positive indication that overall, gold miners are continuing to monitor costs closely while mining out more gold.
The stabilized Q4 operating income is also partially attributed to the improving market conditions. Investors’ confidence in the gold mining industry, which was at a low in the third quarter, has been improving alongside gold prices since the last months of 2018.
For more information on the precious metals market, visit ourprecious metals category.
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READ MORE AT ETFTRENDS.COM > || Solar ETFs Are a Bright Spot in a Gloomy Market: This article was originally published on ETFTrends.com. A solar sector-related exchange traded fund was among the lone areas of strength Tuesday after SolarEdge Technologies ( SEDG ) revealed record revenues and Citi analysts upgraded Vivint Solar ( VSLR ) outlook. On Tuesday, the Invesco Solar ETF ( TAN ) gained 1.7%. Bolstering the solar segment, SolarEdge revealed its core solar microelectronics business delivered record-breaking revenue over the first quarter of 2019 even as integration costs related to recent acquisitions weighed on earnings, Green Tech Media reports. "We opened 2019 with a strong quarter and record revenues driven by substantial growth, particularly in Europe, which demonstrates our leading position in the global solar inverter market," Guy Sella, founder, chairman and CEO of SolarEdge, said. "This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business." SolarEdge Technologies shares surged 23.0% Tuesday. SEDG makes up 7.6% of TAN's underlying portfolio. JMP Securities analysts also had a bullish outlook on SolarEdge, upgrading its rating on the stock to market outperform from market perform, TheStreet reports. Additionally, Citi analyst Praful Mehta upgraded Vivint Solar to a buy rating from a neutral stance, pointing to the company's growth opportunities, improved execution and lower investor return thresholds, Street Insider reports. "Management focus on economic growth and use of direct/dealer channels improve our confidence on story. Finally, we believe that monetizable value, or value at which DG assets can be sold, has improved as investors (both private and public) are getting more comfortable in these asset cash flows and are willing to accept lower returns," Mehta said. Vivint Solar shares jumped 10.5% on Tuesday. VSLR makes up 3.7% of TAN's underlying portfolio. For more information on the renewables space, visit our renewable energy category . Story continues POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Bitcoin Rallies to $6K Above 6-Month High Annual Morningstar Conference Unites Financial Industrys Top Minds Heartbeat Bill Creates Controversy TD Ameritrade Expands Commission-Free on Nearly 570 ETFs Silver Market May See A Boost If China Pulls Back READ MORE AT ETFTRENDS.COM >
[Social Media Buzz]
Согласно сообщению @IamNomad от 5 мая, один адрес был ответственен за более половины транзакций с bitcoin cash (BCH) в прошлом месяце.
https://t.co/EELTc3y2Q5
#BitcoinCash #Альткоин #Блокчейн #Криптовалюта #Хард_форк #coinlogru || good https://t.co/5vbnzNLCCM || May 08, 2019 14:32:00 UTC | 5,933.10$ | 5,297.80€ | 4,560.90£ | #Bitcoin #btc pic.twitter.com/MERNV9IbS0 || Bs/$: 5547.63 VES/USD -0.47%
Avg 24h: 5666.83 VES/USD
May 8, 2019 8:00 AM
https://yadio.io
6214.93 EUR 1.7051 COP
1672.80 PEN...
|
6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93, 6596.54, 6596.11, 6544.43, 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19.
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[Bitcoin Technical Analysis for 2019-01-05]
Volume: 5137609824, RSI (14-day): 48.85, 50-day EMA: 4181.98, 200-day EMA: 5769.71
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Three nice setups on with the Swiss Franc!: That was definitely one of the most interesting weeks on the financial markets. Sometimes all you need for proper attractions is low liquidity. Today, we will show You three very promising setups with the CHF, which yesterday got super strong but finishes this week on the back foot. First setup is on the USDCHF. The pair is creating a flag formation, which in this case is bullish. Flag went as deep as to the long-term up trendline and this is a great place for a bounce. For the proper buy signal, we need to see the breakout of the upper line of this formation first. Next one is the EURCHF, where the price is creating a hammer on the weekly chart. The place, where the hammer is present is not random. These are the lows from the 2018 and the highs from the 2016. The legitimate buy signal will be triggered, when the price will break the blue down trendline. The reversal on the third instrument AUDCHF is the strongest one. Here, it also does not happen in a random place. We are on the long-term support area, respected here in the 2015, 2016 and 2018. As for now, the weekly candle is a very handsome hammer and definitely promotes a further rise. This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis This article was originally posted on FX Empire More From FXEMPIRE: Dovish Fed Chief Powell Delivers What the Markets Wanted Weekly Review: Dollar Dives After Powell Strikes Softer, More Dovish Tone EUR/USD Weekly Price Forecast EUR struggles for the week Natural Gas Price Prediction Inventories Declined Less than Expected but Prices Still Rebounded Bitcoin Resistance at $4,000 could be the Bulls Undoing Gold Price Prediction Gold Slides Following Robust Payroll Report || Three nice setups on with the Swiss Franc!: That was definitely one of the most interesting weeks on the financial markets. Sometimes all you need for proper attractions is low liquidity. Today, we will show You three very promising setups with the CHF, which yesterday got super strong but finishes this week on the back foot.
First setup is on the USDCHF. The pair is creating a flag formation, which in this case is bullish. Flag went as deep as to the long-term up trendline and this is a great place for a bounce. For the proper buy signal, we need to see the breakout of the upper line of this formation first.
Next one is the EURCHF, where the price is creating a hammer on the weekly chart. The place, where the hammer is present is not random. These are the lows from the 2018 and the highs from the 2016. The legitimate buy signal will be triggered, when the price will break the blue down trendline.
The reversal on the third instrument – AUDCHF is the strongest one. Here, it also does not happen in a random place. We are on the long-term support area, respected here in the 2015, 2016 and 2018. As for now, the weekly candle is a very handsome hammer and definitely promotes a further rise.
This article is written by Tomasz Wisniewski, a senior analyst atAlpari Research & Analysis
Thisarticlewas originally posted on FX Empire
• Dovish Fed Chief Powell Delivers What the Markets Wanted
• Weekly Review: Dollar Dives After Powell Strikes Softer, More Dovish Tone
• EUR/USD Weekly Price Forecast – EUR struggles for the week
• Natural Gas Price Prediction – Inventories Declined Less than Expected but Prices Still Rebounded
• Bitcoin – Resistance at $4,000 could be the Bulls’ Undoing
• Gold Price Prediction – Gold Slides Following Robust Payroll Report || Natural Gas Price Prediction – Inventories Declined Less than Expected but Prices Still Rebounded: Natural gas prices rebounded on Friday, despite a smaller than expected draw in natural gas inventories. Prices bounced at support, rising 2.5%, even though the weather is expected to be warmer than normal over the next 8-14 days according to NOAA. A stronger than expected payroll report could lead to a stronger economy increasing industrial demand and buoying natural gas prices.
Natural gas prices rebounded near support seen near a horizontal trend line that comes in near 2.90. Resistance is seen near a gap made in December near 3.15 and then the 10-day moving average at 3.68. Short term momentum is turning positive as the fast stochastic generated a crossover buy signal. The fast stochastic is printing a reading of 13, below the oversold trigger level of 20 which could foreshadow a correction. Momentum as reflected by the MACD (moving average convergence divergence) histogram is printing in the red with a downward sloping trajectory which points to lower prices.
The EIA reported on Friday that working gas in storage was 2,705 Bcf. This represents a net decrease of 20 Bcf from the previous week. Expectations were for a decline of 48 Bcf. Stocks were 450 Bcf less than last year at this time and 560 Bcf below the five-year average of 3,265 Bcf. At 2,705 Bcf, total working gas is below the five-year historical range. The 5-year average of prices is 3.07.
The BLS reported that job creation grew more than expected in December as nonfarm payrolls roseby 312,000 in December though the unemployment rate rose to 3.9%. The reason the household survey moved higher was because the participation rate increased by 0.2% to 63.1%. The participation rate is now up 0.4% year over year. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs called the U6 held steady at 7.6%.
Thisarticlewas originally posted on FX Empire
• Silver Price Forecast – Silver markets choppy after jobs figures
• Gold Price Forecast – Gold markets get hammered on Friday
• USD/JPY Weekly Price Forecast – US dollar has wild ride against the Yen
• Gold Weekly Price Forecast – Gold markets show signs of exhaustion
• Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 05/01/19
• Natural Gas Price Prediction – Inventories Declined Less than Expected but Prices Still Rebounded || Crude Oil Weekly Price Forecast – crude oil markets bounce for the week: The WTI Crude Oil marketbounced during the week but ran into trouble at the downtrend line that you see marked on the chart. Beyond that, we have the $50 level above that could probably cause quite a bit of resistance, so don’t be surprised at all if we get a pullback from here. If we can break above the $50 level, the market could go to higher levels, perhaps as high as $55 where we would see even more resistance. Because of this, I anticipate that we probably will get a little bit of a pullback, but we clearly have an area that if we break above, that would be a bullish turn of events.
Brent marketsrallied as well, breaking into a downtrend line, but giving back some of the gains. Because of this, I think that the market will probably continue to struggle at the $60 handle as well, so I think what we are looking at is a short-term pullback. The question is whether or not the previous weekly candle at the $50 level and bouncing was a sign that we are trying to form a base? This is certainly something worth paying attention to, but right now I do not trust the move higher until we clear $60 on at least a daily time frame. I think that short-term pullbacks could be buying opportunities for those who are willing to put a stop loss just below the $50 level. However, if $50 gets broken to the downside, this market will go much lower. In
Thisarticlewas originally posted on FX Empire
• EUR/USD Weekly Price Forecast – EUR struggles for the week
• USD/JPY Weekly Price Forecast – US dollar has wild ride against the Yen
• GBP/JPY Weekly Price Forecast – British pound breaks down during the week only to rebound again
• Silver Weekly Price Forecast – Silver markets hit resistance during the week
• Bitcoin – Resistance at $4,000 could be the Bulls’ Undoing
• Crude Oil Weekly Price Forecast – crude oil markets bounce for the week || Crude Oil Weekly Price Forecast – crude oil markets bounce for the week: WTI Crude Oil The WTI Crude Oil market bounced during the week but ran into trouble at the downtrend line that you see marked on the chart. Beyond that, we have the $50 level above that could probably cause quite a bit of resistance, so don’t be surprised at all if we get a pullback from here. If we can break above the $50 level, the market could go to higher levels, perhaps as high as $55 where we would see even more resistance. Because of this, I anticipate that we probably will get a little bit of a pullback, but we clearly have an area that if we break above, that would be a bullish turn of events. Crude Oil Inventories Video 07.01.19 Brent Brent markets rallied as well, breaking into a downtrend line, but giving back some of the gains. Because of this, I think that the market will probably continue to struggle at the $60 handle as well, so I think what we are looking at is a short-term pullback. The question is whether or not the previous weekly candle at the $50 level and bouncing was a sign that we are trying to form a base? This is certainly something worth paying attention to, but right now I do not trust the move higher until we clear $60 on at least a daily time frame. I think that short-term pullbacks could be buying opportunities for those who are willing to put a stop loss just below the $50 level. However, if $50 gets broken to the downside, this market will go much lower. In This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Weekly Price Forecast – EUR struggles for the week USD/JPY Weekly Price Forecast – US dollar has wild ride against the Yen GBP/JPY Weekly Price Forecast – British pound breaks down during the week only to rebound again Silver Weekly Price Forecast – Silver markets hit resistance during the week Bitcoin – Resistance at $4,000 could be the Bulls’ Undoing Crude Oil Weekly Price Forecast – crude oil markets bounce for the week || Bitcoin And Ethereum Daily Price Forecast – Crypto Market Mixed On Last Trading Session Of The Week: The Bitcoin price (BTC/USD) has edged lower as a result of a downward correction that came after its Wednesday gains. The original cryptocurrency has been consolidating in a range with the downside capped at $3,500. Having opened at $3,931.05, the digital coin dropped below the $3,900 level in the early morning session and then continued to gradually decline until it reached an intraday low of $3,826.22 in the late afternoon trading. According to data from digital currency tracker Coinmarketcap, the coin finished the session at $3,836.74. Bitcoin saw some modest gains during the early hours of today’s session, when it rose to as high as $3,863.42. However, the coin has pulled back in more recent trading and is currently trading below the level of its Thursday close.
2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cool down of the ICO market and weakened investor sentiment. But with 2019 already underway, crypto supporters hope that the market could make comeback. And according to some technical indicators, a Bitcoin comeback may indeed be coming soon. Meanwhile Ethereum continues to defy market bulls and trade positive. ETH/USD pair is currently trading at $153, about 1% higher than 24 hours ago.
A broader look at the chart shows that bulls are staging a steady come and that it is likely that Ethereum could retest $160 in the course of the day. Besides the pair has managed to regain foothold above $150 although it opened trading below $150. The Relative Strength Index (RSI) has resumed the uptrend from 48.57 to the current 65.57. The indicator is in an upward sloping momentum emphasizing the bulls have the control. However, there is a mixed message from the Moving Average Convergence Divergence (MACD) which is heading south from the 2019 high at +4.95. This means that the bulls must find support above $160 to avoid a reversal below $150.
Thisarticlewas originally posted on FX Empire
• AUD/USD Weekly Price Forecast – Aussie dollar finds support
• Crude Oil Weekly Price Forecast – crude oil markets bounce for the week
• Natural Gas Weekly Price Forecast – natural gas markets looking for support
• Silver Price Forecast – Silver markets choppy after jobs figures
• GBP/USD Weekly Price Forecast – British pound has wild ride for the week
• GBP/JPY Weekly Price Forecast – British pound breaks down during the week only to rebound again || Bitcoin And Ethereum Daily Price Forecast – Crypto Market Mixed On Last Trading Session Of The Week: The Bitcoin price (BTC/USD) has edged lower as a result of a downward correction that came after its Wednesday gains. The original cryptocurrency has been consolidating in a range with the downside capped at $3,500. Having opened at $3,931.05, the digital coin dropped below the $3,900 level in the early morning session and then continued to gradually decline until it reached an intraday low of $3,826.22 in the late afternoon trading. According to data from digital currency tracker Coinmarketcap, the coin finished the session at $3,836.74. Bitcoin saw some modest gains during the early hours of today’s session, when it rose to as high as $3,863.42. However, the coin has pulled back in more recent trading and is currently trading below the level of its Thursday close.
2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cool down of the ICO market and weakened investor sentiment. But with 2019 already underway, crypto supporters hope that the market could make comeback. And according to some technical indicators, a Bitcoin comeback may indeed be coming soon. Meanwhile Ethereum continues to defy market bulls and trade positive. ETH/USD pair is currently trading at $153, about 1% higher than 24 hours ago.
A broader look at the chart shows that bulls are staging a steady come and that it is likely that Ethereum could retest $160 in the course of the day. Besides the pair has managed to regain foothold above $150 although it opened trading below $150. The Relative Strength Index (RSI) has resumed the uptrend from 48.57 to the current 65.57. The indicator is in an upward sloping momentum emphasizing the bulls have the control. However, there is a mixed message from the Moving Average Convergence Divergence (MACD) which is heading south from the 2019 high at +4.95. This means that the bulls must find support above $160 to avoid a reversal below $150.
Thisarticlewas originally posted on FX Empire
• AUD/USD Weekly Price Forecast – Aussie dollar finds support
• Crude Oil Weekly Price Forecast – crude oil markets bounce for the week
• Natural Gas Weekly Price Forecast – natural gas markets looking for support
• Silver Price Forecast – Silver markets choppy after jobs figures
• GBP/USD Weekly Price Forecast – British pound has wild ride for the week
• GBP/JPY Weekly Price Forecast – British pound breaks down during the week only to rebound again || Bitcoin And Ethereum Daily Price Forecast Crypto Market Mixed On Last Trading Session Of The Week: The Bitcoin price (BTC/USD) has edged lower as a result of a downward correction that came after its Wednesday gains. The original cryptocurrency has been consolidating in a range with the downside capped at $3,500. Having opened at $3,931.05, the digital coin dropped below the $3,900 level in the early morning session and then continued to gradually decline until it reached an intraday low of $3,826.22 in the late afternoon trading. According to data from digital currency tracker Coinmarketcap, the coin finished the session at $3,836.74. Bitcoin saw some modest gains during the early hours of todays session, when it rose to as high as $3,863.42. However, the coin has pulled back in more recent trading and is currently trading below the level of its Thursday close. Ethereum Continues To Defy Market Bears With Solid Grip On $150 Handle 2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cool down of the ICO market and weakened investor sentiment. But with 2019 already underway, crypto supporters hope that the market could make comeback. And according to some technical indicators, a Bitcoin comeback may indeed be coming soon. Meanwhile Ethereum continues to defy market bulls and trade positive. ETH/USD pair is currently trading at $153, about 1% higher than 24 hours ago. {alt} A broader look at the chart shows that bulls are staging a steady come and that it is likely that Ethereum could retest $160 in the course of the day. Besides the pair has managed to regain foothold above $150 although it opened trading below $150. The Relative Strength Index (RSI) has resumed the uptrend from 48.57 to the current 65.57. The indicator is in an upward sloping momentum emphasizing the bulls have the control. However, there is a mixed message from the Moving Average Convergence Divergence (MACD) which is heading south from the 2019 high at +4.95. This means that the bulls must find support above $160 to avoid a reversal below $150. Story continues This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Weekly Price Forecast Aussie dollar finds support Crude Oil Weekly Price Forecast crude oil markets bounce for the week Natural Gas Weekly Price Forecast natural gas markets looking for support Silver Price Forecast Silver markets choppy after jobs figures GBP/USD Weekly Price Forecast British pound has wild ride for the week GBP/JPY Weekly Price Forecast British pound breaks down during the week only to rebound again || $4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap: Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates.
The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according toCoinMarketCap.
Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion â down 36 percent from the Dec. 24 high of at $7.24 billion.
Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today
A low-volume price pullback is widely considered a sign of weak buyers exiting the market and hence is considered insignificant. The recent drop, therefore, is likely a temporary correction and the bearish-to-bullish trend changesignaled bythe 3-day chart on Dec. 20 is still valid.
The bullish case, however, would weaken if the cryptocurrency dips below the key support near $3,550.
As seen above (prices as per Bitstamp), BTC closed at $4,073 on Dec. 20, confirming a bullish outside-candle reversal (bear-to-bull change).
So far, however, the follow-through has been discouraging. Prices have dropped in the last ten days, but so have volumes.
Bitcoin Eyes Test of Key Price Hurdle in First Since November
The bullish reversal, however, would be invalidated if and when the bullish-higher low of $3,566 carved out on Dec. 27 is breached.
The triangle breakout seen in the 6-hour chart indicates that the rally from the December low of $3,122 has resumed.
Meanwhile, the bull flag breakout seen in the hourly chart indicates a resumption of the rally from the Jan. 1 low of $3,629.
Therefore, the path of least resistance is on the higher side.
On the daily chart, BTC is likely carving out an inverse head-and-shoulders bullish reversal pattern with the neckline resistance at $4,170.
The bullish setup on the 3-day and intraday chart indicates scope for a test of $4,170 in the next few days.
It is worth noting that the 50-day moving average (MA) is still trending south, indicating a bearish setup. As a result, BTC may attract bears if the MA hurdle, currently at $3,900, proves to be a tough nut to crack in the next 48 hours or so.
• Bitcoin’s low-volume drop from the recent highs above $4,200 is nothing more than a temporary correction.
• BTC remains on the hunt for a break above $4,000. The bulls, however, need progress soon, as repeated failure to take out the 50-day MA of $3,900 could prove costly.
• A break below the Dec. 27 low of $3,566 would open the doors to re-test of the December low of $3,122.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
BitcoinÂimage via Shutterstock;Âcharts byÂTrading View
• How to Last the Crypto Winter? Seek Simplicity, Manage Complexity
• Bitcoin Price Suffers Worst Monthly Losing Streak in 7 Years || $4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap: Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates.
The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according toCoinMarketCap.
Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion â down 36 percent from the Dec. 24 high of at $7.24 billion.
Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today
A low-volume price pullback is widely considered a sign of weak buyers exiting the market and hence is considered insignificant. The recent drop, therefore, is likely a temporary correction and the bearish-to-bullish trend changesignaled bythe 3-day chart on Dec. 20 is still valid.
The bullish case, however, would weaken if the cryptocurrency dips below the key support near $3,550.
As seen above (prices as per Bitstamp), BTC closed at $4,073 on Dec. 20, confirming a bullish outside-candle reversal (bear-to-bull change).
So far, however, the follow-through has been discouraging. Prices have dropped in the last ten days, but so have volumes.
Bitcoin Eyes Test of Key Price Hurdle in First Since November
The bullish reversal, however, would be invalidated if and when the bullish-higher low of $3,566 carved out on Dec. 27 is breached.
The triangle breakout seen in the 6-hour chart indicates that the rally from the December low of $3,122 has resumed.
Meanwhile, the bull flag breakout seen in the hourly chart indicates a resumption of the rally from the Jan. 1 low of $3,629.
Therefore, the path of least resistance is on the higher side.
On the daily chart, BTC is likely carving out an inverse head-and-shoulders bullish reversal pattern with the neckline resistance at $4,170.
The bullish setup on the 3-day and intraday chart indicates scope for a test of $4,170 in the next few days.
It is worth noting that the 50-day moving average (MA) is still trending south, indicating a bearish setup. As a result, BTC may attract bears if the MA hurdle, currently at $3,900, proves to be a tough nut to crack in the next 48 hours or so.
• Bitcoin’s low-volume drop from the recent highs above $4,200 is nothing more than a temporary correction.
• BTC remains on the hunt for a break above $4,000. The bulls, however, need progress soon, as repeated failure to take out the 50-day MA of $3,900 could prove costly.
• A break below the Dec. 27 low of $3,566 would open the doors to re-test of the December low of $3,122.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
BitcoinÂimage via Shutterstock;Âcharts byÂTrading View
• How to Last the Crypto Winter? Seek Simplicity, Manage Complexity
• Bitcoin Price Suffers Worst Monthly Losing Streak in 7 Years || $4K Ahead? Bitcoin’s Low-Volume Price Pullback Could Be a Bear Trap: Bitcoin’s (BTC) recent pullback from highs above $4,200 could trap the bears on the wrong side of the market, the price-volume analysis indicates. The leading cryptocurrency by market value is currently trading near $3,848, having clocked a low of $3,642 on Dec. 28. At that level, BTC was down 14.7 percent from the Dec. 24 high of $4,272, according to CoinMarketCap . Notably, daily trading volumes across all cryptocurrency exchanges have also dropped in the last few days. At press time, 24-hour trading volume stands at $4.57 billion â down 36 percent from the Dec. 24 high of at $7.24 billion. Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today A low-volume price pullback is widely considered a sign of weak buyers exiting the market and hence is considered insignificant. The recent drop, therefore, is likely a temporary correction and the bearish-to-bullish trend change signaled by the 3-day chart on Dec. 20 is still valid. The bullish case, however, would weaken if the cryptocurrency dips below the key support near $3,550. 3-day chart As seen above (prices as per Bitstamp), BTC closed at $4,073 on Dec. 20, confirming a bullish outside-candle reversal (bear-to-bull change). So far, however, the follow-through has been discouraging. Prices have dropped in the last ten days, but so have volumes. Bitcoin Eyes Test of Key Price Hurdle in First Since November The bullish reversal, however, would be invalidated if and when the bullish-higher low of $3,566 carved out on Dec. 27 is breached. 6-hour and 1-hour chart The triangle breakout seen in the 6-hour chart indicates that the rally from the December low of $3,122 has resumed. Meanwhile, the bull flag breakout seen in the hourly chart indicates a resumption of the rally from the Jan. 1 low of $3,629. Therefore, the path of least resistance is on the higher side. Daily chart On the daily chart, BTC is likely carving out an inverse head-and-shoulders bullish reversal pattern with the neckline resistance at $4,170. Story continues The bullish setup on the 3-day and intraday chart indicates scope for a test of $4,170 in the next few days. It is worth noting that the 50-day moving average (MA) is still trending south, indicating a bearish setup. As a result, BTC may attract bears if the MA hurdle, currently at $3,900, proves to be a tough nut to crack in the next 48 hours or so. View Bitcoin’s low-volume drop from the recent highs above $4,200 is nothing more than a temporary correction. BTC remains on the hunt for a break above $4,000. The bulls, however, need progress soon, as repeated failure to take out the 50-day MA of $3,900 could prove costly. A break below the Dec. 27 low of $3,566 would open the doors to re-test of the December low of $3,122. Disclosure:  The author holds no cryptocurrency assets at the time of writing. Bitcoin  image via Shutterstock; charts by Trading View Related Stories How to Last the Crypto Winter? Seek Simplicity, Manage Complexity Bitcoin Price Suffers Worst Monthly Losing Streak in 7 Years || Bitcoin SV’s New Logo Looks Suspiciously Like the Original BTC’s: Bitcoin SV (Satoshi Vision) unveiled its new logo on the10th birthdayof bitcoin. Perhaps not surprisingly, BSV’s “new” logo looks suspiciously similar to that of bitcoin — the original cryptocurrency.
The pro-BSV bComm Association proudly trumpeted the announcement in astatement:
“The BSV logo is revealed on the 10th anniversary of the Bitcoin genesis block, to mark Bitcoin SV as rebirth of the original Bitcoin.”
NChain’s Jimmy Nguyen, the president of the bComm Association, said the BSV logo was selected after conducting three Twitter polls.
“After too many years of wasteful diversions from the Satoshi Vision, we can now finally celebrate Bitcoin’s rebirth – unchained from experimental whims of developer teams who veered away from Satoshi’s original plan,” Nguyen said.
The new logo was promptly mocked by many on social media, who called it a “cheap imitation knockoff” of the original bitcoin.
Another remarked:
The uncanny similarities between Bitcoin SV’s logo and Bitcoin’s is reminiscent of the controversy that erupted when Bitcoin.com CEO Roger Ver wasalmost suedby a group of crypto enthusiasts in April 2018.
The group claimed that Ver intentionally misled novice investors by exploiting their confusion between bitcoin and Bitcoin Cash, which forked off the original cryptocurrency in August 2017.
Ver — a polarizing figure who has been dubbed both “Bitcoin Jesus” and “Bitcoin Judas” — previously backed the original bitcoin, but later became an advocate of its derivative, Bitcoin Cash.
Ver is now a backer of Bitcoin ABC (Adjustable Blocksize Cap), whichforked offBitcoin Cash in November 2018.
Ver has been accused of deliberately misusing the “bitcoin” name on his website Bitcoin.com — a hub that sells bitcoin and bitcoin cash — to con gullible investors into buying the wrong bitcoin.
In February 2018, attorney Misha Guttentag urged crypto exchange Coinbase to stop selling Bitcoin Cash, saying its then-backer, Roger Ver, was a scam artist committing “consumer fraud.”
“Bitcoin Cash (BCH) is marketing itself as Bitcoin (BTC), scamming consumers into thinking they are buying Bitcoin at a lower price,” Guttentag wrote atMedium.
Its backers use at least three sites to perpetuate this scam—Bitcoin.com, Reddit (r/BTC) and Twitter (@Bitcoin). Bitcoin Cash (BCH) is purposely misleading consumers into thinking they’re getting Bitcoin.
Guttentag buttressed his argument by pointing out that Bitcoin Cash’s logo looks nearly identical to bitcoin’s.
“Think consumers are going to have an easy time telling the difference?” he asked.
As CCN reported, a crypto civil war erupted in November 2018 when Bitcoin Cash (BCH) underwent its contentious fork. The fork resulted in feuding Bitcoin Cash camps:
• Bitcoin SV (Satoshi’s Vision): This group is backed by Australian entrepreneur Craig Wright andCalvin Ayre, the owner of CoinGeek, the largest Bitcoin Cash mining pool.
• Bitcoin ABC (Adjustable Blocksize Cap): This camp adheres to the “official” Bitcoin Cash road map, which is supported by most node operators, and is endorsed by Bitcoin Cash proponentRoger Verand Jihan Wu, co-founder of Bitcoin mining giant Bitmain.
Bitcoin SV proponent Calvin Ayre claims that SV is the “real bitcoin,” while the original cryptocurrency — which preceded Bitcoin SV — is an impostor.
Fellow Bitcoin SV advocate, Craig Wright, agreed. “[BTC] is a sham bitcoin,” Wright toldExpress UK. “SV is what bitcoin was, and is the only way it works.”
Calvin Ayre also raised eyebrows after insisting that the bitcoin pricewill tank to zeroin 2019 because it’s worthless.
Ayre further claimed that bitcoin’s price is being artificially deflated right now in order to eradicate it. He did not explain who’s trying to stamp bitcoin out of existence or why.
I am predicting it to go to zero value, as it has no utility. It does not do anything, and they intentionally are anti-scaling.
The postBitcoin SV’s New Logo Looks Suspiciously Like the Original BTC’sappeared first onCCN. || Bitcoin SV’s New Logo Looks Suspiciously Like the Original BTC’s: Bitcoin SV (Satoshi Vision) unveiled its new logo on the10th birthdayof bitcoin. Perhaps not surprisingly, BSV’s “new” logo looks suspiciously similar to that of bitcoin — the original cryptocurrency.
The pro-BSV bComm Association proudly trumpeted the announcement in astatement:
“The BSV logo is revealed on the 10th anniversary of the Bitcoin genesis block, to mark Bitcoin SV as rebirth of the original Bitcoin.”
NChain’s Jimmy Nguyen, the president of the bComm Association, said the BSV logo was selected after conducting three Twitter polls.
“After too many years of wasteful diversions from the Satoshi Vision, we can now finally celebrate Bitcoin’s rebirth – unchained from experimental whims of developer teams who veered away from Satoshi’s original plan,” Nguyen said.
The new logo was promptly mocked by many on social media, who called it a “cheap imitation knockoff” of the original bitcoin.
Another remarked:
The uncanny similarities between Bitcoin SV’s logo and Bitcoin’s is reminiscent of the controversy that erupted when Bitcoin.com CEO Roger Ver wasalmost suedby a group of crypto enthusiasts in April 2018.
The group claimed that Ver intentionally misled novice investors by exploiting their confusion between bitcoin and Bitcoin Cash, which forked off the original cryptocurrency in August 2017.
Ver — a polarizing figure who has been dubbed both “Bitcoin Jesus” and “Bitcoin Judas” — previously backed the original bitcoin, but later became an advocate of its derivative, Bitcoin Cash.
Ver is now a backer of Bitcoin ABC (Adjustable Blocksize Cap), whichforked offBitcoin Cash in November 2018.
Ver has been accused of deliberately misusing the “bitcoin” name on his website Bitcoin.com — a hub that sells bitcoin and bitcoin cash — to con gullible investors into buying the wrong bitcoin.
In February 2018, attorney Misha Guttentag urged crypto exchange Coinbase to stop selling Bitcoin Cash, saying its then-backer, Roger Ver, was a scam artist committing “consumer fraud.”
“Bitcoin Cash (BCH) is marketing itself as Bitcoin (BTC), scamming consumers into thinking they are buying Bitcoin at a lower price,” Guttentag wrote atMedium.
Its backers use at least three sites to perpetuate this scam—Bitcoin.com, Reddit (r/BTC) and Twitter (@Bitcoin). Bitcoin Cash (BCH) is purposely misleading consumers into thinking they’re getting Bitcoin.
Guttentag buttressed his argument by pointing out that Bitcoin Cash’s logo looks nearly identical to bitcoin’s.
“Think consumers are going to have an easy time telling the difference?” he asked.
As CCN reported, a crypto civil war erupted in November 2018 when Bitcoin Cash (BCH) underwent its contentious fork. The fork resulted in feuding Bitcoin Cash camps:
• Bitcoin SV (Satoshi’s Vision): This group is backed by Australian entrepreneur Craig Wright andCalvin Ayre, the owner of CoinGeek, the largest Bitcoin Cash mining pool.
• Bitcoin ABC (Adjustable Blocksize Cap): This camp adheres to the “official” Bitcoin Cash road map, which is supported by most node operators, and is endorsed by Bitcoin Cash proponentRoger Verand Jihan Wu, co-founder of Bitcoin mining giant Bitmain.
Bitcoin SV proponent Calvin Ayre claims that SV is the “real bitcoin,” while the original cryptocurrency — which preceded Bitcoin SV — is an impostor.
Fellow Bitcoin SV advocate, Craig Wright, agreed. “[BTC] is a sham bitcoin,” Wright toldExpress UK. “SV is what bitcoin was, and is the only way it works.”
Calvin Ayre also raised eyebrows after insisting that the bitcoin pricewill tank to zeroin 2019 because it’s worthless.
Ayre further claimed that bitcoin’s price is being artificially deflated right now in order to eradicate it. He did not explain who’s trying to stamp bitcoin out of existence or why.
I am predicting it to go to zero value, as it has no utility. It does not do anything, and they intentionally are anti-scaling.
The postBitcoin SV’s New Logo Looks Suspiciously Like the Original BTC’sappeared first onCCN. || USD/JPY Fundamental Daily Forecast – Has a Dovish Powell Already Been Priced-in?: Increased demand for risky assets as well as position-squaring ahead of today’s U.S. jobs report and speech by Fed Chair Jerome Powell are helping to underpin the Dollar/Yen early Friday. The range is tight and volatility is low, but that is to be expected considering the wild price swings on Thursday. At 0922 GMT, the USD/JPY is trading 108.009, up 0.37 or +0.35%. On Thursday, the USD/JPY spiked to its lowest level since early April before mounting a strong recovery. The rebound rally and today’s follow-through move suggests oversold conditions. Helping to pressure the Dollar/Yen on Thursday was weaker-than-expected U.S. economic data and dovish remarks from a high-ranking U.S. Federal Reserve official. Falling U.S. Treasury yields also made the U.S. Dollar a less-desirable investment while increasing demand for the Japanese Yen. U.S. Economic Data In the U.S., the ISM Manufacturing PMI came in at 54.1, well below the 57.5 consensus and November’s 59.3, driven by the new orders subindex which slumped to 51.1 from 62.1. The drop in the main index closely mirrors the sharp weakness recently seen in the equivalent China PMI import sub-index. The soft ISM Manufacturing PMI report drove the U.S. 2 and 10-year bond yields lower by 10 and 8 basis points respectively, putting pressure on the U.S. Dollar while making the Japanese Yen a more desirable investment. Fed Member Kaplan Dovish Dovish remarks from Dallas Federal Reserve President Robert Kaplan also helped pressure the USD/JPY. “There are three big issues that I see reflected in the markets that are consistent with what I’m seeing in the economy,” Kaplan said in an interview on Bloomberg TV. “Global growth decelerating…, interest-sensitive industries are showing weakness… and financial conditions have tightened and credit spreads have widened. “My own view is we shouldn’t take any further action on interest rates until these issues are resolved for better or for worse… so I would be an advocate of taking no action during the first couple of quarters of this year.” Story continues Forecast Later today at 1330 GMT, the U.S. will release its Non-Farm Payrolls report. The Non-Farm Employment Change is expected to show the economy added 179K jobs in December, up from 155K. The Unemployment Rate is expected to come in unchanged at 3.7%. Average Hourly Earnings are expected to have risen by 0.3%. Traders may delay their reactions to the jobs data because at 1515 GMT, U.S. Federal Reserve Chairman Jerome Powell is scheduled to speak. Investors will be listening to hear if he softens his tone on interest rate hikes. Market participants are currently expressing fears that the Fed could bring on a recession with a policy misstep. A bearish jobs report combined with dovish comments from Powell could drive the USD/JPY sharply lower. However, there is still the possibility that soft comments from the Fed Chair have already been priced into the market. This article was originally posted on FX Empire More From FXEMPIRE: EURUSD Price Forecast – EUR/USD Trades Range Bound Ahead of US NFP Update AUD/USD and NZD/USD Fundamental Daily Forecast – Could Spike Higher on Jobs Report Miss, Dovish Powell Value Investors Key to Stopping Stock Market Slide Gold Trades Dovish Post Hitting Intra-Day High’s On Developments in Sino-U.S. Talks Bitcoin And Ethereum Daily Price Forecast – Crypto Market Mixed On Last Trading Session Of The Week Upbeat News Over Trade Talks Underpinning China’s Equity Markets || USD/JPY Fundamental Daily Forecast – Has a Dovish Powell Already Been Priced-in?: Increased demand for risky assets as well as position-squaring ahead of today’s U.S. jobs report and speech by Fed Chair Jerome Powell are helping to underpin the Dollar/Yen early Friday. The range is tight and volatility is low, but that is to be expected considering the wild price swings on Thursday.
At 0922 GMT, theUSD/JPYis trading 108.009, up 0.37 or +0.35%.
On Thursday, the USD/JPY spiked to its lowest level since early April before mounting a strong recovery. The rebound rally and today’s follow-through move suggests oversold conditions.
Helping to pressure the Dollar/Yen on Thursday was weaker-than-expected U.S. economic data and dovish remarks from a high-ranking U.S. Federal Reserve official. Falling U.S. Treasury yields also made the U.S. Dollar a less-desirable investment while increasing demand for the Japanese Yen.
In the U.S., the ISM Manufacturing PMI came in at 54.1, well below the 57.5 consensus and November’s 59.3, driven by the new orders subindex which slumped to 51.1 from 62.1. The drop in the main index closely mirrors the sharp weakness recently seen in the equivalent China PMI import sub-index.
The soft ISM Manufacturing PMI report drove the U.S. 2 and 10-year bond yields lower by 10 and 8 basis points respectively, putting pressure on the U.S. Dollar while making the Japanese Yen a more desirable investment.
Dovish remarks from Dallas Federal Reserve President Robert Kaplan also helped pressure the USD/JPY.
“There are three big issues that I see reflected in the markets that are consistent with what I’m seeing in the economy,” Kaplan said in an interview on Bloomberg TV.
“Global growth decelerating…, interest-sensitive industries are showing weakness… and financial conditions have tightened and credit spreads have widened.
“My own view is we shouldn’t take any further action on interest rates until these issues are resolved for better or for worse… so I would be an advocate of taking no action during the first couple of quarters of this year.”
Later today at 1330 GMT, the U.S. will release its Non-Farm Payrolls report. The Non-Farm Employment Change is expected to show the economy added 179K jobs in December, up from 155K. The Unemployment Rate is expected to come in unchanged at 3.7%. Average Hourly Earnings are expected to have risen by 0.3%.
Traders may delay their reactions to the jobs data because at 1515 GMT, U.S. Federal Reserve Chairman Jerome Powell is scheduled to speak. Investors will be listening to hear if he softens his tone on interest rate hikes. Market participants are currently expressing fears that the Fed could bring on a recession with a policy misstep.
A bearish jobs report combined with dovish comments from Powell could drive the USD/JPY sharply lower. However, there is still the possibility that soft comments from the Fed Chair have already been priced into the market.
Thisarticlewas originally posted on FX Empire
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• Bitcoin And Ethereum Daily Price Forecast – Crypto Market Mixed On Last Trading Session Of The Week
• Upbeat News Over Trade Talks Underpinning China’s Equity Markets || Coinbase Has Still Not Issued Bitcoin SV to Customers: Coinbase has yet to give Bitcoin Cash holders their Bitcoin SV from the Bitcoin Cash hard fork that happened November 15th2018.
The fork away from Bitcoin Cashby Craig Wright and Calvin Ayre’s preferred chain, called Bitcoin SV or “Satoshi’s Vision,” happened November 15th. The hash war was widely reported in CCN and elsewhere. The result was two forks of Bitcoin Cash. Just like the original Bitcoin Cash hard fork, this meant users who had money on the Bitcoin Cash chain would now by right have money on the Bitcoin SV chain.
Poloniex led the way and allowed both pre-fork trading and a convenient way for users to be sure their coins would “split” properly. All one had to do was make a deposit to their Bitcoin Cash wallet prior to the fork. Poloniex would take care of the rest. Many used this as an opportunity to initially “dump” their Bitcoin SV, even before it was officially live on its own blockchain.
The “hash war” that ensued resulted in Bitcoin ABC and Roger Ver retaining control of the “BCH” (Bitcoin Cash) ticker on the majority of exchanges. Calvin Ayre eventually called for a “cease-fire,” demanding that neither chain claim the previously unified mantle. Bitcoin ABC did not agree to this. The result is that exchanges which list both tokens now have BCH (Bitcoin ABC), which is the dominant fork of the original Bitcoin Cash, and BSV, which is Bitcoin SV.
Coinbase users who were holding Bitcoin Cash at the time of the fork are entitled to Bitcoin SV, just as those who were holding Bitcoin at the time of the original Bitcoin Cash hard fork were entitled to Bitcoin Cash.
However, as an exasperated user wrote to CCN, Coinbase has yet to release Bitcoin SV to anyone.
Across multiple e-mails over a few weeks, Coinbase assures the user, who will remain anonymous, that he will receive his Bitcoin SV, but will not provide any further details. They do mention that while they will allow withdrawals apparently whenever they feel like it, there will be no trading or deposits.
The week of Christmas, our informant responded to a reply from Coinbase on Christmas Eve:
I already read that generic update before I wrote you. Your team hasn’t updated us for 5 weeks since then. It is about time for a further update. Please provide something better than just rehashing what you already have on your website, we deserve better.
To this, Coinbase said:
Thanks for contacting Coinbase Support. I understand the importance of your digital currency and thank you for your patience with us.
The same day, Coinbase said:
Following the BCH hard fork and conclusion of the hash war, Bitcoin SV has confirmed the creation of a new coin, BSV. Coinbase intends to allow customers to withdraw BSV at a future date, though we do not currently intend to support trading, buys or sells.
Our frustrated informant wrote back on the 28thof December:
It’s already been 7 WEEKS since that last update. “We will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer.” – so I think that I am entitled to an additional update. You have beenbusy adding new trading pairs, but cannot ensure that coins that your clients own can be given to them for them to use. That is unacceptable. Please escalate this to someone whom can provide a better answer.
Then, earlier this week, on the 2ndof January, Coinbase finally gave an answer with some substance:
I understand your frustration and I wish that there was more that I could do.
Notice how Coinbase repeats themselves after the user complains that he already had this information.
Meanwhile, users of other wallet services and exchanges have had their BSV for weeks, and were even able to cash out at the all-time high of over $200. At time of writing,Bitcoin SV was trading just under $90.
It would seem that, given the high volume of users Coinbase has (over 10 million), the overall Bitcoin SV market has yet to fully discover its price if hundreds of thousands (potentially) Bitcoin SV coins have been locked away in Coinbase’s custody.
Reddit users have also beenwondering for some timewhen they will receive their BSV.
Featured image from Shutterstock. Chart fromTradingView.
The postCoinbase Has Still Not Issued Bitcoin SV to Customersappeared first onCCN. || Coinbase Has Still Not Issued Bitcoin SV to Customers: Coinbase has yet to give Bitcoin Cash holders their Bitcoin SV from the Bitcoin Cash hard fork that happened November 15th2018.
The fork away from Bitcoin Cashby Craig Wright and Calvin Ayre’s preferred chain, called Bitcoin SV or “Satoshi’s Vision,” happened November 15th. The hash war was widely reported in CCN and elsewhere. The result was two forks of Bitcoin Cash. Just like the original Bitcoin Cash hard fork, this meant users who had money on the Bitcoin Cash chain would now by right have money on the Bitcoin SV chain.
Poloniex led the way and allowed both pre-fork trading and a convenient way for users to be sure their coins would “split” properly. All one had to do was make a deposit to their Bitcoin Cash wallet prior to the fork. Poloniex would take care of the rest. Many used this as an opportunity to initially “dump” their Bitcoin SV, even before it was officially live on its own blockchain.
The “hash war” that ensued resulted in Bitcoin ABC and Roger Ver retaining control of the “BCH” (Bitcoin Cash) ticker on the majority of exchanges. Calvin Ayre eventually called for a “cease-fire,” demanding that neither chain claim the previously unified mantle. Bitcoin ABC did not agree to this. The result is that exchanges which list both tokens now have BCH (Bitcoin ABC), which is the dominant fork of the original Bitcoin Cash, and BSV, which is Bitcoin SV.
Coinbase users who were holding Bitcoin Cash at the time of the fork are entitled to Bitcoin SV, just as those who were holding Bitcoin at the time of the original Bitcoin Cash hard fork were entitled to Bitcoin Cash.
However, as an exasperated user wrote to CCN, Coinbase has yet to release Bitcoin SV to anyone.
Across multiple e-mails over a few weeks, Coinbase assures the user, who will remain anonymous, that he will receive his Bitcoin SV, but will not provide any further details. They do mention that while they will allow withdrawals apparently whenever they feel like it, there will be no trading or deposits.
The week of Christmas, our informant responded to a reply from Coinbase on Christmas Eve:
I already read that generic update before I wrote you. Your team hasn’t updated us for 5 weeks since then. It is about time for a further update. Please provide something better than just rehashing what you already have on your website, we deserve better.
To this, Coinbase said:
Thanks for contacting Coinbase Support. I understand the importance of your digital currency and thank you for your patience with us.
The same day, Coinbase said:
Following the BCH hard fork and conclusion of the hash war, Bitcoin SV has confirmed the creation of a new coin, BSV. Coinbase intends to allow customers to withdraw BSV at a future date, though we do not currently intend to support trading, buys or sells.
Our frustrated informant wrote back on the 28thof December:
It’s already been 7 WEEKS since that last update. “We will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer.” – so I think that I am entitled to an additional update. You have beenbusy adding new trading pairs, but cannot ensure that coins that your clients own can be given to them for them to use. That is unacceptable. Please escalate this to someone whom can provide a better answer.
Then, earlier this week, on the 2ndof January, Coinbase finally gave an answer with some substance:
I understand your frustration and I wish that there was more that I could do.
Notice how Coinbase repeats themselves after the user complains that he already had this information.
Meanwhile, users of other wallet services and exchanges have had their BSV for weeks, and were even able to cash out at the all-time high of over $200. At time of writing,Bitcoin SV was trading just under $90.
It would seem that, given the high volume of users Coinbase has (over 10 million), the overall Bitcoin SV market has yet to fully discover its price if hundreds of thousands (potentially) Bitcoin SV coins have been locked away in Coinbase’s custody.
Reddit users have also beenwondering for some timewhen they will receive their BSV.
Featured image from Shutterstock. Chart fromTradingView.
The postCoinbase Has Still Not Issued Bitcoin SV to Customersappeared first onCCN. || Coinbase Has Still Not Issued Bitcoin SV to Customers: Coinbase has yet to give Bitcoin Cash holders their Bitcoin SV from the Bitcoin Cash hard fork that happened November 15 th 2018. The fork away from Bitcoin Cash by Craig Wright and Calvin Ayre’s preferred chain, called Bitcoin SV or “Satoshi’s Vision,” happened November 15 th . The hash war was widely reported in CCN and elsewhere. The result was two forks of Bitcoin Cash. Just like the original Bitcoin Cash hard fork, this meant users who had money on the Bitcoin Cash chain would now by right have money on the Bitcoin SV chain. Poloniex by Circle Had a Pre-Fork Solution Poloniex led the way and allowed both pre-fork trading and a convenient way for users to be sure their coins would “split” properly. All one had to do was make a deposit to their Bitcoin Cash wallet prior to the fork. Poloniex would take care of the rest. Many used this as an opportunity to initially “dump” their Bitcoin SV, even before it was officially live on its own blockchain. The “hash war” that ensued resulted in Bitcoin ABC and Roger Ver retaining control of the “BCH” (Bitcoin Cash) ticker on the majority of exchanges. Calvin Ayre eventually called for a “cease-fire,” demanding that neither chain claim the previously unified mantle. Bitcoin ABC did not agree to this. The result is that exchanges which list both tokens now have BCH (Bitcoin ABC), which is the dominant fork of the original Bitcoin Cash, and BSV, which is Bitcoin SV. Coinbase users who were holding Bitcoin Cash at the time of the fork are entitled to Bitcoin SV, just as those who were holding Bitcoin at the time of the original Bitcoin Cash hard fork were entitled to Bitcoin Cash. User Repeatedly Requests His Bitcoin SV And Is Stonewalled By Coinbase Coinbase delays Bitcoin SV withdrawals. However, as an exasperated user wrote to CCN, Coinbase has yet to release Bitcoin SV to anyone. Across multiple e-mails over a few weeks, Coinbase assures the user, who will remain anonymous, that he will receive his Bitcoin SV, but will not provide any further details. They do mention that while they will allow withdrawals apparently whenever they feel like it, there will be no trading or deposits. Story continues The week of Christmas, our informant responded to a reply from Coinbase on Christmas Eve: I already read that generic update before I wrote you. Your team hasn’t updated us for 5 weeks since then. It is about time for a further update. Please provide something better than just rehashing what you already have on your website, we deserve better. To this, Coinbase said: Thanks for contacting Coinbase Support. I understand the importance of your digital currency and thank you for your patience with us. I’ve taken a look at your case and am working with a specialist to address your issue properly. Please note that these reviews are typically completed within 5-7 business days. Thanks again for your understanding. The same day, Coinbase said: Following the BCH hard fork and conclusion of the hash war, Bitcoin SV has confirmed the creation of a new coin, BSV. Coinbase intends to allow customers to withdraw BSV at a future date, though we do not currently intend to support trading, buys or sells. We will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer. Our frustrated informant wrote back on the 28 th of December: It’s already been 7 WEEKS since that last update. “We will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer.” – so I think that I am entitled to an additional update. You have been busy adding new trading pairs , but cannot ensure that coins that your clients own can be given to them for them to use. That is unacceptable. Please escalate this to someone whom can provide a better answer. Then, earlier this week, on the 2 nd of January, Coinbase finally gave an answer with some substance: I understand your frustration and I wish that there was more that I could do. However, we will provide additional updates as they are available. We anticipate development work for BSV withdrawals will take at least a few weeks, but may take longer. Notice how Coinbase repeats themselves after the user complains that he already had this information. Will Coinbase Users Ever Realize Gains from Bitcoin SV Fork? Meanwhile, users of other wallet services and exchanges have had their BSV for weeks, and were even able to cash out at the all-time high of over $200. At time of writing, Bitcoin SV was trading just under $90 . It would seem that, given the high volume of users Coinbase has ( over 10 million ), the overall Bitcoin SV market has yet to fully discover its price if hundreds of thousands (potentially) Bitcoin SV coins have been locked away in Coinbase’s custody. Reddit users have also been wondering for some time when they will receive their BSV. Featured image from Shutterstock. Chart from TradingView . The post Coinbase Has Still Not Issued Bitcoin SV to Customers appeared first on CCN . || Crypto Shill John McAfee: I Haven’t Filed a Tax Return in 8 Years: Crypto bull John McAfee threw down the gauntlet to the US Internal Revenue Service, and dared the agency to come after him for tax evasion.
McAfee, 73, confessed in a stunning tweetstorm that he hasn’t filed a tax return in eight years. Why? He explained:
1. Taxation is illegal.
2. I paid tens of millions already and received Jack Sh*t in services.
3. I’m done making money.
4. I live off of cash from McAfee Inc.
5. My net income is negative.
McAfee then claimed that he’s a “prime target for the IRS” before defiantly challenging the agency to pursue him. “Here I am,” he goaded.
Preceding the Twitter dare was a blistering attack on the tax-collection agency, which McAfee says has gotten too powerful and intimidating.
“It now destroys us,” he lamented.
Before that, McAfee provoked the IRS, saying: “I have prepared my entire life for this battle. We will not be able to shrug off the yoke of this corrupt and insane government without a struggle.”
Hours earlier, McAfee lambasted the agency, saying “taxation is theft. It is unconstitutional.”
It’s unclear what McAfee meant as he has a reputation for being eccentric and a history of making bizarre Twitter rants.
John McAfee is a cybersecurity pioneer who created the McAfee anti-virus software program.
At the peak of his wealth, McAfee’s net worth topped $100 million. After the 2008 US financial crisis, McAfee claimed he lost most of his fortune.
McAfee now charges about $105,000 to post a tweet, according to hiswebsite. This earned him an unsavory reputation as a crypto shill who will promote anything as long as he gets paid.
As a result, McAfee has sometimes gotten himself in trouble over his tweets. In May 2018, he wasforced to apologizeamid revelations that an ICO he endorsed had plagiarized its website content and whitepaper from another project.
In June 2018, McAfee — a libertarian — announced that he planned torun for presidentin 2020. He later admitted that the announcement was a PR stunt, and that the only platform for his presidential campaign would be to promote crypto.
Meanwhile, the Internal Revenue Service has stated that investors who earn money on their cryptocurrency holdings must pay taxes on their gains. In February 2018, theIRS ordered top crypto exchange Coinbase to turn over data on 13,000 customers.
On February 23rd 2018, Coinbase sent a notice to all affected users on itswebsite:
“Coinbase notified a group of approximately 13,000 customers concerning a summons from the IRS regarding their Coinbase accounts.”
Bitcoin advocate Andreas Antonopoulos bemoaned his fate on Twitter.
Many Coinbase customers were upset that IRS received their accounts records. Some thought that because crypto is decentralized and largely unregulated, they’re immune from taxation.
Other users were upset that Coinbase had not given them advanced notice that they would have to file taxes on their crypto investment gains.
In December 2018, former US Congressman Ron Paul urged the government to abolish the Federal Reserve andexempt all cryptocurrenciesfrom taxation.
Ron Paulblasted the Fedfor manipulating interest rates, saying these artificial market machinations cause recessions.
Paul said the only way to avoid a Fed-created recession is to let people use alternative currencies like bitcoin and to exempt crypto from taxes.
Featured image from Wikimedia.
The postCrypto Shill John McAfee: I Haven’t Filed a Tax Return in 8 Yearsappeared first onCCN. || Crypto Shill John McAfee: I Haven’t Filed a Tax Return in 8 Years: john mcafee Crypto bull John McAfee threw down the gauntlet to the US Internal Revenue Service, and dared the agency to come after him for tax evasion. McAfee, 73, confessed in a stunning tweetstorm that he hasn’t filed a tax return in eight years. Why? He explained: Taxation is illegal. I paid tens of millions already and received Jack Sh*t in services. I’m done making money. I live off of cash from McAfee Inc. My net income is negative. McAfee then claimed that he’s a “prime target for the IRS” before defiantly challenging the agency to pursue him. “Here I am,” he goaded. I have not filed a tax return for 8 years. Why? 1: taxation is illegal. 2: I paid tens of millions already and received Jack Shit in services. 3. I'm done making money. I live off of cash from McAfee Inc. My net income is negative. But i am a prime target for the IRS. Here I am. — John McAfee (@officialmcafee) January 3, 2019 John McAfee: ‘Taxation Is Theft’ Preceding the Twitter dare was a blistering attack on the tax-collection agency, which McAfee says has gotten too powerful and intimidating. “It now destroys us,” he lamented. No one will fuck with the enormous power of the IRS. It emerged as an SS like intimidation arm of the government during prohibition – when drinking alcohol was a crime. Unable to buy legitimatte alcohol the publuc relied on family stills. From destrying stills, it now destroys us — John McAfee (@officialmcafee) January 3, 2019 Before that, McAfee provoked the IRS, saying: “I have prepared my entire life for this battle. We will not be able to shrug off the yoke of this corrupt and insane government without a struggle.” Story continues I'm challenging the agency responsible for fueling our Government's madness – the IRS. The IRS will not sit idly by. I know this. But i have prepared my entire life for this battle. We will not be able to shrug off the yoke of this corrupt and insane government without a struggle — John McAfee (@officialmcafee) January 3, 2019 Hours earlier, McAfee lambasted the agency, saying “taxation is theft. It is unconstitutional.” It’s unclear what McAfee meant as he has a reputation for being eccentric and a history of making bizarre Twitter rants. I'm done trashing the SEC. Let's move on to the IRS – the agency that takes from you an average of three months of your labor each year. First – taxation is theft. It is unconstitutional. Prior to the civil war there was no income tax, yet we managed. Stay tuned for the truth. — John McAfee (@officialmcafee) January 3, 2019 2008 Crisis Wiped Out $100 Million Fortune John McAfee is a cybersecurity pioneer who created the McAfee anti-virus software program. At the peak of his wealth, McAfee’s net worth topped $100 million. After the 2008 US financial crisis, McAfee claimed he lost most of his fortune. McAfee now charges about $105,000 to post a tweet, according to his website . This earned him an unsavory reputation as a crypto shill who will promote anything as long as he gets paid. As a result, McAfee has sometimes gotten himself in trouble over his tweets. In May 2018, he was forced to apologize amid revelations that an ICO he endorsed had plagiarized its website content and whitepaper from another project. John McAfee-Endorsed ICO Apologizes For Plagiarizing Content From Blockchain Taxi Platform https://t.co/jEZkCBJsAw $btc pic.twitter.com/NJOc5qhdL6 — Ｍｉｃｈａｅｌ (@MichaelcMcKee) May 18, 2018 In June 2018, McAfee — a libertarian — announced that he planned to run for president in 2020. He later admitted that the announcement was a PR stunt, and that the only platform for his presidential campaign would be to promote crypto. IRS: Crypto Investors Must Pay Taxes Meanwhile, the Internal Revenue Service has stated that investors who earn money on their cryptocurrency holdings must pay taxes on their gains. In February 2018, the IRS ordered top crypto exchange Coinbase to turn over data on 13,000 customers . On February 23rd 2018, Coinbase sent a notice to all affected users on its website : “Coinbase notified a group of approximately 13,000 customers concerning a summons from the IRS regarding their Coinbase accounts.” Bitcoin advocate Andreas Antonopoulos bemoaned his fate on Twitter. Received notice from Coinbase today, that my account is one of the 13,000 that they will have to turn over to the IRS under the court order. Not surprised, I knew I would be in that group. In case you were wondering, I've filed & paid taxes for my bitcoin income, gains/losses. — Andreas M. Antonopoulos (@aantonop) February 23, 2018 Many Coinbase customers were upset that IRS received their accounts records. Some thought that because crypto is decentralized and largely unregulated, they’re immune from taxation. Other users were upset that Coinbase had not given them advanced notice that they would have to file taxes on their crypto investment gains. Ron Paul: Crypto Should Not Be Taxed In December 2018, former US Congressman Ron Paul urged the government to abolish the Federal Reserve and exempt all cryptocurrencies from taxation. Ron Paul blasted the Fed for manipulating interest rates, saying these artificial market machinations cause recessions. Paul said the only way to avoid a Fed-created recession is to let people use alternative currencies like bitcoin and to exempt crypto from taxes. Pro-Bitcoin Ron Paul: It’s Time to Abolish Federal Reserve, Embrace Tax-Free Crypto https://t.co/TSJIq0CYr3 — CCN.com (@CryptoCoinsNews) December 21, 2018 Featured image from Wikimedia. The post Crypto Shill John McAfee: I Haven’t Filed a Tax Return in 8 Years appeared first on CCN .
[Social Media Buzz]
#LIZA #LAMBO price
01-05 05:00(GMT)
$LIZA
BTC :0.00000
ETH :0.00000
USD :0.0
RUR :0.0
JPY(btc) :0.0
JPY(eth) :0.0
$LAMBO
BTC :0.001
ETH :0.001
USD :2.0
RUR :333.3
JPY(btc) :419.1
JPY(eth) :11.8 || ツイート数の多かった仮想通貨
1位 $BTC 301 Tweets
2位 $TRX 243 Tweets
3位 $ETH 71 Tweets
4位 $XRP 50 Tweets
5位 $LTC 46 Tweets
2019-01-06 07:00 ～ 2019-01-06 07:59
COINTREND いまTwitterで話題の仮想通貨を探せ！
https://cointrend.jp/ || 2019/01/06 03:00
#Binance 格安コイン
1位 #NPXS 0.00000011 BTC(0.05円)
2位 #HOT 0.00000012 BTC(0.05円)
3位 #BC...
|
4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62.
|
[Bitcoin Technical Analysis for 2015-07-27]
Volume: 30592000, RSI (14-day): 64.21, 50-day EMA: 266.79, 200-day EMA: 259.53
[Wider Market Context]
Gold Price: 1096.50, Gold RSI: 28.39
Oil Price: 47.39, Oil RSI: 23.30
[Recent News (last 7 days)]
Your first trade for Monday: The "Fast Money" traders delivered final trades that were out of this world after NASA astronaut Scott Kelly asked for a stock tip from aboard the International Space Station.
Tim Seymour recommended playing the frontier markets by buying the iShares MSCI Frontier 100 ETF(NYSE Arca: FM).
David Seaburg's play was Starbucks(SBUX), alluding to the strength of brand loyalty and new products.
Brian Kelly suggested shorting the Market Vectors Russia ETF(NYSE Arca: RSX)as a heavenly oil play.
Guy Adami went intergalactic as a buyer of Constellation Brands(STZ).
Trader disclosure: On July 24, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Today he sold C. Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, US dollar; he is short Oil, Ruble, Yuan and Yen. Today he shorted the Ruble. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. David Seaburg: No disclosures.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Monday: The " Fast Money " traders delivered final trades that were out of this world after NASA astronaut Scott Kelly asked for a stock tip from aboard the International Space Station. Tim Seymour recommended playing the frontier markets by buying the iShares MSCI Frontier 100 ETF (NYSE Arca: FM) . David Seaburg's play was Starbucks ( SBUX ) , alluding to the strength of brand loyalty and new products. Brian Kelly suggested shorting the Market Vectors Russia ETF (NYSE Arca: RSX) as a heavenly oil play. Guy Adami went intergalactic as a buyer of Constellation Brands ( STZ ) . Trader disclosure: On July 24, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Today he sold C. Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, US dollar; he is short Oil, Ruble, Yuan and Yen. Today he shorted the Ruble. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. David Seaburg: No disclosures. More From CNBC Top News and Analysis Latest News Video Personal Finance || Winklevoss twins file paperwork to operate Gemini bitcoin exchange: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Investors Tyler and Cameron Winklevoss earlier this week filed paperwork to operate a bitcoin exchange called Gemini for both individual and institutional investors in New York state, a spokeswoman said on Friday. The twins, best known for accusing Facebook Inc founder Mark Zuckerberg of stealing their idea, want to make the digital currency mainstream in the United States. Unlike conventional money, bitcoin is bought and sold on a peer-to-peer network independent of central control. Bitcoin is not backed by a government or central bank and its value fluctuates according to demand by users. The Winklevoss brothers filed an application on July 21 with the New York State Department of Financial Services to operate as a trust company. ItBit also filed a trust application in New York in February. In May, it became the first virtual currency company to receive a charter in the state. A trust company is a type of financial institution technically different from a bank, according to a blog by Houman Shadab, an expert on bitcoin regulations and a professor at the New York Law School. Under New York state's banking law, a trust company has all the powers of a bank to take deposits and make loans, alongside certain fiduciary powers such as acting as an agent for governmental bodies, he wrote. Examples of trust companies in New York include securities custodian the Depository Trust Company, the wealth and asset manager Northern Trust, and the Bank of New York Mellon. Last year Mt. Gox, a Tokyo-based bitcoin exchange, was forced to file for bankruptcy after hackers stole an estimated $650 million worth of customer bitcoins. Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the Mt. Gox attack. One bitcoin is currently worth around $289 on the BitStamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Winklevoss twins file paperwork to operate Gemini bitcoin exchange: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Investors Tyler and Cameron Winklevoss earlier this week filed paperwork to operate a bitcoin exchange called Gemini for both individual and institutional investors in New York state, a spokeswoman said on Friday. The twins, best known for accusing Facebook Inc founder Mark Zuckerberg of stealing their idea, want to make the digital currency mainstream in the United States. Unlike conventional money, bitcoin is bought and sold on a peer-to-peer network independent of central control. Bitcoin is not backed by a government or central bank and its value fluctuates according to demand by users. The Winklevoss brothers filed an application on July 21 with the New York State Department of Financial Services to operate as a trust company. ItBit also filed a trust application in New York in February. In May, it became the first virtual currency company to receive a charter in the state. A trust company is a type of financial institution technically different from a bank, according to a blog by Houman Shadab, an expert on bitcoin regulations and a professor at the New York Law School. Under New York state's banking law, a trust company has all the powers of a bank to take deposits and make loans, alongside certain fiduciary powers such as acting as an agent for governmental bodies, he wrote. Examples of trust companies in New York include securities custodian the Depository Trust Company, the wealth and asset manager Northern Trust, and the Bank of New York Mellon. Last year Mt. Gox, a Tokyo-based bitcoin exchange, was forced to file for bankruptcy after hackers stole an estimated $650 million worth of customer bitcoins. Bitcoin's value has been highly volatile, having peaked at over $1,200 in late 2013 before crashing after the Mt. Gox attack. One bitcoin is currently worth around $289 on the BitStamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || MarilynJean Media Interactive (MJMI.QB) Announces Plans to Enter Multi-Billion Dollar Remittance Market Using Bitcoin to Effect Transfers: HENDERSON, NV / ACCESSWIRE / July 24, 2015 / MarilynJean Media Interactive ( MJMI ) announced today its plans to enter the multi-billion dollar remittance market using Bitcoin to effect transfers. According to the World Bank, sending money internationally, or remittance transactions, were valued at over $580 Billion in 2014 and are expected to exceed $608 Billion in 2015. The World Bank estimates transaction fees to average 7.99% of money sent, making for a staggering $50 Billion in potential fees for participants in this year's remittance business. Most remittance transfers are from developed countries to developing ones, sent primarily by migrant workers. Currently, most transactions are done through brick and mortar institutions like Western Union (NYSE:WU) and Moneygram (NASDAQ:MGI). These type of companies make money by charging an often invisible fee on the currency exchange portion of the transaction and high transfer fees to send and receive the money. Within the existing financial system, Bitcoin's most disrupting feature is its decentralized architecture. A vaster international network of P2P computers provides multiple layers of verification for each transaction using cryptography. All transactions are registered in the publicly viewable blockchain so that users can’t transact with bitcoins they don’t own. This final level of security previously required a third party, typically a bank. In a Bitcoin remittance transaction, a user would purchase Bitcoins via a Bitcoin exchange then send the Bitcoins to a Bitcoin remittance company who would then send the money to the receiver. Each step would be completed electronically within minutes. The bitcoin network has the potential to effectively replace financial institutions and banks in the remittance market. Transfers are virtually in real time, often completing in less than 10 minutes, with ultra-low costs, typically limited to the fee for using a Bitcoin exchange, which averages 2%. In addition, Bitcoin remittance transactions can be easily completed using mobile devices which are now widely available in developing countries. Story continues Challenges for Bitcoin and other crypto-currencies in the remittance market include the differing ways such currencies are regulated internationally and the costs associated with compliance in multiple jurisdictions. As a fully reporting, publicly traded company, management believes both regulators and users will be comparatively more confident with MJMI's participation in any regulated markets. MJMI is currently exploring partnering with several existing Bitcoin exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution and potentially capture a share of this lucrative market just as it is poised to undergo a massive shift into the digital realm. Peter Janosi, MJMI's president said: "With legacy remittance companies and traditional banks continuing to charge high fees while hiding other fees via poor exchange rates, it's hard to see a future where they will continue to be relevant." About Bitcoin and Crypto-Currencies Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting." Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK). MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjeancom Press Contact: [email protected] SOURCE : MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.QB) Announces Plans to Enter Multi-Billion Dollar Remittance Market Using Bitcoin to Effect Transfers: HENDERSON, NV / ACCESSWIRE / July 24, 2015 /MarilynJean Media Interactive (MJMI) announced today its plans to enter the multi-billion dollar remittance market using Bitcoin to effect transfers.
According to the World Bank, sending money internationally, or remittance transactions, were valued at over $580 Billion in 2014 and are expected to exceed $608 Billion in 2015. The World Bank estimates transaction fees to average 7.99% of money sent, making for a staggering $50 Billion in potential fees for participants in this year's remittance business.
Most remittance transfers are from developed countries to developing ones, sent primarily by migrant workers. Currently, most transactions are done through brick and mortar institutions like Western Union (NYSE:WU) and Moneygram (NASDAQ:MGI). These type of companies make money by charging an often invisible fee on the currency exchange portion of the transaction and high transfer fees to send and receive the money.
Within the existing financial system, Bitcoin's most disrupting feature is its decentralized architecture. A vaster international network of P2P computers provides multiple layers of verification for each transaction using cryptography. All transactions are registered in the publicly viewable blockchain so that users can’t transact with bitcoins they don’t own. This final level of security previously required a third party, typically a bank.
In a Bitcoin remittance transaction, a user would purchase Bitcoins via a Bitcoin exchange then send the Bitcoins to a Bitcoin remittance company who would then send the money to the receiver. Each step would be completed electronically within minutes.
The bitcoin network has the potential to effectively replace financial institutions and banks in the remittance market. Transfers are virtually in real time, often completing in less than 10 minutes, with ultra-low costs, typically limited to the fee for using a Bitcoin exchange, which averages 2%. In addition, Bitcoin remittance transactions can be easily completed using mobile devices which are now widely available in developing countries.
Challenges for Bitcoin and other crypto-currencies in the remittance market include the differing ways such currencies are regulated internationally and the costs associated with compliance in multiple jurisdictions. As a fully reporting, publicly traded company, management believes both regulators and users will be comparatively more confident with MJMI's participation in any regulated markets.
MJMI is currently exploring partnering with several existing Bitcoin exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution and potentially capture a share of this lucrative market just as it is poised to undergo a massive shift into the digital realm.
Peter Janosi, MJMI's president said: "With legacy remittance companies and traditional banks continuing to charge high fees while hiding other fees via poor exchange rates, it's hard to see a future where they will continue to be relevant."
About Bitcoin and Crypto-Currencies
Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjeancom
Press Contact:[email protected]
SOURCE: MarilynJean Media Interactive || MarilynJean Media Interactive (MJMI.QB) Announces Plans to Enter Multi-Billion Dollar Remittance Market Using Bitcoin to Effect Transfers: HENDERSON, NV / ACCESSWIRE / July 24, 2015 /MarilynJean Media Interactive (MJMI) announced today its plans to enter the multi-billion dollar remittance market using Bitcoin to effect transfers.
According to the World Bank, sending money internationally, or remittance transactions, were valued at over $580 Billion in 2014 and are expected to exceed $608 Billion in 2015. The World Bank estimates transaction fees to average 7.99% of money sent, making for a staggering $50 Billion in potential fees for participants in this year's remittance business.
Most remittance transfers are from developed countries to developing ones, sent primarily by migrant workers. Currently, most transactions are done through brick and mortar institutions like Western Union (NYSE:WU) and Moneygram (NASDAQ:MGI). These type of companies make money by charging an often invisible fee on the currency exchange portion of the transaction and high transfer fees to send and receive the money.
Within the existing financial system, Bitcoin's most disrupting feature is its decentralized architecture. A vaster international network of P2P computers provides multiple layers of verification for each transaction using cryptography. All transactions are registered in the publicly viewable blockchain so that users can’t transact with bitcoins they don’t own. This final level of security previously required a third party, typically a bank.
In a Bitcoin remittance transaction, a user would purchase Bitcoins via a Bitcoin exchange then send the Bitcoins to a Bitcoin remittance company who would then send the money to the receiver. Each step would be completed electronically within minutes.
The bitcoin network has the potential to effectively replace financial institutions and banks in the remittance market. Transfers are virtually in real time, often completing in less than 10 minutes, with ultra-low costs, typically limited to the fee for using a Bitcoin exchange, which averages 2%. In addition, Bitcoin remittance transactions can be easily completed using mobile devices which are now widely available in developing countries.
Challenges for Bitcoin and other crypto-currencies in the remittance market include the differing ways such currencies are regulated internationally and the costs associated with compliance in multiple jurisdictions. As a fully reporting, publicly traded company, management believes both regulators and users will be comparatively more confident with MJMI's participation in any regulated markets.
MJMI is currently exploring partnering with several existing Bitcoin exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution and potentially capture a share of this lucrative market just as it is poised to undergo a massive shift into the digital realm.
Peter Janosi, MJMI's president said: "With legacy remittance companies and traditional banks continuing to charge high fees while hiding other fees via poor exchange rates, it's hard to see a future where they will continue to be relevant."
About Bitcoin and Crypto-Currencies
Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjeancom
Press Contact:[email protected]
SOURCE: MarilynJean Media Interactive || Bitcoin's 'war' could threaten its survival: Bitcoin , the digital currency technology with an ecosystem attracting hundreds of millions of dollars in investment, is struggling through an existential crisis. And what may to outsiders seem like petty squabbling about a single number actually has major financial implications and could even threaten the very survival of the cryptocurrency. The argument-which is pitting Chinese constituencies against largely Western developers, the business community against the often ideological early adopters, and programmer against programmer-centers on a simple number in the global bitcoin system. But if the various parties can't come to an agreement, the whole network could splinter, wrecking its major selling points of security and decentralization. "There is literally a war going on right now in the bitcoin world," Marco Streng, CEO of Genesis Mining, told CNBC last month. There are two major questions facing the technology: Who is bitcoin for? And who gets to decide? Most of the early adopters saw appeal in bitcoin as a decentralized digital currency (: BTC=) -(to over-simplify the promise) a sort of virtual gold that could not be touched by governments, banks or corporations. But in seeking to create the perfect system for such a currency, bitcoin's early creators also created a technology that has wide-ranging applications. That technology is called the "blockchain" (CNBC has gone in depth into how it works) , and this is basically what it does: It can record any information in a secure way, and make that information both public and unchangeable-doing this without relying on any central authority. Banks, stock exchanges, payment companies and others have already begun exploring how this can be used in their own businesses. The issue at hand is about the structure of bitcoin's blockchain (which is composed of "blocks" of data with each block referring back to the preceding chunk of information-thereby creating a chain). The community is arguing about how big the maximum block size should be: The current max is one megabyte, which only allows for about seven transactions per second-far too few for most businesses currently investing in the technology. Story continues This speed is a "roadblock to bitcoin growth," Jeff Garzik, one of five bitcoin core developers who have taken over maintenance of the technology, wrote in a recent paper . (Visa, for comparison, says its network can handle more than 24,000 transactions per second.) Read More Why is it called the 'blockchain?' "Any responsible business projecting capacity usage into the future sees the system reaching an absolute maximum capacity, with this speed limit in place," he wrote. "Increasing or removing this limit will encourage businesses to view bitcoin as scalable and capable of supporting millions of new users." The block size limit may also negatively impact bitcoin's original currency use-case: As the number of transaction requests exceed the limit, the user experience degrades: The pools of "miners" who help inscribe data onto the global network will begin charging ever-higher fees for processing, eliminating some of the appeal over other payment methods. But there are reasons for limiting the size of a block. For one, it provides security for the system by constraining available space, and therefore making it costly to maliciously flood the network with spam. Miners are generally against increasing the size too much: They would have to do more work on each block, but they'd still reap the same benefit per block (while transaction fees remain negligibly low), said Pete Rizzo, the U.S. editor for cryptocurrency site CoinDesk. Also, some early adopters who plan to hold bitcoin for extended periods of time as an investment may prefer to keep the block size limit low-unbothered by transaction fees or business prospects, Garzik explained to CNBC. But even if more interests seem to point to increasing the block size, there's no agreement what size is ideal-balancing present-day security and future promise-or how a change should be made. Gavin Andresen, one of the most important developers of the technology, proposed increasing the max size to 20 megabytes. (He did not respond to request for comment.) A powerful constituency of Chinese miners-who also object to increasing the size of the block, saying their nation's Internet connection to the rest of the world would not allow it-made a counter proposal suggesting an eight-megabyte maximum. Andresen has since backed a version of this plan. Read More Why financial firms are investigating bitcoin tech For his part, Garzik proposed a sliding cap with a change to the bitcoin code allowing for periodic block increases (or even decreases) based on global miners' votes. Different sources told CNBC that the most important parts of the community were variously leaning toward Garzik's proposal, an 8-megabyte increase, or just a small "can-kicking" measure to wait for technologies that might allow them to bypass the question. But as a totally decentralized system, bitcoin has no clear way to weigh these disparate opinions and interests-in other words, no way to make a definitive decision. Garzik called the block size debate the first major alteration to bitcoin policy since it began in January 2009. When other changes have been made, the core software has been changed, and the players on the network have quickly updated (anyone who doesn't follow the current protocol gets booted from the network until they comply). But with a contentious issue like this, the developers risk splitting the network into those who want to follow one set of rules, and those who want another. If someone were to push out a global update without ensuring near-total consensus, a split could occur. Read More Bitcoin firm raises $116M, including Qualcomm investment "That would be the worst of all possible options," Garzik said. Bitcoin runs on a blockchain that is more secure and decentralized than any of its competitors because of its large user base and its comparatively lengthy history. If those users were to splinter, then the entire enterprise could be compromised. So what's at stake? Hundreds of millions of dollars have been invested in bitcoin and blockchain-related companies, and the current value of all the bitcoin in existence is currently about $4 billion . The risks of a network split are low but not negligible, experts told CNBC. "You're dealing with consensus among a community of people who aren't communicating very well-and haven't for some time," Rizzo said, explaining that making any change to the code risks breaking a technology that already works pretty well. "At what point does that risk become untenable? At this point it's still within the realm of 'danger Will Robinson'-level risk," he added. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin's 'war' could threaten its survival: Bitcoin, the digital currency technology with an ecosystem attracting hundreds of millions of dollars in investment, is struggling through an existential crisis.
And what may to outsiders seem like petty squabbling about a single number actually has major financial implications and could even threaten the very survival of the cryptocurrency.
The argument-which is pitting Chinese constituencies against largely Western developers, the business community against the often ideological early adopters, and programmer against programmer-centers on a simple number in the global bitcoin system. But if the various parties can't come to an agreement, the whole network could splinter, wrecking its major selling points of security and decentralization.
"There is literally a war going on right now in the bitcoin world," Marco Streng, CEO of Genesis Mining, told CNBC last month.
There are two major questions facing the technology: Who is bitcoin for? And who gets to decide?
Most of the early adopters saw appeal in bitcoin as a decentralized digital currency(: BTC=)-(to over-simplify the promise) a sort of virtual gold that could not be touched by governments, banks or corporations. But in seeking to create the perfect system for such a currency, bitcoin's early creators also created a technology that has wide-ranging applications.
That technology is called the "blockchain"(CNBC has gone in depth into how it works), and this is basically what it does: It can record any information in a secure way, and make that information both public and unchangeable-doing this without relying on any central authority. Banks, stock exchanges, payment companies and othershave already begun exploringhow this can be used in their own businesses.
The issue at hand is about the structure of bitcoin's blockchain (which is composed of "blocks" of data with each block referring back to the preceding chunk of information-thereby creating a chain). The community is arguing about how big the maximum block size should be: The current max is one megabyte, which only allows for about seven transactions per second-far too few for most businesses currently investing in the technology.
This speed is a "roadblock to bitcoin growth," Jeff Garzik, one of five bitcoin core developers who have taken over maintenance of the technology,wrote in a recent paper. (Visa, for comparison, says its network can handle more than 24,000 transactions per second.)
Read MoreWhy is it called the 'blockchain?'
"Any responsible business projecting capacity usage into the future sees the system reaching an absolute maximum capacity, with this speed limit in place," he wrote. "Increasing or removing this limit will encourage businesses to view bitcoin as scalable and capable of supporting millions of new users."
The block size limit may also negatively impact bitcoin's original currency use-case: As the number of transaction requests exceed the limit, the user experience degrades: The pools of "miners" who help inscribe data onto the global network will begin charging ever-higher fees for processing, eliminating some of the appeal over other payment methods.
But there are reasons for limiting the size of a block. For one, it provides security for the system by constraining available space, and therefore making it costly to maliciously flood the network with spam.
Miners are generally against increasing the size too much: They would have to do more work on each block, but they'd still reap the same benefit per block (while transaction fees remain negligibly low), said Pete Rizzo, the U.S. editor for cryptocurrency site CoinDesk.
Also, some early adopters who plan to hold bitcoin for extended periods of time as an investment may prefer to keep the block size limit low-unbothered by transaction fees or business prospects, Garzik explained to CNBC.
But even if more interests seem to point to increasing the block size, there's no agreement what size is ideal-balancing present-day security and future promise-or how a change should be made.
Gavin Andresen, one of the most important developers of the technology,proposedincreasing the max size to 20 megabytes. (He did not respond to request for comment.)
A powerful constituency of Chinese miners-who also object to increasing the size of the block, saying their nation's Internet connection to the rest of the world would not allow it-made a counter proposalsuggestingan eight-megabyte maximum. Andresen has since backed a version of this plan.
Read MoreWhy financial firms are investigating bitcoin tech
For his part, Garzik proposed a sliding cap with a change to the bitcoin code allowing for periodic block increases (or even decreases) based on global miners' votes.
Different sources told CNBC that the most important parts of the community were variously leaning toward Garzik's proposal, an 8-megabyte increase, or just a small "can-kicking" measure to wait for technologies that might allow them to bypass the question.
But as a totally decentralized system, bitcoin has no clear way to weigh these disparate opinions and interests-in other words, no way to make a definitive decision.
Garzik called the block size debate the first major alteration to bitcoin policy since it began in January 2009. When other changes have been made, the core software has been changed, and the players on the network have quickly updated (anyone who doesn't follow the current protocol gets booted from the network until they comply).
But with a contentious issue like this, the developers risk splitting the network into those who want to follow one set of rules, and those who want another. If someone were to push out a global update without ensuring near-total consensus, a split could occur.
Read MoreBitcoin firm raises $116M, including Qualcomm investment
"That would be the worst of all possible options," Garzik said.
Bitcoin runs on a blockchain that is more secure and decentralized than any of its competitors because of its large user base and its comparatively lengthy history. If those users were to splinter, then the entire enterprise could be compromised.
So what's at stake? Hundreds of millions of dollars have been invested in bitcoin and blockchain-related companies, and the current value of all the bitcoin in existence is currentlyabout $4 billion.
The risks of a network split are low but not negligible, experts told CNBC.
"You're dealing with consensus among a community of people who aren't communicating very well-and haven't for some time," Rizzo said, explaining that making any change to the code risks breaking a technology that already works pretty well.
"At what point does that risk become untenable? At this point it's still within the realm of 'danger Will Robinson'-level risk," he added.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Bitcoin's 'war' could threaten its survival: Bitcoin, the digital currency technology with an ecosystem attracting hundreds of millions of dollars in investment, is struggling through an existential crisis.
And what may to outsiders seem like petty squabbling about a single number actually has major financial implications and could even threaten the very survival of the cryptocurrency.
The argument-which is pitting Chinese constituencies against largely Western developers, the business community against the often ideological early adopters, and programmer against programmer-centers on a simple number in the global bitcoin system. But if the various parties can't come to an agreement, the whole network could splinter, wrecking its major selling points of security and decentralization.
"There is literally a war going on right now in the bitcoin world," Marco Streng, CEO of Genesis Mining, told CNBC last month.
There are two major questions facing the technology: Who is bitcoin for? And who gets to decide?
Most of the early adopters saw appeal in bitcoin as a decentralized digital currency(: BTC=)-(to over-simplify the promise) a sort of virtual gold that could not be touched by governments, banks or corporations. But in seeking to create the perfect system for such a currency, bitcoin's early creators also created a technology that has wide-ranging applications.
That technology is called the "blockchain"(CNBC has gone in depth into how it works), and this is basically what it does: It can record any information in a secure way, and make that information both public and unchangeable-doing this without relying on any central authority. Banks, stock exchanges, payment companies and othershave already begun exploringhow this can be used in their own businesses.
The issue at hand is about the structure of bitcoin's blockchain (which is composed of "blocks" of data with each block referring back to the preceding chunk of information-thereby creating a chain). The community is arguing about how big the maximum block size should be: The current max is one megabyte, which only allows for about seven transactions per second-far too few for most businesses currently investing in the technology.
This speed is a "roadblock to bitcoin growth," Jeff Garzik, one of five bitcoin core developers who have taken over maintenance of the technology,wrote in a recent paper. (Visa, for comparison, says its network can handle more than 24,000 transactions per second.)
Read MoreWhy is it called the 'blockchain?'
"Any responsible business projecting capacity usage into the future sees the system reaching an absolute maximum capacity, with this speed limit in place," he wrote. "Increasing or removing this limit will encourage businesses to view bitcoin as scalable and capable of supporting millions of new users."
The block size limit may also negatively impact bitcoin's original currency use-case: As the number of transaction requests exceed the limit, the user experience degrades: The pools of "miners" who help inscribe data onto the global network will begin charging ever-higher fees for processing, eliminating some of the appeal over other payment methods.
But there are reasons for limiting the size of a block. For one, it provides security for the system by constraining available space, and therefore making it costly to maliciously flood the network with spam.
Miners are generally against increasing the size too much: They would have to do more work on each block, but they'd still reap the same benefit per block (while transaction fees remain negligibly low), said Pete Rizzo, the U.S. editor for cryptocurrency site CoinDesk.
Also, some early adopters who plan to hold bitcoin for extended periods of time as an investment may prefer to keep the block size limit low-unbothered by transaction fees or business prospects, Garzik explained to CNBC.
But even if more interests seem to point to increasing the block size, there's no agreement what size is ideal-balancing present-day security and future promise-or how a change should be made.
Gavin Andresen, one of the most important developers of the technology,proposedincreasing the max size to 20 megabytes. (He did not respond to request for comment.)
A powerful constituency of Chinese miners-who also object to increasing the size of the block, saying their nation's Internet connection to the rest of the world would not allow it-made a counter proposalsuggestingan eight-megabyte maximum. Andresen has since backed a version of this plan.
Read MoreWhy financial firms are investigating bitcoin tech
For his part, Garzik proposed a sliding cap with a change to the bitcoin code allowing for periodic block increases (or even decreases) based on global miners' votes.
Different sources told CNBC that the most important parts of the community were variously leaning toward Garzik's proposal, an 8-megabyte increase, or just a small "can-kicking" measure to wait for technologies that might allow them to bypass the question.
But as a totally decentralized system, bitcoin has no clear way to weigh these disparate opinions and interests-in other words, no way to make a definitive decision.
Garzik called the block size debate the first major alteration to bitcoin policy since it began in January 2009. When other changes have been made, the core software has been changed, and the players on the network have quickly updated (anyone who doesn't follow the current protocol gets booted from the network until they comply).
But with a contentious issue like this, the developers risk splitting the network into those who want to follow one set of rules, and those who want another. If someone were to push out a global update without ensuring near-total consensus, a split could occur.
Read MoreBitcoin firm raises $116M, including Qualcomm investment
"That would be the worst of all possible options," Garzik said.
Bitcoin runs on a blockchain that is more secure and decentralized than any of its competitors because of its large user base and its comparatively lengthy history. If those users were to splinter, then the entire enterprise could be compromised.
So what's at stake? Hundreds of millions of dollars have been invested in bitcoin and blockchain-related companies, and the current value of all the bitcoin in existence is currentlyabout $4 billion.
The risks of a network split are low but not negligible, experts told CNBC.
"You're dealing with consensus among a community of people who aren't communicating very well-and haven't for some time," Rizzo said, explaining that making any change to the code risks breaking a technology that already works pretty well.
"At what point does that risk become untenable? At this point it's still within the realm of 'danger Will Robinson'-level risk," he added.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || The Future of Money; Bitcoin and Ether Shake It Up With Crypto-Currencies That Disrupt and Innovate: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - July 23, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology, release commentary about new crypto-currencies including Bitcoin and Ether. Experts from both sectors talk about the future of money as we know it and how to prepare for this new future.
Brad Moynes of Bit-X Financial(BITXF), Ryan Rabaglia, head of Wholesale, ANX, Terrence Dempsey of The Bitcoin Investment Trust(GBTC)and Gavin Wood of The Ethereum Project talk about disruption, opportunity and crypto-currencies.
Wedbush's recent bullish prediction of $400 Bitcoin prices has created buzz in the space and the industry is full of headlines -- with new entries from traditional financial institutions. Two pure public plays in the sector share insight from their perspectives and experience in Bitcoin.
Brad Moynes, CEO of Bit-X Financial(BITXF), recently launched a new Bitcoin exchange branded under the name Digatrade (https://digatrade.com/) and discussed how he sees Bitcoin as a disruptive currency with a long term future.
Brad's financial markets background that includes investment banking and corporate finance makes him pay attention to the recent entries into the Bitcoin market from key players on Wall Street, he told us. He sees regulation shaping the future of Bitcoin as it moves forward but his regulatory compliance background makes him comfortable with the process.
Digatrade (powered by ANX Technology) just launched at the end of June with Canadian currency and is working on multi-currency payment processing including USD, GBP & EUR next. It also recently announced it has enabled Canadian-based customer deposits via eCheck; "a significant milestone," Brad said, "Bitcoin is transforming the way consumers and businesses operate. Whether for cost-savings, speed, security or opening new market opportunities, visionary companies all over the world are turning to Bitcoin for their next phase of growth."
Brad also stated, "The evolution of finance is here for institutions. DigaTrade works with financial institutions across the world to enable them to harness the power of digital-currency. We provide a range of institutional storage and liquidity tools for accredited clients and provide access to advanced crypto-fiat transfer protocols and solutions."
He went on to say, "We believe we are creating an exchange that will give traders, businesses and institutions a world-class platform that is secure and user-friendly, creating an even playing field for anyone wanting to trade Bitcoin and participate in the future of money."
Ryan Rabaglia, head of Wholesale ANX, a Hong Kong-based company that is one of the most used Bitcoin exchange platforms worldwide, said, "It should come as no surprise that the consistently intensifying attraction to Bitcoin in China is very real. Transaction volumes out of China have been leading the way from a global perspective even prior to us experiencing peak prices in December 2013 and today is no different. With market prices and general trading interest recently being revived, a drive towards steady trading activity has been viewed here in Asia, on and off exchange."
He also said, "This, of course, has much deeper implications than the daily price of Bitcoin. We are seeing a real interest from a payments and funds transfer perspective as well. The interest for sizeable foreign investment has long been a stumbling block for Chinese citizens and Bitcoin offers that potential gateway."
Investorideas.com also talked to Terrence Dempsey of The Bitcoin Investment Trust(GBTC)to explain to investors the direct relationship of the Bitcoin pricing to the estimated share price of the recent 'outperform rating' on the stock from Wedbush.
Terrence explained, "The Bitcoin Investment Trust was created to give investors the ability to gain exposure to the price movements of Bitcoin without the challenges of buying and storing Bitcoin on their own and providing this exposure through a traditional titled security. As such, the Net Asset Value of the Trust is a direct representation of the price of Bitcoin. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and the Trust's Net Asset Value is set each business day using a 24-hour volume weighted price of Bitcoin based on TradeBlock's XBX Index."
He went on to explain, "The Bitcoin Investment Trust is a passive investment vehicle that only adds Bitcoin based on new investments and does not engage in the forecasting of prices or rely on any external research."
He also said, "Traditional payment providers or processers are likely going to need to innovate by either incorporating Bitcoin or another form of digital payments to increase efficiency and reduce costs in order to survive. We believe that many of these firms are actively looking at Bitcoin as a potential solution."
In talking about the future he noted, "In the short-term, Bitcoin has the opportunity to disrupt and innovate the payment space, particularly in global remittances and micro-payments. The ease of transacting and reduced costs when using Bitcoin compared to alternatives makes it a compelling choice. Further, with the influx of interest and investment from Wall Street in Bitcoin and Bitcoin related start-ups, it has the opportunity to overhaul the existing financial system making for more efficient trading and settlement of assets."
Gavin Wood of The Ethereum Project told Investorideas.com, "It exists as platform for managing the core 'business logic' of decentralised applications; the component typically managed by a server, databases and so forth for traditional, centralised applications. Through using blockchain technology, Ethereum provides unprecedented guarantees of security, auditability, availability and interoperability for all kinds of applications. To avoid potential 'spamming' problems, the Ethereum platform has an internal token ('Ether') allowing users of the platform to pay the validators ('miners') for their contribution in doing the computation and securing the network.
In some ways, Ether could be considered similar to the crypto-currency Bitcoin, however it differs in so much as Ether is not intended to be used as a general means of payment.
In simple terms, the notion of a decentralised web is a web without web servers. At present all web applications, such as eBay and Facebook, are 100% dependent on centralised servers, operated by specific for-profit corporations. Being centralised, they slurp up as much information on their users in an effort to boost their power and future profits.
Such corporations, we have painfully learnt, care very little about the privacy of their users or the integrity of their users' data. All too often important data (e.g. buying habits, payment information) is sold by, leaked by or stolen from the corporation. Punishment is rare and insignificant. Users are becoming increasingly savvy but as yet, few reasonable options exist for those displeased with the present state of affairs.
The decentralised web, or 'Web 3.0,' is a collection of technologies that utilise modern peer-based network designs to decentralise all aspects of data publication, application logic and signaling. Through protocols such as Whisper, Ethereum and Swarm we can start to imagine how rich web and mobile applications like eBay, Facebook, and Uber could be realized, without the need of centralised servers or an expensive intermediary. Users would share the maintenance of all infrastructure and consolidate the application logic such a reputation systems and payment mechanisms themselves. Well understood mathematical principles, similar to those on which Bitcoin is based, would guard users from disreputable operators or insecure payments.
A vastly simplified software infrastructure and smooth interoperation would allow services to be 'mashed-up' (combined) to unleash exciting potential business opportunities previously possible only through cumbersome cross-industry partnerships (e.g. imagine AirBnB with a simple checkbox for an Uber-based airport pickup). Through all of this, users would be safe in the knowledge that they share only as much data as is strictly required for the application to function; never giving away sensitive payment information and never having to trust one faceless organization over another. While this is an inconvenient truth now, it will become even more important as the data that our device manufacturers own begins to include information of a decidedly private and personal nature never before collected; how we sleep, how much we exercise, who we sleep with, our passing interests and so on.
Ethereum, or more accurately, the Ethereum Foundation, a non-profit organization based in Switzerland tasked with the initial development of the Ethereum Protocol and its subsequent advocacy and education, has developed the first piece of the puzzle. The efforts over the past 18-or-so months of myself, Vitalik and Jeff, together with our many developers and support staff, are nearly at a culmination with the release of the so-called 'Frontier' software, the first version of Ethereum capable of forming a secure network. However, decentralising the web is a lofty goal and is unlikely achievable by the foundation's efforts alone. I think it will take the cooperation of a number of projects such as IPFS, Telehash and well-aligned profit-orientated enterprises before we really begin to see the bigger picture. Once the foundation bows out from its tenure as a software developer, I fully expect to see many from the Ethereum Project move to develop within the ecosystem under a more entrepreneurial venture."
For investors considering investing in crypto-currency opportunities, be prepared for a fast and furious ride as the future of money races ahead of all us.
Bit-X Financial Corp.(BITXF)is a Vancouver, British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. The Company owns and operates a digital currency exchange and internet financial services company: DIGATRADE™. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."https://digatrade.com/
ANX - Your Crypto Connectionwww.anxbtc.com- Easy, Secure, and Affordablewww.anxpro.com- Altcoins, Algos, and Performance
About The Bitcoin Investment Trust(GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || The Future of Money; Bitcoin and Ether Shake It Up With Crypto-Currencies That Disrupt and Innovate: POINT ROBERTS, WA and NEW YORK, NY --(Marketwired - July 23, 2015) - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology, release commentary about new crypto-currencies including Bitcoin and Ether. Experts from both sectors talk about the future of money as we know it and how to prepare for this new future. Brad Moynes of Bit-X Financial ( BITXF ) , Ryan Rabaglia, head of Wholesale, ANX, Terrence Dempsey of The Bitcoin Investment Trust ( GBTC ) and Gavin Wood of The Ethereum Project talk about disruption, opportunity and crypto-currencies. Wedbush's recent bullish prediction of $400 Bitcoin prices has created buzz in the space and the industry is full of headlines -- with new entries from traditional financial institutions. Two pure public plays in the sector share insight from their perspectives and experience in Bitcoin. Brad Moynes, CEO of Bit-X Financial ( BITXF ) , recently launched a new Bitcoin exchange branded under the name Digatrade ( https://digatrade.com/ ) and discussed how he sees Bitcoin as a disruptive currency with a long term future. Brad's financial markets background that includes investment banking and corporate finance makes him pay attention to the recent entries into the Bitcoin market from key players on Wall Street, he told us. He sees regulation shaping the future of Bitcoin as it moves forward but his regulatory compliance background makes him comfortable with the process. Digatrade (powered by ANX Technology) just launched at the end of June with Canadian currency and is working on multi-currency payment processing including USD, GBP & EUR next. It also recently announced it has enabled Canadian-based customer deposits via eCheck; "a significant milestone," Brad said, "Bitcoin is transforming the way consumers and businesses operate. Whether for cost-savings, speed, security or opening new market opportunities, visionary companies all over the world are turning to Bitcoin for their next phase of growth." Story continues Brad also stated, "The evolution of finance is here for institutions. DigaTrade works with financial institutions across the world to enable them to harness the power of digital-currency. We provide a range of institutional storage and liquidity tools for accredited clients and provide access to advanced crypto-fiat transfer protocols and solutions." He went on to say, "We believe we are creating an exchange that will give traders, businesses and institutions a world-class platform that is secure and user-friendly, creating an even playing field for anyone wanting to trade Bitcoin and participate in the future of money." Ryan Rabaglia, head of Wholesale ANX, a Hong Kong-based company that is one of the most used Bitcoin exchange platforms worldwide, said, "It should come as no surprise that the consistently intensifying attraction to Bitcoin in China is very real. Transaction volumes out of China have been leading the way from a global perspective even prior to us experiencing peak prices in December 2013 and today is no different. With market prices and general trading interest recently being revived, a drive towards steady trading activity has been viewed here in Asia, on and off exchange." He also said, "This, of course, has much deeper implications than the daily price of Bitcoin. We are seeing a real interest from a payments and funds transfer perspective as well. The interest for sizeable foreign investment has long been a stumbling block for Chinese citizens and Bitcoin offers that potential gateway." Investorideas.com also talked to Terrence Dempsey of The Bitcoin Investment Trust ( GBTC ) to explain to investors the direct relationship of the Bitcoin pricing to the estimated share price of the recent 'outperform rating' on the stock from Wedbush. Terrence explained, "The Bitcoin Investment Trust was created to give investors the ability to gain exposure to the price movements of Bitcoin without the challenges of buying and storing Bitcoin on their own and providing this exposure through a traditional titled security. As such, the Net Asset Value of the Trust is a direct representation of the price of Bitcoin. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and the Trust's Net Asset Value is set each business day using a 24-hour volume weighted price of Bitcoin based on TradeBlock's XBX Index." He went on to explain, "The Bitcoin Investment Trust is a passive investment vehicle that only adds Bitcoin based on new investments and does not engage in the forecasting of prices or rely on any external research." He also said, "Traditional payment providers or processers are likely going to need to innovate by either incorporating Bitcoin or another form of digital payments to increase efficiency and reduce costs in order to survive. We believe that many of these firms are actively looking at Bitcoin as a potential solution." In talking about the future he noted, "In the short-term, Bitcoin has the opportunity to disrupt and innovate the payment space, particularly in global remittances and micro-payments. The ease of transacting and reduced costs when using Bitcoin compared to alternatives makes it a compelling choice. Further, with the influx of interest and investment from Wall Street in Bitcoin and Bitcoin related start-ups, it has the opportunity to overhaul the existing financial system making for more efficient trading and settlement of assets." Gavin Wood of The Ethereum Project told Investorideas.com, "It exists as platform for managing the core 'business logic' of decentralised applications; the component typically managed by a server, databases and so forth for traditional, centralised applications. Through using blockchain technology, Ethereum provides unprecedented guarantees of security, auditability, availability and interoperability for all kinds of applications. To avoid potential 'spamming' problems, the Ethereum platform has an internal token ('Ether') allowing users of the platform to pay the validators ('miners') for their contribution in doing the computation and securing the network. In some ways, Ether could be considered similar to the crypto-currency Bitcoin, however it differs in so much as Ether is not intended to be used as a general means of payment. In simple terms, the notion of a decentralised web is a web without web servers. At present all web applications, such as eBay and Facebook, are 100% dependent on centralised servers, operated by specific for-profit corporations. Being centralised, they slurp up as much information on their users in an effort to boost their power and future profits. Such corporations, we have painfully learnt, care very little about the privacy of their users or the integrity of their users' data. All too often important data (e.g. buying habits, payment information) is sold by, leaked by or stolen from the corporation. Punishment is rare and insignificant. Users are becoming increasingly savvy but as yet, few reasonable options exist for those displeased with the present state of affairs. The decentralised web, or 'Web 3.0,' is a collection of technologies that utilise modern peer-based network designs to decentralise all aspects of data publication, application logic and signaling. Through protocols such as Whisper, Ethereum and Swarm we can start to imagine how rich web and mobile applications like eBay, Facebook, and Uber could be realized, without the need of centralised servers or an expensive intermediary. Users would share the maintenance of all infrastructure and consolidate the application logic such a reputation systems and payment mechanisms themselves. Well understood mathematical principles, similar to those on which Bitcoin is based, would guard users from disreputable operators or insecure payments. A vastly simplified software infrastructure and smooth interoperation would allow services to be 'mashed-up' (combined) to unleash exciting potential business opportunities previously possible only through cumbersome cross-industry partnerships (e.g. imagine AirBnB with a simple checkbox for an Uber-based airport pickup). Through all of this, users would be safe in the knowledge that they share only as much data as is strictly required for the application to function; never giving away sensitive payment information and never having to trust one faceless organization over another. While this is an inconvenient truth now, it will become even more important as the data that our device manufacturers own begins to include information of a decidedly private and personal nature never before collected; how we sleep, how much we exercise, who we sleep with, our passing interests and so on. Ethereum, or more accurately, the Ethereum Foundation, a non-profit organization based in Switzerland tasked with the initial development of the Ethereum Protocol and its subsequent advocacy and education, has developed the first piece of the puzzle. The efforts over the past 18-or-so months of myself, Vitalik and Jeff, together with our many developers and support staff, are nearly at a culmination with the release of the so-called 'Frontier' software, the first version of Ethereum capable of forming a secure network. However, decentralising the web is a lofty goal and is unlikely achievable by the foundation's efforts alone. I think it will take the cooperation of a number of projects such as IPFS, Telehash and well-aligned profit-orientated enterprises before we really begin to see the bigger picture. Once the foundation bows out from its tenure as a software developer, I fully expect to see many from the Ethereum Project move to develop within the ecosystem under a more entrepreneurial venture." For investors considering investing in crypto-currency opportunities, be prepared for a fast and furious ride as the future of money races ahead of all us. Bit-X Financial Corp. ( BITXF ) is a Vancouver, British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. The Company owns and operates a digital currency exchange and internet financial services company: DIGATRADE™. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC." https://digatrade.com/ ANX - Your Crypto Connection www.anxbtc.com - Easy, Secure, and Affordable www.anxpro.com - Altcoins, Algos, and Performance About The Bitcoin Investment Trust ( GBTC ) The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. About Investorideas.com InvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology. Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas Sign up for free news alerts at Investorideas.com http://www.investorideas.com/Resources/Newsletter.asp Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares) More info: http://www.investorideas.com/About/News/Clientspecifics.asp and http://www.investorideas.com/About/Disclaimer.asp BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country. || The Future of Money; Bitcoin and Ether Shake It Up With Crypto-Currencies That Disrupt and Innovate: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - July 23, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology, release commentary about new crypto-currencies including Bitcoin and Ether. Experts from both sectors talk about the future of money as we know it and how to prepare for this new future.
Brad Moynes of Bit-X Financial(BITXF), Ryan Rabaglia, head of Wholesale, ANX, Terrence Dempsey of The Bitcoin Investment Trust(GBTC)and Gavin Wood of The Ethereum Project talk about disruption, opportunity and crypto-currencies.
Wedbush's recent bullish prediction of $400 Bitcoin prices has created buzz in the space and the industry is full of headlines -- with new entries from traditional financial institutions. Two pure public plays in the sector share insight from their perspectives and experience in Bitcoin.
Brad Moynes, CEO of Bit-X Financial(BITXF), recently launched a new Bitcoin exchange branded under the name Digatrade (https://digatrade.com/) and discussed how he sees Bitcoin as a disruptive currency with a long term future.
Brad's financial markets background that includes investment banking and corporate finance makes him pay attention to the recent entries into the Bitcoin market from key players on Wall Street, he told us. He sees regulation shaping the future of Bitcoin as it moves forward but his regulatory compliance background makes him comfortable with the process.
Digatrade (powered by ANX Technology) just launched at the end of June with Canadian currency and is working on multi-currency payment processing including USD, GBP & EUR next. It also recently announced it has enabled Canadian-based customer deposits via eCheck; "a significant milestone," Brad said, "Bitcoin is transforming the way consumers and businesses operate. Whether for cost-savings, speed, security or opening new market opportunities, visionary companies all over the world are turning to Bitcoin for their next phase of growth."
Brad also stated, "The evolution of finance is here for institutions. DigaTrade works with financial institutions across the world to enable them to harness the power of digital-currency. We provide a range of institutional storage and liquidity tools for accredited clients and provide access to advanced crypto-fiat transfer protocols and solutions."
He went on to say, "We believe we are creating an exchange that will give traders, businesses and institutions a world-class platform that is secure and user-friendly, creating an even playing field for anyone wanting to trade Bitcoin and participate in the future of money."
Ryan Rabaglia, head of Wholesale ANX, a Hong Kong-based company that is one of the most used Bitcoin exchange platforms worldwide, said, "It should come as no surprise that the consistently intensifying attraction to Bitcoin in China is very real. Transaction volumes out of China have been leading the way from a global perspective even prior to us experiencing peak prices in December 2013 and today is no different. With market prices and general trading interest recently being revived, a drive towards steady trading activity has been viewed here in Asia, on and off exchange."
He also said, "This, of course, has much deeper implications than the daily price of Bitcoin. We are seeing a real interest from a payments and funds transfer perspective as well. The interest for sizeable foreign investment has long been a stumbling block for Chinese citizens and Bitcoin offers that potential gateway."
Investorideas.com also talked to Terrence Dempsey of The Bitcoin Investment Trust(GBTC)to explain to investors the direct relationship of the Bitcoin pricing to the estimated share price of the recent 'outperform rating' on the stock from Wedbush.
Terrence explained, "The Bitcoin Investment Trust was created to give investors the ability to gain exposure to the price movements of Bitcoin without the challenges of buying and storing Bitcoin on their own and providing this exposure through a traditional titled security. As such, the Net Asset Value of the Trust is a direct representation of the price of Bitcoin. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and the Trust's Net Asset Value is set each business day using a 24-hour volume weighted price of Bitcoin based on TradeBlock's XBX Index."
He went on to explain, "The Bitcoin Investment Trust is a passive investment vehicle that only adds Bitcoin based on new investments and does not engage in the forecasting of prices or rely on any external research."
He also said, "Traditional payment providers or processers are likely going to need to innovate by either incorporating Bitcoin or another form of digital payments to increase efficiency and reduce costs in order to survive. We believe that many of these firms are actively looking at Bitcoin as a potential solution."
In talking about the future he noted, "In the short-term, Bitcoin has the opportunity to disrupt and innovate the payment space, particularly in global remittances and micro-payments. The ease of transacting and reduced costs when using Bitcoin compared to alternatives makes it a compelling choice. Further, with the influx of interest and investment from Wall Street in Bitcoin and Bitcoin related start-ups, it has the opportunity to overhaul the existing financial system making for more efficient trading and settlement of assets."
Gavin Wood of The Ethereum Project told Investorideas.com, "It exists as platform for managing the core 'business logic' of decentralised applications; the component typically managed by a server, databases and so forth for traditional, centralised applications. Through using blockchain technology, Ethereum provides unprecedented guarantees of security, auditability, availability and interoperability for all kinds of applications. To avoid potential 'spamming' problems, the Ethereum platform has an internal token ('Ether') allowing users of the platform to pay the validators ('miners') for their contribution in doing the computation and securing the network.
In some ways, Ether could be considered similar to the crypto-currency Bitcoin, however it differs in so much as Ether is not intended to be used as a general means of payment.
In simple terms, the notion of a decentralised web is a web without web servers. At present all web applications, such as eBay and Facebook, are 100% dependent on centralised servers, operated by specific for-profit corporations. Being centralised, they slurp up as much information on their users in an effort to boost their power and future profits.
Such corporations, we have painfully learnt, care very little about the privacy of their users or the integrity of their users' data. All too often important data (e.g. buying habits, payment information) is sold by, leaked by or stolen from the corporation. Punishment is rare and insignificant. Users are becoming increasingly savvy but as yet, few reasonable options exist for those displeased with the present state of affairs.
The decentralised web, or 'Web 3.0,' is a collection of technologies that utilise modern peer-based network designs to decentralise all aspects of data publication, application logic and signaling. Through protocols such as Whisper, Ethereum and Swarm we can start to imagine how rich web and mobile applications like eBay, Facebook, and Uber could be realized, without the need of centralised servers or an expensive intermediary. Users would share the maintenance of all infrastructure and consolidate the application logic such a reputation systems and payment mechanisms themselves. Well understood mathematical principles, similar to those on which Bitcoin is based, would guard users from disreputable operators or insecure payments.
A vastly simplified software infrastructure and smooth interoperation would allow services to be 'mashed-up' (combined) to unleash exciting potential business opportunities previously possible only through cumbersome cross-industry partnerships (e.g. imagine AirBnB with a simple checkbox for an Uber-based airport pickup). Through all of this, users would be safe in the knowledge that they share only as much data as is strictly required for the application to function; never giving away sensitive payment information and never having to trust one faceless organization over another. While this is an inconvenient truth now, it will become even more important as the data that our device manufacturers own begins to include information of a decidedly private and personal nature never before collected; how we sleep, how much we exercise, who we sleep with, our passing interests and so on.
Ethereum, or more accurately, the Ethereum Foundation, a non-profit organization based in Switzerland tasked with the initial development of the Ethereum Protocol and its subsequent advocacy and education, has developed the first piece of the puzzle. The efforts over the past 18-or-so months of myself, Vitalik and Jeff, together with our many developers and support staff, are nearly at a culmination with the release of the so-called 'Frontier' software, the first version of Ethereum capable of forming a secure network. However, decentralising the web is a lofty goal and is unlikely achievable by the foundation's efforts alone. I think it will take the cooperation of a number of projects such as IPFS, Telehash and well-aligned profit-orientated enterprises before we really begin to see the bigger picture. Once the foundation bows out from its tenure as a software developer, I fully expect to see many from the Ethereum Project move to develop within the ecosystem under a more entrepreneurial venture."
For investors considering investing in crypto-currency opportunities, be prepared for a fast and furious ride as the future of money races ahead of all us.
Bit-X Financial Corp.(BITXF)is a Vancouver, British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. The Company owns and operates a digital currency exchange and internet financial services company: DIGATRADE™. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."https://digatrade.com/
ANX - Your Crypto Connectionwww.anxbtc.com- Easy, Secure, and Affordablewww.anxpro.com- Altcoins, Algos, and Performance
About The Bitcoin Investment Trust(GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || Retirees Represent Major Marijuana Market: As marijuana legalization spreads across the U.S., the public perception of a marijuana user is slowly changing from a young, unambitious kid to an elderly person with a cup of tea.
That's right, marijuana use isbecoming more and more commonamong retirees who say the drug helps them deal with some of the ailments associated with growing older.
Forget Florida
Retirees have long flocked to states with sunshine and great healthcare in order to live out their golden years, but marijuana legalization is becoming a top priority for many seniors who use the drug to cope with things like chronic pain or insomnia. Oregon has seen an influx of new residents over the past year as its relaxed marijuana laws drew in people who want to get high without worrying about legal consequences.
Many dispensaries say at least 50 percent of their clientele is made up of elderly people suffering from varying illnesses and looking for relief.
Related Link:California Plans For Pot Expansion
Boomers
The aging population of baby boomers has also contributed to increased marijuana use among seniors. As that generation lived through the 1960's and 1970's when drug use was common among teenagers, the decision to use marijuana as a retiree is often more comfortable.
Pushing For Legalization
The growing popularity of medical marijuana among retirees has created a powerful voice in the campaign to legalize marijuana in the U.S. Groups like Grannies for Grass paint marijuana use as a safe, effective way for the elderly to manage their pain in lieu of traditional medicine.
Many believe that as more and more retirees adopt medical marijuana, states like Florida with large elderly populations will be pushed to legalize the drug.
See more from Benzinga
• Bitcoin Payments Decline Significantly At Expedia
• EU In Favor Of Iran Deal
• Is Social Activism And Marketing A Good Combination?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Retirees Represent Major Marijuana Market: As marijuana legalization spreads across the U.S., the public perception of a marijuana user is slowly changing from a young, unambitious kid to an elderly person with a cup of tea. That's right, marijuana use is becoming more and more common among retirees who say the drug helps them deal with some of the ailments associated with growing older. Forget Florida Retirees have long flocked to states with sunshine and great healthcare in order to live out their golden years, but marijuana legalization is becoming a top priority for many seniors who use the drug to cope with things like chronic pain or insomnia. Oregon has seen an influx of new residents over the past year as its relaxed marijuana laws drew in people who want to get high without worrying about legal consequences. Many dispensaries say at least 50 percent of their clientele is made up of elderly people suffering from varying illnesses and looking for relief. Related Link: California Plans For Pot Expansion Boomers The aging population of baby boomers has also contributed to increased marijuana use among seniors. As that generation lived through the 1960's and 1970's when drug use was common among teenagers, the decision to use marijuana as a retiree is often more comfortable. Pushing For Legalization The growing popularity of medical marijuana among retirees has created a powerful voice in the campaign to legalize marijuana in the U.S. Groups like Grannies for Grass paint marijuana use as a safe, effective way for the elderly to manage their pain in lieu of traditional medicine. Many believe that as more and more retirees adopt medical marijuana, states like Florida with large elderly populations will be pushed to legalize the drug. See more from Benzinga Bitcoin Payments Decline Significantly At Expedia EU In Favor Of Iran Deal Is Social Activism And Marketing A Good Combination? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Payments Decline Significantly At Expedia: Expedia Inc (NASDAQ: EXPE ) introduced bitcoin as a payment option about a year ago. The company hoped to reach new users and meet the growing demand for digital payments by adding a bitcoin option. However over the past 12 months, the travel website said it has seen a significant decline in the number of payments made using bitcoin, something which could be attributed to the cryptocurrency's marked decline. Loss Of Value Expedia's Senior Payments Product Manger Connie Chung told CoinDesk that bitcoin purchases on the site have declined by 40 percent over the past year. Chung said that drop makes sense when you look at how much value bitcoin has lost over the past 12 months. When bitcoin was added to Expedia's service in June last year, it was worth more than $600. Now, the currency is trading at just over $270 following a price rally earlier in the month. Related Link: Venture Capitalists Pouring Money Into Bitcoin Bitcoin To Stay Put While the decline in bitcoin payments suggests that consumers aren't as willing to use the cryptocurrency as merchants had predicted, Chung said Expedia plans to continue offering bitcoin as a payment choice for as long as there is some demand for it. She said the company's decision to incorporate bitcoin had little to do with the firm's stance on digital currencies and that it has simply been a way to meet customer needs. See more from Benzinga EU In Favor Of Iran Deal Is Social Activism And Marketing A Good Combination? Deloitte Expresses Interest In Cryptocurrencies By Joining Australian Industry Group © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Payments Decline Significantly At Expedia: Expedia Inc(NASDAQ:EXPE) introduced bitcoin as a payment option about a year ago. The company hoped to reach new users and meet the growing demand for digital payments by adding a bitcoin option.
However over the past 12 months, the travel website said it has seen a significant decline in the number of payments made using bitcoin, something which could be attributed to the cryptocurrency's marked decline.
Loss Of Value
Expedia's Senior Payments Product Manger Connie Chung toldCoinDeskthat bitcoin purchases on the site have declined by 40 percent over the past year. Chung said that drop makes sense when you look at how much value bitcoin has lost over the past 12 months. When bitcoin was added to Expedia's service in June last year, it was worth more than $600. Now, the currency is trading at just over $270 following a price rally earlier in the month.
Related Link:Venture Capitalists Pouring Money Into Bitcoin
Bitcoin To Stay Put
While the decline in bitcoin payments suggests that consumers aren't as willing to use the cryptocurrency as merchants had predicted, Chung said Expedia plans to continue offering bitcoin as a payment choice for as long as there is some demand for it. She said the company's decision to incorporate bitcoin had little to do with the firm's stance on digital currencies and that it has simply been a way to meet customer needs.
See more from Benzinga
• EU In Favor Of Iran Deal
• Is Social Activism And Marketing A Good Combination?
• Deloitte Expresses Interest In Cryptocurrencies By Joining Australian Industry Group
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Payments Decline Significantly At Expedia: Expedia Inc(NASDAQ:EXPE) introduced bitcoin as a payment option about a year ago. The company hoped to reach new users and meet the growing demand for digital payments by adding a bitcoin option.
However over the past 12 months, the travel website said it has seen a significant decline in the number of payments made using bitcoin, something which could be attributed to the cryptocurrency's marked decline.
Loss Of Value
Expedia's Senior Payments Product Manger Connie Chung toldCoinDeskthat bitcoin purchases on the site have declined by 40 percent over the past year. Chung said that drop makes sense when you look at how much value bitcoin has lost over the past 12 months. When bitcoin was added to Expedia's service in June last year, it was worth more than $600. Now, the currency is trading at just over $270 following a price rally earlier in the month.
Related Link:Venture Capitalists Pouring Money Into Bitcoin
Bitcoin To Stay Put
While the decline in bitcoin payments suggests that consumers aren't as willing to use the cryptocurrency as merchants had predicted, Chung said Expedia plans to continue offering bitcoin as a payment choice for as long as there is some demand for it. She said the company's decision to incorporate bitcoin had little to do with the firm's stance on digital currencies and that it has simply been a way to meet customer needs.
See more from Benzinga
• EU In Favor Of Iran Deal
• Is Social Activism And Marketing A Good Combination?
• Deloitte Expresses Interest In Cryptocurrencies By Joining Australian Industry Group
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Social Activism And Marketing A Good Combination?: Earlier this month, The Coca-Cola Co (NYSE: KO ) removed its logo from cans of coke in the Middle East and replaced it with a message that read "Labels are for cans, not people." The campaign ran during Ramadan, an Islamic festival that takes place from June 17 to July 17. Overall, Coke's decision to pair marketing with social activism appeared to be a success, as the campaign quickly made its way through social media. Smart Marketing Or Soap Box? Many big corporations have used a global issue to drive their marketing campaigns much like Coca-Cola did, but the results haven't always been so positive. Trying to drive social change can have big rewards as it gets consumers to associate a company's brand with positive influence. However, firms also run the risk of seeming insincere, hypocritical and even uninformed if their campaign is a failure. Related Link: Bitcoin In The Middle East Race Together When racial tensions were at an all-time high earlier this year in the U.S., Starbucks Corporation (NASDAQ: SBUX ) inserted itself into the cross fire with its " Race Together " campaign. Soon after asking baristas to write the phrase "race together" and encourage open dialogue about race relations, the company disassembled much of the campaign. Social media lit up with accusations that the coffee-chain was overstepping its boundaries and using the issue as a marketing ploy and ultimately, the "Race Together" initiative was considered a flop. Real Beauty On the other hand, Unilever plc (ADR) (NYSE: UL )'s Dove brand used its far-reaching popularity to send a message about female self-esteem through its "Real Beauty Sketches" campaign. The company released a video in which women received two portraits of themselves from a forensic artist. The first was drawn based on their own description of themselves and the second was from a stranger's point of view. The video drove home the point that many women are critical of their own appearance and that they are more beautiful than they perceive. Soon after its release, the video went viral. Story continues Image Credit: Public Domain See more from Benzinga Starbucks Hopes To Blend In With The Locals Starbucks Hits Its Stride In The Digital Age Beverage Makers Hope To Ride The Craft Beer Wave © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Social Activism And Marketing A Good Combination?: Earlier this month, The Coca-Cola Co (NYSE: KO ) removed its logo from cans of coke in the Middle East and replaced it with a message that read "Labels are for cans, not people." The campaign ran during Ramadan, an Islamic festival that takes place from June 17 to July 17. Overall, Coke's decision to pair marketing with social activism appeared to be a success, as the campaign quickly made its way through social media. Smart Marketing Or Soap Box? Many big corporations have used a global issue to drive their marketing campaigns much like Coca-Cola did, but the results haven't always been so positive. Trying to drive social change can have big rewards as it gets consumers to associate a company's brand with positive influence. However, firms also run the risk of seeming insincere, hypocritical and even uninformed if their campaign is a failure. Related Link: Bitcoin In The Middle East Race Together When racial tensions were at an all-time high earlier this year in the U.S., Starbucks Corporation (NASDAQ: SBUX ) inserted itself into the cross fire with its " Race Together " campaign. Soon after asking baristas to write the phrase "race together" and encourage open dialogue about race relations, the company disassembled much of the campaign. Social media lit up with accusations that the coffee-chain was overstepping its boundaries and using the issue as a marketing ploy and ultimately, the "Race Together" initiative was considered a flop. Real Beauty On the other hand, Unilever plc (ADR) (NYSE: UL )'s Dove brand used its far-reaching popularity to send a message about female self-esteem through its "Real Beauty Sketches" campaign. The company released a video in which women received two portraits of themselves from a forensic artist. The first was drawn based on their own description of themselves and the second was from a stranger's point of view. The video drove home the point that many women are critical of their own appearance and that they are more beautiful than they perceive. Soon after its release, the video went viral. Story continues Image Credit: Public Domain See more from Benzinga Starbucks Hopes To Blend In With The Locals Starbucks Hits Its Stride In The Digital Age Beverage Makers Hope To Ride The Craft Beer Wave © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
Current price: 185.11£ $BTCGBP $btc #bitcoin 2015-07-27 10:00:04 BST || In the last 10 mins, there were arb opps spanning 22 exchange pair(s), yielding profits ranging between $0.00 and $393.84 #bitcoin #btc || buysellbitco.in #bitcoin price in INR, Buy : 19081.00 INR Sell : 18477.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || #RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000005
Average $1.5E-5 per #reddcoin
08:00:01 || $295.46 #bitstamp;
$287.00 #btce;
Instantly ...
|
294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83.
|
[Bitcoin Technical Analysis for 2020-01-26]
Volume: 22177678796, RSI (14-day): 58.50, 50-day EMA: 8074.80, 200-day EMA: 8238.09
[Wider Market Context]
None available.
[Recent News (last 7 days)]
What influenced the Bitcoin SV price surge?: The New Year has only just got underway, but 2020 is already proving to be a roller-coaster for investors in Bitcoin SV. The Bitcoin Cash rival has experienced some incredible price surges over the past couple of weeks, making it one of the best-performing coins of the year so far. But why has Bitcoin SV been pumping so much? Let’s take a look at what can influence a BSV price surge. Bitcoin SV – the story so far Bitcoin SV was created out of the hard fork of Bitcoin Cash on November 15 2018. Led by Craig Wright, who famously claims to be Bitcoin founder Satoshi Nakamoto, the split aimed to restore the proposed original vision of the Bitcoin protocol. Since the fork, Bitcoin SV has proved popular among investors, and it currently ranks as the fifth-largest coin on CoinMarketCap. Other than a small rally last summer, 2019 proved to be a fairly tepid year for the Bitcoin SV price. It started 2019 valued at $92 and finished just $5 higher at $97. Things couldn’t be more different in 2020. Bitcoin SV has pumped 300% since the start of the year, hitting highs of $372 and briefly overtaking Bitcoin Cash as the fourth-largest crypto coin by market cap. There is a lot of speculation about what has influenced the recent surges in the Bitcoin SV price, with the most common theory surrounding Craig Wright’s recent lawsuit with the Dave Kleiman estate. The lawsuit against Craig Wright Developments in a long-running legal case against Wright have seen the Bitcoin SV price experiencing massive gains as well as losses. The lawsuit was initiated by Ira Kleiman, the brother of Wright’s former and now deceased partner David Kleiman – with whom Wright claims to have developed the early Bitcoin protocol. Ira Kleiman sued Wright on the grounds that the estate should be entitled to half of the Bitcoins Dave Kleiman and Wright mined together – which would be worth billions of dollars today. Wright said he was unable to access the Bitcoins because they had been moved to a blind trust, and that a bonded courier would deliver the keys to the funds. Story continues On January 14 – when the Bitcoin SV price hit its all-time high – various sources suggested that Wright had managed to get details of the accounts containing the Bitcoin fortune . However, he has so far only produced the encryption key which unlocks a list of total Bitcoin holdings and has not provided the private keys necessary to access the funds themselves. As such, the FOMO eventually wore off and the Bitcoin SV price dropped back down. As a result, the pressure is still on Wright to deliver the final private keys, which he claims will arrive before February 3. More volatility on the horizon? Whatever the reasons for the Bitcoin SV price surges, it looks like investors should brace themselves for more volatility over the coming months. Bitcoin SV’s “Genesis” hard fork, due to take place at the beginning of February, could result in volatility around the event. Meanwhile, the Kleiman vs Wright case is yet to be resolved and is due to go to trial shortly, so investors should expect further ups and downs in the Bitcoin SV price as it develops. The post What influenced the Bitcoin SV price surge? appeared first on Coin Rivet . || What influenced the Bitcoin SV price surge?: The New Year has only just got underway, but 2020 is already proving to be a roller-coaster for investors in Bitcoin SV. The Bitcoin Cash rival has experienced some incredible price surges over the past couple of weeks, making it one of the best-performing coins of the year so far. But why has Bitcoin SV been pumping so much? Let’s take a look at what can influence a BSV price surge. Bitcoin SV – the story so far Bitcoin SV was created out of the hard fork of Bitcoin Cash on November 15 2018. Led by Craig Wright, who famously claims to be Bitcoin founder Satoshi Nakamoto, the split aimed to restore the proposed original vision of the Bitcoin protocol. Since the fork, Bitcoin SV has proved popular among investors, and it currently ranks as the fifth-largest coin on CoinMarketCap. Other than a small rally last summer, 2019 proved to be a fairly tepid year for the Bitcoin SV price. It started 2019 valued at $92 and finished just $5 higher at $97. Things couldn’t be more different in 2020. Bitcoin SV has pumped 300% since the start of the year, hitting highs of $372 and briefly overtaking Bitcoin Cash as the fourth-largest crypto coin by market cap. There is a lot of speculation about what has influenced the recent surges in the Bitcoin SV price, with the most common theory surrounding Craig Wright’s recent lawsuit with the Dave Kleiman estate. The lawsuit against Craig Wright Developments in a long-running legal case against Wright have seen the Bitcoin SV price experiencing massive gains as well as losses. The lawsuit was initiated by Ira Kleiman, the brother of Wright’s former and now deceased partner David Kleiman – with whom Wright claims to have developed the early Bitcoin protocol. Ira Kleiman sued Wright on the grounds that the estate should be entitled to half of the Bitcoins Dave Kleiman and Wright mined together – which would be worth billions of dollars today. Wright said he was unable to access the Bitcoins because they had been moved to a blind trust, and that a bonded courier would deliver the keys to the funds. Story continues On January 14 – when the Bitcoin SV price hit its all-time high – various sources suggested that Wright had managed to get details of the accounts containing the Bitcoin fortune . However, he has so far only produced the encryption key which unlocks a list of total Bitcoin holdings and has not provided the private keys necessary to access the funds themselves. As such, the FOMO eventually wore off and the Bitcoin SV price dropped back down. As a result, the pressure is still on Wright to deliver the final private keys, which he claims will arrive before February 3. More volatility on the horizon? Whatever the reasons for the Bitcoin SV price surges, it looks like investors should brace themselves for more volatility over the coming months. Bitcoin SV’s “Genesis” hard fork, due to take place at the beginning of February, could result in volatility around the event. Meanwhile, the Kleiman vs Wright case is yet to be resolved and is due to go to trial shortly, so investors should expect further ups and downs in the Bitcoin SV price as it develops. The post What influenced the Bitcoin SV price surge? appeared first on Coin Rivet . || What influenced the Bitcoin SV price surge?: The New Year has only just got underway, but 2020 is already proving to be a roller-coaster for investors in Bitcoin SV. The Bitcoin Cash rival has experienced some incredible price surges over the past couple of weeks, making it one of the best-performing coins of the year so far. But why has Bitcoin SV been pumping so much? Let’s take a look at what can influence a BSV price surge. Bitcoin SV – the story so far Bitcoin SV was created out of the hard fork of Bitcoin Cash on November 15 2018. Led by Craig Wright, who famously claims to be Bitcoin founder Satoshi Nakamoto, the split aimed to restore the proposed original vision of the Bitcoin protocol. Since the fork, Bitcoin SV has proved popular among investors, and it currently ranks as the fifth-largest coin on CoinMarketCap. Other than a small rally last summer, 2019 proved to be a fairly tepid year for the Bitcoin SV price. It started 2019 valued at $92 and finished just $5 higher at $97. Things couldn’t be more different in 2020. Bitcoin SV has pumped 300% since the start of the year, hitting highs of $372 and briefly overtaking Bitcoin Cash as the fourth-largest crypto coin by market cap. There is a lot of speculation about what has influenced the recent surges in the Bitcoin SV price, with the most common theory surrounding Craig Wright’s recent lawsuit with the Dave Kleiman estate. The lawsuit against Craig Wright Developments in a long-running legal case against Wright have seen the Bitcoin SV price experiencing massive gains as well as losses. The lawsuit was initiated by Ira Kleiman, the brother of Wright’s former and now deceased partner David Kleiman – with whom Wright claims to have developed the early Bitcoin protocol. Ira Kleiman sued Wright on the grounds that the estate should be entitled to half of the Bitcoins Dave Kleiman and Wright mined together – which would be worth billions of dollars today. Wright said he was unable to access the Bitcoins because they had been moved to a blind trust, and that a bonded courier would deliver the keys to the funds. Story continues On January 14 – when the Bitcoin SV price hit its all-time high – various sources suggested that Wright had managed to get details of the accounts containing the Bitcoin fortune . However, he has so far only produced the encryption key which unlocks a list of total Bitcoin holdings and has not provided the private keys necessary to access the funds themselves. As such, the FOMO eventually wore off and the Bitcoin SV price dropped back down. As a result, the pressure is still on Wright to deliver the final private keys, which he claims will arrive before February 3. More volatility on the horizon? Whatever the reasons for the Bitcoin SV price surges, it looks like investors should brace themselves for more volatility over the coming months. Bitcoin SV’s “Genesis” hard fork, due to take place at the beginning of February, could result in volatility around the event. Meanwhile, the Kleiman vs Wright case is yet to be resolved and is due to go to trial shortly, so investors should expect further ups and downs in the Bitcoin SV price as it develops. The post What influenced the Bitcoin SV price surge? appeared first on Coin Rivet . || How to maximise your profits when selling cryptocurrency: In order to make any profit from cryptocurrencies, traders need to know how to get the best price when selling their holdings. If you’ve ever found yourself asking “How much should I sell?” or “When should I sell?”, this article will hopefully help you find some answers. You’ll learn how to control your emotions, set price levels to sell your Bitcoin and altcoins, and what percentage of your portfolio you should sell at what prices. My aim in this article is to show you how to create a long-term trading strategy that will maximise your ROI while maintaining over 20% of your total cryptocurrency holdings. As always, the views in this article should not be considered financial advisement. The volatility of the crypto markets means money can easily be lost. Never invest more than you can afford to lose and always do your own due diligence. Finding the next Bitcoin peak BraveNewCoin Liquid Index future price w/halving Above we can see the BraveNewCoin Liquid Index future price chart for Bitcoin, courtesy of user daanafgaan on TradingView. The chart shows the different trend phases in Bitcoin’s price history and uses these trends to calculate when we’re likely to hit another bull market. While nobody can accurately predict what Bitcoin will do in the future thanks to the volatility of the market and potential unforeseen black-swan events, looking at historical data can at least provide some insight into potential movements and therefore when might be a good time to sell. According to the chart, there’s usually an initial bull run followed by a price top that ends with a +50% drop. Afterwards, there’s a long accumulation period followed by a new bull run. Each bull run coincides with the Bitcoin supply halving. If you’re wondering whether halvings are priced in, this chart clearly shows they’re not. Otherwise, why would BTC always find a new top a few months after the halving event? Historically, massive profits can only be achieved after each halving, not before. Story continues The chart predicts that the next BTC peak will be over $200,000 sometime in 2021, indicating the best time to sell would be after a potential post-halving bull run. At what price should you sell? The sooner you start selling, the faster you realise some ROI. However, remember that the later you start selling, the more profit you’ll earn per transaction. It’s important to play around with these two concepts when setting your selling price levels. If we’re to assume the price of Bitcoin will hit $200,000, some potential sell targets would be between $100,000 to $200,000. If you want to be a bit more cautious, you could follow the example below and start selling sooner, for example around $50,000. To maximise your profits, you should know what percentage of your portfolio to sell and what percentage to keep. After all, nobody can time the markets perfectly. How much should you sell? To understand how much you should sell, you should ask yourself, “How much Bitcoin am I ready to part with?” If you’re in it for the money, perhaps you want to sell close to 100% of your cryptocurrency stack. If you’re a hardcore believer in the future of cryptocurrency, you may want to keep at least 50% of your portfolio in BTC and other altcoins. Perhaps more. My personal aim is to follow a doubling logic. Let me explain with a straightforward example. Let’s say you bought 1 BTC in the past few years at about $10,000. In addition, you’re looking to sell between $50,000 and $200,000. What would your profits and ROI be? The selling matrix Percentage sold Bitcoin price Bitcoin sold Revenue per transaction Cumulative BTC sold Cumulative revenue 1.00% USD 50,000.00 0.01 USD 500.00 0.01 USD 500.00 2.00% USD 60,000.00 0.02 USD 1,200.00 0.03 USD 1,700.00 3.00% USD 70,000.00 0.03 USD 2,100.00 0.06 USD 3,800.00 4.00% USD 80,000.00 0.04 USD 3,200.00 0.10 USD 7,000.00 5.00% USD 90,000.00 0.05 USD 4,500.00 0.15 USD 11,500.00 6.00% USD 120,000.00 0.06 USD 7,200.00 0.21 USD 18,700.00 7.00% USD 140,000.00 0.07 USD 9,800.00 0.28 USD 28,500.00 8.00% USD 160,000.00 0.08 USD 12,800.00 0.36 USD 41,300.00 9.00% USD 180,000.00 0.09 USD 16,200.00 0.45 USD 57,500.00 10.00% USD 200,000.00 0.10 USD 20,000.00 0.55 USD 77,500.00 11.00% USD 220,000.00 0.11 USD 24,200.00 0.66 USD 101,700.00 12.00% USD 240,000.00 0.12 USD 28,800.00 0.78 USD 130,500.00 The table above is a personalised selling matrix based on the parameters described in the previous sections. The results show you could end up with a cumulative profit of over $130,000 by selling 0.78 BTC. Percentage-wise, that would represent a 1,300% ROI on your initial $10,000 investment. Moreover, you would still own 0.22 BTC, or 22% of your initial portfolio. This means you can either keep the cryptocurrency or adopt the same strategy for your remaining stack. As mentioned earlier, this scenario is purely hypothetical, but I hope this article has helped you in your cryptocurrency selling endeavours. Never forget, maximising your profits means not putting all your eggs in one basket. Safe trades! Disclaimer: The views expressed in this article are the author’s only. This article isn’t financial advice or promotional material; it represents my personal opinion and should not be attributed to Coin Rivet. The post How to maximise your profits when selling cryptocurrency appeared first on Coin Rivet . || How to maximise your profits when selling cryptocurrency: In order to make any profit from cryptocurrencies, traders need to know how to get the best price when selling their holdings. If you’ve ever found yourself asking “How much should I sell?” or “When should I sell?”, this article will hopefully help you find some answers. You’ll learn how to control your emotions, set price levels to sell your Bitcoin and altcoins, and what percentage of your portfolio you should sell at what prices. My aim in this article is to show you how to create a long-term trading strategy that will maximise your ROI while maintaining over 20% of your total cryptocurrency holdings. As always, the views in this article should not be considered financial advisement. The volatility of the crypto markets means money can easily be lost. Never invest more than you can afford to lose and always do your own due diligence. Finding the next Bitcoin peak BraveNewCoin Liquid Index future price w/halving Above we can see the BraveNewCoin Liquid Index future price chart for Bitcoin, courtesy of user daanafgaan on TradingView. The chart shows the different trend phases in Bitcoin’s price history and uses these trends to calculate when we’re likely to hit another bull market. While nobody can accurately predict what Bitcoin will do in the future thanks to the volatility of the market and potential unforeseen black-swan events, looking at historical data can at least provide some insight into potential movements and therefore when might be a good time to sell. According to the chart, there’s usually an initial bull run followed by a price top that ends with a +50% drop. Afterwards, there’s a long accumulation period followed by a new bull run. Each bull run coincides with the Bitcoin supply halving. If you’re wondering whether halvings are priced in, this chart clearly shows they’re not. Otherwise, why would BTC always find a new top a few months after the halving event? Historically, massive profits can only be achieved after each halving, not before. Story continues The chart predicts that the next BTC peak will be over $200,000 sometime in 2021, indicating the best time to sell would be after a potential post-halving bull run. At what price should you sell? The sooner you start selling, the faster you realise some ROI. However, remember that the later you start selling, the more profit you’ll earn per transaction. It’s important to play around with these two concepts when setting your selling price levels. If we’re to assume the price of Bitcoin will hit $200,000, some potential sell targets would be between $100,000 to $200,000. If you want to be a bit more cautious, you could follow the example below and start selling sooner, for example around $50,000. To maximise your profits, you should know what percentage of your portfolio to sell and what percentage to keep. After all, nobody can time the markets perfectly. How much should you sell? To understand how much you should sell, you should ask yourself, “How much Bitcoin am I ready to part with?” If you’re in it for the money, perhaps you want to sell close to 100% of your cryptocurrency stack. If you’re a hardcore believer in the future of cryptocurrency, you may want to keep at least 50% of your portfolio in BTC and other altcoins. Perhaps more. My personal aim is to follow a doubling logic. Let me explain with a straightforward example. Let’s say you bought 1 BTC in the past few years at about $10,000. In addition, you’re looking to sell between $50,000 and $200,000. What would your profits and ROI be? The selling matrix Percentage sold Bitcoin price Bitcoin sold Revenue per transaction Cumulative BTC sold Cumulative revenue 1.00% USD 50,000.00 0.01 USD 500.00 0.01 USD 500.00 2.00% USD 60,000.00 0.02 USD 1,200.00 0.03 USD 1,700.00 3.00% USD 70,000.00 0.03 USD 2,100.00 0.06 USD 3,800.00 4.00% USD 80,000.00 0.04 USD 3,200.00 0.10 USD 7,000.00 5.00% USD 90,000.00 0.05 USD 4,500.00 0.15 USD 11,500.00 6.00% USD 120,000.00 0.06 USD 7,200.00 0.21 USD 18,700.00 7.00% USD 140,000.00 0.07 USD 9,800.00 0.28 USD 28,500.00 8.00% USD 160,000.00 0.08 USD 12,800.00 0.36 USD 41,300.00 9.00% USD 180,000.00 0.09 USD 16,200.00 0.45 USD 57,500.00 10.00% USD 200,000.00 0.10 USD 20,000.00 0.55 USD 77,500.00 11.00% USD 220,000.00 0.11 USD 24,200.00 0.66 USD 101,700.00 12.00% USD 240,000.00 0.12 USD 28,800.00 0.78 USD 130,500.00 The table above is a personalised selling matrix based on the parameters described in the previous sections. The results show you could end up with a cumulative profit of over $130,000 by selling 0.78 BTC. Percentage-wise, that would represent a 1,300% ROI on your initial $10,000 investment. Moreover, you would still own 0.22 BTC, or 22% of your initial portfolio. This means you can either keep the cryptocurrency or adopt the same strategy for your remaining stack. As mentioned earlier, this scenario is purely hypothetical, but I hope this article has helped you in your cryptocurrency selling endeavours. Never forget, maximising your profits means not putting all your eggs in one basket. Safe trades! Disclaimer: The views expressed in this article are the author’s only. This article isn’t financial advice or promotional material; it represents my personal opinion and should not be attributed to Coin Rivet. The post How to maximise your profits when selling cryptocurrency appeared first on Coin Rivet . || Crypto and the Latency Arms Race: Market Microstructures: Max Boonen is the founder and CEO of crypto trading firmB2C2. This post is the third in a series of three that looks at the structure of crypto markets. Opinions expressed within are his own and do not reflect those of CoinDesk.
In thetwo previousarticles, I summarized the evolution of speed in modern finance and the balancing act between good and bad latency reductions. Let us now examine the venues where trading takes place and how they fare in this world of increasing speeds.
To trade financial assets, a variety of market designs are possible: those are called market microstructures. We will explain three major ones found in crypto today, why they exist and how one should evaluate them.
Related:Continued Losses See Bitcoin Erase 40% of Recent Price Rally
The CLOB
This is the classic exchange, represented in popular culture by the ubiquitous facade of the NYSE. What exchanges provide is known as a central limit order book (“CLOB”). It is central because all participants send orders to it. It is “limit” because the price specified by an order indicates the limit (worst) price at which the trader is willing to transact. Any new order either trades against a pre-existing, opposite order or remains in the order book at its limit price. Participants can therefore both execute instantly against resting orders (to “take,” to be “aggressive”) or wait for execution by others (to “make,” to be “passive”). By and large, those passive orders are placed by professional market makers. Importantly, trading in a CLOB is entirely anonymous – or so one hopes – pre-trade and normally post-trade, too: the exchange sits in the middle of all trades. Traders pay commissions, often with volume discounts.
The single-dealer platform
On a single-dealer platform, or SDP, clients trade with one liquidity provider (conventionally, either a bank or a so-called non-bank liquidity provider such asB2C2) on a “name disclosed” basis, since the dealer runs the proprietary platform and knows who is trading. Clients “take” and the dealer “makes” as a principal, meaning that when a client buys, the dealer sells and vice versa. This is not to be confused with an agency model where the middleman transmits client orders to an actual dealer or venue. In the dealer model, there is no commission but the client faces a variable bid-offer spread to compensate the market maker for the financial risk it is taking. B2C2’s over-the-counter (OTC) platform was the first single-dealer platform in crypto, having operated since 2016. Unlike an exchange, not all participants see the same price; in fact, there may be as many unique price feeds as counterparties, for reasons that go way beyond simply rewarding big customers with favorable terms.
Related:Bitcoin Faces Move to $8,200 After Dropping Out of Trading Range
The aggregators
Instead of receiving one single feed, clients receive an aggregation of different prices and can pick the best one. While diverse in their mechanics, aggregators put market makers on one side and price takers on the other. A crypto example isCoinRoutes. Takers are normally anonymous before the trade with disclosure of the counterparty to the liquidity provider after the trade. Aggregators are not exchanges! First, the settlement relationship is often (but not always) bilateral, meaning the takers must be onboarded by each liquidity provider they want to interact with, and bilateral credit limits have to be respected. Second, and crucially, the makers typically cannot take. Aggregators, like exchanges, charge a commission.
Adverse selection: a tension within all markets
Where should one trade? The answer depends on the interaction between your trades and the liquidity provider(s) on the other side.
Imagine you want to bet on the winner of the 2020 U.S. presidential election. You’ve done your research and feel quite confident. One person in particular is keen to take the other side of your bet: the famous statisticianNate Silver. Do you still want to bet?
While an election represents the sum of each person’s vote, few can predict its outcome; the same goes in financial markets. Most participants do not know where the market is going; those who do are called informed traders. When it comes to the U.S. political landscape, Nate Silver is informed because he might know something you don’t and his willingness to bet against you is an indication of that. This is adverse selection.
Note that being informed nowadays means being fast. It does not actually refer to knowing where the price will be a month, a day or even an hour from now. As renowned economistAndrew Haldane put it:
“Adverse selection risk today has taken on a different shape. In a high-speed, co-located world, being informed means seeing and acting on market prices sooner than competitors. Today, it pays to be faster than the average bear, not smarter. To be uninformed is to be slow.”
Recallmy previous poston the latency arms race. In the high-frequency context where market-making takes place, the most brilliant quantitative fund might be considered uninformed as long as it is not operating in the high-frequency spectrum. Market makers have to balance the losses incurred against informed traders with the spread they earn from everyone else.
Diff’rent strokes: What might be right for you might not be right for some
Exchanges are the venues with the highest adverse selection because everyone can take indiscriminately and anonymously. Aggregators come in second since they are partly anonymous but the makers cannot take. Asexplained in Part 1,market makers are also high-speed informed traders, thus a venue lowers its average toxicity by preventing the makers from taking. Lastly, bilateral relationships have the least adverse selection since the dealer knows exactly how informed any individual client is. In essence, the spectrum represents a trade-off for the investor between receiving better prices at the cost of disclosing more information or being turned down altogether.
As a result of the tension above, markets naturally iterate through the following cycle:1) informed traders are identified by liquidity providers as less profitable trading relationships2) liquidity providers thus show more conservative prices to more informed traders, and more competitive pricing to everyone else3) the most informed traders have no choice but to switch to more anonymous venues: aggregators first, then exchanges4) adverse selection becomes exacerbated on exchange due to the arrival of those new informed traders, thus the market impact (broadly defined) of trading increases, incentivizing uninformed traders to leave exchanges in favor of direct relationships with market makers where they receive comparatively better pricing5) rinse and repeat until such time as there is strong self-selection of traders: on one side, high-speed, informed trading with high market impact on exchanges; on the other, less expensive liquidity in the OTC market.
This is what has happened in the foreign exchange market over the past 10 years. EBS and Reuters, the primary CLOBs, lost market share to single-dealer platforms as the arrival of high-frequency trading firms in the FX market pushed banks to retrench in favor of direct OTC relationships.
Per the BIS, “On the one hand, liquidity provision has become more concentrated among the largest banks, which reap the benefits of a large electronic network of client relationships to internalize a large part of their customer flows. Many other banks, however, have found it hard to compete and have resorted to an agency model of market-making or have exited the business altogether.”
The same evolution marked crypto in 2019. Exchange market-making has become extremely competitive after the entry of big high-frequency trading firms in early 2018 while the technological cost of running a single-dealer platform – as opposed to the voice trading of yore –forced crypto trading firms to adapt. We now witness a separation between a handful of principal dealers like B2C2, and firms focused on OTC redistribution (the agency model).
Is aggregation next?
A separate dynamic is at work with aggregation, one that has yet to play out in crypto.
At first glance, it is always better to have more liquidity providers than fewer. But that’s wrong, because it takes two to tango. A measure of it is good, but too much and adverse selection again rears its ugly head.
The reason: winner’s curse. In an exclusive relationship, the liquidity provider executes all the client’s trades, good and bad. With a dozen aggregated liquidity providers, having shown the best price often means that it was too good a price, irrespective of how informed the client actually is. As a consequence, liquidity providers worsen pricing parameters for highly (and naively) aggregated flow.Research by Deutsche Bankexplains how aggregation can worsen execution for uninformed (!) traders, with higher rejections and wider spreads.
Crypto might not go through a round of higher-than-warranted aggregation before the pendulum swings back as it did in the FX market. First, there are few electronic liquidity providers in crypto and fewer still that are good enough to deal with aggregation. Second, maintaining numerous separate relationships is operationally costly, especially with exchanges in an industry where the mantra is “not your keys, not your coins.” To paraphrase Matt Levine, no need to painfully re-learn the lessons of venue selection in conventional markets!
Conclusion: The right tools for the right task
I predict 2020 will be a year where, unsatisfied with exchange pricing (in terms of fees and market impact), large tradersrethink their relationshipswith exchanges. In doing so, looking at fees and spreads is not sufficient. Assessing how one’s activity pushes the market against oneself must be part of the toolbox, too, and more. You don’t know how to swim just because you bought inflatable armbands.
A healthy, sustainable trading relationship is one that is profitable for both sides. The smartest price takers will not adopt a one-size-fits-all policy. They will route orders to the most appropriate venue based on the characteristics of the underlying flow or strategy. Latency-sensitive strategies should be executed on an exchange. Everything else should be sent to an aggregator or to a single-dealer platform.
The platforms face the flip side of this challenge:● Exchanges must accept that the all-to-all model creates winners and losers; it’s a delicate balance to ensure the losers don’t move elsewhere.● Aggregators must perform some degree of client selection to manage their toxicity profile (the famouslawsuit against Barclays’ dark poolis informative).● Dealers must understand their clients’ business model and execution strategy to provide the right price to the right counterparty. We at B2C2 excel at this.
This might sound overly complex or premature but the days of easy money are gone. A dramatic compression in OTC spreads has been reported elsewhere and other segments are next. Derivative exchanges have started undercutting one another on fees. Custody fees have been slashed and will shrink again. I have seen many prospective funds or ETF sponsors project that they will be able to charge over 2 percent of assets under management. Forget about it.
When the overall cost structure of our industry goes down by half, the companies that do not want to worry about one or two basis points on the execution front will go bust. What willyoudo?
• Bitcoin Bulls Seek Stronger Move After Bounce to $8.8K Loses Momentum
• Bitcoin Price Indicator Eyes First Bullish Turn Since August || Crypto and the Latency Arms Race: Market Microstructures: Max Boonen is the founder and CEO of crypto trading firm B2C2 . This post is the third in a series of three that looks at the structure of crypto markets. Opinions expressed within are his own and do not reflect those of CoinDesk. In the two previous articles , I summarized the evolution of speed in modern finance and the balancing act between good and bad latency reductions. Let us now examine the venues where trading takes place and how they fare in this world of increasing speeds. To trade financial assets, a variety of market designs are possible: those are called market microstructures. We will explain three major ones found in crypto today, why they exist and how one should evaluate them. Related: Continued Losses See Bitcoin Erase 40% of Recent Price Rally The CLOB This is the classic exchange, represented in popular culture by the ubiquitous facade of the NYSE. What exchanges provide is known as a central limit order book (“CLOB”). It is central because all participants send orders to it. It is “limit” because the price specified by an order indicates the limit (worst) price at which the trader is willing to transact. Any new order either trades against a pre-existing, opposite order or remains in the order book at its limit price. Participants can therefore both execute instantly against resting orders (to “take,” to be “aggressive”) or wait for execution by others (to “make,” to be “passive”). By and large, those passive orders are placed by professional market makers. Importantly, trading in a CLOB is entirely anonymous – or so one hopes – pre-trade and normally post-trade, too: the exchange sits in the middle of all trades. Traders pay commissions, often with volume discounts. The single-dealer platform On a single-dealer platform, or SDP, clients trade with one liquidity provider (conventionally, either a bank or a so-called non-bank liquidity provider such as B2C2 ) on a “name disclosed” basis, since the dealer runs the proprietary platform and knows who is trading. Clients “take” and the dealer “makes” as a principal, meaning that when a client buys, the dealer sells and vice versa. This is not to be confused with an agency model where the middleman transmits client orders to an actual dealer or venue. In the dealer model, there is no commission but the client faces a variable bid-offer spread to compensate the market maker for the financial risk it is taking. B2C2’s over-the-counter (OTC) platform was the first single-dealer platform in crypto, having operated since 2016. Unlike an exchange, not all participants see the same price; in fact, there may be as many unique price feeds as counterparties, for reasons that go way beyond simply rewarding big customers with favorable terms. Story continues Related: Bitcoin Faces Move to $8,200 After Dropping Out of Trading Range The aggregators Instead of receiving one single feed, clients receive an aggregation of different prices and can pick the best one. While diverse in their mechanics, aggregators put market makers on one side and price takers on the other. A crypto example is CoinRoutes . Takers are normally anonymous before the trade with disclosure of the counterparty to the liquidity provider after the trade. Aggregators are not exchanges! First, the settlement relationship is often (but not always) bilateral, meaning the takers must be onboarded by each liquidity provider they want to interact with, and bilateral credit limits have to be respected. Second, and crucially, the makers typically cannot take. Aggregators, like exchanges, charge a commission. Adverse selection: a tension within all markets Where should one trade? The answer depends on the interaction between your trades and the liquidity provider(s) on the other side. Imagine you want to bet on the winner of the 2020 U.S. presidential election. You’ve done your research and feel quite confident. One person in particular is keen to take the other side of your bet: the famous statistician Nate Silver . Do you still want to bet? While an election represents the sum of each person’s vote, few can predict its outcome; the same goes in financial markets. Most participants do not know where the market is going; those who do are called informed traders. When it comes to the U.S. political landscape, Nate Silver is informed because he might know something you don’t and his willingness to bet against you is an indication of that. This is adverse selection. Note that being informed nowadays means being fast. It does not actually refer to knowing where the price will be a month, a day or even an hour from now. As renowned economist Andrew Haldane put it : “Adverse selection risk today has taken on a different shape. In a high-speed, co-located world, being informed means seeing and acting on market prices sooner than competitors. Today, it pays to be faster than the average bear, not smarter. To be uninformed is to be slow.” Recall my previous post on the latency arms race. In the high-frequency context where market-making takes place, the most brilliant quantitative fund might be considered uninformed as long as it is not operating in the high-frequency spectrum. Market makers have to balance the losses incurred against informed traders with the spread they earn from everyone else. Diff’rent strokes: What might be right for you might not be right for some Exchanges are the venues with the highest adverse selection because everyone can take indiscriminately and anonymously. Aggregators come in second since they are partly anonymous but the makers cannot take. As explained in Part 1, market makers are also high-speed informed traders, thus a venue lowers its average toxicity by preventing the makers from taking. Lastly, bilateral relationships have the least adverse selection since the dealer knows exactly how informed any individual client is. In essence, the spectrum represents a trade-off for the investor between receiving better prices at the cost of disclosing more information or being turned down altogether. As a result of the tension above, markets naturally iterate through the following cycle: 1) informed traders are identified by liquidity providers as less profitable trading relationships 2) liquidity providers thus show more conservative prices to more informed traders, and more competitive pricing to everyone else 3) the most informed traders have no choice but to switch to more anonymous venues: aggregators first, then exchanges 4) adverse selection becomes exacerbated on exchange due to the arrival of those new informed traders, thus the market impact (broadly defined) of trading increases, incentivizing uninformed traders to leave exchanges in favor of direct relationships with market makers where they receive comparatively better pricing 5) rinse and repeat until such time as there is strong self-selection of traders: on one side, high-speed, informed trading with high market impact on exchanges; on the other, less expensive liquidity in the OTC market. This is what has happened in the foreign exchange market over the past 10 years. EBS and Reuters, the primary CLOBs, lost market share to single-dealer platforms as the arrival of high-frequency trading firms in the FX market pushed banks to retrench in favor of direct OTC relationships. Per the BIS , “On the one hand, liquidity provision has become more concentrated among the largest banks, which reap the benefits of a large electronic network of client relationships to internalize a large part of their customer flows. Many other banks, however, have found it hard to compete and have resorted to an agency model of market-making or have exited the business altogether.” The same evolution marked crypto in 2019. Exchange market-making has become extremely competitive after the entry of big high-frequency trading firms in early 2018 while the technological cost of running a single-dealer platform – as opposed to the voice trading of yore – forced crypto trading firms to adapt . We now witness a separation between a handful of principal dealers like B2C2, and firms focused on OTC redistribution (the agency model). Is aggregation next? A separate dynamic is at work with aggregation, one that has yet to play out in crypto. At first glance, it is always better to have more liquidity providers than fewer. But that’s wrong, because it takes two to tango. A measure of it is good, but too much and adverse selection again rears its ugly head. The reason: winner’s curse. In an exclusive relationship, the liquidity provider executes all the client’s trades, good and bad. With a dozen aggregated liquidity providers, having shown the best price often means that it was too good a price, irrespective of how informed the client actually is. As a consequence, liquidity providers worsen pricing parameters for highly (and naively) aggregated flow. Research by Deutsche Bank explains how aggregation can worsen execution for uninformed (!) traders, with higher rejections and wider spreads. Crypto might not go through a round of higher-than-warranted aggregation before the pendulum swings back as it did in the FX market. First, there are few electronic liquidity providers in crypto and fewer still that are good enough to deal with aggregation. Second, maintaining numerous separate relationships is operationally costly, especially with exchanges in an industry where the mantra is “not your keys, not your coins.” To paraphrase Matt Levine, no need to painfully re-learn the lessons of venue selection in conventional markets! Conclusion: The right tools for the right task I predict 2020 will be a year where, unsatisfied with exchange pricing (in terms of fees and market impact), large traders rethink their relationships with exchanges. In doing so, looking at fees and spreads is not sufficient. Assessing how one’s activity pushes the market against oneself must be part of the toolbox, too, and more. You don’t know how to swim just because you bought inflatable armbands. A healthy, sustainable trading relationship is one that is profitable for both sides. The smartest price takers will not adopt a one-size-fits-all policy. They will route orders to the most appropriate venue based on the characteristics of the underlying flow or strategy. Latency-sensitive strategies should be executed on an exchange. Everything else should be sent to an aggregator or to a single-dealer platform. The platforms face the flip side of this challenge: ● Exchanges must accept that the all-to-all model creates winners and losers; it’s a delicate balance to ensure the losers don’t move elsewhere. ● Aggregators must perform some degree of client selection to manage their toxicity profile (the famous lawsuit against Barclays’ dark pool is informative). ● Dealers must understand their clients’ business model and execution strategy to provide the right price to the right counterparty. We at B2C2 excel at this. This might sound overly complex or premature but the days of easy money are gone. A dramatic compression in OTC spreads has been reported elsewhere and other segments are next. Derivative exchanges have started undercutting one another on fees. Custody fees have been slashed and will shrink again. I have seen many prospective funds or ETF sponsors project that they will be able to charge over 2 percent of assets under management. Forget about it. When the overall cost structure of our industry goes down by half, the companies that do not want to worry about one or two basis points on the execution front will go bust. What will you do? Related Stories Bitcoin Bulls Seek Stronger Move After Bounce to $8.8K Loses Momentum Bitcoin Price Indicator Eyes First Bullish Turn Since August || Bitcoin vs. Ethereum: Which Is a Better Buy?: It's no surprise that investors are interested in cryptocurrencies . Bitcoin was first traded back in 2009. Back then, you could buy one of the new digital tokens for less than $0.01. Prices steadily rose until peaking above $20,000 per coin in late 2017. Ethereum debuted in 2015 at $2.83, and in under three years was worth over $1,400. By comparison, General Electric Co. (ticker: GE ) shares first hit $2.83 in 1995, adjusting for dividends and stock splits. Today, a quarter century later, it goes for about $12. Although they're the two biggest cryptocurrencies by market capitalization, similarities more or less end there. Bitcoin and Ethereum are totally different animals, developed for different reasons and with different internal dynamics. [ Artificial Intelligence Stocks: The 10 Best AI Companies. ] But enough history -- investors want to know which is the better buy: Bitcoin or Ethereum? Here's a quick rundown of some of the biggest considerations regarding the investment outlook for each cryptocurrency. Bitcoin The de facto cryptocurrency leader, no other coin even comes close to Bitcoin, or BTC. At the time this article was written, the dollar value of all outstanding Bitcoin was $150 billion. The total market capitalization for all cryptocurrencies is $230 billion, and the second-most valuable digital currency was Ethereum, with a market value less than $18 billion. Here are some key things investors should know about BTC in the Bitcoin versus Ethereum investment debate: Upcoming halving event. The reward for bitcoin miners will be cut in half in mid-2020. Miners verify transactions on the Bitcoin network and are rewarded for doing so with a set reward for every block of verifications. The reward is how new bitcoins are put into the system, and that rate automatically halves every 210,000 transactions. The reward is falling from 12.5 BTC per block to 6.25 BTC, and this will slow the expansion of supply. There's a maximum of 21 million bitcoins that can ever exist; nearly 18.2 million are already in circulation. Story continues [ SUBSCRIBE: Start Your Day With Investing Advice. Sign up for Invested. ] Highest attention from large investors. "Bitcoin has the most traction amongst major financial institutions and private equity investors," says Alex Adelman, CEO & co-founder of Lolli, the first bitcoin rewards application allowing people to earn bitcoin while shopping online. The Winklevoss twins, the famous Harvard alumni who claim Mark Zuckerberg stole the idea for Facebook ( FB ) from them, famously tried to start a bitcoin ETF , but they were rebuffed by the Securities and Exchange Commission. Relative stability, simplicity and acceptance. "Bitcoin's strict purpose is basically being an alternative to fiat currency," says Cindy Yang, team lead of the fintech industry practice group at the law firm Duane Morris. A decentralized currency, beyond the grasp of the Federal Reserve or any other central bank and with a predefined maximum supply, is a concept that people worldwide can resonate with. This, what Yang refers to as the crypto's "simplistic nature," has real-world repercussions on the digital asset itself. "Bitcoin has been used for payment, you can buy property with it, you can buy coffee with it -- it's farther along in adoption in terms of people using it as a store of value," Yang says. Ethereum Before asking yourself " Should I buy bitcoin or ethereum ?" you should understand the different motivations behind the Bitcoin and Ethereum platforms. Ethereum: a different goal than Bitcoin. The two leading cryptocurrencies have "very different use cases, with Bitcoin acting as store of value and Ethereum acting as a new decentralized computing network for application development," says Zac Prince, founder and CEO of BlockFi, a crypto lender and wealth management company backed by investors like Peter Thiel and the Winklevoss Twins. Yang agrees. "I think they're so different that it's actually like choosing between two stocks from different sectors," she says. The ability to use the Ethereum platform to change the way mortgage transfers, securities trading and many other fields work has naturally brought about the next characteristic. More development. Naturally, because Ethereum's utility is only limited by the ingenuity of the world's developers, there's more activity surrounding the platform. Technically, the cryptocurrency used to facilitate Ethereum transactions is called "ether," but it's popularly referred to as ethereum. Either way, the number of Github ethereum-related repositories is 223 to Bitcoin's four. Repositories are similar to project folders where developers collaborating through Github can access project information. A fundamental change in how blocks are created. Instead of miners with the most computing power having the greatest advantage in successfully creating new tokens, those with the largest ownership stakes will be granted that right. Some believe this could pose risks. Ethereum will soon "become a 'proof of stake' coin rather than a 'proof of work' coin," says Clem Chambers, CEO of Online Blockchain and ADVFN, a leading global investor website. [ See: 10 of the Best Stocks to Buy for 2020. ] "This has a fair chance of killing Ethereum as a top crypto. It might not, but it certainly can and there is little upside from the change if the scheme works. As such, why take the risk on Ethereum when Bitcoin has proven its robustness time and again?" Chambers says. >Brass tacks: should you buy bitcoin or ethereum? When it comes right down to it, there appears to be broad consensus among sophisticated cryptocurrency investors, entrepreneurs and subject matter experts: Bitcoin is, all-things-considered, a better buy than Ethereum. "Our belief is that Bitcoin has the highest near-term probability of adoption and inclusion in mainstream portfolios," says a spokesperson at Galaxy Digital, a merchant bank focused on digital assets and the blockchain. "If you ask yourself: 'Is this an investment worth having over 10 years time?' Bitcoin stands out," Yang says. She cites its more conservative nature, evidenced by fewer changes on the horizon, a stronger brand name and impressive adoption. As for Ethereum, "it may not be the most elegant right now but there's so much development you can't take your eyes off of it." "It's two different storylines and two different personalities," Yang says. More From US News & World Report 9 Small-Cap Stocks to Buy for Big Gains 10 of the Best Tech Stocks to Buy for 2020 15 of the Best Dividend Stocks to Buy for 2020 || Bitcoin vs. Ethereum: Which Is a Better Buy?: It's no surprise that investors are interested in cryptocurrencies . Bitcoin was first traded back in 2009. Back then, you could buy one of the new digital tokens for less than $0.01. Prices steadily rose until peaking above $20,000 per coin in late 2017. Ethereum debuted in 2015 at $2.83, and in under three years was worth over $1,400. By comparison, General Electric Co. (ticker: GE ) shares first hit $2.83 in 1995, adjusting for dividends and stock splits. Today, a quarter century later, it goes for about $12. Although they're the two biggest cryptocurrencies by market capitalization, similarities more or less end there. Bitcoin and Ethereum are totally different animals, developed for different reasons and with different internal dynamics. [ Artificial Intelligence Stocks: The 10 Best AI Companies. ] But enough history -- investors want to know which is the better buy: Bitcoin or Ethereum? Here's a quick rundown of some of the biggest considerations regarding the investment outlook for each cryptocurrency. Bitcoin The de facto cryptocurrency leader, no other coin even comes close to Bitcoin, or BTC. At the time this article was written, the dollar value of all outstanding Bitcoin was $150 billion. The total market capitalization for all cryptocurrencies is $230 billion, and the second-most valuable digital currency was Ethereum, with a market value less than $18 billion. Here are some key things investors should know about BTC in the Bitcoin versus Ethereum investment debate: Upcoming halving event. The reward for bitcoin miners will be cut in half in mid-2020. Miners verify transactions on the Bitcoin network and are rewarded for doing so with a set reward for every block of verifications. The reward is how new bitcoins are put into the system, and that rate automatically halves every 210,000 transactions. The reward is falling from 12.5 BTC per block to 6.25 BTC, and this will slow the expansion of supply. There's a maximum of 21 million bitcoins that can ever exist; nearly 18.2 million are already in circulation. Story continues [ SUBSCRIBE: Start Your Day With Investing Advice. Sign up for Invested. ] Highest attention from large investors. "Bitcoin has the most traction amongst major financial institutions and private equity investors," says Alex Adelman, CEO & co-founder of Lolli, the first bitcoin rewards application allowing people to earn bitcoin while shopping online. The Winklevoss twins, the famous Harvard alumni who claim Mark Zuckerberg stole the idea for Facebook ( FB ) from them, famously tried to start a bitcoin ETF , but they were rebuffed by the Securities and Exchange Commission. Relative stability, simplicity and acceptance. "Bitcoin's strict purpose is basically being an alternative to fiat currency," says Cindy Yang, team lead of the fintech industry practice group at the law firm Duane Morris. A decentralized currency, beyond the grasp of the Federal Reserve or any other central bank and with a predefined maximum supply, is a concept that people worldwide can resonate with. This, what Yang refers to as the crypto's "simplistic nature," has real-world repercussions on the digital asset itself. "Bitcoin has been used for payment, you can buy property with it, you can buy coffee with it -- it's farther along in adoption in terms of people using it as a store of value," Yang says. Ethereum Before asking yourself " Should I buy bitcoin or ethereum ?" you should understand the different motivations behind the Bitcoin and Ethereum platforms. Ethereum: a different goal than Bitcoin. The two leading cryptocurrencies have "very different use cases, with Bitcoin acting as store of value and Ethereum acting as a new decentralized computing network for application development," says Zac Prince, founder and CEO of BlockFi, a crypto lender and wealth management company backed by investors like Peter Thiel and the Winklevoss Twins. Yang agrees. "I think they're so different that it's actually like choosing between two stocks from different sectors," she says. The ability to use the Ethereum platform to change the way mortgage transfers, securities trading and many other fields work has naturally brought about the next characteristic. More development. Naturally, because Ethereum's utility is only limited by the ingenuity of the world's developers, there's more activity surrounding the platform. Technically, the cryptocurrency used to facilitate Ethereum transactions is called "ether," but it's popularly referred to as ethereum. Either way, the number of Github ethereum-related repositories is 223 to Bitcoin's four. Repositories are similar to project folders where developers collaborating through Github can access project information. A fundamental change in how blocks are created. Instead of miners with the most computing power having the greatest advantage in successfully creating new tokens, those with the largest ownership stakes will be granted that right. Some believe this could pose risks. Ethereum will soon "become a 'proof of stake' coin rather than a 'proof of work' coin," says Clem Chambers, CEO of Online Blockchain and ADVFN, a leading global investor website. [ See: 10 of the Best Stocks to Buy for 2020. ] "This has a fair chance of killing Ethereum as a top crypto. It might not, but it certainly can and there is little upside from the change if the scheme works. As such, why take the risk on Ethereum when Bitcoin has proven its robustness time and again?" Chambers says. >Brass tacks: should you buy bitcoin or ethereum? When it comes right down to it, there appears to be broad consensus among sophisticated cryptocurrency investors, entrepreneurs and subject matter experts: Bitcoin is, all-things-considered, a better buy than Ethereum. "Our belief is that Bitcoin has the highest near-term probability of adoption and inclusion in mainstream portfolios," says a spokesperson at Galaxy Digital, a merchant bank focused on digital assets and the blockchain. "If you ask yourself: 'Is this an investment worth having over 10 years time?' Bitcoin stands out," Yang says. She cites its more conservative nature, evidenced by fewer changes on the horizon, a stronger brand name and impressive adoption. As for Ethereum, "it may not be the most elegant right now but there's so much development you can't take your eyes off of it." "It's two different storylines and two different personalities," Yang says. More From US News & World Report 9 Small-Cap Stocks to Buy for Big Gains 10 of the Best Tech Stocks to Buy for 2020 15 of the Best Dividend Stocks to Buy for 2020 || Bitcoin vs. Ethereum: Which Is a Better Buy?: It's no surprise that investors are interested in cryptocurrencies . Bitcoin was first traded back in 2009. Back then, you could buy one of the new digital tokens for less than $0.01. Prices steadily rose until peaking above $20,000 per coin in late 2017. Ethereum debuted in 2015 at $2.83, and in under three years was worth over $1,400. By comparison, General Electric Co. (ticker: GE ) shares first hit $2.83 in 1995, adjusting for dividends and stock splits. Today, a quarter century later, it goes for about $12. Although they're the two biggest cryptocurrencies by market capitalization, similarities more or less end there. Bitcoin and Ethereum are totally different animals, developed for different reasons and with different internal dynamics. [ Artificial Intelligence Stocks: The 10 Best AI Companies. ] But enough history -- investors want to know which is the better buy: Bitcoin or Ethereum? Here's a quick rundown of some of the biggest considerations regarding the investment outlook for each cryptocurrency. Bitcoin The de facto cryptocurrency leader, no other coin even comes close to Bitcoin, or BTC. At the time this article was written, the dollar value of all outstanding Bitcoin was $150 billion. The total market capitalization for all cryptocurrencies is $230 billion, and the second-most valuable digital currency was Ethereum, with a market value less than $18 billion. Here are some key things investors should know about BTC in the Bitcoin versus Ethereum investment debate: Upcoming halving event. The reward for bitcoin miners will be cut in half in mid-2020. Miners verify transactions on the Bitcoin network and are rewarded for doing so with a set reward for every block of verifications. The reward is how new bitcoins are put into the system, and that rate automatically halves every 210,000 transactions. The reward is falling from 12.5 BTC per block to 6.25 BTC, and this will slow the expansion of supply. There's a maximum of 21 million bitcoins that can ever exist; nearly 18.2 million are already in circulation. Story continues [ SUBSCRIBE: Start Your Day With Investing Advice. Sign up for Invested. ] Highest attention from large investors. "Bitcoin has the most traction amongst major financial institutions and private equity investors," says Alex Adelman, CEO & co-founder of Lolli, the first bitcoin rewards application allowing people to earn bitcoin while shopping online. The Winklevoss twins, the famous Harvard alumni who claim Mark Zuckerberg stole the idea for Facebook ( FB ) from them, famously tried to start a bitcoin ETF , but they were rebuffed by the Securities and Exchange Commission. Relative stability, simplicity and acceptance. "Bitcoin's strict purpose is basically being an alternative to fiat currency," says Cindy Yang, team lead of the fintech industry practice group at the law firm Duane Morris. A decentralized currency, beyond the grasp of the Federal Reserve or any other central bank and with a predefined maximum supply, is a concept that people worldwide can resonate with. This, what Yang refers to as the crypto's "simplistic nature," has real-world repercussions on the digital asset itself. "Bitcoin has been used for payment, you can buy property with it, you can buy coffee with it -- it's farther along in adoption in terms of people using it as a store of value," Yang says. Ethereum Before asking yourself " Should I buy bitcoin or ethereum ?" you should understand the different motivations behind the Bitcoin and Ethereum platforms. Ethereum: a different goal than Bitcoin. The two leading cryptocurrencies have "very different use cases, with Bitcoin acting as store of value and Ethereum acting as a new decentralized computing network for application development," says Zac Prince, founder and CEO of BlockFi, a crypto lender and wealth management company backed by investors like Peter Thiel and the Winklevoss Twins. Yang agrees. "I think they're so different that it's actually like choosing between two stocks from different sectors," she says. The ability to use the Ethereum platform to change the way mortgage transfers, securities trading and many other fields work has naturally brought about the next characteristic. More development. Naturally, because Ethereum's utility is only limited by the ingenuity of the world's developers, there's more activity surrounding the platform. Technically, the cryptocurrency used to facilitate Ethereum transactions is called "ether," but it's popularly referred to as ethereum. Either way, the number of Github ethereum-related repositories is 223 to Bitcoin's four. Repositories are similar to project folders where developers collaborating through Github can access project information. A fundamental change in how blocks are created. Instead of miners with the most computing power having the greatest advantage in successfully creating new tokens, those with the largest ownership stakes will be granted that right. Some believe this could pose risks. Ethereum will soon "become a 'proof of stake' coin rather than a 'proof of work' coin," says Clem Chambers, CEO of Online Blockchain and ADVFN, a leading global investor website. [ See: 10 of the Best Stocks to Buy for 2020. ] "This has a fair chance of killing Ethereum as a top crypto. It might not, but it certainly can and there is little upside from the change if the scheme works. As such, why take the risk on Ethereum when Bitcoin has proven its robustness time and again?" Chambers says. >Brass tacks: should you buy bitcoin or ethereum? When it comes right down to it, there appears to be broad consensus among sophisticated cryptocurrency investors, entrepreneurs and subject matter experts: Bitcoin is, all-things-considered, a better buy than Ethereum. "Our belief is that Bitcoin has the highest near-term probability of adoption and inclusion in mainstream portfolios," says a spokesperson at Galaxy Digital, a merchant bank focused on digital assets and the blockchain. "If you ask yourself: 'Is this an investment worth having over 10 years time?' Bitcoin stands out," Yang says. She cites its more conservative nature, evidenced by fewer changes on the horizon, a stronger brand name and impressive adoption. As for Ethereum, "it may not be the most elegant right now but there's so much development you can't take your eyes off of it." "It's two different storylines and two different personalities," Yang says. More From US News & World Report 9 Small-Cap Stocks to Buy for Big Gains 10 of the Best Tech Stocks to Buy for 2020 15 of the Best Dividend Stocks to Buy for 2020 || Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin: DAVOS, Switzerland – Most Middle Eastern elites at the World Economic Forum are highly skeptical of bitcoin, but there are whispers about its potential for cross-border settlements in the energy sector.
According to Egyptian businessman M. Shafik Gabr, chairman of the ARTOC Group for Investment & Development, some Middle Eastern nations are already exploring the possibility of settling oil contracts in bitcoin. But he declined to specify which, and most of the leaders gathered in Davos for the annual conference that wrapped up Friday are adamant they see bitcoin’s post-sovereign nature as anathema.
Fellow Egyptian investor Ahmed Heikal, CEO of Qalaa Holdings, said he’s not bullish on bitcoin because it “doesn’t have the legal framework” for such wholesale deals. If nations or energy enterprises are to use bitcoin, he argued, it won’t be for at least another decade.
Related:Crypto News Roundup and Interviews for Jan. 24, 2020
Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive views about bitcoin as an asset, often referring to it as a gambling conduit. But when asked if it could still be used to settle oil contracts – especially considering the United States’ aggressiveeconomic pressureon energy exporters Iran and Iraq – one Omani politician, who did not want to be identified, teased, “It depends on who’s asking.”
U.S. sanctions are top-of-mind across the region, as when President Donald Trump urged Europe not to trade with “unfriendly” energy suppliers. Iraqi President Barham Salih pushed back with a speech on Wednesday that asserted it was Iraq’s sovereign right to have relations with neighbors on its own terms.
Saudi Arabian businessman Hamza Alkholi, CEO of Al-Kholi Group, dismissed the idea that bitcoin-denominated oil contracts could ever be more than an outlier.
“We’ve been trying for 30 years,” he said, referencing efforts to move beyond the U.S. dollar by settling oil contracts in euros. “Until bitcoin is regulated like the stock market, I don’t see that happening.”
Related:Notes From the WEF: Cash Is Dead, Long Live Digital Cash
Crescent Enterprises CEO Badr Jafar, who is heavily invested in the oil and gas industry, agreed there’s no urgency among most players in his industry to move away from the dollar. Leaders and businessmen still don’t “trust” cryptocurrency, Jafar said, and he expects central banks would push back if bitcoin gained more significant usage.
However, if oil contracts were to be settled in currencies beyond the dollar, Jafar said that might be driven by political factors related to Russia and China.
And soon there will be a digital currency issuer eager to help dollar-weary energy suppliers find alternative settlement systems. Equally concerned about “trust,” China is hyper-focused on both compliance and global market opportunities.
Chinese businesspeople see Eurasian crypto ventures as a stepping stone toward addressing more complex commodities markets.
China Blockchain Delegation Chairman Danny Deng said China’s blockchain-based currency, which he expects the People’s Bank of China (PBoC) to launch on a limited scale in 2020, could offer a backbone for energy markets.
“Bitcoin has a larger and larger ecosystem, but it still can’t afford the trading volume of such a commodity,” Deng said. “The traders of oil and gas are using leverage. That leverage must be backed by financial systems. Regions, like Iran … may use bitcoin or other payment systems. But other countries that don’t have this problem may play an important role in national [cryptocurrency] settlements.”
From his perspective, fiat currency has become too political, rather than a strictly commercial tool. One of China’s most revered bitcoiners,Wang Wei,a leader of nearly a dozen associations from the Shanghai Stock Exchange Corporate Governance Advisory Committee to the China Mergers and Acquisitions Association, said bitcoin lost its chance to be the dominant currency for settlements and will instead primarily be a store of value.
Several Chinese businessmen who work with the government and PBoC agreed the bank could offer an alternative to dollar settlement systems by 2021. For example, Zhang Shousong, secretary general of the China Blockchain Application Center, said by the next Davos conference PBoC’s digital currency will be operational “not only in China, but all over the globe.”
Given the tenor of public officials’ statements, Deng said cryptocurrency rails are “on a fast track.” Shousong added it’s “not like Libra, it’s certainly going to launch,” referring to the Facebook-initiated global currency project whose debut remains uncertain.
In the meantime, Wei has taken Chinese-speaking Kazakhstani entrepreneur Tilektes Adambekov under his wing and helped the latter establish the licensed EBX crypto exchange inKazakhstan, the world’s 10th-largest oil exporter. Adambekov joined the Chinese delegation for lunch in Davos to discuss the future of global markets over foie gras and fig chutney in a mountaintop restaurant with a panoramic view. Adambekov quoted Mao Zedong in a thank you speech to the delegation, which prompted resounding applause.
From the delegation’s perspective, Adambekov is a perfect fit for China’s aspirations. He spent eight years working in China before returning home to focus on serving Russian-speaking crypto markets across borders. Plus, Kazakhstan has an open regulatory framework and is strategically situated along the path of China’s “Belt and Road” initiative. Adambekov said his exchange aims to support tokenized oil and gas options, settled in national cryptocurrencies yet offering bitcoin liquidity.
From China to Oman, all businesspeople and diplomats agreed the dollar will remain king in commodities markets for the near future. But alternative options may already be on the horizon.
When asked if such options could usurp the greenback by 2025, Matthew Blake, the World Economic Forum’s monetary systems lead, said the dollar’s role is so pronounced that “to displace it in a meaningful way would take longer than four years.”
Bitcoin may, or may not, participate in that shift.
“Bitcoin has demonstrated some of the qualities that a distributed currency can possess,” Blake said. “It’s also had challenges too. The role of a currency is to have a store-of-value with an inherent level of stability. There needs to be liquidity. In the case of bitcoin, it hasn’t had those qualities thus far.”
• Continued Losses See Bitcoin Erase 40% of Recent Price Rally
• Ripple’s Brad Garlinghouse Hints Firm May Seek IPO Within 12 Months || Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin: DAVOS, Switzerland Most Middle Eastern elites at the World Economic Forum are highly skeptical of bitcoin, but there are whispers about its potential for cross-border settlements in the energy sector. According to Egyptian businessman M. Shafik Gabr, chairman of the ARTOC Group for Investment & Development, some Middle Eastern nations are already exploring the possibility of settling oil contracts in bitcoin. But he declined to specify which, and most of the leaders gathered in Davos for the annual conference that wrapped up Friday are adamant they see bitcoins post-sovereign nature as anathema. Fellow Egyptian investor Ahmed Heikal, CEO of Qalaa Holdings, said hes not bullish on bitcoin because it doesnt have the legal framework for such wholesale deals. If nations or energy enterprises are to use bitcoin, he argued, it wont be for at least another decade. Related: Crypto News Roundup and Interviews for Jan. 24, 2020 Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive views about bitcoin as an asset, often referring to it as a gambling conduit. But when asked if it could still be used to settle oil contracts especially considering the United States aggressive economic pressure on energy exporters Iran and Iraq one Omani politician, who did not want to be identified, teased, It depends on whos asking. U.S. sanctions are top-of-mind across the region, as when President Donald Trump urged Europe not to trade with unfriendly energy suppliers. Iraqi President Barham Salih pushed back with a speech on Wednesday that asserted it was Iraqs sovereign right to have relations with neighbors on its own terms. Saudi Arabian businessman Hamza Alkholi, CEO of Al-Kholi Group, dismissed the idea that bitcoin-denominated oil contracts could ever be more than an outlier. Weve been trying for 30 years, he said, referencing efforts to move beyond the U.S. dollar by settling oil contracts in euros. Until bitcoin is regulated like the stock market, I dont see that happening. Story continues Related: Notes From the WEF: Cash Is Dead, Long Live Digital Cash Crescent Enterprises CEO Badr Jafar, who is heavily invested in the oil and gas industry, agreed theres no urgency among most players in his industry to move away from the dollar. Leaders and businessmen still dont trust cryptocurrency, Jafar said, and he expects central banks would push back if bitcoin gained more significant usage. However, if oil contracts were to be settled in currencies beyond the dollar, Jafar said that might be driven by political factors related to Russia and China. And soon there will be a digital currency issuer eager to help dollar-weary energy suppliers find alternative settlement systems. Equally concerned about trust, China is hyper-focused on both compliance and global market opportunities. Chinas new Silk Road? Chinese businesspeople see Eurasian crypto ventures as a stepping stone toward addressing more complex commodities markets. China Blockchain Delegation Chairman Danny Deng said Chinas blockchain-based currency, which he expects the Peoples Bank of China (PBoC) to launch on a limited scale in 2020, could offer a backbone for energy markets. Bitcoin has a larger and larger ecosystem, but it still cant afford the trading volume of such a commodity, Deng said. The traders of oil and gas are using leverage. That leverage must be backed by financial systems. Regions, like Iran
may use bitcoin or other payment systems. But other countries that dont have this problem may play an important role in national [cryptocurrency] settlements. From his perspective, fiat currency has become too political, rather than a strictly commercial tool. One of Chinas most revered bitcoiners, Wang Wei, a leader of nearly a dozen associations from the Shanghai Stock Exchange Corporate Governance Advisory Committee to the China Mergers and Acquisitions Association, said bitcoin lost its chance to be the dominant currency for settlements and will instead primarily be a store of value. Several Chinese businessmen who work with the government and PBoC agreed the bank could offer an alternative to dollar settlement systems by 2021. For example, Zhang Shousong, secretary general of the China Blockchain Application Center, said by the next Davos conference PBoCs digital currency will be operational not only in China, but all over the globe. Given the tenor of public officials statements, Deng said cryptocurrency rails are on a fast track. Shousong added its not like Libra, its certainly going to launch, referring to the Facebook-initiated global currency project whose debut remains uncertain. In the meantime, Wei has taken Chinese-speaking Kazakhstani entrepreneur Tilektes Adambekov under his wing and helped the latter establish the licensed EBX crypto exchange in Kazakhstan , the worlds 10th-largest oil exporter. Adambekov joined the Chinese delegation for lunch in Davos to discuss the future of global markets over foie gras and fig chutney in a mountaintop restaurant with a panoramic view. Adambekov quoted Mao Zedong in a thank you speech to the delegation, which prompted resounding applause. From the delegations perspective, Adambekov is a perfect fit for Chinas aspirations. He spent eight years working in China before returning home to focus on serving Russian-speaking crypto markets across borders. Plus, Kazakhstan has an open regulatory framework and is strategically situated along the path of Chinas Belt and Road initiative. Adambekov said his exchange aims to support tokenized oil and gas options, settled in national cryptocurrencies yet offering bitcoin liquidity. From China to Oman, all businesspeople and diplomats agreed the dollar will remain king in commodities markets for the near future. But alternative options may already be on the horizon. When asked if such options could usurp the greenback by 2025, Matthew Blake, the World Economic Forums monetary systems lead, said the dollars role is so pronounced that to displace it in a meaningful way would take longer than four years. Bitcoin may, or may not, participate in that shift. Bitcoin has demonstrated some of the qualities that a distributed currency can possess, Blake said. Its also had challenges too. The role of a currency is to have a store-of-value with an inherent level of stability. There needs to be liquidity. In the case of bitcoin, it hasnt had those qualities thus far. Related Stories Continued Losses See Bitcoin Erase 40% of Recent Price Rally Ripples Brad Garlinghouse Hints Firm May Seek IPO Within 12 Months || Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin: DAVOS, Switzerland – Most Middle Eastern elites at the World Economic Forum are highly skeptical of bitcoin, but there are whispers about its potential for cross-border settlements in the energy sector.
According to Egyptian businessman M. Shafik Gabr, chairman of the ARTOC Group for Investment & Development, some Middle Eastern nations are already exploring the possibility of settling oil contracts in bitcoin. But he declined to specify which, and most of the leaders gathered in Davos for the annual conference that wrapped up Friday are adamant they see bitcoin’s post-sovereign nature as anathema.
Fellow Egyptian investor Ahmed Heikal, CEO of Qalaa Holdings, said he’s not bullish on bitcoin because it “doesn’t have the legal framework” for such wholesale deals. If nations or energy enterprises are to use bitcoin, he argued, it won’t be for at least another decade.
Related:Crypto News Roundup and Interviews for Jan. 24, 2020
Delegates from Oman to the United Arab Emirates and Saudi Arabia all expressed similarly dismissive views about bitcoin as an asset, often referring to it as a gambling conduit. But when asked if it could still be used to settle oil contracts – especially considering the United States’ aggressiveeconomic pressureon energy exporters Iran and Iraq – one Omani politician, who did not want to be identified, teased, “It depends on who’s asking.”
U.S. sanctions are top-of-mind across the region, as when President Donald Trump urged Europe not to trade with “unfriendly” energy suppliers. Iraqi President Barham Salih pushed back with a speech on Wednesday that asserted it was Iraq’s sovereign right to have relations with neighbors on its own terms.
Saudi Arabian businessman Hamza Alkholi, CEO of Al-Kholi Group, dismissed the idea that bitcoin-denominated oil contracts could ever be more than an outlier.
“We’ve been trying for 30 years,” he said, referencing efforts to move beyond the U.S. dollar by settling oil contracts in euros. “Until bitcoin is regulated like the stock market, I don’t see that happening.”
Related:Notes From the WEF: Cash Is Dead, Long Live Digital Cash
Crescent Enterprises CEO Badr Jafar, who is heavily invested in the oil and gas industry, agreed there’s no urgency among most players in his industry to move away from the dollar. Leaders and businessmen still don’t “trust” cryptocurrency, Jafar said, and he expects central banks would push back if bitcoin gained more significant usage.
However, if oil contracts were to be settled in currencies beyond the dollar, Jafar said that might be driven by political factors related to Russia and China.
And soon there will be a digital currency issuer eager to help dollar-weary energy suppliers find alternative settlement systems. Equally concerned about “trust,” China is hyper-focused on both compliance and global market opportunities.
Chinese businesspeople see Eurasian crypto ventures as a stepping stone toward addressing more complex commodities markets.
China Blockchain Delegation Chairman Danny Deng said China’s blockchain-based currency, which he expects the People’s Bank of China (PBoC) to launch on a limited scale in 2020, could offer a backbone for energy markets.
“Bitcoin has a larger and larger ecosystem, but it still can’t afford the trading volume of such a commodity,” Deng said. “The traders of oil and gas are using leverage. That leverage must be backed by financial systems. Regions, like Iran … may use bitcoin or other payment systems. But other countries that don’t have this problem may play an important role in national [cryptocurrency] settlements.”
From his perspective, fiat currency has become too political, rather than a strictly commercial tool. One of China’s most revered bitcoiners,Wang Wei,a leader of nearly a dozen associations from the Shanghai Stock Exchange Corporate Governance Advisory Committee to the China Mergers and Acquisitions Association, said bitcoin lost its chance to be the dominant currency for settlements and will instead primarily be a store of value.
Several Chinese businessmen who work with the government and PBoC agreed the bank could offer an alternative to dollar settlement systems by 2021. For example, Zhang Shousong, secretary general of the China Blockchain Application Center, said by the next Davos conference PBoC’s digital currency will be operational “not only in China, but all over the globe.”
Given the tenor of public officials’ statements, Deng said cryptocurrency rails are “on a fast track.” Shousong added it’s “not like Libra, it’s certainly going to launch,” referring to the Facebook-initiated global currency project whose debut remains uncertain.
In the meantime, Wei has taken Chinese-speaking Kazakhstani entrepreneur Tilektes Adambekov under his wing and helped the latter establish the licensed EBX crypto exchange inKazakhstan, the world’s 10th-largest oil exporter. Adambekov joined the Chinese delegation for lunch in Davos to discuss the future of global markets over foie gras and fig chutney in a mountaintop restaurant with a panoramic view. Adambekov quoted Mao Zedong in a thank you speech to the delegation, which prompted resounding applause.
From the delegation’s perspective, Adambekov is a perfect fit for China’s aspirations. He spent eight years working in China before returning home to focus on serving Russian-speaking crypto markets across borders. Plus, Kazakhstan has an open regulatory framework and is strategically situated along the path of China’s “Belt and Road” initiative. Adambekov said his exchange aims to support tokenized oil and gas options, settled in national cryptocurrencies yet offering bitcoin liquidity.
From China to Oman, all businesspeople and diplomats agreed the dollar will remain king in commodities markets for the near future. But alternative options may already be on the horizon.
When asked if such options could usurp the greenback by 2025, Matthew Blake, the World Economic Forum’s monetary systems lead, said the dollar’s role is so pronounced that “to displace it in a meaningful way would take longer than four years.”
Bitcoin may, or may not, participate in that shift.
“Bitcoin has demonstrated some of the qualities that a distributed currency can possess,” Blake said. “It’s also had challenges too. The role of a currency is to have a store-of-value with an inherent level of stability. There needs to be liquidity. In the case of bitcoin, it hasn’t had those qualities thus far.”
• Continued Losses See Bitcoin Erase 40% of Recent Price Rally
• Ripple’s Brad Garlinghouse Hints Firm May Seek IPO Within 12 Months || H&R Block encourages its customers to disclose their bitcoin gains: If you bought or sold cryptocurrency in 2019, the IRS would like to know about it. This year, the tax agency has added a new question to the top of Form 1040 that was never there before: At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency? Over the past few years, the general attitude in the crypto community was that you could get away without disclosing crypto gains (or losses) on your taxes, since the process is confusing and the IRSs stated guidelines and understanding of crypto limited. But then in 2019 the IRS sent educational letters to more than 10,000 taxpayers who may have failed to properly report virtual currency transactions. And now the IRS is asking explicitly . And H&R Block ( HRB ), the tax preparation giant with about 10,000 locations in the U.S., is telling customers with crypto that they should answer. 4th Bitcoin ATM arrives in France. In recent days, it has been possible to buy or sell several cryptocurrencies, including the famous and highly speculative bitcoin, in an ultra-secure distributor located in the Fives district in Lille , France, on 15 January 2020. (Photo by Thierry Thorel/NurPhoto via Getty Images) The IRS is looking for people to self-report, says Kathy Pickering, H&R Blocks chief tax officer. They're looking for you to come forward, and they'll be more lenient, even if you don't get it right, if you're disclosing. Pickering also acknowledges that in the past, theres not much information when it comes to how to report cryptocurrency holdings not a lot of support in that. But she says H&R Block is seeing a lot of interest in it from customers, and were ready to help. In September, after reports of the IRS letters about crypto sent to taxpayers, H&R Block posted a blog post, IRS letters trigger anxieties on cryptocurrency, offering help to customers who received such a letter. H&R Block also reminds taxpayers, in guidelines sent to Yahoo Finance, that the taxes people will owe for cryptocurrency holdings depends on how they use their cryptocurrency: as an investment, in their business, or as miners and reiterates, If a taxpayer purchases bitcoins for investment purposes, the tax treatment is similar to buying and selling stock. Story continues If you made (or lost) money in 2019 from selling cryptocurrency , you can choose to disclose it on Form 1040 , the form for listing additional income. The IRS starts accepting tax returns on Jan. 27. Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @ readDanwrite . Read more: IRS adds specific crypto question to 2019 tax form Facebook's crypto plans in jeopardy as Libra Association loses 7 'founding members' Jack Dorseys love of bitcoin could cause problems for Square JPMorgan blockchain chief: Why we launched our own cryptocurrency Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic' Exclusive: SEC quietly widens its crackdown on ICOs Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit . || Latest Bitcoin SV price and analysis (BSV to USD): Bitcoin SV (BSV) is currently trading at around $257 after a huge 19% drop since last week. BSV has fallen significantly over the last 24 hours, losing around 9% in value. From September to October 2019, BSV pumped close to 80% before dropping around 45% towards the end of the year. However, the price of BSV spiked to a new all-time high this month after pumping over 300% since the start of 2020. Last week , at the peak of its most recent rally, BSV was worth $425 per coin. Will Bitcoin SV recover from its recent slump or continue to fall? Let’s take a look at the chart. Despite the recent drop, Bitcoin SV’s price chart is still extremely bullish. Not only are all the EMAs pointing upwards, but BSV is currently well above target volume levels. Currently, the altcoin is holding support above $250, a key volume level according to the profile. Last week, I mentioned if the altcoin were to drop, the next support level would be around $225. Although price hasn’t currently reached this target level, it’s definitely heading in that direction. Below that, strong support can be found at $194 and $135. Finally, the most support is currently found between $90 and $110. At the time of writing, BSV is sitting well above all its EMAs. The next big resistance levels are virtually non-existent, so we could see Bitcoin SV pumping towards $400 soon. Since the start of January, volume has grown massively, pumping around 500% to over $2.5 billion, where it currently sits. The current Bitcoin SV price trend Which #altcoins have outperformed #Bitcoin over the last 12 months? https://t.co/BqsJQDWaFq @Febrocas | #BTC — Coin Rivet (@CoinRivet) January 16, 2020 As discussed in the article above , BSV is one of the top performers vs BTC over the past year. Story continues The recent pump in BSV price has been going on since early 2019. A great deal of altcoins mooned due to the BTC pump that took the world’s largest cryptocurrency back to the $14,000 range. Added to that, news from the ongoing Wright vs Kleiman case has caused a great deal of FOMO among investors, which has no doubt provided some thrust to the recent spike. Safe trades! Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: US Dollar – BSVtoUSD British Pound Sterling – BSVtoGBP Japanese Yen – BSV toJPY Euro – BSV toEUR Australian Dollar – BSV toAUD Russian Rouble – BSV toRUB Bitcoin – BSV toBTC About Bitcoin SV Bitcoin SV came into existence following the Bitcoin Cash chain split on November 15 2018. It is currently the fourth-largest cryptocurrency by market cap, with each coin now worth over $300 despite trading below $100 at the turn of the year. More Bitcoin SV news and information If you want to find out more information about Bitcoin SV or cryptocurrencies in general, then use the search box at the top of this page. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . The post Latest Bitcoin SV price and analysis (BSV to USD) appeared first on Coin Rivet . || Latest Bitcoin SV price and analysis (BSV to USD): Bitcoin SV (BSV) is currently trading at around $257 after a huge 19% drop since last week. BSV has fallen significantly over the last 24 hours, losing around 9% in value. From September to October 2019, BSV pumped close to 80% before dropping around 45% towards the end of the year. However, the price of BSV spiked to a new all-time high this month after pumping over 300% since the start of 2020. Last week , at the peak of its most recent rally, BSV was worth $425 per coin. Will Bitcoin SV recover from its recent slump or continue to fall? Let’s take a look at the chart. Despite the recent drop, Bitcoin SV’s price chart is still extremely bullish. Not only are all the EMAs pointing upwards, but BSV is currently well above target volume levels. Currently, the altcoin is holding support above $250, a key volume level according to the profile. Last week, I mentioned if the altcoin were to drop, the next support level would be around $225. Although price hasn’t currently reached this target level, it’s definitely heading in that direction. Below that, strong support can be found at $194 and $135. Finally, the most support is currently found between $90 and $110. At the time of writing, BSV is sitting well above all its EMAs. The next big resistance levels are virtually non-existent, so we could see Bitcoin SV pumping towards $400 soon. Since the start of January, volume has grown massively, pumping around 500% to over $2.5 billion, where it currently sits. The current Bitcoin SV price trend Which #altcoins have outperformed #Bitcoin over the last 12 months? https://t.co/BqsJQDWaFq @Febrocas | #BTC — Coin Rivet (@CoinRivet) January 16, 2020 As discussed in the article above , BSV is one of the top performers vs BTC over the past year. Story continues The recent pump in BSV price has been going on since early 2019. A great deal of altcoins mooned due to the BTC pump that took the world’s largest cryptocurrency back to the $14,000 range. Added to that, news from the ongoing Wright vs Kleiman case has caused a great deal of FOMO among investors, which has no doubt provided some thrust to the recent spike. Safe trades! Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: US Dollar – BSVtoUSD British Pound Sterling – BSVtoGBP Japanese Yen – BSV toJPY Euro – BSV toEUR Australian Dollar – BSV toAUD Russian Rouble – BSV toRUB Bitcoin – BSV toBTC About Bitcoin SV Bitcoin SV came into existence following the Bitcoin Cash chain split on November 15 2018. It is currently the fourth-largest cryptocurrency by market cap, with each coin now worth over $300 despite trading below $100 at the turn of the year. More Bitcoin SV news and information If you want to find out more information about Bitcoin SV or cryptocurrencies in general, then use the search box at the top of this page. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . The post Latest Bitcoin SV price and analysis (BSV to USD) appeared first on Coin Rivet . || Latest Bitcoin SV price and analysis (BSV to USD): Bitcoin SV (BSV) is currently trading at around $257 after a huge 19% drop since last week. BSV has fallen significantly over the last 24 hours, losing around 9% in value. From September to October 2019, BSV pumped close to 80% before dropping around 45% towards the end of the year. However, the price of BSV spiked to a new all-time high this month after pumping over 300% since the start of 2020. Last week , at the peak of its most recent rally, BSV was worth $425 per coin. Will Bitcoin SV recover from its recent slump or continue to fall? Let’s take a look at the chart. Despite the recent drop, Bitcoin SV’s price chart is still extremely bullish. Not only are all the EMAs pointing upwards, but BSV is currently well above target volume levels. Currently, the altcoin is holding support above $250, a key volume level according to the profile. Last week, I mentioned if the altcoin were to drop, the next support level would be around $225. Although price hasn’t currently reached this target level, it’s definitely heading in that direction. Below that, strong support can be found at $194 and $135. Finally, the most support is currently found between $90 and $110. At the time of writing, BSV is sitting well above all its EMAs. The next big resistance levels are virtually non-existent, so we could see Bitcoin SV pumping towards $400 soon. Since the start of January, volume has grown massively, pumping around 500% to over $2.5 billion, where it currently sits. The current Bitcoin SV price trend Which #altcoins have outperformed #Bitcoin over the last 12 months? https://t.co/BqsJQDWaFq @Febrocas | #BTC — Coin Rivet (@CoinRivet) January 16, 2020 As discussed in the article above , BSV is one of the top performers vs BTC over the past year. Story continues The recent pump in BSV price has been going on since early 2019. A great deal of altcoins mooned due to the BTC pump that took the world’s largest cryptocurrency back to the $14,000 range. Added to that, news from the ongoing Wright vs Kleiman case has caused a great deal of FOMO among investors, which has no doubt provided some thrust to the recent spike. Safe trades! Current live BCH pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest BCH price. Pricing is also available in a range of different currency equivalents: US Dollar – BSVtoUSD British Pound Sterling – BSVtoGBP Japanese Yen – BSV toJPY Euro – BSV toEUR Australian Dollar – BSV toAUD Russian Rouble – BSV toRUB Bitcoin – BSV toBTC About Bitcoin SV Bitcoin SV came into existence following the Bitcoin Cash chain split on November 15 2018. It is currently the fourth-largest cryptocurrency by market cap, with each coin now worth over $300 despite trading below $100 at the turn of the year. More Bitcoin SV news and information If you want to find out more information about Bitcoin SV or cryptocurrencies in general, then use the search box at the top of this page. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not. You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news . The post Latest Bitcoin SV price and analysis (BSV to USD) appeared first on Coin Rivet . || Notes From the WEF: Cash Is Dead, Long Live Digital Cash: DAVOS, Switzerland Consensus is building on one issue at the World Economic Forum in Switzerland: Cash is dead. Physical money is out, said B.S. Kohli, an economic advisor to the head of the Indian state of Punjab. Mothanna Gharaibeh, Jordans minister of digital economy and entrepreneurship, agreed. As of this year, Gharaibeh said, Jordanians can no longer pay for government services, from taxes to hospital bills, with cash. They must use electronic payment systems like bank transfers or mobile wallets. Related: WEF Launches Global Consortium for Crypto Governance Its going to be a tough transformation, he said, referring to the nations poor and unbanked populations. But refugees can take mobile wallets using their UN Refugee Agency ID cards.
We just need to stop printing [bills] and put it instead on mobile accounts or in bank accounts. Unlike many dollar-dominance-skeptics in Davos for the forum, Gharaibeh said pegging Jordanian dinars to the dollar has served the smaller nation well for decades. He doesnt see any need to reinvent money, just remove the anonymous properties. Because we need to stop tax evasion, he said. Israeli historian Yuval Noah Harari author of the bitcoin community cult classic Sapiens said hes skeptical of bitcoin. Related: Davos, CBDCs, and the Rise of Bitcoin Art Money is going in the direction of more and more trust, he said. Bitcoin is based on mistrust. Its basically a return to gold. On the other hand, Harari predicted the complete elimination of financial privacy could happen very quickly, which he described as a dangerous prospect. Ask almost any economist, banker or politician at the WEF about financial privacy and theyll scoff. With shockingly few exceptions, most will say more financial data collection and passive surveillance will benefit society. (When pressed, they might emphasize the importance of encryption and regulating access to the data.) RegTech expert Diana Paredes, an investment banker turned CEO of the compliance startup Suade Labs, agreed the sentiment among her public- and private-sector clients is cash is dead. However, she added, its the job of policymakers to protect consumer interests. Story continues What we should be doing is regulating privacy around [electronic payments], she said. I want to own my data. It should belong to me, not the bank. Bitcoin in Davos Fear not, bitcoiners: Not all members of the Davos elite are pushing for e-fiat authoritarianism; some leaders here see a future where bitcoin continues to thrive. Bitcoin is a fantastic idea, as long as it is monitored, Kohli said, praising the compliance standards already upheld by bitcoin-friendly Swiss banks . Bruno Le Maire, the French finance minister, offers a shining example of a bitcoin-friendly politician. He said decentralized digital assets will have a role to play in the future of France, as long as organizations like the crypto custody startup Ledger and the bitcoin development startup ACINQ continue to pay taxes and uphold regular compliance standards. We dont want digital companies issuing their own currencies like sovereign states, he said, making a subtle dig at Facebooks Libra. But we believe [bitcoin] can reduce the costs and delays of international payments.
We strongly believe in fintech. Likewise, Mariam Al Muhairi of the state-backed Dubai Future Foundation says her team will spend 2020 exploring how to support companies that want to use digital assets. Its to help regulate that area, she said, emphasizing the team is still in the research phase. There are entities that do own and use [cryptocurrency]. Paredes added the best way to protect bitcoins usability is to educate regulators about specific use cases so they can make laws and compliance standards without jeopardizing projects of value. The divide between cypherpunks and banks grows ever more narrow when experts drill down to the specifics. French finance minister Bruno Le Maire and others discuss how to tax Big Tech. (Credit: Leigh Cuen for CoinDesk) Common ground Most crypto veterans at the WEF were just as enthusiastic about central bank digital currencies (CBDC) as the bankers themselves. For example, Elizabeth Rossiello, CEO of Aza Financial (formerly known by the name of its retail product, BitPesa), said shes really excited about the Peoples Bank of China issuing a CBDC. She sees this as yet another customer onramp that complements the fact bitcoin makes up 7 percent of her companys monthly volume. MakerDAO Foundation CEO Rune Christensen agrees: Generally I think its really good for the trend of digitizing the economy, he said of the CBDC trend. Its just a step toward more blockchain adoption. His projects DAI stablecoin, he told CoinDesk, could one day be the liquidity backbone for the worlds CBDCs. Meanwhile, Cloudflare CTO John Graham-Cumming said his internet infrastructure company generally takes a proactive approach to promoting censorship-resistance, even as his team supports clients such as banks and similar institutions in the public sector. What goes over our network isnt really our business. And we dont think its our job to figure that out because that would be kind of creepy, he said, adding the company runs gateways to both ethereum and the InterPlanetary File System (IPFS). From Graham-Cummings perspective, bitcoin is an impressive experiment because it actually works and continues to work, regardless of political and technical challenges. Yet, Cloudflare is more focused on ethereum. When you look at the smart contract stuff, thats a programming language. We think someone is going to build something interesting with ethereum and we hope theyll find our services useful, he said. As people start to work with new organizations for financial transactions, they need to ask how that organization is thinking about security.
Were all resting on top of something else. The only way to protect privacy in a world of digital cash, he said, is with a combination of good regulatory policies and standard best practices that promote security throughout the ecosystems architecture. The idea of Web3 is that you should be resilient, he concluded. Zack Seward contributed reporting. Related Stories Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin Crypto News Roundup and Interviews for Jan. 24, 2020 || Notes From the WEF: Cash Is Dead, Long Live Digital Cash: DAVOS, Switzerland – Consensus is building on one issue at theWorld Economic Forumin Switzerland: Cash is dead.
“Physical money is out,” said B.S. Kohli, an economic advisor to the head of the Indian state of Punjab. Mothanna Gharaibeh, Jordan’s minister of digital economy and entrepreneurship, agreed.
As of this year, Gharaibeh said, Jordanians can no longer pay for government services, from taxes to hospital bills, with cash. They must use electronic payment systems like bank transfers or mobile wallets.
Related:WEF Launches Global Consortium for Crypto Governance
“It’s going to be a tough transformation,” he said, referring to the nation’s poor and unbanked populations. “But refugees can take mobile wallets using their UN Refugee Agency ID cards. … We just need to stop printing [bills] and put it instead on mobile accounts or in bank accounts.”
Unlike many dollar-dominance-skeptics in Davos for the forum, Gharaibeh said pegging Jordanian dinars to the dollar has served the smaller nation well for decades. He doesn’t see any need to reinvent money, just remove the anonymous properties.
“Because we need to stop tax evasion,” he said.
Israeli historian Yuval Noah Harari – author of the bitcoin community cult classic “Sapiens” – said he’s skeptical of bitcoin.
Related:Davos, CBDCs, and the Rise of Bitcoin Art
“Money is going in the direction of more and more trust,” he said. “Bitcoin is based on mistrust. It’s basically a return to gold.”
On the other hand, Harari predicted the complete elimination of financial privacy could happen “very quickly,” which he described as a “dangerous” prospect.
Ask almost any economist, banker or politician at the WEF about financial privacy and they’ll scoff. With shockingly few exceptions, most will say more financial data collection and passive surveillance will benefit society. (When pressed, they might emphasize the importance of encryption and regulating access to the data.)
RegTech expert Diana Paredes, an investment banker turned CEO of the compliance startup Suade Labs, agreed the sentiment among her public- and private-sector clients is “cash is dead.” However, she added, it’s the job of policymakers to protect consumer interests.
“What we should be doing is regulating privacy around [electronic payments],” she said. “I want to own my data. It should belong to me, not the bank.”
Fear not, bitcoiners: Notallmembers of the Davos elite are pushing for e-fiat authoritarianism; some leaders here see a future where bitcoin continues to thrive.
“Bitcoin is a fantastic idea, as long as it is monitored,” Kohli said, praising the compliance standards already upheld by bitcoin-friendlySwiss banks.
Bruno Le Maire, the French finance minister, offers a shining example of a bitcoin-friendly politician.
He said decentralized digital assets will have a role to play in the future of France, as long as organizations like the crypto custody startup Ledger and the bitcoin development startup ACINQ continue to pay taxes and uphold regular compliance standards.
“We don’t want digital companies issuing their own currencies like sovereign states,” he said, making a subtle dig at Facebook’s Libra. “But we believe [bitcoin] can reduce the costs and delays of international payments. … We strongly believe in fintech.”
Likewise, Mariam Al Muhairi of the state-backed Dubai Future Foundation says her team will spend 2020 exploring how to support companies that want to use digital assets.
“It’s to help regulate that area,” she said, emphasizing the team is still in the research phase. “There are entities that do own and use [cryptocurrency].”
Paredes added the best way to protect bitcoin’s usability is to educate regulators about specific use cases so they can make laws and compliance standards without jeopardizing projects of value.
The divide betweencypherpunksand banks grows ever more narrow when experts drill down to the specifics.
Most crypto veterans at the WEF were just as enthusiastic about central bank digital currencies (CBDC) as the bankers themselves.
For example, Elizabeth Rossiello, CEO of Aza Financial (formerly known by the name of its retail product, BitPesa), said she’s “really excited” about the People’s Bank of China issuing a CBDC. She sees this as yet another customer onramp that complements the fact bitcoin makes up 7 percent of her company’s monthly volume.
MakerDAO Foundation CEO Rune Christensen agrees: “Generally I think it’s really good for the trend of digitizing the economy,” he said of the CBDC trend. “It’s just a step toward more blockchain adoption.” His project’s DAI stablecoin, he told CoinDesk, could one day be the liquidity backbone for the world’s CBDCs.
Meanwhile, Cloudflare CTO John Graham-Cumming said his internet infrastructure company generally takes a proactive approach to promoting censorship-resistance, even as his team supports clients such as banks and similar institutions in the public sector.
“What goes over our network isn’t really our business. And we don’t think it’s our job to figure that out because that would be kind of creepy,” he said, adding the company runs gateways to both ethereum and the InterPlanetary File System (IPFS).
From Graham-Cumming’s perspective, bitcoin is an impressive experiment because it actually works and continues to work, regardless of political and technical challenges. Yet, Cloudflare is more focused on ethereum.
“When you look at the smart contract stuff, that’s a programming language. We think someone is going to build something interesting with ethereum and we hope they’ll find our services useful,” he said. “As people start to work with new organizations for financial transactions, they need to ask how that organization is thinking about security. … We’re all resting on top of something else.”
The only way to protect privacy in a world of digital cash, he said, is with a combination of good regulatory policies and standard “best practices” that promote security throughout the ecosystem’s architecture.
“The idea of Web3 is that you should be resilient,” he concluded.
Zack Seward contributed reporting.
• Notes From the WEF: Oil-Producing Nations Want Dollar Alternatives, Just Not Bitcoin
• Crypto News Roundup and Interviews for Jan. 24, 2020 || Continued Losses See Bitcoin Erase 40% of Recent Price Rally: • Bitcoin has dropped to 10-day lows, bolstering the case for a test of support at $8,000.
• Short-term indicators are signaling a strengthening of downside momentum.
• A move above $8,800 is needed to revive the bullish setup.
Bitcoin’s price pullback has gathered steam in the last 24 hours, erasing a major portion of the cryptocurrency’s recent gains.
The top cryptocurrencydived outof the $8,460–$8,750 congestion zone during the European trading hours on Thursday, signaling a continuation of the pullback from Sunday’s high near $9,200.
So far, the follow-through to the range breakdown has been bearish. The cryptocurrency fell to $8,230 soon before press time – the lowest level since Jan. 14, according to CoinDesk’sBitcoin Price Index.
Related:BlockFi Adjusts Interest Rates to Lure Larger Crypto Deposits
Notably, bitcoin has now erased nearly 40 percent of the rally from $6,853 to $9,188 witnessed in the 17 days to Jan. 19.
Further,bitcoin is now down 10 percent from the recent high of $9,188 and is reportinga 3 percent loss on a 24-hour basis.
All that said, prices are still up 15 percent on a month-to-date basis. That number, however, could decrease over the next couple of days, as the short-term charts are indicating bearish conditions.
Bitcoin fell 3.21 percent on Thursday, its biggest single-day decline in over a month, and closed (UTC) below $8,460, confirming the reversal lower signaled by the big bearish outside day candle created on Jan. 19.
Related:Bitcoin’s Privacy and Scaling Tech Upgrade ‘Taproot’ Just Took a Big Step Forward
Thedownturn in price is backed by bearish readings on key indicators.
For instance, the MACD histogram is now producing deeper bars below the zero line, a sign of the strengthening of bearish momentum. Meanwhile, the 14-day relative strength index has dived below an ascending trendline.
All in all, BTC looks set to extend losses toward the psychological support of $8,000. A violation there would expose the 50-day average support at $7,678.
The bearish case put forward by Thursday’s range breakdown will remain valid as long as prices are held below $8,460, the level which capped downside multiple times in the first half of this week.
A bullish revival would require prices to cross $8,750 on strong volumes. That would open the doors for a re-test of recent highs near $9,200.
Disclosure:The author holds no digital assets at the time of writing.
• Bitcoin Faces Move to $8,200 After Dropping Out of Trading Range
• Crypto Asset Firm Amun Launches Inverse Bitcoin ETP
[Social Media Buzz]
None available.
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8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11.
|
[Bitcoin Technical Analysis for 2016-01-06]
Volume: 34042500, RSI (14-day): 51.52, 50-day EMA: 405.84, 200-day EMA: 325.20
[Wider Market Context]
Gold Price: 1091.90, Gold RSI: 56.62
Oil Price: 33.97, Oil RSI: 34.75
[Recent News (last 7 days)]
Investors Set Sail With Cruise-Line Investments In 2016: 2015 proved to be a lucrative year for many cruise liners, as an improving economy and low fuel prices created the perfect conditions for a rebuilding year.
Industry juggernautCarnival Corp(NYSE:CCL) saw its shares rise 19.43 percent over the course of the year, andBarron'ssees the firm climbing another 20 percent this year, a sign that the industry can expect smooth waters ahead.
Safety In The Water
Carnival Corp has been touted as one of the safest plays in the cruise industry, because the company is the largest operator in the world. Carnival has ships in almost every body of water on the planet, operating popular names like Carnival Cruise Lines, Princess Cruises and Costa Cruises. Not only does the company have a massive brand appeal and staying power, but Carnival also pays out the heftiest dividend with a yield of 2.2 percent.
Related Link:Barron's Picks And Pans: Carnival, Pandora, American Capital And More
Expanding Into China
Another reason the cruise industry is set to continue gaining through 2016 is the potential for expansion in China as cruise holidays gain popularity. For investors looking to play this angle,Royal Caribbean Cruises Ltd(NYSE:RCL) orNorwegian Cruise Line Holdings Ltd(NASDAQ:NCLH) could be smart plays.
Royal Caribbean has proven to be popular among the Chinese population and has been pushing upscale ships with luxury rooms that have brought in a great deal of interest. Norwegian is a relatively new entrant into the Chinese market, but the firm has been able to learn from its peers who have already penetrated the market and by offering customers a tailored experience different from what European or North American customers prefer.
Image Credit: Public Domain
See more from Benzinga
• 4 CEOs With A Tough Year Ahead
• Ledger Fights For Bitcoin's Staying Power At CES 2016
• Virtual Reality In 2016
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Set Sail With Cruise-Line Investments In 2016: 2015 proved to be a lucrative year for many cruise liners, as an improving economy and low fuel prices created the perfect conditions for a rebuilding year. Industry juggernaut Carnival Corp (NYSE: CCL ) saw its shares rise 19.43 percent over the course of the year, and Barron's sees the firm climbing another 20 percent this year, a sign that the industry can expect smooth waters ahead. Safety In The Water Carnival Corp has been touted as one of the safest plays in the cruise industry, because the company is the largest operator in the world. Carnival has ships in almost every body of water on the planet, operating popular names like Carnival Cruise Lines, Princess Cruises and Costa Cruises. Not only does the company have a massive brand appeal and staying power, but Carnival also pays out the heftiest dividend with a yield of 2.2 percent. Related Link: Barron's Picks And Pans: Carnival, Pandora, American Capital And More Expanding Into China Another reason the cruise industry is set to continue gaining through 2016 is the potential for expansion in China as cruise holidays gain popularity. For investors looking to play this angle, Royal Caribbean Cruises Ltd (NYSE: RCL ) or Norwegian Cruise Line Holdings Ltd (NASDAQ: NCLH ) could be smart plays. Royal Caribbean has proven to be popular among the Chinese population and has been pushing upscale ships with luxury rooms that have brought in a great deal of interest. Norwegian is a relatively new entrant into the Chinese market, but the firm has been able to learn from its peers who have already penetrated the market and by offering customers a tailored experience different from what European or North American customers prefer. Image Credit: Public Domain See more from Benzinga 4 CEOs With A Tough Year Ahead Ledger Fights For Bitcoin's Staying Power At CES 2016 Virtual Reality In 2016 © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year. This year, bitcoin startup Ledger is keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event. Physical Bitcoin Storage Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card. Related Link: Can The Bitcoin Foundation Last? This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords. Bitcoin's Year Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board. Image Credit: Public Domain See more from Benzinga Virtual Reality In 2016 Is Tesla A Good Investment For 2016? 3 CEOs Who Made Headlines In 2015 © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year.
This year, bitcoin startupLedgeris keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event.
Physical Bitcoin Storage
Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card.
Related Link:Can The Bitcoin Foundation Last?
This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords.
Bitcoin's Year
Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board.
Image Credit: Public Domain
See more from Benzinga
• Virtual Reality In 2016
• Is Tesla A Good Investment For 2016?
• 3 CEOs Who Made Headlines In 2015
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year.
This year, bitcoin startupLedgeris keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event.
Physical Bitcoin Storage
Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card.
Related Link:Can The Bitcoin Foundation Last?
This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords.
Bitcoin's Year
Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board.
Image Credit: Public Domain
See more from Benzinga
• Virtual Reality In 2016
• Is Tesla A Good Investment For 2016?
• 3 CEOs Who Made Headlines In 2015
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle. Money Issues One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years. Related Link: What's In Store For Bitcoin In 2016 On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fenton admitted that the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg. A Bad Reputation However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations. One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015. Does Bitcoin Need A Foundation? While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further. Story continues Hanging On By A Thread On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials. Image Credit: Public Domain See more from Benzinga What Does The End Of The Oil Export Ban Mean For Investors? Could 2016 Be The Year Of Drone Deliveries? Are Bank Stocks The Way Forward In 2016? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks like Amazon (AMZN) or Netflix (NFLX) more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%. However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year: What does 2016 hold for the ETF world? Hedged currency trend finally ends One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ). ETMFs Debut, but stumble out of the gate Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them. More specialized sectors funds look to catch fire, but struggle After the insane rise of the cybersecurity ETF (HACK) in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs). Story continues IWM will beat SPY in 2016 Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of the small cap ETF (IWM) and its outperformance over its large cap counterparts in the New Year. RSP will beat SPY in 2016 In that same vein, the equal weight S&P 500 fund (RSP) had long beaten its cap-focused counterpart, SPY . However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well. Surge in duration hedged/negative duration ETF interest A few years ago, hedged Japan ETFs (like DXJ ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ). Ex-sector funds hit $100 million under management If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end. New SPDR Select Sector ETFs hit $100 million in assets State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering; XLFS (focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now. Oil-free in 2016 The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ). ETF Closures Go Over 100 and Hit/Approach a Record There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record. Someone Will Close Down Too Early The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off). Two similar ETFs will launch within a one month window You know when Hollywood launches two similar movies pretty close together ( White House Down and Olympus Has Fallen or A Bug’s Life and Antz back in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race and become the first mover) and I’d look for that trend to continue in 2016 at least once. Wearable ETF hits the market (or at least a filing) Thanks to the ubiquitous nature of Fitbit (FIT) and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually. Bitcoin fund finally comes out For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like what GLD did for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ). Price war continues As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well. You’ll see more calls of an ETF Bubble… These will be wrong Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015). Happy New Year and best of luck to fund investors in 2016! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FITBIT INC (FIT): Free Stock Analysis Report PURFDS-ISE CYBR (HACK): ETF Research Reports ISHARS-R 2000 (IWM): ETF Research Reports SPDR-FS SELS (XLFS): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports GUGG-SP5 EQ ETF (RSP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks likeAmazon (AMZN)orNetflix (NFLX)more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%.
However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year:
Hedged currency trend finally ends
One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ).
ETMFs Debut, but stumble out of the gate
Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them.
More specialized sectors funds look to catch fire, but struggle
After the insane rise of thecybersecurity ETF (HACK)in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs).
IWM will beat SPY in 2016
Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of thesmall cap ETF (IWM)and its outperformance over its large cap counterparts in the New Year.
RSP will beat SPYin 2016
In that same vein, theequal weight S&P 500 fund (RSP)had long beaten its cap-focused counterpart,SPY. However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well.
Surge in duration hedged/negative duration ETF interest
A few years ago, hedged Japan ETFs (likeDXJ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ).
Ex-sector funds hit $100 million under management
If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end.
New SPDR Select Sector ETFs hit $100 million in assets
State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering;XLFS(focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now.
Oil-free in 2016
The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ).
ETF Closures Go Over 100 and Hit/Approach a Record
There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record.
Someone Will Close Down Too Early
The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off).
Two similar ETFs will launch within a one month window
You know when Hollywood launches two similar movies pretty close together (White House DownandOlympus Has FallenorA Bug’s LifeandAntzback in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race andbecomethe first mover) and I’d look for that trend to continue in 2016 at least once.
Wearable ETF hits the market (or at least a filing)
Thanks to the ubiquitous nature ofFitbit (FIT)and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually.
Bitcoin fund finally comes out
For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like whatGLDdid for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ).
Price war continues
As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well.
You’ll see more calls of an ETF Bubble… These will be wrong
Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015).
Happy New Year and best of luck to fund investors in 2016!
Want the latest recommendations from Zacks Investment Research? Today, you can download7 Best Stocks for the Next 30 Days.Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportFITBIT INC (FIT): Free Stock Analysis ReportPURFDS-ISE CYBR (HACK): ETF Research ReportsISHARS-R 2000 (IWM): ETF Research ReportsSPDR-FS SELS (XLFS): ETF Research ReportsSPDR-SP 500 TR (SPY): ETF Research ReportsGUGG-SP5 EQ ETF (RSP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
[Social Media Buzz]
BTCTurk 1310.6 TL BTCe 430.699 $ CampBx $ BitStamp 431.43 $ Cavirtex 605.00 $ CEXIO 437.71 $ Bitcoin.de 403.60 € #Bitcoin #btc || In the last 10 mins, there were arb opps spanning 16 exchange pair(s), yielding profits ranging between $0.00 and $391.46 #bitcoin #btc || $429.56 at 00:00 UTC [24h Range: $426.54 - $432.67 Volume: 5508 BTC] || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000004
Average $1.7E-5 per #reddcoin
22:46:00 || #RDD / #BTC on the exchanges: Cryptsy: 0.00000...
|
458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64.
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[Bitcoin Technical Analysis for 2017-11-20]
Volume: 3488450048, RSI (14-day): 68.79, 50-day EMA: 6272.10, 200-day EMA: 4183.60
[Wider Market Context]
Gold Price: 1274.60, Gold RSI: 47.34
Oil Price: 56.09, Oil RSI: 60.55
[Recent News (last 7 days)]
100 cryptocurrencies described in four words or less: This list describes cryptocurrencies. Each gets four words. There are many. Some are landmarks. Some are scams. Hopefully this provides orientation. Name | Sym. | Description ----------------|-------|------------------------------------------ Bitcoin | BTC | Digital gold Ethereum | ETH | Programmable contracts and money Bitcoin Cash | BCH | Bitcoin clone Ripple | XRP | Enterprise payment settlement network Litecoin | LTC | Faster Bitcoin Dash | DASH | Privacy-focused Bitcoin clone NEO | NEO | Chinese-market Ethereum NEM | XEM | Batteries-included digital assets Monero | XMR | Private digital cash Ethereum Classic | ETC | Ethereum clone IOTA | MIOTA | Internet-of-things payments Qtum | QTUM | Ethereum contracts on Bitcoin OmiseGO | OMG | Banking, remittance, and exchange Zcash | ZEC | Private digital cash BitConnect | BCC | Madoff-like investment fund Lisk | LSK | Decentralized applications in JavaScript Cardano | ADA | Layered currency and contracts Tether | USDT | Price = 1 USD Stellar Lumens | XLM | Digital IOUs EOS | EOS | Decentralized applications on WebAssembly Hshare | HSR | Blockchain switchboard Waves | WAVES | Decentralized exchange and crowdfunding Stratis | STRAT | Decentralized applications in C# Komodo | KMD | Decentralized ICOs Ark | ARK | Blockchain switchboard Electroneum | ETN | Monero clone Bytecoin | BCN | Privacy-focused cryptocurrency Steem | STEEM | Reddit with money voting Ardor | ARDR | Blockchain for spawning blockchains Binance Coin | BNB | Pay Binance exchange fees Augur | REP | Decentralized prediction market Populous | PPT | Invoice trading futures Decred | DCR | Bitcoin with alternative governance TenX | PAY | Cryptocurrency credit card MaidSafeCoin | MAID | Rent disk space BitcoinDark | BTCD | Zcoin close BitShares | BTS | Decentralized exchange Golem | GNT | Rent other people's computers PIVX | PIVX | Inflationary Dash clone Gas | GAS | Pay fees on Neo TRON | TRX | In-app-purchases Vertcoin | VTC | Bitcoin clone MonaCoin | MONA | Japanese Dogecoin Factom | FCT | Decentralized record keeping Basic Attention | BAT | Decentralized ad network SALT | SALT | Cryptocurrency-backed loans Kyber Network | KNC | Decentralized exchange Dogecoin | DOGE | Serious meme bitcoin clone DigixDAO | DGD | Organisation manages tokenized gold Veritaseum | VERI | Vaporware Walton | WTC | IoT Blockchain SingularDTV | SNGLS | Decentralized Netflix Bytom | BTM | Physical assets as tokens Byteball Bytes | GBYTE | Decentralized database and currency GameCredits | GAME | Video game currency Metaverse ETP | ETP | Chinese Ethereum plus identity GXShares | GXS | Decentralized Chinese Equifax Syscoin | SYS | Decentralized marketplace Siacoin | SC | Rent disk space Status | SNT | Decentralized application browser 0x | ZRX | Decentralized exchange Verge | XVG | Privacy Dogecoin Lykke | LKK | Digital asset exchange Civic | CVC | Identity and Authentication App Blocknet | BLOCK | Decentralized exchange Metal | MTL | Payments with rewards program Iconomi | ICN | Digital asset investment funds Aeternity | AE | Decentralized apps (prototype) DigiByte | DGB | Faster Bitcoin Bancor | BNT | Token Index Funds Ripio Credit | RCN | Co-signed Cryptocurrency Loans ATMChain | ATM | Advertising network Gnosis | GNO | Decentralized prediction market VeChain | VEN | Supply chain item IDs Pura | PURA | Cryptocurrency Particl | PART | Privacy marketplace and chat KuCoin Shares | KCS | Profit-sharing exchange fees Bitquence | BQX | Mint for cryptocurrency investments FunFair | FUN | Decentralized casino ChainLink | LINK | External data for contracts Power Ledger | POWR | Airbnb for electricity Nxt | NXT | Cryptocurrency and marketplace Monaco | MCO | Cryptocurrency credit card Cryptonex | CNX | Zerocoin clone MCAP | MCAP | Mining investment fund Storj | STORJ | Rent disk space ZenCash | ZEN | Privacy-focused Bitcoin clone Nexus | NXS | Bitcoin clone Neblio | NEBL | Decentralized application platform Zeusshield | ZSC | Decentralized insurance Streamr DATAcoin | DATA | Real-time data marketplace ZCoin | XZC | Private digital cash NAV Coin | NAV | Bitcoin with private transactions AdEx | ADX | Advertising exchange Open Trading | OTN | Decentralized exchange SmartCash | SMART | Zcoin clone with rewards Bitdeal | BDL | Bitcoin clone Loopring | LRC | Decentralized exchange Edgeless | EDG | Decentralized casino FairCoin | FAIR | Bitcoin that rewards savers Story continues Coin ranking from coinmarketcap.com . Inspired by Greg Wilson . This article originally appeared on TechCrunch . || 100 cryptocurrencies described in four words or less: This list describes cryptocurrencies.
Each gets four words. There are many.
Some are landmarks. Some are scams.
Hopefully this provides orientation.
Name | Sym. | Description----------------|-------|------------------------------------------Bitcoin| BTC | Digital goldEthereum| ETH | Programmable contracts and moneyBitcoinCash| BCH | Bitcoin cloneRipple| XRP | Enterprise payment settlement networkLitecoin| LTC | Faster BitcoinDash| DASH | Privacy-focused Bitcoin cloneNEO| NEO | Chinese-market EthereumNEM| XEM | Batteries-included digital assetsMonero| XMR | Private digital cashEthereumClassic| ETC | Ethereum cloneIOTA| MIOTA | Internet-of-things paymentsQtum| QTUM | Ethereum contracts on BitcoinOmiseGO| OMG | Banking, remittance, and exchangeZcash| ZEC | Private digital cashBitConnect| BCC | Madoff-like investment fundLisk| LSK | Decentralized applications in JavaScriptCardano| ADA | Layered currency and contractsTether| USDT | Price = 1 USDStellarLumens| XLM | Digital IOUsEOS| EOS | Decentralized applications on WebAssemblyHshare| HSR | Blockchain switchboardWaves| WAVES | Decentralized exchange and crowdfundingStratis| STRAT | Decentralized applications in C#Komodo| KMD | Decentralized ICOsArk| ARK | Blockchain switchboardElectroneum| ETN | Monero cloneBytecoin| BCN | Privacy-focused cryptocurrencySteem| STEEM | Reddit with money votingArdor| ARDR | Blockchain for spawning blockchainsBinanceCoin| BNB | Pay Binance exchange feesAugur| REP | Decentralized prediction marketPopulous| PPT | Invoice trading futuresDecred| DCR | Bitcoin with alternative governanceTenX| PAY | Cryptocurrency credit cardMaidSafeCoin| MAID | Rent disk spaceBitcoinDark| BTCD | Zcoin closeBitShares| BTS | Decentralized exchangeGolem| GNT | Rent other people's computersPIVX| PIVX | Inflationary Dash cloneGas| GAS | Pay fees on NeoTRON| TRX | In-app-purchasesVertcoin| VTC | Bitcoin cloneMonaCoin| MONA | Japanese DogecoinFactom| FCT | Decentralized record keepingBasicAttention| BAT | Decentralized ad networkSALT| SALT | Cryptocurrency-backed loansKyberNetwork| KNC | Decentralized exchangeDogecoin| DOGE | Serious meme bitcoin cloneDigixDAO| DGD | Organisation manages tokenized goldVeritaseum| VERI | VaporwareWalton| WTC | IoT BlockchainSingularDTV| SNGLS | Decentralized NetflixBytom| BTM | Physical assets as tokensByteballBytes| GBYTE | Decentralized database and currencyGameCredits| GAME | Video game currencyMetaverseETP| ETP | Chinese Ethereum plus identityGXShares| GXS | Decentralized Chinese EquifaxSyscoin| SYS | Decentralized marketplaceSiacoin| SC | Rent disk spaceStatus| SNT | Decentralized application browser0x| ZRX | Decentralized exchangeVerge| XVG | Privacy DogecoinLykke| LKK | Digital asset exchangeCivic| CVC | Identity and Authentication AppBlocknet| BLOCK | Decentralized exchangeMetal| MTL | Payments with rewards programIconomi| ICN | Digital asset investment fundsAeternity| AE | Decentralized apps (prototype)DigiByte| DGB | Faster BitcoinBancor| BNT | Token Index FundsRipioCredit| RCN | Co-signed Cryptocurrency LoansATMChain| ATM | Advertising networkGnosis| GNO | Decentralized prediction marketVeChain| VEN | Supply chain item IDsPura| PURA | CryptocurrencyParticl| PART | Privacy marketplace and chatKuCoinShares| KCS | Profit-sharing exchange feesBitquence| BQX | Mint for cryptocurrency investmentsFunFair| FUN | Decentralized casinoChainLink| LINK | External data for contractsPowerLedger| POWR | Airbnb for electricityNxt| NXT | Cryptocurrency and marketplaceMonaco| MCO | Cryptocurrency credit cardCryptonex| CNX | Zerocoin cloneMCAP| MCAP | Mining investment fundStorj| STORJ | Rent disk spaceZenCash| ZEN | Privacy-focused Bitcoin cloneNexus| NXS | Bitcoin cloneNeblio| NEBL | Decentralized application platformZeusshield| ZSC | Decentralized insuranceStreamrDATAcoin| DATA | Real-time data marketplaceZCoin| XZC | Private digital cashNAVCoin| NAV | Bitcoin with private transactionsAdEx| ADX | Advertising exchangeOpenTrading| OTN | Decentralized exchangeSmartCash| SMART | Zcoin clone with rewardsBitdeal| BDL | Bitcoin cloneLoopring| LRC | Decentralized exchangeEdgeless| EDG | Decentralized casinoFairCoin| FAIR | Bitcoin that rewards savers
Coin ranking fromcoinmarketcap.com.
Inspired byGreg Wilson.
• This article originally appeared onTechCrunch. || Lowe's, Salesforce, and turkey — What you need to know for the week ahead: After stocks lost ground for the second week in a row, investors in the U.S. will be facing a shortened holiday trading week and a light economic and earnings calendar.
Economic highlights will come on Wednesday, with the final reading on consumer sentiment from the University of Michigan and the release of the minutes from the Federal Reserve’s latest meeting.
Major earnings releases will all come before the Thanksgiving holiday, with salesforce.com (CRM), Dollar Tree (DLTR), Campbell’s Soup (CPB), and Lowe’s (LOW) reporting on Tuesday, while Deere (DE) will report earnings before the market open on Wednesday.
This past week, retail earnings were the big story and Walmart (WMT) punctuated the action on Thursday when shares gained over 10% after a report that crushed expectations. The stock closed Thursday’s trading at a record high and gave back over 2% on Friday, weighing on the Dow which lagged the major indexes to close out the week.
Tax reform also made some progress this week, as the House passed its version of a tax plan with the Senate set to take up revising the bill after the Thanksgiving holiday.
This week, markets in the U.S. will be closed on Thursday in observation of Thanksgiving and will re-open for just a half-day on Friday in what should be some of the lightest-volume trading of the year.
And as Keith Bliss of Cuttone & Co. noted on Yahoo Finance’sMidday Moversprogram on Friday, after next week there are really just four full trading weeks left this year, as Christmas falling on a Monday will see trading desks become veritable ghost towns the rest of that week.
So while investors will come into the holiday-shortened week with stocks coming off a so-so two-week period, 2017 is still shaping up to be one of the best years since the financial crisis with the Dow up over 18% this year, the S&P 500 up 15%, and the Nasdaq up over 24%. And don’t forget that December is traditionallyone of the strongest months of the yearfor stocks.
• Monday:Leading index of economic indicators, October (+0.6% expected; -0.2% previously)
• Tuesday:Existing home sales, October (+0.2% expected; +0.7% previously)
• Wednesday:Initial jobless claims (240,000 expected; 249,000 previously); Durable goods orders, October (+0.4% expected; +2% previously); University of Michigan consumer sentiment, November (98 expected; 97.8 previously); FOMC meeting minutes
• Thursday:Markets closed for Thanksgiving.
• Friday:Markit flash U.S. manufacturing PMI, November (55 expected; 54.6 previously); Markit flash U.S. non-manufacturing PMI, November (55.5 expected; 55.3 previously)
On Wednesday, President Donald Trump’s chief economic advisor Gary Cohnwas stuck in an awkward spot.
During a meeting of the Wall Street Journal’s CEO council, executives in the room had a lukewarm reaction when asked to give a show of hands on how many planned to use money saved from tax cuts to increase investment and raise wages.
Neil Dutta, an economist at Renaissance Macro, noted in an email on Thursday that this informal show of hands might be a bit incomplete. Dutta pointed us to the Atlanta Fed’s latestbusiness inflation expectations survey, which in November asked business leaders to give an estimate of what their most likely actions would be if tax reform were passed in the bill’s current form.
Sixty-percent of executives said they’d make no changes to their hiring plans, while 46% said they’d make no changes to their investment plans. Forty-percent of respondents said they’d expect to somewhat increase investments under the current plan with 11% saying they plan a significant increase in investment if tax reform goes through. On the hiring side, 31% will increase hiring somewhat and 8% expect to significantly ramp hiring.
So while these numbers still indicate that a plurality of business leaders the Atlanta Fed spoke to expect to make no changes to investment plans and the majority see hiring plans remaining intact, the notion that tax reform will have a minimal impact on the business community is perhaps slightly overstated. (The White House’sargumentthat this plan will lead to $4,000 of additional income that would “trickle down” from corporate balance sheets to worker pay is likely motivating arguments to overstate the ineffectiveness of lower corporate tax rates.)
Aswe noted last week, corporate America is maintaining a cautious optimism about what tax reform could bring to the economy and to their plans going forward.
“Tax reform or, simply, tax cuts have a higher chance of passage than major healthcare reform did or does,” said executives from Ventas (VTR), a real estate investment trust with a market cap near $23 billion. “While the specific outcomes of tax reform are too early to call, we are ready to optimize our opportunities as soon as the final framework emerges.”
Executives at Hilton (HLT) said they are “much more optimistic” now than they were last quarter on something getting done on taxes, adding that a main impact of lower taxes is “psychology, which matters and that is the business community and others feeling better about where the economy is going.” The company added that this could get positive impacts flowing into the economy fairly quickly.
Corporate optimism around this tax plan, however, ought not to be all that surprising. After all, corporations and wealthy individualsare the clear winnersunder both the House and Senate plans, while low-earning Americans would see initial relief sunset early next decade.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Walmart’s strong quarter shows why Amazon had to buy Whole Foods
• Foreign investors might be the key to forecasting a U.S. recession
• It’s been 17 years since U.S. consumers felt this good about the economy
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin || Stock market outlook, November 20: After stocks lost ground for the second week in a row, investors in the U.S. will be facing a shortened holiday trading week and a light economic and earnings calendar. Economic highlights will come on Wednesday, with the final reading on consumer sentiment from the University of Michigan and the release of the minutes from the Federal Reserve’s latest meeting. Major earnings releases will all come before the Thanksgiving holiday, with salesforce.com ( CRM ), Dollar Tree ( DLTR ), Campbell’s Soup ( CPB ), and Lowe’s ( LOW ) reporting on Tuesday, while Deere ( DE ) will report earnings before the market open on Wednesday. Lowe’s earnings will be one of the highlights in a holiday-shortened trading week in the U.S. This past week, retail earnings were the big story and Walmart ( WMT ) punctuated the action on Thursday when shares gained over 10% after a report that crushed expectations. The stock closed Thursday’s trading at a record high and gave back over 2% on Friday, weighing on the Dow which lagged the major indexes to close out the week. Tax reform also made some progress this week, as the House passed its version of a tax plan with the Senate set to take up revising the bill after the Thanksgiving holiday. This week, markets in the U.S. will be closed on Thursday in observation of Thanksgiving and will re-open for just a half-day on Friday in what should be some of the lightest-volume trading of the year. And as Keith Bliss of Cuttone & Co. noted on Yahoo Finance’s Midday Movers program on Friday, after next week there are really just four full trading weeks left this year, as Christmas falling on a Monday will see trading desks become veritable ghost towns the rest of that week. So while investors will come into the holiday-shortened week with stocks coming off a so-so two-week period, 2017 is still shaping up to be one of the best years since the financial crisis with the Dow up over 18% this year, the S&P 500 up 15%, and the Nasdaq up over 24%. And don’t forget that December is traditionally one of the strongest months of the year for stocks. Story continues Economic calendar Monday: Leading index of economic indicators, October (+0.6% expected; -0.2% previously) Tuesday: Existing home sales, October (+0.2% expected; +0.7% previously) Wednesday: Initial jobless claims (240,000 expected; 249,000 previously); Durable goods orders, October (+0.4% expected; +2% previously); University of Michigan consumer sentiment, November (98 expected; 97.8 previously); FOMC meeting minutes Thursday: Markets closed for Thanksgiving. Friday: Markit flash U.S. manufacturing PMI, November (55 expected; 54.6 previously); Markit flash U.S. non-manufacturing PMI, November (55.5 expected; 55.3 previously) What corporate America will do with a tax cut On Wednesday, President Donald Trump’s chief economic advisor Gary Cohn was stuck in an awkward spot . During a meeting of the Wall Street Journal’s CEO council, executives in the room had a lukewarm reaction when asked to give a show of hands on how many planned to use money saved from tax cuts to increase investment and raise wages. Gary Cohn had an awkward moment when CEOs appeared to challenge one of the biggest arguments for the GOP tax plan. Neil Dutta, an economist at Renaissance Macro, noted in an email on Thursday that this informal show of hands might be a bit incomplete. Dutta pointed us to the Atlanta Fed’s latest business inflation expectations survey , which in November asked business leaders to give an estimate of what their most likely actions would be if tax reform were passed in the bill’s current form. Sixty-percent of executives said they’d make no changes to their hiring plans, while 46% said they’d make no changes to their investment plans. Forty-percent of respondents said they’d expect to somewhat increase investments under the current plan with 11% saying they plan a significant increase in investment if tax reform goes through. On the hiring side, 31% will increase hiring somewhat and 8% expect to significantly ramp hiring. About 40% of businesses expect to increase investment somewhat if the current tax plans go through. (Source: Atlanta Fed) So while these numbers still indicate that a plurality of business leaders the Atlanta Fed spoke to expect to make no changes to investment plans and the majority see hiring plans remaining intact, the notion that tax reform will have a minimal impact on the business community is perhaps slightly overstated. (The White House’s argument that this plan will lead to $4,000 of additional income that would “trickle down” from corporate balance sheets to worker pay is likely motivating arguments to overstate the ineffectiveness of lower corporate tax rates.) As we noted last week , corporate America is maintaining a cautious optimism about what tax reform could bring to the economy and to their plans going forward. “Tax reform or, simply, tax cuts have a higher chance of passage than major healthcare reform did or does,” said executives from Ventas ( VTR ), a real estate investment trust with a market cap near $23 billion. “While the specific outcomes of tax reform are too early to call, we are ready to optimize our opportunities as soon as the final framework emerges.” Executives at Hilton ( HLT ) said they are “much more optimistic” now than they were last quarter on something getting done on taxes, adding that a main impact of lower taxes is “psychology, which matters and that is the business community and others feeling better about where the economy is going.” The company added that this could get positive impacts flowing into the economy fairly quickly. Corporate optimism around this tax plan, however, ought not to be all that surprising. After all, corporations and wealthy individuals are the clear winners under both the House and Senate plans, while low-earning Americans would see initial relief sunset early next decade. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Walmart’s strong quarter shows why Amazon had to buy Whole Foods Foreign investors might be the key to forecasting a U.S. recession It’s been 17 years since U.S. consumers felt this good about the economy TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin || Here's What Warren Buffett Really Thinks About Bitcoin: Bitcoin is not only the top digital currency on the market today; it's an incredibly volatile investment. Opinions are sharply divided on bitcoin's suitability as a currency, and as an investment -- some consider it to be the future of money, while others believe it's only the fad of the moment.
Falling squarely into the second category isBerkshire Hathaway's(NYSE: BRK-A)(NYSE: BRK-B)guiding light, Warren Buffett. In recent remarks, he made his opinion on the cryptocurrency very clear, and he did not mince words.
Image source: The Motley Fool
Several times a year, Buffett holds a casual event in his home town of Omaha, Neb., in which business students ask him questions about a myriad of finance and investing topics.
In the latest salon, he apparently received one about the famous cryptocurrency. Of it, he said, "You can't value bitcoin, because it's not a value-producing asset." Glancing at it through investor glasses, he added that it wasn't possible to determine how high it will trade for. According to him, there's "a real bubble in that sort of thing."
This is a doubling-down of Buffett's position on bitcoin specifically, and cryptocurrencies in general. He's gone on the record previously with his criticisms of these instruments. In a 2014Squawk Boxsegment on CNBC, Quicken Loans founder Dan Gilbert solicited his opinion of bitcoin. His answer was blunt: "Stay away from it," he warned. "It's a mirage, basically."
Elaborating on his remarks, Buffett said bitcoin is "a very effective way of transmitting money, and you can do it anonymously and all that." He added: "A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money?"
He capped his criticism by saying that "[t]he idea that [bitcoin] has some huge intrinsic value is just a joke, in my view."
For anyone who's followed Buffett's career to any extent, that stance shouldn't come as a surprise. The concept of intrinsic value is fundamental to the celebrated investor, and thus central to the investing strategy of Berkshire Hathaway.
To quote the famous man himself: "Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life." Buffett probably thinks that since bitcoin is not a value-producing asset, it doesn't even meet a basic standard for investment consideration.
Also, for him and Berkshire, the concept of a "moat" -- a unique and hard-to-surmount business advantage -- is critical. That's why, for example, the company hasheld a monster stakeinAmerican Expressfor over 50 years. Yes, there are many credit cards on the market, but few if any boast the cachet and prestige of AmEx plastic.
In spite of its runaway popularity at the moment, bitcoin has no moat. It's one of a great many cryptocurrencies -- nearly 2,000, bya recent count-- flooding the market these days. Its prominence and fame mean little; a better and more appealing rival could take its place. Things move fast in the digital world, and there are plenty of competitors fighting for success in the digital-coin segment.
We should keep firmly in mind that Buffett, a disciple of legendary value investor Benjamin Graham, is a financier of the old school. Fundamental worth is important to him; a business needs to have a solid foundation for him to consider it viable.
He's also taken his time to come around to investments in sectors out of his comfort zone. For instance, it's only been a few years since Berkshire finally,finallytook a dive into tech stocks. In 2011, it revealed it had amassed a stake inIBM, a company that wasn't and isn't exactly on the technological cutting edge. So we shouldn't expect a quick embrace of emerging tech like cryptocurrencies from the old master.
For every Buffett, however, there's at least one other deep-pocketed investor who believes that bitcoin and its ilk are the world's economic destiny. Those inclined to that side of the argument might just be proved right. However, they should be aware that at this early stage, cryptocurrencies are extremely speculative investments. As ever, what goes sharply up in the investment world can come crashing down just as fast.Caveat emptor.
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Eric Volkmanhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends American Express. The Motley Fool has adisclosure policy. || Here's What Warren Buffett Really Thinks About Bitcoin: Bitcoin is not only the top digital currency on the market today; it's an incredibly volatile investment. Opinions are sharply divided on bitcoin's suitability as a currency, and as an investment -- some consider it to be the future of money, while others believe it's only the fad of the moment. Falling squarely into the second category is Berkshire Hathaway 's (NYSE: BRK-A) (NYSE: BRK-B) guiding light, Warren Buffett. In recent remarks, he made his opinion on the cryptocurrency very clear, and he did not mince words. Warren Buffett Image source: The Motley Fool Not a bit interested Several times a year, Buffett holds a casual event in his home town of Omaha, Neb., in which business students ask him questions about a myriad of finance and investing topics. In the latest salon, he apparently received one about the famous cryptocurrency. Of it, he said, "You can't value bitcoin, because it's not a value-producing asset." Glancing at it through investor glasses, he added that it wasn't possible to determine how high it will trade for. According to him, there's "a real bubble in that sort of thing." This is a doubling-down of Buffett's position on bitcoin specifically, and cryptocurrencies in general. He's gone on the record previously with his criticisms of these instruments. In a 2014 Squawk Box segment on CNBC, Quicken Loans founder Dan Gilbert solicited his opinion of bitcoin. His answer was blunt: "Stay away from it," he warned. "It's a mirage, basically." Elaborating on his remarks, Buffett said bitcoin is "a very effective way of transmitting money, and you can do it anonymously and all that." He added: "A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money?" He capped his criticism by saying that "[t]he idea that [bitcoin] has some huge intrinsic value is just a joke, in my view." Story continues Valueless For anyone who's followed Buffett's career to any extent, that stance shouldn't come as a surprise. The concept of intrinsic value is fundamental to the celebrated investor, and thus central to the investing strategy of Berkshire Hathaway. To quote the famous man himself: "Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life." Buffett probably thinks that since bitcoin is not a value-producing asset, it doesn't even meet a basic standard for investment consideration. Also, for him and Berkshire, the concept of a "moat" -- a unique and hard-to-surmount business advantage -- is critical. That's why, for example, the company has held a monster stake in American Express for over 50 years. Yes, there are many credit cards on the market, but few if any boast the cachet and prestige of AmEx plastic. In spite of its runaway popularity at the moment, bitcoin has no moat. It's one of a great many cryptocurrencies -- nearly 2,000, by a recent count -- flooding the market these days. Its prominence and fame mean little; a better and more appealing rival could take its place. Things move fast in the digital world, and there are plenty of competitors fighting for success in the digital-coin segment. New tricks and old dogs We should keep firmly in mind that Buffett, a disciple of legendary value investor Benjamin Graham, is a financier of the old school. Fundamental worth is important to him; a business needs to have a solid foundation for him to consider it viable. He's also taken his time to come around to investments in sectors out of his comfort zone. For instance, it's only been a few years since Berkshire finally, finally took a dive into tech stocks. In 2011, it revealed it had amassed a stake in IBM , a company that wasn't and isn't exactly on the technological cutting edge. So we shouldn't expect a quick embrace of emerging tech like cryptocurrencies from the old master. For every Buffett, however, there's at least one other deep-pocketed investor who believes that bitcoin and its ilk are the world's economic destiny. Those inclined to that side of the argument might just be proved right. However, they should be aware that at this early stage, cryptocurrencies are extremely speculative investments. As ever, what goes sharply up in the investment world can come crashing down just as fast. Caveat emptor . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Why You're Smart to Buy Shopify Inc. (US) -- Despite Citron's Report Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends American Express. The Motley Fool has a disclosure policy . || Here's What Warren Buffett Really Thinks About Bitcoin: Bitcoin is not only the top digital currency on the market today; it's an incredibly volatile investment. Opinions are sharply divided on bitcoin's suitability as a currency, and as an investment -- some consider it to be the future of money, while others believe it's only the fad of the moment.
Falling squarely into the second category isBerkshire Hathaway's(NYSE: BRK-A)(NYSE: BRK-B)guiding light, Warren Buffett. In recent remarks, he made his opinion on the cryptocurrency very clear, and he did not mince words.
Image source: The Motley Fool
Several times a year, Buffett holds a casual event in his home town of Omaha, Neb., in which business students ask him questions about a myriad of finance and investing topics.
In the latest salon, he apparently received one about the famous cryptocurrency. Of it, he said, "You can't value bitcoin, because it's not a value-producing asset." Glancing at it through investor glasses, he added that it wasn't possible to determine how high it will trade for. According to him, there's "a real bubble in that sort of thing."
This is a doubling-down of Buffett's position on bitcoin specifically, and cryptocurrencies in general. He's gone on the record previously with his criticisms of these instruments. In a 2014Squawk Boxsegment on CNBC, Quicken Loans founder Dan Gilbert solicited his opinion of bitcoin. His answer was blunt: "Stay away from it," he warned. "It's a mirage, basically."
Elaborating on his remarks, Buffett said bitcoin is "a very effective way of transmitting money, and you can do it anonymously and all that." He added: "A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money?"
He capped his criticism by saying that "[t]he idea that [bitcoin] has some huge intrinsic value is just a joke, in my view."
For anyone who's followed Buffett's career to any extent, that stance shouldn't come as a surprise. The concept of intrinsic value is fundamental to the celebrated investor, and thus central to the investing strategy of Berkshire Hathaway.
To quote the famous man himself: "Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life." Buffett probably thinks that since bitcoin is not a value-producing asset, it doesn't even meet a basic standard for investment consideration.
Also, for him and Berkshire, the concept of a "moat" -- a unique and hard-to-surmount business advantage -- is critical. That's why, for example, the company hasheld a monster stakeinAmerican Expressfor over 50 years. Yes, there are many credit cards on the market, but few if any boast the cachet and prestige of AmEx plastic.
In spite of its runaway popularity at the moment, bitcoin has no moat. It's one of a great many cryptocurrencies -- nearly 2,000, bya recent count-- flooding the market these days. Its prominence and fame mean little; a better and more appealing rival could take its place. Things move fast in the digital world, and there are plenty of competitors fighting for success in the digital-coin segment.
We should keep firmly in mind that Buffett, a disciple of legendary value investor Benjamin Graham, is a financier of the old school. Fundamental worth is important to him; a business needs to have a solid foundation for him to consider it viable.
He's also taken his time to come around to investments in sectors out of his comfort zone. For instance, it's only been a few years since Berkshire finally,finallytook a dive into tech stocks. In 2011, it revealed it had amassed a stake inIBM, a company that wasn't and isn't exactly on the technological cutting edge. So we shouldn't expect a quick embrace of emerging tech like cryptocurrencies from the old master.
For every Buffett, however, there's at least one other deep-pocketed investor who believes that bitcoin and its ilk are the world's economic destiny. Those inclined to that side of the argument might just be proved right. However, they should be aware that at this early stage, cryptocurrencies are extremely speculative investments. As ever, what goes sharply up in the investment world can come crashing down just as fast.Caveat emptor.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Why You're Smart to Buy Shopify Inc. (US) -- Despite Citron's Report
Eric Volkmanhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends American Express. The Motley Fool has adisclosure policy. || Millions Gone? Broker Takes Fire for Bitcoin Cash Freeze: Editor's note:The author, a freelance writer in the U.K., has an account at Trading 212 and was in the BCH market on Nov. 12.
As the cryptocurrency bitcoin cashsurgedto a high of $2,500 last weekend, clients of Trading 212, a brokerage based in the U.K., Germany and Bulgaria, were sitting on fat profits, in some cases hundreds of thousands of pounds.
That is, until Sunday, when the cryptocurrency took a nosedive – and the firm suspended trading.
Unable to close their positions, the affected customers could only watch as the price of bitcoin cash fell more than $800 in under an hour. Trading 212 says the suspension lasted only 10 minutes, but according to the traders, that was all it took to erase in some cases sizeable gains.
Not taking it lying down, 54 customers went so far as to set up a WhatsApp group called "People v 212," where they compared notes about how to reclaim their alleged missing gains.
All told, the Trading 212 clients – many of whom described their frustrations in interviews or emails – say they lost an estimated £10 million ($13.2 million), though some have settled their complaints with the company. For example, a group of traders from Cardiff, Wales, has accepted an offer to pay out a proportion, about 10 percent, of the profits they say they were owed.
Aside from temporarily preventing clients who had accumulated gains from cashing out, some said Trading 212 failed to execute their stop-loss or take-profit orders. The company, in turn, claims the customers whose orders were canceled had violated its contract terms.
"Today we have settled with most of the affected clients," Borislav Nedialkov, a co-founder of Trading 212, said Friday.
Justin Galvin, one of the Trading 212 customers battling to get what they see as their rightful profits, blamed the company for the situation, however. In statements, he argued the firm simply took too risky a strategy in offering the product in a nascent market.
Galvin said:
"In my opinion, they exercised too much risk by offering bitcoin cash to entice new customers only to have those traders beat the market by 100 times.”
But while bruising losses are nothing new in the crypto space, these traders hadn't actually purchased bitcoin cash. Rather, they had entered into contracts for difference (CFD) with Trading 212. In a CFD, traders don't buy assets directly but take positions on price movements. (CFDs are banned in the U.S.).
The gains and losses are amplified because the brokers allow trading at 30x to 150x margins.
In short, these entities don't hold any of the assets that customers are trading on. In this sense then, CFD brokers operate in a world that is more akin to betting. (Indeed, many of the companies in the sector also offer spread-betting services, although not in Trading 212's case.)
These companies sometimes freeze positions for short periods to manage volatility, as Trading 212 did with bitcoin cash on Sunday. In such situations, there is little clients can do if the broker prevents them from adjusting their positions in the market.
The goings on at Trading 212, then, perhaps represent a collision of worlds, where crypto traders meet old-school middlemen.
"In crypto, I exit with my bitcoin profits immediately. Never leave your winning chips on the table for the dealer to see,” said Clem Chambers, chief executive of company stock analysis site ADVFN.com.
Trading 212, however, is relatively new to the CFD broking game, launching its share-dealing and crypto service in June this year. Nevertheless, it has succeeded in attracting many young investors and traders. Its addition of eight cryptocurrency markets has helped it to expand.
Still, many investors may have been prone to act emotionally, perhaps either not understanding, or being wilfully unaware, of the terms of the investments in which they had entered. It may be that the company concluded the Cardiff-based traders were "trading in concert" given that they knew each other, although the company has so far brought forward no evidence.
Not used to the nature of the trading schemes that have sprouted up around the market, many were surprised, then, at the measures the company has taken.
But Trading 212 isn't the only area of the crypto market to come under stress as a result of bitcoin cash's weekend ups and downs.
Bitcoin cash's price pullback happened at the same time as Korean exchange Bithumb began to have outages. In response, industry website CoinMarketCap stopped taking prices from the exchange, meaning 50 percent of trading volume worldwide wasn't shown in its charts.
Three thousand Korean customers of Bithumb have launched a class action lawsuit against the exchange claiming they suffered losses as a result of the two-hour outage.
Price swings of the magnitude seen in the bitcoin market on Sunday would possibly have triggered a trading suspension on stock exchanges, but this is crypto, where no such mechanisms exist. Having said that, the market is showing signs of maturing.
The introduction of bitcoin futures by derivatives market giant CME Group will go some way to bearing down on bitcoin volatility – although some incumbents in the futures markets worry that a crypto "virus" could jump the species barrier and initiate a pandemic in the "real economy." The outbreak of influenza at Trading 212 may be an early warning sign.
Regulators, it seems, are taking notice, though their main message is "buyer beware."
Following the incident, the Financial Conduct Authority (FCA)issued a statementon the risks of cryptocurrency CFDs. But Trading 212's customers are unlikely to find any consolation in its words.
While the FCA regulates CFD brokers, it warned:
"These protections will not compensate you for any losses from trading."
Since then, Trading 212 appears to be taking steps to ensure a similar situation doesn't repeat, announcing it was raising the deposit level required to trade on margin.
Money drain visualizationimage via Shutterstock
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• Even Investors with Access Want ICO Presale Reform || Millions Gone? Broker Takes Fire for Bitcoin Cash Freeze: Editor's note: The author, a freelance writer in the U.K., has an account at Trading 212 and was in the BCH market on Nov. 12. As the cryptocurrency bitcoin cash surged to a high of $2,500 last weekend, clients of Trading 212, a brokerage based in the U.K., Germany and Bulgaria, were sitting on fat profits, in some cases hundreds of thousands of pounds. That is, until Sunday, when the cryptocurrency took a nosedive – and the firm suspended trading. Unable to close their positions, the affected customers could only watch as the price of bitcoin cash fell more than $800 in under an hour. Trading 212 says the suspension lasted only 10 minutes, but according to the traders, that was all it took to erase in some cases sizeable gains. Not taking it lying down, 54 customers went so far as to set up a WhatsApp group called "People v 212," where they compared notes about how to reclaim their alleged missing gains. All told, the Trading 212 clients – many of whom described their frustrations in interviews or emails – say they lost an estimated £10 million ($13.2 million), though some have settled their complaints with the company. For example, a group of traders from Cardiff, Wales, has accepted an offer to pay out a proportion, about 10 percent, of the profits they say they were owed. Aside from temporarily preventing clients who had accumulated gains from cashing out, some said Trading 212 failed to execute their stop-loss or take-profit orders. The company, in turn, claims the customers whose orders were canceled had violated its contract terms. "Today we have settled with most of the affected clients," Borislav Nedialkov, a co-founder of Trading 212, said Friday. Justin Galvin, one of the Trading 212 customers battling to get what they see as their rightful profits, blamed the company for the situation, however. In statements, he argued the firm simply took too risky a strategy in offering the product in a nascent market. Story continues Galvin said: "In my opinion, they exercised too much risk by offering bitcoin cash to entice new customers only to have those traders beat the market by 100 times.” CFD emptor But while bruising losses are nothing new in the crypto space, these traders hadn't actually purchased bitcoin cash. Rather, they had entered into contracts for difference (CFD) with Trading 212. In a CFD, traders don't buy assets directly but take positions on price movements. (CFDs are banned in the U.S.). The gains and losses are amplified because the brokers allow trading at 30x to 150x margins. In short, these entities don't hold any of the assets that customers are trading on. In this sense then, CFD brokers operate in a world that is more akin to betting. (Indeed, many of the companies in the sector also offer spread-betting services, although not in Trading 212's case.) These companies sometimes freeze positions for short periods to manage volatility, as Trading 212 did with bitcoin cash on Sunday. In such situations, there is little clients can do if the broker prevents them from adjusting their positions in the market. The goings on at Trading 212, then, perhaps represent a collision of worlds, where crypto traders meet old-school middlemen. "In crypto, I exit with my bitcoin profits immediately. Never leave your winning chips on the table for the dealer to see,” said Clem Chambers, chief executive of company stock analysis site ADVFN.com. Trading 212, however, is relatively new to the CFD broking game, launching its share-dealing and crypto service in June this year. Nevertheless, it has succeeded in attracting many young investors and traders. Its addition of eight cryptocurrency markets has helped it to expand. Still, many investors may have been prone to act emotionally, perhaps either not understanding, or being wilfully unaware, of the terms of the investments in which they had entered. It may be that the company concluded the Cardiff-based traders were "trading in concert" given that they knew each other, although the company has so far brought forward no evidence. Not used to the nature of the trading schemes that have sprouted up around the market, many were surprised, then, at the measures the company has taken. Rickety markets But Trading 212 isn't the only area of the crypto market to come under stress as a result of bitcoin cash's weekend ups and downs. Bitcoin cash's price pullback happened at the same time as Korean exchange Bithumb began to have outages. In response, industry website CoinMarketCap stopped taking prices from the exchange, meaning 50 percent of trading volume worldwide wasn't shown in its charts. Three thousand Korean customers of Bithumb have launched a class action lawsuit against the exchange claiming they suffered losses as a result of the two-hour outage. Price swings of the magnitude seen in the bitcoin market on Sunday would possibly have triggered a trading suspension on stock exchanges, but this is crypto, where no such mechanisms exist. Having said that, the market is showing signs of maturing. The introduction of bitcoin futures by derivatives market giant CME Group will go some way to bearing down on bitcoin volatility – although some incumbents in the futures markets worry that a crypto "virus" could jump the species barrier and initiate a pandemic in the "real economy." The outbreak of influenza at Trading 212 may be an early warning sign. Regulators, it seems, are taking notice, though their main message is "buyer beware." Following the incident, the Financial Conduct Authority (FCA) issued a statement on the risks of cryptocurrency CFDs. But Trading 212's customers are unlikely to find any consolation in its words. While the FCA regulates CFD brokers, it warned: "These protections will not compensate you for any losses from trading." Since then, Trading 212 appears to be taking steps to ensure a similar situation doesn't repeat, announcing it was raising the deposit level required to trade on margin. Money drain visualization image via Shutterstock Related Stories Flying High: Bitcoin Cash Rallies on Korean Volume Spike What's Next for Bitcoin Cash? Stopping User Fund Loss Lightning Can Scale Bitcoin, But Are Costs a Barrier? Even Investors with Access Want ICO Presale Reform || Millions Gone? Broker Takes Fire for Bitcoin Cash Freeze: Editor's note:The author, a freelance writer in the U.K., has an account at Trading 212 and was in the BCH market on Nov. 12.
As the cryptocurrency bitcoin cashsurgedto a high of $2,500 last weekend, clients of Trading 212, a brokerage based in the U.K., Germany and Bulgaria, were sitting on fat profits, in some cases hundreds of thousands of pounds.
That is, until Sunday, when the cryptocurrency took a nosedive – and the firm suspended trading.
Unable to close their positions, the affected customers could only watch as the price of bitcoin cash fell more than $800 in under an hour. Trading 212 says the suspension lasted only 10 minutes, but according to the traders, that was all it took to erase in some cases sizeable gains.
Not taking it lying down, 54 customers went so far as to set up a WhatsApp group called "People v 212," where they compared notes about how to reclaim their alleged missing gains.
All told, the Trading 212 clients – many of whom described their frustrations in interviews or emails – say they lost an estimated £10 million ($13.2 million), though some have settled their complaints with the company. For example, a group of traders from Cardiff, Wales, has accepted an offer to pay out a proportion, about 10 percent, of the profits they say they were owed.
Aside from temporarily preventing clients who had accumulated gains from cashing out, some said Trading 212 failed to execute their stop-loss or take-profit orders. The company, in turn, claims the customers whose orders were canceled had violated its contract terms.
"Today we have settled with most of the affected clients," Borislav Nedialkov, a co-founder of Trading 212, said Friday.
Justin Galvin, one of the Trading 212 customers battling to get what they see as their rightful profits, blamed the company for the situation, however. In statements, he argued the firm simply took too risky a strategy in offering the product in a nascent market.
Galvin said:
"In my opinion, they exercised too much risk by offering bitcoin cash to entice new customers only to have those traders beat the market by 100 times.”
But while bruising losses are nothing new in the crypto space, these traders hadn't actually purchased bitcoin cash. Rather, they had entered into contracts for difference (CFD) with Trading 212. In a CFD, traders don't buy assets directly but take positions on price movements. (CFDs are banned in the U.S.).
The gains and losses are amplified because the brokers allow trading at 30x to 150x margins.
In short, these entities don't hold any of the assets that customers are trading on. In this sense then, CFD brokers operate in a world that is more akin to betting. (Indeed, many of the companies in the sector also offer spread-betting services, although not in Trading 212's case.)
These companies sometimes freeze positions for short periods to manage volatility, as Trading 212 did with bitcoin cash on Sunday. In such situations, there is little clients can do if the broker prevents them from adjusting their positions in the market.
The goings on at Trading 212, then, perhaps represent a collision of worlds, where crypto traders meet old-school middlemen.
"In crypto, I exit with my bitcoin profits immediately. Never leave your winning chips on the table for the dealer to see,” said Clem Chambers, chief executive of company stock analysis site ADVFN.com.
Trading 212, however, is relatively new to the CFD broking game, launching its share-dealing and crypto service in June this year. Nevertheless, it has succeeded in attracting many young investors and traders. Its addition of eight cryptocurrency markets has helped it to expand.
Still, many investors may have been prone to act emotionally, perhaps either not understanding, or being wilfully unaware, of the terms of the investments in which they had entered. It may be that the company concluded the Cardiff-based traders were "trading in concert" given that they knew each other, although the company has so far brought forward no evidence.
Not used to the nature of the trading schemes that have sprouted up around the market, many were surprised, then, at the measures the company has taken.
But Trading 212 isn't the only area of the crypto market to come under stress as a result of bitcoin cash's weekend ups and downs.
Bitcoin cash's price pullback happened at the same time as Korean exchange Bithumb began to have outages. In response, industry website CoinMarketCap stopped taking prices from the exchange, meaning 50 percent of trading volume worldwide wasn't shown in its charts.
Three thousand Korean customers of Bithumb have launched a class action lawsuit against the exchange claiming they suffered losses as a result of the two-hour outage.
Price swings of the magnitude seen in the bitcoin market on Sunday would possibly have triggered a trading suspension on stock exchanges, but this is crypto, where no such mechanisms exist. Having said that, the market is showing signs of maturing.
The introduction of bitcoin futures by derivatives market giant CME Group will go some way to bearing down on bitcoin volatility – although some incumbents in the futures markets worry that a crypto "virus" could jump the species barrier and initiate a pandemic in the "real economy." The outbreak of influenza at Trading 212 may be an early warning sign.
Regulators, it seems, are taking notice, though their main message is "buyer beware."
Following the incident, the Financial Conduct Authority (FCA)issued a statementon the risks of cryptocurrency CFDs. But Trading 212's customers are unlikely to find any consolation in its words.
While the FCA regulates CFD brokers, it warned:
"These protections will not compensate you for any losses from trading."
Since then, Trading 212 appears to be taking steps to ensure a similar situation doesn't repeat, announcing it was raising the deposit level required to trade on margin.
Money drain visualizationimage via Shutterstock
• Flying High: Bitcoin Cash Rallies on Korean Volume Spike
• What's Next for Bitcoin Cash? Stopping User Fund Loss
• Lightning Can Scale Bitcoin, But Are Costs a Barrier?
• Even Investors with Access Want ICO Presale Reform || Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring (WMT): walmart greeter Reuters/Jeff Mitchell Walmart crushed its most recent earnings report, beating Wall Street profit and sales estimates while also raising full-year guidance. The company also grew e-commerce gross merchandise volume by 54%, suggesting that it's holding off Amazon. Traders made adjustments to get more bullish heading into earnings, and they are positioned for more strength ahead for Walmart's stock. There's no denying that the retail apocalypse is sweeping America, leaving thousands of brick-and-mortar store closings in its wake. Apparently someone forgot to tell Walmart . The biggest brick-and-mortar store of all is arguably doing better than ever, fresh off a blockbuster earnings report on Thursday that saw the company smash Wall Street estimates and post its best sales growth in more than eight years. The report sent the company's stock surging 10%, demolishing its previous record high. But nothing in Walmart's quarterly report piqued investor interest like the company's decision to raise its full-year earnings guidance. In a market where money managers are increasingly interested in what's next for a company, rather than what's already happened, it's the ultimate driver of positive sentiment. And the future certainly does look bright for Walmart, even in a retail landscape constantly under pressure from the online retail titan Amazon . Walmart's e-commerce segment grew gross merchandise volume by 54% in the third quarter, suggesting that it's taking the fight to Amazon. Those figures now include Jet.com , the online retailer that Walmart acquired last year. Walmart has now expanded US revenue for 13 straight quarters. While investors certainly took notice of Walmart's stellar performance immediately after the earnings report, their confidence in the company had been building for weeks. This can be seen in a measure called short interest, which tracks bets that a stock will fall. The number of shares being held short fell by roughly 9 million, or 18%, in the month leading up to the quarterly release, according to data compiled by the financial-analytics firm S3 Partners . Story continues That implies that traders weren't particularly concerned with positioning against a potential drop in Walmart's stock — a wise outlook in hindsight. 11 17 17 walmart short interest COTD Business Insider/Andy Kiersz, data from S3 Partners Walmart investors are looking similarly confident going forward. They're paying the lowest premium in two years to protect against a 10% decline in Walmart's stock over the next six months, relative to bets on a 10% increase, according to data compiled by Bloomberg. Still, it would be unwise for both Walmart traders and the company to get too comfortable with current conditions. Amazon has shown repeatedly that it's capable of creating or erasing billions of dollars of market value with a single action. And while Walmart looks unscathed right now, there's no telling what kind of tricks Amazon has up its sleeve. But for the time being, Walmart and its shareholders can find comfort in the fact that they've avoided the retail apocalypse. Screen Shot 2017 11 16 at 4.27.44 PM Markets Insider NOW WATCH: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble See Also: Tesla's sinking stock has made short sellers almost $1 billion Roku has tripled since going public — and traders betting against the stock are getting crushed General Electric's turnaround plan has investors dumping the stock SEE ALSO: Tesla's sinking stock has made short sellers almost $1 billion || Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring (WMT): Reuters/Jeff Mitchell
• Walmart crushed its most recent earnings report, beating Wall Street profit and sales estimates while also raising full-year guidance.
• The company also grew e-commerce gross merchandise volume by 54%, suggesting that it's holding off Amazon.
• Traders made adjustments to get more bullish heading into earnings, and they are positioned for more strength ahead for Walmart's stock.
There's no denying that theretail apocalypseis sweeping America, leaving thousands of brick-and-mortarstore closingsin its wake.
Apparently someone forgot to tellWalmart.
The biggest brick-and-mortar store of all is arguably doing better than ever, fresh off ablockbuster earnings reporton Thursday that saw the company smash Wall Street estimates and post its best sales growth in more than eight years. The report sent the company's stock surging 10%, demolishing its previous record high.
But nothing in Walmart's quarterly report piqued investor interest like the company's decision to raise its full-year earnings guidance. In a market where money managers are increasingly interested in what's next for a company, rather than what's already happened, it's the ultimate driver of positive sentiment.
And the future certainly does look bright for Walmart, even in a retail landscape constantly under pressure from the online retail titanAmazon.
Walmart's e-commerce segment grew gross merchandise volume by 54% in the third quarter, suggesting that it's taking the fight to Amazon. Those figures now includeJet.com, the online retailer that Walmart acquired last year. Walmart has now expanded US revenue for 13 straight quarters.
While investors certainly took notice of Walmart's stellar performance immediately after the earnings report, their confidence in the company had been building for weeks. This can be seen in a measure called short interest, which tracks bets that a stock will fall. The number of shares being held short fell by roughly 9 million, or 18%, in the month leading up to the quarterly release, according to data compiled by the financial-analytics firmS3 Partners.
That implies that traders weren't particularly concerned with positioning against a potential drop in Walmart's stock — a wise outlook in hindsight.
Business Insider/Andy Kiersz, data from S3 Partners
Walmart investors are looking similarly confident going forward. They're paying the lowest premium in two years to protect against a 10% decline in Walmart's stock over the next six months, relative to bets on a 10% increase, according to data compiled by Bloomberg.
Still, it would be unwise for both Walmart traders and the company to get too comfortable with current conditions. Amazon has shown repeatedly that it'scapable of creating or erasingbillions of dollars of market value with a single action. And while Walmart looks unscathed right now, there's no telling what kind of tricks Amazon has up its sleeve.
But for the time being, Walmart and its shareholders can find comfort in the fact that they've avoided the retail apocalypse.
Markets Insider
NOW WATCH:$6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble
See Also:
• Tesla's sinking stock has made short sellers almost $1 billion
• Roku has tripled since going public — and traders betting against the stock are getting crushed
• General Electric's turnaround plan has investors dumping the stock
SEE ALSO:Tesla's sinking stock has made short sellers almost $1 billion || Top 5 Things That Moved Markets This Past Week: What will next week bring? Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week. Bitcoin hit new all-time highs as SegWit2x update got underway Bitcoin recorded fresh all-time highs on Friday, rising above $8,000 for the first time in its nine-year history amid reports that a group of bitcoin miners plan to move ahead with an upgrade of the bitcoin network which may lead to a split, or “hard fork”. Bitcoin rose to an all-time high of $8,040 before paring gains. A small group of Bitcoin miners – users who help maintain the system by validating transactions stored in “blocks” on the network – plan to initiate the SegWit2x upgrade despite the developers shelving plans for the upgrade last week. Bitcoin demand usually surges ahead of an upgrade of the bitcoin network as it tends to lead to a split or so-called hard fork in Bitcoin, creating a new digital currency which is usually freely distributed to existing holders of bitcoin. Dow Jones recorded second straight weekly loss for first time since August In what was a volatile week for US stocks, investors had to contend with a major sell off on Wednesday as investors grew nervous about the prospect of tax-reform being passed before the end of the year. Concerns over the slow progress of tax-reform eased slightly after House Republicans on Thursday passed a bill to cut taxes, moving closer to overhauling the American tax system for the first time in three decades. The respite was brief, however, after investor attention shifted to Republican efforts in the Senate as they are not expected to vote on their version of bill – which significantly differs from the Republican’s version – until after Thanksgiving. With limited time remaining on the legislative calendar for this year, investors doubted whether the government would be able to pass tax-reform before year end, fuelling risk-off sentiment which weighed on the dow as it slipped to its second-straight weekly loss. Story continues Gold prices surged to 5-week highs Uncertainty surrounding U.S. tax reform and an uptick geopolitical fueled safe-haven demand, pushing gold prices to a second week of gains in a row. The precious metal wrapped up the week amid bullish sentiment, rising to a five-week high on Friday after North Korea ruled out negotiating with Washington on curbing its nuclear weapons programme. “As long as there is continuous hostile policy against my country by the U.S. and as long as there are continued war games at our doorstep, then there will not be negotiations,” North Korea’s US ambassador Han Tae Song said. Gold prices closed at $1294.27, up 1.25% on Friday. Wal-Mart hit record highs Shares of Wal-Mart surged to all-time highs on Thursday after the world’s largest retailer revealed earnings that beat on both the top and bottom lines, buoyed by strong online sales growth. Wal-Mart’s e-commerce growth has flourished following the acquisition of Jet.com as the retailer posted a 50% gain in e-commerce growth in each quarter of the year, so far. Wal-Mart Stores Inc (NYSE:WMT) shares closed at $97.47 on Friday, down 2.16%, but well above last week’s close of $90.92. Crude oil prices posted second weekly loss Crude oil prices settled higher on Friday but failed to offset a weekly loss as investors had to contend with a steep losses in oil prices earlier in the week as fears over rising US output persisted, while falling expectations for an extension of OPEC-led output curbs weighed on sentiment. Preliminary U.S. production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, the EIA said. U.S. producers are expected to account for 80% of the global increase in oil production over the next decade, the International Energy Agency said earlier this week. Crude oil prices for December delivery rose 2.6% to settle at $56.55 a barrel. Related Articles The Day Ahead: Top 3 Things to Watch Today's clean energy ETF performance Today's preferred stock ETF performance || Top 5 Things That Moved Markets This Past Week: Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week.
Bitcoin hit new all-time highs as SegWit2x update got underway
Bitcoin recorded fresh all-time highs on Friday, rising above $8,000 for the first time in its nine-year history amid reports that a group of bitcoin miners plan to move ahead with an upgrade of the bitcoin network which may lead to a split, or “hard fork”.
Bitcoin rose to an all-time high of $8,040 before paring gains.
A small group of Bitcoin miners – users who help maintain the system by validating transactions stored in “blocks” on the network – plan to initiate the SegWit2x upgrade despite the developers shelving plans for the upgrade last week.
Bitcoin demand usually surges ahead of an upgrade of the bitcoin network as it tends to lead to a split or so-called hard fork in Bitcoin, creating a new digital currency which is usually freely distributed to existing holders of bitcoin.
Dow Jones recorded second straight weekly loss for first time since August
In what was a volatile week for US stocks, investors had to contend with a major sell off on Wednesday as investors grew nervous about the prospect of tax-reform being passed before the end of the year.
Concerns over the slow progress of tax-reform eased slightly after House Republicans on Thursday passed a bill to cut taxes, moving closer to overhauling the American tax system for the first time in three decades.
The respite was brief, however, after investor attention shifted to Republican efforts in the Senate as they are not expected to vote on their version of bill – which significantly differs from the Republican’s version – until after Thanksgiving.
With limited time remaining on the legislative calendar for this year, investors doubted whether the government would be able to pass tax-reform before year end, fuelling risk-off sentiment which weighed on the dow as it slipped to its second-straight weekly loss.
Gold prices surged to 5-week highs
Uncertainty surrounding U.S. tax reform and an uptick geopolitical fueled safe-haven demand, pushing gold prices to a second week of gains in a row.
The precious metal wrapped up the week amid bullish sentiment, rising to a five-week high on Friday after North Korea ruled out negotiating with Washington on curbing its nuclear weapons programme.
“As long as there is continuous hostile policy against my country by the U.S. and as long as there are continued war games at our doorstep, then there will not be negotiations,” North Korea’s US ambassador Han Tae Song said.
Gold prices closed at $1294.27, up 1.25% on Friday.
Wal-Mart hit record highs
Shares of Wal-Mart surged to all-time highs on Thursday after the world’s largest retailer revealed earnings that beat on both the top and bottom lines, buoyed by strong online sales growth.
Wal-Mart’s e-commerce growth has flourished following the acquisition of Jet.com as the retailer posted a 50% gain in e-commerce growth in each quarter of the year, so far.
Wal-Mart Stores Inc (NYSE:WMT) shares closed at $97.47 on Friday, down 2.16%, but well above last week’s close of $90.92.
Crude oil prices posted second weekly loss
Crude oil prices settled higher on Friday but failed to offset a weekly loss as investors had to contend with a steep losses in oil prices earlier in the week as fears over rising US output persisted, while falling expectations for an extension of OPEC-led output curbs weighed on sentiment.
Preliminary U.S. production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, the EIA said.
U.S. producers are expected to account for 80% of the global increase in oil production over the next decade, the International Energy Agency said earlier this week.
Crude oil prices for December delivery rose 2.6% to settle at $56.55 a barrel.
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The Day Ahead: Top 3 Things to Watch
Today's clean energy ETF performance
Today's preferred stock ETF performance || STOCKS SLIDE LOWER: Here's what you need to know: slide water slide Chung Sung-Jun/Getty Images US stocks declined as losses in tech and industrial shares dragged major indexes lower. The S&P 500 fell 0.3%, while the Dow Jones Industrial Average lost 0.4% and the more tech-heavy Nasdaq Composite index decreased 0.2%. First up, the scoreboard: Dow: 23,358.24, -100.12, (-0.43%) S&P 500: 2,578.85, -6.79, (-0.26%) Nasdaq: 6,782.79, -10.50, (-0.15%) US 10-year yield: 2.35%, -0.01 WTI crude oil: $56.59, +$1.45, +2.63% 1. Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring . They're paying the lowest premium in two years to hedge against a decline in the stock, which surged after the company raised full-year guidance. 2. Goldman Sachs says Tesla's new big rig won't solve its Model 3 problems . Analyst David Tamberrino acknowledges that the company's semi truck will provide a short-term boost, but that the Model 3 production bottleneck will keep weighing on the stock. 3. A $423 billion investor explains why tech stocks are defying a warning sign . Jim McCaughan, CEO of Principal Global Investors, says that the Shiller CAPE valuation metric doesn't apply to tech companies because of the changing nature of the market. 4. A bidding war for 21st Century Fox could break out . Disney was the first interested buyer, with Comcast and Verizon coming in about a week later. 5. Bitcoin bursts through $8,000 . Prices have steadily rebounded after demand for offshoot bitcoin cash skyrocketed over the weekend, which sent bitcoin falling as low as $5,600. ADDITIONALLY: A new study predicts the top 13 places where Amazon could build its new headquarters The CEO of an email marketing company that sends 1 billion emails every day opens up about what it takes to go public CVS may have a secret weapon against Amazon's move into healthcare Nike and Adidas have entirely different ideas of how to take over the US Story continues Buffalo Wild Wings' entire future depends on the price of chicken wings A forgotten Stitch Fix cofounder likely walked away empty-handed after the startup's $1.6 billion IPO Trump claims the tax bill would lead to a huge boost for business spending and hiring — executives aren't as sure Domino's CEO throws shade at Walgreens and says the pizza chain has a better rewards program NOW WATCH: A $6 trillion investment chief reveals the one area of the stock market to avoid See Also: STOCKS SKYROCKET AS TAX PLAN PASSES: Here's what you need to know STOCKS SLIP LOWER: Here's what you need to know GE GETS SLAMMED: Here's what you need to know SEE ALSO: Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring || STOCKS SLIDE LOWER: Here's what you need to know: Chung Sung-Jun/Getty Images
US stocks declined as losses in tech and industrial shares dragged major indexes lower.
The S&P 500 fell 0.3%, while the Dow Jones Industrial Average lost 0.4% and the more tech-heavy Nasdaq Composite index decreased 0.2%.
First up, the scoreboard:
• Dow:23,358.24, -100.12, (-0.43%)
• S&P 500:2,578.85, -6.79, (-0.26%)
• Nasdaq:6,782.79, -10.50, (-0.15%)
• US 10-year yield:2.35%, -0.01
• WTI crude oil:$56.59, +$1.45, +2.63%
1.Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring. They're paying the lowest premium in two years to hedge against a decline in the stock, which surged after the company raised full-year guidance.
2.Goldman Sachs says Tesla's new big rig won't solve its Model 3 problems. Analyst David Tamberrino acknowledges that the company's semi truck will provide a short-term boost, but that the Model 3 production bottleneck will keep weighing on the stock.
3.A $423 billion investor explains why tech stocks are defying a warning sign.Jim McCaughan, CEO of Principal Global Investors, says that the Shiller CAPE valuation metric doesn't apply to tech companies because of the changing nature of the market.
4.A bidding war for 21st Century Fox could break out. Disney was the first interested buyer, with Comcast and Verizon coming in about a week later.
5.Bitcoin bursts through $8,000. Prices have steadily rebounded after demand for offshoot bitcoin cash skyrocketed over the weekend, which sent bitcoin falling as low as $5,600.
ADDITIONALLY:
A new study predicts the top 13 places where Amazon could build its new headquarters
The CEO of an email marketing company that sends 1 billion emails every day opens up about what it takes to go public
CVS may have a secret weapon against Amazon's move into healthcare
Nike and Adidas have entirely different ideas of how to take over the US
Buffalo Wild Wings' entire future depends on the price of chicken wings
A forgotten Stitch Fix cofounder likely walked away empty-handed after the startup's $1.6 billion IPO
Trump claims the tax bill would lead to a huge boost for business spending and hiring — executives aren't as sure
Domino's CEO throws shade at Walgreens and says the pizza chain has a better rewards program
NOW WATCH:A $6 trillion investment chief reveals the one area of the stock market to avoid
See Also:
• STOCKS SKYROCKET AS TAX PLAN PASSES: Here's what you need to know
• STOCKS SLIP LOWER: Here's what you need to know
• GE GETS SLAMMED: Here's what you need to know
SEE ALSO:Walmart is making a mockery of the retail apocalypse — and traders are betting it'll keep soaring || Fork talk lifts bitcoin to all-time high near $8,000: By Jemima Kelly LONDON (Reuters) - Bitcoin hit an all-time high just below $8,000 on Friday, on talk that a software upgrade whose suspension sent the cryptocurrency into a tailspin at the end of last week was, after all, going ahead within hours. Talk that the upgrade - which could split or "fork" bitcoin into two versions - would go ahead was driven by a statement on the website of Coinbase, the world’s largest bitcoin company with operations in 32 countries. "The Bitcoin Segwit2x fork is expected to occur in the next six hours," it said in a statement published at 1004 GMT. If a bitcoin clone were created, any holders would also in theory instantly become owners of the new spin-off. Bitcoin, generally highly volatile, has been on a particularly wild ride, sliding at the end of last week to as low as $5,555 after plans for Segwit2x were suspended, before bouncing more than 40 percent since Sunday. It reached as high as $7,997 in early Asian trading on the Luxembourg-based Bitstamp exchange (BTC=BTSP), before easing back a touch to trade broadly flat by 1115 GMT at $7,863. Market-watchers said speculation about the fork was driving bitcoin higher. If it went ahead as expected, holders of the cryptocurrency would be able to sell the spin-off at a profit if the market were to assign it any value. But in a post on the Medium blogging platform, the company's communications director David Farmer said Coinbase did not expect the fork to successfully split bitcoin in two, as it lacked the necessary support from the network to do so. "Whenever people hear 'fork' nowadays the price jumps, as people hope to get the free dividend," said Charles Hayter, founder of cryptocurrency data analysis site Cryptocompare. "There is also a resulting spike in demand for people entering bitcoin" from other cryptocurrencies. Farmer said the company was actively monitoring the situation and that all funds stored in Coinbase wallets remained safe. All bitcoin buying and selling would be suspended on Coinbase in the hour prior to the fork, which is expected between 1400 and 1600 GMT. Bitcoin is on track for its best week since July. For the year, it is up more than 700 percent. (Reporting by Jemima Kelly; editing by John Stonestreet) || Fork talk lifts bitcoin to all-time high near $8,000: By Jemima Kelly
LONDON (Reuters) - Bitcoin hit an all-time high just below $8,000 on Friday, on talk that a software upgrade whose suspension sent the cryptocurrency into a tailspin at the end of last week was, after all, going ahead within hours.
Talk that the upgrade - which could split or "fork" bitcoin into two versions - would go ahead was driven by a statement on the website of Coinbase, the world’s largest bitcoin company with operations in 32 countries.
"The Bitcoin Segwit2x fork is expected to occur in the next six hours," it said in a statement published at 1004 GMT.
If a bitcoin clone were created, any holders would also in theory instantly become owners of the new spin-off.
Bitcoin, generally highly volatile, has been on a particularly wild ride, sliding at the end of last week to as low as $5,555 after plans for Segwit2x were suspended, before bouncing more than 40 percent since Sunday.
It reached as high as $7,997 in early Asian trading on the Luxembourg-based Bitstamp exchange (BTC=BTSP), before easing back a touch to trade broadly flat by 1115 GMT at $7,863.
Market-watchers said speculation about the fork was driving bitcoin higher. If it went ahead as expected, holders of the cryptocurrency would be able to sell the spin-off at a profit if the market were to assign it any value.
But in a post on the Medium blogging platform, the company's communications director David Farmer said Coinbase did not expect the fork to successfully split bitcoin in two, as it lacked the necessary support from the network to do so.
"Whenever people hear 'fork' nowadays the price jumps, as people hope to get the free dividend," said Charles Hayter, founder of cryptocurrency data analysis site Cryptocompare.
"There is also a resulting spike in demand for people entering bitcoin" from other cryptocurrencies.
Farmer said the company was actively monitoring the situation and that all funds stored in Coinbase wallets remained safe. All bitcoin buying and selling would be suspended on Coinbase in the hour prior to the fork, which is expected between 1400 and 1600 GMT.
Bitcoin is on track for its best week since July. For the year, it is up more than 700 percent.
(Reporting by Jemima Kelly; editing by John Stonestreet) || The EUR/USD Daily Technical Analysis for November 20, 2017: The EUR/USD continued to consolidate in a very tight range after surging higher early in the week. Strong housing data appeared to be offset by a larger than anticipated increase in the Eurozone trade surplus which kept prices range-bound.
The EUR/USD continued to consolidate after breaking out earlier in the week. The exchange rate is hovering near the 50-day moving average which appear to be acting as a magnate. Support is seen near the 10-day moving average at 1.1692, while resistance is seen near the November highs at 1.1860. Momentum is positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to a higher exchange rate.
Draghi admitted that the “robust recovery” means the economy “may be becoming more resilient to new shocks”, but stressed that “we still need a patient and persistent approach to monetary policy to ensure that medium-term price stability is achieved”. The ECB President argued that while “we see inflation moving steadily away from the very low levels of recent years”, “progress remains incomplete and partial”, although “as the labor market tightens and uncertainty falls, the relationship between slack and wage growth should begin reasserting itself”. Pretty much a defense of the decision to extend the QE program once again, although with the increasingly optimistic outlook another extension beyond September next year seems very unlikely even if the ECB remains reluctant to commit to an end date for net asset purchases.
QE for the ECB is expected to move smoothly until next September and the central bank has not committed to an end date, but comments from Executive Board Member Mersch seem to confirm that in the central scenario there will be no follow-on program when the next QE extension ends in September next year. Indeed, Draghi’s reluctance to officially remove the possibility of another QE extension is likely to have more to do with signaling effects and the ECB’s acute awareness that peripheral markets need the assurance that the ECB is willing to step in again if necessary. Still, a reduction in the ECB’s balance sheet is still far away and the re-investment of redeemed bond holdings will see the central bank propping up peripheral markets well beyond September next year.
Exports are driving growth in the Eurozone. The Eurozone current account surplus widened in September. The Eurozone posted a current account surplus of EUR 37.8 billion in September, up from EUR 34.5 billion in the previous month, leaving the 3 months rate on an upward trend as the goods surplus continues to widen. This is consistent with indications that net exports underpinned overall growth in the third quarter of the year.
The unadjusted financial account showed direct and portfolio investment inflows of EUR 57.9 billion, down markedly from the EUR 85.4 billion in the previous month, with portfolio investment falling sharply amid outflows of equity investments. Accumulated data for the 12 months to September show total direct and portfolio investments of EUR 414.9 billion, down from EUR 670.7 billion in the 12 months to September last year.
Dallas Fed’s Kaplan said the balance sheet unwinding began when the Fed thought it was unlikely to return to zero interest rates and he’s confident in economic growth, since household leverage has fallen, expecting 2% plus growth next year. Kaplan expects more slack to come out of the labor sector, but if the unemployment rate rises that could be a sign of impending recession. He said Powell as chairman represents continuity, though others like Quarles may bring new ideas. He endorses reviewing Fed governance, frameworks, targets and small bank supervision, as any organization needs to make changes.
U.S housing starts surged 13.7% to 1.290 million in October, more than erasing the 3.2% hurricane-related September drop to 1.135 million which was revised from 1.127 million. Building permits rose 5.9% to 1.297million from a revised 3.7% drop to 1.225 million which was 1.215 million. As for some particulars, single family starts bounced 5.3% after the prior 4.4% drop which was revised from -4.6%, while multi-family starts rocketed 36.8% higher following the prior 0.3% gain which was revised from -5.1%. Housing completions increased 12.6% to 1.232 million.
Thisarticlewas originally posted on FX Empire
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• Gold Price Prediction for November 20, 2017 || Buffalo Wild Wings' entire future depends on the price of chicken wings (BWLD): buffalo wild wings Buffalo Wild Wings on Facebook Buffalo Wild Wings popped more than 24% on reports of a takeover offer from Roark Capital Group. But the company's future isn't clear-cut, even if the takeover goes through. The price of chicken wings is at historic highs and is the root of deeper problems at the company. Watch Buffalo Wild Wings' stock price move in real time. Buffalo Wild Wings has been struggling lately, with the stock falling 5.43% in the last year. But on Monday, reports that the company had received a $150 per share takeover offer from Roark Capital Group sent shares soaring by more than 24%. For investors, a takeover could mean the start of a turnaround for the company, but Jason West, an analyst at Credit Suisse, thinks the company's future is largely out of its own hands. "Key risks include failure of the acquisition, competitive discounting, and wing price trends," West wrote in a note to clients. Even with the potential for a $2.3 billion takeover offer from Roark Capital, the restaurant still has to sell a lot of wings with attractive margins to turn a profit. The company called the price of chicken wings "historically high" in its third-quarter earnings results, and announced that it would be ending its popular half-price wings promotion due to the rising costs. If Roark Capital completes a takeover of BWW , it could be in the perfect place to pick the new CEO, and usher in a new plan to turn around the company, West said. Roark could be in the position to recover about $1 per share in earnings power, but only if "wing costs return to historical norms over time." But it's hard to predict when chicken wing prices will drop, and current prices could be a new normal, West said. The decline at Buffalo Wild Wings isn't totally dependent on the price of chicken wings. The entire casual dining sector has been hurting, which West said is just another reason the company could continue to slip despite a takeover. Story continues West remained neutral on the company and has a price target of $120, which is about 17% lower than the company's current price of $148.55. Read more about the reported takeover offer. buffalo wild wings stock price Markets Insider NOW WATCH: $6 TRILLION INVESTMENT CHIEF: Bitcoin is a bubble See Also: Here's what Trump's new tax plan means if you're making $25,000, $75,000, or $175,000 a year How your tax bracket could change under Trump's tax plan, in one chart Buffalo Wild Wings explodes 28% on report that it has received a takeover offer SEE ALSO: Buffalo Wild Wings soars on reported takeover offer
[Social Media Buzz]
11/21 01:00現在
#Bitcoin : 913,740円↓
#NEM #XEM : 23.59円↓
#Monacoin : 340.5円↓
#Ethereum : 40,150円→
#Zaif : 0.4949円↓ || 11/21 08:00現在
#Bitcoin : 925,980円↑
#NEM #XEM : 23.753円→
#Monacoin : 333.6円↑
#Ethereum : 41,230円→
#Zaif : 0.485円↓ || #Bitcoin -0.00%
Ultima: R$ 27574.98 Alta: R$ 27985.00 Baixa: R$ 26600.00
Fonte: Foxbit || Bitcoin: $8,085
+4.45% (+$344.10)
High: $8,138.80
Low: $7,721.00
Volume: 5338
$BTC #BTC #bitcoin || 20 Kasım 2017 Saat 10:00:02, 1 BTC Kaç TL, 31.020,80 TL. #BitcoinTL #bt...
|
8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40.
|
[Bitcoin Technical Analysis for 2021-05-07]
Volume: 68434023376, RSI (14-day): 52.88, 50-day EMA: 55405.20, 200-day EMA: 41234.96
[Wider Market Context]
Gold Price: 1831.10, Gold RSI: 68.14
Oil Price: 64.90, Oil RSI: 58.39
[Recent News (last 7 days)]
Making Sense Of NFT Mania: By Solomon Brown, Head of PR at Freewallet Towards the middle of Richard Power’s sprawling eco-epic, The Overstory, there is a passage where a forward-thinking, disabled video game designer gives an interview in which he is asked about the dangers of the digital gaming world flourishing at the expense of real life. The scene occurs around the turn of the 21st century, when gaming and the internet were both, relatively speaking, still in the fledgling stages of their development. The game designer’s response to whether he thought that his game was giving people an all-too-seductive means of disengaging from real life was that what his game represented was only the beginning. In the future, the designer says, “We’ll live and trade and make deals and have love affairs, all in symbol space. The world will be a game, with on-screen scores... Real life? Soon we won’t even remember how it used to go.” Of course, Powers’s book came out in 2018, so his designer’s prophecy has the benefit of having been written at a time when that vision had already come true to some degree, but two and a half years on and that vision has become much more real sooner than anyone could have predicted. The pandemic put the clamps on real life as we knew it and opened the door for a remarkable acceleration in the digitalization of our lives. Crypto picks up where the “real world” leaves off Fittingly, the spheres that have thrived during Covid have been those that give people a means of acting, working, earning and engaging in the world from wherever they may be stuck. Perhaps the most remarkable growth during this period has come from the world of cryptocurrency, where not only is the flagship currency Bitcoin currently sitting near an all-time high of more than $57,000, altcoins are up and being discussed and traded with verve. Consider this article from a couple of days ago. Even a year ago it would have been hard to imagine Nasdaq ever running a headline like, “Should you invest in Dogecoin in 2021?” But such are the times. And due to a combination of changing popular sentiment, the way that the pandemic has upended everyday life, an increase in disposable income, and popular figures getting involved, the cryptocurrency industry has been a wild place. While an unprecedented amount of institutional money has poured in, beyond that we have seen meme coins like Doge experience a prolonged surge in popularity, big names in finance like Visa and PayPal move to start accepting crypto payments and bizarre sagas in which Elon Musk turned the relatively under-the-radar exchange and wallet platform that I work for, Freewallet, into a sensation after firing off a series of tweets and J.K. Rowling took to Twitter to solicit help in understanding bitcoin. Story continues NFTs: miracles or madness The newest craze in the crypto world is undoubtedly NFTs. NFTs are everywhere now, from the pages of the New York Times to the glitzy auction halls of Sotheby’s . What are they? Well, the glib answer is, “Who the hell cares! They are worth a lot of money!” Depending on who you ask, NFTs are either a promising new vehicle of financial and artistic development in an increasingly digitalized world or the latest sign that people have collectively lost their minds. For better or worse, we live in a time when discourse around current events is driven by seemingly instantaneous judgments. A thing comes about and people feel obliged to define its substance and whether it is good or bad on the spot, and the louder the better. Despite being portrayed by many as incomprehensible, NFTs are fairly easy to understand. An NFT is a unit of data that exists on a blockchain. Each NFT represents a unique digital item, making it unique and not interchangeable. So, while digital files themselves can be reproduced infinitely, an NFT that represents a digital file is singular and tracked on a digital ledger. This enables proof-of-ownership over data units which has made the NFT market what it is today. The draw of owning an NFT is possessing proof-of-ownership of a digital file. Naturally, this translates well with works of digital art, but there is a wide variety of applications, a number of which have made the news recently. The New York Times sold one of its columns as an NFT for $560,000, a Lebron James highlight sold for $50,000 and Justin Blau has made over $17 million selling his music in NFT-form. Something in between It is hard to think that these prices aren’t a bit outrageous. They are. But does that mean that the entire NFT concept is a scam? I don’t think so. NFTs were created because there is a legitimate problem with the online digital reproduction of artistic work. The internet has opened up a lot of doors for artists to distribute their work and get noticed by people. But in order to take advantage of those opportunities, artists have to rely on middlemen and third-party platforms that host their content and make money off of their work. NFTs at least theoretically can change that by means of their scarcity. When an artist creates an NFT they are creating something that will always be singular. Copies of the digital object tied to the NFT may be made, but the NFT itself will always be unique. This was why NFTs were created, with the idea of protecting artists and creators in mind. With that being said, is it likely that we are going to see a dramatic recalibration of how artists working in digital mediums get paid anytime soon? I don’t think so. The naysayers have a point when it comes to NFTs. Namely, so what if you own the NFT tied to a particular song or painting? If anyone can go and listen to that song or view that exact painting without your permission as an owner, what worth does the NFT have? Undeniable potential The answer to both the too-fervent believers and too-jaded cynics, from where I stand is the same. It is still very early. At the moment we still don’t know how useful NFTs will prove to be. I thought of the aforementioned scene from The Overstory recently when trying to figure out how I stand on NFTs because I feel like there is a parallel between that point in time and where we are now. The idea that digitalization would occur on the scale that it has was not a foregone conclusion 20 years ago. If it had been, everyone would have bought Apple and Facebook stock. But the vision behind those companies took years to crystallize and while that was happening, the digitalization of the world picked up in pace. Digital art is a very real thing. There are plenty of examples that illustrate this, but one has to look no further than David Hockney, one of the most successful active painters, to see just how far digital art has come. Holed up in the French countryside for much of the pandemic, Hockney took to landscape painting on his iPad and produced a number of widely-acclaimed artworks. While Hockney is hardly an artist in need of the kind of protections we have been talking about, NFTs have real applications for this kind of work. We are still in the early days of cryptocurrency, let alone of NFTs. While it may go against the contemporary grain, it seems like the best course of action is to respect the enthusiasm that NFTs have engendered, without losing our minds over them, and to give them space and time to develop. They could turn out to be nothing more than a momentary blip on the radar, but the way things are going, it would be foolish to dismiss them out of hand. Benzinga's Related Links: College Athletes Should Be Able To Profit From The Sale Of Their Own NFTs. Here's How That Could Work What is a Non-Fungible Token ( NFT )? • Benzinga EBay Looking Into NFT Marketplace 4 Best Platforms to Create Your NFT On • Benzinga Edited Photo Via Unsplash See more from Benzinga Click here for options trades from Benzinga Nextech AR Virtual Experience Platform (VXP) Selected to Host the Canadian Higher Education Information Technology Conference 3 Ways a Funded Trading Account Can Help You Reduce Your Risks © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Making Sense Of NFT Mania: By Solomon Brown, Head of PR at Freewallet
Towards the middle of Richard Power’s sprawling eco-epic, The Overstory, there is a passage where a forward-thinking, disabled video game designer gives an interview in which he is asked about the dangers of the digital gaming world flourishing at the expense of real life. The scene occurs around the turn of the 21st century, when gaming and the internet were both, relatively speaking, still in the fledgling stages of their development. The game designer’s response to whether he thought that his game was giving people an all-too-seductive means of disengaging from real life was that what his game represented was only the beginning. In the future, the designer says, “We’ll live and trade and make deals and have love affairs, all in symbol space. The world will be a game, with on-screen scores... Real life? Soon we won’t even remember how it used to go.”
Of course, Powers’s book came out in 2018, so his designer’s prophecy has the benefit of having been written at a time when that vision had already come true to some degree, but two and a half years on and that vision has become much more real sooner than anyone could have predicted. The pandemic put the clamps on real life as we knew it and opened the door for a remarkable acceleration in the digitalization of our lives.
Crypto picks up where the “real world” leaves off
Fittingly, the spheres that have thrived during Covid have been those that give people a means of acting, working, earning and engaging in the world from wherever they may be stuck. Perhaps the most remarkable growth during this period has come from the world of cryptocurrency, where not only is the flagship currency Bitcoin currently sitting near an all-time high of more than $57,000, altcoins are up and being discussed and traded with verve.
Consider thisarticlefrom a couple of days ago. Even a year ago it would have been hard to imagine Nasdaq ever running a headline like, “Should you invest in Dogecoin in 2021?” But such are the times. And due to a combination of changing popular sentiment, the way that the pandemic has upended everyday life, an increase in disposable income, and popular figures getting involved, the cryptocurrency industry has been a wild place. While an unprecedented amount of institutional money has poured in, beyond that we have seen meme coins like Doge experience aprolonged surgein popularity, big names in finance likeVisaandPayPalmove to start accepting crypto payments and bizarre sagas in which Elon Musk turned the relatively under-the-radar exchange and wallet platform that I work for, Freewallet, into asensationafter firing off a series of tweets and J.K. Rowling took to Twitter to solicit help in understanding bitcoin.
NFTs: miracles or madness
The newest craze in the crypto world is undoubtedly NFTs. NFTs are everywhere now, from thepagesof the New York Times to the glitzy auction halls ofSotheby’s. What are they? Well, the glib answer is, “Who the hell cares! They are worth a lot of money!” Depending on who you ask, NFTs are either a promising new vehicle of financial and artistic development in an increasingly digitalized world or the latest sign that people have collectively lost their minds.
For better or worse, we live in a time when discourse around current events is driven by seemingly instantaneous judgments. A thing comes about and people feel obliged to define its substance and whether it is good or bad on the spot, and the louder the better.
Despite being portrayed by many as incomprehensible, NFTs are fairly easy to understand. An NFT is a unit of data that exists on a blockchain. Each NFT represents a unique digital item, making it unique and not interchangeable. So, while digital files themselves can be reproduced infinitely, an NFT that represents a digital file is singular and tracked on a digital ledger. This enables proof-of-ownership over data units which has made the NFT market what it is today.
The draw of owning an NFT is possessing proof-of-ownership of a digital file. Naturally, this translates well with works of digital art, but there is a wide variety of applications, a number of which have made the news recently. The New York Times sold one of its columns as an NFT for $560,000, a Lebron James highlight sold for $50,000 and Justin Blau has made over $17 million selling his music in NFT-form.
Something in between
It is hard to think that these prices aren’t a bit outrageous. They are. But does that mean that the entire NFT concept is a scam? I don’t think so. NFTs were created because there is a legitimate problem with the online digital reproduction of artistic work. The internet has opened up a lot of doors for artists to distribute their work and get noticed by people. But in order to take advantage of those opportunities, artists have to rely on middlemen and third-party platforms that host their content and make money off of their work.
NFTs at least theoretically can change that by means of their scarcity. When an artist creates an NFT they are creating something that will always be singular. Copies of the digital object tied to the NFT may be made, but the NFT itself will always be unique. This was why NFTs were created, with the idea of protecting artists and creators in mind.
With that being said, is it likely that we are going to see a dramatic recalibration of how artists working in digital mediums get paid anytime soon? I don’t think so. The naysayers have a point when it comes to NFTs. Namely, so what if you own the NFT tied to a particular song or painting? If anyone can go and listen to that song or view that exact painting without your permission as an owner, what worth does the NFT have?
Undeniable potential
The answer to both the too-fervent believers and too-jaded cynics, from where I stand is the same. It is still very early. At the moment we still don’t know how useful NFTs will prove to be. I thought of the aforementioned scene from The Overstory recently when trying to figure out how I stand on NFTs because I feel like there is a parallel between that point in time and where we are now. The idea that digitalization would occur on the scale that it has was not a foregone conclusion 20 years ago. If it had been, everyone would have bought Apple and Facebook stock. But the vision behind those companies took years to crystallize and while that was happening, the digitalization of the world picked up in pace.
Digital art is a very real thing. There are plenty of examples that illustrate this, but one has to look no further than David Hockney, one of the most successful active painters, to see just how far digital art has come. Holed up in the French countryside for much of the pandemic, Hockney took to landscape painting on his iPad and produced a number of widely-acclaimed artworks. While Hockney is hardly an artist in need of the kind of protections we have been talking about, NFTs have real applications for this kind of work.
We are still in the early days of cryptocurrency, let alone of NFTs. While it may go against the contemporary grain, it seems like the best course of action is to respect the enthusiasm that NFTs have engendered, without losing our minds over them, and to give them space and time to develop. They could turn out to be nothing more than a momentary blip on the radar, but the way things are going, it would be foolish to dismiss them out of hand.
Benzinga's Related Links:
• College Athletes Should Be Able To Profit From The Sale Of Their Own NFTs. Here's How That Could Work
• What is aNon-Fungible Token(NFT)? • Benzinga
• EBay Looking IntoNFTMarketplace
• 4 Best Platforms to Create YourNFTOn • Benzinga
Edited Photo Via Unsplash
See more from Benzinga
• Click here for options trades from Benzinga
• Nextech AR Virtual Experience Platform (VXP) Selected to Host the Canadian Higher Education Information Technology Conference
• 3 Ways a Funded Trading Account Can Help You Reduce Your Risks
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Twitter lets users send cash 'tips' to their favourite users: Jack Dorey, seen here as a younger man with a much neater, shorter beard and his hair swept back from a side parting, looks quizzically up away from his smartphone as he is surrounded by reporters and others outside the New York Stock Exchange - Yana Paskova/Bloomberg Twitter users can now send money directly to their favourite influencers, charities and journalists through a digital tip jar. Select tweeters were suddenly granted the new feature on Thursday, with all English-speaking users now able to tip them through a preferred payment app on iPhones and Android phones. The social network said it wanted to give users a new way to earn money from its service instead of having to rely on ephemeral likes and retweets. For now it will take no fee, instead hoping to make its service more attractive to creators. Senior product manager Esther Crawford said the tips would help users support the "incredible voices" that drive Twitter's appeal, adding that the feature would be expanded to more users in future. But a security expert who probed the system found that tipping via Paypal sometimes exposed the giver's full address to the receiver, raising safety concerns. Rachel Tobac, a hacker who tests clients' networks for loopholes, said: "PayPal needs to make it crystal clear which data is given to money receivers and stop sharing that data, and Twitter needs to educate users who don’t realise what info tip receivers get when using PayPal." Huge heads up on PayPal Twitter Tip Jar. If you send a person a tip using PayPal, when the receiver opens up the receipt from the tip you sent, they get your *address*. Just tested to confirm by tipping @yashar on Twitter w/ PayPal and he did in fact get my address I tipped him. https://t.co/R4NvaXRdlZ pic.twitter.com/r8UyJpNCxu — Rachel Tobac (@RachelTobac) May 6, 2021 Twitter's head of product Keyvon Bekypour said the company could not control PayPal's policy but would add a warning for people giving tips. Story continues A spokeswoman for PayPal said that users could avoid showing their address by selecting "friends and family" rather than "goods and services" when sending tips. The latter appears to be the default setting when tapping through from Twitter. Meanwhile, Twitter's chief executive Jack Dorsey enjoyed sterling first quarter results for his other company, Square , which makes simple payment terminals for retailers and a money-sending app called Cash App. The company made a loss of $39m of $964m (£28m) on revenues of $5.1bn (£3.6bn), versus Wall Street's expected $3.4bn. More than half of that came from a surge in users buying Bitcoin amid this year's cryptocurrency spree. How I’m looking at all my followers now that twitter gave me the tip jar pic.twitter.com/jFyp54emKo — Josiah Johnson (@KingJosiah54) May 6, 2021 Twitter has long suffered from a lack of compensation for successful users, who can attract hundreds of thousands of followers and retweets without being able to directly monetise their work. Viral tweets are often followed by requests for money via third-party services such as KoFi and Venmo, while users frequently appeal for help with medical bills, rent or other costs using donation sites such as GoFundMe. Tip jars are just one of Twitter's many plans to obviate that activity or bring it in-house. It is building a "super follow" feature that lets users subscribe to specific tweeters , and recently bought Breaker, a podcast app, and Revue, an email newsletter service. Ms Crawford said: "We $ee you – sharing your PayPal link after your tweet goes viral, adding your $Cashtag to your profile so people can support your work, dropping your Venmo handle on your birthday or if you just need some extra help. "You drive the conversation on Twitter and we want to make it easier for you to support each other beyond follows, retweets, and likes." However, the system could also worsen Twitter's problem with disinformation or open it up further to scams. High-profile users such as Elon Musk have been plagued by impersonators trying to trick fans into sending them cryptocurrency, and last year hackers seized numerous celebrity accounts for the same purpose . This story was updated at 3:51pm on Friday May 7, 2021, to include a statement from PayPal. || Twitter lets users send cash 'tips' to their favourite users: Twitter users can now send money directly to their favourite influencers, charities and journalists through a digital tip jar.
Select tweeters were suddenly granted the new feature on Thursday, with all English-speaking users now able to tip them through a preferred payment app on iPhones and Android phones.
The social network said it wanted to give users a new way to earn money from its service instead of having to rely on ephemeral likes and retweets. For now it will take no fee, instead hoping to make its service more attractive to creators.
Senior product manager Esther Crawfordsaid the tipswould help users support the "incredible voices" that drive Twitter's appeal, adding that the feature would be expanded to more users in future.
But a security expert who probed the system found that tipping via Paypal sometimes exposed the giver's full address to the receiver, raising safety concerns.
Rachel Tobac, a hacker who tests clients' networks for loopholes, said: "PayPal needs to make it crystal clear which data is given to money receivers and stop sharing that data, and Twitter needs to educate users who don’t realise what info tip receivers get when using PayPal."
Twitter's head of product Keyvon Bekypour said the company could not control PayPal's policy but would add a warning for people giving tips.
A spokeswoman for PayPal said that users could avoid showing their address by selecting "friends and family" rather than "goods and services" when sending tips. The latter appears to be the default setting when tapping through from Twitter.
Meanwhile, Twitter's chief executive Jack Dorsey enjoyed sterling first quarter resultsfor his other company, Square, which makes simple payment terminals for retailers and a money-sending app called Cash App.
The company made a loss of $39m of $964m (£28m) on revenues of $5.1bn (£3.6bn), versus Wall Street's expected $3.4bn. More than half of that came from a surge in users buying Bitcoin amid this year's cryptocurrency spree.
Twitter has long suffered from a lack of compensation for successful users, who can attract hundreds of thousands of followers and retweets without being able to directly monetise their work.
Viral tweets are often followed by requests for money via third-party services such as KoFi and Venmo, while users frequently appeal for help with medical bills, rent or other costs using donation sites such as GoFundMe.
Tip jars are just one of Twitter's many plans to obviate that activity or bring it in-house. It isbuilding a "super follow" feature that lets users subscribe to specific tweeters, andrecently boughtBreaker, a podcast app, and Revue, an email newsletter service.
Ms Crawford said: "We $ee you – sharing your PayPal link after your tweet goes viral, adding your $Cashtag to your profile so people can support your work, dropping your Venmo handle on your birthday or if you just need some extra help.
"You drive the conversation on Twitter and we want to make it easier for you to support each other beyond follows, retweets, and likes."
However, the system could also worsen Twitter's problem with disinformation or open it up further to scams. High-profile users such as Elon Musk have been plagued by impersonators trying to trick fans into sending them cryptocurrency, andlast year hackers seized numerous celebrity accounts for the same purpose.
This story was updated at 3:51pm on Friday May 7, 2021, to include a statement from PayPal. || AMC Entertainment CEO Adam Aron Quotes Wartime Churchill Saying Q1 “End Of The Beginning” Of Exhibition’s Covid Nightmare; Chain Hiring Up To 10,000 In Next Few Weeks: AMC Entertainment CEO Adam Aron was nearly giddy Thursday, quoting Winston Churchill, trying to top him, talking up a box office recovery, the chain’s expanded market share, cash position and hiring plans and millions of new retail investors who have replaced China’s Wanda Group as its core shareholder base. Like an Oscar acceptance speech, he thanked former President Donald Trump for Operation Warp Speed, current President Biden for the fast vaccine rollout and the CEO of Pfizer, and Hollywood studios. “Thank you Universal for F9 . Thank you Disney for Black Widow .” More from Deadline AMC Entertainment Anticipates Q1 Sales Plunge To $148 Million Vs $941 Million A Year Ago; Scraps Stockholder Vote On Share Sale AMC CEO Thinks New Lockdowns Unlikely Despite Covid Surge: "The Big Change This Winter Is Vaccinations" AMC Entertainment Will Accept Bitcoin For U.S. Tickets, Concessions By Year End - CEO Adam Aron Channeling Churchill — the second time he’s done it publicly in a year — he recalled November 1942, years before World War II ended, when Churchill said: “‘This is not the end. It not even the beginning of the end. But it is perhaps the end of the beginning.’… “Sir Winston won his titanic fight. I believe that AMC will win our war too.” Later, in his own words, he said exhibition’s recovery “has not year started. It’s just about to start. We can feel it, we can taste it, we can see it over the horizon.” Aron was speaking on a conference call after the chain reported first-quarter financial results. It had already released a sneak peek at the figures in late April. Revenue plunged to $148 million from $941 million. Net losses narrowed to $576 million from $2.2 billion, but that’s because the year-earlier quarter from included a one-time write-down $1.85 billion. AMC nearly ran out of cash five times since the pandemic hit over a year ago and Aron recounted blow by blowy how he and his team scrambled to raise debt and equity financing to keep it afloat. He sees clear sailing through 2022 with two assumptions — that box office recovers in the second half and ends 2021 with domestic grosses of $5 billion, and that it rises to $8 billion for 2022. He thinks an historical lookback and a 2019 box office of well over $11 billion means those estimates could be “reasonable.” Story continues Meanwhile, he noted the nation’s largest chain has boosted its market share from about 26%-27% pre-pandemic to 33% currently — taking up slack from theaters that stayed closed, went bankrupt or just underperformed. It will probably lose a bit of that lead but not all once everyone’s back open. As big releases ramp up and the summer approaches, he said the chain will be hiring between 5,000-10,000 staffers over the next several weeks alone. Some of AMC’s cash raise was helped earlier this year by a swarm of retail investors into the stock notably but not only on Reddit chatroom WallStreetBets, pushing up the share price. Wanda’s position was eroded and it’s no longer the controlling shareholder; instead, 3.2 million new individual investors are. It’s very different, Aron said. “Before, when I wanted to talk to AMC’s ownership, I could fly to Beijing and talk to four of five people who had 75% of the company. Or talk to 15 securities analysts who talk to all of the institutional investors. Now we have 3.2 million people we will have to explain what we want to do, how it impacts them and do they agree. “I have started tweeting again… We are communicating with our shareholder base. Try to get four minutes on CNBC, that’s hard. We got 90 minutes on YouTube and it has 250,000 views. Over 20,000 people took the time to rate it and 99% gave it a thumbs up.” || AMC Entertainment CEO Adam Aron Quotes Wartime Churchill Saying Q1 “End Of The Beginning” Of Exhibition’s Covid Nightmare; Chain Hiring Up To 10,000 In Next Few Weeks: AMC EntertainmentCEOAdam Aronwas nearly giddy Thursday, quoting Winston Churchill, trying to top him, talking up a box office recovery, the chain’s expanded market share, cash position and hiring plans and millions of new retail investors who have replaced China’s Wanda Group as its core shareholder base.
Like an Oscar acceptance speech, he thanked former President Donald Trump for Operation Warp Speed, current President Biden for the fast vaccine rollout and the CEO of Pfizer, and Hollywood studios. “Thank you Universal forF9. Thank you Disney forBlack Widow.”
More from Deadline
• AMC Entertainment Anticipates Q1 Sales Plunge To $148 Million Vs $941 Million A Year Ago; Scraps Stockholder Vote On Share Sale
• AMC CEO Thinks New Lockdowns Unlikely Despite Covid Surge: "The Big Change This Winter Is Vaccinations"
• AMC Entertainment Will Accept Bitcoin For U.S. Tickets, Concessions By Year End - CEO Adam Aron
Channeling Churchill — the second time he’s done it publicly in a year — he recalled November 1942, years before World War II ended, when Churchill said: “‘This is not the end. It not even the beginning of the end. But it is perhaps the end of the beginning.’… “Sir Winston won his titanic fight. I believe that AMC will win our war too.”
Later, in his own words, he said exhibition’s recovery “has not year started. It’s just about to start. We can feel it, we can taste it, we can see it over the horizon.”
Aron was speaking on a conference call after the chain reported first-quarter financial results. It had alreadyreleased a sneak peekat the figures in late April. Revenue plunged to $148 million from $941 million. Net losses narrowed to $576 million from $2.2 billion, but that’s because the year-earlier quarter from included a one-time write-down $1.85 billion.
AMC nearly ran out of cash five times since the pandemic hit over a year ago and Aron recounted blow by blowy how he and his team scrambled to raise debt and equity financing to keep it afloat. He sees clear sailing through 2022 with two assumptions — that box office recovers in the second half and ends 2021 with domestic grosses of $5 billion, and that it rises to $8 billion for 2022. He thinks an historical lookback and a 2019 box office of well over $11 billion means those estimates could be “reasonable.”
Meanwhile, he noted the nation’s largest chain has boosted its market share from about 26%-27% pre-pandemic to 33% currently — taking up slack from theaters that stayed closed, went bankrupt or just underperformed. It will probably lose a bit of that lead but not all once everyone’s back open.
As big releases ramp up and the summer approaches, he said the chain will be hiring between 5,000-10,000 staffers over the next several weeks alone.
Some of AMC’s cash raise was helped earlier this year by a swarm of retail investors into the stock notably but not only on Reddit chatroom WallStreetBets, pushing up the share price. Wanda’s position was eroded and it’s no longer the controlling shareholder; instead, 3.2 million new individual investors are. It’s very different, Aron said.
“Before, when I wanted to talk to AMC’s ownership, I could fly to Beijing and talk to four of five people who had 75% of the company. Or talk to 15 securities analysts who talk to all of the institutional investors. Now we have 3.2 million people we will have to explain what we want to do, how it impacts them and do they agree.
“I have started tweeting again… We are communicating with our shareholder base. Try to get four minutes on CNBC, that’s hard. We got 90 minutes on YouTube and it has 250,000 views. Over 20,000 people took the time to rate it and 99% gave it a thumbs up.” || Fintech Focus For May 7, 2021: Quote To Start The Day:“Whatever you are, be a good one.”
Source:Abraham Lincoln
One Big Thing In Fintech:Metromile Inc, an insurance-focused fintech powered by data science and machine learning, announced Thursday it will allow policyholders the option to pay for insurance and receive payment for claims in Bitcoin or U.S. dollars.Source:Benzinga
Other Key Fintech Developments:
• How fintech willeatinto old banks.
• Crypto.comsponsorsCoppa Italia.
• NivaurahelpsLSEG with platform.
• GoldmanlaunchesBTC derivatives.
• LimefurtheredBestEx partnership.
• IEX Exchangetargetsretail trade.
• Tink, Tribeformbank partnership.
• Squareshows$3.5B BTC revenue.
• Coinbase looking topromoteremote.
• UKscrappingopen-access regime.
• PBoC, Ant, Tencentteamon CBDC.
• Börse fullyacquiresClearstream.
• Northern TrustfinishesParilux buy.
• Bitsoraises$250M at $2.2B value.
• Sothebyschedulesmore NFT sales.
• Nasdaq: NMS and odd lotproblems.
• Shiftraises$220M at $1B+ value.
• Paystackexpandsto South Africa.
• JPMon bitcoin, blockchain, DeFi.
• Revolutenablescrypto withdrawals.
• NFT auctions tomovefrom ether?
• Chimecan’tbe calling itself a bank.
• Neuravestexpands, adds leaders.
Watch Out For This:Influencer marketing, which is on track to become a $15 billion industry by 2022, is a unique way for creators to monetize their content and outreach.
The problem with this industry is both the supply and demand dynamics, as well as an unfulfilling culture, according to some. More and more, creators are being faced with a tough decision, innovate or die.
Source:Benzinga
Interesting Reads:
• Twittertestinga new Tip Jar feature.
• Elonmanifestsinterplanetary reality.
• New York City’s violent crime isup.
• Dimoncommentedon raising taxes.
• Top lumber firm toexpandcapacity.
• Why wecan’tjust make more chips.
• Einride isinnovatingfreight mobility.
Market Moving Headline:The selloff that’s tearing through high-valuation tech shares has battered Cathie Wood’s flagship ETF.
The ARK Innovation exchange-traded fund (ARKK) dropped for a seventh straight day Wednesday in its longest slide in nearly two and a half years. After surging roughly 150% in 2020 thanks to a string of prescient bets on Tesla Inc. and stay-at-home tech darlings, the negative stats are starting to add up.
ARKK, which edged lower in early trading on Thursday, is down more than 10% for the year and investors are piling into protection against more losses. Put volume hit 190,000 Tuesday, the most in six weeks and the fourth-most on record. The latest data show outflows for a sixth consecutive day, the longest streak since the fund launched in 2014.
Source:Bloomberg
See more from Benzinga
• Click here for options trades from Benzinga
• TikTok Superstar Griffin Johnson Explains His Vision To Innovate And Inspire
• Lynk, UBS Group Collab Over Actionable, AI-Driven Insights
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Fintech Focus For May 7, 2021: Fintech Header Quote To Start The Day: “Whatever you are, be a good one.” Source: Abraham Lincoln One Big Thing In Fintech: Metromile Inc, an insurance-focused fintech powered by data science and machine learning, announced Thursday it will allow policyholders the option to pay for insurance and receive payment for claims in Bitcoin or U.S. dollars. Source: Benzinga Other Key Fintech Developments: How fintech will eat into old banks. Crypto.com sponsors Coppa Italia. Nivaura helps LSEG with platform. Goldman launches BTC derivatives. Lime furthered BestEx partnership. IEX Exchange targets retail trade. Tink, Tribe form bank partnership. Square shows $3.5B BTC revenue. Coinbase looking to promote remote. UK scrapping open-access regime. PBoC, Ant, Tencent team on CBDC. Börse fully acquires Clearstream. Northern Trust finishes Parilux buy. Bitso raises $250M at $2.2B value. Sotheby schedules more NFT sales. Nasdaq: NMS and odd lot problems . Shift raises $220M at $1B+ value. Paystack expands to South Africa. JPM on bitcoin, blockchain, DeFi. Revolut enables crypto withdrawals. NFT auctions to move from ether? Chime can’t be calling itself a bank. Neuravest expands , adds leaders. Watch Out For This: Influencer marketing, which is on track to become a $15 billion industry by 2022, is a unique way for creators to monetize their content and outreach. The problem with this industry is both the supply and demand dynamics, as well as an unfulfilling culture, according to some. More and more, creators are being faced with a tough decision, innovate or die. Source: Benzinga Interesting Reads: Twitter testing a new Tip Jar feature. Elon manifests interplanetary reality. New York City’s violent crime is up . Dimon commented on raising taxes. Top lumber firm to expand capacity. Why we can’t just make more chips. Einride is innovating freight mobility. Market Moving Headline: The selloff that’s tearing through high-valuation tech shares has battered Cathie Wood’s flagship ETF. The ARK Innovation exchange-traded fund (ARKK) dropped for a seventh straight day Wednesday in its longest slide in nearly two and a half years. After surging roughly 150% in 2020 thanks to a string of prescient bets on Tesla Inc. and stay-at-home tech darlings, the negative stats are starting to add up. Story continues ARKK, which edged lower in early trading on Thursday, is down more than 10% for the year and investors are piling into protection against more losses. Put volume hit 190,000 Tuesday, the most in six weeks and the fourth-most on record. The latest data show outflows for a sixth consecutive day, the longest streak since the fund launched in 2014. Source: Bloomberg See more from Benzinga Click here for options trades from Benzinga TikTok Superstar Griffin Johnson Explains His Vision To Innovate And Inspire Lynk, UBS Group Collab Over Actionable, AI-Driven Insights © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Stock Market Today: Dow Hits Record, Nasdaq Snaps Skid After Late Push: Arrows pointing up Getty Images Better-than-expected data on the jobs front Thursday kept the wheels rolling on the rotation trade – from growth stocks to cyclical and value plays – that has been in high gear all week. But a late-day push led not just to new highs in the Dow Jones Industrial Average , but a sniff of positive territory for the recently maligned Nasdaq Composite . SEE MORE The 21 Best Stocks to Buy for 2021 The Labor Department said this morning that new unemployment filings declined to 498,000 for the week ended May 1. Not only was that 92,000 claims fewer than the week prior, but it also was significantly below analysts' consensus expectations for 538,000 filings. The best-performing sectors Thursday included safe havens such as consumer staples and utilities , and also financials . Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. But the Dow's 0.9% gain to a record 34,548 was led by value-oriented tech stocks Cisco Systems ( CSCO , +2.6%) and International Business Machines ( IBM , +2.2%). Meanwhile, the Nasdaq (+0.4% to 13,632), which was staring at a fifth consecutive decline for most of the day, was helped into the black courtesy of a late-day broader-market rally. Other action in the stock market today: The S&P 500 gained 0.8% to 4,201. The small-cap Russell 2000 was breakeven 2,241. Etsy ( ETSY , -14.6%) took a big hit after its earnings report. The online marketplace reported first-quarter profit and revenue above estimates, but in a letter to investors, CEO Josh Silverman warned of a "deceleration" in current-quarter gross merchandise sales. Norwegian Cruise Line Holdings ( NCLH , -6.8%) also declined in reaction to earnings. The cruise operator said its first-quarter loss was wider than anticipated and revenue fell more drastically than expected. And while the company has planned on resuming operations in July, NCLH CEO Frank Del Rio cautioned "the path forward is a bit rockier and a bit steeper than originally expected," after the Centers for Disease Control and Prevention (CDC) issued new reopening guidelines yesterday for cruise operators. U.S. crude oil futures shed 1.4% to settle at $64.71 per barrel. Gold futures jumped 1.8% to finish at $1,815.70 an ounce. A weaker U.S. dollar helped boost the commodity to its highest settlement since mid-February. The CBOE Volatility Index (VIX) declined by 4.0% to 18.39. Bitcoin prices declined 1.6% to $56,166.30. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock chart for 050621 YCharts SEE MORE Kiplinger Income 25 Abundant Action in the Digital Realm The major stock indexes have mostly been stuck in a grind of small advances and declines for weeks, but you don't have to look too far afield for flashier fireworks. The cryptocurrency space continues to grow – and in a couple of cases, grow weirder. For instance, Dogecoin – the digital coin that was quite literally created as a joke – has rocketed 88% higher over the past week and 6,507% year-to-date, even despite today's 7% spill in the Shiba Inu-inspired token. Whether investors should take seriously the cryptocurrency, which now accounts for $75 billion in investor assets, is up for intense debate; many experts prefer other cryptocurrencies such as Bitcoin that have wider moats and clearer utility. But digital investing trends aren't constrained to just currencies – in the past few months, we've also seen rapidly rising interest in secure digital collectibles (think images, video and music) called NFTs, or non-fungible tokens, with one such NFT selling for more than $69 million at a Christie's auction in March. If you're curious about this latest craze, read on as we catch you up on the basics of NFTs . Kyle Woodley was long NCLH as of this writing. SEE MORE 7 Super Small-Cap Growth Stocks to Buy View comments || Stock Market Today: Dow Hits Record, Nasdaq Snaps Skid After Late Push: Arrows pointing up Getty Images Better-than-expected data on the jobs front Thursday kept the wheels rolling on the rotation trade – from growth stocks to cyclical and value plays – that has been in high gear all week. But a late-day push led not just to new highs in the Dow Jones Industrial Average , but a sniff of positive territory for the recently maligned Nasdaq Composite . SEE MORE The 21 Best Stocks to Buy for 2021 The Labor Department said this morning that new unemployment filings declined to 498,000 for the week ended May 1. Not only was that 92,000 claims fewer than the week prior, but it also was significantly below analysts' consensus expectations for 538,000 filings. The best-performing sectors Thursday included safe havens such as consumer staples and utilities , and also financials . Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. But the Dow's 0.9% gain to a record 34,548 was led by value-oriented tech stocks Cisco Systems ( CSCO , +2.6%) and International Business Machines ( IBM , +2.2%). Meanwhile, the Nasdaq (+0.4% to 13,632), which was staring at a fifth consecutive decline for most of the day, was helped into the black courtesy of a late-day broader-market rally. Other action in the stock market today: The S&P 500 gained 0.8% to 4,201. The small-cap Russell 2000 was breakeven 2,241. Etsy ( ETSY , -14.6%) took a big hit after its earnings report. The online marketplace reported first-quarter profit and revenue above estimates, but in a letter to investors, CEO Josh Silverman warned of a "deceleration" in current-quarter gross merchandise sales. Norwegian Cruise Line Holdings ( NCLH , -6.8%) also declined in reaction to earnings. The cruise operator said its first-quarter loss was wider than anticipated and revenue fell more drastically than expected. And while the company has planned on resuming operations in July, NCLH CEO Frank Del Rio cautioned "the path forward is a bit rockier and a bit steeper than originally expected," after the Centers for Disease Control and Prevention (CDC) issued new reopening guidelines yesterday for cruise operators. U.S. crude oil futures shed 1.4% to settle at $64.71 per barrel. Gold futures jumped 1.8% to finish at $1,815.70 an ounce. A weaker U.S. dollar helped boost the commodity to its highest settlement since mid-February. The CBOE Volatility Index (VIX) declined by 4.0% to 18.39. Bitcoin prices declined 1.6% to $56,166.30. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock chart for 050621 YCharts SEE MORE Kiplinger Income 25 Abundant Action in the Digital Realm The major stock indexes have mostly been stuck in a grind of small advances and declines for weeks, but you don't have to look too far afield for flashier fireworks. The cryptocurrency space continues to grow – and in a couple of cases, grow weirder. For instance, Dogecoin – the digital coin that was quite literally created as a joke – has rocketed 88% higher over the past week and 6,507% year-to-date, even despite today's 7% spill in the Shiba Inu-inspired token. Whether investors should take seriously the cryptocurrency, which now accounts for $75 billion in investor assets, is up for intense debate; many experts prefer other cryptocurrencies such as Bitcoin that have wider moats and clearer utility. But digital investing trends aren't constrained to just currencies – in the past few months, we've also seen rapidly rising interest in secure digital collectibles (think images, video and music) called NFTs, or non-fungible tokens, with one such NFT selling for more than $69 million at a Christie's auction in March. If you're curious about this latest craze, read on as we catch you up on the basics of NFTs . Kyle Woodley was long NCLH as of this writing. SEE MORE 7 Super Small-Cap Growth Stocks to Buy View comments || Square sails past profit estimates as bitcoin volumes surge: By Noor Zainab Hussain (Reuters) -Payments firm Square Inc handily beat Wall Street expectations for quarterly profit on Thursday, as surging demand for bitcoin fueled a jump in cryptocurrency transactions on its peer-to-peer payment service Cash App. Stripping out one-time costs, the payments firm, led by Twitter Inc top boss Jack Dorsey, earned 41 cents per share. Analysts on average had expected 16 cents per share, according to Refinitiv IBES data. Cash App generated $3.51 billion in bitcoin revenue, up eleven times from a year earlier, in a quarter when the most popular cryptocurrency hit $1 trillion in market capitalization for the first time. Dorsey told analysts on a post-earnings call that the company views bitcoin as "the internet's potential to have a native currency." "This is going to be a long-term focus, enabling bitcoin to be a native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world," he said. Bitcoin has surged in value this year as the backing of top-tier companies including Tesla Inc power its march to the mainstream. San Francisco-based Square said in February it had invested $170 million in bitcoin, raising its wager from the $50 million it had invested in the fourth quarter of 2020. The company's top line was also strengthened by the shift to digital transactions, spurred by the COVID-19 pandemic that forced people to stay at home and shop online. Gross payment volumes, a measure of the transactions processed on Square's platform, rose 29% in the first quarter to $33.1 billion. Total net revenue jumped nearly four-fold to $5.06 billion. (Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Aditya Soni) || Square sails past profit estimates as bitcoin volumes surge: By Noor Zainab Hussain (Reuters) -Payments firm Square Inc handily beat Wall Street expectations for quarterly profit on Thursday, as surging demand for bitcoin fueled a jump in cryptocurrency transactions on its peer-to-peer payment service Cash App. Stripping out one-time costs, the payments firm, led by Twitter Inc top boss Jack Dorsey, earned 41 cents per share. Analysts on average had expected 16 cents per share, according to Refinitiv IBES data. Cash App generated $3.51 billion in bitcoin revenue, up eleven times from a year earlier, in a quarter when the most popular cryptocurrency hit $1 trillion in market capitalization for the first time. Dorsey told analysts on a post-earnings call that the company views bitcoin as "the internet's potential to have a native currency." "This is going to be a long-term focus, enabling bitcoin to be a native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world," he said. Bitcoin has surged in value this year as the backing of top-tier companies including Tesla Inc power its march to the mainstream. San Francisco-based Square said in February it had invested $170 million in bitcoin, raising its wager from the $50 million it had invested in the fourth quarter of 2020. The company's top line was also strengthened by the shift to digital transactions, spurred by the COVID-19 pandemic that forced people to stay at home and shop online. Gross payment volumes, a measure of the transactions processed on Square's platform, rose 29% in the first quarter to $33.1 billion. Total net revenue jumped nearly four-fold to $5.06 billion. (Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Aditya Soni) || Square Q1 sales surge 266% as transactions jump amid economic recovery, bitcoin revenue soars: Square (SQ) reported first-quarter earnings that blew past estimates after market close on Thursday, with the payments company's results boosted by ongoing growth in Cash App and its cryptocurrency offerings. Shares rose more than 1% in late trading.
Here were the main metrics in Square's report compared to consensus estimates compiled by Bloomberg:
• Revenue:$5.06 billion vs.$3.37 billion expected and $1.38 billion Y/Y
• Adjusted earnings:41 cents vs. 16 cents per share expected and a loss of 2 cents per share Y/Y
As a financial technology company, Square's growth ballooned over the course of 2020, with consumers increasingly conducting transactions online and through Cash App.
And with the economic recovery now well under way and consumers flush with savings and stimulus checks, first-quarter transactions grew even further.
Square's transaction services revenue jumped 27% in the first quarter over last year to $960 million, coming in well above the $872.5 million expected. And gross payment volume rose 29% over last year, also rising more than the 17.3% rate expected. Square said it saw "strong growth in customer inflows during the first quarter, driven primarily by government fund disbursements, which helped lead to increased engagement and adoption of more products within our Cash App ecosystem,"according to its shareholders letter Thursday.
Record first-quarter results from payments competitor PayPal (PYPL)on Wednesday also underscored the acceleration in digital transactions at the start of 2021. That company's total payments volume grew 50% to $285 billion, and net new active accounts grew by 14.5 million to 392 million.
Digital transactions aside, Square was also expected to have seen a pick-up in in-person transactions, with stay-in-place orders easing across the country over the past several months. Hardware revenue — which includes Square's flagship point-of-sale terminals that provide merchants with devices to accept payments in-stores — grew 39% to $29 million during the quarter. And subscription revenue, including seller subscriptions, surged 88% to $557.7 million, also beating estimates.
But one of Square's biggest growth areas and most lucrative parts of the business was also one of its newest. Square reported that bitcoin revenue surged to $3.51 billion in the first quarter, up from $306 million in the same period last year. However, bitcoin gross profit totaled just $75 million.
Square's Cash App has been allowing users tobuy, sell and hold bitcoin for the past three years,and cryptocurrency-related transactions on the platform have soared in recent quarters in tandem with skyrocketing cryptocurrency prices. And in March, Cash App started allowing customers the ability to send and receive bitcoin to other users for free within the app. Square posted its first-ever quarter generating more than $1 billion in bitcoin-related revenue in the third quarter of 2020.
"Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin actives, and growth in customer demand," Square wrote in its shareholder letter. "In future quarters, we recognize that bitcoin revenue may fluctuate as a result of changes in customer demand or the market price of bitcoin."
Square also suggested earlier this year that crypto-related momentum continued into the start of 2021: In late February, Square said more than 1 million customers purchased bitcoin for the first time in January 2021, after more than 3 million customers purchased or sold bitcoin on Cash App throughout all of 2020.
Shares of Square have risen 2.2% for the year-to-date through market close on Thursday, slowing after a surge of nearly 250% in 2020.
—
Emily McCormick is a reporter for Yahoo Finance.Follow her on Twitter: @emily_mcck
Read more from Emily:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Charlie Munger says Costco 'has one thing that Amazon does not have'
• Labor market weakness could last ‘for several years’ in pandemic’s wake: economist
• Credit Suisse boosts 2021 S&P 500 price target to 4,200 with more stimulus expected
• What happened in the economy in 2020
• These tech jobs may disappear in the face of automation || Square Q1 sales surge 266% as transactions jump amid economic recovery, bitcoin revenue soars: Square ( SQ ) reported first-quarter earnings that blew past estimates after market close on Thursday, with the payments company's results boosted by ongoing growth in Cash App and its cryptocurrency offerings. Shares rose more than 1% in late trading. Here were the main metrics in Square's report compared to consensus estimates compiled by Bloomberg: Revenue: $5.06 billion vs.$3.37 billion expected and $1.38 billion Y/Y Adjusted earnings: 41 cents vs. 16 cents per share expected and a loss of 2 cents per share Y/Y As a financial technology company, Square's growth ballooned over the course of 2020, with consumers increasingly conducting transactions online and through Cash App. And with the economic recovery now well under way and consumers flush with savings and stimulus checks, first-quarter transactions grew even further. Square's transaction services revenue jumped 27% in the first quarter over last year to $960 million, coming in well above the $872.5 million expected. And gross payment volume rose 29% over last year, also rising more than the 17.3% rate expected. Square said it saw "strong growth in customer inflows during the first quarter, driven primarily by government fund disbursements, which helped lead to increased engagement and adoption of more products within our Cash App ecosystem," according to its shareholders letter Thursday. Record first-quarter results from payments competitor PayPal (PYPL) on Wednesday also underscored the acceleration in digital transactions at the start of 2021. That company's total payments volume grew 50% to $285 billion, and net new active accounts grew by 14.5 million to 392 million. Digital transactions aside, Square was also expected to have seen a pick-up in in-person transactions, with stay-in-place orders easing across the country over the past several months. Hardware revenue which includes Square's flagship point-of-sale terminals that provide merchants with devices to accept payments in-stores grew 39% to $29 million during the quarter. And subscription revenue, including seller subscriptions, surged 88% to $557.7 million, also beating estimates. Story continues But one of Square's biggest growth areas and most lucrative parts of the business was also one of its newest. Square reported that bitcoin revenue surged to $3.51 billion in the first quarter, up from $306 million in the same period last year. However, bitcoin gross profit totaled just $75 million. Square's Cash App has been allowing users to buy, sell and hold bitcoin for the past three years, and cryptocurrency-related transactions on the platform have soared in recent quarters in tandem with skyrocketing cryptocurrency prices. And in March, Cash App started allowing customers the ability to send and receive bitcoin to other users for free within the app. Square posted its first-ever quarter generating more than $1 billion in bitcoin-related revenue in the third quarter of 2020. "Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin actives, and growth in customer demand," Square wrote in its shareholder letter. "In future quarters, we recognize that bitcoin revenue may fluctuate as a result of changes in customer demand or the market price of bitcoin." Square also suggested earlier this year that crypto-related momentum continued into the start of 2021: In late February, Square said more than 1 million customers purchased bitcoin for the first time in January 2021, after more than 3 million customers purchased or sold bitcoin on Cash App throughout all of 2020. Shares of Square have risen 2.2% for the year-to-date through market close on Thursday, slowing after a surge of nearly 250% in 2020. Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck Read more from Emily: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Charlie Munger says Costco 'has one thing that Amazon does not have' Labor market weakness could last for several years in pandemics wake: economist Credit Suisse boosts 2021 S&P 500 price target to 4,200 with more stimulus expected What happened in the economy in 2020 These tech jobs may disappear in the face of automation || Goldman launches cryptocurrency trading team: memo: (Reuters) - Goldman Sachs Group Inc on Friday revealed details on its cryptocurrency trading group, according to a staff memo seen by Reuters.
The trading group, whose formation Reuters reported in March, has been buying and selling bitcoin futures on CME Group and non-deliverable forwards, according to the memo.
The announcement is further evidence that Wall Street is accepting and adopting the digital currency. It follows rival bank Morgan Stanley's move to offer its wealth management clients access to bitcoin funds in recent months.
The two derivatives the trading group is handling allow investors to take a view on bitcoin's future price. The contracts are settled in cash and Goldman does not have to deal with the physical asset, which it "is not in a position to trade," according to the memo.
The trading group will be a part of Goldman's global currencies and emerging markets division and will report to Goldman partner Rajesh Venkataramani, according to CNBC, which first reported the memo on Friday.
Bitcoin remains highly volatile. On Friday, bitcoin was up roughly 2.4% at $57,305.
(Reporting By Elizabeth Dilts Marshall; Editing by Dan Grebler) || Goldman launches cryptocurrency trading team: memo: (Reuters) - Goldman Sachs Group Inc on Friday revealed details on its cryptocurrency trading group, according to a staff memo seen by Reuters.
The trading group, whose formation Reuters reported in March, has been buying and selling bitcoin futures on CME Group and non-deliverable forwards, according to the memo.
The announcement is further evidence that Wall Street is accepting and adopting the digital currency. It follows rival bank Morgan Stanley's move to offer its wealth management clients access to bitcoin funds in recent months.
The two derivatives the trading group is handling allow investors to take a view on bitcoin's future price. The contracts are settled in cash and Goldman does not have to deal with the physical asset, which it "is not in a position to trade," according to the memo.
The trading group will be a part of Goldman's global currencies and emerging markets division and will report to Goldman partner Rajesh Venkataramani, according to CNBC, which first reported the memo on Friday.
Bitcoin remains highly volatile. On Friday, bitcoin was up roughly 2.4% at $57,305.
(Reporting By Elizabeth Dilts Marshall; Editing by Dan Grebler) || Goldman launches cryptocurrency trading team: memo: (Reuters) - Goldman Sachs Group Inc on Friday revealed details on its cryptocurrency trading group, according to a staff memo seen by Reuters. The trading group, whose formation Reuters reported in March, has been buying and selling bitcoin futures on CME Group and non-deliverable forwards, according to the memo. The announcement is further evidence that Wall Street is accepting and adopting the digital currency. It follows rival bank Morgan Stanley's move to offer its wealth management clients access to bitcoin funds in recent months. The two derivatives the trading group is handling allow investors to take a view on bitcoin's future price. The contracts are settled in cash and Goldman does not have to deal with the physical asset, which it "is not in a position to trade," according to the memo. The trading group will be a part of Goldman's global currencies and emerging markets division and will report to Goldman partner Rajesh Venkataramani, according to CNBC, which first reported the memo on Friday. Bitcoin remains highly volatile. On Friday, bitcoin was up roughly 2.4% at $57,305. (Reporting By Elizabeth Dilts Marshall; Editing by Dan Grebler) View comments || Goldman Sachs offers bitcoin derivatives to investors- Bloomberg News: May 6 (Reuters) - Goldman Sachs Group Inc is allowing Wall Street investors to trade with a derivative tied to bitcoin prices, Bloomberg News reported on Thursday.
Goldman, the fifth-largest U.S. bank, has opened up trading with non-deliverable forwards that eventually pay out in cash, the report said.
The bank will protect itself from the cryptocurrency's volatility by buying and selling Bitcoin futures in block trades on CME Group using Cumberland DRW as its trading partner, according to the report.
Goldman declined to comment on the report.
The move comes after the Wall Street bank restarted its cryptocurrency trading desk earlier this year, with plans to begin dealing bitcoin futures and non-deliverable forwards for clients.
Bitcoin has been gaining mainstream acceptance in recent months. CNBC reported earlier this year that Morgan Stanley in March became the first big U.S. bank to offer its wealth management clients access to bitcoin funds.
JPMorgan Chase & Co is also preparing to let certain clients invest in an actively managed bitcoin fund for the first time, CoinDesk reported last month.
Bank of NY Mellon Corp in February formed a new unit to help clients hold, transfer and issue digital assets, while BlackRock Inc, the world's largest asset manager, has also added bitcoin as an eligible investment to two funds.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni) || Goldman Sachs offers bitcoin derivatives to investors- Bloomberg News: May 6 (Reuters) - Goldman Sachs Group Inc is allowing Wall Street investors to trade with a derivative tied to bitcoin prices, Bloomberg News reported on Thursday. Goldman, the fifth-largest U.S. bank, has opened up trading with non-deliverable forwards that eventually pay out in cash, the report said. The bank will protect itself from the cryptocurrency's volatility by buying and selling Bitcoin futures in block trades on CME Group using Cumberland DRW as its trading partner, according to the report. Goldman declined to comment on the report. The move comes after the Wall Street bank restarted its cryptocurrency trading desk earlier this year, with plans to begin dealing bitcoin futures and non-deliverable forwards for clients. Bitcoin has been gaining mainstream acceptance in recent months. CNBC reported earlier this year that Morgan Stanley in March became the first big U.S. bank to offer its wealth management clients access to bitcoin funds. JPMorgan Chase & Co is also preparing to let certain clients invest in an actively managed bitcoin fund for the first time, CoinDesk reported last month. Bank of NY Mellon Corp in February formed a new unit to help clients hold, transfer and issue digital assets, while BlackRock Inc, the world's largest asset manager, has also added bitcoin as an eligible investment to two funds. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni) || Bitcoin and housing market collide as home sellers increasingly accept crypto: When real estate agent Whitney Pannell listed an investment home that she bought and renovated for $300,000, she added an unusual note to thedescription: "Sellers are accepting Bitcoin for this home."
“I’m a firm believer in bitcoin — I believe it will be the future,” said Pannell, who has been investing seriously in the digital coin since 2019 with her husband, Rick. She had heard of properties in California selling for bitcoin years ago, but not in her home market of Lexington, Kentucky. “I figured somebody will do it, why not us?”
She's not alone. More sellers — albeit still a small segment — are trying to get in on bitcoin and cryptocurrency through the hot housing market, according toRealtor.comdata provided to Yahoo Money.
Last month, there were 71 listings that mentioned crypto or bitcoin in their descriptions on the real estate listing site. That's 14.3 listings per 100,000 homes, the highest rate on record, according to the data.
The previous high occurred in March 2018, during cryptocurrency’s last peak in popularity and prices. At that point, Realtor.com saw 12.7 listings per 100,000 homes.
Read more:Here's how to incorporate bitcoin into your retirement investments
“If the cryptocurrency market can get a firmer foothold and grow confidence from the general public, we may see a wider adoption of home sellers accepting cryptocurrencies as payment,” Nicolas Bedo, an economic research analyst at Realtor.com, told Yahoo Money.
Bitcoin has surged more than 500% in the past year, from less than $10,000 to the current price of almost $60,000. The cryptocurrency now has a market value of more than $1 trillion, according to CoinMarketCap.com.
Other digital tokens, including ethereum, Binance coin, and Dogecoin have also rallied as investors pile into the sector, pushing the value of the more than 6,000 crypto coins past a total of $2.25 trillion.
At the same time,home values increased 12% year over year in February, the highest annual gain recorded by the S&P CoreLogic Case-Shiller national home price index since February 2006 — or two months shy of the last peak in housing.
“Bitcoin has appreciated about 200% a year, while the Lexington market did 3% — now 10% with what’s going on — but far less than what bitcoin has appreciated,” Pannell said. “It’s just about finding that buyer.”
Read more:Bitcoin: 74 questions answered
Raul Chavez of800buykwik.comagrees and is instructing his real estate agents to note inlistingsthat cryptocurrency is accepted. Chavez has been a house flipper in California — an investor who buys homes, fixes them up, and quickly resells them — since 2000.
Lately, he’s also been investing in bitcoin and ethereum.
“I feel in the long run, bitcoin will have the higher opportunity,” Chavez, who seriously got into the crypto market in April of last year, told Yahoo Money. “Yes, it’s more volatile, but 10 years from now, this is where the world is headed.”
His only problem is finding new homes to buy and flip for crypto in a housing market suffering from inventory shortages. Thenumber of homes for sale at the end of March hit 1.07 million units, down 28.2% from a year ago and near historic lows, according to the National Association of Realtors.
Read more:Mortgage rates: Here's how to get the best rate
“It's definitely a very hot housing market,” he said.
Potentially too hot to hold out for bitcoin buyers: Both listings that Chavez and Pannell put up are under contract to buyers offering run-of-the-mill U.S. dollars.
“No bitcoin offers, but we did sell it after multiple offers over the asking price,” Pannell said. “We’re not at the point that we’ll turn away all cash.”
Janna is an editor for Yahoo Money andCashay. Follow her on Twitter@JannaHerron.
Read more:
• Federal judge rules that CDC's federal eviction moratorium is not legal
• Warren Buffett’s 2010 advice on cash reserves is more relevant than ever
• Mortgage rates dip below 3% — again
Read more personal finance information, news, and tips on Cashay
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58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51
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Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17.
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[Bitcoin Technical Analysis for 2021-03-04]
Volume: 52343816680, RSI (14-day): 53.08, 50-day EMA: 43070.14, 200-day EMA: 27474.92
[Wider Market Context]
Gold Price: 1700.20, Gold RSI: 28.25
Oil Price: 63.83, Oil RSI: 68.54
[Recent News (last 7 days)]
Controversial Dapps Test Binance Smart Chain’s Decentralization: Anonymous developers have built two controversial decentralized applications (dapps) on Binance Smart Chain (BSC), a smart contract-based blockchain backed by exchange giant Binance, daring the platform to censor the dapps. The developers apparently hope the offensive and sensitive nature of the dapps would force Binance to get rid of them, proving BSC, unlike Ethereum, is not decentralized and can be controlled by a centralized institution, said Jason Wu, CEO and founder of decentralized crypto lending platform DeFiner. He noted that BSC has far fewer nodes than Ethereum. One dapp with a token is called Tanks of Tiananmen. It appeared on Binance’s blockchain on Thursday. The name refers to the 1989 Tiananmen Square protests in China, which the Chinese government considers a very sensitive topic. The other dapp, Slavery, showed up on BSC on Saturday. It seems to liken the yield farming mechanism to slavery. Related: Inflation Is on the Rise in the Euro Area. Here's What That Means for Crypto Demand in Europe The two dapps are still on BSC as of press time. Some in the Ethereum community have reason to resent BSC. “Binance Smart Blockchain is very similar to Ethereum in a lot of ways,” Wu said. “Some devs might feel [it’s] unfair that an Ethereum copycat is doing so well.” The move comes at a time when BSC is gaining traction in hosting decentralized exchanges (DEX), some of which have migrated their business from Ethereum to BSC due to the latter’s lower trading cost. 1inch, one of the most popular DEX aggregators, expanded its businesses to BSC on Feb. 25, citing Ethereum’s high “gas” transaction fees. “Transactions per second for Ethereum have reached their peak for a long time and the excessive demand will flow to other blockchains,” said Hongfei Da, founder of decentralized blockchain platform Neo. “BSC’s technical infrastructure and community are well positioned to take in the demand.” Story continues Related: Wyoming Senator Says National Debt Is Debasing the Value of the US Dollar. Is Bitcoin the Solution? High gas fees and transaction speed on Ethereum are not the only reasons why dapps are moving to BSC. The blockchain is backed by crypto exchange giant Binance, so automated market makers (AMMs) could get more liquidity from the exchange while getting more publicity from Binance promoting the DEX’s products, said Aries Wang, co-founder of crypto exchange Bibox. “Many dapps, ranging from AMMs to lending platforms, could have a jump-start if they run on BSC with the preferential yield farming models offered by the platform to increase their native tokens to a high level even in these projects’ early stage,” Wang said. PancakeSwap, a DEX native to BSC, has been closing in on Ethereum-based UniSwap in terms of total value locked (TVL). On Feb.19, Binance Coin (BNB) saw a 45% increase when PancakeSwap “ flippened ” Uniswap in 24 hours. In a recent tweet , Binance CEO Changpeng Zhou said Ethereum could be its own killer and compared the network to some now-defunct social media companies. “Perhaps social media is the best example,” Zhao said in his tweet on Saturday. Friendster and MySpace were hugely popular but couldn’t keep up with the user/demand growth, he said. “Demand is growing exponentially, performance of ETH [isn’t],” he said. The Ethereum 2.0 update would take years, while the other solution to Ethereum’s scalability problem, rollups, which are off-chain aggregation of transactions inside an Ethereum smart, is not user friendly, Zhao said. Related Stories Controversial Dapps Test Binance Smart Chain’s Decentralization Controversial Dapps Test Binance Smart Chain’s Decentralization || Controversial Dapps Test Binance Smart Chain’s Decentralization: Anonymous developers have built two controversial decentralized applications (dapps) on Binance Smart Chain (BSC), a smart contract-based blockchain backed by exchange giant Binance, daring the platform to censor the dapps.
The developers apparently hope the offensive and sensitive nature of the dapps would force Binance to get rid of them, proving BSC, unlike Ethereum, is not decentralized and can be controlled by a centralized institution, said Jason Wu, CEO and founder of decentralized crypto lending platform DeFiner. He noted that BSC has far fewer nodes than Ethereum.
One dapp with a token is called Tanks of Tiananmen. Itappearedon Binance’s blockchain on Thursday. The name refers to the 1989 Tiananmen Square protests in China, which the Chinese government considers a very sensitive topic. The other dapp, Slavery,showed upon BSC on Saturday. It seems to liken the yield farming mechanism to slavery.
Related:Inflation Is on the Rise in the Euro Area. Here's What That Means for Crypto Demand in Europe
The two dapps are still on BSC as of press time.
Some in the Ethereum community have reason to resent BSC. “Binance Smart Blockchain is very similar to Ethereum in a lot of ways,” Wu said. “Some devs might feel [it’s] unfair that an Ethereum copycat is doing so well.”
The move comes at a time when BSC is gaining traction in hosting decentralized exchanges (DEX), some of which have migrated their business from Ethereum to BSC due to the latter’s lower trading cost. 1inch, one of the most popular DEX aggregators,expandedits businesses to BSC on Feb. 25, citing Ethereum’s high “gas” transaction fees.
“Transactions per second for Ethereum have reached their peak for a long time and the excessive demand will flow to other blockchains,” said Hongfei Da, founder of decentralized blockchain platform Neo. “BSC’s technical infrastructure and community are well positioned to take in the demand.”
Related:Wyoming Senator Says National Debt Is Debasing the Value of the US Dollar. Is Bitcoin the Solution?
High gas fees and transaction speed on Ethereum are not the only reasons why dapps are moving to BSC. The blockchain is backed by crypto exchange giant Binance, so automated market makers (AMMs) could get more liquidity from the exchange while getting more publicity from Binance promoting the DEX’s products, said Aries Wang, co-founder of crypto exchange Bibox.
“Many dapps, ranging from AMMs to lending platforms, could have a jump-start if they run on BSC with the preferential yield farming models offered by the platform to increase their native tokens to a high level even in these projects’ early stage,” Wang said.
PancakeSwap, a DEX native to BSC, has been closing in on Ethereum-based UniSwap in terms of total value locked (TVL). On Feb.19, Binance Coin (BNB) saw a 45% increase when PancakeSwap “flippened” Uniswap in 24 hours.
In a recenttweet, Binance CEO Changpeng Zhou said Ethereum could be its own killer and compared the network to some now-defunct social media companies.
“Perhaps social media is the best example,” Zhao said in his tweet on Saturday. Friendster and MySpace were hugely popular but couldn’t keep up with the user/demand growth, he said.
“Demand is growing exponentially, performance ofETH[isn’t],” he said. The Ethereum 2.0 update would take years, while the other solution to Ethereum’s scalability problem, rollups, which are off-chain aggregation of transactions inside an Ethereum smart, is not user friendly, Zhao said.
• Controversial Dapps Test Binance Smart Chain’s Decentralization
• Controversial Dapps Test Binance Smart Chain’s Decentralization || Kraken CEO Says He’d Only Want to Go Public at a Valuation Above $10B: Kraken’s co-founder and CEO Jesse Powell says his exchange may seek a public listing “sometime next year” but that there are “no guarantees.”
Appearing on Bloomberg TV on Wednesday, Powell was asked whether he would take his company public at a $10 billion valuation.
“We are certainly on track though $10 billion dollars is a low valuation,” said Powell. “I wouldn’t be interested in issuing shares at that price.” Powell’s statement comes as rival exchange Coinbase is being valued as high as $100 billion.
Related:Bitcoin News Roundup for March 4, 2021
Kraken is in talks to raise new capital in a move that could see the company’s valuation soar to above $10 billion, as CoinDeskpreviously reported.
However, Powell added there was “no reason” to raise new capital except to accelerate company acquisitions.
Asked wherebitcoinwas headed and how investors should be looking at its current price, Kraken’s CEO said there was “no reason to sell bitcoin”
“I think a lot of people are just waiting to buy the dip,” said Powell. “I do think if you’re buying into bitcoin based on speculation you should be looking to hold over a five-year period.”
Related:OKCoin Toasts Its Bitcoin Lightning Network Launch With New Developer Grant
CoinDesk attempted to contact Powell for additional comment but did not receive a response by press time.
• Kraken CEO Says He’d Only Want to Go Public at a Valuation Above $10B
• Kraken CEO Says He’d Only Want to Go Public at a Valuation Above $10B || Kraken CEO Says Hed Only Want to Go Public at a Valuation Above $10B: Krakens co-founder and CEO Jesse Powell says his exchange may seek a public listing sometime next year but that there are no guarantees. Appearing on Bloomberg TV on Wednesday, Powell was asked whether he would take his company public at a $10 billion valuation. We are certainly on track though $10 billion dollars is a low valuation, said Powell. I wouldnt be interested in issuing shares at that price. Powells statement comes as rival exchange Coinbase is being valued as high as $100 billion. Related: Bitcoin News Roundup for March 4, 2021 Kraken is in talks to raise new capital in a move that could see the companys valuation soar to above $10 billion, as CoinDesk previously reported . However, Powell added there was no reason to raise new capital except to accelerate company acquisitions. Asked where bitcoin was headed and how investors should be looking at its current price, Krakens CEO said there was no reason to sell bitcoin I think a lot of people are just waiting to buy the dip, said Powell. I do think if youre buying into bitcoin based on speculation you should be looking to hold over a five-year period. Related: OKCoin Toasts Its Bitcoin Lightning Network Launch With New Developer Grant CoinDesk attempted to contact Powell for additional comment but did not receive a response by press time. Related Stories Kraken CEO Says Hed Only Want to Go Public at a Valuation Above $10B Kraken CEO Says Hed Only Want to Go Public at a Valuation Above $10B || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4.
Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21.
Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.
Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close.
(Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4.
Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21.
Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.
Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close.
(Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4. Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4. Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) View comments || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4. Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) View comments || Bitcoin rises 5% to $50,942.58: (Reuters) - Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen 83.7% from the year's low of $27,734 on Jan. 4. Bitcoin has fallen 12.7% from the year's high of $58,354.14 on Feb. 21. Bitcoin's price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin. Ether, the coin linked to the ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close. (Reporting by Bhargav Acharya in Bengaluru; Editing by Chris Reese) View comments || Half the Professionals Surveyed in Anonymous Poll ‘Trust’ Crypto: A recent survey conducted byBlind, an anonymous professional network for tech professionals, found that 50% of professionals trust cryptocurrency and 57% currently own some.
The data was gathered from a survey of 1,800 respondents over the course of the last couple of days. Respondents included employees of Twitter, Amazon, JPMorgan and a variety of other companies.
The survey asked respondents whether they trust cryptocurrency, whether they own any and whether they would accept cryptocurrency as payment as part of their total compensation.
Related:BitGo Receives NYDFS Approval for New York Trust Charter
“The most surprising takeaway from this survey is that only half of survey respondents trust cryptocurrency,” said Fiorella Riccobono, who ran the survey and collected the data. “Given companies like Tesla, PayPal, Square, and Twitter have all shown their exposure tobitcoin, I expected their confidence to trickle into the tech industry and their respective employees more.”
Interestingly, employees of big banks seemed to trust crypto more than those in tech jobs.
For example, 90% of professionals at JPMorgan Chase & Co. and 70% of Goldman Sachs professionals say they trust cryptocurrency. This seemingly is in line with a renewed interest in cryptocurrencies by institutional investors during the currency bull run, including Goldman Sachsre-launching of its crypto trading deskon March 1 after a three-year hiatus. Comparably, only 52% of professionals at Amazon and 50% of Apple professionals trust cryptocurrency.
Read more:Amazon Managed Blockchain at Last Supports Ethereum, Ending a Two-Year Tease
Related:Colombia's First Commercial Bank to Pilot Crypto Services
Meanwhile, 39% of respondents said they would accept crypto as part of their total compensation, led by 80% of employees at Credit Karma, the credit monitoring company. Just 38% of employees at PayPal, a company that recently entered the crypto fray, said they would accept compensation in crypto.
While Riccobono was surprisedtrust in crypto wasn’t higher, other respondents employed by companies that have shown familiarity with crypto held bags. For example, 75% of Twitter professionals who responded to the survey own cryptocurrency, and 64% of the Bloomberg respondents said they did.
Read more:Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments
Users of Blind can also share posts, or ask questions.A Facebook professional on Blind wrote, “Half my wealth in crypto[.] It’s the future of money, and you’ll probably do it too someday. Is it risky? Yes. But I am highly confident it will pay off.”
Meanwhile, anAmazon professional postedthat one of his or her concerns is that people who don’t understand blockchains generally don’t mentally separate blockchain utilization (e.g., cryptocurrency) from the underlying technology that makes everything possible (the blockchain itself).
“It’s concerning because if people don’t make that distinction, then the failure of one or more trending cryptos will cause people to mentally write off the benefits or the potential benefits of the underlying technology,” the anonymous professional wrote. “That’s why I’ve been looking at investing in currencies that exist on underlying systems that I think are scalable beyond simple payment ledgers.”
And asone professional at LinkedIn putit:
Just bought around 100K worth of bitcoin. YOLO. Bitcoin to the
According to Riccobono, Blind decided to run this survey because it is apparent that decentralized finance is likely to impact significantly how banks operate in the future.
“Users on Blind have begun to recognize the potential to shift the whole financial system at a macroeconomic level,” she said.
• Half the Professionals Surveyed in Anonymous Poll ‘Trust’ Crypto
• Half the Professionals Surveyed in Anonymous Poll ‘Trust’ Crypto || Half the Professionals Surveyed in Anonymous Poll Trust Crypto: A recent survey conducted by Blind , an anonymous professional network for tech professionals, found that 50% of professionals trust cryptocurrency and 57% currently own some. The data was gathered from a survey of 1,800 respondents over the course of the last couple of days. Respondents included employees of Twitter, Amazon, JPMorgan and a variety of other companies. The survey asked respondents whether they trust cryptocurrency, whether they own any and whether they would accept cryptocurrency as payment as part of their total compensation. Related: BitGo Receives NYDFS Approval for New York Trust Charter The most surprising takeaway from this survey is that only half of survey respondents trust cryptocurrency, said Fiorella Riccobono, who ran the survey and collected the data. Given companies like Tesla, PayPal, Square, and Twitter have all shown their exposure to bitcoin , I expected their confidence to trickle into the tech industry and their respective employees more. Who trusts crypto more? Interestingly, employees of big banks seemed to trust crypto more than those in tech jobs. For example, 90% of professionals at JPMorgan Chase & Co. and 70% of Goldman Sachs professionals say they trust cryptocurrency. This seemingly is in line with a renewed interest in cryptocurrencies by institutional investors during the currency bull run, including Goldman Sachs re-launching of its crypto trading desk on March 1 after a three-year hiatus. Comparably, only 52% of professionals at Amazon and 50% of Apple professionals trust cryptocurrency. Read more: Amazon Managed Blockchain at Last Supports Ethereum, Ending a Two-Year Tease Related: Colombia's First Commercial Bank to Pilot Crypto Services Meanwhile, 39% of respondents said they would accept crypto as part of their total compensation, led by 80% of employees at Credit Karma, the credit monitoring company. Just 38% of employees at PayPal, a company that recently entered the crypto fray, said they would accept compensation in crypto. Story continues While Riccobono was surprisedtrust in crypto wasnt higher, other respondents employed by companies that have shown familiarity with crypto held bags. For example, 75% of Twitter professionals who responded to the survey own cryptocurrency, and 64% of the Bloomberg respondents said they did. Read more: Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments Users of Blind can also share posts, or ask questions. A Facebook professional on Blind wrote , Half my wealth in crypto[.] Its the future of money, and youll probably do it too someday. Is it risky? Yes. But I am highly confident it will pay off. Meanwhile, an Amazon professional posted that one of his or her concerns is that people who dont understand blockchains generally dont mentally separate blockchain utilization (e.g., cryptocurrency) from the underlying technology that makes everything possible (the blockchain itself). Its concerning because if people dont make that distinction, then the failure of one or more trending cryptos will cause people to mentally write off the benefits or the potential benefits of the underlying technology, the anonymous professional wrote. Thats why Ive been looking at investing in currencies that exist on underlying systems that I think are scalable beyond simple payment ledgers. And as one professional at LinkedIn put it: Just bought around 100K worth of bitcoin. YOLO. Bitcoin to the . According to Riccobono, Blind decided to run this survey because it is apparent that decentralized finance is likely to impact significantly how banks operate in the future. Users on Blind have begun to recognize the potential to shift the whole financial system at a macroeconomic level, she said. Related Stories Half the Professionals Surveyed in Anonymous Poll Trust Crypto Half the Professionals Surveyed in Anonymous Poll Trust Crypto || How to Buy Bitcoin at an 80% Premium From Michael Saylor: Few people have captured the imagination of the cryptocurrency market quite like MicroStrategy CEO Michael Saylor, a guest on Wednesday morning’sFirst Mover on CoinDesk TV.
His company’s purchases ofbitcoin, first announced in August, validated a key narrative driving the current bull market: the “institutions” were joining the fray (companies fitting crypto’s definition of an institution can be far more modest in size, andcommercial rather than financial in mission, than Wall Street’s). It took a couple of months more of bitcoin prices languishing around the $10,000 level before really taking off in the final quarter of 2020 but after that, it hasn’t looked back. Well, at least not yet.
Lawrence Lewitinn, CFA is CoinDesk’s managing editor for global capital markets and a former fixed-income, currencies and commodities trader who began his career on Wall Street nearly three decades ago. This article first appeared in First Mover, CoinDesk’s daily markets newsletter.Subscribe here.
Related:Colombia's First Commercial Bank to Pilot Crypto Services
MicroStrategy’s series of bitcoin purchases have been a triumph.As Saylor noted in a recent tweet, the company has thus far spent $2.186 billion to buy a total of 90,859 BTC. That puts its average cost at $24,063. At current prices, MicroStrategy’s bitcoin was worth $4.4 billion as of March 2.
A $2.2 billion gain in value for an asset on the balance sheet of a company that had been worth around $1 billion for the prior three years is usually considered a good thing.
Usually.
Yet, it should be noted that while MicroStrategy bought bitcoin at $24,063, which now looks like a bargain, it’s a different story for anyone buying MSTR stock now.
Related:All About Bitcoin - Mar 5, 2021
The company’s market cap is now about $7.2 billion. As of March 2, $4.4 billion of its assets were in bitcoin. Around the time it first announced its bitcoin buys, MicroStrategy’s market cap was just $1.3 billion. To buy all that bitcoin it now owns, the company at first usedsome cash,somewhere to the tune of around $425 million. In recent months,it has issueda total of $1.7 billion inconvertible notesthat, if turned to equity, could add a couple million shares to thenearly 10 millionalready outstanding (that’s another discussion).
Doing some paper napkin math – adding the value of the bitcoin and the underlying company while subtracting the debt and the cash spent (to avoid double-counting) – the sum is $3.575 billion. Rounding that up to $3.6 billion and it’s still just half the current market cap.
The remaining $3.6 billion needed to get to a $7.2 billion valuation can be explained as … magic. Well, at least to some investors buying the stock now. Otherwise, that $3.6 billion premium is a bet on value that has yet to be unlocked. It’s a bet that Michael Saylor and the rest of management is able to do incredible things with the company, like buy a lot of bitcoin before everyone else.
So far, it’s been a profitable bet for those who were lucky to get in at the right time. MicroStrategy shares have significantly outperformed bitcoin’s price since the start of September.
Indeed, the argument made for buying MicroStrategy’s stock right now is that it’s one of the few ways for institutional investors otherwise barred from getting into bitcoin because of regulatory issues (such as no bitcoin exchange-traded fund) to gain exposure to cryptocurrencies. However, it’s a very, VERY expensive way to do so.
That’s because paying a $3.6 billion premium for MicroStrategy’s leveraged bitcoin hoard of $4.4 billion works out to roughly $88,000 per bitcoin, more than triple the $24,063 the company paid to acquire it over the past few months. Remember, buying MicroStrategy shares now isn’t the same as buying shares back in August.
Thus, if anyone is buying MicroStrategy’s stock solely for the bitcoin play, that person (or “institution”) would be paying nearly double for the bitcoin and getting a flat-lining stock.
Will that premium still be there should a Gary Gensler-led Securities and Exchange Commission decide to approve a bitcoin ETF? Who knows? Weirder things have happened.
The stock may well continue to rally. In this environment, anything can happen. If shares in a declining video game retailer can skyrocket, what’s to stop investors from wanting to pay double for bitcoin?
• How to Buy Bitcoin at an 80% Premium From Michael Saylor
• How to Buy Bitcoin at an 80% Premium From Michael Saylor || How to Buy Bitcoin at an 80% Premium From Michael Saylor: Few people have captured the imagination of the cryptocurrency market quite like MicroStrategy CEO Michael Saylor, a guest on Wednesday morning’sFirst Mover on CoinDesk TV.
His company’s purchases ofbitcoin, first announced in August, validated a key narrative driving the current bull market: the “institutions” were joining the fray (companies fitting crypto’s definition of an institution can be far more modest in size, andcommercial rather than financial in mission, than Wall Street’s). It took a couple of months more of bitcoin prices languishing around the $10,000 level before really taking off in the final quarter of 2020 but after that, it hasn’t looked back. Well, at least not yet.
Lawrence Lewitinn, CFA is CoinDesk’s managing editor for global capital markets and a former fixed-income, currencies and commodities trader who began his career on Wall Street nearly three decades ago. This article first appeared in First Mover, CoinDesk’s daily markets newsletter.Subscribe here.
Related:Colombia's First Commercial Bank to Pilot Crypto Services
MicroStrategy’s series of bitcoin purchases have been a triumph.As Saylor noted in a recent tweet, the company has thus far spent $2.186 billion to buy a total of 90,859 BTC. That puts its average cost at $24,063. At current prices, MicroStrategy’s bitcoin was worth $4.4 billion as of March 2.
A $2.2 billion gain in value for an asset on the balance sheet of a company that had been worth around $1 billion for the prior three years is usually considered a good thing.
Usually.
Yet, it should be noted that while MicroStrategy bought bitcoin at $24,063, which now looks like a bargain, it’s a different story for anyone buying MSTR stock now.
Related:All About Bitcoin - Mar 5, 2021
The company’s market cap is now about $7.2 billion. As of March 2, $4.4 billion of its assets were in bitcoin. Around the time it first announced its bitcoin buys, MicroStrategy’s market cap was just $1.3 billion. To buy all that bitcoin it now owns, the company at first usedsome cash,somewhere to the tune of around $425 million. In recent months,it has issueda total of $1.7 billion inconvertible notesthat, if turned to equity, could add a couple million shares to thenearly 10 millionalready outstanding (that’s another discussion).
Doing some paper napkin math – adding the value of the bitcoin and the underlying company while subtracting the debt and the cash spent (to avoid double-counting) – the sum is $3.575 billion. Rounding that up to $3.6 billion and it’s still just half the current market cap.
The remaining $3.6 billion needed to get to a $7.2 billion valuation can be explained as … magic. Well, at least to some investors buying the stock now. Otherwise, that $3.6 billion premium is a bet on value that has yet to be unlocked. It’s a bet that Michael Saylor and the rest of management is able to do incredible things with the company, like buy a lot of bitcoin before everyone else.
So far, it’s been a profitable bet for those who were lucky to get in at the right time. MicroStrategy shares have significantly outperformed bitcoin’s price since the start of September.
Indeed, the argument made for buying MicroStrategy’s stock right now is that it’s one of the few ways for institutional investors otherwise barred from getting into bitcoin because of regulatory issues (such as no bitcoin exchange-traded fund) to gain exposure to cryptocurrencies. However, it’s a very, VERY expensive way to do so.
That’s because paying a $3.6 billion premium for MicroStrategy’s leveraged bitcoin hoard of $4.4 billion works out to roughly $88,000 per bitcoin, more than triple the $24,063 the company paid to acquire it over the past few months. Remember, buying MicroStrategy shares now isn’t the same as buying shares back in August.
Thus, if anyone is buying MicroStrategy’s stock solely for the bitcoin play, that person (or “institution”) would be paying nearly double for the bitcoin and getting a flat-lining stock.
Will that premium still be there should a Gary Gensler-led Securities and Exchange Commission decide to approve a bitcoin ETF? Who knows? Weirder things have happened.
The stock may well continue to rally. In this environment, anything can happen. If shares in a declining video game retailer can skyrocket, what’s to stop investors from wanting to pay double for bitcoin?
• How to Buy Bitcoin at an 80% Premium From Michael Saylor
• How to Buy Bitcoin at an 80% Premium From Michael Saylor || How to Buy Bitcoin at an 80% Premium From Michael Saylor: Few people have captured the imagination of the cryptocurrency market quite like MicroStrategy CEO Michael Saylor, a guest on Wednesday morning’s First Mover on CoinDesk TV . His company’s purchases of bitcoin , first announced in August, validated a key narrative driving the current bull market: the “institutions” were joining the fray (companies fitting crypto’s definition of an institution can be far more modest in size, and commercial rather than financial in mission , than Wall Street’s). It took a couple of months more of bitcoin prices languishing around the $10,000 level before really taking off in the final quarter of 2020 but after that, it hasn’t looked back. Well, at least not yet. Lawrence Lewitinn, CFA is CoinDesk’s managing editor for global capital markets and a former fixed-income, currencies and commodities trader who began his career on Wall Street nearly three decades ago. This article first appeared in First Mover, CoinDesk’s daily markets newsletter. Subscribe here . Related: Colombia's First Commercial Bank to Pilot Crypto Services MicroStrategy’s series of bitcoin purchases have been a triumph. As Saylor noted in a recent tweet , the company has thus far spent $2.186 billion to buy a total of 90,859 BTC. That puts its average cost at $24,063. At current prices, MicroStrategy’s bitcoin was worth $4.4 billion as of March 2. A $2.2 billion gain in value for an asset on the balance sheet of a company that had been worth around $1 billion for the prior three years is usually considered a good thing. Usually. Back of the envelope Yet, it should be noted that while MicroStrategy bought bitcoin at $24,063, which now looks like a bargain, it’s a different story for anyone buying MSTR stock now. Related: All About Bitcoin - Mar 5, 2021 The company’s market cap is now about $7.2 billion. As of March 2, $4.4 billion of its assets were in bitcoin. Around the time it first announced its bitcoin buys, MicroStrategy’s market cap was just $1.3 billion. To buy all that bitcoin it now owns, the company at first used some cash, somewhere to the tune of around $425 million. In recent months, it has issued a total of $1.7 billion in convertible notes that, if turned to equity, could add a couple million shares to the nearly 10 million already outstanding (that’s another discussion). Story continues Doing some paper napkin math – adding the value of the bitcoin and the underlying company while subtracting the debt and the cash spent (to avoid double-counting) – the sum is $3.575 billion. Rounding that up to $3.6 billion and it’s still just half the current market cap. The remaining $3.6 billion needed to get to a $7.2 billion valuation can be explained as … magic. Well, at least to some investors buying the stock now. Otherwise, that $3.6 billion premium is a bet on value that has yet to be unlocked. It’s a bet that Michael Saylor and the rest of management is able to do incredible things with the company, like buy a lot of bitcoin before everyone else. So far, it’s been a profitable bet for those who were lucky to get in at the right time. MicroStrategy shares have significantly outperformed bitcoin’s price since the start of September. Tfw no ETF Indeed, the argument made for buying MicroStrategy’s stock right now is that it’s one of the few ways for institutional investors otherwise barred from getting into bitcoin because of regulatory issues (such as no bitcoin exchange-traded fund) to gain exposure to cryptocurrencies. However, it’s a very, VERY expensive way to do so. That’s because paying a $3.6 billion premium for MicroStrategy’s leveraged bitcoin hoard of $4.4 billion works out to roughly $88,000 per bitcoin, more than triple the $24,063 the company paid to acquire it over the past few months. Remember, buying MicroStrategy shares now isn’t the same as buying shares back in August. Thus, if anyone is buying MicroStrategy’s stock solely for the bitcoin play, that person (or “institution”) would be paying nearly double for the bitcoin and getting a flat-lining stock. Will that premium still be there should a Gary Gensler-led Securities and Exchange Commission decide to approve a bitcoin ETF? Who knows? Weirder things have happened. The stock may well continue to rally. In this environment, anything can happen. If shares in a declining video game retailer can skyrocket, what’s to stop investors from wanting to pay double for bitcoin? Related Stories How to Buy Bitcoin at an 80% Premium From Michael Saylor How to Buy Bitcoin at an 80% Premium From Michael Saylor || BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month: Arthur Hayes, the founder and former CEO of crypto trading platform BitMEX, could surrender to U.S. authorities next month, according to a federal prosecutor.
Jessica Greenwood, an assistant U.S. attorney for the Southern District of New York, told a federal judge ina court transcript dated Feb. 16that her team had been in talks with Hayes’ lawyers about surrendering to U.S. law enforcement officials. Greenwood also said she’d been in touch with BitMEX co-founder Ben Delo and its first employee Gregory Dwyer.
The three were charged in October 2020 withviolating the Bank Secrecy Actand conspiracy to violate the act. A fourth defendant, Samuel Reed, was arrested last year andsubsequently releasedon bond. AVanity Fair profileon Hayes and the BitMEX saga was published on Feb. 4.
Related:All About Bitcoin - Mar 5, 2021
Hayes is currently in Singapore, Greenwood told District Judge John Koeltl, of the Southern District of New York, according to the transcript.
“We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then,” she said in the transcript.
Greenwood said Hayes could continue to reside abroad, traveling to Hawaii for virtual appearances during the initial stages of the legal process. He would travel to New York if and when the case proceeds to the trial phase.
“That is the proposed bail package that we would be presenting for your Honor,” she said, according to the transcript. “It would include agreement by the government that he be permitted to continue to reside abroad and that he would be traveling to the United States, if necessary, for court appearances and meetings with counsel.”
Related:The Hash - Mar 5, 2021
Delo is planning to surrender in New York, Greenwood said in the court transcript, though he needs assistance entering the U.S. due to an ongoing travel ban for travelers from the United Kingdom, where he resides.
Read more:BitMEX CEO Arthur Hayes Leaves Role After US Charges
Dwyer is currently in Bermuda and has no plans to voluntarily surrender, but federal prosecutors have begun extradition proceedings, according to Greenwood, though she noted that Dwyer’s legal team does not plan to oppose these proceedings.
“We are trying to achieve compensation for victims of various nefarious acts that took place on that exchange for years. We are confident that justice will prevail,” saidPavel Pogodin, an attorney representing former BitMEX userssuing the platform. Pogodin wasthe first to surface the potential surrender dateson Twitter on Wednesday.
100x Group, the parent firm to BitMEX, and the U.S. Attorney’s Office for the Southern District of New York did not immediately return requests for comment.
UPDATE (March 3, 2021, 23:40 UTC):Updated with additional context; corrects that Gregory Dwyer is not a cofounder of BitMEX but was its first employee.
• BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month
• BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month || BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month: Arthur Hayes, the founder and former CEO of crypto trading platform BitMEX, could surrender to U.S. authorities next month, according to a federal prosecutor. Jessica Greenwood, an assistant U.S. attorney for the Southern District of New York, told a federal judge in a court transcript dated Feb. 16 that her team had been in talks with Hayes lawyers about surrendering to U.S. law enforcement officials. Greenwood also said shed been in touch with BitMEX co-founder Ben Delo and its first employee Gregory Dwyer. The three were charged in October 2020 with violating the Bank Secrecy Act and conspiracy to violate the act. A fourth defendant, Samuel Reed, was arrested last year and subsequently released on bond. A Vanity Fair profile on Hayes and the BitMEX saga was published on Feb. 4. Related: All About Bitcoin - Mar 5, 2021 Hayes is currently in Singapore, Greenwood told District Judge John Koeltl, of the Southern District of New York, according to the transcript. We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then, she said in the transcript. Greenwood said Hayes could continue to reside abroad, traveling to Hawaii for virtual appearances during the initial stages of the legal process. He would travel to New York if and when the case proceeds to the trial phase. That is the proposed bail package that we would be presenting for your Honor, she said, according to the transcript. It would include agreement by the government that he be permitted to continue to reside abroad and that he would be traveling to the United States, if necessary, for court appearances and meetings with counsel. Related: The Hash - Mar 5, 2021 Delo is planning to surrender in New York, Greenwood said in the court transcript, though he needs assistance entering the U.S. due to an ongoing travel ban for travelers from the United Kingdom, where he resides. Story continues Read more: BitMEX CEO Arthur Hayes Leaves Role After US Charges Dwyer is currently in Bermuda and has no plans to voluntarily surrender, but federal prosecutors have begun extradition proceedings, according to Greenwood, though she noted that Dwyers legal team does not plan to oppose these proceedings. We are trying to achieve compensation for victims of various nefarious acts that took place on that exchange for years. We are confident that justice will prevail, said Pavel Pogodin , an attorney representing former BitMEX users suing the platform . Pogodin was the first to surface the potential surrender dates on Twitter on Wednesday. 100x Group, the parent firm to BitMEX, and the U.S. Attorneys Office for the Southern District of New York did not immediately return requests for comment. UPDATE (March 3, 2021, 23:40 UTC): Updated with additional context; corrects that Gregory Dwyer is not a cofounder of BitMEX but was its first employee. Related Stories BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month BitMEX CEO Arthur Hayes May Surrender to US Law Enforcement Next Month || Cypherpunk Holdings Inc. Announces Investment into IP Address Sector: Supporting VPNs and proxy services enhances Internet privacy
Toronto, Ontario--(Newsfile Corp. - March 3, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) ("Cypherpunk" or the "Company"), a sector leader for privacy-technology investments is pleased to announce that it has formally engaged Heficed (part of Digital Energy Technologies Ltd) to procure at least 16,384 of IPv4 addresses. The acquired IP addresses will become a long-term asset of the Company and will be leased out via the market-leading IPXO Ltd. platform, allowing the Company to book operating income.
Heficed is a service provider owned by Digital Energy Technologies Ltd, based and operating in the UK and Lithuania since 2009. Heficed clients range from large enterprises to start-ups. The CEO of Heficed, Vincentas Grinius, says: "The prices of IP addresses have drastically increased in the last year, they are up by 35%. A single IP address costs between $20-$25. Due to the demand and limit on supply we think this trend will continue and prices will be rising. One of the biggest buyers is the largest e-commerce platform in the world. They have purchased 20 million IP addresses in 2019 and another 8 million in 2020." Heficed has been engaged on 2ndof March 2021 for an initial period of no less than 24 months.
Cypherpunk Holdings has been closely monitoring this space as the Internet of Things (IoT) is a growing sector and IP addresses are widely used in privacy technologies such as Virtual Private Networks (VPNs) and various cyber security applications.
The Company is further looking to lease the acquired addresses via IPXO platform. The Internet Protocol Exchange Organisation, or IPXO, is a unique IP lease & monetization platform and marketplace that helps to monetize unused IP resources and alleviate the IPv4 shortage problem.
Tony Guoga, the CEO of the Company, added: "When the internet was first created it was set to just over 4 billion IPv4 addresses. Today, the world has run out of them and they have been allocated to a very small number of large technology companies or internet service providers. A new version of IP addresses called IPv6 has been created but the adoption rate has been extremely slow. Just like Bitcoin, the supply is limited and this is why we think this a very compelling investment, which we anticipate will yield a healthy return."
IPv4 uses a 32-bit address, allowing for 4.3 billion unique addresses. IPv6 uses a 128-bit address, which provides an immensely higher number of unique address combinations. For global organizations, transitioning from majority IPv4 to majority IPv6 is a solution. However, this will not be possible for everyone because less than 30% of all internet-connected networks promote IPv6 connectivity, organizations transitioning to IPv6 will have to run IPv4 and IPv6 simultaneously which is both slow and expensive.
About Cypherpunk Holdings Inc.
Cypherpunk is a company set-up to invest in companies, technologies and protocols, which enhance or protect privacy. Its strategy is to make targeted investments in businesses and assets with strong privacy, often within the blockchain ecosystem, including select cryptocurrencies. Current equity investments include Samourai Wallet, Wasabi Wallet, Chia, NGRAVE, and Hydro 66.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to the Company's goal of making investments in the blockchain and other sectors and enhancing value. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward- looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Investor Relations Contacts:
Veronika OswaldInvestor Relations, Cypherpunk Holdings [email protected]: 416.599.8547
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/75990 || Cypherpunk Holdings Inc. Announces Investment into IP Address Sector: Supporting VPNs and proxy services enhances Internet privacy Toronto, Ontario--(Newsfile Corp. - March 3, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) (" Cypherpunk " or the " Company "), a sector leader for privacy-technology investments is pleased to announce that it has formally engaged Heficed (part of Digital Energy Technologies Ltd) to procure at least 16,384 of IPv4 addresses. The acquired IP addresses will become a long-term asset of the Company and will be leased out via the market-leading IPXO Ltd. platform, allowing the Company to book operating income. Heficed is a service provider owned by Digital Energy Technologies Ltd, based and operating in the UK and Lithuania since 2009. Heficed clients range from large enterprises to start-ups. The CEO of Heficed, Vincentas Grinius, says: "The prices of IP addresses have drastically increased in the last year, they are up by 35%. A single IP address costs between $20-$25. Due to the demand and limit on supply we think this trend will continue and prices will be rising. One of the biggest buyers is the largest e-commerce platform in the world. They have purchased 20 million IP addresses in 2019 and another 8 million in 2020." Heficed has been engaged on 2 nd of March 2021 for an initial period of no less than 24 months. Cypherpunk Holdings has been closely monitoring this space as the Internet of Things (IoT) is a growing sector and IP addresses are widely used in privacy technologies such as Virtual Private Networks (VPNs) and various cyber security applications. The Company is further looking to lease the acquired addresses via IPXO platform. The Internet Protocol Exchange Organisation, or IPXO, is a unique IP lease & monetization platform and marketplace that helps to monetize unused IP resources and alleviate the IPv4 shortage problem. Tony Guoga, the CEO of the Company, added: "When the internet was first created it was set to just over 4 billion IPv4 addresses. Today, the world has run out of them and they have been allocated to a very small number of large technology companies or internet service providers. A new version of IP addresses called IPv6 has been created but the adoption rate has been extremely slow. Just like Bitcoin, the supply is limited and this is why we think this a very compelling investment, which we anticipate will yield a healthy return." Story continues IPv4 uses a 32-bit address, allowing for 4.3 billion unique addresses. IPv6 uses a 128-bit address, which provides an immensely higher number of unique address combinations. For global organizations, transitioning from majority IPv4 to majority IPv6 is a solution. However, this will not be possible for everyone because less than 30% of all internet-connected networks promote IPv6 connectivity, organizations transitioning to IPv6 will have to run IPv4 and IPv6 simultaneously which is both slow and expensive. About Cypherpunk Holdings Inc. Cypherpunk is a company set-up to invest in companies, technologies and protocols, which enhance or protect privacy. Its strategy is to make targeted investments in businesses and assets with strong privacy, often within the blockchain ecosystem, including select cryptocurrencies. Current equity investments include Samourai Wallet, Wasabi Wallet, Chia, NGRAVE, and Hydro 66. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to the Company's goal of making investments in the blockchain and other sectors and enhancing value. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward- looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements. Investor Relations Contacts: Veronika Oswald Investor Relations, Cypherpunk Holdings Inc. [email protected] Office: 416.599.8547 To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75990 || Cypherpunk Holdings Inc. Announces Corporate Update on Strategy and Current Investments: Purchase of Monero Tokens and Depositing of Bitcoin to Generate Operating Income
Toronto, Ontario--(Newsfile Corp. - March 3, 2021) - Cypherpunk Holdings Inc. (CSE: HODL) ("Cypherpunk" or the "Company"), a sector leader for privacy-technology investments, is pleased to provide a corporate update summarizing the Company's current corporate plans and completed investments.
Cypherpunk Holdings is pleased to announce a purchase of 1,780 Monero tokens for CAD $500,000. This purchase of Monero strengthens the Company's investment thesis in becoming the world's leading privacy focused investment vehicle. According to Messari, Monero is also the world's leading privacy asset by market cap (https://messari.io/asset/monero). Additional information can be found atgetmonero.org.
To further increase the cash flow and generate income, part of the Company's Bitcoin holding is being deposited to BlockFi for variable interest.
BlockFi is providing credit services to markets with limited access to simple products like a savings account. BlockFi sets itself apart from other crypto asset service providers by pairing market-leading rates with institutional-quality benefits. The company is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi and Coinbase Ventures.
The Company is currently devoting resources to researching the two promising sectors of Decentralized Finance (DeFi) and Non Fungible Tokens (NFT) as these are high growth areas. Cointelegraph reports the sales volume from the top three platforms grew to $342 million in February, up almost 400% from the $71 million recorded the month before.
https://cointelegraph.com/news/top-3-nft-brands-sales-grew-381-in-february
About Cypherpunk Holdings Inc.
Cypherpunk is a company set-up to invest in companies, technologies and protocols, which enhance or protect privacy. Its strategy is to make targeted investments in businesses and assets with strong privacy, often within the blockchain ecosystem, including select cryptocurrencies. Current equity investments include Samourai Wallet, Wasabi Wallet, Chia, NGRAVE, and Hydro 66.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to the Company's goal of making investments in the blockchain and other sectors and enhancing value. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward- looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Investor Relations Contacts:Veronika OswaldInvestor Relations, Cypherpunk Holdings [email protected]: 416.599.8547
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/75988
[Social Media Buzz]
None available.
|
48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16, 6978.23, 7037.58, 7193.25, 7272.72, 7260.06, 7361.66, 6792.83, 6529.17, 6467.07, 6225.98, 6300.86, 6329.70, 6321.20, 6351.80, 6517.31, 6512.71, 6543.20.
|
[Bitcoin Technical Analysis for 2018-09-15]
Volume: 3216300000, RSI (14-day): 46.38, 50-day EMA: 6756.07, 200-day EMA: 7466.47
[Wider Market Context]
None available.
[Recent News (last 7 days)]
New Mining Manufacturer Linzhi Announces Ethereum ASIC Miner: Want to Learn More About Mining? There’s a New Summit for That Chen Min, the former chief chip maker at Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul, South Korea, Chen’s new company, Linzhi, will focus on building cryptocurrency mining devices, and its first official products are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic. Ethereum ASIC miners are relatively new. The first group arrived five months ago in April by way of Bitcoin mining giant Bitmain. Known as Antminer E3s, they were first shipped out last July and cost approximately $800 per unit. The first batch sold out almost immediately despite several selling limits, including Bitmain’s “one unit per user” principle, and restrictions on shipping to both Taiwan and China. The company had been touting its new technology since early February. Susquehanna analyst Christopher Rolland was one of the first voices to break the news. Rolland explained , “During our travels through Asia last week, we confirmed that Bitmain has already developed an ASIC for mining Ethereum, and is readying the supply chain for shipments in [Q2 2018].” Unfortunately, the Ethereum community has posed several problems for Bitmain by seeking to halt the use of ASICs, which they believe cause centralization and prevent fair competition in the mining arena. Recently, a developer put forth an Ethereum improvement proposal (EIP) suggesting an Ethereum Network hard fork that would ultimately prevent the utilization of ASICs in Ethereum mining. In addition to this EIP impediment, Bitmain faced criticism for the release of its latest chip, the Antminer X3, which was built to mine Monero. The currency’s founder, Riccardo “Fluffypony” Spagni, claimed that the chip would be rendered inoperable by the time it was ready for release given that Monero was scheduled for a hard fork that would make it immune to ASICs. Furthermore, Monero would undergo biannual changes that developers asserted would discourage both the centralization of mining and the use of ASICs when mining the currency. Prior to selling the chip, Bitmain posted on its website that the risks of cryptocurrency mining could be “related to changes in exchange rates of the cryptocurrency or to changes in the algorithm that is used to mine the cryptocurrency.” It also asked customers to “please deliberate well before making a purchase,” as they would not be processing any refunds. During her talk at the Ethereum Classic Summit this week, Chen claimed that Linzhi’s new Ethereum miner would use only one-eighth of the power consumed by Bitmain’s devices. In addition, she said it would run at about 1,400 million hashes per second — a sizable increase compared to the 190 million hashes per second that Bitmain’s Antminers produce. If Chen’s claims hold up, Linzhi’s product could produce as much as $20 in ether per day — about $17 more than what miners would make using a Bitmain miner. At this rate, Chen believes the money people would pay for a unit could be earned back in as little as four months. Story continues The miner is slated for release by April 2019, though Chen has yet to offer a figure of what a single mining unit might cost. This article originally appeared on Bitcoin Magazine . View comments || New Mining Manufacturer Linzhi Announces Ethereum ASIC Miner: Want to Learn More About Mining? There’s a New Summit for That Chen Min, the former chief chip maker at Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul, South Korea, Chen’s new company, Linzhi, will focus on building cryptocurrency mining devices, and its first official products are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic. Ethereum ASIC miners are relatively new. The first group arrived five months ago in April by way of Bitcoin mining giant Bitmain. Known as Antminer E3s, they were first shipped out last July and cost approximately $800 per unit. The first batch sold out almost immediately despite several selling limits, including Bitmain’s “one unit per user” principle, and restrictions on shipping to both Taiwan and China. The company had been touting its new technology since early February. Susquehanna analyst Christopher Rolland was one of the first voices to break the news. Rolland explained , “During our travels through Asia last week, we confirmed that Bitmain has already developed an ASIC for mining Ethereum, and is readying the supply chain for shipments in [Q2 2018].” Unfortunately, the Ethereum community has posed several problems for Bitmain by seeking to halt the use of ASICs, which they believe cause centralization and prevent fair competition in the mining arena. Recently, a developer put forth an Ethereum improvement proposal (EIP) suggesting an Ethereum Network hard fork that would ultimately prevent the utilization of ASICs in Ethereum mining. In addition to this EIP impediment, Bitmain faced criticism for the release of its latest chip, the Antminer X3, which was built to mine Monero. The currency’s founder, Riccardo “Fluffypony” Spagni, claimed that the chip would be rendered inoperable by the time it was ready for release given that Monero was scheduled for a hard fork that would make it immune to ASICs. Furthermore, Monero would undergo biannual changes that developers asserted would discourage both the centralization of mining and the use of ASICs when mining the currency. Prior to selling the chip, Bitmain posted on its website that the risks of cryptocurrency mining could be “related to changes in exchange rates of the cryptocurrency or to changes in the algorithm that is used to mine the cryptocurrency.” It also asked customers to “please deliberate well before making a purchase,” as they would not be processing any refunds. During her talk at the Ethereum Classic Summit this week, Chen claimed that Linzhi’s new Ethereum miner would use only one-eighth of the power consumed by Bitmain’s devices. In addition, she said it would run at about 1,400 million hashes per second — a sizable increase compared to the 190 million hashes per second that Bitmain’s Antminers produce. If Chen’s claims hold up, Linzhi’s product could produce as much as $20 in ether per day — about $17 more than what miners would make using a Bitmain miner. At this rate, Chen believes the money people would pay for a unit could be earned back in as little as four months. Story continues The miner is slated for release by April 2019, though Chen has yet to offer a figure of what a single mining unit might cost. This article originally appeared on Bitcoin Magazine . View comments || Coinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Crypto: Two US-based crypto behemoths, Coinbase and BitGo, will continue to facilitate growing demand for Bitcoin from institutional investors by operating as trusted custodians.
Earlier this week,BitGowas approved by South Dakota regulators to create and operate a crypto custody solution, whileCoinbaseestablished a new office in New York exclusively to handle institutional demand into the market.
In an interview with CNBC Fast Money, BitGo CEO Mike Belshe stated that the cryptocurrency market needs fresh capital to initiate a new mid-term rally and properly recover from its 80 percent correction in 2018.
Belshe said that the market has not seen many new buyers emerging in the past eight months. But, with the introduction of several crypto custody solutions offered by BitGo, Coinbase, and potentially regulated financial institutions like Goldman Sachs, Citigroup, and Morgan Stanley, billions of dollars in new capital will hit the Bitcoin market.
Heexplained:
“What Bitcoin needs is fresh capital coming in, so we haven’t seen a lot of new buyers coming in. So to the extent that Wall Street represents that, yes, Bitcoin needs that, and I can tell you anecdotally that the institutional herd is starting to move their feet a little bit, but they have been taking much longer than I expected… This [custody product] is making me much more optimistic, and this [may be] the solution [that institutional investors have been waiting for].”
Initially, in 2013, BitGo was launched as a blockchain security system, providing multi-signature security services to protect large-scale exchanges like Kraken, Korbit, and UPbit, the biggest cryptocurrency exchange in South Korea.
As the cryptocurrency market started to evolve, BitGoacquiredKingdom Trust, a trusted custodian that oversees more than $12 billion in assets, to facilitate the demand from institutions for Bitcoin. At last, in September, BitGo received the approval from the US government to operate a crypto custody, and is now preparing to serve institutions.
The entrance of BitGo into the institutional market of Bitcoin and the expansion of Coinbase’s crypto custody service which was launched back in July are expected to eliminate the final barrier between institutions and the crypto market that prevented large-scale investors from committing to the new asset class.
In his interview, Belshe emphasized the necessity of a new wave of capital hitting the cryptocurrency market. But, in 2017,Bitcoin achieved an all-time high of $19,500, with the price of BTC surpassing $24,000 in South Korea, without the involvement of institutions.
Investors remain highly optimistic in the long-term growth of the market and what the cryptocurrency market would be like with the participation of pension funds, hedge funds, and a wide range of institutions.
At this rate, as billionaire investor Mike Novogratz previouslysaid, the next rally of crypto could be fueled by fear of missing out (FOMO) amongst institutional investors, as long as the infrastructure is robust enough to handle the demand.
Featured Image from Shutterstock
The postCoinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Cryptoappeared first onCCN. || Coinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Crypto: cryptocurrency wall street bitcoin etf Two US-based crypto behemoths, Coinbase and BitGo, will continue to facilitate growing demand for Bitcoin from institutional investors by operating as trusted custodians. Earlier this week, BitGo was approved by South Dakota regulators to create and operate a crypto custody solution, while Coinbase established a new office in New York exclusively to handle institutional demand into the market. Coinbase New York is now officially open. pic.twitter.com/JCe8r392LB — Michael del Castillo (@DelRayMan) September 13, 2018 Bitcoin Needs Fresh Capital, Institutional Demand Will do it In an interview with CNBC Fast Money, BitGo CEO Mike Belshe stated that the cryptocurrency market needs fresh capital to initiate a new mid-term rally and properly recover from its 80 percent correction in 2018. Belshe said that the market has not seen many new buyers emerging in the past eight months. But, with the introduction of several crypto custody solutions offered by BitGo, Coinbase, and potentially regulated financial institutions like Goldman Sachs, Citigroup, and Morgan Stanley, billions of dollars in new capital will hit the Bitcoin market. He explained : “What Bitcoin needs is fresh capital coming in, so we haven’t seen a lot of new buyers coming in. So to the extent that Wall Street represents that, yes, Bitcoin needs that, and I can tell you anecdotally that the institutional herd is starting to move their feet a little bit, but they have been taking much longer than I expected… This [custody product] is making me much more optimistic, and this [may be] the solution [that institutional investors have been waiting for].” Initially, in 2013, BitGo was launched as a blockchain security system, providing multi-signature security services to protect large-scale exchanges like Kraken, Korbit, and UPbit, the biggest cryptocurrency exchange in South Korea. Story continues As the cryptocurrency market started to evolve, BitGo acquired Kingdom Trust, a trusted custodian that oversees more than $12 billion in assets, to facilitate the demand from institutions for Bitcoin. At last, in September, BitGo received the approval from the US government to operate a crypto custody, and is now preparing to serve institutions. The entrance of BitGo into the institutional market of Bitcoin and the expansion of Coinbase’s crypto custody service which was launched back in July are expected to eliminate the final barrier between institutions and the crypto market that prevented large-scale investors from committing to the new asset class. $20,000 in 2017 Without Institutions In his interview, Belshe emphasized the necessity of a new wave of capital hitting the cryptocurrency market. But, in 2017, Bitcoin achieved an all-time high of $19,500 , with the price of BTC surpassing $24,000 in South Korea, without the involvement of institutions. Investors remain highly optimistic in the long-term growth of the market and what the cryptocurrency market would be like with the participation of pension funds, hedge funds, and a wide range of institutions. At this rate, as billionaire investor Mike Novogratz previously said , the next rally of crypto could be fueled by fear of missing out (FOMO) amongst institutional investors, as long as the infrastructure is robust enough to handle the demand. Featured Image from Shutterstock The post Coinbase, BitGo Reaffirm Plans to Focus on Serving Institutions in Crypto appeared first on CCN . || Paxful CEO Ray Youssef Shows How Bitcoin Can Be Used for Social Good: Can bitcoin be used for social good? If anyone thinks so, it’s Ray Youssef, the CEO of peer-to-peer bitcoin platform Paxful.
A successful entrepreneur in the crypto and blockchain space, Youssef comes from humble beginnings and understands the importance of maintaining control over one’s finances. Marred by memories of homelessness and extreme monetary strain, Youssef’s journey to build Paxful was an arduous one.
“When my mother got divorced and lost her home that she had put so much into, I went into higher gear,” he explained in an interview withBitcoin Magazine. “My first two startups were successful, but then I had 11 failed projects in a row. I took risks and kept taking them until my savings were gone, and I was so busy working on Paxful, trying to get it to work, that when I lost my apartment I went for walks at night and slept in a new place when my friends couldn’t bunk me.”
Youssef says things took a positive turn when he and his business partner chose to get serious about entering the crypto scene. “A fellow bitcoin enthusiast told us about how you could sell bitcoins and make a profit,” he says. That encounter made him look more closely at the world of peer-to-peer bitcoin trading.
“We didn’t know its potential back then — we just saw that it worked for us and we wanted to make it even easier for other people to do the same, whether to start a business online or just get extra rent money.”
Today,Paxfulis a peer-to-peer online bitcoin platform that connects BTC purchasers with sellers. Currently, the site offers over 300 ways to purchase bitcoin including credit and debit cards, PayPal, Western Union transfers and even Amazon gift cards.
Buyers start out by finding an offer they like. They then work one-on-one with an experienced seller who guides them through the purchase process via online chat. Once everything is set, they pay the seller directly from a selected account to receive their coins.Every seller is verified to offer customers the highest level of safety, and Paxful will soon implement KYC in an effort to further protect buyers.
Once his marketplace was ready, Youssef convinced his closest friends to give it try. Things began to grow from there, but his big break came from a phone call he would receive one fortuitous morning:
“I left my personal mobile number on the website to help people directly, but no one ever called until one lady desperately in need of bitcoins called me at 4 a.m. yelling at me in pain and claiming that she was down to her last $13. I believed her, and the crying baby in the background was the icing on the cake. We had to help her. The problem was she had no bank account, and sites like Coinbase and other bitcoin brokerages had no solution for the unbanked. She had gotten the run around for two days and needed just $5 in BTC.”
Youssef was able to provide the woman with the finances she needed, and the rest is history. He says that the company truly began the day she called.
“She led us to realize that gift cards were the perfect way to onboard the unbanked to crypto,” he says. “She and all the others that followed taught us that bitcoin is the universal currency the world needs, especially the unbanked. They were the people that bitcoin was supposed to help, but no one was helping them or even trying. My co-founder and I did not sleep for a week, and we redid the entire system to make it usable for the non-techy, unbanked user.
“Now, instead of me having to be on the phone with people for an hour to walk them through buying their first bitcoin and sending it to pay for something, people are able to figure it out themselves through Paxful’s tailor-made system. No one in crypto ever took the time to build a simple onboarding market and wallet for ‘normal people,’ let alone the unbanked. We did.”
Paxful has been operating in full-form ever since, and Youssef has never looked back. As the platform onboarded more customers, Paxful has given Youssef and his team the opportunity to extend their bitcoin services to much larger causes.
Among the company’s latest projects is its building a blockchain technology hub in Lagos, Nigeria. Youssef says that bitcoin has become extremely popular in several regions of Africa and has empowered young entrepreneurs to build wealth in ways nobody could have foreseen.
Furthermore, Youssef began #BuiltwithBitcoin in late 2017, an initiative designed to boost the cryptocurrency community’s involvement in humanitarian projects. The project got its start with Youssef donating roughly $50,000 of his own money toward the construction of a new school in Rwanda. This has led to plans for a second institution. Other projects include a scholarship initiative for Afghan refugees, a Rwandan water tank project and food drives in Venezuela, which Youssef confidently states could become the first official “bitcoin nation” in the future.
Youssef describes bitcoin as a “universal currency” whose potential has barely scratched the surface. He says there are “currency wars” brewing in countries like Venezuela and Turkey, and bitcoin is the strongest weapon.
“Wealth preservation is the first use case for bitcoin,” he explains. “People in currency wars can buy bitcoin to store their value and even use it to pay bills in other countries by ‘borrowing a bank account.’ This just means they sell it to a peer on Paxful and they use their bank account to pay a bill for them to another local bank.”
He also lists commerce as one of bitcoin’s biggest factors. People can sell their goods to anywhere they can ship them. They are then paid in bitcoin, which can be converted to fiat currency. There’s also a strong case for bitcoin’s use for remittance, in which someone can send money to family members abroad without processing times and banking fees.
“The best thing about bitcoin is that it’s the core part of the #p2pfinancial revolution, and this means wealth and opportunity for entrepreneurs all over the world that didn’t even think being an entrepreneur was possible,” Youssef comments.
“They can become vendors on #p2pfinance platforms and help onboard their communities to bitcoin while earning profit at the same time. This is how you really make a day-to-day difference in people’s lives. You show the ones most ready to act a better way, and their communities grow around them. There are single mothers who first came to bitcoin in fear and desperation, and now make five figures a month selling bitcoin. This is just the start.”
Overall, Youssef is grateful for his past hardships as they taught him lessons about survival, humility and what was “vital” in life. He says it was these past experiences that showed him how to make Paxful a success and understand where his customers would be coming from, mentally and emotionally.
This article originally appeared onBitcoin Magazine. || Paxful CEO Ray Youssef Shows How Bitcoin Can Be Used for Social Good: Can bitcoin be used for social good? If anyone thinks so, it’s Ray Youssef, the CEO of peer-to-peer bitcoin platform Paxful.
A successful entrepreneur in the crypto and blockchain space, Youssef comes from humble beginnings and understands the importance of maintaining control over one’s finances. Marred by memories of homelessness and extreme monetary strain, Youssef’s journey to build Paxful was an arduous one.
“When my mother got divorced and lost her home that she had put so much into, I went into higher gear,” he explained in an interview withBitcoin Magazine. “My first two startups were successful, but then I had 11 failed projects in a row. I took risks and kept taking them until my savings were gone, and I was so busy working on Paxful, trying to get it to work, that when I lost my apartment I went for walks at night and slept in a new place when my friends couldn’t bunk me.”
Youssef says things took a positive turn when he and his business partner chose to get serious about entering the crypto scene. “A fellow bitcoin enthusiast told us about how you could sell bitcoins and make a profit,” he says. That encounter made him look more closely at the world of peer-to-peer bitcoin trading.
“We didn’t know its potential back then — we just saw that it worked for us and we wanted to make it even easier for other people to do the same, whether to start a business online or just get extra rent money.”
Today,Paxfulis a peer-to-peer online bitcoin platform that connects BTC purchasers with sellers. Currently, the site offers over 300 ways to purchase bitcoin including credit and debit cards, PayPal, Western Union transfers and even Amazon gift cards.
Buyers start out by finding an offer they like. They then work one-on-one with an experienced seller who guides them through the purchase process via online chat. Once everything is set, they pay the seller directly from a selected account to receive their coins.Every seller is verified to offer customers the highest level of safety, and Paxful will soon implement KYC in an effort to further protect buyers.
Once his marketplace was ready, Youssef convinced his closest friends to give it try. Things began to grow from there, but his big break came from a phone call he would receive one fortuitous morning:
“I left my personal mobile number on the website to help people directly, but no one ever called until one lady desperately in need of bitcoins called me at 4 a.m. yelling at me in pain and claiming that she was down to her last $13. I believed her, and the crying baby in the background was the icing on the cake. We had to help her. The problem was she had no bank account, and sites like Coinbase and other bitcoin brokerages had no solution for the unbanked. She had gotten the run around for two days and needed just $5 in BTC.”
Youssef was able to provide the woman with the finances she needed, and the rest is history. He says that the company truly began the day she called.
“She led us to realize that gift cards were the perfect way to onboard the unbanked to crypto,” he says. “She and all the others that followed taught us that bitcoin is the universal currency the world needs, especially the unbanked. They were the people that bitcoin was supposed to help, but no one was helping them or even trying. My co-founder and I did not sleep for a week, and we redid the entire system to make it usable for the non-techy, unbanked user.
“Now, instead of me having to be on the phone with people for an hour to walk them through buying their first bitcoin and sending it to pay for something, people are able to figure it out themselves through Paxful’s tailor-made system. No one in crypto ever took the time to build a simple onboarding market and wallet for ‘normal people,’ let alone the unbanked. We did.”
Paxful has been operating in full-form ever since, and Youssef has never looked back. As the platform onboarded more customers, Paxful has given Youssef and his team the opportunity to extend their bitcoin services to much larger causes.
Among the company’s latest projects is its building a blockchain technology hub in Lagos, Nigeria. Youssef says that bitcoin has become extremely popular in several regions of Africa and has empowered young entrepreneurs to build wealth in ways nobody could have foreseen.
Furthermore, Youssef began #BuiltwithBitcoin in late 2017, an initiative designed to boost the cryptocurrency community’s involvement in humanitarian projects. The project got its start with Youssef donating roughly $50,000 of his own money toward the construction of a new school in Rwanda. This has led to plans for a second institution. Other projects include a scholarship initiative for Afghan refugees, a Rwandan water tank project and food drives in Venezuela, which Youssef confidently states could become the first official “bitcoin nation” in the future.
Youssef describes bitcoin as a “universal currency” whose potential has barely scratched the surface. He says there are “currency wars” brewing in countries like Venezuela and Turkey, and bitcoin is the strongest weapon.
“Wealth preservation is the first use case for bitcoin,” he explains. “People in currency wars can buy bitcoin to store their value and even use it to pay bills in other countries by ‘borrowing a bank account.’ This just means they sell it to a peer on Paxful and they use their bank account to pay a bill for them to another local bank.”
He also lists commerce as one of bitcoin’s biggest factors. People can sell their goods to anywhere they can ship them. They are then paid in bitcoin, which can be converted to fiat currency. There’s also a strong case for bitcoin’s use for remittance, in which someone can send money to family members abroad without processing times and banking fees.
“The best thing about bitcoin is that it’s the core part of the #p2pfinancial revolution, and this means wealth and opportunity for entrepreneurs all over the world that didn’t even think being an entrepreneur was possible,” Youssef comments.
“They can become vendors on #p2pfinance platforms and help onboard their communities to bitcoin while earning profit at the same time. This is how you really make a day-to-day difference in people’s lives. You show the ones most ready to act a better way, and their communities grow around them. There are single mothers who first came to bitcoin in fear and desperation, and now make five figures a month selling bitcoin. This is just the start.”
Overall, Youssef is grateful for his past hardships as they taught him lessons about survival, humility and what was “vital” in life. He says it was these past experiences that showed him how to make Paxful a success and understand where his customers would be coming from, mentally and emotionally.
This article originally appeared onBitcoin Magazine. || Paxful CEO Ray Youssef Shows How Bitcoin Can Be Used for Social Good: Paxful Can bitcoin be used for social good? If anyone thinks so, it’s Ray Youssef, the CEO of peer-to-peer bitcoin platform Paxful. A successful entrepreneur in the crypto and blockchain space, Youssef comes from humble beginnings and understands the importance of maintaining control over one’s finances. Marred by memories of homelessness and extreme monetary strain, Youssef’s journey to build Paxful was an arduous one. “When my mother got divorced and lost her home that she had put so much into, I went into higher gear,” he explained in an interview with Bitcoin Magazine . “My first two startups were successful, but then I had 11 failed projects in a row. I took risks and kept taking them until my savings were gone, and I was so busy working on Paxful, trying to get it to work, that when I lost my apartment I went for walks at night and slept in a new place when my friends couldn’t bunk me.” Youssef says things took a positive turn when he and his business partner chose to get serious about entering the crypto scene. “A fellow bitcoin enthusiast told us about how you could sell bitcoins and make a profit,” he says. That encounter made him look more closely at the world of peer-to-peer bitcoin trading. “We didn’t know its potential back then — we just saw that it worked for us and we wanted to make it even easier for other people to do the same, whether to start a business online or just get extra rent money.” Today, Paxful is a peer-to-peer online bitcoin platform that connects BTC purchasers with sellers. Currently, the site offers over 300 ways to purchase bitcoin including credit and debit cards, PayPal, Western Union transfers and even Amazon gift cards. Buyers start out by finding an offer they like. They then work one-on-one with an experienced seller who guides them through the purchase process via online chat. Once everything is set, they pay the seller directly from a selected account to receive their coins.Every seller is verified to offer customers the highest level of safety, and Paxful will soon implement KYC in an effort to further protect buyers. Once his marketplace was ready, Youssef convinced his closest friends to give it try. Things began to grow from there, but his big break came from a phone call he would receive one fortuitous morning: “I left my personal mobile number on the website to help people directly, but no one ever called until one lady desperately in need of bitcoins called me at 4 a.m. yelling at me in pain and claiming that she was down to her last $13. I believed her, and the crying baby in the background was the icing on the cake. We had to help her. The problem was she had no bank account, and sites like Coinbase and other bitcoin brokerages had no solution for the unbanked. She had gotten the run around for two days and needed just $5 in BTC.” Story continues Youssef was able to provide the woman with the finances she needed, and the rest is history. He says that the company truly began the day she called. “She led us to realize that gift cards were the perfect way to onboard the unbanked to crypto,” he says. “She and all the others that followed taught us that bitcoin is the universal currency the world needs, especially the unbanked. They were the people that bitcoin was supposed to help, but no one was helping them or even trying. My co-founder and I did not sleep for a week, and we redid the entire system to make it usable for the non-techy, unbanked user. “Now, instead of me having to be on the phone with people for an hour to walk them through buying their first bitcoin and sending it to pay for something, people are able to figure it out themselves through Paxful’s tailor-made system. No one in crypto ever took the time to build a simple onboarding market and wallet for ‘normal people,’ let alone the unbanked. We did.” Paxful has been operating in full-form ever since, and Youssef has never looked back. As the platform onboarded more customers, Paxful has given Youssef and his team the opportunity to extend their bitcoin services to much larger causes. Among the company’s latest projects is its building a blockchain technology hub in Lagos, Nigeria. Youssef says that bitcoin has become extremely popular in several regions of Africa and has empowered young entrepreneurs to build wealth in ways nobody could have foreseen. Furthermore, Youssef began #BuiltwithBitcoin in late 2017, an initiative designed to boost the cryptocurrency community’s involvement in humanitarian projects. The project got its start with Youssef donating roughly $50,000 of his own money toward the construction of a new school in Rwanda. This has led to plans for a second institution. Other projects include a scholarship initiative for Afghan refugees, a Rwandan water tank project and food drives in Venezuela, which Youssef confidently states could become the first official “bitcoin nation” in the future. Youssef describes bitcoin as a “universal currency” whose potential has barely scratched the surface. He says there are “currency wars” brewing in countries like Venezuela and Turkey, and bitcoin is the strongest weapon. “Wealth preservation is the first use case for bitcoin,” he explains. “People in currency wars can buy bitcoin to store their value and even use it to pay bills in other countries by ‘borrowing a bank account.’ This just means they sell it to a peer on Paxful and they use their bank account to pay a bill for them to another local bank.” He also lists commerce as one of bitcoin’s biggest factors. People can sell their goods to anywhere they can ship them. They are then paid in bitcoin, which can be converted to fiat currency. There’s also a strong case for bitcoin’s use for remittance, in which someone can send money to family members abroad without processing times and banking fees. “The best thing about bitcoin is that it’s the core part of the #p2pfinancial revolution, and this means wealth and opportunity for entrepreneurs all over the world that didn’t even think being an entrepreneur was possible,” Youssef comments. “They can become vendors on #p2pfinance platforms and help onboard their communities to bitcoin while earning profit at the same time. This is how you really make a day-to-day difference in people’s lives. You show the ones most ready to act a better way, and their communities grow around them. There are single mothers who first came to bitcoin in fear and desperation, and now make five figures a month selling bitcoin. This is just the start.” Overall, Youssef is grateful for his past hardships as they taught him lessons about survival, humility and what was “vital” in life. He says it was these past experiences that showed him how to make Paxful a success and understand where his customers would be coming from, mentally and emotionally. This article originally appeared on Bitcoin Magazine . View comments || Mining Gold Requires 20x the Energy of Bitcoin Mining: According to LongHash , every year, more than $87.3 billion is spent on mining gold. In contrast, less than $4.3 billion is used to mine Bitcoin. Essentially, gold mining requires 20 times more energy and cost in comparison to Bitcoin mining, despite the narrative that has been circulating since the surge in the price of Bitcoin in early 2017 that Bitcoin is hugely impacting the environment negatively. Isn’t Gold Worth $7.8 trillion? Currently, the cryptocurrency market is worth $200 billion, while the entire market cap of gold is estimated to be around $8 trillion. Given the huge discrepancy in the valuation between two markets, analysts could claim that the large cost of energy required to mine gold can be justified. However, that assumes that the sole purpose of mining Bitcoin is to enlarge the supply of the dominant cryptocurrency to ensure there exists enough BTC in circulation to meet growing demand for the asset. With Bitcoin and every other proof-of-work cryptocurrency in the market, mining is involved in the settlement of transactions. Which means, if mining cryptocurrency was to be compared with the process of mining gold, it would be more accurate to compare the cost of mining of Bitcoin and the combined cost required to mine gold and the transfer of gold. Apart from London bullion market (LBMA), the largest wholesale over-the-counter market for the trading of gold and silver, and its clearing partners HSBC, ICBC Standard Bank, JPMorgan, Scotiabank and UBS, there exists many clearing houses and gold brokerages that oversee the transfer of the traditional store of value. Hence, if the cost of energy utilized to mine gold and by clearing houses and agencies to transfer gold physically to overseas markets are combined, the comparison between the energy used by Bitcoin and the energy required by gold would lead to a massive difference. The argument against the use of energy of Bitcoin also fails to consider the rapid adoption rate of renewable energy sources. In some regions like Chile and Southwest China, the supply of clean or renewable energy is so abundant that it is offered freely to households and corporations. Evidently, most mining centers currently rely on non-renewable sources of energy to mine crypto, because they tend to be cheaper. But, the energy utilization problem analysts use against Bitcoin is not exclusive to the dominant cryptocurrency. The same argument can be applied against gold, silver, fiat, and any other form of money that is currently available. Non-Issue As John Lilic, member at Ethereum blockchain development studio ConsenSys, said , the unit cost of each transaction in crypto is higher than banks and legacy systems. But, as the industry moves towards energy optimization systems, the energy consumption of crypto will continue to become a non-issue, especially when it comes to Ethereum. Story continues “The real question is whether the gross energy inefficiency costs in crypto is worth the benefits like custody over assets. My contention is Yes! It is worth it but only if our industry prioritizes & continues to work towards energy efficiency gains like Proof of Stake,” Lilic explained. Featured image from Shutterstock. The post Mining Gold Requires 20x the Energy of Bitcoin Mining appeared first on CCN . View comments || Mining Gold Requires 20x the Energy of Bitcoin Mining: According toLongHash, every year, more than $87.3 billion is spent on mining gold. In contrast, less than $4.3 billion is used to mine Bitcoin.
Essentially, gold mining requires 20 times more energy and cost in comparison to Bitcoin mining, despite the narrative that has been circulating since the surge in the price of Bitcoin in early 2017 that Bitcoin is hugely impacting the environment negatively.
Currently, the cryptocurrency market is worth $200 billion, while the entire market cap of gold is estimated to be around $8 trillion. Given the huge discrepancy in the valuation between two markets, analysts could claim that the large cost of energy required to mine gold can be justified.
However, that assumes that the sole purpose of mining Bitcoin is to enlarge the supply of the dominant cryptocurrency to ensure there exists enough BTC in circulation to meet growing demand for the asset.
With Bitcoin and every other proof-of-work cryptocurrency in the market, mining is involved in the settlement of transactions. Which means, if mining cryptocurrency was to be compared with the process of mining gold, it would be more accurate to compare the cost of mining of Bitcoin and the combined cost required to mine gold and the transfer of gold.
Apart from London bullion market (LBMA), the largest wholesale over-the-counter market for the trading of gold and silver, and its clearing partners HSBC, ICBC Standard Bank, JPMorgan, Scotiabank and UBS, there exists many clearing houses and gold brokerages that oversee the transfer of the traditional store of value.
Hence, if the cost of energy utilized to mine gold and by clearing houses and agencies to transfer gold physically to overseas markets are combined, the comparison between the energy used by Bitcoin and the energy required by gold would lead to a massive difference.
The argument against the use of energy of Bitcoin also fails to consider the rapid adoption rate of renewable energy sources. In some regions like Chile and Southwest China, the supply of clean or renewable energy is so abundant that it is offered freely to households and corporations.
Evidently, most mining centers currently rely on non-renewable sources of energy to mine crypto, because they tend to be cheaper. But, the energy utilization problem analysts use against Bitcoin is not exclusive to the dominant cryptocurrency. The same argument can be applied against gold, silver, fiat, and any other form of money that is currently available.
As John Lilic, member at Ethereum blockchain development studio ConsenSys,said, the unit cost of each transaction in crypto is higher than banks and legacy systems. But, as the industry moves towards energy optimization systems, the energy consumption of crypto will continue to become a non-issue, especially when it comes to Ethereum.
“The real question is whether the gross energy inefficiency costs in crypto is worth the benefits like custody over assets. My contention is Yes! It is worth it but only if our industry prioritizes & continues to work towards energy efficiency gains like Proof of Stake,” Lilic explained.
Featured image from Shutterstock.
The postMining Gold Requires 20x the Energy of Bitcoin Miningappeared first onCCN. || Mining Gold Requires 20x the Energy of Bitcoin Mining: According toLongHash, every year, more than $87.3 billion is spent on mining gold. In contrast, less than $4.3 billion is used to mine Bitcoin.
Essentially, gold mining requires 20 times more energy and cost in comparison to Bitcoin mining, despite the narrative that has been circulating since the surge in the price of Bitcoin in early 2017 that Bitcoin is hugely impacting the environment negatively.
Currently, the cryptocurrency market is worth $200 billion, while the entire market cap of gold is estimated to be around $8 trillion. Given the huge discrepancy in the valuation between two markets, analysts could claim that the large cost of energy required to mine gold can be justified.
However, that assumes that the sole purpose of mining Bitcoin is to enlarge the supply of the dominant cryptocurrency to ensure there exists enough BTC in circulation to meet growing demand for the asset.
With Bitcoin and every other proof-of-work cryptocurrency in the market, mining is involved in the settlement of transactions. Which means, if mining cryptocurrency was to be compared with the process of mining gold, it would be more accurate to compare the cost of mining of Bitcoin and the combined cost required to mine gold and the transfer of gold.
Apart from London bullion market (LBMA), the largest wholesale over-the-counter market for the trading of gold and silver, and its clearing partners HSBC, ICBC Standard Bank, JPMorgan, Scotiabank and UBS, there exists many clearing houses and gold brokerages that oversee the transfer of the traditional store of value.
Hence, if the cost of energy utilized to mine gold and by clearing houses and agencies to transfer gold physically to overseas markets are combined, the comparison between the energy used by Bitcoin and the energy required by gold would lead to a massive difference.
The argument against the use of energy of Bitcoin also fails to consider the rapid adoption rate of renewable energy sources. In some regions like Chile and Southwest China, the supply of clean or renewable energy is so abundant that it is offered freely to households and corporations.
Evidently, most mining centers currently rely on non-renewable sources of energy to mine crypto, because they tend to be cheaper. But, the energy utilization problem analysts use against Bitcoin is not exclusive to the dominant cryptocurrency. The same argument can be applied against gold, silver, fiat, and any other form of money that is currently available.
As John Lilic, member at Ethereum blockchain development studio ConsenSys,said, the unit cost of each transaction in crypto is higher than banks and legacy systems. But, as the industry moves towards energy optimization systems, the energy consumption of crypto will continue to become a non-issue, especially when it comes to Ethereum.
“The real question is whether the gross energy inefficiency costs in crypto is worth the benefits like custody over assets. My contention is Yes! It is worth it but only if our industry prioritizes & continues to work towards energy efficiency gains like Proof of Stake,” Lilic explained.
Featured image from Shutterstock.
The postMining Gold Requires 20x the Energy of Bitcoin Miningappeared first onCCN. || Invest in the Technology Behind Bitcoin With Blockchain Stocks: There is no question that there is a connection between blockchain and cryptocurrencies — without blockchain, cryptocurrencies wouldn’t exist. However, there is also a big difference when it comes to investing in a stock that focuses strictly on crypto versus one that centers on the technology that drives it. One stock that is as close to a pure play on cryptocurrencies as you can get is Bitcoin Investment Trust (OTCMKTS: GBTC ), which basically tracks the price of bitcoin. As goes the price of bitcoin, so goes GBTC’s share price. But while bitcoin and other cryptocurrencies may end up being huge winners in the years ahead as the blockchain revolution continues, there are far less volatile investment ideas available to us right now. As I mentioned, the technology known as blockchain is what the cryptocurrency market is built on. But that’s not its only function — it is also being used to change nearly every industry that deals with transactions and ledgers. InvestorPlace - Stock Market News, Stock Advice & Trading Tips There are countless stocks out there currently benefiting from this trend, and some are more exciting than others. However, sometimes with more excitement comes more risk. Today I want to talk to you about two blockchain stocks that may not have the biggest “wow” factor, but do have a lot of upside potential over the long term. Blockchain Stocks: Broadridge Financial Solutions (BR) Broadridge Financial Solutions (NYSE: BR ) is a stock that I have talked to you about before – in fact, it’s my pick in the Best Stocks for 2018 contest . BR provides investor communications and other solutions to the financial sector, and it’s one of the pioneers in its industry. But the real reason I like this $16 billion company is that it has also emerged as a standout when it comes to implementing blockchain technology. 10 Tech Dividend Stocks With Growth Potential Many view BR as “boring” because much of its business centers on facilitating proxy votes and other financial transactions, but the stock has been anything but. Take a look at its performance so far this year. It’s up more than 50% in that time and easily beating the 8% return on the S&P 500 . With momentum continuing to power this trend leader, I am confident there is a lot more upside to capture here. Story continues Blockchain Stocks: International Business Machines (IBM) Blockchain Stocks: International Business Machines (IBM) While IBM (NYSE: IBM ) may not be the first company that comes to mind when discussing blockchain technology, it has actually been in the process of shifting its business model for a few years now. Revenue has declined annually as a result, but considering the blockchain portion of revenue also remains low there is huge upside potential that could ultimately be the catalyst to finally turn Big Blue around. The stock is down 4.5% so far this year and has failed to keep up with the broad benchmarks. I expect to see a shift soon, though, so the current weakness could be presenting a compelling opportunity. And as an added bonus, IBM pays out a hefty 4.3% dividend. It’s also worth noting that there are blockchain exchange-traded funds (ETFs) for those who want to take a broader approach to the budding trend. However, at this time I believe the best course is to build your own basket of stocks — kind of like your own ETF — and these two names should be considered to capitalize on the shift in how business will be conducted in the coming decades. Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else, click here to learn more about Matt McCall and his investments strategy today . More From InvestorPlace 10 Stocks That Every 20-Year-Old Should Buy 9 Marijuana Stocks to Play the Pot Craze 7 Tech Stocks Sporting Amazon-Like Growth 5 Dow Jones Stocks That Are Gaining New Ground Compare Brokers The post Invest in the Technology Behind Bitcoin With Blockchain Stocks appeared first on InvestorPlace . || Invest in the Technology Behind Bitcoin With Blockchain Stocks: There is no question that there is a connection between blockchain and cryptocurrencies — without blockchain, cryptocurrencies wouldn’t exist. However, there is also a big difference when it comes to investing in a stock that focuses strictly on crypto versus one that centers on the technology that drives it.
One stock that is as close to a pure play on cryptocurrencies as you can get isBitcoin Investment Trust(OTCMKTS:GBTC), which basically tracks the price of bitcoin. As goes the price of bitcoin, so goes GBTC’s share price. But while bitcoin and other cryptocurrencies may end up being huge winners in the years ahead as the blockchain revolution continues, there are far less volatile investment ideas available to us right now.
As I mentioned, the technology known as blockchain is what the cryptocurrency market is built on. But that’s not its only function — it is also being used to change nearly every industry that deals with transactions and ledgers.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
There are countless stocks out there currently benefiting from this trend, and some are more exciting than others. However, sometimes with more excitement comes more risk. Today I want to talk to you about two blockchain stocks that may not have the biggest “wow” factor, but do have a lot of upside potential over the long term.
Broadridge Financial Solutions(NYSE:BR) is a stock that I have talked to you about before – in fact, it’smy pick in the Best Stocks for 2018 contest. BR provides investor communications and other solutions to the financial sector, and it’s one of the pioneers in its industry. But the real reason I like this $16 billion company is that it has also emerged as a standout when it comes to implementing blockchain technology.
• 10 Tech Dividend Stocks With Growth Potential
Many view BR as “boring” because much of its business centers on facilitating proxy votes and other financial transactions, but the stock has been anything but. Take a look at its performance so far this year. It’s up more than 50% in that time and easily beating the 8% return on theS&P 500. With momentum continuing to power this trend leader, I am confident there is a lot more upside to capture here.
WhileIBM(NYSE:IBM) may not be the first company that comes to mind when discussing blockchain technology, it has actually been in the process of shifting its business model for a few years now. Revenue has declined annually as a result, but considering the blockchain portion of revenue also remains low there is huge upside potential that could ultimately be the catalyst to finally turn Big Blue around.
The stock is down 4.5% so far this year and has failed to keep up with the broad benchmarks. I expect to see a shift soon, though, so the current weakness could be presenting a compelling opportunity. And as an added bonus, IBM pays out a hefty 4.3% dividend.
It’s also worth noting that there are blockchain exchange-traded funds (ETFs) for those who want to take a broader approach to the budding trend. However, at this time I believe the best course is to build your own basket of stocks — kind of like your own ETF — and these two names should be considered to capitalize on the shift in how business will be conducted in the coming decades.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
• 10 Stocks That Every 20-Year-Old Should Buy
• 9 Marijuana Stocks to Play the Pot Craze
• 7 Tech Stocks Sporting Amazon-Like Growth
• 5 Dow Jones Stocks That Are Gaining New Ground
Compare Brokers
The postInvest in the Technology Behind Bitcoin With Blockchain Stocksappeared first onInvestorPlace. || Invest in the Technology Behind Bitcoin With Blockchain Stocks: There is no question that there is a connection between blockchain and cryptocurrencies — without blockchain, cryptocurrencies wouldn’t exist. However, there is also a big difference when it comes to investing in a stock that focuses strictly on crypto versus one that centers on the technology that drives it.
One stock that is as close to a pure play on cryptocurrencies as you can get isBitcoin Investment Trust(OTCMKTS:GBTC), which basically tracks the price of bitcoin. As goes the price of bitcoin, so goes GBTC’s share price. But while bitcoin and other cryptocurrencies may end up being huge winners in the years ahead as the blockchain revolution continues, there are far less volatile investment ideas available to us right now.
As I mentioned, the technology known as blockchain is what the cryptocurrency market is built on. But that’s not its only function — it is also being used to change nearly every industry that deals with transactions and ledgers.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
There are countless stocks out there currently benefiting from this trend, and some are more exciting than others. However, sometimes with more excitement comes more risk. Today I want to talk to you about two blockchain stocks that may not have the biggest “wow” factor, but do have a lot of upside potential over the long term.
Broadridge Financial Solutions(NYSE:BR) is a stock that I have talked to you about before – in fact, it’smy pick in the Best Stocks for 2018 contest. BR provides investor communications and other solutions to the financial sector, and it’s one of the pioneers in its industry. But the real reason I like this $16 billion company is that it has also emerged as a standout when it comes to implementing blockchain technology.
• 10 Tech Dividend Stocks With Growth Potential
Many view BR as “boring” because much of its business centers on facilitating proxy votes and other financial transactions, but the stock has been anything but. Take a look at its performance so far this year. It’s up more than 50% in that time and easily beating the 8% return on theS&P 500. With momentum continuing to power this trend leader, I am confident there is a lot more upside to capture here.
WhileIBM(NYSE:IBM) may not be the first company that comes to mind when discussing blockchain technology, it has actually been in the process of shifting its business model for a few years now. Revenue has declined annually as a result, but considering the blockchain portion of revenue also remains low there is huge upside potential that could ultimately be the catalyst to finally turn Big Blue around.
The stock is down 4.5% so far this year and has failed to keep up with the broad benchmarks. I expect to see a shift soon, though, so the current weakness could be presenting a compelling opportunity. And as an added bonus, IBM pays out a hefty 4.3% dividend.
It’s also worth noting that there are blockchain exchange-traded funds (ETFs) for those who want to take a broader approach to the budding trend. However, at this time I believe the best course is to build your own basket of stocks — kind of like your own ETF — and these two names should be considered to capitalize on the shift in how business will be conducted in the coming decades.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
• 10 Stocks That Every 20-Year-Old Should Buy
• 9 Marijuana Stocks to Play the Pot Craze
• 7 Tech Stocks Sporting Amazon-Like Growth
• 5 Dow Jones Stocks That Are Gaining New Ground
Compare Brokers
The postInvest in the Technology Behind Bitcoin With Blockchain Stocksappeared first onInvestorPlace. || Battle of the Privacycoins: Why Monero Is Hard to Beat (and Hard to Scale): Monero Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited. Government agencies, analytics companies and other interested parties — let’s call them “spies” — have ways to analyze the public blockchains and peer-to-peer networks of cryptocurrencies like Bitcoin, to cluster addresses and tie them to IP addresses or other identifying information. Dissatisfied with Bitcoin’s privacy features, several cryptocurrency projects have launched with the specific goal to improve on them over the years. And not without success. Several of these privacycoins are among the most popular cryptocurrencies on the market today. However, as detailed in this month’s cover story , Bitcoin’s privacy features have recently seen significant improvements as well and are set to further improve over the coming months and years. This miniseries compares different privacycoins to the privacy offered by Bitcoin. In part two: Monero Background Monero (XMR) is a privacy-focused cryptocurrency. It is based on the innovative CryptoNote protocol which was first used in Bytecoin , but that project was secretly 80 percent premined. Without any such premine, Monero launched in 2014 (initially as “ Bitmonero ”), in effect as the “honest” implementation of the CryptoNote protocol. As such, Monero was one of the first altcoins not based on Bitcoin’s codebase, and it still differs from Bitcoin in several ways. For example, Monero does not have a limited supply; instead, it has an emission schedule that will slightly inflate the money supply forever. Monero rolls out scheduled hard forks about twice a year, and its latest version also has an ASIC-resistant, proof-of-work algorithm, meaning the cryptocurrency is mined by GPUs and CPUs only. While created by the pseudonymous developer thankful_for_today, this founder quickly wanted to take Monero into a direction the brand new community did not agree with; he was subsequently “fired” weeks after launch when the project was forked. Monero has since been led by a core team of about half a dozen developers. The best-known and visible of the group is Riccardo “Fluffypony” Spagni — though Spagni is not as active in Monero development as he used to be. Most of the other core team members are pseudonymous. Story continues XMR is accepted as payment on several dark net markets, for better or for worse, making it one of few altcoins that has found a non-niche use case beyond trading. Down from a top-five spot in early 2017, Monero claims the tenth spot on altcoin market cap lists at the time of writing, making it the biggest privacy-centric coin on the market. Privacy Monero has privacy embedded in its protocol. Where Bitcoin and other coins offer privacy features as an option, Monero is one of few cryptocurrencies where privacy is both default and required. (Though users can opt to give up some of their privacy by sharing a so-called “view key.”) Monero achieves its privacy in two ways. Most notably, Monero achieves privacy through a clever trick called “ Ring Confidential Transactions ” (RingCT). RingCT is, in turn, best understood as a combination of two other cryptographic tricks: “ring signatures” and “Confidential Transactions.” Like regular cryptographic signatures, ring signatures prove ownership of coins that are spent in a transaction (“inputs”). But with ring signatures, completely different coins can be added to the same transaction as “decoys,” without revealing which one was really signed. This effectively “mixes” the coins, so spies don’t know which coin was really spent and which were decoys. Right now, six decoys are added to each Monero transaction, and this will soon be increased to 10. On top of ring signatures, Confidential Transactions let users hide (“blind”) the amounts in a transaction. Using a cryptographic trick called the Pedersen commitment, anyone can still perform math on the blinded amounts. This lets Monero users verify that the sending and receiving end of the transaction equal out; hence, ensuring no coins were created out of thin air. But only the sender and receiver of a transaction know how much money changed hands. Additionally, Monero uses stealth addresses , as special types of addresses that are perhaps best understood as pieces of a cryptographic puzzle. In short, using a stealth address, the sender of a transaction can generate a new Monero address to send XMR to, with some additional data. This additional data can, in turn, be used by the owner of the stealth address (and only the owner of the stealth address) to generate the corresponding private key and access these funds. Importantly, no one but the sender and receiver know that the stealth address and the actual Monero address match. And because every sender would generate a new and unique receiving address, Monero users can post their stealth address anywhere, without worrying that corresponding transactions on the blockchain can be linked to them. Bitcoin Monero as a project takes privacy seriously, and the general commitment to hard forking in new or improved features whenever available has resulted in top-notch privacy overall. At the same time, while Bitcoin takes a much more conservative approach, its recent and upcoming privacy improvements are starting to offer some real competition. For example, stealth addresses are available on Bitcoin as well: Samourai Wallet offers stealth addresses as an option. But even generating a new address for each transaction (which many Bitcoin wallets do automatically) and not sharing it with anyone but the payer (which shouldn’t be too difficult), goes a long way to realize similar privacy benefits. Stealth addresses are mainly useful where refreshing addresses isn’t an option, like donation addresses posted on a website. Consequently, RingCT is Monero’s main selling point. Bitcoin’s closest equivalent to RingCT is probably the Chaumian CoinJoin framework ZeroLink, which is (or will be) offered by Wasabi Wallet , Bob Wallet and Samourai Wallet. ZeroLink lets users mix their coins, without needing to trust anyone with these coins or with their privacy. RingCT and ZeroLink both have their own strengths and weaknesses. In short, ZeroLink can be used with many more participants at the same time (a hundred on Wasabi Wallet) versus Monero’s much smaller number of six or ten decoys. In general, it’s better to mix with more people. On the flipside, ZeroLink doesn’t hide amounts. This means that all amounts in a mix must be equal, thereby meaning it can only be used for the specific purpose of mixing (as opposed to making direct payments). Both RingCT’s and ZeroLink’s strengths and weaknesses come with counter-strategies and improvements to make for a complex, scenario-dependent comparison. The more important differentiator, and probably Monero’s main selling point, is that RingCT is default and mandatory, while ZeroLink is optional. Therefore, on Bitcoin, only users who care about their privacy will likely mix their coins; those that feel they have “nothing to hide” will not. By extension, it’s entirely possible that the very act of mixing itself would come to be seen as suspect. And while ZeroLink breaks the link of transaction history, that history of mixing is still visible on the blockchain. On Monero, in contrast, even users who don’t care about privacy use RingCT and have their coins used as decoys. This increases anonymity for Monero users that do care about their privacy: they’re not suspect for using RingCT. (Though like Zerolink mixing on Bitcoin, using Monero could, of course, be considered suspect in and of itself ; there are indications that this is indeed the case.) And there is another flip side to the “mandatory privacy” solution. If too many Monero users that do not care about their privacy will go so far as to give up their privacy to spies, their combined data could go a long way in piecing together which coins in all other transactions act as decoys. This risk could become meaningful if about half of all Monero activity is compromised. In a world where exchanges and other regulatory compliant companies are among the biggest Monero users, this risk can’t be dismissed. This risk can be mitigated by increasing the ring size, that is, the number of decoys included in each transaction. Indeed, the ring size was increased to seven through the previous hard fork for this very reason, and it is why the ring size will increase to 11 soon. At that point, well over half of all Monero activity must be compromised before the risk becomes meaningful. The Monero core team considers this scenario very unlikely. Ideally, Monero’s ring size would be increased even more — perhaps even to 100, putting it on par with Wasabi’s ZeroLink implementation — however, that’s not really possible. On Monero, increasing privacy comes at the cost of scalability. Scalability A big downside of Monero’s RingCT format is that it makes the system a magnitude less scalable than Bitcoin and just about every other cryptocurrency. Because all decoy coins must be included in a transaction, and the CT math used in these transactions is data heavy, Monero transactions are currently in the ballpark of 30 times bigger than Bitcoin transactions. This size will decrease considerably as the upcoming hard fork introduces a cryptographic efficiency trick called “ Bulletproofs ,” which should shrink the size of transactions by about 80 percent. But even with the increased ring size, Monero transactions will be roughly 10 times the size as Bitcoin’s. All this data must be transmitted and verified by all nodes (and miners) on the network. Making matters worse, the Monero blockchain cannot be pruned in its entirety. Where Bitcoin’s full node users can opt to get rid of old transaction data, much of Monero’s transaction history remains relevant and must, therefore, be stored forever. This is currently 20 gigabytes and growing. (The total Monero blockchain is currently 60 gigabytes.) This is probably not an immediate problem, but only because Monero usage is two orders of magnitude below Bitcoin’s: Monero only processes a couple thousand transactions per day, versus over 200,000 for Bitcoin. However, if the number of Monero transactions were to grow by a serious degree, the system could run into bottlenecks, for example, making it increasingly difficult for regular users to run Monero nodes. Many of these Monero users could instead opt for more lightweight solutions, such as remote nodes or light wallets . But both of these come with privacy trade-offs, with their own risks and nuances. In short, relying on remote nodes is fairly secure and private in most cases, but a user could get unlucky if he relies on a spying node too much. Lightwallets are less private to begin with as they give up their view key, and they are particularly not recommended for cases where privacy is of particular importance. In the end, Monero is undoubtedly one of the best privacycoins available — if not the best one. Still, if Bitcoin is used in a privacy-conscious manner, the difference between the two is probably smaller than some would expect. Monero’s mandatory privacy and blinded amounts arguably still give it a leg up — but these features are in direct competition with scalability. How this situation evolves over time depends a lot on future technologies and is, therefore, hard to predict. It’s not obvious that Monero’s trade-offs will provide a more private system forever. This article originally appeared on Bitcoin Magazine . || Battle of the Privacycoins: Why Monero Is Hard to Beat (and Hard to Scale): Based on blockchain technology, most cryptocurrencies have an open and public ledger. While this is required for these systems to work, it comes with a significant downside: Privacy is often quite limited. Government agencies, analytics companies and other interested parties — let’s call them “spies” — have ways to analyze the public blockchains and peer-to-peer networks of cryptocurrencies like Bitcoin, to cluster addresses and tie them to IP addresses or other identifying information.
Dissatisfied with Bitcoin’s privacy features, several cryptocurrency projects have launched with the specific goal to improve on them over the years. And not without success. Several of these privacycoins are among the most popular cryptocurrencies on the market today.
However, as detailed in this month’scover story, Bitcoin’s privacy features have recently seen significant improvements as well and are set to further improve over the coming months and years. This miniseries compares different privacycoins to the privacy offered by Bitcoin.
In part two: Monero
Monero(XMR) is a privacy-focused cryptocurrency. It is based on the innovative CryptoNote protocol which was first used inBytecoin, but that project was secretly 80 percent premined. Without any such premine, Monero launched in 2014 (initially as “Bitmonero”), in effect as the “honest” implementation of the CryptoNote protocol.
As such, Monero was one of the first altcoins not based on Bitcoin’s codebase, and it still differs from Bitcoin in several ways. For example, Monero does not have a limited supply; instead, it has an emission schedule that will slightly inflate the money supply forever. Monero rolls out scheduled hard forks about twice a year, and its latest version also has an ASIC-resistant, proof-of-work algorithm, meaning the cryptocurrency is mined by GPUs and CPUs only.
While created by the pseudonymous developer thankful_for_today, this founder quickly wanted to take Monero into a direction the brand new community did not agree with; he was subsequently “fired” weeks after launch when the project was forked. Monero has since been led by a core team of about half a dozen developers. The best-known and visible of the group is Riccardo “Fluffypony” Spagni — though Spagni is not as active in Monero development as he used to be. Most of the other core team members are pseudonymous.
XMR is accepted as payment on several dark net markets, for better or for worse, making it one of few altcoins that has found a non-niche use case beyond trading. Down from a top-five spot in early 2017, Monero claims thetenthspot on altcoin market cap lists at the time of writing, making it the biggest privacy-centric coin on the market.
Monero has privacy embedded in its protocol. Where Bitcoin and other coins offer privacy features as an option, Monero is one of few cryptocurrencies where privacy is both default and required. (Though users can opt to give up some of their privacy by sharing a so-called “view key.”)
Monero achieves its privacy in two ways.
Most notably, Monero achieves privacy through a clever trick called “Ring Confidential Transactions” (RingCT). RingCT is, in turn, best understood as a combination of two other cryptographic tricks: “ring signatures” and “Confidential Transactions.”
Like regular cryptographic signatures, ring signatures prove ownership of coins that are spent in a transaction (“inputs”). But with ring signatures, completely different coins can be added to the same transaction as “decoys,” without revealing which one was really signed. This effectively “mixes” the coins, so spies don’t know which coin was really spent and which were decoys. Right now, six decoys are added to each Monero transaction, and this will soon be increased to 10.
On top of ring signatures, Confidential Transactions let users hide (“blind”) the amounts in a transaction. Using a cryptographic trick called the Pedersen commitment, anyone can still perform math on the blinded amounts. This lets Monero users verify that the sending and receiving end of the transaction equal out; hence, ensuring no coins were created out of thin air. But only the sender and receiver of a transaction know how much money changed hands.
Additionally, Monero usesstealth addresses, as special types of addresses that are perhaps best understood as pieces of a cryptographic puzzle. In short, using a stealth address, thesenderof a transaction can generate a new Monero address to send XMR to, with some additional data. This additional data can, in turn, be used by theownerof the stealth address (and only the owner of the stealth address) to generate the corresponding private key and access these funds. Importantly, no one but the sender and receiver know that the stealth address and the actual Monero address match. And because every sender would generate a new and unique receiving address, Monero users can post their stealth address anywhere, without worrying that corresponding transactions on the blockchain can be linked to them.
Monero as a project takes privacy seriously, and the general commitment to hard forking in new or improved features whenever available has resulted in top-notch privacy overall. At the same time, while Bitcoin takes a much more conservative approach, its recent and upcoming privacy improvements are starting to offer some real competition.
For example, stealth addresses are available on Bitcoin as well:Samourai Walletoffers stealth addresses as an option. But even generating a new address for each transaction (which many Bitcoin wallets do automatically) and not sharing it with anyone but the payer (which shouldn’t be too difficult), goes a long way to realize similar privacy benefits. Stealth addresses are mainly useful where refreshing addresses isn’t an option, like donation addresses posted on a website.
Consequently, RingCT is Monero’s main selling point. Bitcoin’s closest equivalent to RingCT is probably the Chaumian CoinJoin framework ZeroLink, which is (or will be) offered byWasabi Wallet,Bob Walletand Samourai Wallet. ZeroLink lets users mix their coins, without needing to trust anyone with these coins or with their privacy.
RingCT and ZeroLink both have their own strengths and weaknesses.
In short, ZeroLink can be used with many more participants at the same time (a hundred on Wasabi Wallet) versus Monero’s much smaller number of six or ten decoys. In general, it’s better to mix with more people.
On the flipside, ZeroLink doesn’t hide amounts. This means that all amounts in a mix must be equal, thereby meaning it can only be used for the specific purpose of mixing (as opposed to making direct payments). Both RingCT’s and ZeroLink’s strengths and weaknesses come with counter-strategies and improvements to make for a complex, scenario-dependent comparison.
The more important differentiator, and probably Monero’s main selling point, is that RingCT is default and mandatory, while ZeroLink is optional.
Therefore, on Bitcoin, only users who care about their privacy will likely mix their coins; those that feel they have “nothing to hide” will not. By extension, it’s entirely possible that the very act of mixing itself would come to be seen as suspect. And while ZeroLink breaks the link of transaction history, that history of mixing is still visible on the blockchain.
On Monero, in contrast, even users who don’t care about privacy use RingCT and have their coins used as decoys. This increases anonymity for Monero users that do care about their privacy: they’re not suspect for using RingCT. (Though like Zerolink mixing on Bitcoin, using Monero could, of course, be considered suspectin and of itself; thereareindicationsthat this is indeed the case.)
And there is another flip side to the “mandatory privacy” solution. If too many Monero users that do not care about their privacy will go so far as to give up their privacy to spies, their combined data could go a long way in piecing together which coins in all other transactions act as decoys. This risk could become meaningful ifabout halfof all Monero activity is compromised. In a world where exchanges and other regulatory compliant companies are among the biggest Monero users, this risk can’t be dismissed.
This risk can be mitigated by increasing the ring size, that is, the number of decoys included in each transaction. Indeed, the ring size was increased to seven through the previous hard fork for this very reason, and it is why the ring size will increase to 11 soon. At that point, well over half of all Monero activity must be compromised before the risk becomes meaningful. The Monero core team considers this scenario very unlikely.
Ideally, Monero’s ring size would be increased even more — perhaps even to 100, putting it on par with Wasabi’s ZeroLink implementation — however, that’s not really possible. On Monero, increasing privacy comes at the cost of scalability.
A big downside of Monero’s RingCT format is that it makes the system a magnitude less scalable than Bitcoin and just about every other cryptocurrency. Because all decoy coins must be included in a transaction, and the CT math used in these transactions is data heavy, Monero transactions are currently in the ballpark of 30 times bigger than Bitcoin transactions.
This size will decrease considerably as the upcoming hard fork introduces a cryptographic efficiency trick called “Bulletproofs,” which should shrink the size of transactions by about 80 percent. But even with the increased ring size, Monero transactions will be roughly 10 times the size as Bitcoin’s. All this data must be transmitted and verified by all nodes (and miners) on the network.
Making matters worse, the Monero blockchain cannot be pruned in its entirety. Where Bitcoin’s full node users can opt to get rid of old transaction data, much of Monero’s transaction history remains relevant and must, therefore, be stored forever. This is currently 20 gigabytes and growing. (The total Monero blockchain is currently 60 gigabytes.)
This is probably not an immediate problem, but only because Monero usage is two orders of magnitude below Bitcoin’s: Monero only processes a couple thousand transactions per day, versus over 200,000 for Bitcoin. However, if the number of Monero transactions were to grow by a serious degree, the system could run into bottlenecks, for example, making it increasingly difficult for regular users to run Monero nodes.
Many of these Monero users could instead opt for more lightweight solutions, such asremote nodesorlight wallets. But both of these come with privacy trade-offs, with their own risks and nuances. In short, relying on remote nodes is fairly secure and private in most cases, but a user could get unlucky if he relies on a spying node too much. Lightwallets are less private to begin with as they give up their view key, and they are particularly not recommended for cases where privacy is of particular importance.
In the end, Monero is undoubtedly one of the best privacycoins available — if not the best one. Still, if Bitcoin is used in a privacy-conscious manner, the difference between the two is probably smaller than some would expect. Monero’s mandatory privacy and blinded amounts arguably still give it a leg up — but these features are in direct competition with scalability. How this situation evolves over time depends a lot on future technologies and is, therefore, hard to predict. It’s not obvious that Monero’s trade-offs will provide a more private system forever.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedge: Bitcoin on Friday broke above its psychological resistance level near $6,500 and formed higher highs towards $6,600. The BTC/USD kickstarted the Asian trading session with an impressive rally from 6462-fiat to 6595-fiat. However, the pair failed to sustain the upside momentum near the new resistance and retraced back towards 6400-fiat. As it happened, BTC/USD made lower lows towards 6355-fiat during the early European hours. The session matured with pair attempting a decent bounce back towards the level just shy of 6500-fiat our make-or-break level from August. BTC/USD Technical Analysis As the consecutive upside and downside action prevails, BTC/USD is already forming an irregular rising wedge pattern in near-term. The gap between the upper and lower trendlines is not significantly wide about $150-180 but could provide decent entry/exit positions to watch out. It somewhat is a part of our intraday strategy, but more on it after we go through the technical indicators mood for the rest of the US session. The BTC/USD is currently trending between its 50H and 200H moving average indicators while remaining distantly below the 100H SMA. The fact that 50H SMA is trading below its 100H and 200H counterparts itself points to a medium-term bearish bias in the Bitcoin market. It should continue to remain in one until BTC/USD breaks above the resistance of the giant falling trendline. A rally towards 7000-fiat is possible, after all, before BTC/USD gets to a choice between a breakout and a pullback. At the same time, the pair gets support from a rising trendline forming since early May a potential pullback level should BTC/USD forms a bear pole with respect to its overall downside action. The RSI and Stochastic indicators have hinted a downside correction already. BTC/USD Intraday Analysis As far as our intraday analysis is concerned, we are waiting for BTC/USD to break above 6500-fiat to clear our long target towards 6600-fiat. Should we enter this position, a stop loss just two-pips below the entry point will define our risk management perspective pretty well. 6500-fiat is also a level that keeps us in near-term bias conflict. Hence, we will also be expecting a pullback which would have us enter a short towards the 200H moving average coinciding with the 38.2% Fibonacci retracement level of the last swing from 6203-low and 6578-high. In this position, we will be placing our stop loss 3-pips above the entry point to exit the market on a small loss if bias reverses. Featured image from Shutterstock. Charts from TradingView . The post Bitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedge appeared first on CCN . View comments || Bitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedge: Bitcoin on Friday broke above its psychological resistance level near $6,500 and formed higher highs towards $6,600.
The BTC/USD kickstarted the Asian trading session with an impressive rally from 6462-fiat to 6595-fiat. However, the pair failed to sustain the upside momentum near the new resistance and retraced back towards 6400-fiat. As it happened, BTC/USD made lower lows towards 6355-fiat during the early European hours. The session matured with pair attempting a decent bounce back towards the level just shy of 6500-fiat – our make-or-break level from August.
As the consecutive upside and downside action prevails, BTC/USD is already forming an irregular rising wedge pattern in near-term. The gap between the upper and lower trendlines is not significantly wide – about $150-180 – but could provide decent entry/exit positions to watch out. It somewhat is a part of our intraday strategy, but more on it after we go through the technical indicators’ mood for the rest of the US session.
The BTC/USD is currently trending between its 50H and 200H moving average indicators while remaining distantly below the 100H SMA. The fact that 50H SMA is trading below its 100H and 200H counterparts itself points to a medium-term bearish bias in the Bitcoin market. It should continue to remain in one until BTC/USD breaks above the resistance of the giant falling trendline. A rally towards 7000-fiat is possible, after all, before BTC/USD gets to a choice between a breakout and a pullback.
At the same time, the pair gets support from a rising trendline forming since early May – a potential pullback level should BTC/USD forms a bear pole with respect to its overall downside action. The RSI and Stochastic indicators have hinted a downside correction already.
As far as our intraday analysis is concerned, we are waiting for BTC/USD to break above 6500-fiat to clear our long target towards 6600-fiat. Should we enter this position, a stop loss just two-pips below the entry point will define our risk management perspective pretty well.
6500-fiat is also a level that keeps us in near-term bias conflict. Hence, we will also be expecting a pullback which would have us enter a short towards the 200H moving average – coinciding with the 38.2% Fibonacci retracement level of the last swing from 6203-low and 6578-high. In this position, we will be placing our stop loss 3-pips above the entry point to exit the market on a small loss if bias reverses.
Featured image from Shutterstock. Charts fromTradingView.
The postBitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedgeappeared first onCCN. || Bitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedge: Bitcoin on Friday broke above its psychological resistance level near $6,500 and formed higher highs towards $6,600.
The BTC/USD kickstarted the Asian trading session with an impressive rally from 6462-fiat to 6595-fiat. However, the pair failed to sustain the upside momentum near the new resistance and retraced back towards 6400-fiat. As it happened, BTC/USD made lower lows towards 6355-fiat during the early European hours. The session matured with pair attempting a decent bounce back towards the level just shy of 6500-fiat – our make-or-break level from August.
As the consecutive upside and downside action prevails, BTC/USD is already forming an irregular rising wedge pattern in near-term. The gap between the upper and lower trendlines is not significantly wide – about $150-180 – but could provide decent entry/exit positions to watch out. It somewhat is a part of our intraday strategy, but more on it after we go through the technical indicators’ mood for the rest of the US session.
The BTC/USD is currently trending between its 50H and 200H moving average indicators while remaining distantly below the 100H SMA. The fact that 50H SMA is trading below its 100H and 200H counterparts itself points to a medium-term bearish bias in the Bitcoin market. It should continue to remain in one until BTC/USD breaks above the resistance of the giant falling trendline. A rally towards 7000-fiat is possible, after all, before BTC/USD gets to a choice between a breakout and a pullback.
At the same time, the pair gets support from a rising trendline forming since early May – a potential pullback level should BTC/USD forms a bear pole with respect to its overall downside action. The RSI and Stochastic indicators have hinted a downside correction already.
As far as our intraday analysis is concerned, we are waiting for BTC/USD to break above 6500-fiat to clear our long target towards 6600-fiat. Should we enter this position, a stop loss just two-pips below the entry point will define our risk management perspective pretty well.
6500-fiat is also a level that keeps us in near-term bias conflict. Hence, we will also be expecting a pullback which would have us enter a short towards the 200H moving average – coinciding with the 38.2% Fibonacci retracement level of the last swing from 6203-low and 6578-high. In this position, we will be placing our stop loss 3-pips above the entry point to exit the market on a small loss if bias reverses.
Featured image from Shutterstock. Charts fromTradingView.
The postBitcoin Price Intraday Analysis: BTC/USD in Near-term Rising Wedgeappeared first onCCN. || Cryptos Rally as France Passes ICO Law: Bitcoin inched forward on Friday. Investing.com - Cryptocurrencies rallied on Friday as the CEO of the Gibraltar Blockchain Exchange criticized the lack of regulation in the European Union. Bitcoin rallied 0.13% to $6,467.60 on the Bitfinex exchange, as of 9:04 AM ET (13:04 GMT). Cryptocurrencies overall were higher, with the coin market cap of total market capitalization at $199 billion at the time of writing, compared to $197 billion on Thursday. Ethereum,or Ether, the second-biggest alternative currency by market cap, rose 5.02% to $208.52. XRP, the third-largest virtual currency, increased 0.52% to $0.27610, and Litecoin was at $53.664, down 0.20%. Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said that the lack of regulation in the European Union adversely impacts the industry. “A lack of EU-wide crypto regulation is a deterrent to blockchain innovation and will continue to hinder adoption of the technology by mainstream financial service providers going forward,” he told Cryptovest. His comments came after news this week that EU regulators are waiting on digital currency regulation until regulators make an analysis of the market. As virtual coins have risen in popularity, governments around the world are struggling with how to respond. So far there are no overarching laws in the EU in regards to cryptocurrencies and blockchain, the technology behind bitcoin. On Wednesday French lawmakers passed a law that set out guidelines for initial coin offerings, enabling the financial regulator Authorité des Marchés Financiers (AMF), to approve and issue permits to companies offering ICOs. Related Articles Use Cases Are Key to Unleashing Blockchain Potential, Marc P. Bernegger Tells NEXT BLOCK Audience in Sofia Australian PM Sees ‘Massive Opportunities’ in Blockchain Technology DLT Might Reduce Trade Finance Gap by $1 Trillion, WEF Concludes || Cryptos Rally as France Passes ICO Law: Bitcoin inched forward on Friday. Investing.com - Cryptocurrencies rallied on Friday as the CEO of the Gibraltar Blockchain Exchange criticized the lack of regulation in the European Union. Bitcoin rallied 0.13% to $6,467.60 on the Bitfinex exchange, as of 9:04 AM ET (13:04 GMT). Cryptocurrencies overall were higher, with the coin market cap of total market capitalization at $199 billion at the time of writing, compared to $197 billion on Thursday. Ethereum,or Ether, the second-biggest alternative currency by market cap, rose 5.02% to $208.52. XRP, the third-largest virtual currency, increased 0.52% to $0.27610, and Litecoin was at $53.664, down 0.20%. Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said that the lack of regulation in the European Union adversely impacts the industry. “A lack of EU-wide crypto regulation is a deterrent to blockchain innovation and will continue to hinder adoption of the technology by mainstream financial service providers going forward,” he told Cryptovest. His comments came after news this week that EU regulators are waiting on digital currency regulation until regulators make an analysis of the market. As virtual coins have risen in popularity, governments around the world are struggling with how to respond. So far there are no overarching laws in the EU in regards to cryptocurrencies and blockchain, the technology behind bitcoin. On Wednesday French lawmakers passed a law that set out guidelines for initial coin offerings, enabling the financial regulator Authorité des Marchés Financiers (AMF), to approve and issue permits to companies offering ICOs. Related Articles Use Cases Are Key to Unleashing Blockchain Potential, Marc P. Bernegger Tells NEXT BLOCK Audience in Sofia Australian PM Sees ‘Massive Opportunities’ in Blockchain Technology DLT Might Reduce Trade Finance Gap by $1 Trillion, WEF Concludes
[Social Media Buzz]
#Doviz
-------------------
#USD : 6.1624
#EUR : 7.1758
#GBP : 8.0830
--------------------------------------
#BTC
-------------------
#Gobaba : 40721.89
#BtcTurk : 40600.00
#Koinim : 40940.00
#Paribu : 40600.00
#Koineks : 40898.99 || #BTCUSD Market #1H timeframe on September 15 at 01:00 (UTC) is #Bullish. #cryptocurrency #bitcoin #btc #crypto #trading #idea #report technical analysis || 2018/09/16 01:00
BTC 730974円
ETH 25058.2円
ETC 1262.3円
BCH 50928.8円
XRP 31.5円
XEM 10.1円
LSK 368.9円
MONA 10...
|
6517.18, 6281.20, 6371.30, 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47
|
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